Exhibit 10.1

$400,000,000

AMENDED AND RESTATED SENIOR SECURED WORKING CAPITAL CREDIT
FACILITY

Dated as of May 27, 2005

among

TRANSMONTAIGNE INC.,

as Borrower,

EACH OF THE FINANCIAL INSTITUTIONS
INITIALLY A SIGNATORY HERETO,
TOGETHER WITH THOSE ASSIGNEES
PURSUANT HERETO,

as Lenders,

JPMORGAN CHASE BANK, N.A. and UBS AG, STAMFORD BRANCH, as Syndication
Agents,

SOCIÉTÉ GÉNÉRALE, NEW YORK BRANCH and ▇▇▇▇▇ FARGO FOOTHILL, LLC, as
the Documentation Agents

and

WACHOVIA BANK, NATIONAL ASSOCIATION,

as Agent

WACHOVIA CAPITAL MARKETS, LLC,
As Sole Lead Arranger, Manager and Book Runner

TABLE OF CONTENTS

i

ii

iii

iv

v

vi

EXHIBITS AND SCHEDULES

vii

AMENDED AND RESTATED SENIOR SECURED WORKING CAPITAL CREDIT FACILITY

THIS AMENDED AND RESTATED SENIOR SECURED WORKING CAPITAL CREDIT FACILITY is entered into as of May 27, 2005, among TransMontaigne Inc., a Delaware corporation (the “Borrower”), each of the financial institutions identified as Lenders on the signature pages hereto (together with each of their successors and assigns, referred to individually as a “Lender” and, collectively, as the “Lenders”), JPMorgan Chase Bank, N.A. and UBS AG, Stamford Branch, as Syndication Agents, Société Générale, New York Branch and ▇▇▇▇▇ Fargo Foothill, LLC, as the Documentation Agents, and Wachovia Bank, National Association (“Wachovia”), acting in the manner and to the extent described in Article XIII (in such capacity, the “Agent”).  This Agreement amends, restates and supercedes the Original Credit Agreement in its entirety.  The Commitments under the Original Credit Agreement hereby are terminated and replaced by the Commitments hereunder.  The security interests and Liens created and granted by the Security Documents shall continue in full force and effect without interruption, and this Agreement shall not constitute a novation of the Original Credit Agreement.

W I T N E S S E T H:

WHEREAS, pursuant to the Original Credit Agreement, the Borrower obtained a revolving credit facility for refinancing of indebtedness, to finance the ongoing capital expenditures and working capital, letter of credit and general corporate needs of the Borrower;

WHEREAS, certain events have occurred, including without limitation, the creation of the MLP Entities and the transfer of certain assets to them, and the IPO, which has caused the Borrower to request the changes to the Original Credit Agreement contained herein; and

WHEREAS, upon the terms and subject to the conditions set forth herein, the Lenders are willing to enter into this Agreement amending and restating the Original Credit Agreement, making such changes, and continue to make loans and advances to and to cause the issuance of Letters of Credit for the account of the Borrower pursuant to the terms of this Agreement;

NOW, THEREFORE, the Borrower, the Lenders and the Agent hereby agree as follows:

ARTICLE I

DEFINITIONS

1.1                               General Definitions.

As used herein, the following terms shall have the meanings herein specified:

“Acceptance Date” means, as to any particular Assignment and Acceptance, the date specified as the effective date in such Assignment and Acceptance.

“Accepted Real Estate” means any Initially Selected Real Estate and any Additionally Selected Real Estate as to which the Agent is satisfied in its reasonable discretion with all of the Real Property Documentation and the information contained therein.

“Accounts” means all of each Credit Party’s “accounts” as such term is defined in the UCC, and, in any event, includes, without limitation, (a) all accounts receivable (whether or not specifically listed on schedules furnished to the Agent), and all other rights to payment for property sold, leased, licensed, assigned or otherwise disposed of, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered or in connection with any other transaction (whether or not yet earned by performance), (b) all rights in, to, and under all purchase orders or receipts for goods or services, (c) all rights to any goods represented by any of the foregoing, including, without limitation, all rights of rescission, replevin, reclamation, and stoppage in transit and rights to returned, reclaimed, or repossessed goods, (d) all reserves and credit balances held by each Credit Party with respect to any such accounts receivable or account debtors, (e) all books, records, computer tapes, programs and ledger books arising therefrom or relating thereto, and (f) all guarantees and collateral security of any kind, given by any account debtor or any other Person with respect to any of the foregoing, all whether now owned or existing or hereafter acquired or arising, by or in favor of, any Credit Party.

“Acquisition” means the purchase of (i) the capital stock of an entity, (ii) the assets of such entity through merger or consolidation with such entity or (iii) the plant, property and equipment of such entity comprising a sub-division, market segment or subsidiary, or a significant portion thereof, together with the related current assets and intangible assets of such entity; provided, that to the extent such assets consist of Accounts, Inventory or other assets of the type that normally would be included in the calculation of the Borrowing Base, they shall not be so included until the Agent has completed and is reasonably satisfied with the results of a field examination as to such assets.

“Additionally Selected Real Estate” means any portion of the Real Estate that is not described on Schedule 7.2, but is selected subsequently by the Agent pursuant to Section 7.2, comprising terminals and related real estate assets having Net Orderly Liquidation Value of not less than the excess of Minimum Real Estate Liquidation Value over the Net Orderly Liquidation Value of the Initially Selected Real Estate.

“Adjusted LIBOR Index Rate” means, for any day, a rate per annum equal to the quotient obtained (rounded upwards, if necessary, to the next higher 1/100th of 1%) by dividing (i) the rate for 30-day Dollar deposits as reported on Telerate page 3750 as of 11:00 a.m., London time, on the first day of the month in which such day occurs, or if such day is not a London business day, then the immediately preceding London business day (or if not so reported, then as determined by the Agent from another recognized source or interbank quotation), by (ii) 1 minus the Eurodollar Reserve Percentage.

“Affiliate” means, with respect to any Person, any entity which directly or indirectly controls, is controlled by, or is under common control with, such Person.  For purposes of this definition, “control” means the possession, directly or indirectly, of the power to (i) vote  thirty-five percent (35%) or more of the securities having ordinary voting power for the election of

2

directors of such Person, or (ii) direct or cause the direction of management and policies of a business, whether through the ownership of voting securities, by contract or otherwise and either alone or in conjunction with others or any group.

“Agent” means Wachovia as provided in the preamble to this Credit Agreement or any successor to Wachovia.

“Agent’s Fees” means the fees payable by the Borrower to the Agent as described in the Fee Letter.

“Aggregate Revolving Loan Amount Outstanding” means at any time the sum of the aggregate principal amount outstanding under the Revolving Loans.

“Aggregate Swing Loan Amount Outstanding” means at any time the sum of the aggregate principal amount outstanding of the Swing Loans.

“Anti-Terrorism Law” means the USA Patriot Act as such law may be amended from time to time.

“Applicable Percentage” means, as to each Loan, the percentage per annum for such Loan determined from the following table and corresponding to the Average Excess Borrowing Base Availability as determined by reference to Borrowing Base Certificates and updates thereof as set forth below:

The Applicable Percentages shall be determined and adjusted monthly as of the first day of the month, based on the Borrowing Base Certificate or Borrowing Base Certificates, as applicable, and updates thereof, delivered pursuant to Section 7.1(e) for the previous month, and the Level shall be determined by the then current Average Excess Borrowing Base Availability, and (b) if the Borrower fails to provide any Borrowing Base Certificate or update for any month as required by and within the time limits set forth in Section 7.1(e), the Applicable Percentages from the applicable date of such failure shall be based on Level IV until the next Business Day after a Borrowing Base Certificate is provided, whereupon the Level shall be determined by the then current Average Excess Borrowing Base Availability.  Except as set forth above, each Applicable Percentage shall be effective as of the first day of each month.

3

“Approved Appraisal” means, for each parcel or tract of the Initially Selected Real Estate, any Additionally Selected Real Estate, or any Mortgaged Real Estate that is substituted pursuant to Section 7.2, an appraisal report prepared by an appraiser reasonably satisfactory to the Agent and the Borrower and engaged by and on behalf of the Agent and the Lenders, and using appraisal assumptions and methodology customary in the industry and reasonably satisfactory to the Agent,  showing the Net Orderly Liquidation Value of such property.

“Approved Assignee” means any Lender, an Affiliate of a Lender or an Approved Fund.

“Approved Banks” has the meaning given such term in the definition of “Cash Equivalents” herein.

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

“Assignment and Acceptance” means an assignment and acceptance entered into by an assigning Lender and an assignee Lender, accepted by the Agent, in accordance with Section 14.5(f), substantially in the form of Exhibit A.

“Average Excess Availability” means the average daily amount of Excess Availability for the month just ended prior to the date of the most recent Compliance Certificate.

“Average Excess Borrowing Base Availability” means the average daily amount of Excess Borrowing Base Availability for the month just ended, as determined by reference to the Borrowing Base Certificates and updates thereof delivered pursuant to Section 7.1(e) for the previous month.

“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, and any successor statute thereto.

“Base Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest whole multiple of 1/100 of 1%) equal to the greater of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1% or (b) the Prime Rate in effect on such day.  If for any reason the Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable after due inquiry to ascertain the Federal Funds Rate for any reason, including the inability or failure of the Agent to obtain sufficient quotations in accordance with the terms hereof, the Base Rate shall be determined without regard to clause (a) of the first sentence of this definition until the circumstances giving rise to such inability no longer exist.  Any change in the Base Rate due to a change in the Prime Rate or the Federal Funds Rate shall be effective on the effective date of such change in the Prime Rate or the Federal Funds Rate, respectively.

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

“Benefit Plan” means a defined benefit plan as defined in Section 3(35) of ERISA (other than a Multiemployer Plan) in respect of which any Credit Party or any of its Restricted  Subsidiaries or the General Partner or any of the ERISA Affiliates is, or within the immediately preceding six (6) years was, an “employer” as defined in Section 3(5) of ERISA.

4

“Blocked Person” has the meaning given such term in Section 6.31.

“Borrower” has the meaning given to such terms in the preamble of this Credit Agreement.

“Borrowing Base” means the following amount (the “Borrowing Base”) calculated as of the date of determination as follows:

(a)                                  up to the lesser of (1) $5,000,000 and (2) one hundred percent (100%) of balances in each deposit account of any Credit Party which is subject to a Deposit Account Control Agreement in favor of the Agent, plus;

(b)                                 an amount equal to ninety percent (90%) of the aggregate dollar amount of all Eligible Accounts Receivable that are High Quality Oil Company Receivables; plus

(c)                                  an amount equal to eighty-five percent (85%) of the aggregate dollar amount of all other Eligible Accounts Receivable plus

(d)                                 an amount equal to seventy percent (70%) of the aggregate dollar amount of all Eligible Petroleum Inventory consisting of tank bottoms and line fill, valued at Market Value; plus

(e)                                  an amount equal to eighty percent (80%) of the aggregate dollar amount of all Eligible Petroleum Inventory comprised of Titled In-Transit Inventory, valued at Market Value, plus

(f)                                    an amount equal to one hundred percent (100%) of the aggregate face amount of the related Letters of Credit backing Eligible Petroleum Inventory comprised of Paid LC Backed Inventory; provided, that the amount available under this clause (f) shall not at any time exceed $20,000,000; plus

(g)                                 an amount equal to eighty percent (80%) of the aggregate dollar amount of all Eligible Petroleum Inventory other than tank bottoms and line fill and Titled In-Transit Inventory, valued at Market Value, plus

(h)                                 an amount equal to eighty percent (80%) of any Eligible Positive Exchange Contract Balances;  minus

(i)                                     a reserve for un-collateralized state excise tax liabilities that are subject to a Lien or claim (including a right of subrogation) that has legal priority over the Lien and claim of the Agent, as determined by the Agent from time to time in its reasonable discretion, minus

(j)                                     a reserve for payments, rents, storage charges or tariffs due by any Credit party to third parties holding or controlling Eligible Petroleum Inventory, where the Agent has not obtained reasonably acceptable landlord waivers, warehousemen, terminal owner or operator and bailee letters, third party consents, and other agreements as requested by the Agent, as determined by the Agent from time to time in its reasonable discretion; minus

5

(k)                                  in conjunction with any Mortgaged Real Estate transferred to Partners (or its designees, including Operating Company or other MLP Entities) in connection with the IPO or pursuant to the MLP Omnibus Agreement in accordance with and subject to the provisions of Section 9.3(e) and (f), a reserve in an amount equal to 50% of any positive difference between: (i) $100,000,000 and (ii) an amount equal to (x) the Net Orderly Liquidation Value of all remaining Mortgaged Real Estate, minus (y) any environmental reserves pertaining to the remaining Mortgaged Real Estate; minus

(l)                                     a reserve in the amount of the Current Derivative Exposure; minus

(m)                               any other reserves established by the Agent from time to time in its reasonable discretion.

Subject to the relevant terms and provisions set forth in this Credit Agreement, the Agent at all times shall be entitled to modify the standards of eligibility, reduce the advance rates, or (subject to clause (h) of Section 14.9) increase the advance rates under this Credit Agreement, in each case in its reasonable discretion.

“Borrowing Base Certificate” means a borrowing base certificate substantially in the form of Exhibit K.

“Business Day” means any day other than a Saturday, a Sunday, a legal holiday or a day on which banking institutions are authorized or required by law or other governmental action to close in Charlotte, North Carolina, Denver, Colorado or New York, New York; provided that in the case of Eurodollar Loans, such day is also a day on which dealings between banks are carried on in U.S. dollar deposits in the London interbank market.

Capital Expenditures” means, for any period, for the Borrower and its consolidated Restricted Subsidiaries, amounts added or required to be added to the property, plant and equipment or other fixed assets account on the Consolidated balance sheet of the Borrower and its consolidated Restricted Subsidiaries, prepared in accordance with GAAP, including expenditures in respect of (a) the acquisition, construction, improvement or replacement of land, buildings, machinery, equipment, leaseholds and any other real or personal property (other than an Acquisition), (b) to the extent not included in clause (a) above, materials, contract labor and direct labor relating thereto (excluding amounts properly expensed as repairs and maintenance in accordance with GAAP) and (c) software development costs to the extent not expensed.

“Capital Lease” means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which, in accordance with GAAP, is or should be accounted for as a capital lease on the balance sheet of that Person.

“Capital Stock” means (i) in the case of a corporation, capital stock, (ii) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (iii) in the case of a partnership, partnership interests (whether general or limited), (iv) in the case of a limited liability company, membership interests and (v) any other equity interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person.

6

“Cash Concentration Account” means a deposit account established and maintained by the Borrower, for itself and as agent for the other Credit Parties, over which the Agent, for itself and for the benefit of the Lenders, has “control” (as such term is used in Article 9 of the UCC), whether by virtue of such deposit account’s being maintained at the Agent or, if required by the Agent, pursuant to the terms of a Deposit Account Control Agreement in form and substance satisfactory to the Agent in its reasonable discretion.

“Cash Equivalents” means

(a)                                  negotiable certificates of deposit, time deposits (including sweep accounts), demand deposits and bankers’ acceptances having a maturity of nine months or less and issued by any United States financial institution having capital and surplus and undivided profits aggregating at least $100,000,000 and rated at least Prime-1 by ▇▇▇▇▇’▇ or A-1 by S&P or issued by any Lender;

(b)                                 corporate obligations having a maturity of nine months or less and rated at least Prime-1 by ▇▇▇▇▇’▇ or A-1 by S&P or issued by any Lender;

(c)                                  any direct obligation of the United States of America or any agency or instrumentality thereof, or of any state or municipality thereof, (i) which has a remaining maturity at the time of purchase of not more than one year or which is subject to a fully collateralized repurchase agreement with any Lender (or any other financial institution referred to in clause (a) above) exercisable within one year from the time of purchase and (ii) which, in the case of obligations of any state or municipality, is rated at least Aa by ▇▇▇▇▇’▇ or AA by S&P; and

(d)                                 any mutual fund or other pooled investment vehicle rated at least Aa by ▇▇▇▇▇’▇ or AA by S&P which invests principally in obligations described above.

“Cash Management Products” means any one or more of the following types of services or facilities extended to any of the Credit Parties by any Lender or any Affiliate of a Lender in reliance on such Lender’s agreement to indemnify such Affiliate:  (a) Automated Clearing House (ACH) transactions; (b) cash management, including controlled disbursement and lockbox services; and (c) establishing and maintaining deposit accounts.

“Casualty Loss” has the meaning given to such term in Section 7.10.

“Change of Control” means the occurrence of any of the following:  (i) any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended), other than any employee benefit plan or plans (within the meaning of Section 3(3) of ERISA), shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of 35% or more in voting power of the outstanding Voting Stock of the Borrower, or (ii) during any period of twelve (12) consecutive calendar months, individuals who were directors of the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower other than because of the replacement as a result of death or disability of one or more such directors.

“Closing” means the satisfaction of each of the conditions set forth in Section 5.2.

7

“Closing Date” means the date on which the Closing occurs.

“Collateral” means any and all assets and rights and interests in or to property of the Credit Parties pledged from time to time as security for the Obligations pursuant to the Security Documents.

“Commitment Fee” means the fee required to be paid to the Agent for the benefit of the Lenders each calendar month, in arrears, as partial compensation for extending the Revolving Credit Committed Amount to the Borrower, and shall be determined by multiplying (i) the positive difference, if any, between (A) the Revolving Credit Committed Amount in effect at such time and (B) the average Working Capital Obligations (including Swing Loans) outstanding during such calendar month by (ii) the Applicable Percentage then in effect for the number of days in said calendar month; provided, that, only for the purpose of calculating the Commitment Fee, Swing Loans shall constitute a usage of Wachovia’s Revolving Credit Commitment.

“Commodities Account Control Agreement” means an agreement among a Credit Party, a commodities intermediary, and the Agent, which agreement (a) is substantially in the form of  the Control Agreement-Assignment of Hedging Account with Citigroup Global Markets Inc. and TransMontaigne Product Services Inc. use in connection with the existing Credit Agreement with UBS AG described in Section 5.1(y) or (b) is in such other form as is reasonably acceptable to the Agent and its counsel and which provides for the Agent’s having “control” (as such term is used in Article 9 of the UCC) over the commodity accounts described therein, in each case as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Compliance Certificate” means a certificate, executed by the chief financial officer, controller or treasurer of the Borrower, substantially in the form of Exhibit J.

“Consolidated” or “consolidated”  with reference to any term defined herein, means that term as applied to the accounts of the Borrower and all of its consolidated Restricted Subsidiaries, consolidated in accordance with GAAP.

“Consolidated Adjusted EBITDA” means, for any period, on a consolidated basis for the Borrower and its consolidated Restricted Subsidiaries, the total of:

(a)                                  total Operating Income,

(b)                                 plus, depreciation and amortization,

(c)                                  plus, dividend income from and equity in earnings of petroleum related investments to the extent it has been received in cash during such period, but excluding from such calculation, (1) from and after the Lion Oil Company Disposition Transaction, dividend income from Lion Oil and (2) including in such calculation, as to distributions from Partners, only cash distributions declared in the current fiscal quarter and to be received in the current or next fiscal quarter (but accounted for as of the fiscal quarter in which declared),

(d)                                 minus, GAAP Inventory Adjustments — Gross for such period (but only so long as the Borrower includes GAAP Inventory Adjustments-Gross on its Form 10-Q or Form 10-K filed with the SEC),

8

(e)                                  minus, any extraordinary gains from dispositions of assets included in Operating Income;

(f)                                    plus, up to $10,475,000 of net operating losses incurred in May, 2004 in the Supply Distribution and Marketing segment of the Borrower’s business; provided that such net operating losses shall be added back only for purposes of calculation of the financial covenant set forth in Section 8.1, and not for purposes of determining whether the condition pertaining to the Fixed Charge Coverage Ratio has been satisfied in connection with a Permitted Acquisition or a Permitted Restricted Payment),

(g)                                 plus, to the extent deducted from Operating Income, non-recurring charges recorded in such period payable in cash in future periods agreed to by the Agent in its reasonable discretion minus the amount of any such charges excluded in any previous period and paid in cash during such period,

(h)                                 plus, to the extent deducted from Operating Income, non-cash impairment charges relating to fixed assets.

“Consolidated Capital Expenditures” means, for any period, for the Borrower and its consolidated Restricted Subsidiaries, (i) all Maintenance Capital Expenditures and all (ii) Expansion Capital Expenditures, but for purposes of calculating Consolidated Fixed Charges, including only Expansion Capital Expenditures in excess of $10,000,000, computed as of the last day of each of the Borrower’s fiscal quarters, for such fiscal quarter and the three immediately preceding fiscal quarters combined.

“Consolidated Cash Income Taxes” means, for any applicable period of computation, the sum of all income taxes actually paid in cash (net of cash refunds) by the Borrower and its consolidated Restricted Subsidiaries during such period, determined on a consolidated basis in accordance with applicable law and GAAP.

“Consolidated Cash Interest Expense” means, for any applicable period of computation, all cash interest expense, net of cash interest income, of the Borrower and its consolidated Restricted Subsidiaries during such period, determined on a consolidated basis in accordance with GAAP.

“Consolidated Fixed Charges” means, for any applicable period of computation, without duplication, the sum of (a) all Consolidated Cash Interest Expense for such period plus (b) Consolidated Scheduled Funded Indebtedness Payments made during such period.

“Consolidated Funded Indebtedness” means, as of any date of determination, all Funded Indebtedness of the Borrower and its consolidated Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP.

“Consolidated Restricted Subsidiaries” or “consolidated Restricted Subsidiaries” means the Borrower and the Restricted Subsidiaries on a consolidated basis, in accordance with GAAP.

“Consolidated Scheduled Funded Indebtedness Payments” means, for any applicable period of calculation, the sum of all scheduled payments of principal on Consolidated Funded Indebtedness

9

for the applicable period ending on such date (including the principal component of payments due on Capital Leases or under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, other than operating leases that do not constitute any of the foregoing, during the applicable period ending on such date), determined on a consolidated basis in accordance with GAAP; it being understood that Consolidated Scheduled Funded Indebtedness Payments shall not include (i) voluntary prepayments or the mandatory prepayments required pursuant to Section 2.2, (ii) repayments of the Senior Subordinated Notes that are permitted under Section 9.13, (iii) repayments of margin loans made by commodities brokers or (iv) cash redemptions of preferred stock (a) in existence on the Original Closing Date or (b) issued in satisfaction of dividend obligations thereon.

“Contractual Obligations” means, with respect to any Person, any term or provision of any securities issued by such Person, or any indenture, mortgage, deed of trust, contract, undertaking, document, instrument or other agreement to which such Person is a party or by which it or any of its properties is bound or to which it or any of its properties is subject.

“Contribution Agreement” means the Contribution Agreement dated as of the Original Closing Date, as amended and restated on the Closing Date in substantially the form of Exhibit N that is to be executed by each of the Credit Parties in existence on the Closing Date and is to be executed by any Person who becomes party hereto or to the Guaranty Agreement pursuant to a joinder agreement in form and substance reasonably satisfactory to the Agent, including, without limitation, and any Restricted Subsidiaries of the Borrower which may become Guarantors pursuant to Section 7.16.

“Credit Agreement” means this Amended and Restated Credit Agreement, dated as of the date hereof, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Credit and Collateral Termination Events” has the meaning set forth in paragraph (b) of Article XII.

“Credit Documents” means, collectively, this Credit Agreement, any Revolving Notes, the Letter of Credit Documents, the Guaranty Agreement, the Contribution Agreement, the Security Documents and all other documents, agreements, instruments, opinions and certificates executed and delivered in connection herewith or therewith, excluding Lender Hedging Agreements, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Credit Parties” means the Borrower, the Guarantors and any affiliate of the Borrower or a Guarantor or any of their respective Restricted Subsidiaries which has pledged Collateral or executed or joined in the Guaranty Agreement or otherwise furnished a guaranty to secure or guarantee the Obligations.

“Current Derivative Exposure” means, as of any date of determination, 100% of the aggregate ▇▇▇▇-to-market exposure, then owing by any Credit Party under Lender Hedging Agreements, determined by the Lender that is counterparty to each Lender Hedging Agreement, based on termination value after netting, using a mutually satisfactory method, and furnished to the Agent on a monthly basis (or more frequently, in the reasonable discretion of the Agent).

10

“Default” means an event, condition or default which, with the giving of notice, the passage of time or both would become an Event of Default.

“Default Rate” means a rate equal to the Base Rate, plus the highest Applicable Percentage for Base Rate Loans, plus two percent (2%).

“Defaulting Lender” has the meaning given to such term in Section 2.1(d)(ii).

“Deposit Account Control Agreement” means an agreement among a Credit Party, a Lockbox Bank or other depositary institution, and the Agent, which agreement (a) is substantially in the form of Exhibit H or (b) is in such other form as is reasonably acceptable to the Agent and its counsel and which provides for the Agent’s having “control” (as such term is used in Article 9 of the UCC) over the deposit accounts described therein, in each case as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Dispute” means any judicial proceeding, any dispute, claim or controversy arising out of, connected with or relating to this Credit Agreement or any other Credit Document.

“DOL” means the U.S. Department of Labor and any successor department or agency.

“Dollars” and “$” means dollars in lawful currency of the United States of America.

“Domestic Restricted Subsidiaries” means, with respect to any Person, any Restricted Subsidiary of such Person which is incorporated or organized under the laws of any state of the United States or the District of Columbia.

