Document:

exv10w1

EXHIBIT
10.1

WAIVER, CONSENT, PARTIAL RELEASE

AND SEVENTH AMENDMENT TO

AMENDED REVOLVING CREDIT AGREEMENT

AND LOAN DOCUMENTS

     WAIVER, CONSENT, PARTIAL RELEASE AND SEVENTH AMENDMENT, dated as of June 1, 2010 (this
“Agreement”), by and among Alon USA Energy, Inc., a Delaware corporation (the
“Parent”), Alon USA, LP, f/k/a SWBU, L.P., a Texas limited partnership (“Alon LP”;
together with such other subsidiaries of the Parent as may be designated as a borrower under the
Credit Agreement by Alon LP with the prior written consent of the Agent (as defined below) and the
Required Lenders (as defined in the Credit Agreement), each individually a “Borrower”, and,
collectively, the “Borrowers”), all direct and indirect subsidiaries of the Parent other
than the “Excluded Subsidiaries” referred to below (the Parent and such direct and indirect
subsidiaries that are not Excluded Subsidiaries are hereinafter referred to individually as a
“Guarantor Company” and, collectively, as the “Guarantor Companies”), the Lenders
(as defined below), Israel Discount Bank of New York, as administrative agent, co-arranger and
collateral agent for the Lenders (in such capacity, the “Agent”), and Bank Leumi USA, as
co-arranger for the Lenders (“Bank Leumi”).

W I T N E S S E T H

     WHEREAS, the Borrowers, the Guarantor Companies, the financial institutions from time to time
party thereto (each a “Lender” and collectively, the “Lenders”), the Agent and Bank
Leumi are parties to the Amended Revolving Credit Agreement, dated as of June 22, 2006 (as amended
by (i) the First Amendment, dated as of August 4, 2006, (ii) the Waiver, Consent, Partial Release
and Second Amendment, dated as of February 28, 2007, (iii) the Third Amendment, dated as of June
29, 2007, (iv) the Waiver, Consent, Partial Release and Fourth Amendment, dated as of July 2, 2008,
(v) the Fifth Amendment, dated as of July 31, 2009, and (vi) the Sixth Amendment to the Credit
Agreement, dated as of May 10, 2010, the “Credit Agreement”), pursuant to which the Lenders
have made revolving loans to the Borrowers;

     WHEREAS, the obligations of the Borrowers and the Guarantor Companies to the Agent and the
Lenders in respect of the Credit Agreement and the other Loan Documents are secured, inter
alia, by the collateral and other security interests referred to in the Credit Agreement,
the Security Agreement, the Pledge Agreement and the other Security Documents;

     WHEREAS, the Borrowers have informed the Lenders that (i) Alon Bakersfield Holdings, Inc., a
Delaware corporation and a direct, wholly-owned subsidiary of Alon Assets (“Bakersfield
Holdings”), (ii) Alon Bakersfield Assets, Inc., a Delaware corporation and a direct subsidiary
of Bakersfield Holdings (“Bakersfield Assets”), (iii) Alon Bakersfield Operating, Inc., a
Delaware corporation and a direct subsidiary of Bakersfield Holdings (“Bakersfield
Operating”), and (iv) Alon Bakersfield Logistics, Inc., a Delaware corporation and a direct,
wholly-owned subsidiary of Bakersfield Holdings (“Bakersfield Logistics”; together with
Bakersfield Holdings, Bakersfield Assets, Bakersfield Operating, and each other Person (other than
any Person that has been at any time a party to the Credit Agreement) that becomes a Subsidiary of
Bakersfield Holdings from time to time, the “Released Parties”), intend (A) to acquire
certain hydrocarbon inventories and fixed assets located at the Big West Refinery, in

 

 

Bakersfield, California, from Big West of California, LLC (the “Bakersfield Refinery
Assets”) and (B) to enter into loan documents to finance the acquisition of the Bakersfield
Refinery Assets (the agreements, instruments and documents executed and delivered to evidence,
govern and secure any of the obligations of Bakersfield Logistics and the other Released Parties,
each as amended, supplemented or otherwise modified from time to time, collectively, the
“Bakersfield Loan Documents”);

