Document:

exv4wxey

    Exhibit 4(e)

 

    AMENDMENT
    NO. FOUR

    TO THE

    ATMOS ENERGY CORPORATION

    RETIREMENT SAVINGS PLAN AND TRUST

    AMENDED AND RESTATED

    EFFECTIVE AS OF JANUARY 1, 2005

 

    WHEREAS, ATMOS ENERGY CORPORATION (the “Company”) has
    heretofore amended and restated the Atmos Energy Corporation
    Retirement Savings Plan and Trust Amended and Restated
    Effective as of January 1, 2005 (the
    “Plan”); and

 

    WHEREAS, pursuant to the provisions of Section 10.01 of the
    Plan, the Company desires to amend the Plan to describe partial
    distribution options available under the Plan.

 

    NOW, THEREFORE, Atmos Energy Corporation does hereby amend the
    Plan, effective as of January 1, 2009, except as otherwise
    provided, as follows:

 

    1. Subsection 6.04(d) is amended by striking said
    Subsection and substituting in lieu thereof the following:

 

    (d) Form of
    Distribution.  Distributions hereunder to
    Participants, Former Participants or Beneficiaries may be in the
    form of Company Stock or cash, as determined by the Committee;
    provided, however, that any such distributee shall have the
    right to demand that distribution of the ESOP portion of a
    Participant’s account balances (as provided for in
    Section 7.02(a) hereof) be made to him in the form of
    Company Stock and shall have been given written notification of
    such right by the Committee prior to the date of any cash
    distribution to him; provided, further, that fractional shares
    shall, in all events, be paid in cash. In the event that the
    Articles of Incorporation or bylaws of the Company are amended
    to restrict the ownership of substantially all outstanding
    shares of Company Stock to Employees
    and/or to
    the Trust Fund, then distributions hereunder to
    Participants, Former Participants and Beneficiaries shall, in
    all events, be in the form of cash. Subject to the provisions of
    Section 6.04(g) below, a Participant’s benefits shall
    be distributed in a single lump sum or, effective
    January 1, 2009, any Participant, Former Participant or
    Beneficiary who does not have a Plan loan (pursuant to Section
    7.06 hereof) outstanding may elect at any time and from time to
    time to take one or more partial distributions of his or her
    Plan benefit, in accordance with uniform and nondiscriminatory
    procedures established by the Committee. Any such partial
    distributions shall be subject to the minimum distribution rules
    set forth in Section 6.04(h) hereof.

 

    Unless the Participant elects otherwise, the ESOP portion of a
    Participant’s accounts which consists of Company Stock
    acquired after 1986 shall be distributed in a form providing no
    more than substantially equal periodic payments (not less
    frequently than annually) over a period not longer than the
    greater of (i) five (5) years, or (ii) in the
    case of a Participant whose accounts consisting of Company Stock
    acquired after 1986 exceed $500,000 (as automatically increased
    in accordance with the applicable treasury regulations to
    reflect
    cost-of-living
    adjustments), five (5) years, plus an additional one
    (1) year (up to an additional five (5) years) for each
    $100,000 (as automatically increased in accordance with treasury
    regulations to reflect
    cost-of-living
    adjustments) or fraction thereof by which the balance exceeds
    $500,000 (as automatically increased in accordance with the
    applicable treasury regulations to reflect
    cost-of-living
    adjustments). For purposes of this Section 6.04, the ESOP
    portion of a Participant’s accounts shall not include
    Company Stock acquired with the proceeds of an Exempt Loan until
    the last day of the Plan Year in which such Exempt Loan is
    repaid in full.

 

    2. Subsection 6.04(g)(2) is amended by striking said
    Subsection and substituting in lieu thereof the following:

 

    (2) Notwithstanding the preceding provisions of this
    Section 6.04, MVG Participants with account balances transferred
    from the MVG Non-Union Plan pursuant to Section 3.08 may
    elect, in addition to the lump sum and partial distribution
    options, to receive distribution of their benefits by payment of
    the amount in single sums, on the dates and in the amounts
    selected by the Participant (subject to a minimum for any single
    distribution of one hundred dollars ($100.00). This provision
    shall not be construed to allow automatic installment
    distributions.

 

    IN WITNESS WHEREOF, the Company has caused this AMENDMENT
    NO. THREE TO THE ATMOS ENERGY CORPORATION RETIREMENT
    SAVINGS PLAN AND TRUST AMENDED AND RESTATED EFFECTIVE AS OF
    JANUARY 1, 2005 to be executed in its name on its behalf this
    13th day of November, 2008, effective as of the dates set
    forth herein.

 

    ATMOS ENERGY CORPORATION

 

			
	 	    By: 
	
    /s/  ROBERT
    W. BEST

    Chairman and Chief Executive Officer

    

    2Exhibit 10.1

Exhibit 10.1

SIXTH AMENDMENT, ASSUMPTION OF

OBLIGATIONS AND RELEASE AGREEMENT

This SIXTH AMENDMENT, ASSUMPTION OF OBLIGATIONS AND RELEASE AGREEMENT dated as of June 15,
2009 (this “Sixth Amendment”), is among RZB FINANCE LLC (the “Lender”), Rio Vista Energy Partners
L.P., a Delaware limited partnership (“RVEP”) and Regional Enterprises, Inc., a Virginia
corporation (“Regional”).

W I T N E S S E T H:

WHEREAS, Lender and RVEP are parties to the Loan Agreement dated as of July 26, 2007 (as
amended, supplemented or otherwise modified from time to time prior to the date hereof, the “Loan
Agreement”; capitalized terms used herein having the meanings ascribed thereto in the Loan
Agreement unless otherwise defined herein);

WHEREAS, Regional has executed and delivered a Guarantee in favor of the Lender, guaranteeing
the Obligations of RVEP;

WHEREAS, RVEP and Regional have requested the Lender to agree to (i) certain amendments to the
Loan Agreement, (ii) the release of RVEP from its Obligations under the Loan Agreement and the
assumption by Regional of all such Obligations, (iii) the release of POC and RVOP from their
Obligations under the Guarantees, (iv) the release of RVEP, POC and RVOP from their Obligations
under their respective Security Agreements (but in respect of RVEP, excluding the Pledge Agreement
as defined below) and the release of the Liens granted thereunder, and (v) the release of Rio Vista
Operating GP LLC from its obligations under the agreement of subordination and assignment to which
it is a party; and

WHEREAS, the Lender is willing to agree to such amendments, release and assumption of
Obligations, release of POC and RVOP, release of Liens and release of obligations of subordinated
creditor, subject to the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

Section 1. Amendments.

The Loan Agreement is hereby amended, effective on the Effective Date referred to in Section 5
hereof, as follows:

	 	(a)	 	Subsection 1.1 is amended as follows:

	 	(i)	 	The definition of “Applicable Base Rate Margin” is amended and
restated in its entirety as follows:

““Applicable Base Rate Margin” means, at any date, four percent
(4.0%).”

 

 

	 	(ii)	 	The definitions of “Assignment of Agreement”, “Merger”, “Merger
Agreement”, “Merger Sub” and “Pro Forma Balance Sheet” are each amended by
deleting each reference to “Borrower” and “the Borrower” therein and replacing
it with “RVEP”.

	 	(iii)	 	The definition of “Base Rate Loan” is amended and restated in
its entirety as follows:

““Base Rate Loan” means at any time the portion of the Loans bearing
interest at a rate determined by reference to the Base Rate.”

	 	(iv)	 	The definition of “Borrower’s Form 10-K” is deleted.

	 	(v)	 	The definitions of “Excess Cash Distribution Date” and “Excess
Cash Payment” are inserted in their proper alphabetical place as follows:

““Excess Cash Distribution Date” August 31 of each year, commencing on
August 31, 2010.

“Excess Cash Payment” means for each twelve consecutive month period
ending on June 30 of each year, commencing with the twelve month period
beginning on June 30, 2009 and ending June 30, 2010 (each such twelve month
period hereinafter referred to as a “Review Period”), the excess (if any) of

(a) consolidated net income of the Borrower for such period (after
taxes), calculated in accordance with GAAP

over

(b) the sum of (i) all required principal repayments under
subsection 2.4(B) and interest required to be paid by the
Borrower hereunder during the Review Period plus (ii) all Restricted
Junior Payments made by the Borrower (other than any Excess Cash Payment)
during the Review Period plus (iii) all capital expenditures made or
incurred or otherwise due by the Borrower during the Review Period
plus (iv) all repayments of Indebtedness (other than the
Obligations) made during such Review Period.”

 

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	 	(vi)	 	The definition of “Guarantors” is amended and restated in its
entirety as follows:

““Guarantors” means any Person that from time to time executes and
delivers a guaranty of the Obligations in favor of Lender.”

	 	(vii)	 	The definition of “Intercompany Loan” is amended and restated
in its entirety as follows:

““Intercompany Loan” means a loan in the amount of $5,000,000 by RVEP
to Borrower which was used to pay consideration under the Merger Agreement,
which is subordinated to the Obligations on terms and conditions
satisfactory to Lender in its sole discretion.”

	 	(viii)	 	The definition of “Loan Documents” is amended by inserting at the end
thereof: “, excluding any Loan Documents subsequently terminated in accordance
with their terms.”

	 	(ix)	 	The definition of “Loan Party” is amended and restated in its
entirety as follows:

““Loan Party” means the Borrower and its Subsidiaries, the Guarantors, RVEP,
and any other Person (other than Lender and Unrestricted Subsidiaries) which
is or becomes a party to this Agreement or any other Loan Document
(collectively, referred to as the “Loan Parties”).”

	 	(x)	 	The definition of “Maturity Date” is amended and restated in
its entirety as follows:

““Maturity Date” means April 30, 2012.”