“Eligible Accounts Receivable” means the Accounts of each of the Credit Parties; provided, however, that, unless otherwise approved in writing by the Agent in its reasonable discretion, an Account will not constitute an Eligible Account Receivable if:

(a)                                  such Account arises out of a sale or lease made by any Credit Party to an Affiliate or employee;

(b)                                 an Account the invoice for which provides that payment is due in more than thirty (30) days from the date of such invoice, and any Account that is unpaid more than sixty (60) days after the due date thereof;

(c)                                  any Account is from the same account debtor (or any affiliate thereof) and fifty percent (50%) or more, in face amount, of all Accounts from such account debtor (or any affiliate thereof) are ineligible under clause (b) above;

(d)                                 the amount of the Account, when aggregated with all other Accounts of such account debtor, exceeds twenty percent (20%) in face value of all Accounts of the Credit Parties then outstanding, to the extent of such excess;

(e)                                  the account debtor is also a creditor of any Credit Party, but only to the extent of the amount owed by such Credit Party to the account debtor;

11

(f)                                    the account debtor has disputed its liability on, or such account debtor has made any claim with respect to, such Account or any other Account due from such account debtor to such Credit Party, which has not been resolved, but only to the extent of such dispute;

(g)                                 the Account is subject to any right of setoff by the related account debtor, but only to the extent of the amount of such setoff;

(h)                                 the Account is owing by an account debtor that has commenced a voluntary case under the Bankruptcy Code or made an assignment for the benefit of creditors; a decree or order for relief has been entered by a court having jurisdiction in the premises in respect to such account debtor in an involuntary case under the Bankruptcy Code; any petition or other application for relief under the Bankruptcy Code has been filed by or against the account debtor; or such account debtor is generally not paying its debts as they become due (unless such debts are the subject of a bona fide dispute), or has suspended business, ceased to be solvent, or consented to or suffered a receiver, trustee, liquidator or custodian to be appointed for it or for all or a significant portion of its assets or affairs;

(i)                                     such Account arises from a sale or lease to an account debtor outside the United States and Canada, unless the sale is (i) on letter of credit, guaranty or acceptance terms, or subject to credit insurance, in each case reasonably acceptable to the Agent in its reasonable discretion, or (ii) otherwise approved by and reasonably acceptable to the Agent in its reasonable discretion;

(j)                                     such Account arises from a sale pursuant to any written agreement providing for repurchase or return, or has not been billed by the Credit Party; provided, that Accounts that otherwise are eligible shall not be excluded notwithstanding that they have not been billed by the Credit Party if they arise from the sale of goods that are shown on the Borrower’s books and records as “released but not invoiced” for no more than thirty (30) days prior to the date of calculation of the Borrowing Base, all in accordance with historical practices;

(k)                                  the Agent believes, in its reasonable discretion, that collection of such Account is insecure or that such Account is reasonably likely not to be paid by reason of the related account debtor’s financial inability to pay;

(l)                                     the related account debtor is the United States of America or any department, agency, or instrumentality thereof, unless the applicable Credit Party duly assigns its rights to payment of such Account to the Agent pursuant to the Assignment of Claims Act of 1940, as amended from time to time (31 U.S.C. § 3727 et seq.);

(m)                               in the case of Accounts arising from the sale of petroleum products, title to such petroleum products has not transferred to the purchaser;

(n)                                 the Agent does not have a first priority (subject to Permitted Liens), perfected security interest in such Account;

12

(o)                                 such Account does not comport in all material respects with all warranties contained in this Agreement and the other Credit Documents; or

(p)                                 the Agent, at any time and in the exercise of its reasonable discretion, determines such Account to be ineligible.

“Eligible Assignee” means (a) an Approved Assignee or (b) any other Person (i) which is a commercial bank, finance company, insurance company or other financial institution or fund or Affiliate thereof and which, in the ordinary course of business, extends credit of the type contemplated herein; (ii) whose becoming an assignee would not constitute a prohibited transaction under Section 4975 of the Internal Revenue Code or Section 406 of ERISA; (iii) which is organized under the laws of the United States of America or any state thereof; and (iv) which has capital in excess of $500,000,000, provided, however, that “Eligible Assignee” shall not include the Credit Parties, or any of the Credit Parties’ Affiliates, financial sponsors or Subsidiaries.

“Eligible Petroleum Inventory” means all of the Inventory of each of the Credit Parties; provided, however, that, unless otherwise approved in writing by the Agent in its reasonable discretion, no Inventory shall constitute Eligible Petroleum Inventory if:

(a)                                  such Inventory is owned in whole or in part by any Person other than a Credit Party;

(b)                                 such Inventory is subject to delivery under a contract with Negative Exchange Contract Balances;

(c)                                  a Credit Party does not have good, valid, and marketable title to such Inventory;

(d)                                 the Agent does not have a first (except for Permitted Liens) priority perfected security interest in such Inventory ;

(e)                                  except for Titled In-Transit Inventory and Paid LC Backed Inventory, such Inventory is not located in the United States or Canada;

(f)                                    such Inventory is obsolete or slow moving and for which a markdown reserve has not been made;

(g)                                 such Inventory constitutes goods returned or rejected by a Credit Party’s customer for which a credit has not yet been issued;

(h)                                 such Inventory constitutes goods in transit, unless (i), in transit with a Reputable Carrier, or (ii) it consists of Titled In-Transit Inventory or Paid LC Backed Inventory;

(i)                                     such Inventory is held by a Credit Party pursuant to consignment, sale or return, sale on approval or any similar arrangement;

13

(j)                                     such Inventory does not conform in all material respects to the warranties contained in this Agreement and in the other Credit Documents;

(k)                                  the Agent has, in its reasonable discretion, designated such Inventory to be ineligible.

“Eligible Positive Exchange Contract Balances” means, at any date, the amount of the balance, based on current value on a ▇▇▇▇ to market basis, of any rights of the Credit Parties to receive petroleum products or money arising from the exchange of petroleum products with trading partners (other than trading partners determined by the Agent to be unacceptable in the Agent’s reasonable discretion), net of any offsets or counterclaims, and subject to a valid, first priority (subject to Permitted Liens), perfected Lien in favor of the Agent for the benefit of the Agent and the benefit of the Lenders.

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and any successor statute.

“ERISA Affiliate” means any (i) corporation which is or was at any time a member of the same controlled group of corporations (within the meaning of Section 414(b) of the Internal Revenue Code) as the Credit Parties or any of their Restricted Subsidiaries or the General Partner; (ii) partnership or other trade or business (whether or not incorporated) at any time under common control (within the meaning of Section 414(c) of the Internal Revenue Code) with the Credit Parties or any of their Restricted Subsidiaries or the General Partner; and (iii) member of the same affiliated service group (within the meaning of Section 414(m) of the Internal Revenue Code) as the Credit Parties or any of their Restricted Subsidiaries or the General Partner, any corporation described in clause (i) above, or any partnership or trade or business described in clause (ii) above.

“Eurodollar Loan” means a Loan bearing interest based at a rate determined by reference to the Eurodollar Rate.

“Eurodollar Rate” means, for the Interest Period for each Eurodollar Loan comprising part of the same borrowing (including conversions, extensions and renewals), a per annum interest rate determined pursuant to the following formula:

“Eurodollar Reserve Percentage” means for any day, that percentage (expressed as a decimal) which is in effect from time to time under Regulation D of the Board of Governors of the Federal Reserve System (or any successor), as such regulation may be amended from time to time or any successor regulation, as the maximum reserve requirement (including, without limitation, any basic, supplemental, emergency, special, or marginal reserves) applicable with respect to Eurocurrency liabilities as that term is defined in Regulation D (or against any other category of liabilities that includes deposits by reference to which the interest rate of Eurodollar Loans or LIBOR Index Loans is determined), whether or not any Lender has any Eurocurrency liabilities subject to such reserve requirement at that time.  Eurodollar Loans and LIBOR Index Loans shall be deemed to constitute Eurocurrency liabilities and as such shall be deemed subject

14

to reserve requirements without benefits of credits for proration, exceptions or offsets that may be available from time to time to a Lender.  The Eurodollar Rate and the LIBOR Index Rate shall be adjusted automatically on and as of the effective date of any change in the Eurodollar Reserve Percentage.

“Event(s) of Default” has the meaning provided for in Article XI.

“Excess Availability” means, at any time, the amount (if any) by which (a) the lesser of (i) the Revolving Credit Committed Amount and (ii) the Borrowing Base exceeds (b) the aggregate amount of the Working Capital Obligations, as determined by reference to the most recent Borrowing Base Certificate.

“Excess Borrowing Base Availability” means the amount, if any, by which the Borrowing Base exceeds the aggregate amount of the Working Capital Obligations (regardless of the amount of unused Revolving Credit Commitments), as determined by reference to the most recent Borrowing Base Certificate.

“Excluded Taxes” has the meaning given to such term in Section 2.6.

“Executive Officer” means the Chief Executive Officer, the Chief Financial Officer, the Treasurer and the General Counsel of the Borrower.

“Existing Letters of Credit” means those letters of credit listed in Schedule 3.1.

“Expansion Capital Expenditures” means, for any period, all Capital Expenditures other than Maintenance Capital Expenditures, as set forth in the Borrower’s financial statements most recently filed with the SEC in accordance with historical practices or otherwise approved by the Agent prior to any date of determination, but limited to those of the Borrower and its consolidated Restricted Subsidiaries.

“Federal Funds Rate” means, for any period, a fluctuating interest rate per annum equal, for each day during such period, to the weighted average of the rates on overnight Federal Funds transactions with members of the Federal Reserve System arranged by Federal Funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal Funds brokers of recognized standing selected by it.

“Fee Letter” means the letter agreement, dated April 7, 2005, by and between the Agent and the Borrower regarding the fees to be paid by the Borrower to the Agent.

“Fees” means, collectively, the Agent’s Fees, the Lenders’ Fees, the Commitment Fee, the Letter of Credit Fee and the Issuing Bank Fees payable hereunder.

“Financials” has the meaning given to such term in Section 6.6.

15

“Fixed Charge Coverage Ratio” means the ratio of:

(a)                                  an amount equal to (w) Consolidated Adjusted EBITDA, minus (x) Consolidated Capital Expenditures; provided, that for fiscal quarters ended on or before September 30, 2004, only Maintenance Capital Expenditures shall be deducted, minus (y) Consolidated Cash Income Taxes and adjusted for any cash income taxes arising from any gains or losses not included in operating income, minus (z) dividends and distributions paid in cash (excluding cash distributions derived from the Lion Oil Company Disposition Transaction) on common and preferred Capital Stock (but accounted for as of the fiscal quarter for which declared); to

(b)                                 Consolidated Fixed Charges,

in each case computed as of the last day of each of the Borrower’s fiscal quarters, for such fiscal quarter and the three immediately preceding fiscal quarters combined.

“Flood Hazard Property” means a property in an area designated by the Federal Emergency Management Agency as having special flood or mud slide hazards.

“Foreign Lender” means any Lender that is not a United States person, as such term is defined in Section 7701(a)(30) of the Internal Revenue Code.

“Foreign Restricted Subsidiary” means, with respect to any Person, any Restricted Subsidiary of such Person which is not a Domestic Restricted Subsidiary.

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

“Funded Indebtedness” means, with respect to any Person, without duplication, (a) all Indebtedness, other than Indebtedness of the types described in clauses (e), (f), (h) and (l) of the definition of “Indebtedness”), (b) all Indebtedness of another Person of the type referred to in clause (a)  above secured by (or for which the holder of such Funded Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (c) all guaranties of such Person with respect to Indebtedness of the type referred to in clause (a) above of another Person and (d) Indebtedness of the type referred to in clause (a) above of any partnership or unincorporated joint venture in which such Person is legally obligated, in each case excluding Indebtedness of such Person not required to be paid within one (1) year after the date of creation, but including current installments of all Funded Indebtedness.

“Funding Bank” means Wachovia or any other banking or financial institution from whom any of the Lenders borrow funds or obtain credit.

“GAAP” means generally accepted accounting principles in the United States of America, as in effect on the date hereof and applied on a consistent basis with the Financials, provided, however, that for purposes of the financial terms, representations and warranties and covenants contained herein, notwithstanding the requirements of GAAP, only the consolidated Restricted Subsidiaries shall be included, and the Unrestricted Subsidiaries shall be excluded, with the

16

ownership of the MLP Entities being recorded on the Borrower’s books in a manner similar to the cost method of accounting, and except as otherwise expressly noted, all references to GAAP contained herein shall include such adjustments.

“GAAP Inventory Adjustments – Gross” means, so long as the Borrower includes GAAP Inventory Adjustments-Gross on its Form 10-Q or Form 10-K filed with the SEC, the sum of:

(a)                                  any gain recognized on beginning inventories-discretionary volumes held for immediate sale or exchange, minus,

(b)                                 any gain deferred on ending inventories—discretionary volumes held for immediate sale or exchange, plus

(c)                                  any increase and minus any decrease in the FIFO cost basis of base operating inventory volumes, minus,

(d)                                 any lower of cost or market write-downs on base operating inventory volumes, plus

(e)                                  any gains recognized on sales of minimum inventory, minus

(f)                                    any lower of cost or market write-downs on product line fill and tank bottom volumes;

each as calculated and shown on the Borrower’s Form 10-Q or Form 10-K filed with the SEC in accordance with historical practices.

“General Partner” means TransMontaigne GP L.L.C., a Delaware limited liability company which is wholly owned by TransMontaigne Services Inc. and which, as of the Closing Date, owns a 2% general partner interest in, and is the sole general partner of, Partners.

“Government Acts” means any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Governmental Authority

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

“Guarantor” means (a) TransMontaigne Product Services Inc., a Delaware corporation, TransMontaigne Transport Inc., a Delaware corporation, Coastal Fuels Marketing, Inc., a Florida corporation, Coastal Tug and Barge, Inc., a Florida corporation, TransMontaigne Transport Inc., a Delaware corporation, and TransMontaigne Services Inc., a Delaware corporation, and (b) each other Person who enters into the Guaranty Agreement or who becomes party to the Guaranty Agreement pursuant to a joinder agreement in form and substance reasonably satisfactory to the Agent, including, without limitation, and any Restricted Subsidiaries of the Borrower which may become Guarantors hereunder pursuant to Section 7.16.

“Guaranty Agreement” means the Guaranty Agreement dated as of the Original Closing Date, as amended and restated on the Closing Date substantially in the form of Exhibit B that is to be executed by each of the Guarantors in existence on the Closing Date and is to be executed

17

(directly or by joinder agreement) by other Guarantors in accordance with the terms of this Credit Agreement, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Hedging Agreements” means any interest rate protection agreement or other interest rate protection agreement, foreign currency exchange agreement, commodity option agreement or other interest or exchange rate or commodity price hedging agreements.

“Highest Lawful Rate” means, at any given time during which any Obligations shall be outstanding hereunder, the maximum nonusurious interest rate, if any, that at any time or from time to time may be contracted for, taken, reserved, charged or received on the indebtedness under this Credit Agreement, under the laws of the State of New York (or the law of any other jurisdiction whose laws may be mandatorily applicable notwithstanding other provisions of this Credit Agreement and the other Credit Documents), or under applicable federal laws which may presently or hereafter be in effect and which allow a higher maximum nonusurious interest rate than under the State of New York or such other jurisdiction’s law, in any case after taking into account, to the extent permitted by applicable law, any and all relevant payments or charges under this Credit Agreement and any other Credit Documents executed in connection herewith, and any available exemptions, exceptions and exclusions.

“High Quality Oil Company Receivables” means, unless and until the Agent gives written notice to the Borrower to the contrary all Eligible Accounts Receivable of any Credit Party, as to which the account debtor (a) is rated at least A- or the equivalent thereof by S&P or A3 by Moody’s, (b) has a stable outlook or better from S&P and Moody’s, and (c) has been a customer of a Credit Party for at least six (6) months.

“Indebtedness” means, with respect to any Person, without duplication, (a) all obligations of such Person for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business), (d) all obligations of such Person issued or assumed as the deferred purchase price of property or services purchased by such Person (other than trade debt incurred in the ordinary course of business and due within six months of the incurrence thereof) which would appear as liabilities on a balance sheet of such Person, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the obligations secured thereby have been assumed, (f) all guaranties of such Person with respect to Indebtedness of the type referred in this definition of another Person, (g) the principal portion of all obligations of such Person under Capital Leases, (h) all obligations of such Person under Hedging Agreements, (i) the maximum amount of all letters of credit issued or bankers’ acceptances facilities created for the account of such Person and, without duplication, all drafts drawn thereunder (to the extent unreimbursed), (j) all preferred Capital Stock issued by such Person and required by the terms thereof to be redeemed in cash, or for which mandatory sinking fund payments in cash are due, by a fixed date prior to the Maturity Date, (k) the principal component of payments due on Capital Leases or under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product, other than operating leases that do not constitute any of the

18

foregoing, during the applicable period ending on such date, determined on a consolidated basis in accordance with GAAP, and (l) the Indebtedness of any partnership or unincorporated joint venture in which such Person is a general partner or a joint venturer in which such Person is legally obligated with respect thereto.

“Independent Accountant” means a firm of independent public accountants of nationally recognized standing selected by the Board of Directors of the Borrower, which is “independent” as that term is defined in Rule 2-01 of Regulation S-X promulgated by the Securities and Exchange Commission.

“Initially Selected Real Estate” means the portion of the Real Estate that is described on Schedule 7.2, comprising the terminals and related real estate assets preliminarily selected by the Agent pursuant to Section 7.2 and having projected Net Orderly Liquidation Value of not less than the Minimum Real Estate Liquidation Value.

“Interest Payment Date” means the date that is five (5) days after receipt by the Borrower of any invoice with respect to interest due, which invoice shall be provided (a) as to any Base Rate Loan and any Swing Loan, for each calendar month to occur while such Loan is outstanding, (b) as to any Eurodollar Loan having an Interest Period of three months or less, for such Interest Period, and (c) as to any Eurodollar Loan having an Interest Period longer than three months, for each three month period during such Interest Period and for the period from the last full three month period during such Interest Period to the last day of such Interest Period.

“Interest Period” means, as to Eurodollar Loans, a period of one month, two months, three months or six months, as selected by the Borrower, commencing on the date of the borrowing (including continuations and conversions thereof); provided, however, (i) if any Interest Period would end on a day which is not a Business Day, such Interest Period shall be extended to the next succeeding Business Day (except that where the next succeeding Business Day falls in the next succeeding calendar month, then on the next preceding Business Day), (ii) no Interest Period shall extend beyond the Maturity Date and (iii) any Interest Period with respect to a Eurodollar Loan that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the relevant calendar month at the end of such Interest Period.

“Internal Revenue” means the Internal Revenue Service and any successor agency.

“Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute thereto and all rules and regulations promulgated thereunder.

“Inventory” means all of each Credit Party’s inventory as such term is defined in the UCC but, including without limitation, all Petroleum Inventory.

“Investment” by any Person means (i) the acquisition (whether for cash, property, services, assumption of Indebtedness, securities or otherwise, but exclusive of the acquisition of inventory, supplies, equipment and other property or assets used or consumed in the ordinary course of business of the applicable Credit Party or any of its Restricted Subsidiaries and

19

Consolidated Capital Expenditures not otherwise prohibited hereunder) of assets, shares of Capital Stock, bonds, notes, debentures, partnership interests, joint ventures or other ownership interests or other securities of any other Person, (ii) any deposit (other than deposits constituting a Permitted Lien) with, or advance, loan or other extension of credit (other than sales of inventory on credit in the ordinary course of business and payable or dischargeable in accordance with customary trade terms and sales on credit of the type described in clauses (c) or (d) of Section 9.3) to, any other Person or (iii) any other capital contribution to or investment in any other Person, including, without limitation, any obligation incurred for the benefit of such Person.  In determining the aggregate amount of Investments outstanding at any particular time, (a) the amount of any Investment represented by a guaranty shall be taken at not less than the maximum principal amount of the obligations guaranteed and still outstanding; (b) there shall be deducted in respect of each such Investment any amount received as a return of capital (but only by repurchase, redemption, retirement, repayment, liquidating dividend or liquidating distribution); (c) there shall not be deducted in respect of any Investment any amounts received as earnings on such Investment, whether as dividends, interest or otherwise; and (d) there shall not be deducted from or added to the aggregate amount of Investments any decrease or increases, as the case may be, in the market value thereof.

“IPO” means the initial public offering of limited partner interests in Partners.

“Issuing Bank” means Wachovia or any Lender which shall issue a Letter of Credit for the account of the Borrower; provided, that there shall not be more than two (2) Lenders other than Wachovia that are Issuing Banks at any time.

“Issuing Bank Fees” has the meaning given to such term in Section 4.5(b).

“Landlord Agreement” means a Landlord Lien Waiver Agreement, substantially in the form of Exhibit C (or such other form as shall be reasonably acceptable to the Agent), between the Agent and a Credit Party’s landlord on property that is subject to a Mortgage.

“Leases” means leases with respect to any leased real property, together with any leases of real property entered into by a Credit Party or any of its Restricted Subsidiaries after the date hereof.

“Lender” has the meaning given to such term in the preamble of this Credit Agreement.

“Lender Hedging Agreement” means any Hedging Agreement (other than one pertaining to the purchase or sale of commodities or commodity options) between the Borrower and any Person (or affiliate of such Person) that was a Lender or an Affiliate of Lender at the time it entered into such Hedging Agreement whether or not such Person has ceased to be a Lender under the Credit Agreement.

“Lenders’ Fees” means the non-refundable fees payable to each of the Lenders as set forth in each of the Lender’s respective fee letter with the Agent.

“Lending Party” means the Agent and each Lender.

20

“Letter of Credit Committed Amount” means the maximum aggregate amount of the Letter of Credit Obligations that is permitted to be outstanding from time to time pursuant to clause (a) of the proviso contained in Section 3.1, which is $200,000,000.

“Letter of Credit Documents” means, with respect to any Letter of Credit, such Letter of Credit, any amendments thereto, any documents delivered in connection therewith, any application therefor, and any agreements, instruments, guarantees or other documents (whether general in application or applicable only to such Letter of Credit) governing or providing for (i) the rights and obligations of the parties concerned or at risk or (ii) any collateral security for such obligations.

“Letter of Credit Fee” has the meaning given to such term in Section 4.5(a).

“Letter of Credit Obligations” means, at any time of determination, the sum of (i) the aggregate undrawn amount of all Letters of Credit outstanding at such time, plus (ii) the aggregate amount of all drawings under Letters of Credit for which an Issuing Bank has not at such time been reimbursed, plus (iii) without duplication, the aggregate amount of all payments made by each Lender to the Issuing Bank with respect to such Lender’s participation in Letters of Credit as provided in Section 3.3 for which the Borrower has not at such time reimbursed the Lenders, whether by way of a Revolving Loan or otherwise.

“Letters of Credit” means (a) all Existing Letters of Credit and (b) all other letters of credit (whether documentary or stand-by and whether for the purchase of inventory, equipment or otherwise) issued by an Issuing Bank for the account of the Borrower pursuant to this Credit Agreement, and all amendments, renewals, extensions or replacements thereof.

“LIBOR Index Loan” means a Swing Loan, or portion thereof, during any period in which it bears interest at the Adjusted LIBOR Index Rate.

“Lion Oil” means Lion Oil Company, an Arkansas corporation.

“Lion Oil Company Disposition Transaction” means any transaction entered into by the Borrower and approved by its board of directors for the sale, transfer, assignment, contribution, distribution or other disposition of its interests in Lion Oil.

“Lien(s)” means any lien, claim, charge, pledge, security interest, deed of trust, mortgage, or other encumbrance.

“Loan” or “Loans” means Revolving Loans (or a portion of any Revolving Loan), and Swing Loans, or any or all of them, as the context shall require.

“Lockbox” has the meaning given to such term in Section 2.3(b)(i).

“Lockbox Account” has the meaning given to such term in Section 2.3(b)(i).

“Lockbox Bank” has the meaning given to such term in Section 2.3(b)(i).

“London Interbank Offered Rate” means, with respect to any Eurodollar Loan for the Interest Period applicable thereto, the rate of interest per annum (rounded upwards, if necessary,

21

to the nearest 1/100 of 1%) appearing on Telerate Page 3750 (or any successor page) as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Telerate Page 3750, the applicable rate shall be the arithmetic mean of all such rates.  If, for any reason, such rate is not available, the term “London Interbank Offered Rate” means, with respect to any Eurodollar Loan for the Interest Period applicable thereto, the rate of interest per annum (rounded upwards, if necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBO Page as the London interbank offered rate for deposits in Dollars at approximately 11:00 A.M. (London time) two (2) Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period; provided, however, if more than one rate is specified on Reuters Screen LIBO Page, the applicable rate shall be the arithmetic mean of all such rates.

“Maintenance Capital Expenditures” means the “Maintenance Capital Expenditures” (or any successor caption representing substantially similar capital expenditures) as set forth in the Borrower’s financial statements most recently filed with the SEC prior to any date of determination in accordance with historical practices or otherwise approved by the Agent prior to any date of determination, but limited to those of the Borrower and its consolidated Restricted Subsidiaries.

“Market Value”, with respect to Petroleum Inventory, means, (i) with respect the Borrower’s discretionary inventory held for immediate sale or exchange, the sum of (x) the market price for such Petroleum Inventory, determined by using the published NYMEX price as of the date of any determination, (y) the applicable location basis differential and (z) all applicable transportation and other costings, and (ii) with respect the Borrower’s base, tank bottom and line fill inventory the sum of (x) the market price for such Petroleum Inventory, determined by using the published or reported price in Platts Oilgram Price Report, commonly known as Platts, as of the date of any determination and (y) all applicable transportation and other costings.  Such valuation shall be consistent with historical practices in existence on the Original Closing Date or reflecting changing industry practices. In the event NYMEX or Platts no longer provides the aforementioned price indices, the Borrower and the Agent shall replace one or both of the indices with other third party indices reasonably acceptable to each of the Borrower and the Agent.

“Material Adverse Change” means a material adverse change in (a) the business, prospects, operations, results of operations, assets, liabilities or condition (financial or otherwise) of the Credit Parties, taken as a whole, (b) a material part of the Collateral, (c) the Credit Parties’ ability to perform their respective obligations under the Credit Documents, or (d) the rights and remedies of the Lenders hereunder.

“Material Adverse Effect” means a material adverse effect on (a) the business, prospects, operations, results of operations, assets, liabilities or condition (financial or otherwise) of the Credit Parties, taken as a whole, (b) a material part of the Collateral, (c) the Credit Parties’ ability to perform their respective obligations under the Credit Documents, or (d) the rights and remedies of the Lenders hereunder.

“Material Contract” means any written contract or other arrangement (other than the Credit Documents), to which any Credit Party or any of its Restricted Subsidiaries is a party as to

22

which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect and shall include in any event the Operative Documents (other than the Credit Documents) to which a Credit Party is a party.

“Maturity Date” means, as to the Revolving Loans, Swing Loans and Letters of Credit (and the related Letter of Credit Obligations), the fifth (5^th) anniversary of the Original Closing Date.

“Minimum Real Estate Liquidation Value” means $100,000,000, or such lesser amount as the Agent may specify in its reasonable discretion.

“MLP Entities” means Partners, General Partner, Operating Company, Operating GP and their respective Subsidiaries, whether now owned or hereafter acquired or created.

“MLP Omnibus Agreement” means an agreement, in form and substance satisfactory to the Agent, dated on or before the Closing Date, between the Borrower, Partners and certain other parties, pursuant to which the Borrower will provide (i) management services to the MLP Entities and (ii) options to Partners (or its designees, including Operating Company or other MLP Entities) to acquire additional refined product terminals from the Borrower for fair market value in accordance with the provisions thereof during the time periods specified, as such agreement is amended from time to time, provided that no such amendment shall cause or could reasonably be expected to cause a Material Adverse Effect.