     WHEREAS, the Borrowers, the Guarantor Companies, the Lenders, Bank Leumi and the Agent wish to
amend the Credit Agreement and the Loan Documents, in order to exclude the Released Parties from
certain provisions of the Credit Agreement that would otherwise be applicable to such Subsidiaries
of the Parent; and

     WHEREAS, the Borrowers and the Guarantor Companies have requested that the Agent and the
Required Lenders (i) consent to and waive any Event of Default that would or will otherwise arise
under Section 10.01(c) or (d) of the Credit Agreement as a result of a breach of Section 7.02(a) or
(b) of the Credit Agreement as a result of the execution of the
Bakersfield Loan Documents,
(ii) consent to the release of the Agent’s Liens on the Released Parties’ Capital Stock and all
assets of the Released Parties and (iii) release the Released Parties from the Credit Agreement and
the other Loan Documents and all Obligations thereunder;

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

     1. Definitions. Any capitalized term used herein and not defined shall have the
meaning assigned to it in the Credit Agreement.

     2. Amendments to Credit Agreement.

          (a) Deletion of Existing Definition. The defined term “Alon Interests” in Section
1.01 of the Credit Agreement is hereby deleted.

          (b) New Definitions. Section 1.01 of the Credit Agreement is hereby amended to add
the following defined terms in the appropriate alphabetical order:

     “‘Alon Brands’ means Alon Brands, Inc., a
Delaware corporation that was formerly Alon USA Interests,
LLC, a Texas limited partnership immediately prior to its
conversion and change of name.”

     “‘Bakersfield Assets’ means Alon Bakersfield
Assets, Inc., a Delaware corporation and a direct subsidiary
of Bakersfield Holdings.”

     “‘Bakersfield Holdings’ means Alon Bakersfield
Holdings, Inc., a Delaware corporation and a direct,
wholly-owned subsidiary of Alon Assets.”

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     “‘Bakersfield Logistics’ means Alon Bakersfield
Logistics, Inc. a Delaware corporation and a direct
subsidiary of Bakersfield Holdings.”

     “‘Bakersfield Operating’ means Alon Bakersfield
Operating, Inc., a Delaware corporation and a direct
subsidiary of Bakersfield Holdings.”

     “‘Bakersfield Subsidiaries’ means Bakersfield
Holdings, Bakersfield Assets, Bakersfield Operating,
Bakersfield Logistics and each of their respective
Subsidiaries (other than any Person that has been at any
time a party to the Credit Agreement).”

          (c) Amendment and Restatement of Existing Definitions. The following defined terms in
Section 1.01 of the Credit Agreement are hereby amended and restated in their entirety to read as
follows:

     “‘Excluded Subsidiaries’ means (i) the
Subsidiaries of Alon Brands, (ii) the Bank of America
Financed Subsidiaries, (iii) the Alon Louisiana
Subsidiaries, and (iv) the Bakersfield Subsidiaries.”

     “‘Fixed
Assets and Other Specified Property’
means any (a) Fixed Assets, (b) any Capital Stock issued by
a Subsidiary of a Company and owned by a Company (other than
any Capital Stock of (i) the Bank of America Financed
Subsidiaries owned by Paramount Petroleum Holdings, (ii)
Alon Brands owned by Alon LP, (iii) any Subsidiary of Alon
Brands, (iv) any Alon Louisiana Subsidiary and (v) any
Bakersfield Subsidiary), and (c) any Indebtedness owed by
one Company to another Company which is evidenced by a
promissory note.”

          (d) References to the term “Alon Interests”. Each reference to “Alon Interests” in
the Credit Agreement and the other Loan Documents is hereby deleted and each such reference is
replaced with “Alon Brands”.

