UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549
 

FORM 8-K
 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 15, 2016
 

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
(Exact name of registrant as specified in its charter)
 
 
 
 
 
DELAWARE  
(State or other jurisdiction
of incorporation)
 
000-51734  
(Commission File Number)
 
35-1811116  
(IRS Employer
Identification No.)
2780 Waterfront Pkwy E. Drive
Suite 200
Indianapolis, Indiana 46214
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code (317) 328-5660

(Former name or former address, if changed since last report.)
 


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 





Item 1.01 Entry into a Material Definitive Agreement.

Purchase Agreement

On April 15, 2016, Calumet Specialty Products Partners, L.P. (the “Partnership”), Calumet Finance Corp. (“Calumet Finance” and, together with the Partnership, the “Issuers”), Calumet GP, LLC (the “General Partner”) and certain subsidiary guarantors named therein (collectively, the “Guarantors”) entered into a purchase agreement (the “Purchase Agreement”) with Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and Deutsche Bank Securities Inc., as representatives of the several initial purchasers named therein (collectively, the “Initial Purchasers”), under which the Issuers agreed to sell $400 million aggregate principal amount of a new series of 11.5% Senior Secured Notes due 2021 (the “2021 Notes”) in a private placement conducted pursuant to Rule 144A and Regulation S under the Securities Act of 1933, as amended (the “Securities Act”). The 2021 Notes will mature on January 15, 2021 and were issued at an issue price of 98.273 percent of par for net proceeds of approximately $383.3 million, after deducting the initial purchasers’ discount and estimated offering expenses. The closing of the issuance of the 2021 Notes occurred on April 20, 2016. The Partnership intends to use the net proceeds from the private placement to repay borrowings outstanding under its revolving credit facility, to terminate or cash collateralize certain of its existing hedging obligations and for general partnership purposes.

Certain of the Initial Purchasers and their affiliates have, from time to time, performed, and may in the future perform, various financial advisory and investment banking services for the Partnership and its affiliates, for which they received or will receive customary fees and expenses. Affiliates of all of the Initial Purchasers are lenders under the Partnership’s revolving credit facility, and affiliates of certain of the Initial Purchasers are counterparties under the Partnership’s secured hedging obligations and, therefore, may receive a portion of the net proceeds from the private placement. The Partnership has also entered into, in the ordinary course of business, various derivative financial instrument transactions related to its crude oil and natural gas purchases and sales of finished fuel products, including diesel and gasoline crack spread hedges with affiliates of certain of the Initial Purchasers.

The Purchase Agreement contains customary representations, warranties and agreements of the Issuers, the General Partner and the Guarantors and customary conditions to closing, indemnification rights, obligations of the parties and termination provisions.

The foregoing description of the Purchase Agreement is qualified in its entirety by reference to the full text of the Purchase Agreement, a copy of which is filed as Exhibit 1.1 to this report and is incorporated herein by reference.

Indenture

The 2021 Notes are governed by an Indenture, dated as of April 20, 2016 (the “Indenture”), entered into by the Issuers and the Guarantors with Wilmington Trust, National Association, as trustee (in such capacity, the “Trustee”). The 2021 Notes will mature on January 15, 2021. Interest on the 2021 Notes is payable semi-annually in arrears on January 15 and July15 of each year, beginning on July 15, 2016. The 2021 Notes are guaranteed on a senior secured basis by all of the Partnership’s existing subsidiaries (other than Calumet Finance and certain immaterial subsidiaries) that guarantee obligations under the Partnership’s revolving credit facility and certain of the Partnership’s future restricted subsidiaries. Subject to certain exceptions, the notes and the guarantees of the notes will be secured by a lien on all of the fixed assets that secure the Partnership’s obligations under its secured hedge agreements, including certain present and future real property, fixtures and equipment; all United States registered patents and patent license rights, trademarks and trademark license rights, copyrights and copyright license rights and trade secrets; chattel paper, documents and instruments; certain cash deposits in the PP&E proceeds account; certain books and records; and all accessions and proceeds of any of the foregoing.
Optional Redemption
On and after April 15, 2018, the Issuers may on any one or more occasions redeem all or a part of the 2021 Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus any accrued and

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unpaid interest to the applicable redemption date on such 2021 Notes, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:
 
Year
  
Percentage
 
2018
  
111.500
2019
  
108.625
%
2020 and thereafter
  
100.000
%

At any time prior to April 15, 2018, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of the 2021 Notes issued under the Indenture in an amount not greater than the net proceeds of a public equity offering at a redemption price of 111.500% of the principal amount of the 2021 Notes, plus any accrued and unpaid interest to the date of redemption, provided that: (a) at least 65% of the aggregate principal amount of the 2021 Notes issued under the Indenture remains outstanding immediately after the occurrence of each such redemption; and (b) the redemption occurs within 180 days of the date of the closing of such public equity offering.

Prior to April 15, 2018, the Issuers may on any one or more occasions redeem all or part of the 2021 Notes at a redemption price equal to the sum of: (a) the principal amount thereof, plus (b) the Make Whole Premium, as defined in the Indenture, at the redemption date, plus any accrued and unpaid interest to the applicable redemption date.
Certain Covenants
The Indenture contains covenants that, among other things, restrict the Partnership’s ability and the ability of certain of its subsidiaries to: (a) sell assets; (b) pay distributions on, redeem or repurchase the Partnership’s units or redeem or repurchase its subordinated debt or unsecured notes; (c) make investments; (d) incur or guarantee additional indebtedness or issue preferred units; (e) create or incur certain liens; (f) enter into agreements that restrict distributions or other payments from the Partnership’s restricted subsidiaries to the Partnership; (g) consolidate, merge or transfer all or substantially all of the Partnership’s assets; (h) engage in transactions with affiliates; and (i) create unrestricted subsidiaries. These covenants are subject to important exceptions and qualifications. However, at any time when the 2021 Notes are rated investment grade by either of Moody’s Investors Service, Inc. or Standard & Poor’s Ratings Services and no Default or Event of Default, each as defined in the Indenture, has occurred and is continuing, many of these covenants will be suspended.
Upon the occurrence of certain change of control events, as defined in the Indenture, each holder of the 2021 Notes will have the right to require that the Partnership repurchase all or a portion of such holder’s 2021 Notes in cash at a purchase price equal to 101% of the aggregate principal amount thereof plus any accrued and unpaid interest to the date of repurchase.
The foregoing descriptions of the Indenture and the 2021 Notes do not purport to be complete and are qualified in their entirety by reference to the full text of the Indenture (including the form of 2021 Notes attached as an exhibit thereto), a copy of which is filed as Exhibit 4.1 to this report and is incorporated herein by reference.

Collateral Trust Agreement
In connection with the private placement of the 2021 Notes, on April 20, 2016, the Issuers and the Guarantors entered into a Collateral Trust Agreement (the “Collateral Trust Agreement”) with Wilmington Trust, National Association, as collateral trustee (in such capacity, the “Collateral Trustee”), the Trustee and the representatives (the “Parity Lien Representatives”) of certain other holders of Parity Lien Obligations (as defined in the Collateral Trust Agreement). The Collateral Trust Agreement sets forth the terms on which the Collateral Trustee will receive, hold, administer, maintain, enforce and distribute the proceeds of all liens upon the collateral securing the 2021 Notes and related guarantees (the “Parity Lien Collateral”) at any time held by it, in trust for the benefit of the current and future holders of the Parity Lien Obligations. In addition, the Collateral Trust Agreement authorizes the Collateral Trustee to enter into the Intercreditor Agreement (as defined below) and certain other documents providing for grants or transfers for security (the “Security Documents”).