“MLP Partnership Agreement” means the First Amended and Restated Agreement of Limited Partnership establishing Partners, as amended, restated or supplemented from time to time.

“MLP Terminaling Services Agreement” means an agreement, in form and substance satisfactory to Agent, dated on or before the Closing Date by and among TransMontaigne Product Services Inc., Coastal Fuels Marketing, Inc., Partners, and certain other parties thereto, pursuant to which Operating Company or other MLP Entities will provide to the Borrower transport, storage and throughput services, as such agreement is amended from time to time, provided that no such amendment shall cause or could reasonably be expected to cause a Material Adverse Effect.

“Moody’s” means ▇▇▇▇▇’▇ Investor Service, Inc.

“Mortgage” means, as to each parcel or tract of the Mortgaged Real Estate (or as to more than one parcel or tract, as the case may be), the mortgage from the applicable Credit Party on such Mortgaged Real Estate, in form and substance reasonably satisfactory to the Agent, granting a Lien thereon, and conveying a security interest in the Mortgage Related Equipment to secure the Obligations.

“Mortgagee Policy” means, for each parcel or tract of the Mortgaged Real Estate, an ALTA mortgagee title insurance policy issued by the Title Insurance Company.

“Mortgage Related Equipment” means all equipment of any Credit Party that is located on or used in connection with any Mortgaged Real Estate.

23

“Mortgaged Real Estate” means (i) the Initially Selected Real Estate and any Additionally Selected Real Estate having an aggregate Net Orderly Liquidation Value of not less than the Minimum Real Estate Liquidation Value and which has become Accepted Real Estate, and (ii) any substitute real estate on which a Mortgage is granted pursuant to Section 7.2, in each case on and as to each of which the Agent shall receive Mortgages and the Real Property Documentation.

“Multiemployer Plan” means a “multiemployer plan” as defined in Section 4001(a)(3) of ERISA and (i) which is, or within the immediately preceding six (6) years was, contributed to by any Credit Parties or any of their Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates or (ii) with respect to which any Credit Parties or any of their Restricted Subsidiaries or the General Partner may incur any liability.

“Negative Exchange Contract Balances” means, at any date, the amount of the balance, of any obligations of the Credit Parties to deliver petroleum products arising from the exchange of petroleum products with trading partners.

“Net Orderly Liquidation Value” means, as to each parcel or tract of the Initially Selected Real Estate and any Additionally Selected Real Estate, the orderly liquidation value thereof, as determined by and set forth in an Approved Appraisal, less estimated liquidation costs, discounts and expenses, as determined by the Agent in its reasonable credit judgment.

“Note” or “Notes” means the Revolving Notes and the Swing Note, or any or all of them, as the context shall require.

“Notice of Borrowing and Payment” means a notice substantially in the form of Exhibit G.

“Notice of Extension/Conversion” means a notice substantially in the form of Exhibit I.

“Obligations” means the Loans, any other loans and advances or extensions of credit made or to be made by any Lender to the Borrower, or to others for the Borrower’s account, in each case pursuant to the terms and provisions of this Credit Agreement, together with interest thereon (including interest which accrues after the commencement of any bankruptcy or similar case, whether or not such post-petition interest is allowed in such case) and, including, without limitation, any reimbursement obligation or indemnity of the Borrower on account of Letters of Credit and all other Letter of Credit Obligations and all indebtedness, fees, liabilities and obligations which may at any time be owing by the Borrower to any Lender (or an Affiliate of a Lender) in each case pursuant to this Credit Agreement or any other Credit Document, whether now in existence or incurred by the Borrower from time to time hereafter, whether unsecured or secured by pledge, Lien upon or security interest in any of the Borrower’s assets or property or the assets or property of any other Person, whether such indebtedness is absolute or contingent, joint or several, matured or unmatured, direct or indirect and whether such Borrower is liable to such Lender (or an Affiliate of a Lender) for such indebtedness as principal, surety, endorser, guarantor or otherwise.  Obligations shall also include any other indebtedness owing to any Lender (or an Affiliate of a Lender) by the Borrower under this Credit Agreement and the other Credit Documents, the Borrower’s liability to any Lender (or an Affiliate of a Lender) pursuant to this Credit Agreement as maker or endorser of any promissory note or other instrument for the payment of money, the Borrower’s liability to any Lender (or an Affiliate of a Lender) pursuant

24

to this Credit Agreement or any other Credit Document under any instrument of guaranty or indemnity, or arising under any guaranty, endorsement or undertaking which any Lender (or an Affiliate of a Lender) may make or issue to others for any such Borrower’s account pursuant to this Credit Agreement, including any accommodation extended with respect to applications for Letters of Credit, all liabilities and obligations arising under Lender Hedging Agreements owing from the Borrower to any Lender, or any Affiliate of a Lender (or any Person that was a Lender or an affiliate of a Lender at the time such Lender Hedging Agreement was entered into), permitted under Section 9.2, all liabilities and obligations now or hereafter arising from or in connection with any Cash Management Products, and all obligations of the Guarantors to any Lender (or an Affiliate of any Lender) and the Agent arising under or in connection with the Guaranty Agreement or any other Credit Document, including, without limitation, the Guaranteed Obligations (as defined in the Guaranty Agreement).

“Operating Income” means operating income as shown on the Borrower’s financial statements in accordance with historical practices and in compliance with GAAP.

“Operating Company” means TransMontaigne Operating Company L.P., a Delaware limited partnership of which, as of the Closing Date, Partners owns a 99.999% limited partner interest and Operating GP owns a 0.001% general partner interest and is the sole general partner.

“Operating GP” means TransMontaigne Operating GP L.L.C., a Delaware limited liability company which, as of the Closing Date, owns a 0.001% general partner interest in, and is the sole general partner of, Operating Company.

“Operative Documents” means the Credit Documents, any Subordination Agreements and any documents or instruments evidencing Subordinated Debt.

“Option Consideration Requirements” means, with respect to the consideration to be received for any transfer of assets to Partners pursuant to the MLP Omnibus Agreement, that such consideration must (i) be for fair market value in accordance with the MLP Omnibus Agreement, and (ii) may consist of cash or a combination of cash and limited partner units in Partners, provided, that unless Excess Availability after giving effect to such transfer will be at least $50,000,000, not less than 75% of such consideration is paid in cash.

“Other Taxes” has the meaning given to such term in Section 2.6(e).

“Original Closing Date” means September 13, 2004, the “Closing Date” under the Original Credit Agreement.

“Original Credit Agreement” means that certain Senior Secured Working Capital Credit Agreement dated as of September 13, 2004, as amended, among the Borrower, each of the Lenders, JPMorgan Chase Bank, N.A. and UBS AG, Stamford Branch, as Syndication Agents, Société Générale, New York Branch and ▇▇▇▇▇ Fargo Foothill, LLC, as the Documentation Agents, and  the Agent.

“Overadvance” means, as of any date of determination, the amount, if any, by which the outstanding Working Capital Obligations exceeds the Borrowing Base.

25

“PBGC” means the Pension Benefit Guaranty Corporation and any Person succeeding to the functions thereof.

“Paid LC Backed Inventory” means inventory that has been delivered to any Credit Party and is backed by a Letter of Credit that has not been drawn upon or cancelled, and where the purchase price of all such inventory has been paid in full.

“Partners” means TransMontaigne Partners L.P., a Delaware limited partnership, which is a “master limited partnership” under the Internal Revenue Code, of which, as of the Closing Date, Coastal Fuels Marketing, Inc.  and TransMontaigne Product Services Inc. own limited partner interests, and General Partner owns a 2% general partner interest and is the sole general partner.

“Permitted Acquisitions” means any Acquisition by the Borrower or any of its consolidated Restricted Subsidiaries, so long as the provisions of Section 7.16 are complied with, if applicable, and which:

(a)                                  is either an investment in the stock of a non-Guarantor entity or any other Acquisition, so long as each of the following conditions is satisfied in connection therewith:

(i)                                     the entity or assets being acquired are for the same or a similar line of business of those of the Borrower and its consolidated Restricted Subsidiaries, and

(ii)                                  the aggregate amount of all such stock investments and other Acquisitions does not exceed $20,000,000 in any fiscal year; or

(b)                                 is any other Acquisition not satisfying clause (a) above, so long as each of the following conditions is satisfied in connection therewith:

(i)                                     the entity or assets being acquired are for the same or a similar line of business of those of the Borrower and its consolidated Restricted Subsidiaries;

(ii)                                  the Acquisition has not been opposed by the board of directors of the entity that is selling the shares or assets to be acquired;

(iii)                               the pro forma consolidated cash flow, Excess Availability and Adjusted EBITDA of the Borrower and its consolidated Restricted Subsidiaries, after giving effect to the Acquisition (including pro forma adjustments), are reasonably satisfactory to the Agent in its reasonable discretion;

(iv)                              the aggregate purchase price of all Acquisitions does not exceed an amount equal to (x) $125,000,000 in any four (4) consecutive fiscal quarter period, plus (y) the amount of any cash proceeds received by the Credit Parties since the Closing Date from sales of assets to the MLP Entities permitted by this Credit Agreement, less (z) the amount of any such cash proceeds previously used since the Closing Date to retire Indebtedness (other than the Revolving Loans), make Permitted Acquisitions (including under clause (a) above or this clause (b))

26

or fund Operating Losses for any fiscal period after the date of such asset sale, and for this purpose “Operating Losses” shall equal the numerator of the Fixed Charge Coverage Ratio less the denominator of the Fixed Charge Coverage Ratio, if negative;

(v)                                 after giving effect to such Acquisition, no Default or Event of Default is in existence; and

(vi)                              on a pro forma basis after giving effect to such Acquisition, Excess Availability and the pro forma Fixed Charge Coverage Ratio immediately after the Acquisition shall be not less than the amounts set forth below, depending on the amount of the purchase price of such Acquisition:

“Permitted Indebtedness” means:

(a)                                  Indebtedness to the Lenders with respect to the Revolving Loans, the Letters of Credit or otherwise, pursuant to the Credit Documents;

(b)                                 trade payables incurred in the ordinary course of the Credit Parties’ business;

(c)                                  purchase money Indebtedness (including Capital Leases) hereafter incurred by the Credit Parties or any of their Restricted Subsidiaries to finance the purchase of fixed assets provided that (i) the total of all such Indebtedness for all such Persons taken together shall not exceed an aggregate principal amount of $10,000,000 at any one time outstanding (including any such Indebtedness referred to in clause (e) immediately below); (ii) such Indebtedness when incurred shall not exceed the purchase price of the asset(s) financed; and (iii) no such Indebtedness shall be refinanced for a principal amount in excess of the principal balance outstanding thereon plus any interest, prepayment premium and other related costs at the time of such refinancing so long as all such costs do not exceed the foregoing $10,000,000 cap;

(d)                                 obligations of the Borrower or any of its Restricted Subsidiaries in respect of Hedging Agreements entered into in order to manage existing or anticipated interest rate and exchange rate risks and to manage commodity price risks in accordance with the Risk Management Policy;

(e)                                  Indebtedness described on Schedule 1.1C and any refinancings of such Indebtedness; provided that the aggregate principal amount of such Indebtedness is not

27

increased, the scheduled maturity dates of such Indebtedness are not shortened and such refinancing is on terms and conditions no more restrictive than the terms and conditions of the Indebtedness being refinanced;

(f)                                    margin loans owed to commodities brokers not in excess of an aggregate amount of $25,000,000 at any one time;

(g)                                 unsecured Funded Indebtedness of the Credit Parties not exceeding at any time an aggregate amount of $50,000,000, provided, that the Agent has been notified promptly of the material terms and conditions thereof (any such amount shall be deducted from Average Excess Availability for purposes of Section 8.1); provided, that after giving effect to the issuance of such unsecured Funded Indebtedness and the application of any of the proceeds thereof on the issuance date no Default or Event of Default shall exist;

(h)                                 Indebtedness secured by Liens described in clause (d) of the definition of Permitted Liens;

(i)                                     intercompany loans made by a Credit Party to a Credit Party and intercompany loans made to the Borrower by Partners not exceeding at any time an aggregate outstanding principal amount of $5,000,000;

(j)                                     Indebtedness of Foreign Restricted Subsidiaries for financing of the type described in clause (l) of the definition of Permitted Liens, which Indebtedness may be unsecured or secured as permitted by such clause (l);

(k)                                  Subordinated Debt; and

(l)                                     all guaranties of such Person with respect to Indebtedness of the type referred in clauses (a) through (k) (other than (j)) of this definition of another Person.

“Permitted Investments” means:

(a)                                  Cash Equivalents;

(b)                                 interest-bearing demand or time deposits (including certificates of deposit) which are insured by the Federal Deposit Insurance Corporation (“FDIC”) or a similar federal insurance program; provided, however, that the Credit Parties may, in the ordinary course of their respective businesses, maintain in their disbursement accounts from time to time amounts in excess of then applicable FDIC or other program insurance limits;

(c)                                  Investments existing on the Closing Date and set forth on Schedule 1.1D;

(d)                                 advances to officers, directors and employees for expenses incurred or anticipated to be incurred in the ordinary course;

(e)                                  Permitted Acquisitions;

28

(f)                                    loans to and Investments in (i) the Credit Parties and (ii) newly created Domestic Restricted Subsidiaries, and newly created Foreign Restricted Subsidiaries, provided that (1) the applicable requirements of Section 7.16 are satisfied and (2) the aggregate amount of loans to and Investments in Foreign Restricted Subsidiaries shall not exceed $7,500,000 at any time;

(g)                                 investments (including debt obligations) received in connection with the bankruptcy or reorganization of suppliers and customers and in settlement of delinquent obligations of, and other disputes with, customers and suppliers arising in the ordinary course of business;

(h)                                 Hedging Agreements entered into by the Borrower relating to the Loans hereunder and other Hedging Agreements entered into in order to manage existing or anticipated interest rate and exchange rate risks and to manage commodity price risks in accordance with the Risk Management Policy;

(i)                                     Investments (1) initially made in Partners and the General Partner in connection with the IPO in accordance with and subject to Section 9.3(e), (2) made thereafter consisting of limited partner units in Partners received in consideration of transfers of fixed assets to Partners pursuant to the MLP Omnibus Agreement and in accordance with and subject to Section 9.3(f), (3) other Investments of cash in Partners necessary for the General Partner to maintain its initial 2% general partner interests, so long as no Default or Event of Default is in existence or would be created after making the Investment, and (4) intercompany loans made by the Borrower to Partners not exceeding at any time an aggregate outstanding principal amount of $5,000,000; and

(j)                                     such other Investments as the Required Lenders may approve in their reasonable discretion.

“Permitted Liens” means

(a)                                  Liens granted to the Agent or the Lenders (or their Affiliates to secure Lender Hedging Agreements) by the Credit Parties pursuant to any Credit Document;

(b)                                 Liens listed on Schedule 1.1B and, as to the Mortgaged Real Estate, such Liens of record as are reasonably acceptable to the Agent in its reasonable discretion;

(c)                                  Liens on fixed assets securing purchase money Indebtedness (including Capital Leases) to the extent permitted under Section 9.2, provided that any such Lien attaches to such assets concurrently with or within thirty (30) days after the acquisition thereof and only to the assets to be acquired;

(d)                                 Liens of warehousemen, mechanics, materialmen, workers, repairmen, fillers, packagers, processors, common carriers, landlords and other similar Liens arising by operation of law or otherwise, not waived in connection herewith, for amounts that are not yet overdue or which are being appropriately contested in good faith by the relevant Credit Party by proceedings, provided that in any such case an adequate reserve is being maintained by such Credit Party to the extent required by GAAP;

29

(e)                                  attachment or judgment Liens individually or in the aggregate not in excess of $10,000,000 (exclusive of (i) any amounts that are duly bonded to the satisfaction of the Agent in its reasonable discretion or (ii) any amount adequately covered by insurance);

(f)                                    Liens for taxes, assessments or other governmental charges not yet overdue or that are being contested in good faith by a Credit Party by appropriate proceedings, provided that in any such contest an adequate reserve in respect there of is being maintained by such Credit Party to the extent required by GAAP;

(g)                                 zoning ordinances, easements, covenants, rights of way and other restrictions on the use of real property and other title exceptions that do not interfere in any material respect with the ordinary course of business or, in the case of owned real property, the marketability of such real property;

(h)                                 deposits or pledges to secure obligations under workmen’s compensation, social security or similar laws, or under unemployment insurance;

(i)                                     deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases, regulatory or statutory obligations, surety and appeal bonds and other obligations of like nature arising in the ordinary course of business;

(j)                                     restrictions under federal and state securities laws on the transfer of securities;

(k)                                  restrictions under foreign trade regulations on the transfer or licensing of assets of the Borrower and its Restricted Subsidiaries;

(l)                                     liens on assets of Foreign Restricted Subsidiaries to secure financing made available to such Foreign Restricted Subsidiary (as to which no Credit Party is liable on such financing) for working capital and capital expenditures of such Foreign Restricted Subsidiaries; and

(m)                               Liens on commodities accounts in favor of commodities intermediaries securing margin loans pertaining to such accounts.

“Permitted Restricted Payment” means:

(a)                                  (i) in any fiscal year in which the Lion Oil Company Disposition Transaction occurs, distributions derived therefrom and other dividends and distributions that do not exceed an aggregate amount of $5,000,000 paid in cash on common and preferred stock that do not result in a breach of Section 8.1, if applicable, and (ii) in any year other than the fiscal year in which distributions described in (i) are made, dividends and distributions paid in cash on common and preferred stock that do not exceed an aggregate amount of $15,000,000 in any fiscal year and that do not result in a breach of Section 8.1, if applicable, and provided that after giving effect thereto, no other Default or Event of Default is in existence;

30

(b)                                 the payment of dividends and distributions (in addition to the dividends and distributions described in clause (a) above)  and redemptions and repurchases (in addition to the redemption described in clauses (c) and (d) below) on account of any common or preferred Capital Stock; provided that after giving effect thereto (i) the Fixed Charge Coverage Ratio (on a pro forma basis) is not less than 1.10 to 1.0, (ii) no Default or Event of Default is in existence and (iii) Excess Availability is not less than $75,000,000;

(c)                                  the redemption of preferred Capital Stock for an aggregate amount not exceeding the sum of $72,900,000 plus the amount necessary to redeem any such preferred Capital Stock that was issued as “payment-in-kind” in lieu of a cash dividend, provided that after giving effect thereto (i) no Default or Event of Default is in existence,  (ii) Excess Availability is not less than $75,000,000 and (iii) the Fixed Charge Coverage Ratio on a proforma basis is equal to or greater than 1.10 to 1.00; and

(d)                                 the redemption, repurchase, or repayment of the Senior Subordinated Notes, in whole or in part provided that after giving effect thereto (i) no Default or Event of Default is in existence, (ii) Excess Availability is not less than $100,000,000 and (iii) the Fixed Charge Coverage Ratio on a pro forma basis is equal to or greater than 1.10 to 1.00.

“Person” means any individual, sole proprietorship, partnership, joint venture, limited liability company, trust, unincorporated organization, association, corporation, institution, entity, party or government (including any division, agency or department thereof), and, as applicable, the successors, heirs and assigns of each.

“Petroleum Inventory” means Inventory consisting of refined petroleum products.

“Plan” means any employee benefit plan, program or arrangement, whether oral or written, maintained or contributed to by any Credit Party or any of its Restricted Subsidiaries or the General Partner, or with respect to which such Credit Party or any such Restricted Subsidiary or the General Partner may incur liability.

“Pledge Agreement” means the Pledge Agreement, dated as of the Original Closing Date, between the Agent and the relevant Credit Parties, as amended and restated on the Closing Date substantially in the form of Exhibit D, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Pledged Collateral” has the meaning given to such term in the Pledge Agreement.

“Prime Rate” means the rate which Wachovia announces from time to time as its prime, base or equivalent lending rate, as in effect from time to time.  The Prime Rate is a reference rate and does not necessarily represent the lowest or best rate actually charged to any customer.  Wachovia (and its affiliates) may make commercial loans or other loans at rates of interest at, above or below the Prime Rate.

“Proprietary Rights” has the meaning given to such term in Section 6.17.

31

“Real Estate” means the real property owned or leased by the relevant Credit Parties described in Schedule 6.19, as it may be updated from time to time pursuant to Sections 7.9 and 7.17, together with all Structures thereon.

“Real Property Documentation” means, with respect each parcel or tract of the Mortgaged Real Estate:

(a)                                  a fully executed and notarized Mortgage encumbering the fee interest of the Credit Parties in such Mortgaged Real Estate;

(b)                                 an owner’s affidavit for such Mortgaged Real Estate, addressed to the title company, for such Mortgaged Real Estate;

(c)                                  as to leased property, a Landlord Agreement;

(d)                                 a Mortgagee Policy for such Mortgaged Real Estate, in an amount not less than the amount for such Mortgaged Real Estate designated in Schedule 7.2 with respect to any particular Mortgaged Property (or, as to any Additionally Selected Real Estate, in any supplemental schedule identifying such property), assuring the Agent that the Mortgage on such Mortgaged Real Estate creates a valid and enforceable first priority (subject to Permitted Liens) mortgage lien such Mortgaged Real Estate, free and clear of all defects and encumbrances except Permitted Liens, which Mortgagee Policy shall be in form and substance reasonably satisfactory to the Agent and shall provide for affirmative insurance and such reinsurance as the Agent may reasonably request, all of the foregoing in form and substance reasonably satisfactory to the Agent;

(e)                                  an Approved Appraisal of such Mortgaged Real Estate;

(f)                                    evidence in the form of a standard flood hazard determination certificate as to whether (i) such Mortgaged Real Estate is a Flood Hazard Property and (ii) the community in which such Flood Hazard Property is located is participating in the National Flood Insurance Program;

(g)                                 if such Mortgaged Real Estate is a Flood Hazard Property, the relevant Credit Party’s written acknowledgment of receipt of written notification from the Agent (i) as to the existence of such Flood Hazard Property and (ii) as to whether the community in which each such Flood Hazard Property is located is participating in the National Flood Insurance Program;

(h)                                 evidence reasonably satisfactory to the Agent that such Mortgaged Real Estate, and the uses of such Mortgaged Real Estate, are in compliance in all material respects with all applicable zoning laws, regulations and ordinances (the evidence submitted as to zoning may be in the form of a “zoning letter” from the municipality or other applicable jurisdiction in which the applicable property is located and should include the zoning designation made for such Mortgaged Real Estate and the permitted uses of such Mortgaged Real Estate under such zoning designation;

(i)                                     UCC fixture financing statements for such Mortgaged Real Estate, in form and substance reasonably satisfactory to the Agent, to be filed in the appropriate

32

jurisdiction as is necessary, in the Agent’s reasonable discretion, to perfect the Agent’s lien on such Mortgaged Real Estate;

(j)                                     any existing environmental inspection report or reports in any Credit Party’s possession;

(k)                                  any existing surveys of the sites of such Mortgaged Real Estate in any Credit Party’s possession;

“Reportable Event” means any of the events described in Section 4043 of ERISA and the regulations thereunder.

“Reputable Carrier” means any  carrier of Petroleum Inventory that the Borrower has determined in good faith is a reliable, reputable carrier in the industry, unless the Agent, in its reasonable credit judgment  has objected to the use of such carrier.

“Required Lenders” means, at any time, Lenders (excluding Defaulting Lenders) holding in the aggregate at least 51% of (i) the Revolving Credit Commitments or (ii) if the Revolving Credit Commitments have been terminated, aggregate outstanding principal amount of the Working Capital Obligations (including participation interests in Letter of Credit Obligations, but excluding Swing Loans)).

“Restricted Payment” means (i) any cash dividend or other cash distribution, direct or indirect, on account of any shares of any class of Capital Stock of any Credit Party or any of its Restricted Subsidiaries, as the case may be, now or hereafter outstanding, (ii) any redemption, retirement, sinking fund or similar payment, purchase or other acquisition for value, direct or indirect, of any shares of any class of Capital Stock of any Credit Party (other than purchase or redemption of Borrower’s common stock issued to any officer, director or employee in connection with the payment of withholding taxes on the vesting thereof) or any of its Restricted Subsidiaries now or hereafter outstanding by such Credit Party or Restricted Subsidiary, as the case may be, except for any redemption, retirement, sinking funds or similar payment payable (x) solely to another Credit Party or (y) solely in such shares of that class of stock or in any class of stock junior to that class or (iii) any cash payment made to redeem, purchase, repurchase or retire, or to obtain the surrender of, any outstanding warrants, options or other rights to acquire any shares of any class of Capital Stock of any Credit Party (other than any such payment in respect of withholding taxes due upon the vesting or exercise of any stock option granted to an officer, director or employee of a Credit Party) or any of its Restricted Subsidiaries now or hereafter outstanding.

“Restricted Subsidiaries” means (i) for any period prior to the Closing Date, all Subsidiaries of the Borrower, and (ii) for any period thereafter, all Subsidiaries of the Borrower that are not Unrestricted Subsidiaries.

“Revolving Credit Commitment” means, with respect to each Lender, the commitment of such Lender to make its portion of the Revolving Loans in a principal amount up to such Lender’s Revolving Credit Commitment Percentage of the Revolving Credit Committed Amount.

“Revolving Credit Commitment Percentage” means, for any Lender, the percentage identified as its Revolving Credit Commitment Percentage on Schedule 1.1A, as such percentage

33

may be modified in connection with any assignment made in accordance with the provisions of Section 14.5.

“Revolving Credit Committed Amount” means the aggregate revolving credit line extended by the Lenders to the Borrower for Revolving Loans and Letters of Credit pursuant to and in accordance with the terms of this Credit Agreement, in an amount up to $400,000,000, as such revolving credit line may be reduced from time to time in accordance with Section 2.2(c).

“Revolving Loans” means loans and advances made to the Borrower by all of the Lenders on a revolving basis in accordance with their respective Revolving Credit Commitments pursuant to Section 2.1(a)(i), and includes Base Rate Loans and Eurodollar Loans.

“Revolving Notes” means promissory notes of the Borrower to the Lenders that request such notes pursuant to Section 2.1(c) and that were executed and delivered on the Original Closing Date, substantially in the form of Exhibit F-1, evidencing the obligation of the Borrower to repay the Revolving Loans made by such Lenders, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Risk Management Policy” means the guidelines for investment of funds of the Borrower and the Restricted Subsidiaries set forth in the Risk Management Policy Manual of the Borrower in effect on the Original Closing Date, as modified or supplemented from time to time with the approval of the Board of Directors of the Borrower or an authorized executive committee.