          (e) Representations and Warranties; Subsidiaries. Section 6.01(f) of the Credit
Agreement is hereby amended by deleting the words “the Bank of America Financed Subsidiaries and
the Alon Louisiana Subsidiaries” and by substituting therefor the following: “the Bank of America
Financed Subsidiaries, the Alon Louisiana Subsidiaries and the Bakersfield Subsidiaries”.

          (f) Affirmative Covenants; Subsidiaries, Etc. Section 7.01(b)(i) of the Credit
Agreement is hereby amended by deleting the first parenthetical (which begins in the first line) in
its entirety and by substituting therefor the following:

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“(other than (A) a Subsidiary of Alon Brands, (B) any direct Subsidiary of
the Parent and any Subsidiary of any direct Subsidiary of the Parent (other
than Subsidiaries of Alon USA), (C) the Bank of America Financed
Subsidiaries, (D) the Alon Louisiana Subsidiaries and (E) and the
Bakersfield Subsidiaries)”

     3. Amendments to the Pledge Agreement and Security Agreement.

          (a) Section 2 of the Pledge Agreement is hereby amended by deleting the last sentence of
Section 2 in its entirety and by substituting therefor the following:

“Anything to the contrary notwithstanding, the Pledged Shares shall not
include (i) the Capital Stock of Alon Brands, Inc., a Delaware corporation
(f/k/a Alon USA Interests, LLC, a Texas limited liability company), and its
Subsidiaries, (ii) the Capital Stock of the Bank of America Financed
Subsidiaries, (iii) the Capital Stock of the Alon Louisiana Subsidiaries,
(iv) the Capital Stock of the Bakersfield Subsidiaries and (v) Capital Stock
in any Pledgor held by management or employees or issuable upon the exercise
of warrants or options, in each case to the extent permitted by and in
accordance with the Revolving Credit Agreement.”

          (b) Section 2 of the Security Agreement is hereby amended by deleting the last sentence of
Section 2 in its entirety and by substituting therefor the following:

“Anything to the contrary notwithstanding, Collateral shall not include (i)
the Capital Stock of the Bank of America Financed Subsidiaries, (ii) the
Capital Stock of the Alon Louisiana Subsidiaries, (iii) the Capital Stock of
Alon Brands and its Subsidiaries and (iv) the Capital Stock of the
Bakersfield Subsidiaries.”

     4. Waiver, Consent and Release. Subject to the satisfaction of the conditions
contained in Section 7 hereof and pursuant to Section 12.03 of the Credit Agreement:

          (a) The Agent and the Required Lenders consent to, and waive any Default or Event of Default
that would otherwise arise under Section 10.01(c) or (d) of the Credit Agreement as a result of a
breach of Section 7.02(a) or (b) of the Credit Agreement by reason of the execution and delivery of
the Bakersfield Loan Documents.

          (b) The Agent and the Required Lenders hereby release their security interest in and lien on
the Capital Stock and all assets of the Released Parties and release the Released Parties from the
Credit Agreement and the other Loan Documents and all Obligations thereunder.

     5. Releases of Security Interests and Liens.

          (a) Subject to the satisfaction of the conditions set forth in Section 7 hereof, the Agent’s
security interest in and lien on the Capital Stock and assets of the Released

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Parties is hereby released without recourse, representation or warranty of any kind, express
or implied and at the sole cost and expense of Borrowers.

          (b) The Agent will, at the request of Administrative Borrower, execute and deliver, and hereby
authorizes the Administrative Borrower to execute and deliver, such other instruments and
documents, and take such further action, as Administrative Borrower may reasonably request to
effect or evidence the termination of Agent’s security interest in and lien on the Capital Stock
and assets of the Released Parties and releases the Released Parties from the Credit Agreement and
the other Loan Documents and all Obligations thereunder as provided in clause (a) above, but
without recourse, representation or warranty of any kind, express or implied, and at the sole cost
and expense of Borrowers.