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In connection with any matter under the Collateral Trust Agreement requiring a vote of holders of Parity Lien Debt (as defined in the Collateral Trust Agreement), each series of Parity Lien Debt will cast its votes in accordance with the documents governing such series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a series of Parity Lien Debt will equal (a) in the case of a series of Parity Lien Debt that is not indebtedness under any existing secured hedging obligation, the aggregate principal amount of obligations held by holders of such series of Parity Lien Debt, and (b) in the case of a series of Parity Lien Debt that is indebtedness under one or more secured hedging obligations, the applicable hedge counterparty’s exposure under such secured hedging obligations. Following and in accordance with the outcome of the applicable vote under the documents governing each series of Parity Lien Debt, the Parity Lien Representative of such series of Parity Lien Debt will vote the total amount of Parity Lien Debt under that series of Parity Lien Debt as a block in respect of any vote under the Collateral Trust Agreement.
The Collateral Trust Agreement provides that the Collateral Trustee’s liens on the Parity Lien Collateral will be automatically released upon the occurrence of certain events. The Security Documents provide that the liens securing the Parity Lien Obligations will extend to the proceeds of any sale of Parity Lien Collateral. As a result, the Collateral Trustee’s liens will apply to the proceeds of any such Parity Lien Collateral received in connection with any sale or other disposition of certain assets.
The Collateral Trust Agreement sets forth the order in which the Collateral Trustee must apply the proceeds of any collection, sale by the Collateral Trustee, foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Parity Lien Collateral and the proceeds of any title insurance or other insurance policy required under any document governing the 2021 Notes or the Security Documents or other agreement governing each series of Parity Lien Debt or otherwise covering the Parity Lien Collateral, and any condemnation proceeds with respect to the Parity Lien Collateral.
The Collateral Trust Agreement provides that the Collateral Trust Agreement and any other Security Document granting a lien in favor of the Collateral Trustee may be amended, waived or supplemented only in writing executed by the applicable obligor thereunder and the Collateral Trustee, acting as directed by the holders of Parity Lien Debt, with certain exceptions.
The foregoing description of the Collateral Trust Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Collateral Trust Agreement, a copy of which is filed as Exhibit 10.1 to this report and is incorporated herein by reference.

Intercreditor Agreement
The 2021 Notes will not be secured by a lien on the Credit Agreement Collateral (as defined below). In connection with the offering of the 2021 Notes, the Collateral Trustee entered into that certain Second Amended and Restated Intercreditor Agreement (the “Intercreditor Agreement”) among the Collateral Trustee, as fixed asset collateral trustee, Bank of America, N.A., as agent for the lenders under the Credit Agreement (as defined below) (in such capacity, the “Credit Agreement Agent”), the Partnership and the other grantors named therein (the “Obligors”), providing for certain access and administrative agreements with respect to the Credit Agreement Collateral and the Parity Lien Collateral.
The foregoing description of the Intercreditor Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Intercreditor Agreement, a copy of which is filed as Exhibit 10.2 to this report and is incorporated herein by reference.

Second Amendment to Second Amended and Restated Credit Agreement

On April 20, 2016, the Partnership and certain of its operating subsidiaries party thereto as borrowers (collectively, the “Borrowers”) entered into a Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendment”), by and among the Borrowers, the Credit Agreement Agent and the lenders party thereto (including Bank of America, N.A., the “Lenders”), amending that certain Second Amended and Restated Credit Agreement, dated as of July 14, 2014, by and among the Partnership and certain of its operating subsidiaries party thereto as borrowers, the Credit Agreement Agent and the lenders party thereto (as previously amended by that certain First Amendment to Second Amended and Restated Credit Agreement, dated as of

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December 4, 2015, and as further amended by the Second Amendment, the “Credit Agreement”). The Second Amendment, among other things, amends the Credit Agreement to permit (a) the issuance of the 2021 Notes pursuant to the Indenture and (b) such 2021 Notes to be secured by a lien on the Parity Lien Collateral, subject to the terms of the Intercreditor Agreement.

The Credit Agreement provides for a $1 billion senior secured revolving credit facility, which (a) has a $500 million incremental uncommitted expansion feature, (b) is subject to a borrowing base (the “Borrowing Base”) based on eligible accounts receivable and inventory, and (c) has a letter of credit sublimit of $600 million, which may be increased, with the Credit Agreement Agent’s consent, to 90% of the revolving commitments under the facility.

Loans under the Credit Agreement bear interest at the prime rate plus a margin or LIBOR plus a margin, at the Partnership’s option. The margin ranges from 50 to 100 basis points for prime rate loans and 150 to 200 basis points for LIBOR rate loans. The margin is based on the Partnership’s average availability (as a percentage of the Borrowing Base) for its preceding calendar quarter. Letters of credit issued under the Credit Agreement accrue fees at the basis points margin applicable to LIBOR rate loans.

The Lenders have a first priority lien on, among other things, the Partnership’s accounts receivable and inventory and substantially all of its cash (the “Credit Agreement Collateral”). The Credit Agreement matures on July 14, 2019. The Partnership may be required to make mandatory prepayments under certain conditions.

The Credit Agreement generally permits the Partnership to make cash distributions to its unitholders as long as, after giving effect thereto, the Partnership has restricted cash on hand and availability under the Credit Agreement in an aggregate amount at least equal to the greater of (a) 15% of the Borrowing Base and (b) $70 million (which amount is subject to increase in proportion to revolving commitment increases).

In addition, the Credit Agreement contains various covenants that limit, among other things, the Borrowers’ ability to: incur indebtedness; grant liens; dispose of certain assets; make certain acquisitions and investments; redeem or prepay other debt or make other restricted payments; enter into transactions with affiliates; and enter into a merger, consolidation or sale of assets. Further, the Credit Agreement contains one springing financial covenant which provides that if the Borrowers’ availability under the Credit Agreement falls below the greater of (a) 12.5% of the Borrowing Base and (b) $45 million (which amount is subject to increase in proportion to revolving commitment increases), the Borrowers will be required to maintain as of the end of each fiscal quarter a Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of at least 1.0 to 1.0.

If an event of default exists under the Credit Agreement, the Lenders will be able to accelerate the maturity of the revolving credit facility and exercise other rights and remedies. An event of default includes, among other things, the nonpayment of principal, interest, fees or other amounts; failure of any representation or warranty to be true and correct when made or confirmed; failure to perform or observe covenants in the Credit Agreement or other loan documents, subject, in limited circumstances, to certain grace periods; cross-defaults to certain other indebtedness if the effect of such default is to cause, or permit the holders of such indebtedness to cause, the acceleration of such indebtedness under any material agreement; bankruptcy or insolvency events; certain monetary and non-monetary judgments; asserted invalidity of the loan documentation; and a Change of Control (as defined in the Credit Agreement).

The foregoing description is qualified in its entirety by reference to the Credit Agreement, a copy of which is attached hereto as Exhibit 10.3 and is incorporated into this Current Report on Form 8-K by reference.

Item 2.03 Creation of a Direct Financial Obligation.

The information set forth in Item 1.01 of this report is incorporated by reference into this Item 2.03.


Item 9.01 Financial Statements and Exhibits.


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(d) Exhibits.
 
Exhibit Number
 
Description
1.1
 
Purchase Agreement, dated April 15, 2016, by and among the Partnership, Calumet Finance, the General Partner, the Guarantors and the Initial Purchasers named therein, relating to the offering of the 2021 Notes.

4.1
 
Indenture, dated April 20, 2016, by and among the Issuers, the Guarantors and the Trustee, relating to the offering of the 2021 Notes.

4.2
 
Form of 11.5% Senior Secured Note due 2021 (included in Exhibit 4.1).

10.1
 
Amended and Restated Collateral Trust Agreement, dated as of April 20, 2016, among the Partnership, the obligors party thereto, the secured hedge counterparties party thereto and Wilmington Trust, National Association, as Trustee and Collateral Trustee.

10.2
 
Second Amended and Restated Intercreditor Agreement, dated April 20, 2016, by and among the Collateral Trustee, Bank of America, N.A., as administrative agent, and the Obligors named therein.

10.3
 
Second Amendment to Second Amended and Restated Credit Agreement, dated as of April 20, 2016, by and among the Partnership and certain of its subsidiaries as Borrowers, certain of its subsidiaries as Guarantors, the Lenders, Bank of America, N.A., as Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National, N.A., as Co-Syndication Agents, PNC Bank, N.A., as Co-Documentation Agent and Bank of America, N.A., as Issuing Bank.


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Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 
CALUMET SPECIALITY PRODUCTS PARTNERS, L.P.
 
By: CALUMET GP, LLC, its General Partner
 
 
Date: April 21, 2016
By:   /s/ R. Patrick Murray, II
 
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer
            and Secretary


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Exhibit Index
 
Exhibit Number
 
Description
1.1
 
Purchase Agreement, dated April 15, 2016, by and among the Partnership, Calumet Finance, the General Partner, the Guarantors and the Initial Purchasers named therein, relating to the offering of the 2021 Notes.
4.1
 
Indenture, dated April 20, 2016, by and among the Issuers, the Guarantors and the Trustee, relating to the offering of the 2021 Notes.
4.2
 
Form of 11.5% Senior Secured Note due 2021 (included in Exhibit 4.1).
10.1
 
Amended and Restated Collateral Trust Agreement, dated as of April 20, 2016, among the Partnership, the obligors party thereto, the secured hedge counterparties party thereto and Wilmington Trust, National Association, as Trustee and Collateral Trustee.
10.2
 
Second Amended and Restated Intercreditor Agreement, dated April 20, 2016, by and among the Collateral Trustee, Bank of America, N.A., as administrative agent, and the Obligors named therein.
10.3
 
Second Amendment to Second Amended and Restated Credit Agreement, dated as of April 20, 2016, by and among the Partnership and certain of its subsidiaries as Borrowers, certain of its subsidiaries as Guarantors, the Lenders, Bank of America, N.A., as Agent, JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National, N.A., as Co-Syndication Agents, PNC Bank, N.A., as Co-Documentation Agent and Bank of America, N.A., as Issuing Bank.