“S&P” means Standard & Poor’s Ratings Group, a division of The ▇▇▇▇▇▇-▇▇▇▇ Companies, Inc.

“Securities Account Control Agreement” means an agreement among a Credit Party, a securities intermediary, and the Agent, which agreement is reasonably acceptable to the Agent and its counsel and which provides for the Agent’s having “control” (as such term is used in Article 9 of the UCC) over the securities accounts described therein, in each case as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Security Agreement” means the Security Agreement, dated as of the Original Closing Date, between the Agent and the Credit Parties (and such other Persons who may from time to time become party thereto by joinder agreement), as amended and restated on the Closing Date substantially in the form of Exhibit E, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Security Documents” means, collectively, the Pledge Agreement, the Security Agreement, each Mortgage, each Deposit Account Control Agreement, and each Commodities Account Control Agreement.

“Senior Subordinated Notes” means the $200,000,000 9 1/8% Senior Subordinated Notes due 2010 issued by the Borrower pursuant to the Senior Subordinated Notes Indenture.

“Senior Subordinated Notes Indenture” means the Indenture dated as of May 30, 2003, executed by the Borrower and ▇▇▇▇▇ Fargo Bank Minnesota, National Association, as indenture trustee, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

34

“Settlement Period” means each week, or such lesser period or periods as the Agent shall reasonably determine.

“Solvent” means that the Borrower and its consolidated Restricted Subsidiaries will not (i) be “insolvent,” within the meaning of such term as defined in section 101 of the “Bankruptcy Code”, or section 2 of either the “UFTA” or the “UFCA”, or as defined or used in any “Other Applicable Law” (as those terms are defined below), or (ii) be unable to pay its debts generally as such debts become due within the meaning of section 548 of the Bankruptcy Code, section 4 of the UFTA or section 6 of the UFCA, or (iii) have an unreasonably small capital to engage in any business or transaction, whether current or contemplated, within the meaning of section 548 of the Bankruptcy Code, section 4 of the UFTA or section 5 of the UFCA. For purposes of the foregoing, “Bankruptcy Code” means 11 U.S.C. section 101 et seq., “UFTA” means the Uniform Fraudulent Transfer Act, “UFCA” means the Uniform Fraudulent Conveyance Act, and “Other Applicable Law” means any other applicable law pertaining to fraudulent transfers or acts voidable by creditors, in each case as such law may be amended from time to time.

“Solvency Certificate” means an officer’s certificate of the Borrower prepared by the chief financial officer of the Borrower as to the financial condition, solvency and related matters of the Credit Parties, on a pro forma basis after giving effect to the IPO, substantially in the form of Exhibit M.

“Structures” means all plants, offices, manufacturing facilities, warehouses, administration buildings and related facilities of the Credit Parties located on the Real Estate described on Schedule 6.19, as it may be updated from time to time pursuant to Sections 7.9 and 7.17, together with all Structures thereon.

“Subordinated Debt” means the Senior Subordinated Notes and any other unsecured Indebtedness incurred by any Credit Party, which, in each case, is expressly subordinated and made junior to the payment and performance in full of the Obligations and contains terms and conditions reasonably satisfactory to the Agent.

“Subordination Agreements” means the agreements entered into from time to time by and among the Borrower, the Agent, on behalf of the Lenders, and a third party creditor of any such Borrower providing for the subordination of such third party creditor’s claims to those of the Lenders on terms and conditions reasonably satisfactory to the Agent.

“Subsidiary” means, as to any Person, (a) any corporation more than 50% of whose Capital Stock of any class or classes having by the terms thereof ordinary voting power to elect a majority of the directors of such corporation (irrespective of whether or not at the time, any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such Person directly or indirectly through Subsidiaries, (b) any partnership, limited liability company, association, joint venture or other entity in which such Person directly or indirectly through Subsidiaries has more than a fifty percent (50%) interest in the total capital, total income and/or total ownership interests of such entity at any time and (c) any partnership in which such Person is a general partner.  Unless otherwise qualified, all references to a “Subsidiary” or to “Subsidiaries” in this Credit Agreement shall refer to a Subsidiary or Subsidiaries of the Borrower.

35

“Swing Loan” means a Loan made by Wachovia pursuant to Section 2.1(a)(ii), which must be a Base Rate Loan or a LIBOR Index Loan.

“Swing Note” means the promissory note of the Borrower in favor of Wachovia that was executed and delivered on the Original Closing Date, substantially in the form of Exhibit F-2, evidencing the obligation of the Borrower to repay the Swing Loans, as the same may be amended, restated, supplemented, or otherwise modified from time to time.

“Taxes” means any federal, state, local or foreign income, sales, use, transfer, payroll, personal, property, occupancy, franchise or other tax, levy, impost, fee, imposition, assessment or similar charge, together with any interest or penalties thereon.

“Termination Event” means (i) a Reportable Event with respect to any Benefit Plan or Multiemployer Plan; (ii) the withdrawal of any Credit Parties or any of their Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates from a Benefit Plan during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA; (iii) the providing of notice of intent to terminate a Benefit Plan pursuant to Section 4041 of ERISA; (iv) the institution by the PBGC of proceedings to terminate a Benefit Plan or Multiemployer Plan; (v) any event or condition (a) which might constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Benefit Plan or Multiemployer Plan, or (b) that may result in termination of a Multiemployer Plan pursuant to Section 4041A of ERISA; or (vi) the partial or complete withdrawal within the meaning of Sections 4203 and 4205 of ERISA, of any Credit Parties or any of their Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates from a Multiemployer Plan.

“Titled In-Transit Inventory” means inventory which is with a Reputable Carrier on the water or in vessels in transit to the United States of America and to which a Credit Party has title as evidenced by non-negotiable documents of title, bills of lading or other reasonably satisfactory documentation.

“Title Insurance Company” means, as to each parcel or tract of the Mortgaged Real Estate, Lawyers Title Insurance Corporation or any other title insurance company, mutually acceptable to the Borrower and the Agent, issuing the Mortgagee Policy with respect thereto.

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York.

“UCP” means The Uniform Customs and Practice for Documentary Credits, as published as of the date of issue of any Letter of Credit by the International Chamber of Commerce.

“USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT) Act of 2001, as in effect from time to time.

“Unrestricted Subsidiaries” means Partners and all other MLP Entities.

“Voting Stock” means, with respect to any Person, Capital Stock issued by such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the

36

election of directors (or persons performing similar functions) of such Person, even though the right so to vote has been suspended by the happening of such a contingency.

“Wachovia” means Wachovia Bank, National Association and its successors and permitted assigns.

“Working Capital Obligations” means the sum at any time of (a) the Aggregate Revolving Loan Amount Outstanding, (b) the Aggregate Swing Loan Amount Outstanding and (c) the Letter of Credit Obligations.

1.2                               Accounting Terms and Determinations.

Unless otherwise defined or specified herein, all accounting terms shall be construed herein and all accounting determinations for purposes of determining compliance with Section 8.1  and otherwise to be made under this Credit Agreement shall be made in accordance with GAAP (but excluding the consolidated Unrestricted Subsidiaries, as provided in the definition of GAAP) applied on a basis consistent in all material respects with the Financials).    If GAAP shall change from the basis used in preparing the Financials, the certificates required to be delivered pursuant to Section 7.1 demonstrating compliance with the covenants contained herein shall include calculations setting forth the adjustments necessary to demonstrate how the Credit Parties are in compliance with the financial covenants based upon GAAP as in effect on the Original Closing Date.  If the Credit Parties shall change their method of inventory accounting, all calculations necessary to determine compliance with the covenants contained herein shall be made as if such method of inventory accounting had not been so changed.

The Credit Parties shall deliver to the Agent and each Lender at the same time as the delivery of any annual financial statements given in accordance with the provisions of Section 7.1, (i) a description in reasonable detail of any material change in the application of accounting principles employed in the preparation of such financial statements from those applied in the most recently preceding annual financial statements and (ii) a reasonable estimate of the effect on the financial statements on account of such changes in application.

1.3                               Other Definitional Terms.

Terms not otherwise defined herein which are defined in the UCC shall have the meanings given them in the UCC.  The words “hereof”, “herein” and “hereunder” and words of similar import when used in this Credit Agreement shall refer to the Credit Agreement as a whole and not to any particular provision of this Credit Agreement, unless otherwise specifically provided.  References in this Credit Agreement to “Articles”, “Sections”, “Schedules” or “Exhibits” shall be to Articles, Sections, Schedules or Exhibits of or to this Credit Agreement unless otherwise specifically provided.  Any of the terms defined in Section 1.1 may, unless the context otherwise requires, be used in the singular or plural depending on the reference.  “Include”, “includes” and “including” shall be deemed to be followed by “without limitation” whether or not they are in fact followed by such words or words of like import.  “Writing”, “written” and comparable terms refer to printing, typing, computer disk, e-mail and other means of reproducing words in a visible form.  References to any agreement or contract are to such agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof.  References to any Person include the successors and

37

permitted assigns of such Person.  References “from” or “through” any date mean, unless otherwise specified, “from and including” or “through and including”, respectively.  References to any times herein shall refer to Eastern Standard or Daylight Savings time, as applicable.

ARTICLE II

LOANS

2.1                               Revolving Loans and Swing Loans.

(a)                                  Commitments.

(i)                                     Revolving Loans.  Subject to the terms and conditions hereof and in reliance upon the representations and warranties set forth herein, each of the Lenders severally agrees to lend to the Borrower at any time or from time to time on or after the Original Closing Date and before the Maturity Date, such Lender’s Revolving Credit Commitment Percentage of the Revolving Loans as may be requested or deemed requested by the Borrower.

(ii)                                  Swing Loans.  In addition to the foregoing, Wachovia shall from time to time, upon the request of the Borrower, if the applicable conditions precedent in Article V have been satisfied, make Swing Loans to the Borrower in an aggregate principal amount at any time outstanding not exceeding $40,000,000; provided that, immediately after such Swing Loan is made, the conditions set forth in clauses (i) and (ii) of Section 2.1(b) shall have been satisfied.  Except for calculation of the Commitment Fee as set forth in the definition thereof, Swing Loans shall not be considered a utilization of the Revolving Credit Commitment of Wachovia or any other Lender hereunder.  All Swing Loans shall be made as Base Rate Loans or as LIBOR Index Loans.  At any time, upon the request of Wachovia, each Lender other than Wachovia shall, on the third (3^rd) Business Day after such request is made, purchase a participating interest in Swing Loans in an amount equal to its ratable share (based upon its respective Revolving Credit Commitment) of such Swing Loans.  On such third (3^rd) Business Day, each Lender will immediately transfer to Wachovia, in immediately available funds, the amount of its participation.  Whenever, at any time after Wachovia has received from any such Lender its participating interest in a Swing Loan, the Agent receives any payment on account thereof, the Agent will distribute to such Lender its participating interest in such amount (appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating interest was outstanding and funded); provided, however, that in the event that such payment received by the Agent is required to be returned, such Lender will return to the Agent any portion thereof previously distributed by the Agent to it.  Each Lender’s obligation to purchase such participating interests shall be absolute and unconditional and shall not be affected by any circumstance, including, without limitation:  (i) any set-off, counterclaim, recoupment, defense or other right which such Lender or any other Person may have against Wachovia requesting such purchase or any other Person for any reason whatsoever; (ii) the occurrence or continuance of a Default or an

38

Event of Default or the termination of the Revolving Credit Commitments; (iii) any adverse change in the condition (financial or otherwise) of the Credit Parties or any other Person; (iv) any breach of this Agreement by the Borrower or any other Lender; or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

(b)                                 Determination of Borrowing Base.

(i)                                     The Lenders agree, subject to the terms and conditions of this Credit Agreement, from time to time, to make Revolving Loans to the Borrower on a revolving basis.  The Working Capital Obligations, shall not in the aggregate exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base.

(ii)                                  No Lender shall be obligated at any time to make available to the Borrower its Revolving Credit Commitment Percentage of any requested Revolving Loan if such amount plus its Revolving Credit Commitment Percentage of all Revolving Loans and its Revolving Credit Commitment Percentage of all Letter of Credit Obligations would exceed such Lender’s Revolving Credit Commitment at such time.  The aggregate balance of Working Capital Obligations shall not at any time exceed the Revolving Credit Committed Amount.  No Lender shall be obligated to make available, nor shall the Agent make available (except pursuant to and in accordance with Section 2.1(d)(vi)), any Revolving Loans to the Borrower to the extent such Revolving Loan when added to the then outstanding Revolving Loans, Swing Loans and Letter of Credit Obligations would cause the aggregate outstanding Working Capital Obligations to exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base.  If at any time (1) the amount of all Working Capital Obligations outstanding exceeds (2) the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base the Borrower immediately shall make a mandatory prepayment in accordance with the provisions of Section 2.2(b)(i).

(c)                                  Revolving Notes and Swing Notes.  If so requested by a Lender (at or at any after the Original Closing Date), the obligations of the Borrower to repay the Revolving Loans to such Lender and to pay interest thereon shall be evidenced by a separate Revolving Note to such Lender, with appropriate insertions.  One Revolving Note shall be payable to the order of each Lender which so requests a Revolving Note, and each such Revolving Note shall be in a principal amount equal to such Lender’s Revolving Credit Commitment and shall represent the obligations of the Borrower to pay such Lender the amount of such Lender’s Revolving Credit Commitment or, if less, the aggregate unpaid principal amount of all Revolving Loans made by such Lender hereunder, plus interest accrued thereon, as set forth herein.  Subject to Sections 2.5, 13.8 and 14.5(e), the Borrower irrevocably authorizes each Lender which has been issued a Revolving Note to make or cause to be made appropriate notations on its Revolving Note, or on a record pertaining thereto, reflecting Revolving Loans and repayments thereof.  The outstanding amount of the Revolving Loans set forth on such Lender’s Revolving Note or record shall be prima facie evidence of the principal amount thereof

39

owing and unpaid to such Lender, but the failure to make such notation or record, or any error in such notation or record shall not limit or otherwise affect the obligations of the Borrower hereunder or under any Revolving Note to make payments of principal of or interest on any Revolving Note when due.  Any of the foregoing to the contrary notwithstanding, any lack of a Lender’s request to be issued a Revolving Note shall not, in any manner, diminish the Borrower’s obligations to repay the Revolving Loans made by such Lender, together with all other amounts owing to such Lender by the Borrower.  The Swing Loans shall be evidenced by a single Swing Note payable to the order of Wachovia in the original principal amount of $40,000,000.

(d)                                 Borrowings.

(i)                                     Each request for borrowings hereunder shall be made by a Notice of Borrowing and Payment from the Borrower to the Agent, given not later than (A) 2:00 P.M. on the Business Day on which the proposed borrowing is requested to be made for Revolving Loans that will be Base Rate Loans and for Swing Loans and (B) during normal business hours on the date that is three Business Days prior to the date of the requested borrowing of Revolving Loans that will be Eurodollar Loans.  Each request for borrowing made in a Notice of Borrowing and Payment shall be given by telecopy, setting forth (1) the requested date of such borrowing, (2) the aggregate amount of such requested borrowing and whether it is for a Revolving Loan or Swing Loan, (3) whether such Revolving Loans will be Base Rate Loans or the Eurodollar Rate Loans, and if appropriate, the applicable Interest Period, (4) whether such Swing Loans will be Base Rate Loans or LIBOR Index Loans, (5) certification by the Borrower that it has complied in all respects with Section 5.3, all of which shall be specified in such manner as is necessary to comply with all limitations on Revolving Loans and Swing Loans outstanding hereunder (including, without limitation, availability under the Borrowing Base) and (6) the account at which such requested funds should be made available.  Each request for borrowing made in a Notice of Borrowing and Payment shall be irrevocable by and binding on the Borrower.  The Borrower shall be entitled to borrow Revolving Loans in a minimum principal amount of $1,000,000 and integral multiples of $1,000,000 in excess thereof (or the remaining amount of the Revolving Credit Committed Amount, if less) and shall be entitled to borrow Base Rate Loans or Eurodollar Loans, or a combination thereof, as the Borrower may request; provided, that no more than eight (8) Eurodollar Loans shall be outstanding hereunder at any one time; and provided, further, that Eurodollar Loans shall be in a minimum principal amount of at least $5,000,000 and integral multiples of $1,000,000 in excess thereof. Revolving Loans may be repaid and reborrowed in accordance with the provisions hereof. Each Swing Loan shall be in a minimum principal amount of at least $1,000,000 and integral multiples of $1,000,000 in excess thereof. Revolving Loans and Swing Loans may be repaid and reborrowed in accordance with the provisions hereof.

The Agent shall give to each Lender prompt notice (but in no event later than 3:00 P.M. on the date of the Agent’s receipt of notice from the Borrower) of each requested borrowing in a Notice of Borrowing and Payment by telecopy,

40

telex or cable (other than any Notice of Borrowing and Payment which will be funded by the Agent in accordance with subsection (d)(ii) below).  No later than 4:00 P.M. on the date on which a Revolving Loan borrowing is requested to be made pursuant to the applicable Notice of Borrowing and Payment, each Lender will make available to the Agent at the address of the Agent set forth on the signature pages hereto, in immediately available funds, its Revolving Credit Commitment Percentage of such borrowing requested to be made (unless such funding is to be made by the Agent in accordance with subsection (d)(ii) below).  Unless the Agent shall have been notified by any Lender prior to the date of borrowing that such Lender does not intend to make available to the Agent its portion of the Revolving Loan borrowing to be made on such date, the Agent may assume that such Lender will make such amount available to the Agent as required above and the Agent may, in reliance upon such assumption, make available the amount of the borrowing to be provided by such Lender.  Upon fulfillment of the conditions set forth in Section 5.3 for such borrowing, the Agent will make such funds available to the Borrower at the account specified by the Borrower in such Notice of Borrowing and Payment.

(ii)                                  If the amounts of Revolving Loans described in subsection (d)(i) of this Section 2.1 are not in fact made available to the Agent by a Lender (such Lender being hereinafter referred to as a “Defaulting Lender”) and the Agent has made such amount available to the Borrower, the Agent shall be entitled to recover such corresponding amount on demand from such Defaulting Lender.  If such Defaulting Lender does not pay such corresponding amount forthwith upon the Agent’s demand therefor, the Agent shall promptly notify the Borrower and the Borrower shall immediately (but in no event later than five Business Days after such demand) pay such corresponding amount to the Agent.  The Agent shall also be entitled to recover from such Defaulting Lender and the Borrower, (A) interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Agent to the Borrower to the date such corresponding amount is recovered by the Agent, at a rate per annum equal to either (1) if paid by such Defaulting Lender, the overnight Federal Funds Rate or (2) if paid by the Borrower, the then applicable rate of interest, calculated in accordance with Section 4.1, plus (B) in each case, an amount equal to any reasonable costs (including reasonable legal expenses) and losses incurred as a result of the failure of such Defaulting Lender to provide such amount as provided in this Credit Agreement.  Nothing herein shall be deemed to relieve any Lender from its obligation to fulfill its commitments hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder, including, without limitation, the right of the Borrower to seek reimbursement from any Defaulting Lender for any amounts paid by the Borrower under clause (B) above on account of such Defaulting Lender’s default.

(iii)                               The failure of any Lender to make the Revolving Loan to be made by it as part of any borrowing shall not relieve any other Lender of its obligation, if any, hereunder to make its Revolving Loan on the date of such borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Revolving Loan to be made by such other Lender on the date of any borrowing.

41

(iv)                              Each Lender shall be entitled to earn interest at the then applicable rate of interest, calculated in accordance with Article IV, on outstanding Revolving Loans which it has funded to the Agent from the date such Lender funded such Revolving Loan to, but excluding, the date on which such Lender is repaid with respect to such Revolving Loan.

(v)                                 A request for a borrowing may not be made by telephone, unless no other means are available at the time of such request.

(vi)                              Notwithstanding anything to the contrary contained elsewhere herein, and whether or not a Default or Event of Default exists at the time, unless otherwise objected to by the Required Lenders in writing, the Agent may in its reasonable discretion require all Lenders to honor requests or deemed requests by the Borrower for Revolving Loans at a time that an Overadvance exists or which would result in an Overadvance and each Lender shall be obligated to continue to make its pro rata share of Revolving Loans, up to a maximum amount outstanding equal to its Revolving Credit Commitment, so long as such Overadvance is not known by the Agent to exceed $10,000,000 and so long as such Overadvance is not outstanding for more than ten (10) Business Days.  No new Overadvance may be made at any time during which an existing Overadvance is outstanding.

2.2                               Optional and Mandatory Prepayments; Reduction of Revolving Credit Committed Amount.

(a)                                  Voluntary Prepayments.  The Borrower shall have the right to prepay Loans in whole or in part from time to time, but otherwise without premium or penalty; provided, however, that (i) Loans that are Eurodollar Loans may only be prepaid on three (3) Business Days’ prior written notice to the Agent specifying the applicable Loans to be prepaid; (ii) any prepayment of Loans that are Eurodollar Loans will be subject to Section 4.10; (iii) each such partial prepayment of Revolving Loans shall be in a minimum principal amount of $1,000,000 for Base Rate Loans and $5,000,000 for Eurodollar Loans and (iv) each such partial prepayment of Swing Loans shall be in a minimum principal amount of $1,000,000.  Voluntary prepayments shall be applied to Base Rate Loans, LIBOR Index Loans or to Eurodollar Loans in the order of Interest Period maturities as directed by the Borrower.

(b)                                 Mandatory Prepayments.

(i)                                     Revolving Credit Committed Amount.  If at any time, the Working Capital Obligations outstanding shall exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B), except as permitted by Section 2.1(d)(vi), the Borrowing Base, the Borrower immediately shall pay to the Agent, for the ratable account of the Lenders, an amount sufficient to eliminate such excess.

(ii)                                  Application of Mandatory Prepayments.  All amounts required to be paid pursuant to this Section 2.2(b) shall be applied to Swing Loans, and then Revolving Loans and (after all Revolving Loans have been repaid) to a cash

42

collateral account held by the Agent in respect of Letter of Credit Obligations.  Within the parameters of the applications set forth above for Swing Loans and Revolving Loans, prepayments shall be applied first to Base Rate Loans and then to Eurodollar Loans in direct order of Interest Period maturities.  All prepayments under this Section 2.2(b) shall be subject to Section 4.10.

(c)                                  Voluntary Reductions of Revolving Credit Committed Amount.  The Borrower may from time to time permanently reduce or terminate the Revolving Credit Committed Amount in whole or in part (in minimum aggregate amounts of $5,000,000 or in integral multiples of $1,000,000 in excess thereof (or, if less, the full remaining amount of the then applicable Revolving Credit Committed Amount)) upon three (3) Business Days’ prior written notice to the Agent; provided, however, no such termination or reduction shall be made which would cause the aggregate principal amount of outstanding Revolving Loans plus Letter of Credit Obligations outstanding to exceed the lesser of (A) the Revolving Credit Committed Amount and (B) the Borrowing Base, unless, concurrently with such termination or reduction, the Borrower make a mandatory prepayment in accordance with the provisions of Section 2.2(b)(i).  The Agent shall promptly notify each affected Lender of receipt by the Agent of any notice from the Borrower pursuant to this Section 2.2(c).

(d)                                 Maturity Date.  The Revolving Credit Commitment of the Lenders, the commitment of Wachovia to make Swing Loans and the Letter of Credit Commitment of the Issuing Bank shall automatically terminate on the Maturity Date.

(e)                                  General.  The Borrower shall pay to the Agent for the account of the Lenders in accordance with the terms of Section 4.3, on the date of each termination or reduction of the Revolving Credit Committed Amount, the Commitment Fee accrued through the date of such termination or reduction on the amount of the Revolving Credit Committed Amount so terminated or reduced.

(f)                                    Hedging Obligations Unaffected.  Any prepayment made pursuant to this Section 2.2 shall not affect the Borrower’s obligation to continue to make payments under any Lender Hedging Agreement, which shall remain in full force and effect notwithstanding such prepayment, subject to the terms of such Lender Hedging Agreement.

2.3                               Payments and Computations.

(a)                                  Payments.  The Borrower shall make each payment hereunder and under the Notes not later than 2:00 P.M. on the day when due.  Payments made by the Borrower shall be in Dollars to the Agent at its address referred to in Section 14.4 in immediately available funds without deduction, withholding, setoff or counterclaim.  As soon as practicable after the Agent receives payment from the Borrower, but in no event later than one Business Day after such payment has been made, subject to Section 2.1(d)(ii), the Agent will cause to be distributed like funds relating to the payment of principal, interest, or Fees (other than amounts payable on the Swing Loans or to the Agent to reimburse the Agent and the Issuing Bank for fees and expenses payable solely to them pursuant to Article IV) or expenses payable to the Agent and the Lenders in accordance

43

with Section 14.7 ratably to the Lenders, and like funds relating to the payment of any other amounts payable to such Lender.  The Borrower’s obligations to the Lenders with respect to such payments shall be discharged by making such payments to the Agent pursuant to this Section 2.3(a) or if not timely paid or any Event of Default then exists, may be added to the principal amount of the Revolving Loans outstanding.

(b)                                 Lockboxes.

(i)                                     The Borrower and (by execution and delivery of the Guaranty Agreement or of a joinder thereto and incorporation by reference therein) each Guarantor hereby agree to comply with the provisions of this Section 2.3(b). Each of the Credit Parties, individually or through the Borrower, shall establish and shall maintain one or more lockboxes (each a “Lockbox”) with financial institutions, including, without limitation, Wachovia and ▇▇▇▇▇ Fargo Bank, National Association, selected by the Borrower and reasonably acceptable to the Agent (each a “Lockbox Bank”) and shall instruct all account debtors on the Accounts of each Credit Party to remit all payments to its respective Lockboxes.  All amounts received by the Credit Parties from any account debtor, in addition to all other cash received from any other source (including but not limited to proceeds from asset sales and judgments), shall be promptly deposited into an account which is maintained at a Lockbox Bank and which is subject to a Deposit Account Control Agreement in favor of the Agent (each such account, a “Lockbox Account”) or into the Cash Concentration Account.  The foregoing notwithstanding, unless the Agent otherwise requires, no Deposit Account Control Agreement shall be required with respect to any Lockbox Account maintained with the Agent, so long as the Agent has “control” (as such term is used in Article 9 of the UCC) over such account.