     6. Representations and Warranties. To induce the other parties hereto to enter into
this Agreement, the Loan Parties represent and warrant to the Agent and the Lenders that, as of the
Agreement Effective Date (as defined below):

          (a) The execution, delivery and performance by each of the Loan Parties of this Agreement has
been duly authorized by all requisite corporate actions; that this Agreement has been duly executed
and delivered by each of the Loan Parties; and that this Agreement and the Credit Agreement, as
amended by this Agreement, constitute legal, valid and binding obligations of the Loan Parties,
enforceable against them in accordance with its terms (subject to the applicable bankruptcy,
reorganization, insolvency, moratorium or similar laws affecting creditors’ rights generally and
subject, as to enforceability, to equitable principles of general application (regardless of
whether enforcement is sought in a proceeding in equity or at law)).

          (b) The representations and warranties contained in Article VI of the Credit Agreement and in
each other Loan Document and certificate or other writing delivered to Agent or any Lender pursuant
thereto on or prior to the Agreement Effective Date are true and correct in all material respects
on and as of the Agreement Effective Date, after giving effect to the terms of this Agreement, as
though made on and as of such date, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall
be true and correct in all material respects on and as of such date).

          (c) No Default or Event of Default has occurred and is continuing on the Agreement Effective
Date or will result from this Agreement becoming effective in accordance with its terms.

          (d) The organizational structure of Parent and its Subsidiaries is as set forth on
Schedule A hereto.

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     7. Conditions to Effectiveness. The effectiveness of this Agreement is subject to the
fulfillment on or before June 1, 2010, in a manner satisfactory to the Agent, of the condition
precedent that this Agreement shall have been executed and delivered by the Loan Parties, the Agent
and the Lenders (the date such condition is fulfilled is hereafter referred to as the
“Agreement Effective Date”).

     8. Reservation of Rights. This release shall apply only to the Capital Stock and all
assets of the Released Parties and does not, in any manner whatsoever, allow for the release of
liens on any other Collateral of any other Loan Party. The Agent’s liens on all such other
Collateral shall remain in full force and effect. No action or acquiescence by the Agent and the
Lenders, including, without limitation, the amendment under this Agreement of, or the acceptance of
any payments under, the Credit Agreement, shall constitute a waiver of any Default or Event of
Default, except as expressly set forth herein. Accordingly, the Agent and the Lenders reserve all
of their rights under the Credit Agreement, the Loan Documents, at law and otherwise regarding any
such Default or Event of Default.

     9. Continued Effectiveness of Loan Documents. Each of the Loan Parties hereby (i)
confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in
full force and effect and is hereby ratified and confirmed in all respects except that on and after
the Agreement Effective Date all references in any such Loan Document to “the Credit Agreement”,
“thereto”, “thereof”, “thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended by this Agreement, and (ii) confirms and agrees that to the
extent that any such Loan Document purports to assign or pledge to the Collateral Agent, or to
grant to the Collateral Agent a security interest in or lien on, any collateral as security for the
Obligations of the Loan Parties from time to time existing in respect of the Credit Agreement and
the Loan Documents, such pledge, assignment and/or grant of the security interest or lien is hereby
ratified and confirmed in all respects, except with respect to the Capital Stock or other
Collateral released hereunder.

     10. Loan Parties; Borrowing Base; Intercreditor Agreement.

          (a) Notwithstanding anything to the contrary, after the Agreement Effective Date:

               (i) none of the Released Parties shall be deemed to be a Loan Party, a Company, or a Guarantor
Company under the Credit Agreement or any of the other Loan Documents;

               (ii) no assets of the Released Parties shall be included in any calculation of the Borrowing
Base under the Credit Agreement;

               (iii) the Capital Stock and all assets of the Released Parties shall no longer be collateral
of the Agent and the Lenders under the Intercreditor Agreement;

               (iv) the Released Parties shall be released from the Intercreditor Agreement; and

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               (v) none of the Released Parties shall be subject to the terms and conditions of the Credit
Agreement and the other Loan Documents, and no Default or Event of Default shall result on account
of any representation, warranty, covenant or agreement set forth in the Credit Agreement and the
other Loan Documents insofar as they relate to any Released Party or any action or failure to act
by any Released Party.