	 	(xi)	 	The definition of “MSA” is deleted.

	 	(xii)	 	The definition of “Net Worth” is amended and restated in its
entirety as follows:

““Net Worth” means at any time as to any Person as of the date of
determination thereof, the excess of consolidated total assets over
consolidated total Liabilities and adjusted as follows (without
duplication):

(i) less, all amounts representing any write-up in the book value of
any assets of such Person or its Subsidiaries resulting from a revaluation
thereof subsequent to December 31, 2008;

(ii) less, to the extent otherwise included in the computation of
Net Worth, any subscriptions receivable;

 

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(iii) less, investments in and receivables and other obligations from
employees, members, Subsidiaries (including, without limitation, the
Unrestricted Subsidiaries) and other Affiliates;

(iv) less, if a positive amount, (A) the sum of all deferred charges,
deferred tax assets and prepaid expenses minus (B) all deferred tax
liabilities; and

(v) plus, for any calculation of Net Worth as of any time through and
including March 31, 2009, if a negative amount, the absolute value of (A)
the sum of all deferred charges, deferred tax assets and prepaid expenses
minus (B) all deferred tax liabilities.”

	 	(xiii)	 	The definition of “Restricted Subsidiaries” is deleted.

	 	(xiv)	 	The definition of “RVEP” is inserted in its proper
alphabetical place as follows:

““RVEP” means Rio Vista Energy Partners, L.P., a Delaware limited
partnership.”

	 	(xv)	 	The definition of “RVEP’s Form 10-K” is inserted in its proper
alphabetical place as follows:

““RVEP’s Form 10-K” means RVEP’s Form 10-K filed with the Securities
and Exchange Commission for the fiscal year ending December 31, 2006.”

	 	(xvi)	 	The definition of ““Security Agreement” and “Security
Agreements”” is amended and restated in its entirety as follows:

““Security Agreement” and “Security Agreements” mean, with respect to
the Borrower, the General Security Agreement of even date herewith executed
by the Borrower, as it may be amended, modified, restated or supplemented
from time to time, and with respect to RVEP, the Pledge Agreement of even
date herewith executed by RVEP, as it may be amended, modified, restated or
supplemented from time to time.”

	 	(xvii)	 	The definition of “Subordinated Debt” is inserted in its proper alphabetical
place as follows:

““Subordinated Debt” means Indebtedness of the Borrower owing to RVEP,
subordinated to the Obligations on terms and conditions satisfactory to the
Lender in its sole discretion.”

 

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	 	(xviii)	 	The definition of “Subsidiary” is amended by deleting the last sentence and
replacing it with the following:

“Subsidiaries shall not include Unrestricted Subsidiaries.”

	 	(b)	 	Subsection 2.4(B) is amended and restated in its entirety as follows:

“(B) Repayments. The outstanding principal amount of the Loans as of June 15,
2009, which is $4,250,000 (after giving effect to the Incremental Loan (as defined
in the Sixth Amendment, Assumption of Obligations and Release Agreement dated as of
June 15, 2009 among the Lender, RVEP and the Borrower)) shall be repaid by the
Borrower on the last Business Day of each month in the amounts and on the dates as
follows:

	 	 	 	 	 
	Last Business Day of Each Month	 	 	 
	During the Following Periods	 	Monthly Principal Amount	 
	June 2009 through and including April 2010
	 	$	60,000	 
	 
	 	 	 	 
	May 2010 through and including March 2012
	 	$	148,000	 
	 
	 	 	 	 
	April 2012
	 	$	186,000	 

The entire remaining outstanding principal balance of the Loans shall be paid in
full no later than the Maturity Date.

	 	(c)	 	Subsection 2.4(E) is amended by inserting at the end thereof, the
following:

“All prepayments shall be applied to scheduled installments under
subsection 2.4(B) in the inverse order of maturity thereof.”

	 	(d)	 	The introductory sentence in subsection 3.1 shall be amended by
replacing “the Closing Date” with “July 26, 2007”.
	 
	 	(e)	 	The introductory paragraph in Section 4 is amended by replacing “giving
effect to the Merger” with June 15, 2009.”
	 
	 	(f)	 	Subsection 4.1(A) is amended by deleting in the first sentence “limited
partnership” and replacing it with “corporation”.
	 
	 	(g)	 	Subsection 4.2 is amended by (i) deleting in the first sentence
“limited partnership” and replacing it with “corporate”, (ii) deleting in the
second sentence “Guarantor” and replacing it with “Loan Party”, (iii) deleting in
the second
sentence “to incur the obligations under its Guaranty and”, (iv) deleting in the
fourth sentence the second reference to “Borrower” and replacing it with “RVEP” and
(v) deleting in clause (A) of the fourth sentence the first reference to “limited
partnership agreement” and replacing it with “certificate of incorporation”.

 

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	 	(h)	 	Subsection 4.3(b) is amended by deleting “Borrower” and replacing it
with “RVEP”.
	 
	 	(i)	 	Subsection 4.3(c) is amended by deleting the first two references to
“Borrower” and replacing them with “RVEP”.
	 
	 	(j)	 	Subsection 4.5 is amended by deleting each reference to “Borrower”
therein and replacing it with “RVEP”.
	 
	 	(k)	 	Subsections 4.8 and 4.9 are amended by deleting the references to
“Borrower’s Form 10-K” and replacing them with “RVEP’s Form 10-K”.
	 
	 	(l)	 	Subsections 4.12 and 4.15 are each amended by deleting the final
sentence thereof.
	 
	 	(m)	 	Subsection 5.1(A) is amended by deleting the second and fourth
references to “Borrower” and replacing them with “RVEP”.
	 
	 	(n)	 	Subsection 5.1(B) is amended by deleting the second and fourth
references to “Borrower” and replacing them with “RVEP”.
	 
	 	(o)	 	Subsection 5.3 is hereby amended and restated in its entirety as
follows:

“5.3 Inspection. Borrower shall permit Lender and any authorized representatives
designated by Lender (at Borrower’s sole cost and expense) to visit, inspect and
make or cause to be made audits of, any of the properties of Borrower or any of its
Subsidiaries, including their financial and accounting records, and in conjunction
with such inspection, to make copies and take extracts therefrom, and to discuss
their affairs, finances and business with their officers and independent public
accountants, at such reasonable times during normal business hours and as often as
may be reasonably requested, provided, that Lender shall notify Borrower not
later than the Business Day preceding the date of any such visit, inspection or
audit, provided further, that Borrower shall not be required to pay
the costs of more than one such audit in any calendar year, except that such
limitation shall not apply after the occurrence and during the continuance of any
Default or Event of Default.”

	 	(p)	 	Subsection 5.9 is amended by deleting the first reference to “Borrower”
and replacing it with “RVEP”.

 

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	 	(q)	 	Subsection 5.12 is amended and restated in its entirety as follows:

“5.12 Net Worth. Borrower shall at all times maintain Net Worth on a
consolidated basis, plus Subordinated Debt of at least $2,600,000.”

	 	(r)	 	Subsection 5.13 is amended and restated in its entirety as follows:

“5.13 Norfolk; Vehicles. (A) Borrower shall (i) deliver to Lender on or
prior to July 27, 2009 a letter of intent duly executed by Norfolk Southern Railway
Company, a Virginia corporation (“Norfolk Southern”) in form and substance
satisfactory to Lender in its sole discretion (the “LOI”) in respect of the sale by
Norfolk Southern to Borrower of the Norfolk Southern Properties (as defined below)
and (ii) on or prior to the date that is 225 days after the earliest to occur of (x)
the date on which the LOI is delivered to Lender and (y) July 27, 2009, (a)
consummate the acquisition of the Norfolk Southern Properties on terms and
conditions and subject to documentation, in form and substance satisfactory to
Lender in its sole discretion and (b) execute and deliver to Lender an amendment to
the Mortgage covering the Norfolk Southern Properties together with all related
documents of the type set forth in Schedule 3.1(A) hereto which Lender may request,
and such amendment and all such related documents shall be in form and substance
satisfactory to Lender in its sole discretion. For purposes hereof, “Norfolk
Southern Properties” means all properties leased by Norfolk Southern to Borrower,
including, without limitation, Parcel E identified in the survey dated July 17,
2007, revised July 25, 2007, drawn by J. Livingston which was delivered to the
Lender in conjunction with the Mortgage.

(B) Borrower shall, on or prior to July 27, 2009, deliver to Lender original
certificates of title for all of Borrower’s vehicles and rolling stock (to the
extent not already delivered to Lender), the related applications for submission to
the Motor Vehicle Department or Bureau and a check payable to the Motor Vehicle
Department or Bureau for any related fees, all as may be necessary for the lien of
Lender to be endorsed or recorded on such certificates of title. In case any of
such documents are insufficient, Borrower shall promptly comply with any and all
requests made from time to time by Lender for the purpose of accomplishing such
endorsement or recordation.”

	 	(s)	 	Subsection 5.14 is amended and restated in its entirety as follows:
	 
	 	 	 	“5.14 Invoices. Borrower shall include on all of its invoices a legend
stating that the accounts receivable and amounts due or to become due under such
invoice have been assigned to Lender and instructing account debtors to make payment
directly to account no. 2000035810250 maintained by Wachovia Bank, National
Association or as otherwise directed by the Lender.”

 

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	 	(t)	 	New subsection 5.15 is inserted after subsection 5.14 as follows:
	 
	 	 	 	“5.15 Bank Accounts. Borrower shall cause Lender to have control in
accordance with Article 9 of the UCC over any and all of its deposit accounts and
other cash management accounts maintained at any financial institution or bank
except (i) payroll accounts and other fiduciary accounts of the type not customarily
controlled by lenders, (ii) bank accounts not maintained at Wachovia Bank, National
Association, provided that the aggregate balance of funds and other assets in such
accounts shall not exceed $20,000, (iii) a certificate of deposit in an amount not
to exceed $50,000 held by SunTrust Bank, N.A. to secure credit card exposure of the
Borrower and (iv) other accounts approved in writing by the Lender in its sole
discretion.”
	 