(ii)                                  All receipts held in the Lockboxes shall be remitted daily to the appropriate Lockbox Account.  After the occurrence and during the continuance of an Event of Default, or in the event there shall occur a breach of the covenants contained in clause (i) above or Section 9.10 for so long as any such breach of the covenant contained in clause (i) or Section 9.10 continues and remains uncured, all funds deposited into the Lockbox Accounts on any Business Day shall be transferred to the Cash Concentration Account.    All amounts received directly by the Credit Parties from any account debtor, in addition to all other cash received from any other source (including, without limitation, proceeds from asset sales and judgments), shall be held in trust by the Credit Parties and promptly deposited into a Lockbox Account or, if made by wire transfer, directly to a Lockbox Account.

(iii)                               Funds deposited into the Cash Concentration Account pursuant to clause (ii) above shall immediately become the property of the Agent and the Credit Parties shall obtain the agreement by the Lockbox Banks to waive any offset rights against the funds so deposited, except as permitted by the Deposit Account Control Agreement pertaining thereto.  The Agent assumes no responsibility for the Lockbox arrangements, including without limitation, any claim of accord and satisfaction or release with respect to deposits accepted by the

44

Lockbox Banks thereunder except to the extent that the Agent begins to instruct the Lockbox Bank after the occurrence and during the continuance of an Event of Default or breach of the covenants contained in clause (i) above or Section 9.10.

(iv)                              The Credit Parties may close Lockboxes only with the prior written consent (such consent not to be unreasonably withheld or delayed) of the Agent and subject to the terms and conditions set forth in any applicable Deposit Account Control Agreement.  The Credit Parties may open new Lockboxes and Lockbox Accounts, subject to such Lockbox Account’s being subject to a Deposit Account Control Agreement as contemplated above.

(v)                                 No Credit Party shall direct any account debtor to submit payment on any Account to any address or location other than to a Lockbox.  No collections from any Account shall be deposited into any account other than a Lockbox Account or the Cash Concentration Account.

(c)                                  After the occurrence and during the continuance of an Event of Default, the Borrower hereby authorizes each Lender to charge from time to time against the Borrower’s accounts with such Lender any of the Obligations which are then due and payable.  Each Lender receiving any payment as a result of charging any such account shall promptly notify the Agent thereof and make such arrangements as the Agent shall request to share the benefit thereof in accordance with Section 2.7.

(d)                                 Except as otherwise provided herein with respect to Eurodollar Loans, any payments falling due under this Credit Agreement on a day other than a Business Day shall be due and payable on the next succeeding Business Day and shall accrue interest at the applicable interest rate provided for in this Credit Agreement to but excluding such Business Day.  Except as otherwise provided herein, computation of interest and fees hereunder shall be made on the basis of actual number of days elapsed over a year of 360 days.  Interest on Base Rate Loans bearing interest based on the Prime Rate shall be calculated on the basis of a year of 365 (or 366, if applicable) days.

2.4                               Maintenance of Account.

The Agent shall maintain an account on its books in the name of the Borrower in which the Borrower will be charged with all loans and advances made by the Lenders to the Borrower or for the Borrower’s account, including the Revolving Loans, the Swing Loans, the Letter of Credit Obligations and any other Obligations, including any and all costs, expenses and attorney’s fees which the Agent may incur, including, without limitation, in connection with the exercise by or for the Lenders of any of the rights or powers herein conferred upon the Agent (other than in connection with any assignments or participations by any Lender) or in the prosecution or defense of any action or proceeding by or against the Borrower or the Lenders concerning any matter arising out of, connected with, or relating to this Credit Agreement or the Accounts, or any Obligations owing to the Lenders by the Borrower.  The Borrower will be credited in accordance with Section 2.3(b)(ii) above, with all amounts received by the Lenders from the Borrower or from others for the Borrower’s account, including, as above set forth, all amounts received by the Agent in payment of Accounts.  In no event shall prior recourse to any Accounts or other Collateral be a prerequisite to the Agent’s right to demand payment of any

45

Obligation upon its maturity.  Further, it is understood that the Agent shall have no obligation whatsoever to perform in any respect any of the Borrower’s contracts or obligations relating to the Accounts.

2.5                               Statement of Account.

Within fifteen (15) days after the end of each month the Agent shall send the Borrower a statement showing the accounting for the charges, loans, advances and other transactions occurring between the Lenders and the Borrower during that month.  The monthly statements shall be deemed correct and binding upon the Borrower and shall constitute an account stated between the Borrower and the Lenders unless the Agent receives a written statement of the Borrower’s exceptions within forty-five  (45) days after same is mailed to the Borrower.

2.6                               Taxes.

(a)                                  All payments made by the Borrower hereunder or under any Note will be, except as provided in Section 2.6(b), made free and clear of, and without deduction or withholding for, any present or future taxes, levies, imposts, duties, fees, assessments or other charges of whatever nature now or hereafter imposed by any Governmental Authority or by any political subdivision or taxing authority thereof or therein with respect to such payments (but excluding any tax imposed on or measured by the net income or profits of a Lender pursuant to the laws of the jurisdiction in which it is organized or the jurisdiction in which the principal office or applicable lending office of such Lender is located or any subdivision thereof or therein (the “Excluded Taxes”)) and all interest, penalties or similar liabilities with respect thereto (all such non-excluded taxes, levies, imposts, duties, fees, assessments or other charges being referred to collectively as “Payment Taxes”).  If any Payment Taxes are so levied or imposed, the Borrower agrees to pay the full amount of such Payment Taxes, and such additional amounts as may be necessary so that every payment of all amounts due under this Credit Agreement or any other Credit Document, after withholding or deduction for or on account of any Payment Taxes, will not be less than the amount provided for herein or therein.  The Borrower agrees to indemnify and hold harmless each Lender, and reimburse such Lender upon its written request, for the amount of any Payment Taxes so levied or imposed and paid by such Lender.

(b)                                 Each Foreign Lender agrees to deliver to the Borrower and the Agent on or prior to the Closing Date, or in the case of a Lender that is an assignee or transferee of an interest under this Credit Agreement pursuant to Section 14.5(c) (unless the respective Lender was already a Lender hereunder immediately prior to such assignment or transfer), on the date of such assignment or transfer to such Foreign Lender, two accurate and complete original signed copies of Internal Revenue Service Form ▇-▇ ▇▇▇, ▇-▇ ECI or W-8 IMY, as applicable (or successor forms) certifying such Foreign Lender’s entitlement to a complete exemption from United States withholding tax with respect to payments to be made under this Credit Agreement and under any Note.  In addition, each Foreign Lender agrees that it will deliver updated versions of the foregoing, as applicable, whenever the previous certification has become obsolete or inaccurate in any material respect, together with such other forms as may be required in order to confirm or establish the entitlement of such Foreign Lender to a continued exemption from or

46

reduction in United States withholding tax with respect to payments under this Agreement and any Note.  Notwithstanding anything to the contrary contained in Section 2.6(a), but subject to the immediately succeeding sentence, (x) the Borrower shall be entitled, to the extent it is required to do so by law, to deduct or withhold Payment Taxes imposed by the United States (or any political subdivision or taxing authority thereof or therein) from interest, fees or other amounts payable hereunder for the account of any Foreign Lender to the extent that such Foreign Lender has not provided to the Borrower U.S. Internal Revenue Service Forms that establish a complete exemption from such deduction or withholding and (y) the Borrower shall not be obligated pursuant to Section 2.6(a) to gross-up payments to be made to a Foreign Lender in respect of Payment Taxes imposed by the United States if such Foreign Lender has not provided to the Borrower the Internal Revenue Service Forms required to be provided to the Borrower pursuant to this Section 2.6(b) or if such forms do not provide for a complete exemption from withholding tax.  Notwithstanding anything to the contrary contained in the preceding sentence or elsewhere in this Section 2.6, the Borrower agrees to pay additional amounts and to indemnify each Lender in the manner set forth in Section 2.6(a) (without regard to the identity of the jurisdiction requiring the deduction or withholding) in respect of any amounts deducted or withheld by it as described in the immediately preceding sentence as a result of any changes after the Closing Date in any applicable law, treaty, governmental rule, regulation, guideline or order, or in the interpretation thereof, relating to the deducting or withholding of Payment Taxes.  Notwithstanding anything to the contrary contained in this Section 2.6, the Borrower shall not be required to pay any Payment Taxes for any period ending ninety (90) days or more prior to the request for payment of such Other Taxes.

(c)                                  Each Lender agrees to use reasonable efforts (including reasonable efforts to change its lending office) to avoid or to minimize any amounts which might otherwise be payable pursuant to this Section 2.6; provided, however, that such efforts shall not cause the imposition on such Lender of any additional costs or legal or regulatory burdens deemed by such Lender in its reasonable discretion to be material.

(d)                                 If the Borrower pays any additional amount pursuant to this Section 2.6 with respect to a Lender, such Lender shall use reasonable efforts to obtain a refund of tax or credit against its tax liabilities on account of such payment; provided that such Lender shall have no obligation to use such reasonable efforts if either (i) it is in an excess foreign tax credit position or (ii) it believes in good faith, in its reasonable discretion, that claiming a refund or credit would cause adverse tax consequences to it.  In the event that such Lender receives such a refund or credit, such Lender shall pay to the Borrower an amount that such Lender reasonably determines is equal to the net tax benefit obtained by such Lender as a result of such payment by the Borrower.  In the event that no refund or credit is obtained with respect to the Borrower’s payments to such Lender pursuant to this Section 2.6, then such Lender shall upon request provide a certification that such Lender has not received a refund or credit for such payments.  Nothing contained in this Section 2.6 shall require a Lender to disclose or detail the basis of its calculation of the amount of any tax benefit or any other amount or the basis of its determination referred to in the proviso to the first sentence of this Section 2.6(a) to the Borrower or any other party.

47

(e)                                  In addition, the Borrower agrees to pay any present or future stamp, documentary, privilege, intangible or similar Taxes or any other excise or property Taxes, charges or similar levies that arise at any time or from time to time (other than Excluded Taxes) (i) from any payment made under any and all Credit Documents, (ii) from the transfer of the rights of any Lender under any Credit Documents to any other Lender or Lenders or (iii) from the execution or delivery by the Borrower of, or from the filing or recording or maintenance of, or otherwise with respect to, any and all Credit Documents (hereinafter referred to as “Other Taxes”).

(f)                                    The Borrower will indemnify each Lender and the Agent for the full amount of Payment Taxes (including, without limitation and without duplication, any Payment Taxes imposed by any jurisdiction on amounts payable under this Section 2.6), subject to (i) the exclusion set out in the first sentence of Section 2.6(a), and (ii) the provisions of Section 2.6(b), and will indemnify each Lender and the Agent for the full amount of Other Taxes (including, without limitation and without duplication, any Payment Taxes imposed by any jurisdiction on such Other Taxes paid by such Lender or the Agent (on its own behalf or on behalf of any Lender), as the case may be, in respect of payments made or to be made hereunder, and any liability (including penalties, interest and expenses) arising solely therefrom or with respect thereto, whether or not such Payment Taxes or Other Taxes were correctly or legally asserted.  Payment of this indemnification shall be made within thirty (30) days from the date such Lender or the Agent, as the case may be, makes written demand therefor.

(g)                                 Within thirty (30) days after the date of any payment of Payment Taxes or Other Taxes by the Borrower, the  Borrower shall furnish to the Agent, at its address referred to in Section 14.4, the original or certified copy of a receipt evidencing payment thereof.

(h)                                 Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in this Section 2.6 shall survive the payment in full of all Obligations hereunder and under any Notes.

2.7                               Sharing of Payments.

If any Lender shall obtain any payment (whether voluntary, involuntary, through the exercise of any right of setoff or otherwise) on account of the Loans made by it in excess of its pro rata share of such payment as provided in this Credit Agreement or its participation in Letters of Credit in excess of its pro rata share of its participation therein as provided for in this Credit Agreement, such Lender shall forthwith purchase from the other Lenders such participations in the Loans made by them or in their participation in Letters of Credit as shall be necessary to cause such purchasing Lender to share the excess payment accruing to all Lenders in accordance with their respective ratable shares as provided for in this Credit Agreement; provided, however, that if all or any portion of such excess is thereafter recovered from such purchasing Lender, such purchase from each Lender shall be rescinded and each such Lender shall repay to the purchasing Lender the purchase price to the extent of such recovery together with an amount equal to such Lender’s ratable share (according to the proportion of (i) the amount of such Lender’s required repayment to (ii) the total amount so recovered from the purchasing Lender) or any interest or other amount paid or payable by the purchasing Lender in respect to the total

48

amount so recovered.  The Borrower agree that any Lender so purchasing a participation from another Lender pursuant to this Section 2.7 may, to the fullest extent permitted by law, exercise all of its rights of payment (including the right of setoff) with respect to such participation as fully as if such Lender were the direct creditor of the Borrower in the amount of such participation.

2.8                               Allocation of Payments; Pro Rata Treatment.

(a)                                  Allocation of Payments Prior to Event of Default; Payments Generally. Each borrowing of Revolving Loans and any reduction of the Revolving Credit Commitments shall be made pro rata according to the respective Revolving Credit Commitment Percentages of the Lenders.  Each payment under this Agreement or any Note shall be applied, first, to any Fees then due and owing pursuant to Article IV, second, to interest then due and owing in respect of the Swing Loans, third to principal then due and owing hereunder and under the Swing Loans, fourth, to interest then due and owing in respect of the Revolving Loans and lastly, to principal then due and owing hereunder and under the Revolving Loans.  Each payment on account of any Fees pursuant to Article IV shall be made pro rata in accordance with the respective amounts due and owing (except the Issuing Bank Fees which shall be payable solely to the Issuing Bank).  Each payment (other than prepayments) by the Borrower on account of principal of and interest on the Revolving Loans shall be allocated pro rata among the Lenders in accordance with the respective principal amounts of their outstanding Loans.  Payments made pursuant to Section 4.9 shall be applied in accordance with such Section.  Each voluntary and mandatory prepayment on account of principal of the Loans shall be applied in accordance with Section 2.2(a) or (b), as applicable.

(b)                                 Allocation of Payments After Event of Default and Proceeds of Collateral.  Notwithstanding any other provisions of this Credit Agreement or any other Credit Document to the contrary, after the occurrence and during the continuance of an Event of Default, all amounts collected or received by the Agent or any Lender on account of the Obligations (whether in an insolvency or bankruptcy case or proceeding or otherwise) or any other amounts outstanding under any of the Credit Documents or in respect of the Collateral (including, without limitation, any funds on deposit in any Lockbox Account, other deposit account, or the Cash Concentration Account) shall be paid over or delivered as follows:

FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including without limitation reasonable attorneys’ fees) of the Agent in connection with enforcing the rights of the Lenders under the Credit Documents, any protective advances made by the Agent with respect to the Collateral under or pursuant to the terms of the Security Documents;

SECOND, to payment of any fees owed to the Agent or an Issuing Bank hereunder or under any other Credit Document;

THIRD, to the payment of all reasonable out-of-pocket costs and expenses, (including, without limitation, reasonable attorneys’ fees) of each of the Lenders in connection with enforcing its rights under the Credit Documents;

49

FOURTH, to the payment of all Obligations consisting of accrued fees and interest payable to the Lenders hereunder (and Wachovia, with respect to Swing Loans) in connection with the Loans and the Revolving Credit Commitments;

FIFTH, to the payment of the outstanding principal amount of the Swing Loans, and then to the payment of the outstanding principal amount of the Revolving Loans and to the payment or cash collateralization of the outstanding Letters of Credit Obligations, pro rata, as set forth below and including with respect to any Lender Hedging Agreement, to the extent such Lender Hedging Agreement is permitted by this Agreement, any breakage, termination or other payments due under such Lender Hedging Agreement and any interest accrued thereon;

SIXTH, to all other Obligations which shall have become due and payable under the Credit Documents and not repaid pursuant to clauses “FIRST” through “FIFTH” above, including all liabilities and obligations now or hereafter arising from or in connection with any Cash Management Products provided by any of Lenders; and

SEVENTH, to the payment of the surplus, if any, to whomever may be lawfully entitled to receive such surplus.

In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided until exhausted prior to application to the next succeeding category; (b) except for payments on Swing Loans, each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that its then outstanding Revolving Loans, Letters of Credit Obligations and obligations outstanding under the Lender Hedging Agreements permitted by this Agreement bears to the aggregate then outstanding Revolving Loans, Letters of Credit Obligations, and obligations outstanding under the Lender Hedging Agreements) of amounts available to be applied pursuant to clauses “THIRD”, “FOURTH,” “FIFTH,” and “SIXTH” above; (c) to the extent that any amounts available for distribution pursuant to clause “FIFTH” above are attributable to the issued but undrawn amount of outstanding Letters of Credit, such amounts shall be held by the Agent in a cash collateral account (which account shall be an interest bearing checking account) and applied (x) first, to reimburse the Issuing Bank from time to time for any drawings under such Letters of Credit and (y) then, following the expiration of any particular  Letter of Credit, the cash collateral held therefor to all other obligations of the types described in clause “SIXTH” above in the manner provided in this Section 2.8 and in the Security Documents.

2.9                               Extensions and Conversions.

Subject to the terms of Article V, the Borrower shall have the option, on any Business Day, to extend existing Eurodollar Loans into a subsequent permissible Interest Period, to convert Revolving Loans that are Base Rate Loans into Eurodollar Loans, or to convert Eurodollar Loans into Base Rate Loans; provided, however, that (i) except as provided in Section 4.10, Eurodollar Loans may be converted into Base Rate Loans only on the last day of the Interest Period applicable thereto, (ii) Eurodollar Loans may be extended, and Base Rate Loans may be converted into Eurodollar Loans, only if no Default or Event of Default is in existence on the date of extension or conversion, (iii) Loans extended as, or converted into, Eurodollar Loans

50

shall be subject to the terms of the definition of “Interest Period” and shall be in such minimum amounts as provided in with respect to Revolving Loans, Section 2.1(d)(i), and (iv) no more than eight (8) separate Eurodollar Loans shall be outstanding hereunder at any time.  Each such extension or conversion shall be effected by the Borrower by giving a written Notice of Extension/Conversion (or telephone notice promptly confirmed in writing) to the Agent prior to 2:00 P.M. on the Business Day of, in the case of the conversion of a Eurodollar Loan into a Base Rate Loan, and on the third (3^rd) Business Day prior to, in the case of the extension of a Eurodollar Loan as, or conversion of a Base Rate Loan into, a Eurodollar Loan, the date of the proposed extension or conversion, specifying the date of the proposed extension or conversion, the Loans to be so extended or converted, the types of Loans into which such Loans are to be converted and, if appropriate, the applicable Interest Periods with respect thereto.  Each request for extension or conversion shall constitute a representation and warranty by the Borrower of the matters specified in Article V. In the event the Borrower fails to request an extension or conversion of any Eurodollar Loan in accordance with this Section, or any such conversion or extension is not permitted or required by this Section, then such Loan shall be automatically converted into a Base Rate Loan at the end of the Interest Period applicable thereto.  The Agent shall give each Lender notice as promptly as practicable of any such proposed extension or conversion affecting any Loan.

2.10                        Replacement of Lender.

In the event that any Lender or, to the extent applicable, any participant thereof (the “Affected Lender”),

(a)                                  fails to perform its obligations to fund any portion of the Loans or to issue any Letter of Credit when required to do so by the terms of the Credit Documents;

(b)                                 demands payment under the tax provisions of Section 2.6, the reserve or capital adequacy provisions of Section 4.7, or the regulatory change provisions in Section 4.9 or the funding indemnity provisions of Section 4.10 in an amount the Borrower deems materially in excess of the amounts with respect thereto demanded by the other Lenders; or

(c)                                  refuses to consent to a proposed amendment, modification, waiver or other action requiring consent of the holders of 100% of the Revolving Credit Commitment Percentage under Section 14.9 that is consented to by the Required Lenders prior to such replacement of any Lenders in connection therewith;

then, so long as no Event of Default exists, the Borrower shall have the right to seek one or more replacement lenders which is reasonably satisfactory to the Agent (the “Replacement Lender”).  The Replacement Lender shall purchase the interests of the Affected Lender in the Loans, the Letters of Credit and its Revolving Credit Commitment and shall assume the obligations of the Affected Lender hereunder and under the other Credit Documents upon execution by the Replacement Lender of an Assignment and Acceptance and the tender by it to the Affected Lender of a purchase price agreed between it and the Affected Lender (or, if they are unable to agree, a purchase price in the amount of the Affected Lender’s Revolving Credit Commitment Percentage in the Loan and Letter of Credit Obligations, or appropriate credit support for contingent amounts included therein, and all other outstanding Obligations then owed to the

51

Affected Lender).  Such assignment by the Affected Lender shall be deemed an early termination of any Eurodollar Loan to the extent of the Affected Lender’s portion thereof, and the Borrower will pay to the Affected Lender any resulting amounts due under Section 4.10.  Upon consummation of such assignment, the Replacement Lender shall become party to this Agreement as a signatory hereto and shall have all the rights and obligations of the Affected Lender under this Agreement and the other Credit Documents with a Revolving Credit Commitment Percentage equal to the Revolving Credit Commitment Percentage of the Affected Lender, the Affected Lender shall be released from its obligations hereunder and under the other Credit Documents, and no further consent or action by any party shall be required.  Upon the consummation of such assignment, the Borrower, the Agent and the Affected Lender shall make appropriate arrangements so that a new Revolving Note is issued to the Replacement Lender if it has acquired a portion of the Revolving  Loans.  The Borrower and the Guarantors shall sign such documents and take such other actions reasonably requested by the Replacement Lender to enable it to share in the benefits of the rights created by the Credit Documents.  Until the consummation of an assignment in accordance with the foregoing provisions of this Section 2.10, the Borrower shall continue to pay to the Affected Lender any Obligations as they become due and payable.

ARTICLE III

LETTERS OF CREDIT

3.1                               Issuance

Subject to the terms and conditions hereof and of the Letter of Credit Documents, if any, and any other terms and conditions which the Issuing Bank may reasonably require, the Lenders will participate in the issuance by the Issuing Bank from time to time of such Letters of Credit in Dollars from the Original Closing Date until the Maturity Date as the Borrower may request, in a form reasonably acceptable to the Issuing Bank; provided, however, that (a) the Letter of Credit Obligations outstanding shall not at any time exceed the Letter of Credit Committed Amount and (b) the aggregate Working Capital Obligations outstanding shall not at any time exceed the lesser of (A) the Revolving Credit Committed Amount then in effect and (B) the Borrowing Base.  No Letter of Credit shall (x) have an original expiry date more than one year from the date of issuance or (y) as originally issued or as extended, have an expiry date extending beyond the Maturity Date (but, subject to the foregoing, may provide for automatic renewal in the absence of notice of non-renewal by the Issuing Bank).  Each Letter of Credit shall comply with the related Letter of Credit Documents.  The issuance and expiry date of each Letter of Credit shall comply with the related Letter of Credit Documents.  The issuance and expiry date of each Letter of Credit shall be a Business Day.  The Existing Letters of Credit shall be deemed to have been issued hereunder on the Original Closing Date, and no request for issuance thereof need be made.

3.2                               Notice and Reports.

The request for the issuance of a Letter of Credit shall be submitted by the Borrower to the Issuing Bank (with a copy to the Agent) at least two (2) Business Days prior to the requested date of issuance.  The Issuing Bank (other than Wachovia, so long as it also is the Agent) will give the Agent written or telex notice in substantially the form of Exhibit O or telephonic notice

52

confirmed promptly thereafter in writing, of the issuance of a Letter of Credit.  In addition, upon request, the Issuing Bank will disseminate to the Agent and each of the Lenders a detailed report specifying the Letters of Credit which are then issued and outstanding and any activity with respect thereto which may have occurred since the date of the prior report, and including therein, among other things, the beneficiary, the face amount and the expiry date as well as any payment or expirations which may have occurred.

3.3                               Participation.

Each Lender, upon issuance of a Letter of Credit, shall be deemed to have purchased without recourse a risk participation from the Issuing Bank in such Letter of Credit and the obligations arising thereunder, in each case in an amount equal to its Revolving Credit Commitment Percentage of such Letter of Credit, and shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as surety, and be obligated to pay to the Issuing Bank therefor and discharge when due, its Revolving Credit Commitment Percentage of the obligations arising under such Letter of Credit.  Without limiting the scope and nature of each Lender’s participation in any Letter of Credit, to the extent that the Issuing Bank has not been reimbursed as required hereunder or under any such Letter of Credit, each such Lender shall pay to the Issuing Bank its Revolving Credit Commitment Percentage of such unreimbursed drawing pursuant to the provisions of Section 3.4.  The obligation of each Lender to so reimburse the Issuing Bank shall be absolute and unconditional and shall not be affected by the occurrence of a Default, an Event of Default or any other occurrence or event.  Any such reimbursement shall not relieve or otherwise impair the obligation of the Borrower to reimburse the Issuing Bank under any Letter of Credit, together with interest as hereinafter provided.

3.4                               Reimbursement.

In the event of any drawing under any Letter of Credit, the Issuing Bank will promptly notify the Borrower.  Unless the Borrower shall immediately notify the Issuing Bank that the Borrower intends to otherwise reimburse the Issuing Bank for such drawing, the Borrower shall be deemed to have requested that the Lenders make a Revolving Loan in the amount of the drawing as provided in Section 3.5 on the related Letter of Credit, the proceeds of which will be used to satisfy the related reimbursement obligations.  The Borrower promises to reimburse the Issuing Bank on the day of drawing under any Letter of Credit (either with the proceeds of a Revolving Loan obtained hereunder or otherwise) in same day funds.  If the Borrower shall fail to reimburse the Issuing Bank as provided hereinabove, the unreimbursed amount of such drawing shall bear interest at a per annum rate equal to the Base Rate plus the sum of (i) the Applicable Percentage for Base Rate Loans and (ii) two percent (2%).  The Borrower’s reimbursement obligations hereunder shall be absolute and unconditional under all circumstances irrespective of any rights of setoff, counterclaim or defense to payment the Borrower may claim or have against the Issuing Bank, the Agent, the Lenders, the beneficiary of the Letter of Credit drawn upon or any other Person, including without limitation any defense based on any failure of the Borrower to receive consideration or the legality, validity, regularity or unenforceability of the Letter of Credit.  The Issuing Bank will promptly notify the other Lenders of the amount of any unreimbursed drawing and each Lender shall promptly pay to the Agent for the account of the Issuing Bank in Dollars and in immediately available funds, the amount of such Lender’s Revolving Credit Commitment Percentage of such unreimbursed drawing.  Such payment shall be made on the Business Day such notice is received by such Lender from the Issuing Bank if

53

such notice is received at or before 2:00 P.M. otherwise such payment shall be made at or before 12:00 Noon on the Business Day next succeeding the day such notice is received.  If such Lender does not pay such amount to the Issuing Bank in full upon such request, such Lender shall, on demand, pay to the Agent for the account of the Issuing Bank interest on the unpaid amount during the period from the date of such drawing until such Lender pays such amount to the Issuing Bank in full at a rate per annum equal to, if paid within two (2) Business Days of the date that such Lender is required to make payments of such amount pursuant to the preceding sentence, the Federal Funds Rate and thereafter at a rate equal to the Base Rate.  Each Lender’s obligation to make such payment to the Issuing Bank, and the right of the Issuing Bank to receive the same, shall be absolute and unconditional, shall not be affected by any circumstance whatsoever and without regard to the termination of this Credit Agreement or the Revolving Credit Commitments hereunder, the existence of a Default or Event of Default or the acceleration of the obligations of the Borrower hereunder and shall be made without any offset, abatement, withholding or reduction whatsoever.  Simultaneously with the making of each such payment by a Lender to the Issuing Bank, such Lender shall, automatically and without any further action on the part of the Issuing Bank or such Lender, acquire a participation in an amount equal to such payment (excluding the portion of such payment constituting interest owing to the Issuing Bank) in the related unreimbursed drawing portion of the Letter of Credit Obligation and in the interest thereon and in the related Letter of Credit Documents, and shall have a claim against the Borrower with respect thereto.