          (b) In no event shall any Person that has been at any time a party to the Credit Agreement be
a Released Party.

     11. Miscellaneous.

          (a) This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement. Delivery of a counterpart hereby by
facsimile transmission shall be equally effective as delivery of a manually executed counterpart
hereof.

          (b) Section and paragraph headings herein are included for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose.

          (c) This Agreement shall be governed by, and construed in accordance with, the laws of the
State of New York.

          (d) The Loan Parties will pay on demand all reasonable fees, reasonable out-of-pocket costs
and expenses of the Agent in connection with the preparation, execution and delivery of this
Agreement, including, without limitation, the reasonable fees, out-of-pocket disbursements and
other client charges of Schulte Roth & Zabel LLP.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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

	 	 	 	 	 	 	 	 	 

	 	 	Borrower:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ALON USA, LP	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Alon USA GP, LLC, a Delaware limited

liability company, its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Shai Even	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Shai Even	 	 
	 

	 	 	 	Title:
	 	Senior Vice President and Chief Financial Officer	 	 

 

 

	 	 	 	 	 	 	 

	 	 	Guarantor Companies:	 	 
	 
	 	 	 	 	 	 
	 	 	ALON USA OPERATING, INC

ALON USA REFINING, INC.

ALON USA, INC.

ALON USA ENERGY, INC.

ALON PARAMOUNT HOLDINGS, INC.

ALON USA GP, LLC

ALON ASSETS, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Shai Even	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Shai Even	 	 
	 

	 	Title:
	 	Senior Vice President and Chief Financial
Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ALON USA CAPITAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Harlin Dean	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Harlin Dean	 	 
	 

	 	Title:
	 	Vice President and Secretary	 	 
	 
	 	 	 	 	 	 
	 	 	ALON CRUDE PIPELINE, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Shai Even	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Shai Even	 	 
	 

	 	Title:
	 	Vice President and Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	ALON BRANDS, INC.

ALON USA DELAWARE, LLC

ALON PIPELINE LOGISTICS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Shai Even	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Shai Even	 	 
	 

	 	Title:
	 	Vice President	 	 

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	 	 	Agent and Lender:	 	 
	 
	 	 	 	 	 	 
	 	 	ISRAEL DISCOUNT BANK OF NEW YORK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Amir Barash	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Amir Barash	 	 
	 

	 	Title:
	 	SVP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Zalutki Hai	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Zalutki Hai	 	 
	 

	 	Title:
	 	AVP	 	 

- 3 -

 

	 	 	 	 	 	 	 

	 	 	Lender and Co-arranger:	 	 
	 
	 	 	 	 	 	 
	 	 	BANK LEUMI USA	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michaela Klein	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Michaela Klein	 	 
	 

	 	Title:
	 	SVP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Noam Katz	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Noam Katz	 	 
	 

	 	Title:
	 	BO	 	 

- 4 -exv10w2

EXHIBIT
10.2

EIGHTH AMENDMENT TO

AMENDED REVOLVING CREDIT AGREEMENT

          EIGHTH AMENDMENT, dated as of June 16, 2010 (this “Agreement”), by and among Alon USA
Energy, Inc., a Delaware corporation (the “Parent”), Alon USA, LP, f/k/a SWBU, L.P., a
Texas limited partnership (“Alon LP”; together with such other subsidiaries of the Parent
as may be designated as a borrower under the Credit Agreement by Alon LP with the prior written
consent of the Agent (as defined below) and the Required Lenders (as defined in the Credit
Agreement), each individually a “Borrower”, and, collectively, the “Borrowers”),
all direct and indirect subsidiaries of the Parent other than the Excluded Subsidiaries (as defined
in the Credit Agreement) (the Parent and such direct and indirect subsidiaries that are not
Excluded Subsidiaries are hereinafter referred to individually as a “Guarantor Company”
and, collectively, as the “Guarantor Companies”), the Lenders (as defined below), Israel
Discount Bank of New York, as administrative agent, co-arranger and collateral agent for the
Lenders (in such capacity, the “Agent”), and Bank Leumi USA, as co-arranger for the Lenders
(“Bank Leumi”).