	 	(u)	 	Subsection 6.2 is amended and restated in its entirety as follows:
	 
	 	 	 	“6.2 Guaranties. Except for (a) endorsements of instruments or items of
payment for collection in the ordinary course of business, (b) guaranties of the
Obligations or (c) so long as no Default or Event of Default shall have occurred and
be continuing or would exist after giving effect thereto, guaranties constituting
Permitted Debt, guaranty, endorse, or otherwise in any way become or be responsible
for any obligations of any other Person, whether directly or indirectly, including
by agreement to purchase the indebtedness of any other Person or through the
purchase of goods, supplies or services, or maintenance of working capital or other
balance sheet covenants or conditions, or by way of stock purchase, capital
contribution, advance or loan for the purpose of paying or discharging any
indebtedness or obligation of such other Person or otherwise.”
	 
	 	(v)	 	Subsection 6.4 is amended by deleting clause (f) thereof.
	 
	 	(w)	 	Subsection 6.5 is amended and restated in its entirety as follows:
	 
	 	 	 	“6.5 Restricted Junior Payments. Directly or indirectly, declare, order, pay, make
or set apart any sum for any Restricted Junior Payment, except that so long as after
giving effect thereto, (i) no Default or Event of Default shall have occurred and be
continuing and (ii) the Borrower shall have made the required principal repayment on
such date in accordance with subsection 2.4(B), (a) on the last Business
Day of each month, the Borrower may make a distribution of cash to RVEP in an amount
not to exceed $100,000 and (b) on each Excess Cash Distribution Date, the Borrower
may make the applicable Excess Cash Payment, provided that (x) at least ten
Business Days prior to the Excess Cash Distribution Date the Borrower shall have
delivered to the Lender a calculation in reasonable detail certified as true and
accurate by the chief financial officer and the chief executive officer of the
Borrower, in form and substance satisfactory to the Lender, of the Excess Cash
Payment and the ratio set forth in clause (y) below and the Lender shall not have
objected (in its reasonable discretion) thereto and (y) the ratio of (I)
consolidated net income of the Borrower (after taxes), calculated in
accordance with GAAP, for the twelve consecutive month period ended on June 30
immediately prior to such Excess Cash Distribution Date to (II) the sum of
all required principal payments under subsection 2.4(B) and interest
required to be paid by the Borrower hereunder during such period, shall be at least
3.0 to 1.0.”

 

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	 	(x)	 	Subsection 6.7 is amended by deleting “Except for transactions and
agreements disclosed prior to the date of this Agreement in Borrower’s periodic
securities filings with the SEC, directly” and replacing it with “Directly”.
	 
	 	(y)	 	Subsection 6.11 is amended and restated in its entirety as follows:
	 
	 	 	 	“6.11 Subsidiaries. Establish, create or acquire any new Subsidiaries.”
	 
	 	(z)	 	Subsection 6.13 is amended and restated in its entirety as follows:
	 
	 	 	 	“6.13. Unrestricted Subsidiaries. Directly or indirectly, conduct any
business with or enter into or permit to exist any transaction (including, without
limitation, the purchase, sale or exchange of property or the rendering of any
service or the making of any guaranty, distributions, contributions, loans or
investments) with any Unrestricted Subsidiary or with any officer, director or
employee of any Unrestricted Subsidiary, nor permit any Guarantor to do any of the
foregoing.”
	 
	 	(aa)	 	New subsection 6.14 is inserted after subsection 6.13 as follows:
	 
	 	 	 	“6.14 Bank Accounts; Investment Accounts. Open or maintain any deposit,
cash, investment or securities accounts with any financial institution or bank other
than as set forth on Schedule 6.14 hereto.”
	 
	 	(bb)	 	Subsection 7.1(C) is amended and restated in its entirety as follows:
	 
	 	 	 	“(C) Breach of Certain Provisions. Failure of any Loan Party to perform or
comply with any term or condition contained in subsections 5.1, 5.3, 5.4, 5.5,
5.6(A), 5.12 or 5.14 or Section 6; or”
	 
	 	(cc)	 	Subsection 7.1(F) is amended and restated in its entirety as follows:
	 
	 	 	 	“(F) Change in Control. RVEP ceases to own and control directly 100% of the
capital stock of the Borrower, or Rio Vista GP, LLC ceases to be the sole general
partner of RVEP, or POC ceases to own and control directly or indirectly, at least
50% of the membership interests of Rio Vista GP, LLC; provided that, RVEP, the
Borrower and their Affiliates are free to explore change in control transactions and
Lender shall use reasonable efforts to cooperate with such efforts of RVEP and the
Borrower (at the sole cost and expense of the Borrower) so long as such transaction
contemplates that the Loans will be repaid in full and all other
Obligations will be repaid and satisfied in full as a condition precedent to the
closing of such transaction.”

 

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	 	(dd)	 	Subsection 7.1(P) is amended by replacing “Since the Closing Date,”
with “Since June 15, 2009.”
	 
	 	(ee)	 	Subsection 7.1(Q) is amended and restated in its entirety as follows:
	 
	 	 	 	“(Q) Intentionally Omitted.”
	 
	 	(ff)	 	Subsection 9.4 is amended by deleting
	 
	 	 	 	“Rio Vista Energy Partners L.P.

77-530 Enfield Lane, Bldg. D

Palm Dessert, California 92211

Attn: Ian Bothwell

Telecopy No. (310) 563-6255”

	 
	 	 	 	and replacing it with
	 
	 	 	 	“Regional Enterprises, Inc.

410 Water Street

Hopewell, Virginia 23860

Attn: Mr. Ian Bothwell

Telecopy No.: 804-458-7921”.
	 
	 	(gg)	 	New subsection 9.21 is inserted after subsection 9.20 as follows:
	 
	 	 	 	“Satisfaction of Obligations. Upon indefeasible repayment in full of the
principal amount of the Loans along with any accrued but unpaid interest, and
indefeasible repayment in full and satisfaction of all other Obligations, the Note
and all Loan Documents shall extinguish and terminate (except in respect of any and
all provisions that expressly survive termination thereof) and the Lender shall at
the request and sole cost and expense of the Borrower take reasonable steps to
promptly release all Liens securing the Obligations granted to RZB under any Loan
Document.”
	 
	 	(hh)	 	Each reference to “Restricted Subsidiaries” (other than the definition
of “Restricted Subsidiaries” which is deleted as set forth above) in the Loan
Agreement is deleted and replaced with “Subsidiaries”.
	 
	 	(ii)	 	Exhibit A to the Loan Agreement is amended and restated in its entirety
in the form of Annex III hereto.
	 
	 	(jj)	 	Exhibits B and C to the Loan Agreement are hereby deleted.
	 
	 	(kk)	 	The schedules to the Loan Agreement are amended and restated in their
entirety as set forth on Annex I hereto.

 

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Section 2. Assumption of Obligations; Reaffirmation of Regional Security Agreement;
Incremental Loan.

Effective on the Effective Date referred to in Section 5 hereof:

(a) (i) Regional hereby unconditionally and irrevocably assumes all of the Obligations of
RVEP, except in respect of the Pledge Agreement and the Escrow Agreement (as each such term is
defined in Section 3(a) below) (all such assumed Obligations being, the “Assumed Obligations”).
Regional acknowledges and agrees that (A) the Assumed Obligations are and shall be evidenced by,
subject to the terms and conditions of, and secured by the Loan Agreement (as amended, supplemented
or otherwise modified from time to time), the Amended and Restated Promissory Note dated June 15,
2009 made by Regional in favor of the Lender (as amended, supplemented or otherwise modified from
time to time), the other Loan Documents, and such other agreements, instruments and documents as
the Lender and Regional may now or hereafter execute and deliver in connection with the Assumed
Obligations.

(ii) Regional acknowledges and agrees that (i) it has received and reviewed copies of the
executed Loan Agreement and other Loan Documents, (ii) the Assumed Obligations are valid and in
full force and effect as of the date hereof, (iii) the Assumed Obligations are not impaired,
rescinded or modified in any way as a consequence of the assumption provided for herein, (iv) from
and after the date hereof, Regional is fully liable to the Lender in respect of the Assumed
Obligations and (v) from and after the date hereof, each reference to the “Borrower” in the Loan
Agreement and any other Loan Document (other than the Environmental Indemnity Agreement dated as of
July 26, 2007 (as amended, supplemented or otherwise modified from time to time, the “Environmental
Indemnity Agreement”) between Regional and the Lender, the Mortgage and the Assignment of Leases)
shall be deemed to be and shall be a reference to Regional with the same force and effect as if
Regional were originally named therein as the Borrower.

(iii) Regional agrees that it shall be bound by and hereby confirms, all covenants,
agreements, consents, submissions, appointments and acknowledgments attributable to the Borrower in
the Loan Agreement and the other Loan Documents, and it shall perform all obligations required of
it, as the Borrower.

(iv) RVEP agrees to the foregoing assumption of the Assumed Obligations by Regional.

(b) Regional hereby (a) reaffirms its Security Agreement and all of its obligations
thereunder, (b) agrees that the Liens granted thereunder are continuing without interruption and
are in full force and effect and (c) agrees that the Liens granted thereunder secure all
Obligations (including, without limitation, the Assumed Obligations) in addition to all
other “Obligations” as defined in its Security Agreement after giving effect to this Sixth
Amendment.