3.5                               Repayment with Revolving Loans.

On any day on which the Borrower shall have requested, or been deemed to have requested, a Revolving Loan advance to reimburse a drawing under a Letter of Credit, the Agent shall give notice to the Lenders that a Revolving Loan has been requested or deemed requested by the Borrower to be made in connection with a drawing under a Letter of Credit, in which case a Revolving Loan advance comprised of Base Rate Loans (or Eurodollar Loans to the extent the Borrower has complied with the procedures of Section 2.1(d)(i) with respect thereto) shall be immediately made to the Borrower by all Lenders (notwithstanding any termination of the Revolving Credit Commitments pursuant to Section 11.2) pro rata based on the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 11.2) and the proceeds thereof shall be paid directly by the Agent to the Issuing Bank for application to the respective Letter of Credit Obligations.  Each such Lender hereby irrevocably agrees to make its Revolving Credit Commitment Percentage of each such Revolving Loan immediately upon any such request or deemed request in the amount, in the manner and on the date specified in the preceding sentence notwithstanding (i) the amount of such borrowing may not comply with the minimum amount for advances of Revolving Loans otherwise required hereunder, (ii) whether any conditions specified in Article V are then satisfied, (iii) whether a Default or an Event of Default then exists, (iv) failure for any such request or deemed request for Revolving Loan to be made by the time otherwise required hereunder, (v) whether the date of such borrowing is a date on which Revolving Loans are otherwise permitted to be made hereunder or (vi) any termination of the Revolving Credit Commitments relating thereto immediately prior to or contemporaneously with such borrowing.  In the event that any Revolving Loan cannot for any reason be made on the date otherwise required above (including, without limitation, as a result of the commencement of a bankruptcy or insolvency case or proceeding with respect to the Borrower), then each such Lender hereby agrees that it shall forthwith purchase (as of the date

54

such borrowing would otherwise have occurred, but adjusted for any payments received from the Borrower on or after such date and prior to such purchase) from the Issuing Bank such participation in the outstanding Letter of Credit Obligations as shall be necessary to cause each such Lender to share in such Letter of Credit Obligations ratably (based upon the respective Revolving Credit Commitment Percentages of the Lenders (determined before giving effect to any termination of the Revolving Credit Commitments pursuant to Section 11.2)), provided that at the time any purchase of participation pursuant to this sentence is actually made, the purchasing Lender shall be required to pay to the Issuing Bank, to the extent not paid to the Issuing Bank by the Borrower in accordance with the terms of Section 3.4, interest on the principal amount of participation purchased for each day from and including the day upon which such borrowing would otherwise have occurred to but excluding the date of payment for such participation, at the rate equal to, if paid within two (2) Business Days of the date of the Revolving Loan advance, the Federal Funds Rate, and thereafter at a rate equal to the Base Rate.

3.6                               Renewal, Extension.

The renewal or extension of any Letter of Credit shall, for purposes hereof, be treated in all respects the same as the issuance of a new Letter of Credit hereunder.

3.7                               Uniform Customs and Practices.

The Issuing Bank may provide that the Letters of Credit shall be subject to the UCP, in which case the UCP may be incorporated by reference therein and deemed in all respects to be a part thereof.

3.8                               Indemnification; Nature of Issuing Bank’s Duties.

(a)                                  In addition to its other obligations under this Article III, the Borrower agrees to protect, indemnify, pay and save the Issuing Bank harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) that the Issuing Bank may incur or be subject to as a consequence, direct or indirect, of (A) the issuance of any Letter of Credit or (B) the failure of the Issuing Bank to honor a drawing under a Letter of Credit as a result of Government Acts.

(b)                                 As between the Borrower and the Issuing Bank, the Borrower shall assume all risks of the acts, omissions or misuse of any Letter of Credit by the beneficiary thereof.  The Issuing Bank shall not be responsible:  (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the application for and issuance of any Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, that may prove to be invalid or ineffective for any reason; (iii) for errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (iv) for any loss or delay in the transmission or otherwise of any document required in order to make a drawing under a Letter of Credit

55

or of the proceeds thereof; and (v) for any consequences arising from causes beyond the control of the Issuing Bank, including, without limitation, any Government Acts.  None of the above shall affect, impair, or prevent the vesting of the Issuing Bank’s rights or powers hereunder.

(c)                                  In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by the Issuing Bank, under or in connection with any Letter of Credit or the related certificates, if taken or omitted in good faith, shall not put such Issuing Bank under any resulting liability to the Borrower.  It is the intention of the parties that this Credit Agreement shall be construed and applied to protect and indemnify the Issuing Bank against any and all risks involved in the issuance of the Letters of Credit, all of which risks are hereby assumed by the Borrower, including, without limitation, any and all Government Acts.  The Issuing Bank shall not, in any way, be liable for any failure by the Issuing Bank or anyone else to pay any drawing under any Letter of Credit as a result of any Government Acts or any other cause beyond the control of the Issuing Bank.

(d)                                 Nothing in this Section 3.8 is intended to limit the reimbursement obligations of the Borrower contained in Section 3.4.  The obligations of the Borrower under this Section 3.8 shall survive the termination of this Credit Agreement.  No act or omission of any current or prior beneficiary of a Letter of Credit shall in any way affect or impair the rights of the Issuing Bank to enforce any right, power or benefit under this Credit Agreement.

(e)                                  Notwithstanding anything to the contrary contained in this Article III, the Borrower shall have no obligation to indemnify the Issuing Bank in respect of any liability incurred by the Issuing Bank (i) arising solely out of the gross negligence or willful misconduct of the Issuing Bank on any action or omission by the Issuing Bank not in accordance with the standards of care specified in the UCP or the UCC, as determined by a court of competent jurisdiction, or (ii) caused by the Issuing Bank’s failure to pay under any Letter of Credit after presentation to it of a request strictly complying with the terms and conditions of such Letter of Credit, as determined by a court of competent jurisdiction, unless such payment is prohibited by any law, regulation, court order or decree.

3.9                               Responsibility of Issuing Bank.

It is expressly understood and agreed that the obligations of the Issuing Bank hereunder to the Lenders are only those expressly set forth in this Credit Agreement and that the Issuing Bank shall be entitled to assume that the conditions precedent set forth in Article III or V have been satisfied unless it shall have acquired actual knowledge that any such condition precedent has not been satisfied; provided, however, that nothing set forth in this Article III shall be deemed to prejudice the right of any Lender to recover from the Issuing Bank any amounts made available by such Lender to the Issuing Bank pursuant to this Article III in the event that it is determined by a court of competent jurisdiction that the payment with respect to a Letter of Credit constituted gross negligence or willful misconduct on the part of the Issuing Bank.

56

3.10                        Conflict with Letter of Credit Documents.

In the event of any conflict between this Credit Agreement and any Letter of Credit Document (including any letter of credit application), this Credit Agreement shall control.

ARTICLE IV

INTEREST AND FEES

4.1                               Interest on Loans.

Subject to the provisions of Section 4.2, the Loans shall bear interest as follows:

(a)                                  Base Rate Loans.  During such periods as the Loans shall be comprised of Base Rate Loans, each such Base Rate Loan shall bear interest at a per annum rate equal to the sum of the Base Rate plus the Applicable Percentage;

(b)                                 Eurodollar Loans.  During such periods as the Loans shall be comprised of Eurodollar Loans, each such Eurodollar Loan shall bear interest at a per annum rate equal to the sum of the Eurodollar Rate plus the Applicable Percentage; and

(c)                                  LIBOR Index Loans.  During such periods as the Swing Loans shall bear interest at the LIBOR Index Rate, each such LIBOR Index Loan shall bear interest at a per annum rate equal to the sum of the LIBOR Index Rate plus the Applicable Percentage.

Interest on the Loans shall be payable in arrears on each Interest Payment Date.

4.2                               Interest After Event of Default.

Interest on any amount of matured principal under the Loans, and interest on the amount of principal under the Revolving Loans outstanding as of the date an Event of Default occurs, and at all times thereafter until the earlier of the date upon which (a) all Obligations have been paid and satisfied in full or (b) such Event of Default shall have been cured or waived, shall be payable on demand at the Default Rate.  Interest shall be payable on any other amount due hereunder and shall accrue at the Default Rate, from the date due and payable until paid in full.

4.3                               Commitment Fee.

The Borrower shall pay to the Agent for the benefit of the Lenders the Commitment Fee due in respect of each calendar month within five (5) days after receipt of a statement therefor.

4.4                               Lenders’ Fees/Agent’s Fees.

On the Closing Date the Agent shall pay to each Lender its respective Lender’s Fees that are required to be paid on the Closing Date pursuant to the terms of the Fee Letter with the Agent.  The Borrower shall pay all fees required to be paid to the Agent under the Fee Letter at the times and in the amounts set forth therein.

57

4.5                               Letter of Credit Fees.

(a)                                  Letter of Credit Fee.  In consideration of the issuance of standby Letters of Credit hereunder, the Borrower promises to pay to the Agent for the account of each Lender a monthly fee (the “Letter of Credit Fee”) on such Lender’s Revolving Credit Commitment Percentage of the average daily maximum amount available to be drawn under each such Letter of Credit computed at a per annum rate for each day from the date of issuance (or the Original Closing Date, as to Existing Letters of Credit) to the date of expiration equal to the Applicable Percentage for Eurodollar Loans.  The Letter of Credit Fee will be payable five (5) days after receipt of an invoice therefor.

(b)                                 Issuing Bank Fees.  In addition to the Letter of Credit Fee payable pursuant to clause (a) above, the Borrower promises to pay to the Issuing Bank for its own account without sharing by the other Lenders letter of credit fronting fees in the amount of 1/8% and the negotiation fees agreed to by the Borrower and the Issuing Bank from time to time and the customary charges from time to time of the Issuing Bank with respect to the issuance, amendment, transfer, administration, cancellation and conversion of, and drawings under, such Letters of Credit (collectively, the “Issuing Bank Fees”).

4.6                               Authorization to Charge Account.

The Borrower hereby authorizes the Agent to charge the Borrower’s Swing Loan account or Revolving Loan accounts, as applicable, with the amount of all payments and fees due hereunder to the Lenders, the Agent and the Issuing Bank as and when such payments become due.  The Borrower confirms that any charges which the Agent may so make to the Borrower’s Swing Loan Account or Revolving Loan accounts as herein provided will be made as an accommodation to the Borrower and solely at the Agent’s discretion.

4.7                               Indemnification in Certain Events.

If after the Original Closing Date, either (a) any change in or in the interpretation of any law or regulation is introduced, including, without limitation, with respect to reserve requirements, applicable to any Funding Bank or any of the Lenders, or (b) a Funding Bank or any of the Lenders complies with any future guideline or request from any central bank or other Governmental Authority or (c) a Funding Bank or any of the Lenders determines that the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change therein, or any change in the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation or administration thereof has or would have the effect described below, or a Funding Bank or any of the Lenders complies with any request or directive regarding capital adequacy (whether or not having the force of law) of any such authority, central bank or comparable agency, and in the case of any event set forth in this clause (c), such adoption, change or compliance has or would have the direct or indirect effect of reducing the rate of return on any of the Lenders’ capital as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such adoption, change or compliance (taking into consideration the Funding Bank’s or Lenders’ policies with respect to capital adequacy) by an amount deemed by such Lender to be material, and the result of any of the foregoing events described in clauses (a), (b) or (c) is or results in an increase in the cost to any of the Lenders of funding or maintaining the

58

Revolving Credit Committed Amount, the Revolving Loans or the Letters of Credit, then the Borrower shall from time to time upon demand by the Agent, pay to the Agent additional amounts sufficient to indemnify the Lenders against such increased cost.  A certificate as to the amount of such increased cost shall be submitted to the Borrower by the Agent and shall be conclusive and binding absent manifest error.

4.8                               Inability To Determine Interest Rate.

If prior to the first day of any Interest Period, (a) the Agent shall have determined in good faith (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, (b) the Agent has received notice from the Required Lenders that the Eurodollar Rate determined or to be determined for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their Eurodollar Loans during such Interest Period, or (c) Dollar deposits in the principal amounts of the Eurodollar Loans to which such Interest Period is to be applicable are not generally available in the London interbank market, the Agent shall give telecopy or telephonic notice thereof to the Borrower and the Lenders as soon as practicable thereafter, and will also give prompt written notice to the Borrower when such conditions no longer exist.  If such notice is given (i) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as Base Rate Loans, (ii) any Loans that were to have been converted on the first day of such Interest Period to or continued as Eurodollar Loans shall be converted to or continued as Base Rate Loans and (iii) each outstanding Eurodollar Loan shall be converted, on the last day of the then-current Interest Period thereof, to Base Rate Loans.  Until such notice has been withdrawn by the Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Base Rate Loans to Eurodollar Loans.

4.9                               Illegality.

Notwithstanding any other provision herein, if the adoption of or any change in any law, treaty, rule or regulation or final, non-appealable determination of an arbitrator or a court or other Governmental Authority or in the interpretation or application thereof occurring after the Original Closing Date shall make it unlawful for any Lender to make or maintain Eurodollar Loans as contemplated by this Credit Agreement, (a) such Lender shall promptly give written notice of such circumstances to the Borrower and the Agent (which notice shall be withdrawn whenever such circumstances no longer exist), (b) the commitment of such Lender hereunder to make Eurodollar Loans, continue Eurodollar Loans as such and convert a Base Rate Loan to Eurodollar Loans shall forthwith be canceled and, until such time as it shall no longer be unlawful for such Lender to make or maintain Eurodollar Loans, such Lender shall then have a commitment only to make a Base Rate Loan when a Eurodollar Loan is requested and (c) such Lender’s Loans then outstanding as Eurodollar Loans, if any, shall be converted automatically to Base Rate Loans on the respective last days of the then current Interest Periods with respect to such Loans or within such earlier period as required by law.  If any such conversion of a Eurodollar Loan occurs on a day which is not the last day of the then current Interest Period with respect thereto, the Borrower shall pay to such Lender such amounts, if any, as may be required pursuant to Section 4.10.

59

4.10                        Funding Indemnity.

The Borrower promises to indemnify each Lender and to hold each Lender harmless from any loss or expense which such Lender may sustain or incur (other than through such Lender’s gross negligence or willful misconduct) as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or extension of Eurodollar Loans after the Borrower has given a notice requesting the same in accordance with the provisions of this Credit Agreement, (b) default by the Borrower in making any prepayment of a Eurodollar Loan after the Borrower has given a notice thereof in accordance with the provisions of this Credit Agreement, and (c) the making of a prepayment of Eurodollar Loans on a day which is not the last day of an Interest Period with respect thereto.  With respect to Eurodollar Loans, such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest which would have accrued on the amount so prepaid, or not so borrowed, converted or extended, for the period from the date of such prepayment or of such failure to borrow, convert or extend to the last day of the applicable Interest Period (or, in the case of a failure to borrow, convert or extend, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Eurodollar Loans provided for herein over (ii) the amount of interest (as reasonably determined by such Lender) which would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the interbank Eurodollar market.  This covenant shall survive the termination of this Credit Agreement and the payment of the Loans and all other amounts payable hereunder.

ARTICLE V

CONDITIONS PRECEDENT

The obligation of the Lenders to make any Revolving Loan or of the Issuing Bank to issue any Letter of Credit hereunder is subject to the satisfaction of, or waiver of, the following conditions precedent:

5.1                               Closing Conditions for Closing under Original Credit Agreement.

The obligation of each Lender to make the Loans or of Wachovia to make any Swing Loan and/or of the Issuing Bank to issue Letters of Credit hereunder on the Original Closing Date was subject to the satisfaction or waiver by the Agent in its reasonable discretion, on or prior to the Original Closing Date, of  the following conditions precedent, each of which was satisfied on or before the Original Closing Date:

(a)                                  Executed Credit Documents.  Receipt by the Agent of duly executed counterparts of: the Original Credit Agreement, any requested Revolving  Notes; the Swing Note, the Contribution Agreement, the Security Documents; and all other Credit Documents, each in form and substance acceptable to the Lenders in their reasonable discretion.

(b)                                 Organizational Documents.  Receipt by the Agent of the following:

(i)                                     Charter Documents.  Copies of the articles or certificates of incorporation or other formation or charter documents of each Credit Party

60

certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization and certified by a secretary or assistant secretary of such Credit Party to be true and correct as of the Original Closing Date.

(ii)                                  Bylaws.  A copy of the bylaws or operating agreement or similar agreement of each Credit Party certified by a secretary or assistant secretary of such Credit Party to be true and correct as of the Original Closing Date.

(iii)                               Resolutions.  Copies of resolutions of the Board of Directors or similar managing body of each Credit Party approving and adopting the Credit Documents to which it is a party, the transactions contemplated therein and authorizing execution and delivery thereof, certified by a secretary or assistant secretary of such Credit Party to be true and correct and in force and effect as of the Original Closing Date.

(iv)                              Good Standing.  Copies of (i) certificates of good standing, existence or its equivalent with respect to each Credit Party certified as of a recent date by the appropriate Governmental Authorities of the state or other jurisdiction of incorporation or organization and each other jurisdiction in which the failure to so qualify and be in good standing could reasonably be expected to have a Material Adverse Effect; provided, however, that to the extent that any such certificates from other jurisdictions are not reasonably available on the Original Closing Date, they may be provided within thirty (30) days thereafter and (ii) to the extent available, a certificate indicating payment of all corporate or other franchise taxes certified as of a recent date by the appropriate taxing Governmental Authorities.

(v)                                 Incumbency.  An incumbency certificate of each Credit Party certified by a secretary or assistant secretary to be true and correct as of the Original Closing Date.

(c)                                  Financial Statements.  Receipt by the Agent and the Lenders of the financial statements and accompanying accountants’ opinion described in Section 6.6 and such other information relating to the Credit Parties as the Agent may reasonably require in connection with the structuring and syndication of credit facilities of the type described herein.

(d)                                 Opinions of Counsel.  Receipt by the Agent of an opinion, or opinions (which shall cover, among other things, authority, legality, validity, binding effect, enforceability and attachment and perfection of Liens) reasonably satisfactory to the Agent, addressed to the Agent and the Lenders and dated the Original Closing Date, from legal counsel to the Credit Parties.

(e)                                  Personal Property Collateral.  The Agent shall have received:

(i)                                     termination of all UCC-1 financing statements in favor of Bank Boston, N.A. and UBS AG, Stamford Branch and searches of UCC filings in the

61

jurisdiction of organization of each Credit Party, the chief executive office of each Credit Party and each jurisdiction where any Collateral is located or where a filing could have been properly made by a creditor of a Credit Party, copies of the financing statements on file in such jurisdictions and evidence that, upon filing of such termination statements for all such UCC-1 financing statements in favor of Bank Boston, N.A. and UBS AG, Stamford Branch, no Liens exist other than Permitted Liens;

(ii)                                  UCC financing statements for each appropriate jurisdiction as is necessary, in the Agent’s reasonable discretion, to perfect the Agent’s security interest in the Collateral;

(iii)                               searches of ownership of intellectual property in the appropriate governmental offices and such patent/trademark/copyright filings as reasonably requested by the Agent;

(iv)                              all stock certificates evidencing the Capital Stock pledged to the Agent pursuant to the Pledge Agreement, together with duly executed in blank undated stock powers attached thereto (other than the Capital Stock of Lion Oil);

(v)                                 Deposit Account Control Agreements and Commodities Account Control Agreements with respect to all deposit accounts and commodities accounts of the Credit Parties listed on Schedule 6.32, except as otherwise provided in Section 9.10; and

(vi)                              to the extent required under the Security Documents, all instruments and chattel paper in the possession of any of the Credit Parties, together with allonges or assignments as may be necessary to perfect the Agent’s security interest in the Collateral.

(f)                                    Real Property Collateral.  The Agent shall have received a Mortgage and all Real Property Documentation for each parcel or tract of the Initially Selected Real Estate that constitutes Accepted Real Estate on such date.

(g)                                 Priority of Liens.  The Agent shall have received satisfactory evidence that the Agent, on behalf of the Lenders, holds a perfected, first priority Lien on all Collateral (limited as set forth in paragraph (f) above, as to Accepted Real Estate), subject to no other Liens other than Permitted Liens.

(h)                                 Opening Borrowing Base Certificate.  Receipt by the Agent of a Borrowing Base Certificate dated as of the Closing Date, but derived from information for September 3, 2004 or such other date reasonably satisfactory to the Agent, substantially in the form of Exhibit K and certified by the chief financial officer of the Borrower to be true and correct as of the Original Closing Date.

(i)                                     Evidence of Insurance.  Receipt by the Agent of copies of insurance policies or certificates of insurance of the Credit Parties evidencing liability and casualty insurance meeting the requirements set forth in the Credit Documents, including, without limitation, naming the Agent as additional insured.

62

(j)                                     Corporate Structure.  The corporate capital and ownership structure of the Borrower and its Subsidiaries shall be as described in Schedule 6.9 to the Original Credit Agreement.

(k)                                  Governmental, Shareholder and Third Party Consents.  Receipt by the Agent of evidence that all governmental, shareholder and third party consents and approvals necessary in connection with the transactions contemplated hereby and expiration of all applicable waiting periods without any action being taken by any authority that could restrain, prevent or impose any material adverse conditions on such transactions or that could seek or threaten any of the foregoing, and no law or regulation shall be applicable which in the reasonable judgment of the Agent could have such effect.

(l)                                     Litigation.  There shall not exist any pending or threatened action, suit, investigation or proceeding against any Credit Party or its assets that could reasonably be expected to (i) have a Material Adverse Effect or (ii) affect any transaction contemplated by this Credit Agreement or any other Credit Document or the ability of the Credit Parties to perform their respective obligations under the Credit Documents.

(m)                               Solvency Certificate.  Receipt by the Agent of the Solvency Certificate.

(n)                                 Officer’s Certificates.  Receipt by the Agent of a certificate or certificates executed by the president or chief financial officer of the Borrower as of the Original Closing Date stating that (i) after giving effect to the making of the Loans and application of the proceeds thereof, each Credit Party is in compliance with all existing financial obligations, (ii) all governmental, shareholder and third party consents and approvals, if any, with respect to the Credit Documents and the transactions contemplated thereby have been obtained, (iii) no action, suit, investigation or proceeding is pending or threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Credit Party or any transaction contemplated by the Credit Documents, if such action, suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect and (iv) immediately after giving effect to this Credit Agreement, the other Credit Documents and all the transactions contemplated therein to occur on such date, (A) each of the Credit Parties is solvent, (B) no Default or Event of Default exists, (C) all representations and warranties contained herein and in the other Credit Documents are true and correct in all material respects, and (D) the Borrower is in compliance with the financial covenant set forth in Article VIII.

(o)                                 Fees and Expenses.  Payment by the Borrower of all fees and expenses owed by them to the Lenders and the Agent, including, without limitation, payment to the Agent of the fees set forth in the Fee Letter shall previously have been made in connection with the First Amendment to the Original Credit Agreement.

(p)                                 Disbursement Authorization; Payment Instructions.  Receipt by the Agent of (a) a disbursement authorization covering all payments reasonably expected to be made by the Borrower in connection with the transactions contemplated by the Credit Documents to be consummated on the Original Closing Date, including an itemized estimate of all fees, expenses and other closing costs and (b) payment instructions with respect to each wire transfer to be made by the Agent on behalf of the Lenders or the

63

Borrower or the Borrower on the Original Closing Date setting forth the amount of such transfer, the purpose of such transfer, the name and number of the account to which such transfer is to be made, the name and ABA number of the bank or other financial institution where such account is located and the name and telephone number of an individual that can be contacted to confirm receipt of such transfer.

(q)                                 Subordinated Debt.  Receipt by the Agent of certified copies of the Senior Subordinated Notes Indenture.

(r)                                    Payment of Existing Working Capital Facility and Termination of Liens.   Receipt by the Agent of a payoff letter reasonably satisfactory to it regarding payment in full of all indebtedness under the Credit Agreement dated as of February 28, 2003, as amended, by and among UBS AG, as agent, the lenders party thereto and the Borrower, and termination of the commitments of the lenders thereunder and termination of all Liens granted pursuant thereto.

(s)                                  Material Adverse Change. (i) No Material Adverse Change, or development reasonably likely to have a Material Adverse Effect, shall have occurred since June 30, 2003, except for any disclosures made in the Borrower’s Quarterly Report on Form 10-Q’s filed with the SEC since that date, and (ii) no occurrence or event which is reasonably likely to have a Material Adverse Effect shall have occurred since June 30, 2003, except for any disclosures made in the Borrower’s Quarterly Report on Form 10-Q’s filed with the SEC since that date, and be continuing.

(t)                                    Fees.  On or prior to the Original Closing Date, the Lenders shall have received payment in full of the fees required to be paid to the Lenders on the Original Closing Date.

(u)                                 Minimum Excess Availability.  Receipt by the Agent of evidence reasonably satisfactory to the Agent that the Borrower has Excess Availability of at least $125,000,000 (without giving effect to clause (k) of the definition of Borrowing Base for the purpose of calculating such Excess Availability) as of the Original Closing Date, after giving effect to the payment of fees and expenses associated with the closing of this Credit Agreement, the making of the Loans and other extensions of credit and the application of the proceeds thereof to be made on the Original Closing Date and after deductions for past due payables and other obligations.