W
I T N E S S E
T H

          WHEREAS, the Borrowers, the Guarantor Companies, the financial institutions from time to time
party thereto (each a “Lender” and collectively, the “Lenders”), the Agent and Bank
Leumi are parties to the Amended Revolving Credit Agreement, dated as of June 22, 2006 (as amended
by (i) the First Amendment, dated as of August 4, 2006, (ii) the Waiver, Consent, Partial Release
and Second Amendment, dated as of February 28, 2007, (iii) the Third Amendment, dated as of June
29, 2007, (iv) the Waiver, Consent, Partial Release and Fourth Amendment, dated as of July 2, 2008,
(v) the Fifth Amendment, dated as of July 31, 2009, (vi) the Sixth Amendment, dated as of May 10,
2010, and (vii) the Seventh Amendment, dated as of June 1, 2010, the “Credit Agreement”),
pursuant to which the Lenders have made revolving loans to the Borrowers;

          WHEREAS, the Loan Parties have requested that the Lenders amend the Credit Agreement so that
the leverage ratio and the interest coverage ratio not apply for the fiscal quarters ending
September 30, 2010, and the Lenders, Bank Leumi and the Agent are willing to so amend Credit
Agreement, subject to the terms and conditions set forth in this Agreement;

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

     1. Definitions. Any capitalized term used herein and not defined shall have the
meaning assigned to it in the Credit Agreement.

     2. Amendments to Credit Agreement.

          (a) Financial Covenant — Funded Debt to EBITDA. Section 7.02(i)(ii) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

 

 

               “(ii) Funded Debt to EBITDA. Permit the ratio of (A) the aggregate
principal amount of all outstanding Indebtedness for borrowed money of Alon USA and its
Consolidated Subsidiaries as of the end of any period of four consecutive Fiscal
Quarters, less freely transferable cash and Permitted Investments of Alon USA and its
Consolidated Subsidiaries not subject to any Lien (other than a Lien in favor of the
Agent) as of the end of such period of four consecutive Fiscal Quarters, to (B)
Consolidated EBITDA of Alon USA and its Consolidated Subsidiaries for such period of
four consecutive Fiscal Quarters, to be greater than 4.0 to 1.0, provided that
no such requirement shall apply with respect to the Fiscal Quarters ending March 31,
2010, June 30, 2010 and September 30, 2010.

Solely for the purposes of calculating the ratio set forth above, if, at the time the
ratio is being determined, either Alon USA or any of its Subsidiary shall have completed
any Disposition, Merger, incurrence of Indebtedness, Investment or Restricted Payment
(or series of related Dispositions, Mergers, incurrence of Indebtedness, Investments or
Restricted Payments) exceeding $25,000,000 in the aggregate since the beginning of the
relevant four consecutive Fiscal Quarter period, the ratio shall be determined on a pro
forma basis as if such Disposition, Merger, incurrence of Indebtedness, Investment or
Restricted Payment, had occurred at the beginning of such period.”

          (b) Financial Covenant — Interest Coverage Ratio. Section 7.02(i)(iv) of the Credit
Agreement is hereby amended and restated in its entirety to read as follows:

               “(iv) Interest Coverage Ratio. Permit the ratio (the “Interest
Coverage Ratio”) of (A) Consolidated EBITDA of Alon USA and its Consolidated
Subsidiaries, to (B) interest expense of Alon USA and its Consolidated Subsidiaries
payable for such period, in each case as of the end of any period of four consecutive
Fiscal Quarters, to be less than 2.0:1.0, provided that no such requirement
shall apply with respect to the Fiscal Quarters ending March 31, 2010, June 30, 2010 and
September 30, 2010.”