 

- 11 -

 

(c) Regional hereby (a) reaffirms the Environmental Indemnity Agreement (as defined in Section
2(a)(ii) above), the Assignment of Agreement and the Escrow Agreement (as defined in Section 3(a)
below) and all of its obligations thereunder and (b) agrees that its obligations thereunder are
continuing without interruption and are in full force and effect after giving effect to this Sixth
Amendment.

(d) RVEP and Regional acknowledge and agree that as consideration for the assumption by
Regional of the Assumed Obligations, the principal amount of the Intercompany Loan shall be
permanently reduced by an amount equal to the principal amount of the Loan outstanding on the
Effective Date (before giving effect to the Incremental Loan (as defined below)).

(e) (i) On the Effective Date, the principal amount of the Loans outstanding shall be
increased by an amount equal to $250,000 (the “Incremental Loan”) and, accordingly, on the
Effective Date, the Lender shall disburse the proceeds of the Incremental Loan to or as directed by
Regional.

(ii) The proceeds of the Incremental Loan shall be used as set forth on Annex IV hereto.

Section 3. Release of Existing Borrower; Reaffirmation of Certain Loan Documents.

Effective on the Effective Date referred to in Section 5 hereof:

(a) RVEP is hereby released from its obligations under the Loan Agreement and the other Loan
Documents that were executed and in effect prior to the date hereof (consequently, upon the
effectiveness of such release, RVEP’s obligations under its Note shall extinguish and terminate),
other than (i) the Pledge Agreement dated as of July 26, 2007 between RVEP and Lender (as amended,
supplemented or otherwise modified from time to time, the “Pledge Agreement”) and any and all
documents delivered by RVEP in connection with the pledge and grant of Liens thereunder, (ii) the
Assignment of Agreement and (iii) the Escrow Agreement dated as of July 27, 2007 (as amended,
supplemented or otherwise modified from time to time, the “Escrow Agreement”) among RVEP, Regional,
W. Gary Farrar, Jr. and First Capital Bank, all of which shall remain in full force and effect.

(b) RVEP hereby (i) (x) reaffirms the Pledge Agreement and all of its obligations thereunder,
(y) agrees that the pledge and the Liens granted thereunder are continuing without interruption and
are in full force and effect and (z) agrees that the pledge and the Liens granted thereunder secure
all Obligations (including, without limitation, the Assumed Obligations) after giving effect to
this Sixth Amendment and (ii) (x) reaffirms the terms and provisions of the Assignment of Agreement
and the Escrow Agreement and (y) agrees that its
obligations thereunder are continuing without interruption and are in full force and effect
after giving effect to this Sixth Amendment.

(c) RZB hereby agrees to amend the UCC-1 financing statement filed to perfect the Liens
granted by RVEP to Lender in the form attached hereto as Annex II.

 

- 12 -

 

Section 4. Release of Guarantors and Subordinated Creditors.

Effective on the Effective Date referred to in Section 5 hereof:

(a) Each of POC and RVOP is hereby released from its obligations under (i) the Guarantee &
Agreement dated as of July 26, 2007 between POC and Lender (as amended, supplemented or otherwise
modified from time to time prior to the date hereof) and (ii) the Guarantee & Agreement dated as of
July 26, 2007 between RVOP and Lender (as amended, supplemented or otherwise modified from time to
time prior to the date hereof), respectively, and such Guarantees are hereby terminated.

(b) Each of POC and RVOP is hereby released from its obligations, respectively, under (i) the
General Security Agreement dated February 13, 2002 between POC and Lender (as amended, supplemented
or otherwise modified from time to time prior to the date hereof), (ii) the General Security
Agreement dated September 15, 2004 between RVOP and Lender (as amended, supplemented or otherwise
modified from time to time prior to the date hereof), and (iii) the Reaffirmation of Security
Agreements dated as of July 26, 2007 by and among POC, RVEP, RVOP and Lender, and all such
agreements along with all Liens granted to the Lender thereunder are hereby terminated, and each of
POC and RVOP is hereby authorized to file a UCC termination statement to terminate the
effectiveness of the UCC-1 financing statement naming it as the debtor that was filed by the Lender
to perfect the Liens granted to the Lender thereunder.

(c) Rio Vista Operating GP LLC is hereby (i) released from its obligations under the Agreement
of Subordination and Assignment dated December                     , 2008 (as amended, supplemented or otherwise
modified from time to time prior to the date hereof) executed by Rio Vista Operating GP LLC and
RVEP and such agreement is hereby terminated and (ii) authorized to file a UCC termination
statement to terminate the effectiveness of the UCC-1 financing statement naming it as the debtor
that was filed by the Lender in connection therewith.

(d) (i) If at any time either POC or RVOP shall guarantee any Indebtedness of any of its
Affiliates (any such guarantee, an “Affiliate Guarantee”), POC or RVOP, as applicable, shall
contemporaneously therewith execute and deliver a guaranty in favor of the Lender, subordinate only
to such Affiliate Guarantee, in form and substance satisfactory to the Lender in its sole
discretion.

(ii) If at any time POC or RVOP shall grant Liens on any of its assets to secure an Affiliate
Guarantee or any Indebtedness of such Person, it shall contemporaneously
therewith grant to the Lender second priority Liens on such assets, subject to documentation
in form and substance acceptable to the Lender in its sole discretion.

 

- 13 -

 

Section 5. Effectiveness.

This Sixth Amendment shall become effective on the date (the “Effective Date”) on which Lender
shall have received:

(a) this Sixth Amendment duly executed by RVEP, Regional, POC, RVOP, Rio Vista Operating GP
LLC and the Lender;

(b) an amendment to the Mortgage, Deed of Trust and Security Agreement dated as of July 26,
2007 (as amended, supplemented or otherwise modified from time to time) duly executed and delivered
by Regional, in form and substance acceptable to Lender in its sole discretion, and recorded in the
appropriate recording office;

(c) a Note executed and delivered by Regional, in form and substance acceptable to the Lender
in its sole discretion;

(d) (i) payment by RVEP or Regional of a non-refundable, fully-earned closing fee in cash in
an amount equal to $50,000;

(ii) payment of all of Lender’s out of pocket costs and expenses, including, without
limitation, all attorneys’ fees and the fees of RW Beck (as defined below) in connection with the
Appraisal set forth below; and

(iii) payment to the Lender of all accrued and unpaid interest and fees owing under the Loan
Agreement immediately prior to giving effect to this Sixth Amendment;

(e) the consolidated and consolidating balance sheets and statements of income and cash flows
of Regional and its Subsidiaries as at the end of and for the month ended March 31, 2009, in
reasonable detail and certified by the chief financial officer (or other officer acceptable to
Lender in its sole discretion) of Regional to the effect that such information is true and complete
and fairly presents the results of operations and financial condition of Regional and its
Subsidiaries as at and for the month ended March 31, 2009;

(f) (i) a calculation of Adjusted Net Worth of RVEP as of March 31, 2009 with supporting
written detail in form and substance acceptable to Lender in its sole discretion, showing Adjusted
Net Worth of RVEP as of such date (on a consolidated basis) of not less than $2,600,000, certified
as true and correct by the chief financial officer of Regional; for purposes hereof, “Adjusted Net
Worth” means the sum of (i) Net Worth of RVEP plus (ii) to the extent deducted in the
calculation of Net Worth of RVEP under clause (iii) of the definition thereof, up to $2,500,000 of
indebtedness owing by Borrower to RVEP, so long as such indebtedness is subordinated to the
Obligations on terms and conditions satisfactory to the Lender in its sole discretion”; and

(ii) a calculation of Net Worth of Regional as of March 31, 2009 with supporting written
detail in form and substance acceptable to Lender in its sole discretion, showing Net Worth of
Regional as of such date (on a consolidated basis) of not less than $850,000, certified as true and
correct by the chief financial officer of Regional; and

 

- 14 -

 

(g) an account control agreement (the “Wachovia Control Agreement”) duly executed by Wachovia
Bank, National Association (“Wachovia”), Regional and the Lender (in form and substance acceptable
to the Lender in its sole discretion);

(h) an agreement of subordination and assignment duly executed by RVEP and Regional (in form
and substance acceptable to the Lender in its sole discretion);

(i) copies of all transportation and storage agreements to which Regional is a party,
certified as true and complete by the chief executive officer of Regional;

(j) copies of all leases to which Regional is a party, certified as true and complete by the
chief executive officer of Regional;

(k) an appraisal report (the “Appraisal”), in form and substance acceptable to the Lender in
its sole discretion, from R.W. Beck, Inc. or any of its affiliates or representatives (“RW Beck”)
of Regional’s real property located at 410 Water Street, Hopewell, Virginia 23860, and the
building, facility and equipment thereon;

(l) written evidence, in form and substance acceptable to the Lender in its sole discretion,
that Regional has obtained all environmental permits and licenses necessary for the conduct of its
business;

(m) an opinion of counsel to Regional and RVEP, in form and substance acceptable to the Lender
in its sole discretion; and

(n) such corporate, partnership or other authorization documents of RVEP, Regional, POC, RVOP,
and Rio Vista Operating GP LLC, as required by Lender (including, without limitation, in respect of
Regional, all documents that were required to be delivered to the Lender under paragraphs 7, 12 and
13 of Schedule 3.1(A) to the Loan Agreement).

Section 6. Effect of Amendment; Ratification; Representations; etc.

(a) On and after the date hereof, when counterparts of this Sixth Amendment shall have been
executed by all parties hereto,  this Sixth Amendment shall be a part of the Loan Agreement,  all
references to the Loan Agreement in the Loan Agreement and the other Loan Documents shall be deemed
to refer to the Loan Agreement as amended by this Sixth Amendment, and the term “this Agreement”,
and the words “hereof”, “herein”, “hereunder” and words of similar import, as used in the Loan
Agreement, shall mean the Loan Agreement as amended hereby.