(v)                                 Annual Budget.  Receipt by the Agent of an annual budget for the fiscal year ended June 30, 2005, together with financial projections prepared on an annual basis covering the period from the Original Closing Date to the Maturity Date, and the Agent’s satisfaction with such budget and financial projections in its reasonable determination.

(w)                               Cash Management System.  The Borrower’s cash management system is reasonably satisfactory to the Agent and  provides for control in favor of the Agent on behalf of the Lenders.

(x)                                   Minimum Consolidated Adjusted EBITDA.  Minimum Consolidated Adjusted EBITDA (but without giving effect to paragraph (e) of the definition thereof)

64

for the fiscal year ending June 2004 of not less than $40,000,000, as determined based on the audited annual financial statements for such fiscal year, or if such statements are not yet final, in a draft thereof.

(y)                                 Other.  Receipt by the Lenders of such other documents, instruments, agreements or information as reasonably requested by any Lender, including, without limitation, information regarding litigation, tax, accounting, labor, insurance, pension liabilities (actual or contingent), real estate leases, material contracts, debt agreements, property ownership and contingent liabilities of the Credit Parties.

5.2                               Closing Conditions for Closing under this Amended and Restated Credit Agreement.

The obligation of each Lender to make the Loans or of Wachovia to make any Swing Loan and/or of the Issuing Bank to issue Letters of Credit hereunder on and after the Closing Date is subject to the satisfaction or waiver by the Agent in its reasonable discretion, on or prior to the Closing Date, of  the following conditions precedent:

(a)                                  Executed Credit Documents.  Receipt by the Agent of duly executed counterparts of this Credit Agreement, the Amended and Restated Guarantee Agreement in substantially the form of Exhibit B, the Amended and Restated Pledge Agreement in substantially the form of Exhibit D, the Amended and Restated Security Agreement in substantially the form of Exhibit E, the Amended and Restated Contribution Agreement in substantially the form of Exhibit N and all other Credit Documents requested by the Agent, each in form and substance acceptable to the Lenders in their reasonable discretion.

(b)                                 Organizational Documents.  Receipt by the Agent of the following:

(i)                                     Charter Documents.  Copies of any amendments since the Original Closing Date to the articles or certificates of incorporation or other formation or charter documents of each Credit Party certified to be true and complete as of a recent date by the appropriate Governmental Authority of the state or other jurisdiction of its incorporation or organization and certified by a secretary or assistant secretary of such Credit Party to be true and correct as of the Closing Date, or a certificate of such person that there have been no such amendments since the Original Closing Date and that such articles or certificates of incorporation or other formation or charter documents remain in full force and effect.

(ii)                                  Bylaws.  A copy of any amendments since the Original Closing Date to the bylaws or operating agreement or similar agreement of each Credit Party certified by a secretary or assistant secretary of such Credit Party to be true and correct as of the Original Closing Date, or a certificate of such person that there have been no such amendments since the Original Closing Date and that such bylaws or operating agreement or similar agreement remain in full force and effect.

65

(c)                                  Solvency Certificate.  Receipt by the Agent of the Solvency Certificate.

(d)                                 Officer’s Certificates.  Receipt by the Agent of a certificate or certificates executed by the president or chief financial officer of the Borrower as of the Closing Date stating that (i) immediately after giving effect to this Credit Agreement, the other Credit Documents and all the transactions contemplated therein to occur on such date, each Credit Party is in compliance with all existing financial obligations, (ii) all governmental, shareholder and third party consents and approvals, if any, with respect to the Credit Documents and the transactions contemplated thereby have been obtained, (iii) no action, suit, investigation or proceeding is pending or threatened in any court or before any arbitrator or governmental instrumentality that purports to affect any Credit Party or any transaction contemplated by the Credit Documents, if such action, suit, investigation or proceeding could reasonably be expected to have a Material Adverse Effect and (iv) immediately after giving effect to this Credit Agreement, the other Credit Documents and all the transactions contemplated therein to occur on such date, (A) each of the Credit Parties is solvent, (B) no Default or Event of Default exists, (C) all representations and warranties contained herein and in the other Credit Documents are true and correct in all material respects, and (D) the Borrower is in compliance with the financial covenant set forth in Article VIII.

(e)                                  Fees and Expenses.  Payment by the Borrower of all fees and expenses owed by them to the Lenders and the Agent as of the Closing Date, including, without limitation, payment to the Agent of the fees set forth in the Fee Letter.

(f)                                    Material Adverse Change. (i) No Material Adverse Change, or development reasonably likely to have a Material Adverse Effect, shall have occurred since June 30, 2004, except for any disclosures made in the Borrower’s Form 10-Q’s filed with the SEC since that date but prior to June 30, 2005, and (ii) no occurrence or event which is reasonably likely to have a Material Adverse Effect shall have occurred since June 30, 2004, except for any disclosures made in the Borrower’s Form 10-Q’s filed with the SEC since that date but prior to June 30, 2005, and be continuing and (iii) there shall not have occurred any material disruption or material adverse change in, or other condition with respect to, the United States financial and capital markets that impair the ability of the Agent to syndicate the Facility.

(g)                                 Last Date for Occurrence of the IPO.  The IPO shall occur on or before September 1, 2005.

(h)                                 Last Date for Occurrence of the Closing Date.  The Closing Date shall occur on or  before September 1, 2005.

(i)                                     MLP Transactions Information.  The information concerning the Borrower and its subsidiaries and Partners, respectively, after giving effect to the IPO, the transfer of the initial assets to be transferred to Partners or its designee as described in the S-1 Registration Statement for the IPO and the execution and delivery of the MLP Omnibus Agreement and the MLP Terminaling Services Agreement (collectively, as used in this Section 5.2, the “MLP Transactions”), shall not, in the Agent’s judgment, differ in any material adverse manner from the information and other matters previously disclosed to

66

the Agent prior to date hereof, including the descriptions of the  MLP Omnibus Agreement and the MLP Terminaling Services Agreement contained in the excerpt from such S-1 Registration Statement furnished to the Lenders on or about April 27, 2005.

(j)                                     Certain Acknowledgment Agreements.  Receipt of agreement similar to a Landlord Agreement satisfactory to the Agent from Partners pertaining to the MLP Terminaling Services Agreement.

(k)                                  No Default.  No Default or Event of Default is in existence.

(l)                                     Compliance with Laws.  Material compliance with all applicable laws and regulations by the Borrower and its subsidiaries (including, without limitation, the MLP Transactions) with all applicable federal banking laws, rules and regulations.

(m)                               Corporate Structure.  The corporate capital and ownership structure of the Borrower and its Subsidiaries shall be as described in Schedule 6.9.

(n)                                 Other.  Receipt by the Lenders of such other documents, instruments, agreements or information as reasonably requested by any Lender, including, without limitation, information regarding litigation, tax, accounting, labor, insurance, pension liabilities (actual or contingent), real estate leases, material contracts, debt agreements, property ownership and contingent liabilities of the Credit Parties.

5.3                               Condition to all Loans and Letters of Credit.

(a)                                  On the date of the making of any Loan or the issuance of any Letter of Credit, both before and after giving effect thereto and to the application of the proceeds therefrom, the following statements shall be true to the satisfaction of the Agent (and each request for a Revolving Loan and request for a Letter of Credit, and the acceptance by the Borrower of the proceeds of such Revolving Loan or Swing Loan or issuance of such Letter of Credit, shall constitute a representation and warranty by the Borrower that on the date of such Revolving Loan, Swing Loan or issuance of such Letter of Credit before and after giving effect thereto and to the application of the proceeds therefrom, such statements are true):

(i)                                     the representations and warranties contained in this Credit Agreement are true and correct in all material respects on and as of the date of such Revolving Loan or Swing Loan or issuance of such Letter of Credit 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 have been true and complete on and as of such earlier date); and

(ii)                                  no event has occurred and is continuing, or would result from such Revolving Loan or Swing Loan or issuance of such Letter of Credit or the application of the proceeds thereof, which would constitute a Default or an Event of Default under this Credit Agreement.

67

(b)                                 Notice of Borrowing and Payment.  On the date of the making of any Revolving Loan, the Agent shall have received a Notice of Borrowing and Payment to the extent such Notice of Borrowing and Payment is required to be given with respect to the making of such Revolving Loan.

ARTICLE VI

REPRESENTATIONS AND WARRANTIES

In order to induce the Lenders to enter into this Credit Agreement and the Issuing Bank to issue the Letters of Credit, and to make available the credit facilities contemplated hereby, the Borrower and (by execution and delivery of the Guaranty Agreement or of a joinder thereto and incorporation by reference therein) each Guarantor hereby represents and warrants to the Lenders and the Issuing Bank as of the Closing Date, the Closing Date and on the date of each extension of credit hereunder, as follows:

6.1                               Organization and Qualification.

Such Credit Party and each of its Restricted Subsidiaries (i) is a corporation or limited liability company duly organized, validly existing and in good standing under the laws of the state of its organization, (ii) has the power and authority to own its properties and assets and to transact the businesses in which it is presently, or proposes to be, engaged, and (iii) is duly qualified and is authorized to do business and is in good standing in every jurisdiction in which the failure to be so qualified could  reasonably be expected to have a Material Adverse Effect.  Schedule 6.1 contains a true, correct and complete list of all jurisdictions in which such Credit Party and its Restricted Subsidiaries are qualified to do business as a foreign corporation or foreign limited liability company as of the Closing Date.

6.2                               Solvency.

The fair saleable value of such Credit Party’s assets exceeds all  liabilities (other than any inter-company amounts payable to another Credit Party), including those to be incurred pursuant to this Credit Agreement.  Such Credit Party (i) does not have unreasonably small capital in relation to the business in which it is or proposes to be engaged or (ii) has not incurred, and does not intend to incur after giving effect to the transactions contemplated by this Credit Agreement, debts beyond its ability to pay such debts as they become due.

6.3                               Liens; Inventory.

There are no Liens in favor of third parties with respect to any of the Collateral, including, without limitation, with respect to the Inventory, wherever located, other than Permitted Liens.  Upon the proper filing of financing statements and the proper recordation of other applicable documents with the appropriate filing or recordation offices in each of the necessary jurisdictions, the security interests granted pursuant to the Credit Documents constitute and shall at all times constitute, as required pursuant to the Credit Documents, valid and enforceable first, prior and perfected Liens on the Collateral (other than Permitted Liens).  The Credit Parties are, or will be at the time additional Collateral is acquired by them, the absolute owners of the Collateral with full right to pledge, sell, consign, transfer and create a Lien therein,

68

free and clear of any and all Liens in favor of third parties, except Permitted Liens.  The Credit Parties will at their expense warrant, until all of the Credit and Collateral Termination Events have occurred, and, at the Agent’s request, defend the Collateral from any and all Liens (other than Permitted Liens) of any third party.  The Credit Parties will not grant, create or permit to exist, any Lien upon the Collateral, or any proceeds thereof, in favor of any third party (other than Permitted Liens).

6.4                               No Conflict.

The execution and delivery by such Borrower of this Credit Agreement and by the Credit Parties of each of the other Credit Documents executed and delivered in connection herewith and the performance of the obligations of such Credit Party hereunder and thereunder, as applicable, and the consummation by such Credit Party of the transactions contemplated hereby and thereby: (i) are within the corporate or other organizational, as the case may be, powers of such Credit Party; (ii) are duly authorized by the Board of Directors or similar managing body of such Credit Party; (iii) are not in contravention of the terms of the organizational documents of such Credit Party or of any material indenture, agreement, mortgage, deed of trust, loan agreement, credit agreement or other material agreement or instrument to which such Credit Party is a party or by which such Credit Party or  its material properties are bound; (iv) do not require the consent, registration or approval of any Governmental Authority or any other Person (except such as have been duly obtained, made or given, and are in full force and effect); (v) do not contravene any statute, law, ordinance regulation, rule, order or other governmental restriction applicable to or binding upon such Credit Party; and (vi) will not, except as contemplated herein for the benefit of the Agent on behalf of the Lenders, result in the imposition of any Liens (other than Permitted Liens) upon any property of such Credit Party under any existing indenture, mortgage, deed of trust, loan or credit agreement or other material agreement or instrument to which such Credit Party is a party or by which it or any of its property may be bound or affected.

6.5                               Enforceability.

The Credit Agreement and all of the other Credit Documents, as applicable, are the legal, valid and binding obligations of such Credit Party, and with respect to those Credit Documents executed and delivered by any other Restricted Subsidiary, of each such other Restricted Subsidiary, and are enforceable against such Credit Party and such other Restricted Subsidiaries, as the case may be, in accordance with their terms except as such enforceability may be limited by (i) the effect of any applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting creditors’ rights generally and (ii) general principles of equity.

6.6                               Financial Data; Material Adverse Change.

(a)                                  The Borrower has furnished to the Lenders the following financial statements (the “Financials”):  (i) the most recent 10-K filed with the SEC prior to the Closing Date (ii) the most recent 10-Q filed with the SEC prior to the Closing Date (iii) an unaudited opening consolidated balance sheet of the Borrower dated June 30, 2004.  The Financials referred to in the foregoing clauses (i) and (ii) are and the historical financial statements to be furnished to the Lenders in accordance with Section 7.1 will be in accordance with the books and records of the Borrower and fairly present the financial condition of the Borrower and each of the Credit Parties at the dates thereof and the

69

results of operations for the periods indicated (subject, in the case of unaudited financial statements, to normal year-end adjustments), and such financial statements have been and will be prepared in conformity with GAAP consistently applied throughout the periods involved, except as provided in Section 7.1(c).

(b)                                 Since the date of the Financials, there have been no changes in the condition, financial or otherwise, of the Borrower or any of the Credit Parties as shown on the balance sheets of the Borrower and each of the Credit Parties, except (i) as contemplated herein and (ii) for changes in the ordinary course of business (none of which individually or in the aggregate constitutes a Material Adverse Change).

6.7                               Locations of Offices and Records.

The Credit Parties’ states of domicile, principal places of business and chief executive offices are set forth in Schedule 6.7, and the books and records of the Credit Parties and all chattel paper and all records of accounts are located at the principal places of business and chief executive offices of the Credit Parties.  Schedule 6.7 is a true, correct and complete list of (i) the address of the chief executive offices of the Credit Parties and each of their Restricted Subsidiaries and (ii) the address of all offices where records and books of account of the Credit Parties and each of their Restricted Subsidiaries are kept.

6.8                               Fictitious Business Names.

No Credit Party has used any corporate or fictitious name during the five (5) years preceding the date hereof, other than the corporate name shown on its or such Credit Party’s articles or certificate of incorporation or formation or as set forth on Schedule 6.8.

6.9                               Subsidiaries.

The only direct or indirect Subsidiaries of the Borrower are those listed on Schedule 6.9, which identifies those that are Restricted Subsidiaries and those that are Unrestricted Subsidiaries.  The Persons identified on Schedule 6.9 are the record and beneficial owners of all of the shares of Capital Stock of each of the Persons listed on Schedule 6.9 as being owned by thereby, there are no proxies, irrevocable or otherwise, with respect to such shares, and no equity securities of any of any of such Persons are or may become required to be issued by reason of any options, warrants, scrip, rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities or rights convertible into or exchangeable for, shares of any Capital Stock of any such Person, and there are no contracts, commitments, understandings or arrangements by which any such Person is or may become bound to issue additional shares of its Capital Stock or securities convertible into or exchangeable for such shares.  All of such shares are owned by such Persons in Restricted Subsidiaries are free and clear of any Liens other than Permitted Liens.

6.10                        No Judgments or Litigation.

Except as set forth on Schedule 6.10, no judgments, orders, writs or decrees are outstanding against such Credit Party or any of its Restricted Subsidiaries nor is there now pending or, to the best of such Credit Party’s knowledge after due inquiry, threatened any litigation, contested claim, investigation, arbitration, or governmental proceeding by or against

70

such Credit Party or any of its Restricted Subsidiaries except judgments and pending or threatened litigation, contested claims, investigations, arbitrations and governmental proceedings which could not reasonably be expected to have a Material Adverse Effect.

6.11                        No Defaults.

Neither such Credit Party nor any of its Restricted Subsidiaries is in default under any term of any indenture, contract, lease, agreement, instrument or other commitment to which any of them is a party or by which any of them is bound which default has had or could be reasonably expected to have a Material Adverse Effect.  Such Credit Party knows of no dispute regarding any indenture, contract, lease, agreement, instrument or other commitment which could reasonably be expected to have a Material Adverse Effect.

6.12                        No Employee Disputes.

There are no controversies pending or, to the best of such Credit Party’s knowledge after diligent inquiry, threatened between such Credit Party or any of its Restricted Subsidiaries and any of their respective employees, other than those arising in the ordinary course of business which could not, in the aggregate, reasonably be expected to have a Material Adverse Effect.

6.13                        Compliance with Law.

Neither such Credit Party nor any of its Restricted Subsidiaries has violated or failed to comply with any statute, law, ordinance, regulation, rule or order of any foreign, federal, state or local government, or any other Governmental Authority or any self regulatory organization, or any judgment, decree or order of any court, applicable to its business or operations except where the aggregate of all such violations or failures to comply could not reasonably be expected to have a Material Adverse Effect.  The conduct of the business of such Credit Party and each of its Restricted Subsidiaries is in conformity with all securities, commodities, energy, public utility, zoning, building code, health, OSHA and environmental requirements and all other foreign, federal, state and local governmental and regulatory requirements and requirements of any self regulatory organizations, except where such non-conformities could not reasonably be expected to have a Material Adverse Effect.  Neither such Credit Party nor any of its Restricted Subsidiaries has received any notice to the effect that, or otherwise been advised that, it is not in compliance with, and neither such Credit Party nor any of its Restricted Subsidiaries has any reason to anticipate that any currently existing circumstances are likely to result in the violation of any such statute, law, ordinance, regulation, rule, judgment, decree or order which failure or violation could reasonably be expected to have a Material Adverse Effect.

6.14                        ERISA.

None of such Credit Parties or any of their Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates maintains or contributes to any Benefit Plan other than those listed on Schedule 6.14. Each Benefit Plan has been and is being maintained and funded in accordance with its terms and in compliance in all material respects with all provisions of ERISA and the Internal Revenue Code applicable thereto.  Such Credit Party, each of its Restricted Subsidiaries and the General Partner and each of its ERISA Affiliates has fulfilled all obligations related to the minimum funding standards of ERISA and the Internal Revenue Code for each

71

Benefit Plan, is in compliance in all material respects with the currently applicable provisions of ERISA and of the Internal Revenue Code and has not incurred any liability (other than routine liability for premiums) under Title IV of ERISA.  No Termination Event has occurred nor has any other event occurred that may result in such a Termination Event.  No event or events have occurred in connection with which such Credit Parties or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates, any fiduciary of a Benefit Plan or any Benefit Plan, directly or indirectly, would be subject to any material liability, individually or in the aggregate, under ERISA, the Internal Revenue Code or any other law, regulation or governmental order or under any agreement, instrument, statute, rule of law or regulation pursuant to or under which any such entity has agreed to indemnify or is required to indemnify any person against liability incurred under, or for a violation or failure to satisfy the requirements of, any such statute, regulation or order.

6.15                        Compliance with Environmental Laws.

Except as disclosed on Schedule 6.15, and except where the aggregate of all such violations or failures to comply could not reasonably be expected to have a Material Adverse Effect (a) the operations of such Credit Party and each of its Restricted Subsidiaries comply with all applicable federal, state or local environmental, health and safety statutes, regulations, or ordinances, and (b) none of the operations of such Credit Party or any of its Restricted Subsidiaries is the subject of any judicial or administrative proceeding alleging the violation of any federal, state or local environmental, health or safety statute, regulation, direction, ordinance, criteria or guidelines. Except as disclosed on Schedule 6.15 and except as could not reasonably be expected to have a Material Adverse Effect, to the knowledge of each Credit Party and any of its Restricted Subsidiaries, none of the operations of such Credit Party or any of its Restricted Subsidiaries is the subject of any federal or state investigation evaluating whether such Credit Party or any of its Restricted Subsidiaries disposed any hazardous or toxic waste, substance or constituent or other substance at any site that may require remedial action, or any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any hazardous or toxic waste, substance or constituent, or other substance into the environment.  Except as disclosed on Schedule 6.15 and except for any notices required in connection with any environmental permits or annual reporting requirements in the ordinary course of business, neither such Credit Party nor any of its Restricted Subsidiaries have filed any notice under any federal or state law indicating past or present treatment, storage or disposal of a hazardous waste or reporting a spill or release of a hazardous or toxic waste, substance or constituent, or other substance into the environment.  Except as disclosed on Schedule 6.15 and except as could not reasonably be expected to have a Material Adverse Effect, neither such Credit Party nor any of its Restricted Subsidiaries have any contingent liability of which such Credit Party has knowledge in connection with any release of any hazardous or toxic waste, substance or constituent, or other substance into the environment, nor has such Credit Party or any of its Restricted Subsidiaries received any notice or letter advising it of potential liability arising from the disposal of any hazardous or toxic waste, substance or constituent or other substance into the environment.

6.16                        Use of Proceeds.

All proceeds of the Loans will be used only in accordance with Section 7.13.

72

6.17                        Intellectual Property.

Such Credit Party and each of its Restricted Subsidiaries possesses adequate assets, licenses, patents, patent applications, copyrights, service marks, trademarks and tradenames to continue to conduct its business as heretofore conducted by it.  Schedule 6.17 sets forth (a) all of the federal, state and foreign registrations of trademarks, service marks and other marks, trade names or other trade rights of such Credit Party and its Restricted Subsidiaries, and all pending applications for any such registrations, (b) all of the patents and copyrights of such Credit Party and its Restricted Subsidiaries and all pending applications therefor and (c) all other trademarks, service marks and other marks, trade names and other trade rights used by such Credit Party or any of its Restricted Subsidiaries in connection with their businesses, in each case necessary for the conduct of such Credit Party’s and such Credit Party’s Restricted Subsidiaries’ business (collectively, the “Proprietary Rights”).  Such Credit Party and its Restricted Subsidiaries are collectively the owners of each of the trademarks listed on Schedule 6.17 as indicated on such schedule, and no other Person has the right to use any of such marks in commerce either in the identical form or in such near resemblance thereto as may be likely to cause confusion or to cause mistake or to deceive.  Each of the trademarks listed on Schedule 6.17 is a federally registered trademark of such Credit Party or its Restricted Subsidiaries having the registration number and issue date set forth on Schedule 6.17.  The Proprietary Rights listed on Schedule 6.17 are all those used in the businesses of such Credit Party and its Restricted Subsidiaries.  Except as disclosed on Schedule 6.17, no person has a right to receive any royalty or similar payment in respect of any Proprietary Rights pursuant to any contractual arrangements entered into by such Credit Party, or any of its Restricted Subsidiaries and no person otherwise has a right to receive any royalty or similar payment in respect of any such Proprietary Rights except as disclosed on Schedule 6.17.  Neither such Credit Party nor any of its Restricted Subsidiaries has granted any license or sold or otherwise transferred any interest in any of the Proprietary Rights to any other person.  The use of each of the Proprietary Rights by such Credit Party and its Restricted Subsidiaries is not infringing upon or otherwise violating the rights of any third party in or to such Proprietary Rights, and no proceeding has been instituted against or notice received by such Credit Party or any of its Restricted Subsidiaries that are presently outstanding alleging that the use of any of the Proprietary Rights infringes upon or otherwise violates the rights of any third party in or to any of the Proprietary Rights.  Neither such Credit Party nor any of its Restricted Subsidiaries have given notice to any Person that it is infringing on any of the Proprietary Rights and to the best of such Credit Party’s knowledge, no Person is infringing on any of the Proprietary Rights.  All of the Proprietary Rights of such Credit Party and its Restricted Subsidiaries are valid and enforceable rights of such Credit Party and its Restricted Subsidiaries and will not cease to be valid and in full force and effect by reason of the execution and delivery of this Credit Agreement or the Credit Documents or the consummation of the transactions contemplated hereby or thereby.

6.18                        Licenses and Permits.

Such Credit Party and each of its Restricted Subsidiaries have obtained and hold in full force and effect, all material franchises, licenses, leases, permits, certificates, authorizations, qualifications, easements, rights of way and other rights and approvals which are necessary for the operation of their businesses as presently conducted and as proposed to be conducted and whose absence or failure to obtain could reasonably be expected to have a Material Adverse Effect.  Neither of such Credit Party nor any of its Restricted Subsidiaries is in violation of the

73

terms of any such franchise, license, lease, permit, certificate, authorization, qualification, easement, right of way, right or approval in any such case which could reasonably be expected to have a Material Adverse Effect.

6.19                        Title to Property.

Such Credit Party has to its best knowledge (i) defensible fee simple title to or valid leasehold interests in all of its real property, including, without limitation, the Real Estate (all such real property and the nature of such Credit Party’s or any of its Restricted Subsidiary’s interest therein is disclosed on Schedule 6.19, as it may be updated from time to time pursuant to Section 7.9,) and (ii) defensible title to all of its other property (including without limitation, all real and other property in each case as reflected in the Financial Statements delivered to the Agent hereunder), other than properties disposed of in the ordinary course of business or in any manner otherwise permitted under this Credit Agreement since the date of the most recent audited consolidated balance sheet of such Credit Party, and in each case subject to no Liens other than Permitted Liens.  Such Credit Party and its Restricted Subsidiaries, to the best of their respective knowledge, enjoy peaceful and undisturbed possession of all its real property, including, without limitation, the Real Estate, and there is no pending or, to the best of their knowledge, threatened condemnation proceeding relating to any such real property.    No material default exists under (i) any Lease on any property on which is Mortgage is granted, or (ii) any other Lease, to the extent such default would reasonably be expected to have a Material Adverse Effect.  All of the Structures and other tangible assets owned, leased or used by such Credit Party or any of its Restricted Subsidiaries in the conduct of their respective businesses , to the best of their respective knowledge, are (a) insured to the extent and in a manner required by Section 7.10, (b) structurally sound with no known defects which have or could reasonably be expected to have a Material Adverse Effect, (c) in good operating condition and repair, subject to ordinary wear and tear, (d) not in need of maintenance or repair except for ordinary, routine maintenance and repair the cost of which is immaterial and except to the extent failure to so maintain and repair could not reasonably be expected to have a Material Adverse Effect, (e) sufficient for the operation of the businesses of such Credit Party and its Restricted Subsidiaries as currently conducted, except to the extent failure to be so sufficient could not reasonably be expected to have a Material Adverse Effect and (f) in conformity with all applicable laws, ordinances, orders, regulations and other requirements (including applicable zoning, environmental, motor vehicle safety, occupational safety and health laws and regulations) relating thereto, except where the failure to conform could not reasonably be expected to have a Material Adverse Effect.