     3. Conditions to Effectiveness. The effectiveness of this Agreement is subject to the
fulfillment on or before June 16, 2010, in a manner satisfactory to the Agent, of the following
conditions (the date such conditions are fulfilled is hereafter referred to as the “Eighth
Amendment Date”):

          (a) The Agent shall have received on or before the Eighth Amendment Date the following, each
in form and substance satisfactory to the Agent:

               (i) five (5) copies of this Agreement, duly executed by the Loan Parties, the Agent and the
Lenders; and

               (ii) five (5) copies of the Eighth Amendment Fee Letter, dated as of the date hereof, duly
executed by the Borrowers and the Agent (the “Eighth Amendment Fee Letter”).

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          (b) The Borrowers shall have paid to the Agent (i) for the benefit of the Lenders the Eighth
Amendment Fee (as defined in the Eighth Amendment Fee Letter), and (ii) all other fees, costs,
expenses and taxes payable on the Eighth Amendment Date pursuant to Section 12.05 of the Credit
Agreement.

          (c) The representations and warranties contained in this Agreement, the Credit Agreement and
in each other Loan Document and certificate or other writing delivered to the Agent or any Lender
pursuant thereto on or prior to the Eighth Amendment Date shall be true and correct on and as of
the Eighth Amendment Date as though made on and as of such date, except to the extent that such
representations or warranties expressly relate solely to an earlier date (in which case such
representations or warranties shall be true and correct on and as of such date); and no Default or
Event of Default shall have occurred and be continuing on the Eighth Amendment Date or would result
from this Agreement becoming effective in accordance with its terms.

     4. Representations and Warranties. To induce the other parties hereto to enter into
this Agreement, the Loan Parties represent and warrant to the Agent and the Lenders that, as of the
Eighth Amendment Date, the representations and warranties contained in this Agreement, the Credit
Agreement and in each other Loan Document and certificate or other writing delivered to the Agent
or any Lender pursuant thereto on or prior to the Eighth Amendment Date are true and correct in all
respects on and as of the Eighth Amendment Date, after giving effect to the terms of this
Agreement, as though made on and as of such date, except to the extent that such representations
and warranties expressly relate solely to an earlier date (in which case such representations and
warranties shall be true and correct in all respects on and as of such date); and no Default or
Event of Default has occurred and is continuing on the Eighth Amendment Date or will result from
this Agreement becoming effective in accordance with its terms.

     5. Reservation of Rights. No action or acquiescence by the Agent and the Lenders,
including, without limitation, this Agreement of, or the acceptance of any payments under, the
Credit Agreement, shall constitute a waiver of any Default or Event of Default which may exist as
of the Eighth Amendment Date. Accordingly, the Agent and the Lenders reserve all of their rights
under the Credit Agreement, the Loan Documents, at law and otherwise regarding any such Default or
Event of Default.

     6. Continued Effectiveness of Loan Documents. Each of the Loan Parties hereby (i)
confirms and agrees that each Loan Document to which it is a party is, and shall continue to be, in
full force and effect and is hereby ratified and confirmed in all respects except that on and after
the Eighth Amendment Date all references in any such Loan Document to “the Credit Agreement”,
“thereto”, “thereof”, “thereunder” or words of like import referring to the Credit Agreement shall
mean the Credit Agreement as amended by this Agreement, and (ii) confirms and agrees that to the
extent that any such Loan Document purports to assign or pledge to the Agent, or to grant to the
Agent a security interest in or lien on, any collateral as security for the Obligations of the Loan
Parties from time to time existing in respect of the Credit Agreement and the Loan Documents, such
pledge, assignment and/or grant of the security interest or lien is hereby ratified and confirmed
in all respects.

     7. Miscellaneous.

- 3 -

 

          (a) This Agreement may be executed in any number of counterparts and by different parties
hereto in separate counterparts, each of which shall be deemed to be an original, but all of which
taken together shall constitute one and the same agreement. Delivery of a counterpart hereby by
facsimile or electronic transmission shall be equally effective as delivery of a manually executed
counterpart hereof.