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Exhibit 1.1

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
CALUMET FINANCE CORP.

$400,000,000

11.5% Senior Secured Notes due 2021

Purchase Agreement
April 15, 2016

Merrill Lynch, Pierce, Fenner & Smith
Incorporated
Barclays Capital Inc.
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
Deutsche Bank Securities Inc.
As Representatives of the
several Initial Purchasers listed
in Schedule 1 hereto

c/o Merrill Lynch, Pierce, Fenner & Smith
Incorporated
One Bryant Park
New York, NY 10036

Ladies and Gentlemen:

Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “ Partnership ”), and Calumet Finance Corp., a Delaware corporation (“ Calumet Finance ,” and together with the Partnership, the “ Issuers ”), propose to issue and sell to the several initial purchasers listed in Schedule 1 hereto (the “ Initial Purchasers ”), for whom you are acting as representatives (the “ Representatives ”), $400,000,000 principal amount of its 11.5% Senior Secured Notes due 2021 (the “ Securities ”). The Securities will be issued pursuant to an Indenture to be dated as of April 20, 2016 (the “ Indenture ”) among the Issuers, the General Partner (as defined below), the guarantors listed in Schedule 2 hereto (the “ Guarantors ”) and Wilmington Trust, National Association, as trustee (the “ Trustee ”), and will be guaranteed on a secured senior basis by each of the Guarantors (the “ Guarantees ”).
Calumet GP, LLC, a Delaware limited liability company (the “ General Partner ”), the Partnership, Calumet Finance and the Guarantors are hereinafter referred to collectively as the “ Calumet Parties .” Calumet Montana Refining, LLC, a Delaware limited liability company (“ Calumet Montana ”), Royal Purple, LLC, a Delaware limited liability company (“ Royal Purple ”), Calumet San Antonio Refining, LLC, a Delaware limited liability company (“ Calumet San Antonio ”), Calumet North Dakota, LLC, a Delaware limited liability company (“ Calumet North Dakota ”), Calumet Superior, LLC, a Delaware limited liability company (“ Calumet Superior ”), Calumet Penreco, LLC, a Delaware limited liability company (“ Calumet Penreco ”), Calumet Missouri, LLC, a Delaware limited liability company (“ Calumet Missouri ”), Calumet Packaging, LLC, a Delaware limited liability company (“ Calumet Packaging ”), Calumet Shreveport Lubricants & Waxes, LLC, an Indiana limited liability company (“ Shreveport Lubes ”), Calumet Shreveport Fuels, LLC, an Indiana limited liability company (“ Shreveport Fuels ” and, together with Shreveport Lubes, the “ Shreveport Subsidiaries ”), Bel-Ray Company, LLC, a Delaware limited liability company (“ Bel-Ray ”), Kurlin Company, LLC, a Delaware limited liability company (“ Kurlin ”), Anchor Drilling Fluids USA, LLC, a Delaware limited liability company (“ Anchor ”), ADF Holdings, LLC, a Delaware limited liability




company (“ ADF ”), and Anchor Oilfield Services, LLC, a Delaware limited liability company (“ Anchor Oilfield ”), are hereinafter referred to collectively as the “ Operating LLCs .”
The Operating LLCs, Calumet Lubricants Co., Limited Partnership, an Indiana limited partnership (“ Calumet ”), Calumet Sales Company Incorporated, a Delaware corporation (“ Reseller ”), and Weld Corporation, a New Jersey corporation (“ Weld ”), are hereinafter referred to collectively as the “ Operating Subsidiaries .” Bel-Ray Company Pty Limited, an Australia proprietary company, Calumet Mexico, LLC, a Delaware limited liability company, Calumet Specialty Oils de Mexico, S. de R.L. de C.V., a Mexico limited liability corporation, and Calumet Africa Pty Ltd., a South Africa private company are hereinafter referred to collectively as the “ International Subsidiaries .”
As described in the Time of Sale Information and the Offering Memorandum (each as defined herein), the Securities and the Guarantees will be secured on a first-priority basis by the liens on certain of the assets of the Calumet Parties, subject to Liens permitted by the Indenture (“ Permitted Liens ”) as of the Closing Date (as defined below), pursuant to:
(a) an Amended and Restated Collateral Trust Agreement (the “ Collateral Trust Agreement ”) that will be entered into as of the Closing Date among the Issuers and the Guarantors party thereto, Wilmington Trust, National Association, as collateral trustee for the holders of the Securities and the other Parity Lien Obligations (as defined under the caption “Description of Notes” in the Preliminary Offering Memorandum) (the “ Collateral Trustee ”), the Trustee and the other Parity Lien Representatives (as defined under the caption “Description of Notes” in the Preliminary Offering Memorandum) from time to time party thereto;

(b) a Second Amended and Restated Security and Pledge Agreement (the “ Security Agreement ”) that will be entered into as of the Closing Date among the Issuers and the Guarantors party thereto, and the Collateral Trustee, for the benefit of the Trustee and the other Parity Lien Representatives;

(c) mortgages, deeds of trust, deeds to secure indebtedness or other similar documents (collectively, the “ Mortgages ”) encumbering interests of the Issuers and the Guarantors in certain real property owned by or acquired by any of the Issuers or the Guarantors on or after the Closing Date that is of a type which is required to constitute Collateral (as defined under the caption “Description of Notes” in the Preliminary Offering Memorandum) pursuant to the terms of the Indenture, the Collateral Trust Agreement, the Security Agreement or the other Security Documents (each such property, a “ Mortgaged Property ” and, collectively, the “ Mortgaged Properties ”), to be delivered by the Issuers and the Guarantors (x) on the Closing Date, with respect to Closing Date Mortgaged Properties (as defined under the caption “Description of Notes” in the Preliminary Offering Memorandum) and (y) within 60 days following the Closing Date, with respect to all other Mortgaged Properties owned by an Issuer or a Guarantor as of the Closing Date, in substantially the form contemplated by the Indenture; and

(d) the other Security Documents (as defined under the caption “Description of Notes” in the Time of Sale Information).

The documents and instruments in clauses (a) through (d) above are herein collectively referred to as the “ Collateral Documents .”
In connection with the issuance of the Securities, the Issuers and the Guarantors will enter into an amendment (the “ Amendment ”) to the Credit Agreement (as defined below and, as further amended by the Amendment, the “ Amended Credit Agreement ”), by and among the Issuers, the Guarantors, Bank of America, N.A., as administrative agent (in such capacity, the “ Credit Agreement Agent ”), and the lenders and other parties thereto from time to time. In addition, concurrently with the issuance of the Securities on the Closing Date, the Issuers, the Guarantors, the Collateral Trustee, the Credit Agreement Agent and the other parties from time to time party thereto, will enter into an Amended and Restated Intercreditor Agreement (the “ Intercreditor Agreement ”).
The Securities will be sold to the Initial Purchasers in a transaction not registered under the Securities Act of 1933, as amended (the “ Securities Act ”), in reliance upon an exemption therefrom. The Calumet Parties have prepared a preliminary offering memorandum dated April 6, 2016 (the “ Preliminary Offering Memorandum ”) and will prepare

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an offering memorandum dated the date hereof (the “ Offering Memorandum ”) setting forth information concerning the Calumet Parties, the Securities and the Guarantees. Copies of the Preliminary Offering Memorandum have been, and copies of the Offering Memorandum will be, delivered by the Calumet Parties to the Initial Purchasers pursuant to the terms of this Agreement. Each of the Calumet Parties hereby confirms that it has authorized the use of the Preliminary Offering Memorandum, the other Time of Sale Information and the Offering Memorandum in connection with the offering and resale of the Securities by the Initial Purchasers in the manner contemplated by this Agreement. Capitalized terms used but not defined herein shall have the respective meanings given to such terms in the Preliminary Offering Memorandum. References herein to the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum shall be deemed to refer to and include all of the Incorporated Documents (as defined below).
The “ Time of Sale ” means 5:15 p.m. New York City Time, on the date hereof. The “ Time of Sale Information ” means the Preliminary Offering Memorandum together with the written communications listed on Annex A hereto.
Each of the Calumet Parties hereby jointly and severally confirms its agreement with the several Initial Purchasers concerning the purchase and resale of the Securities, as follows:
1. Purchase and Resale of the Securities .