(b) Except as expressly set forth herein, this Sixth Amendment shall not constitute an
amendment, waiver or consent with respect to any provision of the Loan Agreement, as amended
hereby, and the Loan Agreement, as amended hereby, is hereby ratified, approved and confirmed in
all respects.

 

- 15 -

 

(c) In order to induce Lender to enter into this Sixth Amendment, each of RVEP and Regional
represents and warrants to Lender that before and after giving effect to the execution and delivery
of this Sixth Amendment (including, without limitation, the assumption by Regional of the Assumed
Obligations):

	 	(i)	 	the representations and warranties of the Borrower set forth in
the Loan Agreement and in the other Loan Documents are true and correct as if
made on the date hereof; and
	 
	 	(ii)	 	no Default or Event of Default has occurred and is continuing.

(d) Each of RVEP and Regional hereby represents and warrants to Lender that:

(i) as of the date hereof (after giving effect to the Incremental Loan), the principal amount
outstanding of the Loan is $4,250,000;

(ii) interest and fees have accrued thereon as provided in the Loan Agreement; and

(iii) the obligation of Regional to repay the Loan and the other Obligations, together with
all interest and fees accrued thereon, is absolute and unconditional, and there exists no right of
set off or recoupment, counterclaim or defense of any nature whatsoever to the payment of the
Obligations.

(e) Each of RVEP and Regional hereby agrees and acknowledges that in accordance with Section
1(g) of the Third Amendment to Loan Agreement dated as of January 27, 2009 between RVEP and the
Lender, notwithstanding anything to the contrary contained in the Loan Agreement or any of the
other Loan Documents, no Loans (including, without limitation, the Incremental Loan) shall be LIBOR
Loans and Loans shall not be converted into LIBOR Loans under any circumstances.

(f) For the avoidance of doubt, the Lender hereby agrees that it shall not deliver to Wachovia
a “Notice” pursuant to and as defined in the Wachovia Control Agreement (as amended, supplemented
or otherwise modified from time to time) until the occurrence of an Event of Default. The Lender
may from time to time deliver to Wachovia such a Notice at any time after the occurrence of an
Event of Default.

(g) This Sixth Amendment is a Loan Document.

 

- 16 -

 

Section 7. Release; Covenant not to Sue.

(a) EACH OF RVEP, REGIONAL, POC, RVOP AND RIO VISTA OPERATING GP LLC (IN EACH CASE IN ITS OWN
RIGHT AND ON BEHALF OF ITS OFFICERS, EMPLOYEES, INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS)
HEREBY REPRESENTS, ACKNOWLEDGES AND AGREES THAT IT DOES NOT HAVE ANY DEFENSES, COUNTERCLAIMS,
OFFSETS, CROSS-COMPLAINTS, CLAIMS OR DEMANDS OF ANY KIND OR NATURE WHATSOEVER INCLUDING, WITHOUT
LIMITATION, ANY SUCH DEFENSES, COUNTERCLAIMS, OFFSETS, CROSS-COMPLAINTS, CLAIMS OR DEMANDS THAT CAN
BE ASSERTED (I) TO REDUCE OR ELIMINATE ALL OR ANY PART OF THE OBLIGATIONS OR (II) TO SEEK
AFFIRMATIVE RELIEF OR DAMAGES OF ANY KIND OR NATURE FROM THE LENDER OR ANY OF ITS PREDECESSORS,
SUCCESSORS AND ASSIGNS, OFFICERS, EMPLOYEES, INDEPENDENT CONTRACTORS, ATTORNEYS AND AGENTS
(COLLECTIVELY WITH THE LENDER, THE “RELEASED PARTIES”). EACH OF RVEP, REGIONAL, POC, RVOP AND RIO
VISTA OPERATING GP LLC HEREBY UNCONDITIONALLY AND IRREVOCABLY, VOLUNTARILY AND KNOWINGLY WAIVES,
REMISES, ACQUITS, AND FULLY AND FOREVER RELEASES AND DISCHARGES THE RELEASED PARTIES FROM ALL
POSSIBLE CLAIMS, DEMANDS, ACTIONS, CAUSES OF ACTION, DAMAGES, COSTS, OR EXPENSES, AND LIABILITIES
WHATSOEVER, KNOWN OR UNKNOWN, ANTICIPATED OR UNANTICIPATED, SUSPECTED OR UNSUSPECTED, FIXED,
CONTINGENT, OR CONDITIONAL, AT LAW OR IN EQUITY, ORIGINATING IN WHOLE OR IN PART ON OR BEFORE THE
DATE THIS SIXTH AMENDMENT IS EXECUTED, WHICH RVEP, REGIONAL, POC, RVOP OR RIO VISTA OPERATING GP
LLC MAY NOW OR HEREAFTER HAVE AGAINST ANY OF THE RELEASED PARTIES (COLLECTIVELY, THE “RELEASED
CLAIMS”) AND IRRESPECTIVE OF WHETHER ANY SUCH RELEASED CLAIMS ARISE OUT OF CONTRACT, TORT,
VIOLATION OF LAW OR REGULATIONS, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, THE EXERCISE OF ANY
RIGHTS AND REMEDIES UNDER THE LOAN AGREEMENT OR OTHER LOAN DOCUMENTS, AND NEGOTIATION AND EXECUTION
OF THIS SIXTH AMENDMENT.

(b) EACH OF RVEP, REGIONAL, POC, RVOP AND RIO VISTA OPERATING GP LLC COVENANTS AND AGREES
NEVER TO COMMENCE, VOLUNTARILY AID IN ANY WAY, FOMENT, PROSECUTE OR CAUSE TO BE COMMENCED OR
PROSECUTED AGAINST ANY OF THE RELEASED PARTIES ANY ACTION OR OTHER PROCEEDING BASED UPON ANY OF THE
RELEASED CLAIMS WHICH MAY HAVE ARISEN AT ANY TIME ON OR PRIOR TO THE DATE OF THIS SIXTH AMENDMENT
AND WERE IN ANY MANNER RELATED TO ANY OF THE LOAN DOCUMENTS.

Section 8. POC Line Letter.

For avoidance of doubt, Lender hereby confirms that the Line Letter dated September 15, 2004
(as amended, supplemented or otherwise modified from time to time prior to the date hereof) between
the Lender and POC and all related loan documents (and upon the occurrence of
the Effective Date, the liens thereunder) are terminated without any legal force and effect except
to the extent that any provisions thereunder expressly survive termination thereof.

Section 9. New York Law.

This Sixth Amendment shall be construed in accordance with and governed by the laws of the
State of New York, without regard to New York conflicts of laws principles.

 

- 17 -

 

Section 10. Severability.

If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest
extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in
such jurisdiction and shall be liberally construed in order to carry out the intentions of the
parties hereto as nearly as may be possible, and (ii) the invalidity or unenforceability of any
provision hereof in any jurisdiction shall not affect the validity or enforceability of such
provision in any other jurisdiction.

Section 11. Counterparts.

This Sixth Amendment may be executed by the parties hereto individually or in any combination,
in one or more counterparts, each of which shall be an original and all of which shall together
constitute one and the same agreement. Signatures of the parties may appear on separate
counterparts.

 

- 18 -

 

IN WITNESS WHEREOF, the parties hereto have caused this Sixth Amendment to be duly executed as
of the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	RIO VISTA ENERGY PARTNERS L.P.	 	RZB FINANCE LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	Rio Vista GP LLC, as its General Partner	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ian Bothwell
	 	 	 	By:
	 	/s/ Nancy Remini	 	 
	 

	 	 

Name: Ian Bothwell
	 	 	 	 	 	 

Name: Nancy Remini
	 	 
	 

	 	Title: Acting CEO
	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:
	 	/s/ Pearl Geffers	 	 
	 

	 	 	 	 	 	 	 	 

Name: Pearl Geffers
	 	 
	 

	 	 	 	 	 	 	 	Title: First Vice President	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	REGIONAL ENTERPRISES, INC.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ian Bothwell	 	 	 	 	 	 	 	 
	 

	 	 

Name: Ian Bothwell
	 	 	 	 	 	 	 	 
	 

	 	Title: President	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	AGREED, in respect of Subsections 4(d) and 7	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	PENN OCTANE CORPORATION	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ian Bothwell	 	 	 	 	 	 	 	 
	 

	 	 

Name: Ian Bothwell
	 	 	 	 	 	 	 	 
	 

	 	Title: Acting CEO	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	RIO VISTA OPERATING PARTNERSHIP, L.P.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By: Rio Vista Operating GP LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ian Bothwell	 	 	 	 	 	 	 	 
	 

	 	 

Name: Ian Bothwell
	 	 	 	 	 	 	 	 
	 

	 	Title: Acting CEO	 	 	 	 	 	 	 	 

 

- 19 -

 

	 	 	 	 	 	 	 	 	 	 	 
	AGREED, in respect of Section 7:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	RIO VISTA OPERATING GP LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	/s/ Ian Bothwell	 	 	 	 	 	 	 	 
	 

	 	 

Name: Ian Bothwell
	 	 	 	 	 	 	 	 
	 

	 	Title: Acting CEO	 	 	 	 	 	 	 	 

 

- 20 -

 

Annex I

[Schedules to Loan Agreement]

To be attached.

 

- 21 -

 

Schedule 3.1(A)

Schedule 3.1(A) to the Loan Agreement dated as of July 26, 2007 (as amended, supplemented or
otherwise modified from time to time) before giving effect to the Sixth Amendment, Assumption of
Obligations and Release Agreement dated as of June 15, 2009, shall remain the same and unchanged.