          (b) Section and paragraph headings herein are included for convenience of reference only and
shall not constitute a part of this Agreement for any other purpose.

          (C) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK.

          (d) THE COMPANIES, THE AGENT AND THE LENDERS EACH HEREBY IRREVOCABLY WAIVE ANY RIGHT TO TRIAL
BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT.

          (e) Each Loan Party hereby acknowledges and agrees that this Agreement constitutes a “Loan
Document” under the Credit Agreement. Accordingly, it shall be an Event of Default under the
Credit Agreement if (i) any representation or warranty made by any Loan Party under or in
connection with this Agreement shall have been untrue, false or misleading in any material respect
when made, or (ii) any Loan Party shall fail to perform or observe any term, covenant or agreement
contained in this Agreement.

          (f) The Loan Parties will pay on demand all reasonable fees, reasonable out-of-pocket costs
and expenses of the Agent in connection with the preparation, execution and delivery of this
Agreement and the administration of the Credit Agreement, including, without limitation, the
reasonable fees, out-of-pocket disbursements and other client charges of Schulte Roth & Zabel LLP.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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

	 	 	 	 	 
	 	Borrower:

ALON USA, LP

 	 
	 	By:  	Alon USA GP, LLC, a Delaware limited 	 
	 	 	liability company, its general partner 	 
	 	 	 	 
	 	 	 
	 	By:  	                                                   /s/ Shai Even
 	 
	 	 	Name:  	Shai Even 	 
	 	 	Title:  	Senior Vice President and Chief

Financial Officer 	 
	 

Eighth Amendment to the Amended Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	Guarantor Companies:

ALON USA OPERATING, INC

ALON USA REFINING, INC.

ALON USA, INC.

ALON USA ENERGY, INC.

ALON PARAMOUNT HOLDINGS, INC.

ALON USA GP, LLC

ALON ASSETS, INC.

 	 
	 	By:  	/s/ Shai Even
 	 
	 	 	Name:  	Shai Even 	 
	 	 	Title:  	Senior Vice President and Chief Financial
Officer 	 
	 
	 	ALON USA CAPITAL, INC.

 	 
	 	By:  	/s/ Harlin Dean
 	 
	 	 	Name:  	Harlin Dean 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	ALON CRUDE PIPELINE, LLC

 	 
	 	By:  	/s/ Shai Even
 	 
	 	 	Name:  	Shai Even 	 
	 	 	Title:  	Vice President and Chief Financial Officer 	 
	 

Eighth Amendment to the Amended Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	ALON BRANDS, INC.

ALON USA DELAWARE, LLC

ALON PIPELINE LOGISTICS, LLC

 	 
	 	By:  	/s/ Shai Even
 	 
	 	 	Name:  	Shai Even 	 
	 	 	Title:  	Vice President 	 
	 

Eighth Amendment to the Amended Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	Agent and Lender:

ISRAEL DISCOUNT BANK OF NEW YORK

 	 
	 	By:  	/s/ Amir Barash
 	 
	 	 	Name:  	Amir Barash 	 
	 	 	Title:  	SVP 	 
	 
	 	 	 
	 	By:  	                             /s/ Mali Golan
 	 
	 	 	Name:  	Mali Golan 	 
	 	 	Title:  	Assistant VP 	 
	 

Eighth Amendment to the Amended Revolving Credit Agreement

 

 

	 	 	 	 	 
	 	Lender and Co-arranger:

BANK LEUMI USA

 	 
	 	By:  	/s/ Gil Hershman
 	 
	 	 	Name:  	Gil Hershman 	 
	 	 	Title:  	VP 	 
	 
	 	 	 
	 	By:  	                                              /s/ Noam Katz
 	 
	 	 	Name:  	Noam Katz 	 
	 	 	Title:  	BO 	 
	 

Eighth Amendment to the Amended Revolving Credit Agreement

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