6.20                        Labor Matters.

Neither such Credit Party nor any of its Restricted Subsidiaries is engaged in any unfair labor practice which could reasonably be expected to have a Material Adverse Effect.  There is (a) no material unfair labor practice complaint pending against such Credit Party or any of its Restricted Subsidiaries or, to the best knowledge of such Credit Party, threatened against any of them, before the National Labor Relations Board, and no grievance or arbitration proceeding arising out of or under collective bargaining agreements that has or could reasonably be expected to have a Material Adverse Effect is so pending against such Credit Party or any of its Restricted Subsidiaries or, to the best knowledge of such Credit Party, threatened against any of them, (b) no strike, labor dispute, slowdown or stoppage pending against either of such Credit Party or any

74

of its Restricted Subsidiaries or, to the best knowledge of such Credit Party, threatened against any of them, and (c) no union representation questions with respect to the employees of such Credit Party or any Restricted Subsidiaries and no union organizing activities.

6.21                        Investment Company, Etc.

Neither such Credit Party nor any of its Restricted Subsidiaries is (a) an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, (b) a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company,” within the meaning of the Public Utility Holding Company Act of 1935, as amended, or (c) subject to any other law which regulates or restricts its ability to borrow money or to consummate the transactions contemplated by this Credit Agreement or the other Credit Documents or to perform its obligations hereunder or thereunder.

6.22                        Margin Security.

Such Credit Party does not own any margin stock, other than common units in Partners acquired in connection with the IPO, and no portion of the proceeds of any Loans or Letters of Credit shall be used by the Borrower for the purpose of purchasing or carrying any “margin stock” (as defined in Regulation U of the Board of Governors of the Federal Reserve System) or for any other purpose which violates the provisions or Regulation U, of said Board of Governors or for any other purpose in violation of any applicable statute or regulation, or of the terms and conditions of this Credit Agreement.

6.23                        No Event of Default.

No Default or Event of Default has occurred and is continuing.

6.24                        Taxes and Tax Returns.

Each Credit Party has filed, or caused to be filed, all material tax returns (federal, state, local and foreign, including relating to excise taxes) required to be filed and paid all amounts of taxes shown thereon to be due (including interest and penalties) and has paid all other material taxes, fees, assessments and other governmental charges (including mortgage recording taxes, documentary stamp taxes and intangibles taxes) owing by it, except for such taxes (a) that are not yet delinquent or (b) that are being appropriately contested in good faith, and against which adequate reserves are being maintained in accordance with GAAP.  None of the Credit Parties is aware of any proposed material tax assessments against it or any other Credit Party.

6.25                        No Other Indebtedness.

Such Credit Party has no Indebtedness that is senior, pari passu or subordinated in right of payment to their Indebtedness to the Lenders hereunder, except for Permitted Indebtedness.

6.26                        Status of Accounts.

Each Account is based on an actual and bona fide sale and delivery of goods or rendition of services to customers, made by such Credit Party in the ordinary course of its business; the

75

goods and inventory being sold and the Accounts created are its exclusive property and are not and shall not be subject to any Lien, consignment arrangement, encumbrance, security interest or financing statement whatsoever, other than the Permitted Liens; and such Credit Party’s customers have accepted the goods or services, owe and are obligated to pay the full amounts stated in the invoices according to their terms, without any dispute, offset, defense, counterclaim or contra that could reasonably be expected to have, when aggregated with any such other disputes, offsets, defenses, counterclaims or contras, a Material Adverse Effect.  Such Credit Party confirms to the Lenders that any and all taxes or fees relating to its business, its sales, the Accounts or the goods relating thereto, are its sole responsibility and that same will be paid by such Credit Party when due (unless duly contested and adequately reserved for).

6.27                        Material Contracts.

Schedule 6.27 sets forth a true, correct and complete list of all the Material Contracts currently in effect as of the Closing Date.  All of the Material Contracts are in full force and effect, and no material defaults currently exist thereunder.

6.28                        Survival of Representations.

All representations made by such Credit Party in this Credit Agreement (including by incorporation by reference in the Guaranty Agreement) and in any other Credit Document shall survive the execution and delivery hereof and thereof.

6.29                        Affiliate Transactions.

Except as set forth on Schedule 6.29, neither such Credit Party nor any of its Restricted Subsidiaries is a party to or bound by any agreement or arrangement (whether oral or written) to which any Affiliate of such Credit Party or any of its Restricted Subsidiaries is a party except (a) in the ordinary course of and pursuant to the reasonable requirements of such Credit Party’s or such Restricted Subsidiary’s business and (b) upon fair and reasonable terms no less favorable to such Credit Party and such Restricted Subsidiary than it could obtain in a comparable arm’s-length transaction with an unaffiliated Person.

6.30                        Accuracy and Completeness of Information.

All factual information heretofore, contemporaneously or hereafter furnished by or on behalf of the Credit Parties or any of their respective Restricted Subsidiaries in writing to the Agent, any Lender, or the Independent Accountant for purposes of or in connection with this Credit Agreement or any Credit Documents, or any transaction contemplated hereby or thereby is or will be true and accurate in all material respects on the date as of which such information is dated or certified and not incomplete by omitting to state any material fact necessary to make such information not misleading at such time.

6.31                        Anti-Terrorism Laws.

(a)                                  General.  None of the Credit Parties or their Affiliates is knowingly in violation of any Anti-Terrorism Law or engages in or conspires to engage in any transaction that evades or avoids, or has the purpose of evading or avoiding, or attempts to violate, any Anti-Terrorism Law.

76

(b)                                 Executive Order No. 13224.  None of the Credit Party or their Affiliates is, to the best of their knowledge, any of the following (each a “Blocked Person”):

(i)                                     a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the annex to, or is otherwise subject to the provisions of, Executive Order No. 13224;

(ii)                                  a Person or entity with which any bank or other financial institution is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law;

(iii)                               a Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in Executive Order No. 13224;

(iv)                              a Person or entity that is named as a “specially designated national” on the most current list published by the U.S. Treasury Department Office of Foreign Asset Control at its official website or any replacement website or other replacement official publication of such list; or

(v)                                 a Person or entity who is affiliated with a Person or entity listed above.

(c)                                  None of the Credit Parties or their Affiliates knowingly (i) conducts any business or engages in making or receiving any contribution of funds, goods or services to or for the benefit of any Blocked Person or (ii) deals in, or otherwise engages in any transaction relating to, any property or interests in property blocked pursuant to Executive Order No. 13224.

6.32                        Deposit Accounts and Commodities Accounts.

As of the Closing Date, none of the Credit Parties has any checking, savings or other accounts at any bank or other financial institution, or any commodities accounts with any commodities intermediary, or any other account where money is or may be deposited or maintained with any Person that is not described on Schedule 6.32.  Schedule 6.32 accurately sets forth the purpose for which each such deposit account is maintained.

6.33                        Force Majeure.

None of any Credit Parties’ business is suffering from effects of fire, accident, strike, drought, storm, earthquake, embargo, tornado, hurricane, act of God, acts of a public enemy or other casualty that would reasonably be likely to have a Material Adverse Effect.

ARTICLE VII

AFFIRMATIVE COVENANTS

Until all of the Credit and Collateral Termination Events have occurred, the Borrower and (by execution and delivery of the Guaranty Agreement or of a joinder thereto and

77

incorporation by reference therein) each Guarantor agrees that, unless the Required Lenders shall have otherwise consented in writing:

7.1                               Financial Information.

The Borrower will furnish to the Agent on behalf of the Lenders the following information within the following time periods:

(a)                                  within ninety (90) days after the close of the fiscal year of the Borrower, (i) the audited consolidated balance sheets and statements of income and retained earnings and of changes in cash flow of the Borrower and its consolidated Subsidiaries, for such year, each setting forth in comparative form the corresponding figures for the preceding year, prepared in accordance with generally accepted accounting principles, and accompanied by a report and unqualified opinion of KPMG LLP (which shall not be limited as to the scope of the audit or qualified as to the status of the Credit Parties as a going concern) or other Independent Accountant selected by the Borrower and approved by the Agent; provided, that so long as the Borrower is required to file and has timely filed a 10-K with the SEC, such filing will satisfy this covenant and (ii)  the unaudited consolidated balance sheets and statements of income and retained earnings and of changes in cash flow of the Borrower and its consolidated Restricted Subsidiaries, for such year, each setting forth in comparative form the corresponding figures for the preceding year, prepared in accordance with GAAP, and certified by an Executive Officer;

(b)                                 within forty-five (45) days after the end of each fiscal quarter of the Borrower other than the final fiscal quarter of each fiscal year, (i) unaudited consolidated financial statements of the Borrower and its consolidated Subsidiaries as of the end of such period and for such period then ended and for the period from the beginning of the current fiscal year to the end of such period, setting forth in comparative form the corresponding figures for the comparable period in the preceding fiscal year, prepared in accordance with generally accepted accounting principles (except that such quarterly statements need not include footnotes) and certified by an Executive Officer; provided, that so long as the Borrower is required to file and has timely filed a 10-Q with the SEC, such filing will satisfy this covenant and (ii) unaudited consolidated financial statements of the Borrower and its consolidated Restricted Subsidiaries as of the end of such period and for such period then ended and for the period from the beginning of the current fiscal year to the end of such period, setting forth in comparative form the corresponding figures for the comparable period in the preceding fiscal year, prepared in accordance with GAAP (except that such quarterly statements need not include footnotes), and certified by an Executive Officer;

(c)                                  within forty five  (45) days after the end of each month other than the final month of each fiscal quarter, which shall be submitted within five (5) days after the Borrower submits its Form 10-Q for such quarter with the Securities and Exchange Commission, unaudited consolidated financial statements of the Borrower and its consolidated Restricted Subsidiaries as of the end of such period and for such period then ended and for the period from the beginning of the current fiscal year to the end of such period, prepared in accordance with GAAP  (except that discretionary inventory held for

78

immediate sale or exchange shall be deemed to be carried at fair value and base, line fill and tank bottom inventory shall be deemed to be carried at the lower of cost or market as determined only on a quarterly basis) and present fairly, in all material respects, on a summary basis the financial position of the Borrower and its consolidated Restricted Subsidiaries at the dates thereof and the results of their operations for the periods covered thereby, subject only to normal year-end audit adjustments and the addition of footnotes and certified by an Executive Officer;

(d)                                 at the time of delivery of each quarterly and annual statement, a Compliance Certificate stating that such officer has caused this Credit Agreement to be reviewed and has no knowledge of any default by the Borrower in the performance or observance of any of the provisions of this Credit Agreement, during, or at the end of, as applicable, such quarter or year, or, if such officer has such knowledge, specifying each default and the nature thereof, and showing compliance by the Borrower as of the date of such statement with the financial covenant set forth in Section 8.1, and calculations for such financial covenant shall be included, even if such financial covenant is not then in effect pursuant to the terms thereof, and the other applicable covenants set forth in Exhibit J;

(e)                                  The Borrowing Base will be reported in a Borrowing Base Certificate furnished to the Agent according to the following:

(i)                                     if Excess Availability is equal to or greater than $75,000,000, Borrowing Base Certificates will be will be completed as of the last day of the calendar month and delivered within 5 Business Days thereafter, with a Borrowing Base Certificate updated from the most recently furnished complete Borrowing Base Certificate as to gross accounts receivable and inventory to be prepared as of the last Business Day of each week and delivered within 2 Business Days thereafter, or

(ii)                                  if Excess Availability is less than $75,000,000, Borrowing Base Certificates will be delivered twice monthly, completed as of the closest Business Day to each of the 15th day (or such other day, not later than the 20th, on which the Borrower internally adjusts its basis for inventory) and the last day of each calendar month and delivered within 5 Business Days thereafter, with a Borrowing Base Certificate updated from the most recently furnished complete Borrowing Base Certificate as to gross accounts receivable and inventory to be prepared as of the last Business Day of each week and delivered within 2 Business Days thereafter; provided, that if Excess Availability is at least $75,000,000 for 30 consecutive days, such fact may be reported and Borrowing Base Certificates and updated Borrowing Base Certificates showing gross accounts receivable and inventory thereafter shall again be reported pursuant to clause (i) above unless and until Excess Availability again goes below $75,000,000.

Notwithstanding the foregoing, (i) the Borrower may submit additional Borrowing Base Certificates or updates thereof at any time during a calendar month, and they shall be taken into account in determining Average Excess Borrowing Base

79

Availability and Excess Availability and (ii) the Agent will reserve the right to require that Borrowing Base Certificates and such updates thereof be furnished on a more frequent basis, in its reasonable discretion.  In addition, on or before the 15th day of each month (or if such day is not a Business Day, then on the next succeeding Business Day), the Borrower shall furnish a written report to the Agent setting forth the accounts receivable aged trial balance at the immediately preceding month end for each account debtor, aged by due date, which aging reports shall indicate which Accounts are current, up to 30, 31 to 60 and over 60 days past due and any other documentation reasonably required by the Agent as back-up.  The Agent may, but shall not be required to, rely on each Borrowing Base Certificate delivered hereunder as accurately setting forth the available Borrowing Base for all purposes of this Credit Agreement until such time as a new Borrowing Base Certificate is delivered to the Agent in accordance herewith; Borrowing Base Certificates may be prepared and submitted to the Lenders on a more frequent basis than weekly, provided that such certificate complies with the requirements set forth elsewhere herein.  The Agent shall send copies of the Borrowing Base Certificates and updates received by it pursuant to the foregoing to the Lenders; provided, that any Lender may request copies thereof from the Borrower;

(f)                                    promptly upon receipt thereof, copies of all management letters which are submitted to the Borrower by its Independent Accountant in connection with any annual or interim audit of the books of the Borrower made by such accountants;

(g)                                 as soon as practicable but, in any event, within ten (10) Business Days after the issuance thereof, to the extent not electronically filed and publicly available, copies of such other financial statements and reports as the Borrower shall send to its stockholders as such, and copies of all regular and periodic reports which the Borrower may be required to file with the Securities and Exchange Commission or any similar or corresponding governmental commission, department or agency substituted therefor, or any similar or corresponding Governmental Authority;

(h)                                 no later than thirty (30) days prior to the commencement of each fiscal year during each year when this Credit Agreement is in effect, an annual forecast setting forth the quarterly budget for each quarter of such fiscal year in a form consistent with the annual forecast provided to the Agent prior to the Closing Date for the period ending on June 30, 2005;

(i)                                     promptly upon receipt thereof, copies of all notices delivered to the Borrower or sent by the Borrower with respect to Subordinated Debt, including, without limitation, any notice of default (the Borrower expressly agreeing to furnish all such notices electronically );

(j)                                     promptly and in any event within five (5) Business Days after becoming aware of the occurrence of a Default or Event of Default, a certificate of the chief executive officer or chief financial officer of the Borrower specifying the nature thereof and the Credit Parties’ proposed response thereto, each in reasonable detail; and

(k)                                  with reasonable promptness, such other data as the Agent may reasonably request.

80

7.2                               Mortgaged Real Estate.

In consultation with the Borrower, the Agent has identified the Initially Selected Real Estate and the items that will comprise the Real Property Documentation related thereto has been or shall be obtained and furnished to the Agent for its review as soon as reasonably possible. On the Original Closing Date, the Agent, for the benefit of the Lenders, received a Mortgage on each parcel or tract of the Initially Selected Real Estate that constitutes Accepted Real Estate on such date, conveying a first priority Lien thereon, subject to no other Liens other than Permitted Liens.  Upon receipt of all Approved Appraisals for the Initially Selected Real Estate, if the aggregate Net Orderly Liquidation Value of the Initially Selected Real Estate is less than the Minimum Real Estate Liquidation Value, the Agent shall identify and select,  Additionally Selected Real Estate in such a manner as to minimize legal fees, mortgage taxes, title insurance and other applicable costs and charges. The Additionally Selected Real Estate shall then be appraised according to the foregoing, and such process shall be continued until terminals and related real estate having Approved Appraisals showing appraised aggregate Net Orderly Liquidation Value of not less than the Minimum Real Estate Liquidation Value have been identified. The items that will comprise the Real Property Documentation for each such parcel or tract shall be obtained and delivered as soon as reasonably practicable after such parcel or tract has been identified as part of the Initially Selected Real Estate and Additionally Selected Real Estate pursuant to the foregoing process, and as soon as each such Initially Selected Real Estate and Additionally Selected Real Estate has become Accepted Real Estate, the Agent, for the benefit of the Lenders, shall receive a Mortgage on such parcel or tract, conveying a first priority Lien thereon, subject to no other Liens other than  Permitted Liens.  In the event any Credit Party desires to substitute any other real estate property for existing Mortgaged Real Estate, the Borrower will so notify the Agent and, if the Agent receives Real Property Documentation reasonably satisfactory to it with respect thereto, a Mortgage shall be executed and delivered thereon in favor of the Agent, for the benefit of the Lenders, and such property shall become Mortgaged Real Estate, and the property for which such property was substituted shall be released by the Agent.   In addition to the foregoing, the Agent shall release Mortgaged Real Estate to be transferred to Partners (or its designees, including Operating Company or other MLP Entities) in connection with the IPO or pursuant to the MLP Omnibus Agreement in accordance with and subject to the provisions of Section 9.3(e) and (f), provided, that a reserve shall be established under clause (k) of the definition of Borrowing Base.

7.3                               Corporate Existence.

Each Credit Party and each of its Restricted Subsidiaries: (a) will (i) maintain their current corporate or other organizational existence, except as permitted by Section 9.4, (ii) maintain in full force and effect all material licenses, bonds, franchise, leases, trademarks and qualifications to do business, except as could not reasonably be expected to have a Material Adverse Effect; (b) will obtain or maintain patents, contracts and other rights necessary to the  conduct of their businesses; (c) will limit their operations to, the same general lines of business as that conducted by them as of the Closing Date and; (d) will comply with all applicable laws and regulations of any federal, state or local Governmental Authority, except where noncompliance could not reasonably be expected to have a Material Adverse Effect.

81

7.4                               ERISA.

The Credit Party will deliver to the Agent, at the Credit Party’ expense, the following information at the times specified below:

(a)                                  within ten (10) Business Days after any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates knows or has reason to know that a Termination Event has occurred, a written statement of the chief financial officer of the Borrower describing such Termination Event and the action, if any, which such Credit Party or other such entities have taken, are taking or propose to take with respect thereto, and when known, any action taken or threatened by the Internal Revenue Service, DOL or PBGC with respect thereto;

(b)                                 within ten (10) Business Days after any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates knows or  has reason to know that a prohibited transaction (as defined in Section 406 of ERISA and Section 4975 of the Internal Revenue Code) has occurred, a statement of the chief financial officer of the Borrower describing such transaction and the action which such Credit Party or other such entities have taken, are taking or propose to take with respect thereto;

(c)                                  within thirty (30) Business Days after the filing thereof with the DOL, Internal Revenue Service or PBGC, copies of each annual report (form 5500 series), including all schedules and attachments thereto, filed with respect to each Benefit Plan;

(d)                                 within thirty (30) Business Days after receipt by any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates of each actuarial report for any Benefit Plan or Multiemployer Plan and each annual report for any Multiemployer Plan, copies of each such report;

(e)                                  within three (3) Business Days after the filing thereof with the Internal Revenue Service, a copy of each funding waiver request filed with respect to any Benefit Plan and all communications received by any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates with respect to such request;

(f)                                    within ten (10) Business Days upon the occurrence thereof, notification of any material increase in the benefits of any existing Plan or the establishment of any new Plan or the commencement of contributions to any Plan to which any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates was not previously contributing;

(g)                                 within three (3) Business Days after receipt by any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates of the PBGC’s intention to terminate a Benefit Plan or to have a trustee appointed to administer a Benefit Plan, copies of each such notice;

(h)                                 within ten (10) Business Days after receipt by any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates of any

82

favorable or unfavorable determination letter from the Internal Revenue Service regarding the qualification of a Plan under Section 401(a) of the Internal Revenue Code, copies of each such letter;

(i)                                     within ten (10) Business Days after receipt by any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates of a notice regarding the imposition of withdrawal liability, copies of each such notice;

(j)                                     within ten (10) Business Days after any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates fail to make a required installment or any other required payment under Section 412 of the Internal Revenue Code on or before the due date for such installment or payment, a notification of such failure; and

(k)                                  within three (3) Business Days after any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates knows (a) a Multiemployer Plan has been terminated, (b) the administrator or plan sponsor of a Multiemployer Plan intends to terminate a Multiemployer Plan, or (c) the PBGC has instituted or will institute proceedings under Section 4042 of ERISA to terminate a Multiemployer Plan, a written statement setting forth any such event or information.

For purposes of this Section 7.4, any Credit Party or any of its Restricted Subsidiaries or the General Partner or any of the ERISA Affiliates shall be deemed to know all facts known by the administrator of any Plan of which such entity is the plan sponsor.

The Credit Parties will establish, maintain and operate all Plans to comply in all material respects with the provisions of ERISA, the Internal Revenue Code, and all other applicable laws, and the regulations and interpretations thereunder other than to the extent that the Credit Parties are in good faith contesting by appropriate proceedings the validity or implication of any such provision, law, rule, regulation or interpretation.

7.5                               Proceedings or Adverse Changes.

The Credit Parties will as soon as possible, and in any event within five (5) Business Days after any Credit Party learns of the following, give written notice to the Agent of (i) any material proceeding(s) being instituted or threatened in writing to be instituted by or against any Credit Party or any of its Restricted Subsidiaries in any federal, state, local or foreign court or before any commission or other regulatory body (federal, state, local or foreign), if the amount involved is equal to or in excess of $10,000,000 and (ii) any Material Adverse Change.  Provision of such notice by the Credit Parties will not constitute a waiver or excuse of any Default or Event of Default occurring as a result of such changes or events.

7.6                               Environmental Matters.

Each Credit Party will conduct its business and the businesses of each of the Restricted Subsidiaries so as to comply in all material respects with all applicable environmental laws, regulations, orders and ordinances, in all jurisdictions in which any of them is or may at any time be doing business including, without limitation, environmental land use, occupational safety or health laws, regulations, requirements or permits in all jurisdictions in which any of them is or

83

may at any time be doing business, except to the extent that any Credit Party or any of its Restricted Subsidiaries is contesting, in good faith by appropriate legal proceedings, any such law, regulation, order or ordinance, or interpretation thereof or application thereof; provided, further, that each Credit Party and each of the Restricted Subsidiaries will comply with the order of any court or other governmental body of the applicable jurisdiction relating to such laws unless such Credit Party or Restricted Subsidiary shall currently be prosecuting an appeal or proceedings for review and shall have secured a stay of enforcement or execution or other arrangement postponing enforcement or execution pending such appeal or proceedings for review.  If any Credit Party or any of its Subsidiaries shall receive any notice from a federal, state, or local agency that (a) any violation of any federal, state or local environmental law, regulation, order or ordinance, may have been committed or is about to be committed by such Credit Party or any of its Restricted Subsidiaries, (b) any administrative or judicial complaint or order has been filed or is about to be filed against such Credit Party or any of its Restricted Subsidiaries alleging violations of any federal, state or local environmental law, regulation, order, ordinance, or requiring such Credit Party or any of its Restricted Subsidiaries to take any action in connection with the release of toxic or hazardous substances into the environment or (c) alleging that such Credit Party or any of its Restricted Subsidiaries may be liable or responsible for costs associated with a response to or cleanup of a release of a toxic or hazardous substance into the environment or any damages caused thereby, and any Credit Party reasonably believes that such costs or damages would likely be material, such Credit Party will provide the Agent with a copy of such notice within fifteen (15) days after the receipt thereof by the applicable Credit Party or any of its Restricted Subsidiaries.  Each Credit Party will promptly take all actions necessary to prevent the imposition of any Liens on any of its properties arising out of or related to any environmental matters except to the extent such Liens that would not reasonably be expected to create an Event of Default.

7.7                               Books and Records; Inspection.

Each Credit Party will, and will cause each of its Restricted Subsidiaries to, maintain books and records pertaining to the Collateral in such detail, form and scope as is consistent with good business practice.  Each Credit Party agrees that the Agent or its agents may enter upon the premises of each Credit Party or any of its Restricted Subsidiaries at any time and from time to time, during normal business hours, and at any time at all on and after the occurrence of an Event of Default, and which has not otherwise been waived by the Agent, for the purpose of (a) enabling the Agent’s internal auditors or outside third party designees to conduct periodic field examinations at such Credit Party’s expense, (b) inspecting the Collateral, (c) inspecting and/or copying (at such Credit Party’ expense) any and all records pertaining thereto, (d) discussing the affairs, finances and business of any Credit Party or with any officers, employees and directors of any Credit Party with the Independent Accountant and (e) verifying Eligible Accounts Receivable and/or Eligible Petroleum Inventory.  The Lenders, in the reasonable discretion of the Agent, may accompany the Agent at their sole expense in connection with the foregoing inspections.

The Agent expects to conduct two (2) field examinations per year (or more frequently, if Excess Availability is less than $100,000,000), but reserves the right, in its reasonable discretion, to conduct a field examination at any time, or with less frequency, upon reasonable notice to the Borrower.  Each Credit Party agrees to afford the Agent thirty (30) days prior written notice of any change in its jurisdiction of organization or the location of its chief executive office or place

84

of business from the locations specified in Schedule 6.7, and to execute in advance of such change, cause to be filed and/or delivered to the Agent any financing statements or other documents required by the Agent, all in form and substance reasonably satisfactory to the Agent.   Each Credit Party agrees to furnish the Agent with such other information regarding its business affairs and financial condition as the Agent may reasonably request from time to time.

7.8                               Collateral Records.

Each Credit Party will, and will cause each of its Restricted Subsidiaries to, execute and deliver to the Agent, from time to time, for the Agent’s use in maintaining a record of the Collateral, such written statements and schedules that are reasonably available and as the Agent may reasonably require, including without limitation those described in Section 7.1, designating, identifying or describing the Collateral pledged to the Lenders hereunder.  Any Credit Party’s failure, however, to promptly give the Agent such statements or schedules shall not affect, diminish, modify or otherwise limit the Lenders’ security interests in the Collateral. Such Credit Party agrees to maintain such books and records regarding Accounts and the other Collateral as the Agent may reasonably require.

7.9                               Security Interests.