 

 - 22 -

 

SCHEDULE 3.1(A)

RZB Finance LLC

and

Rio Vista Energy Partners L.P. (“Borrower”)

$5,000,000 Demand Loan

	1.	 	Loan Agreement

	 	(a)	 	Exhibits
	 
	 	(b)	 	Schedules

	2.	(a)	Guaranty by POC

	 	(b)	 	Guaranty by RVOP
	 
	 	(c)	 	Guaranty by Merger Sub
	 
	 	(d)	 	Confirmation by Borrower, POC and RVOP that existing security
agreements secure new guaranties and, in the case of Borrower, the new Loan
	 
	 	(e)	 	Promissory Note

	3.	(a)	Assignment of Merger Agreement by Borrower and Merger Sub

	 	(b)	 	Consent by Sellers
	 
	 	(c)	 	Security Questionnaire as to Sellers [WAIVED]
	 
	 	(d)	 	UCC Search against Sellers
	 
	 	(e)	 	Certification by Borrower as to true and complete copy of merger documents

	4.	(a)	Security Agreement by Merger Sub

	 	(b)	 	UCC filing against Merger Sub and Target
	 
	 	(c)	 	Lien search against Merger Sub

	 	(i)	 	State of incorporation

	 	(d)	 	Lien search against Regional Enterprizes, Inc.

	 	(i)	 	State of incorporation

	 	(e)	 	Security Questionnaire as to Merger Sub and Regional Enterprizes, Inc.
	 
	 	(f)	 	Certificates of title for vehicles [POST-CLOSING]

 

- 23 -

 

	 	(g)	 	Pledge Agreement by Borrower of 100% of capital stock of Merger Sub
	 
	 	(h)	 	Stock Power endorsed in blank (undated)
	 
	 	(i)	 	Stock Certificates representing the pledged shares
	 
	 	(j)	 	Letter from Merger Sub acknowledging Pledge

	5.	(a)	Deed of Trust with respect to Virginia Property

	 	(b)	 	UCC fixture filing with respect to Virginia Property
	 
	 	(c)	 	Assignment of Leases with respect to Virginia Property
	 
	 	(d)	 	Environment Indemnity with respect to Virginia Property

	6.	(i)	mortgagee title insurance policies and endorsements, issued by such title insurance
companies, in such amounts with only such exceptions, all as shall be required by and
satisfactory to Lender,

	 	(ii)	 	copies of all encumbrances affecting title and leases affecting premises
	 
	 	(iii)	 	affidavits delivered to the title company (if any),
	 
	 	(iv)	 	certificates of occupancy,
	 
	 	(v)	 	evidence of payment of (A) recording taxes, and (B) title company
charges,
	 
	 	(vi)	 	receipt and recording instructions for documents delivered to title company,
	 
	 	(vii)	 	letter to title company with recording instructions,
	 
	 	(viii)	 	ALTA as-built surveys in form and substance satisfactory to and certified to
Lender,
	 
	 	(ix)	 	letter from building department regarding zoning,
	 
	 	(x)	 	evidence of availability of all utilities and access to roads/water,
	 
	 	(xi)	 	flood hazard certification from surveyor,
	 
	 	(xii)	 	estoppel certificates from ground lessor,
	 
	 	(xiii)	 	subordination agreements for recording in real estate records.

	7.	 	Corporate or partnership organizational and authorization documents with respect to:

	 	(a)	 	Borrower
	 
	 	(b)	 	Guarantors

 

- 24 -

 

	8.	 	Letter of direction as to disbursement of Loan Proceeds and balance of merger purchase price
(which Borrower shall have deposited with Lender)

	9.	 	Opinion of Borrower’s counsel as to such matters as the Lender may request, including,
without limitation, the consummation of the Merger and the filing of the Articles of Merger with
all necessary governmental authorities

	10.	(a)	Evidence of the disbursement of Intercompany Loan to Merger Sub

	 	(b)	 	Original promissory note evidencing Intercompany Loan, endorsed to the order of
Lender

	11.	 	Copies of consents and approvals of governmental authorities relating to Merger
	 
	12.	 	Copies of insurance policies, insurance certificate and endorsements with respect to
Borrower and Guarantors:

	 	(a)	 	casualty
	 
	 	(b)	 	liability
	 
	 	(c)	 	business interruption
	 
	 	(d)	 	environmental
	 
	 	(e)	 	earthquake
	 
	 	(f)	 	terminal operator’s policy

	13.	 	Certificate of Borrower as to

	 	(a)	 	Compliance
	 
	 	(b)	 	Solvency
	 
	 	(c)	 	Projections
	 
	 	(d)	 	Pro Forma
	 
	 	(e)	 	Environmental Reports

	14.	 	Payment of closing fee
	 
	15.	 	Evidence of capital contribution
	 
	16.	 	Patents, trademarks [Waived]
	 
	17.	 	First Amendment to POC Line Letter to reduce facility by amount outstanding to Borrower
under new Loan.
	 
	18.	 	Appraisal of fixed assets / real property

 

- 25 -

 

	19.	 	True and complete copies of the following, each certified as such in a certificate
executed by the president or chief financial officer of Borrower:

	 	(i)	 	the Agreement and Plan of Merger;
	 
	 	(ii)	 	Executed Articles of Merger filed with Virginia State Corporation Commission on the
Closing Date and such other evidence of consummation of the Merger as the Lender may request
	 
	 	(iii)	 	environmental audit reports prepared by Delta Environmental
Consultants, Inc. and U.N.I. Engineering, Inc. covering all properties owned
by Regional Enterprizes, Inc. including reliance letters addressed to
Lender; and
	 
	 	(iv)	 	all press releases issued by the Sellers (to the extent available to
Borrower or the Guarantors), Borrower or any other Loan Party with respect
to the Merger and related transactions.

	20.	 	All opinions and certificates issued by Sellers and Target and their counsel pursuant
to the Merger Agreement, together with letters authorizing Lender to rely thereon as if
addressed to Lender.
	 
	21.	 	Such other documents, agreements and instruments as Lender may reasonable request.

 

- 26 -

 

SCHEDULE 4.1(B)

CAPITALIZATION OF LOAN PARTIES

As of June 16, 2009

	 	 	 	 	 	 	 	 	 
		 	 	 	 	 	Amount of	 
	Name of Loan Party 	 	 	 	Type of Ownership	 	Ownership	 
	(Jurisdiction of Organization)	 	Name(s) of Owners	 	Interest	 	Interest	 
	 
	 	 	 	 	 	 	 	 
	1. Rio Vista Energy
Partners L.P.
(Delaware)
	 	(more than 10%)	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	Jerome B. Richter	 	Limited Partnership Interest	 	 	19.09	%
	 
	 	 	 	 	 	 	 	 
	 
	 	TCW Energy X Blocker	 	Limited Partnership Interest	 	 	12.65	%
	 
	 	 	 	 	 	 	 	 
	 
	 	Rio Vista GP LLC	 	General Partnership Interest	 	 	2	%
	 
	 	 	 	 	 	 	 	 
	2. Regional Enterprises,
Inc. (Virginia)
	 	Rio Vista Energy partners L.P.	 	Common Stock	 	 	100	%

Other than as set forth in (i) the periodic filings by Rio Vista Energy Partners L.P. with the
Securities and Exchange Commission or (ii) the financial statements for Regional Enterprises and
Rio Vista Energy Partners which have been provided to the Lender, there are no preemptive or other
outstanding rights, options, warrants, conversion rights or similar agreements or understandings
for the purchase or acquisition from Regional Enterprises or any other Loan Party of any limited
partnership interests or other securities of any such entity.

 

- 27 -

 

SCHEDULE 4.2

AUTHORIZATION OF BORROWING; NO CONFLICT

As of June 16, 2009, consents in connection with the following have not been obtained and may
constitute a Material Adverse Effect:

	 	•	 	NORFALCO transloading contract (as disclosed in the Merger Agreement) requires
the consent of NORFALCO upon a change in control of Regional Enterprizes (the
“Target” as defined in the Merger Agreement).
	 
	 	•	 	Certain portions of the Target’s real property in Hopewell, VA appear to be zoned
residential and are being used for industrial purposes (as disclosed in the Merger
Agreement).
	 
	 	•	 	Norfolk Southern lease with Target states that the Target may not “assign or sublet” the
Leased Premises. This provision may prohibit an assignment in the form of a leasehold deed of
trust on such premises.

 

- 28 -

 

SCHEDULE 4.3

FINANCIAL CONDITION

As of June 16, 2009, there are no material adverse changes in the business or operations of
Regional Enterprises.

 

- 29 -

 

SCHEDULE 4.4

INDEBTEDNESS AND LIABILITIES

As of June 16, 2009, Regional Enterprises discloses the following indebtedness and liabilities:

	 	•	 	Indebtedness in favor of RZB Finance LLC (the “Lender”).
	 
	 	•	 	Indebtedness assumed or incurred in connection with the Merger, not to exceed
$7.5 million, all of which is Indebtedness solely of Regional Enterprises, Inc. (the
“Borrower”).
	 
	 	•	 	There is a potential dispute related to W. Gary Farrar, Jr., the seller of the
Regional assets, to whom Regional has a current and outstanding debt of
approximately $900,000.00, pursuant to the Merger Agreement.

 

- 30 -

 

SCHEDULE 4.5

THE MERGER

As of June 16, 2009, Regional Enterprises discloses the following:

	 	•	 	NORFALCO transloading contract (as disclosed in the Merger Agreement) requires
the consent of NORFALCO upon a change in control of the Target.

 

- 31 -

 

SCHEDULE 4.6

INTANGIBLE ASSETS

There is nothing to disclosure.