(a) The Issuers agree to issue and sell the Securities to the several Initial Purchasers as provided in this Agreement, and each Initial Purchaser, on the basis of the representations, warranties and agreements set forth herein and subject to the conditions set forth herein, agrees, severally and not jointly, to purchase from the Issuers the respective principal amount of Securities set forth opposite such Initial Purchaser’s name in Schedule 1 hereto at a price equal to 96.273% of the principal amount thereof plus accrued interest, if any, from April 20, 2016 to the Closing Date. The Issuers will not be obligated to deliver any of the Securities except upon payment for all the Securities to be purchased as provided herein.

(b) The Issuers understand that the Initial Purchasers intend to offer the Securities for resale on the terms set forth in the Time of Sale Information. Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

(i) it is a qualified institutional buyer (a “ QIB ”) within the meaning of Rule 144A under the Securities Act (“ Rule 144A ”) and an accredited investor within the meaning of Rule 501(a) under the Securities Act;

(ii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act (“ Regulation D ”) or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act; and

(iii) it has not solicited offers for, or offered or sold, and will not solicit offers for, or offer or sell, the Securities as part of their initial offering except:

(A) within the United States to persons whom it reasonably believes to be QIBs in transactions pursuant to Rule 144A and in connection with each such sale, it has taken or will take reasonable steps to ensure that the purchaser of the Securities is aware that such sale is being made in reliance on Rule 144A; or

(B) in accordance with the restrictions set forth in Annex C hereto.
(c) Each Initial Purchaser acknowledges and agrees that the Issuers and, for purposes of the opinions to be delivered to the Initial Purchasers pursuant to Section 6, counsel for the Issuers and counsel for the Initial Purchasers may rely upon the accuracy of the representations and warranties of the Initial Purchasers, and compliance by the Initial Purchasers with their agreements, contained in Section 1(b) (including Annex C hereto), and each Initial Purchaser hereby consents to such reliance.

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(d) The Calumet Parties acknowledge and agree that the Initial Purchasers may offer and sell Securities to or through any affiliate of an Initial Purchaser and that any such affiliate may offer and sell Securities purchased by it to or through any Initial Purchaser.

(e) The Calumet Parties acknowledge and agree that the Initial Purchasers are acting solely in the capacity of an arm’s length contractual counterparty to the Calumet Parties with respect to the offering of Securities contemplated hereby (including in connection with determining the terms of the offering) and not as financial advisors or fiduciaries to, or agents of, the Calumet Parties or any other person. Additionally, neither the Representatives nor any other Initial Purchaser is advising the Calumet Parties or any other person as to any legal, tax, investment, accounting or regulatory matters in any jurisdiction. The Calumet Parties shall consult with their own advisors concerning such matters and shall be responsible for making their own independent investigation and appraisal of the transactions contemplated hereby, and neither the Representatives nor any other Initial Purchaser shall have any responsibility or liability to the Calumet Parties with respect thereto. Any review by the Representatives or any Initial Purchaser of the Calumet Parties and the transactions contemplated hereby or other matters relating to such transactions will be performed solely for the benefit of the Representatives or such Initial Purchaser, as the case may be, and shall not be on behalf of the Calumet Parties or any other person.

2. Payment and Delivery . (a) Payment for and delivery of the Securities will be made at the offices of Vinson & Elkins L.L.P., 1001 Fannin Street, Suite 2500, Houston, Texas 77002-6760 at 9:00 A.M., New York City time, on April 20, 2016, or at such other time or place (including by electronic transmission) on the same or such other date, not later than the seventh business day thereafter, as the Representatives and the Issuers may agree upon in writing. The time and date of such payment and delivery is referred to herein as the “ Closing Date .”

(a) Payment for the Securities shall be made by the Initial Purchasers by wire transfer in immediately available funds by the Representatives, to an account specified by the Partnership prior to the Closing Date, against delivery by the Issuers to the nominee of The Depository Trust Company (“ DTC ”), for the account of the Initial Purchasers, of one or more global notes representing the Securities (collectively, the “ Global Note ”), with any transfer taxes payable in connection with the sale of the Securities duly paid by the Issuers. The Global Note will be made available for inspection by the Representatives not later than 1:00 P.M., New York City time, on the business day prior to the Closing Date.

3. Representations, Warranties and Agreements of the Calumet Parties . The Calumet Parties, jointly and severally, represent and warrant to, and agree with, each of the Initial Purchasers that:

(a) Preliminary Offering Memorandum, Time of Sale Information and Offering Memorandum. The Preliminary Offering Memorandum, as of its date, did not, the Time of Sale Information, as of the Time of Sale, did not, and as of the Closing Date will not, and the Offering Memorandum, as of its date and in the form first used by the Initial Purchasers to confirm sales of the Securities and as of the Closing Date, will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Calumet Parties make no representation or warranty with respect to any statements or omissions made in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Calumet Parties in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum, the Time of Sale Information or the Offering Memorandum, which information is specified in the last sentence of Section 7(b).

(b) Additional Written Communications . The Calumet Parties (including their agents and representatives, other than the Initial Purchasers in their capacity as such) have not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or solicitation of an offer to buy the Securities (each such communication by the Calumet Parties or their agents and representatives (other than a communication referred to in clauses (i), (ii) and (iii) below) an “ Issuer Written Communication ”) other than (i) the Preliminary Offering Memorandum, (ii) the Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Annex B hereto, which

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constitute part of the Time of Sale Information, and (iv) any electronic road show or other written communications, in each case used in accordance with Section 4(c). Each such Issuer Written Communication, when taken together with the Time of Sale Information, did not, and as of the Closing Date will not, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; provided that the Calumet Parties make no representation or warranty with respect to any statements or omissions made in each such Issuer Written Communication in reliance upon and in conformity with information relating to any Initial Purchaser furnished to the Calumet Parties in writing by such Initial Purchaser through the Representatives expressly for use in any Issuer Written Communication, which information is specified in the last sentence of Section 7(b).

(c) Incorporated Documents. The documents incorporated by reference in each of the Time of Sale Information and the Offering Memorandum (the “ Incorporated Documents ”), when filed with the Securities and Exchange Commission (the “ Commission ”), conformed or will conform, as the case may be, in all material respects with the applicable requirements of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), and the rules and regulations of the Commission thereunder, and none of such Incorporated Documents contained or will contain an untrue statement of a material fact or omitted or will omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.

(d) Formation and Qualification . Each of the Calumet Parties has been duly incorporated or formed and is validly existing in good standing as a corporation, limited liability company or limited partnership under the laws of its respective jurisdiction of incorporation, formation or limited partnership, with all necessary corporate, limited liability company or limited partnership power and authority, as the case may be, to enter into this Agreement, to own or lease its properties and to conduct its business and, in the case of the General Partner and the OLP GP (as defined below), to act as the general partner of the Partnership and Calumet, respectively, in each case in all material respects as described in the Time of Sale Information and the Offering Memorandum.

(e) Foreign Qualifications of the Calumet Parties. Each of the Calumet Parties is duly registered or qualified as a foreign limited partnership, limited liability company or corporation, as the case may be, for the transaction of business under the laws of each jurisdiction in which the character of the business conducted by it or the nature or location of the properties owned or leased by it makes such registration or qualification necessary, except where the failure to so register or qualify would not reasonably be expected to (i) have a material adverse effect on the condition (financial or otherwise), business, prospects or results of operations of the Calumet Parties and the International Subsidiaries taken as a whole (a “ Material Adverse Effect ”), or (ii) subject the limited partners of the Partnership to any material liability or disability.

(f) Ownership of the General Partner Interest in the Partnership. The General Partner is the sole general partner of the Partnership and owns of record a 2.0% general partner interest in the Partnership; such general partner interest has been duly authorized and validly issued in accordance with the partnership agreement of the Partnership (as the same may be amended or restated at or prior to the Closing Date, the “ Partnership Agreement ”); and the General Partner owns of record such general partner interest free and clear of all liens, encumbrances (except restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the Partnership Agreement), security interests, charges or claims (collectively, “ Liens ”).

(g) Partnership Interests Outstanding. As of the date hereof, the issued and outstanding limited partner interests of the Partnership consist of 75,884,400 common units representing limited partner interests in the Partnership (“ Common Units ”) and the Incentive Distribution Rights (as defined in the Partnership Agreement); and all of such Common Units and Incentive Distribution Rights and the limited partner interests represented thereby have been duly authorized and validly issued in accordance with the Partnership Agreement, and are fully paid (to the extent required under the Partnership Agreement) and nonassessable (except as such nonassessability may be affected by Sections 17-303, 17-607 and 17-804 of the Delaware Revised Uniform Limited Partnership Act (the “ Delaware LP Act ”)); and the General Partner owns all of the Incentive Distribution Rights, free and clear of all Liens.