 

- 32 -

 

SCHEDULE 4.7

TITLE TO PROPERTIES; LIENS

As of June 16, 2009, Regional Enterprises discloses the following:

	 	•	 	Liens in favor of the Lender;
	 
	 	•	 	Liens shown on a title search and report to be conducted by the Lender.

 

 - 33 -

 

SCHEDULE 4.8

LITIGATION; ADVERSE FACTS

As of June 16, 2009, Regional Enterprises discloses the following potential litigation

	 	•	 	There is a potential dispute related to W. Gary Farrar, Jr., the seller of the
Regional assets, to whom Regional has a current and outstanding debt of
approximately $900,000.00, pursuant to the Merger Agreement. Mr. Farrar may bring
suit against Regional for payment of the outstanding amount. Regional may bring
suit preemptively in connection with certain material misrepresentations made by Mr.
Farrar regarding the Regional assets.

 

- 34 -

 

SCHEDULE 4.9

PAYMENT OF TAXES

As of June 16, 2009, Regional Enterprises discloses the following:

	 	•	 	Regional has not filed all required federal and state tax returns. Estimated tax
amounts have been provided in the financial statements attached as Schedule 4.3.
	 
	 	•	 	Following is a list of pending tax returns that Borrower has to file:

10/31/05 Amended United States Corporation Income Tax Return

10/31/05 Amended Virginia Income Tax Return

10/31/05 Amended Tennessee Income Tax Return

10/31/06 Amended United States Corporation Income Tax Return

10/31/06 Amended Virginia Income Tax Return

10/31/06 Amended Tennessee Income Tax Return

7/27/07 United States Corporation Income Tax Return

727/07 Virginia Income Tax Return

7/27/07 Tennessee Income Tax Return

12/31/07 United States Corporation Income Tax Return

12/31/07 Virginia Income Tax Return

12/31/07 Tennessee Income Tax Return

12/31/08 United States Corporation Income Tax Return

12/31/08 Virginia Income Tax Return

12/31/08 Tennessee Income Tax Return

 

- 35 -

 

SCHEDULE 4.14

DISCLOSURE

As of June 16, 2009, Regional Enterprises and RVEP disclose the following:

	 	•	 	Currently the sale of Regional to a third party is being explored with a number
of offers in consideration.
	 
	 	•	 	RVEP is currently insolvent and may potentially file for bankruptcy relief. We
do not believe that potential reorganization of RVEP should in any way negatively
impact Regional.
	 
	 	•	 	The acquisition of the Norfolk Southern leased properties is expected to consist
of the purchase of all of the property for an estimated sum of $275,000, rather than
as a partial purchase and lease as previously anticipated.

 

- 36 -

 

SCHEDULE 4.15

COMPLIANCE WITH LAWS

As of June 16, 2009 there is no further disclosure to be made regarding this Section of the
Loan Agreement.

 

- 37 -

 

SCHEDULE 4.18

FUNDAMENTAL CHANGES

As of June 16, 2009, RVEP discloses the following:

	 	•	 	As set forth in a Rio Vista Energy Partners LP (“RVEP”) Report on Form 8-K filed
June 2, 2009, RVEP conveyed its interests in the Oklahoma entities, including its
interests in the oil and gas producing properties and associated pipeline gathering
systems, back to Trust Company of the West (and its affiliates) as part of an
overall Settlement Agreement and equity foreclosure.

 

- 38 -

 

SCHEDULE 6.4

INVESTMENTS AND LOANS

There is nothing to disclose.

 

- 39 -

 

SCHEDULE 6.6

RESTRICTIONS ON FUNDAMENTAL CHANGES

As of June 16, 2009, RVEP discloses the following:

	 	•	 	In connection with the Merger, RVEP invested up to $8 million in Regional (in the
form of $7.5 million in debt and approximately $500,000 in equity).

 

- 40 -

 

Annex II

[Form of UCC amendment]

To be attached.

 

- 41 -

 

	UCC FINANCING STATEMENT AMENDMENTFor your convenience, this form has been
FOLLOW INSTRUCTIONS (front and back) CAREFULLYdesigned to be completed online. The A. NAME & PHONE OF CONTACT AT FILER [optional]information typed on the first page will
automatically update to the other pages.
B. SEND ACKNOWLEDGMENT TO: (Name and Address)Please be sure all pertinent information is
completed before printing. Once the form is Finck & Dadras LLP completed, select ‘Print’ to print the form. 100 Spear Street, Suite 700 Selecting ‘Reset’ will clear the entire form.
San Francisco, California 94105
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1a. INITIAL FINANCING STATEMENT FILE #1b. This FINANCING STATEMENT AMENDMENT is 2009 0315215to be filed [for record] (or recorded) in the REAL ESTATE RECORDS.
2.nTERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to security interest(s) of the Secured Party authorizing this Termination Statement.
3.CONTINUATION: Effectiveness of the Financing Statement identified above with respect to security interest(s) of the Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law.
4.ASSIGNMENT (full or partial): Give name of assignee in item 7a or 7b and address of assignee in item 7c; and also give name of assignor in item 9.
5.AMENDMENT (PARTY INFORMATION): This Amendment affects Debtor or Secured Party of record. Check only one of these two boxes. Also check one of the following three boxes and provide appropriate information in items 6 and/or 7.
CHANGE name and/or address: Give current record name in item 6a or 6b; also give newDELETE name: Give record nameADD name: Complete item 7a or 7b, and also name (if name change) in item 7a or 7b and/or new address (if address change) in item 7c.to be deleted in item 6a or 6b.item 7c; also complete items 7d-7g (if applicable).
6.CURRENT RECORD INFORMATION:
6a. ORGANIZATION’S NAME
Rio Vista Operating GP LLC
OR
6b. INDIVIDUAL’S LAST NAMEFIRST NAMEMIDDLE NAMESUFFIX
7.CHANGED (NEW) OR ADDED INFORMATION:
7a. ORGANIZATION’S NAME
OR
7b. INDIVIDUAL’S LAST NAMEFIRST NAMEMIDDLE NAMESUFFIX
7c. MAILING ADDRESSCITYSTATE POSTAL CODECOUNTRY
210 1/2 N Main StreetEufalaOK 74432USA
7d. TAX ID #: SSN OR EIN ADD’L INFO RE 7e. TYPE OF ORGANIZATION7f. JURISDICTION OF ORGANIZATION7g. ORGANIZATIONAL ID #, if any ORGANIZATION
DEBTORLimited Partnership Delaware3643129
NONE
8.AMENDMENT (COLLATERAL CHANGE): check only one box.
Describe collateral deleted or added, or give entire restated collateral description, or describe collateral assigned.
9.NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT (name of assignor, if this is an Assignment). If this is an Amendment authorized by a Debtor which adds collateral or adds the authorizing Debtor, or if this is a Termination authorized by a Debtor, check herenand enter name of DEBTOR authorizing this Amendment.
9a. ORGANIZATION’S NAME
RZB Finance LLC
OR
9b. INDIVIDUAL’S LAST NAMEFIRST NAMEMIDDLE NAMESUFFIX
10.OPTIONAL FILER REFERENCE DATA
DE — SOS
FILING OFFICE COPY — NATIONAL UCC FINANCING STATEMENT AMENDMENT (FORM UCC3) (REV. 07/29/98)
FORM SHOULD BE TYPEWRITTEN OR COMPUTER GENERATED

 

- 42 -

 

Instructions for National UCC Financing Statement AMENDMENT (Form UCC3)

Please type or laser-print this form. Be sure it is completely legible. Read all Instructions, especially Instruction 1a; correct file number of initial financing statement is crucial. Follow Instructions completely.

Fill in form very carefully; mistakes may have important legal consequences. If you have questions, consult your attorney. Filing office cannot give legal advice.

Do not insert anything in the open space in the upper portion of this form; it is reserved for filing office use.

An Amendment may relate to only one financing statement. Do not enter more than one file number in item 1a.

When properly completed, send Filing Office Copy, with required fee, to filing office. If you want an acknowledgment, complete item B and, if filing in a filing office that returns an acknowledgment copy furnished by filer, you may also send Acknowledgment Copy, otherwise detach. Always detach Debtor and Secured Party Copies.

If you need to use attachments, use 8-1/2 X 11 inch sheets and put at the top of each sheet: “AMENDMENT” and the file number of the initial financing statement to which this Amendment relates; you are encouraged to use Amendment Addendum (Form UCC3Ad).

Always complete items 1a and 9.

	A.	 	To assist filing offices that might wish to communicate with filer, filer may provide information in item A. This item is optional.

	B.	 	Complete item B if you want an acknowledgment
sent to you. If filing in a filing office that returns an acknowledgment
copy furnished by filer, present simultaneously with this form a carbon or other copy of this form for use as an acknowledgment copy.

	1a.	 	 File number: Enter file number of initial financing statement to which this Amendment relates. Enter only one file number. In some states, the file number is not unique; in those states, also enter in item 1a, after the file number, the date that the initial financing statement was filed.

	1b.	 	 Only if this Amendment is to be filed or recorded in the real estate records, check box 1b and also, in item 13 of Amendment Addendum, enter Debtor’s name, in proper format exactly identical to the format of item 1 of financing statement, and name of record owner if Debtor does not have a record interest.

Note: Show purpose of this Amendment by checking box 2, 3, 4, 5 (in item 5 you must check two boxes) or 8; also complete items 6, 7 and/or 8 as appropriate. Filer may use this Amendment form to simultaneously accomplish both data changes (items 4, 5, and/or 8) and a Continuation (item 3), although in some states filer may have to pay a separate fee for each purpose.

	2.	 	To terminate the effectiveness of the identified financing statement with respect to security interest(s) of authorizing Secured Party, check box 2. See Instruction 9 below.