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(h) Ownership of the Operating Company, the OLP GP and the Operating Subsidiaries. The Partnership owns, directly or indirectly, 100% of the capital stock, membership interests or partnership interests, as applicable, in each of Calumet Operating, LLC, a Delaware limited liability company (the “ Operating Company ”), Calumet LP GP, LLC, a Delaware limited liability company (the “ OLP GP ”), and the Operating Subsidiaries; such capital stock, membership interests or partnership interests, as applicable, have been duly authorized and validly issued in accordance with the certificate or articles of incorporation and bylaws, limited liability company agreement or partnership agreement, as applicable, of such entity (as the same may be amended or restated at or prior to the Closing Date) and are fully paid (to the extent required under such applicable organizational documents, as the same may be amended or restated at or prior to the Closing Date) and nonassessable (except (i) in the case of an interest in a Delaware limited liability company, as such nonassessability may be affected by Sections 18-303, 18-607 and 18-804 of the Delaware Limited Liability Company Act (the “ Delaware LLC Act ”), (ii) in the case of an interest in a Indiana limited partnership, as such nonassessability may be affected by Indiana Code (“ IC ”) 23-16-6-2 and IC 23-16-7-8 of the Indiana Uniform Limited Partnership Act (the “ Indiana LP Act ”), (iii) in the case of an interest in an Indiana limited liability company, as such nonassessability may be affected by IC 23-18-5-1(c) and IC 23-18-5-7 of the Indiana Business Flexibility Act (the “ Indiana LLC Act ”), and (iv) in the case of a general partner interest in Calumet); and the Partnership owns, directly or indirectly, such capital stock, membership interests or partnership interests, as applicable, free and clear of all liens, encumbrances (except restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in such applicable organizational documents, as the same may be amended or restated at or prior to the Closing Date), security interests, charges or claims, other than those arising under (a) the Partnership’s Second Amended and Restated Credit Agreement, dated as of July 14, 2014 as amended on December 4, 2015 (as the same may be amended or restated at or prior to the Closing Date, the “ Credit Agreement ”), (b) the Amended and Restated ISDA Master Agreement, dated as of January 3, 2008, between Calumet and J. Aron & Company, and (ii) the related (A) Amended and Restated Schedule dated as of April 21, 2011, (B) Lien Annex, dated as of April 21, 2011 and amended by that certain Amendment No. 1 to Lien Annex, effective as of April 21, 2011, that certain amendment dated as of September 30, 2011 and that certain Amendment No. 2 to Lien Annex, dated as of January 1, 2013 and (C) Amended and Restated Credit Support Annex dated as of July 1, 2013, (c) the ISDA Master Agreement, dated as of December 21, 2000, between Calumet and Koch Supply and Trading, LP, as amended on April 18, 2006, September 3, 2009, April 21, 2011, May 13, 2011 and September 21, 2011 and April 9, 2013 and the related Schedule and Credit Support Annex thereto, (d) the ISDA Master Agreement, dated as of May 10, 2013, between Calumet and Merrill Lynch Commodities, Inc. and the related Schedule and Credit Support Annex thereto, (e) the ISDA Master Agreement, dated as of April 24, 2006, between Calumet and Bank of America, N.A., as amended on February 26, 2014 and the related Schedule thereto, (f) the ISDA Master Agreement, dated as of October 3, 2011, between Calumet and Barclays Bank PLC and the related Schedule thereto, (g) the ISDA Master Agreement, dated as of June 1, 2012, between Calumet and Macquarie Bank Limited and the related Schedule and Credit Support Annex thereto, (h) the ISDA Master Agreement, dated as of November 9, 2012, between Calumet Superior and BP Energy Company and the related Schedule and Credit Support Annex thereto, (i) the ISDA Master Agreement, dated May 31, 2012, between Calumet and JP Morgan Ventures Energy Corporation, as amended on July 29, 2013 and the related Schedule and Credit Support Annex thereto, (j) the ISDA Master Agreement, dated August 16, 2013, between Calumet and Natixis and the related Schedule and Credit Support Annex thereto, (k) the Amended and Restated Crude Oil Purchase Agreement effective as of April 1, 2012, between BP Products North America Inc. and Calumet Superior and (l) the Collateral Trust Agreement, dated as of April 21, 2011 by and among Calumet, certain of Calumet’s affiliates party thereto from time to time, as guarantors, the counterparties party thereto from time to time and Bank of America, N.A., as administrative agent, as amended on April 21, 2011, September 30, 2011 and January 1, 2013 (such agreements referenced in clauses (b)-(l), as may be amended or restated at or prior to each Time of Delivery, the “ ISDA Agreements ”).

(i) No Other Subsidiaries. The Partnership does not have any subsidiaries other than as set forth on  Annex D  hereto that, individually or in the aggregate, would be deemed to be a “significant subsidiary” as such term is defined in Rule 405 of the Securities Act.  

(j) Power and Authority . Each of the Calumet Parties has all necessary corporate, limited liability company or limited partnership power and authority, as the case may be, to execute and deliver this Agreement, the Securities, the Collateral Documents, the Intercreditor Agreement and the Indenture (including each Guarantee set forth therein)

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(collectively, the “ Transaction Documents ”), to which it is a party and to perform its respective obligations hereunder and thereunder, including the issuance and sale of the Securities by the Issuers.

(k) Indenture. The Indenture has been duly and validly authorized by each of the Issuers and each of the Guarantors and, when duly executed and delivered in accordance with its terms by each of the parties thereto, will constitute a valid and legally binding agreement of each of the Issuers and each of the Guarantors enforceable against each of the Issuers and each of the Guarantors in accordance with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws relating to or affecting creditors’ rights generally and by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law) (collectively, the “ Enforceability Exceptions ”); and on the Closing Date, the Indenture will conform in all material respects to the requirements of the Trust Indenture Act of 1939, as amended (the “ Trust Indenture Act ”), and the rules and regulations of the Commission applicable to an indenture that is qualified thereunder.

(l) Securities and the Guarantees. The Securities have been duly and validly authorized by each of the Issuers and, when duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of each of the Issuers enforceable against each of the Issuers in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture; and the Guarantees have been duly authorized by each of the Guarantors and, when the Securities have been duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided herein, will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms, subject to the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

(m) Purchase Agreement . This Agreement has been duly and validly authorized, executed and delivered by each of the Calumet Parties.

(n) Collateral Documents; Intercreditor Agreement . Each of the Collateral Documents and the Intercreditor Agreement has been, or will be at the time delivered, duly and validly authorized, and will be duly executed and delivered, by each of the Calumet Parties party thereto and, assuming due authorization, execution and delivery thereof by the other parties thereto, each of the Collateral Documents and the Intercreditor Agreement will constitute a valid and binding agreement of each of the Calumet Parties party thereto in accordance with its terms, and, upon delivery of the applicable Collateral Documents to the Collateral Trustee, the Collateral Documents will be sufficient to create valid security interests in or trusts or mortgages on and liens on the Collateral, enforceable in accordance with their terms, except as the enforcement thereof may be limited by the Enforceability Exceptions.

(o) Security Interest . Upon (i) the Initial Purchasers’ payment for the Securities in accordance with the terms hereof and (ii) the filing of the appropriate Uniform Commercial Code (“ UCC ”) financing statements and the taking of other actions, in each case as further described herein, in the Collateral Documents and in the Indenture, the security interests of the Collateral Trustee, for the benefit of the Trustee and the other Parity Lien Representatives, for the benefit of the holders of the Securities and the other Parity Lien Debt, and the liens on the rights of the Issuers and the Guarantors, in the Collateral will be a valid and perfected security interest in all Collateral that can be perfected by the filing of a UCC-1 financing statement under the UCC as in effect in any applicable jurisdiction, and the liens will have the priority described in the Time of Sale Information and the Offering Memorandum subject to Permitted Liens, except as the enforcement thereof may be limited by the Enforceability Exceptions. As of the Closing Date, the filing of all necessary UCC financing statements in the proper filing offices will have been duly made or taken and will be in full force and effect, in each case, to the extent required by the applicable Collateral Document. As of the Closing Date, the Collateral Trustee shall have possession and control of all Collateral for which the Collateral Documents require such possession or control as of the Closing Date, in accordance with the terms of the Collateral Documents. Upon the due execution and delivery of the Mortgages, each Mortgage will be effective to create a valid trust or mortgage lien, as applicable, in favor of the Collateral Trustee in all the right, title and interest of the Issuers and the Guarantors in the Mortgaged Property described therein, subject to Permitted Liens, and each such Mortgage, upon recording in the proper recorders’ offices or appropriate public records and upon payment of the mortgage

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recording fees and taxes in respect thereof, will constitute constructive notice to third parties of the lien of such Mortgage, and each of the trust or mortgage liens, as applicable, will have the priority described in the Time of Sale Information and the Offering Memorandum subject to Permitted Liens. Upon recording of the Mortgages in the proper recorders’ offices or appropriate public records with respect to the Collateral described therein constituting personal property and Fixtures (as defined in the UCC) (the “ Mortgage Personal Property Collateral ”), the security interests of the Collateral Trustee, for the benefit of the Trustee and the other Parity Lien Representatives, for the benefit of the holders of the Securities and the other Parity Lien Debt and the liens on the rights of the Issuers and the Guarantors in the Mortgage Personal Property Collateral will constitute a valid, perfected security interest in the Mortgage Personal Property Collateral, subject to Permitted Liens.

(p) Enforceability of Other Agreements . The Partnership Agreement has been duly authorized, executed and delivered by the General Partner and is a valid and legally binding agreement of the General Partner, enforceable against the General Partner in accordance with its terms, and the limited liability company agreement or partnership agreement, as the case may be, of each Calumet Party (all such agreements, collectively, the “ Organizational Agreements ”) (other than the Partnership Agreement), has been duly authorized, executed and delivered by the parties thereto and is a valid and legally binding agreement of the parties thereto, enforceable against the parties thereto in accordance with its terms; provided , that, with respect to each such agreement, the enforceability thereof may be limited by (i) the Enforceability Exceptions and (ii) public policy, applicable law relating to fiduciary duties and indemnification and an implied covenant of good faith and fair dealing.

(q) Descriptions of Certain Documents . Each of the Securities, the Guarantees, the Collateral Documents, the Intercreditor Agreement and the Indenture conforms in all material respects to the description thereof contained in each of the Time of Sale Information and the Offering Memorandum.

(r) No Violations . None of the issuance and sale of the Securities and the Guarantees, the execution, delivery and performance of each of the Transaction Documents by the Calumet Parties to which each is a party, compliance by the Calumet Parties with the terms hereof or thereof and the consummation of the transactions contemplated by the Transaction Documents (i) constitutes or will constitute a violation of the Organizational Agreements or the certificates or articles of incorporation, limited partnership or formation, bylaws or other organizational documents, as the case may be, of such Calumet Party (collectively with the Organizational Agreements, the “ Organizational Documents ”), (ii) constitutes or will constitute a breach or violation of, or a default under (or an event that, with notice or lapse of time or both, would constitute such a default), the Amended Credit Agreement or any indenture, mortgage, deed of trust, loan agreement, secured hedge agreement, lease or other agreement or instrument to which any of the Calumet Parties is a party or by which any of them or any of their respective properties may be bound or subject, (iii) violates or will violate any statute, law or regulation or any order, rule, judgment, decree or injunction of any court or governmental agency or body having jurisdiction over any of the Calumet Parties or any of their properties or (iv) results or will result in the creation or imposition of any lien, charge or encumbrance upon any property or assets of any of the Calumet Parties, which breaches, violations, defaults, liens, charges or encumbrances, in the case of clauses (ii), (iii) or (iv), would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents.

(s) No Consents . No consent, approval, authorization, order, registration, filing or qualification (“ consent ”) of or with any court, governmental agency or body having jurisdiction over the Calumet Parties or their respective properties or assets is required for the issuance and sale of the Securities and the Guarantees, the execution, delivery and performance of each of the Transaction Documents by the Calumet Parties to which each is a party, compliance by the Calumet Parties with the terms thereof and the consummation by the Calumet Parties of the transactions contemplated by the Transaction Documents, except for consents, approvals, authorizations, orders, registrations, filings or qualifications which (i) may be required under applicable federal or state securities or “blue sky” laws of any jurisdiction (and applicable rules and regulations under such laws) or the by-laws and rules of the Financial Industry Regulatory Authority, Inc. (“ FINRA ”) in connection with the purchase and resale of the Securities and the Guarantees by the Initial Purchasers in the manner contemplated in this Agreement and in the Time of Sale Information and the Offering Memorandum, (ii) have been obtained or will be obtained prior to the Closing Date or

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(iii) as disclosed in the Time of Sale Information and the Offering Memorandum, and except for such consents, approvals, authorizations, orders, registrations, filings or qualifications which, if not obtained or made, would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under this Agreement.

(t) No Violation or Default . None of the Calumet Parties is in (i) violation of its Organizational Documents, (ii) violation of any law, statute, ordinance, administrative or governmental rule or regulation applicable to it or of any decree of any court or governmental agency or body having jurisdiction over it or (iii) breach, default (or an event which, with notice or lapse of time or both, would constitute such a default) or violation in the performance of any material obligation, agreement, covenant or condition contained in the Amended Credit Agreement or any bond, debenture, note, secured hedge agreement or any other evidence of indebtedness or in any other agreement, indenture, lease or other instrument to which it is a party or by which it or any of its properties may be bound, which breach, default or violation, in the case of clauses (ii) and (iii), would reasonably be expected to have, if continued, a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under this Agreement.

(u) Investment Company Act . None of the Issuers or Guarantors is, and, after giving effect to the offering and sale of the Securities and the Guarantees and the application of the proceeds thereof as described in each of the Time of Sale Information and the Offering Memorandum, none of them will be, an “investment company” within the meaning of the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission thereunder (collectively, the “ Investment Company Act ”).

(v) Independent Public Accountants . Ernst & Young LLP, who have certified certain audited financial statements of the Partnership included or incorporated by reference in the Time of Sale Information and the Offering Memorandum, is an independent registered public accounting firm with respect to the Partnership as required by the Securities Act and the applicable rules and regulations of the Commission thereunder and the Public Company Accounting Oversight Board. Eide Bailly LLP, who have certified certain audited financial statements of Dakota Prairie Refining, LLC, a Delaware limited liability company (“ Dakota Prairie ”), included or incorporated by reference in the Time of Sale Information and the Offering Memorandum, are independent registered public accountants with respect to Dakota Prairie as required by the Securities Act and the applicable rules and regulations of the Commission thereunder and the Public Company Accounting Oversight Board.

(w) Financial Statements . The historical financial statements (including the related notes and supporting schedules) included or incorporated by reference in the Time of Sale Information and the Offering Memorandum present fairly in all material respects the financial position, results of operations and cash flows of the entities purported to be shown thereby on the basis stated therein at the respective dates or for the respective periods to which they apply and have been prepared in accordance with generally accepted accounting principles in the United States consistently applied throughout the periods involved, except to the extent disclosed therein. The pro forma financial statements of the Partnership included or incorporated by reference in the Time of Sale Information and the Offering Memorandum have been prepared in all material respects in accordance with the applicable accounting requirements of Article 11 of Regulation S-X of the Commission, except to the extent disclosed therein; the assumptions used in the preparation of such pro forma financial statements are, in the opinion of the management of the Partnership, reasonable; and the pro forma adjustments reflected in such pro forma financial statements have been properly applied to the historical amounts in compilation of such pro forma financial statements. The summary historical financial information set forth in the Time of Sale Information and the Offering Memorandum (and any amendment or supplement thereto) under the caption “Summary Historical Consolidated Financial and Operating Data” is accurately presented in all material respects and prepared on a basis consistent with the audited and unaudited historical consolidated financial statements from which it has been derived and present fairly in all material respects the information shown thereby. Other than the financial statements or schedules that are set forth or incorporated by reference in the Time of Sale Information and the Offering Memorandum, no other financial statements or schedules would be required to be included in the Time of Sale Information or the Offering Memorandum if each of the Time of Sale Information and the Offering Memorandum was a prospectus in a registration statement on Form S-3 under the Securities Act.


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(x) Sarbanes-Oxley Act of 2002. The Partnership is in compliance in all material respects with all applicable provisions of the Sarbanes-Oxley Act of 2002, the rules and regulations thereunder and the rules of the Nasdaq Stock Market, LLC that are effective and applicable to the Partnership.

(y) No Material Changes . Since the date of the most recent audited financial statements of the Partnership included or incorporated by reference in the Time of Sale Information and the Offering Memorandum, (i) none of the Calumet Parties and the International Subsidiaries has sustained any material loss or interference with its business from fire, explosion, flood or other calamity, whether or not covered by insurance, or from any labor dispute or court or governmental action, investigation, order or decree, otherwise than as set forth or contemplated in the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto); and (ii) subsequent to the respective dates as of which such information is given in the Time of Sale Information and the Offering Memorandum, there has not been any change in the capitalization or increase in long-term debt of any of the Calumet Parties and the International Subsidiaries, taken as a whole, that would reasonably be expected to have a Material Adverse Effect or any material adverse change, or any development involving a prospective material adverse change, in or affecting the general affairs, management, financial position, partners’ capital, members’ equity, or results of operations of any of the Calumet Parties and the International Subsidiaries, taken as a whole; in each case otherwise than as set forth or contemplated in the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto).