	3.	 	To continue the effectiveness of the identified financing statement with respect to security interest(s) of authorizing Secured Party, check box 3. See Instruction 9 below.

	4.	 	To assign (i) all of assignor’s interest under the identified financing  statement, or (ii) a partial interest in the security interest covered by the identified financing statement, or (iii) assignor’s full interest in some (but not all) of the collateral covered by the identified financing statement: Check box in item 4 and enter name of assignee in item 7a if assignee is an organization, or in item 7b, formatted as indicated, if assignee is an individual. Complete
 7a or 7b, but not both. Also enter assignee’s address in item 7c. Also enter name of assignor in item 9. If partial Assignment affects only some (but not all) of the collateral covered by the identified financing statement, filer may check appropriate box in item 8 and indicate affected collateral in item 8.

	5,6,7.	 	 To change the name and/or address of a party: Check box in item 5 to indicate whether this Amendment amends information relating to a Debtor or a Secured Party; also check box in item 5 to indicate that this is a name and/or address change; also enter name of affected party (current record name, in case of name change) in items 6a or 6b as appropriate; and also give new name (7a or 7b) and/or new address (7c) in item 7.

	5,6.	 	 To delete a party: Check box in item 5 to indicate whether deleting a Debtor or a Secured Party; also check box in item 5 to indicate that this is a deletion of a party; and also enter name (6a or 6b) of deleted party in item 6.

	5,7.	 	 To add a party: Check box in item 5 to indicate whether adding a Debtor or Secured Party; also check box in item 5 to indicate that this is an addition of a party; also enter all required information in item 7: name (7a or 7b) and address (7c); also, if adding a Debtor, tax ID # (7d) in those states where required, and additional organization Debtor information (7e-g) if added Debtor is an organization. Note: The preferred method for filing against a new Debtor (an individual or organization
 not previously of record as a Debtor under this file number) is to file a new Financing Statement (UCC1) and not an Amendment (UCC3).

	8.	 	Collateral change. To change the collateral covered by the identified financing statement, describe the change in item 8. This may be accomplished either by describing the collateral to be added or deleted, or by setting forth in full the collateral description as it is to be effective after the filing of this Amendment, indicating clearly the method chosen (check the appropriate box). If the space in item 8 is insufficient,
use item 13 of Amendment Addendum (Form UCC3Ad). A partial release of collateral is a deletion. If, due to a full release of all collateral, filer no longer claims a security interest under the identified financing statement, check box 2 (Termination) and not box 8 (Collateral Change). If a partial assignment consists of the assignment of some (but not all) of the collateral covered by the identified financing statement, filer may indicate the assigned collateral in item 8, check the appropriate box in item 8, and also comply with instruction 4 above.

	9.	 	Always enter name of party of record authorizing this Amendment; in most cases,
this will be a Secured Party of record. If more than one authorizing Secured Party, give
additional name(s), properly formatted, in item 13 of Amendment Addendum (Form UCC3Ad).
If the indicated financing statement refers to the parties as lessee and lessor, or consignee
and consignor, or seller and buyer, instead of Debtor and Secured Party, references in this
Amendment shall be deemed likewise so to refer to the parties. If this is an assignment, enter assignor’s name. If this is an Amendment
authorized by a Debtor that adds collateral or adds a Debtor, or if this is a Termination authorized
 by a Debtor, check the box in item 9 and enter the name, properly formatted, of the Debtor authorizing this Amendment, and, if this Amendment or Termination is to be filed or recorded in the real estate records, also enter, in item 13 of Amendment Addendum, name of Secured Party of record.

	10.	 	This item is optional and is for filer’s use only. For filer’s convenience of reference, filer may enter in item 10 any identifying information (e.g., Secured Party’s loan number, law firm file number, Debtor’s name or other identification, state in which form is being filed, etc.) that filer may find useful.

 

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Annex III

Exhibit A

COMPLIANCE CERTIFICATE

Reference is made to the Loan Agreement dated as of July 26, 2007 (as amended, supplemented or
otherwise modified from time to time, the “Loan Agreement”) between Regional Enterprises, Inc. (as
successor by assumption of the Obligations to Rio Vista Energy Partners L.P., the “Borrower”) and
RZB Finance LLC (the “Lender”). Capitalized terms used herein shall have the meanings given to
them in the Loan Agreement, unless otherwise defined herein.

The undersigned, does hereby certify that he/she is the [chief executive officer] [chief
financial officer] of the Borrower, and that as such is authorized to execute this Compliance
Certificate on behalf of the Borrower, and DOES HEREBY FURTHER CERTIFY on behalf of the Borrower
that:

1. This Compliance Certificate is given pursuant to subsection 5.1(E) of the Loan
Agreement.

2. I have reviewed the terms of the Loan Agreement and have made, or have caused to be made
by employees or agents under my supervision, a detailed review of the transactions and conditions
of the Borrower and its Subsidiaries during the accounting period covered by the attached financial
statements.

3. The examinations described in paragraph 2 above did not disclose, and I have no notice or
knowledge of the existence of, any condition or event which constitutes a Default or Event of
Default during or at the end of the accounting period covered by the attached financial statements
or as of the date of this Compliance Certificate[, except as set forth below].

4. Schedule I attached hereto sets forth financial data and computations evidencing
compliance with the covenant set forth in subsection 5.12 of the Loan Agreement, all of which data
and computations are true, complete and correct. Attached to such Schedule I are copies of
the underlying calculations and work-up employed to make such determination.

5. Described below are the exceptions, if any, to paragraph 3 above by listing, in detail,
the nature of the condition or event, the period during which it has existed and the action which
the Borrower has taken, is taking, or proposes to take with respect to each such condition or
event:                                         .

6. The representations and warranties contained in the Loan Agreement and in the other Loan
Documents are true and correct with the same effect as though such representations and warranties
were made on the date hereof, except to the extent that any such representations and warranties are
limited by their terms to an earlier date and except to the extent of any exceptions approved by
the Lender in writing.

7. As of, and from and after the date of the Loan Agreement the Borrower (a) owns and will
own assets the fair salable value of which are (i) greater than the total amount of its liabilities
(including contingent liabilities) and (ii) greater than the amount that will be required to pay
the probable liabilities of the Borrower as they mature; (b) has capital that is not unreasonably
small in relation to its business as presently conducted or any contemplated or undertaken
transaction; and (c) does not intend to incur and does not believe that it will incur debts beyond
its ability to pay such debts as they become due.

8. As of the date hereof, Indebtedness of the Borrower owing to RVEP equals at least
$2,865,000 and such Indebtedness has been subordinated to the Obligations pursuant to the Agreement
of Subordination and Assignment dated June 15, 2009 (as amended, supplemented or otherwise modified
from time to time) between the Borrower and RVEP.

 

- 44 -

 

The foregoing certifications, together with the computations set forth in Schedule I
and all other attachments to, and the financial statements delivered with and in support of, this
Compliance Certificate are made and delivered this                      day of                     ,
20          .

	 	 	 	 	 
	 	REGIONAL ENTERPRISES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

- 45 -

 

	 	 	 	 	 

SCHEDULE I

(Calculated as at the last day of the Fiscal
[Quarter] [Year] ended     
                
          
, 20         (the “Certified

Period”))

(Insert Date)

NET WORTH — BORROWER

The sum of Net Worth of Borrower and its Subsidiaries, on a consolidated basis, plus
Subordinated Debt as at the end of the Certified Period was $_____ (as calculated below).
The minimum requirement was $2,600,000. The Borrower is [not] in compliance with such requirement.

	 	 	 	 	 
	Consolidated total assets of Borrower
	 	XXXX  
	 
	 	 	 	 
	Less: Consolidated total Liabilities of Borrower
	 	(XXXX)
	 
	 	 	 
	 
	 	 	 	 
	Subtotal:
	 	XXXX  
	 
	 	 	 	 
	Less the sum of:
	 	 	 	 
	 
	 	 	 	 
	(iii) all amounts representing any
write-up in the book value of any assets
of Borrower or its Subsidiaries resulting
from a revaluation thereof subsequent to
December 31, 2008;
	 	 	 	 
	 
	 	 	 	 
	(iv) to the extent otherwise included in
the computation of Net Worth, any
subscriptions receivable;
	 	 	 	 
	 
	 	 	 	 
	(v) investments in and receivables and
other obligations from employees, members,
Subsidiaries (including, without
limitation, the Unrestricted Subsidiaries)
and other Affiliates; and
	 	 	 	 
	 
	 	 	 	 
	(vi) if a positive amount, (A) the sum of
all deferred charges, deferred tax assets
and prepaid expenses minus (B) all
deferred tax liabilities
	 	(XXXX)
	 
	 	 	 	 
	Net Worth of Borrower as at the end of the Certified Period
	 	XXXX  
	 
	 	 	 	 
	Plus:
	 	 	 	 
	 
	 	 	 	 
	Subordinated Debt
	 	XXXX  
	 
	 	 	 
	 
	 	 	 	 
	Total
	 	XXXX  
	 
	 	 	 

 

- 46 -

 

Annex IV

[Use of Incremental Loan Proceeds]

The Incremental Loan proceeds shall be disbursed directly to the Lender and shall be used by the
Lender to pay accrued and unpaid interest owing to the Lender pursuant to the Loan Agreement
(before giving effect to the Sixth Amendment), fees (including, without limitation, amendment fees)
payable to the Lender, costs and expenses incurred by the Lender (including, without limitation,
attorneys’ fees and appraisal fees), and any other transaction costs incurred by the Lender in
connection with the Sixth Amendment.  Any balance of the proceeds remaining after application by
the Lender of all such amounts (to be determined by the Lender in its sole discretion) shall be
applied by the Lender to principal of the Loans in the inverse order of maturity. 

 

- 47 -

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