(z) Title to Real Property . The Operating Company and the Operating Subsidiaries, as the case may be, have good and indefeasible title to all real property (save and except “rights-of-way” (as defined in subsection (ii) below)) and good title to all personal property owned by them, in each case free and clear of all (i) liens and security interests except (a) liens or security interests securing indebtedness incurred, assumed or agreed to by the Operating Company or any of the Operating Subsidiaries, (b) liens for real property taxes, assessments and other governmental charges not delinquencies or that are currently being contested in good faith by appropriate proceedings, and (c) mechanics’ and materialman’s liens not filed of record and similar charges not delinquent or that are filed of record but are being contested in good faith by appropriate proceedings, or (ii) other claims and other encumbrances (other than liens or security interests) except, in each case, (a) as described, and subject to the limitations contained, in the Time of Sale Information and the Offering Memorandum or (b) as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect; provided that, with respect to any real property and buildings held under lease by the Operating Company and the Operating Subsidiaries, such real property and buildings are held under valid and subsisting and enforceable leases with such exceptions or as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

(aa) Rights-of-Way . Each of the Calumet Parties and the International Subsidiaries has such consents, easements, rights-of-way, permits or licenses from each person (collectively, “rights-of-way”) as are necessary to conduct its business in the manner described, and subject to the limitations contained, in the Time of Sale Information and the Offering Memorandum, except for (i) qualifications, reservations and encumbrances as may be set forth in the Time of Sale Information and the Offering Memorandum which would not reasonably be expected to have a Material Adverse Effect or (ii) such rights-of-way that, if not obtained, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; other than as set forth, and subject to the limitations contained, in the Time of Sale Information and the Offering Memorandum, each of the Calumet Parties and the International Subsidiaries has fulfilled and performed all its material obligations with respect to such rights-of-way and no event has occurred that allows, or after notice or lapse of time would allow, revocation or termination thereof or would result in any impairment of the rights of the holder of any such rights-of-way, except for such revocations, terminations and impairments that would not reasonably be expected to have a Material Adverse Effect.

(bb)     Permits . Each of the Calumet Parties and the International Subsidiaries has such permits, consents, licenses, franchises, certificates and authorizations of governmental or regulatory authorities (“ permits ”) as are necessary to own its properties and to conduct its business in the manner described in the Time of Sale Information and the Offering Memorandum, subject to such qualifications as may be set forth in the Time of Sale Information and the Offering Memorandum and except for such permits which, if not obtained, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and except as described in the Time of Sale

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Information and the Offering Memorandum; each of the Calumet Parties and the International Subsidiaries has fulfilled and performed all its obligations with respect to such permits which are due to have been fulfilled and performed by such date and no event has occurred which allows, or after notice or lapse of time would allow, revocation or termination thereof or results in any impairment of the rights of the holder of any such permit, except for such obligations, revocations, terminations and impairments that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

(cc)     Tax Returns . Each of the Calumet Parties and the International Subsidiaries which is required to do so has filed (or has obtained extensions with respect to) all federal, state and foreign income and franchise tax returns required to be filed through the date hereof, which returns are complete and correct in all material respects, and has timely paid all taxes shown to be due pursuant to such returns, other than those (i) which, if not paid, would not reasonably be expected to have a Material Adverse Effect, or (ii) which are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles.

(dd)     Environmental Matters . Except as described in the Time of Sale Information and the Offering Memorandum, the Calumet Parties and the International Subsidiaries (i) are in compliance with any and all applicable federal, state and local laws and regulations relating to the protection of human health and safety (to the extent such health and safety protection relates to exposure to Hazardous Materials) and the environment or imposing legally enforceable liability or standards of conduct concerning any Hazardous Material (as hereinafter defined) (“ Environmental Laws ”), (ii) have timely applied for or received all permits required of them under applicable Environmental Laws to conduct their respective businesses as they are currently being operated, (iii) are in compliance with all terms and conditions of any such permits received, and (iv) to the knowledge of the Calumet Parties, do not have any liability in connection with the release into the environment of any Hazardous Material resulting from their operations, except, in each case, where such failure to comply with Environmental Laws, failure to timely apply for or receive such required permits, failure to comply with the terms and conditions of such received permits or liability in connection with such releases, would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The term “ Hazardous Material ” means (A) any “hazardous substance” as defined in the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended, (B) any “hazardous waste” as defined in the Resource Conservation and Recovery Act, as amended, (C) any petroleum or petroleum product, (D) any polychlorinated biphenyl and (E) any pollutant or contaminant or hazardous, or toxic chemical, material, waste or substance regulated under any other Environmental Law.

(ee)     No Labor Dispute . No labor dispute with the employees of the Calumet Parties and the International Subsidiaries exists, or, to the knowledge of the Calumet Parties, is imminent, except as would not reasonably be expected to have a Material Adverse Effect.

(ff)     Insurance . The Calumet Parties and the International Subsidiaries maintain, or are entitled to the benefits of, insurance covering their properties, operations, personnel and businesses against such losses and risks as are reasonably adequate to protect them and their businesses. None of the Calumet Parties and the International Subsidiaries has received notice from any insurer or agent of such insurer that any material capital improvements or other expenditures will have to be made in order to continue such insurance, and all such insurance is outstanding and duly in force.

(gg)     Internal Control Over Financial Reporting and Disclosure Controls . The Partnership maintains a system of internal control over financial reporting (as such term is defined in Rule 13a-15(f) under the Exchange Act) and has been designed by the General Partner’s principal executive officer and principal financial officer, or under their supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Partnership’s internal control over financial reporting is effective and the Partnership is not aware of any material weaknesses in its internal control over financial reporting. Since the date of the most recent audited financial statements included or incorporated by reference in the Time of Sale Information and the Offering Memorandum, there has been no significant change in the Partnership’s internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, the Partnership’s internal control over financial reporting. The Partnership

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maintains disclosure controls and procedures (as such term is defined in Rule 13a-15(e) under the Exchange Act); such disclosure controls and procedures have been designed to provide reasonable assurance that information required to be disclosed by the Partnership in reports that it submits or files under the Exchange Act is made known to the General Partner’s management, including its principal executive officer and principal financial officer, to allow for timely decisions regarding required disclosure; and such disclosure controls and procedures are effective at the reasonable assurance level.

(hh)     Internal Accounting Controls . The Partnership maintains systems of internal accounting controls sufficient to provide reasonable assurances that (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with generally accepted accounting principles and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for assets is compared with existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

(ii)     No Legal Actions . Except as described in the Time of Sale Information and the Offering Memorandum, there is (i) no action, suit or proceeding before or by any court, arbitrator or governmental or regulatory agency, body or official, domestic or foreign, now pending or, to the knowledge of the Calumet Parties, threatened, to which any of the Calumet Parties and the International Subsidiaries is or may be a party or to which the business or property of any of the Calumet Parties and the International Subsidiaries is or may be subject, and (ii) no injunction, restraining order or order of any nature issued by a federal or state court or foreign court of competent jurisdiction to which any of the Calumet Parties and the International Subsidiaries is or may be subject, that, in the case of clauses (i) and (ii) above, if determined adversely to any of the Calumet Parties and the International Subsidiaries, would reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents.

(jj)     Restrictions on Subsidiaries . No subsidiary of the Partnership is currently prohibited, directly or indirectly, from paying any dividends to the Partnership, from making any other distribution on such subsidiary’s capital stock or partnership or limited liability company interests, from repaying to the Partnership any loans or advances to such subsidiary from the Partnership or from transferring any of such subsidiary’s property or assets to the Partnership or any other subsidiary of the Partnership, except (i) as described in or contemplated by the Time of Sale Information and the Offering Memorandum (exclusive of any amendment or supplement thereto), (ii) such prohibitions mandated by the laws of each such subsidiary’s state of formation and the terms of any such subsidiary’s governing instruments or (iii) where such prohibition would not reasonably be expected to have a Material Adverse Effect.

(kk)     No Unlawful Payments . None of the Calumet Parties and the International Subsidiaries nor, to the knowledge of the Calumet Parties, any director, officer, agent or employee or other person associated with or acting on behalf of the Calumet Parties and the International Subsidiaries has (i) used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; (ii) made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the Foreign Corrupt Practices Act of 1977 or any other applicable anti-corruption or anti-bribery laws; or (iv) made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

(ll)     Compliance with Money Laundering Laws . The operations of the Calumet Parties and the International Subsidiaries are, and have been conducted, at all times for the past seven years, in compliance with applicable financial recordkeeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering statutes of the United States, the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any United States federal governmental agency (collectively, the “ Money Laundering Laws ”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Calumet Parties and the International Subsidiaries with respect to the Money Laundering Laws is pending or, to the knowledge of the Calumet Parties, threatened.


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(mm)     Compliance with OFAC . None of the Calumet Parties and the International Subsidiaries or, to the knowledge of the Calumet Parties, any director, officer, agent or employee of the Calumet Parties and the International Subsidiaries is currently listed under any U.S. sanctions program administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“ OFAC ”) or any other applicable sanctions laws (collectively, “ Sanctions ”), nor are the Calumet Parties, the International Subsidiaries or any of their subsidiaries located, organized or resident in a country or territory that is the subject of any Sanctions; and the Calumet Parties and the International Subsidiaries will not use the proceeds of the offering of the Securities and the Guarantees hereunder, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other person or entity or in any other country or territory, that, at the time of such funding, is the subject of Sanctions, for the express purpose of financing the activities of any person currently listed under any U.S. sanctions program administered by OFAC.

(nn)     Statistical and Market Data . Nothing has come to the attention of the Calumet Parties that has caused the Calumet Parties to believe that the statistical and market-related data included or incorporated by reference in each of the Time of Sale Information and the Offering Memorandum is not based on or derived from sources that are reliable and accurate in all material respects.

(oo)     Solvency . On and immediately after the Closing Date, the Calumet Parties and the International Subsidiaries, taken as a whole, (after giving effect to the issuance of the Securities and the Guarantees and the other transactions related thereto as described in each of the Time of Sale Information and the Offering Memorandum) will be Solvent, and have sufficient capital or access to capital to carry on their business and all businesses in which they are about to engage. As used in this paragraph, the term “Solvent” means, with respect to a particular date, that on such date (i) the present fair market value (or present fair saleable value) of the assets of the Calumet Parties and the International Subsidiaries, taken as a whole, are not less than the total amount required to pay the liabilities of the Calumet Parties and the International Subsidiaries, taken as a whole, on their total existing debts and liabilities (including contingent liabilities) as they become absolute and matured; (ii) the Calumet Parties and the International Subsidiaries, taken as a whole, are able to realize upon their assets and pay their debts and other liabilities, contingent obligations and commitments as they mature and become due in the normal course of business; (iii) assuming consummation of the issuance of the Securities and the Guarantees as contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, the Calumet Parties and the International Subsidiaries, taken as a whole, are not incurring debts or liabilities beyond their ability to pay as such debts and liabilities mature; (iv) the Calumet Parties and the International Subsidiaries, taken as a whole, are not engaged in any business or transaction, and do not propose to engage in any business or transaction, for which their property would constitute unreasonably small capital after giving due consideration to the prevailing practice in the industry in which the Calumet Parties and the International Subsidiaries, taken as a whole, are engaged; and (v) the Calumet Parties and the International Subsidiaries, taken as a whole, are not a defendant in any civil action that would result in a judgment that the Calumet Parties and the International Subsidiaries, taken as a whole, are or would become unable to satisfy.

(pp)     Rule 144A Eligibility . On the Closing Date, the Securities will not be of the same class as securities listed on a national securities exchange registered under Section 6 of the Exchange Act or quoted in an automated inter-dealer quotation system; and each of the Preliminary Offering Memorandum, the Time of Sale Information and the Offering Memorandum, as of its respective date, contains or will contain all the information that, if requested by a prospective purchaser of the Securities, would be required to be provided to such prospective purchaser pursuant to Rule 144A(d)(4) under the Securities Act.

(qq)     No Integration . During the six-month period preceding the date of the Offering Memorandum, none of the Calumet Parties or any of their affiliates (as defined in Rule 501(b) of Regulation D) has, directly or through any agent, sold, offered for sale, solicited offers to buy or otherwise negotiated in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities in a manner that would require registration of the Securities under the Securities Act.

(rr)     No General Solicitation or Directed Selling Efforts . None of the Calumet Parties or any of their affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no representation is made) has (i) solicited offers for, or offered or sold, the Securities by means of any form of general solicitation or

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general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engaged in any directed selling efforts within the meaning of Regulation S under the Securities Act (“ Regulation S ”), and all such persons have complied with the offering restrictions requirement of Regulation S with respect to the Securities.

(ss)     Securities Law Exemptions . Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in Section 1(b) (including Annex C hereto) and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities and the Guarantees to the Initial Purchasers and the offer, resale and delivery of the Securities and the Guarantees by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum, to register the Securities and the Guarantees under the Securities Act or to qualify the Indenture under the Trust Indenture Act.

(tt)     No Stabilization . None of the Calumet Parties has taken, directly or indirectly, any action designed to, or that could reasonably be expected to, cause or result in any stabilization or manipulation of the price of the Securities.

(uu)     XBRL . The interactive data in eXtensible Business Reporting Language included or incorporated by reference in the Time of Sale Information and the Offering Memorandum fairly presents the information called for in all material respects and has been prepared in accordance with the Commission’s rules and guidelines applicable thereto.

4. Further Agreements of the Calumet Parties . Each of the Calumet Parties jointly and severally covenants and agrees with each of the Initial Purchasers that:

(a) Delivery of Copies . The Calumet Parties will deliver, without charge, to the Initial Purchasers as many copies of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including all amendments and supplements thereto) as the Representatives may reasonably request.

(b) Offering Memorandum, Amendments or Supplements . Before finalizing the Offering Memorandum or making or distributing any amendment or supplement to any of the Time of Sale Information or the Offering Memorandum or filing with the Commission any document that will be incorporated by reference therein, the Calumet Parties will furnish to the Representatives and counsel for the Initial Purchasers a copy of the proposed Offering Memorandum or such amendment or supplement or document to be incorporated by reference therein for review, and will not distribute any such proposed Offering Memorandum, amendment or supplement or file any such document with the Commission to which the Representatives reasonably objects; provided , that this clause shall not apply to any filing by the Partnership or any Annual Report on Form 10-K, Quarterly Report on Form 10-Q or Current Report on Form 8-K with respect to matters unrelated to the Securities and the Guarantees and the offering thereof.

(c) Additional Written Communications . Before making, preparing, using, authorizing, approving or referring to any Issuer Written Communication, the Calumet Parties will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written communication for review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Representatives reasonably object.

(d) Notice to the Representatives . The Calumet Parties will advise the Representatives promptly, and confirm such advice in writing, (i) of the issuance by any governmental or regulatory authority of any order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or the initiation or threatening of any proceeding for that purpose; (ii) of the occurrence of any event at any time prior to the completion of the initial offering of the Securities and the Guarantees as a result of which any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in the light of the circumstances existing when such Time of Sale Information, Issuer Written Communication or the Offering Memorandum is delivered to a purchaser, not misleading; and (iii) of

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the receipt by the Calumet Parties of any notice with respect to any suspension of the qualification of the Securities and the Guarantees for offer and sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and the Calumet Parties will use their reasonable best efforts to prevent the issuance of any such order preventing or suspending the use of any of the Time of Sale Information, any Issuer Written Communication or the Offering Memorandum or suspending any such qualification of the Securities and the Guarantees and, if any such order is issued, will obtain as soon as possible the withdrawal thereof.

(e) Time of Sale Information . If at any time prior to the Closing Date (i) any event shall occur or condition shall exist as a result of which any of the Time of Sale Information as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading or (ii) it is necessary to amend or supplement any of the Time of Sale Information to comply with law, the Issuers will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to Section 4(b), furnish to the Initial Purchasers such amendments or supplements to any of the Time of Sale Information (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in any of the Time of Sale Information as so amended or supplemented will not, in the light of the circumstances under which they were made, be misleading or so that any of the Time of Sale Information will comply with law.

(f) Ongoing Compliance of the Offering Memorandum . If at any time prior to the completion of the initial offering of the Securities and the Guarantees (i) any event shall occur or condition shall exist as a result of which the Offering Memorandum as then amended or supplemented would include any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements therein, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, not misleading or (ii) it is necessary to amend or supplement the Offering Memorandum to comply with law, the Issuers will immediately notify the Initial Purchasers thereof and forthwith prepare and, subject to Section 4(b), furnish to the Initial Purchasers such amendments or supplements to the Offering Memorandum (or any document to be filed with the Commission and incorporated by reference therein) as may be necessary so that the statements in the Offering Memorandum as so amended or supplemented (including such document to be incorporated by reference therein) will not, in the light of the circumstances existing when the Offering Memorandum is delivered to a purchaser, be misleading or so that the Offering Memorandum will comply with law.

(g) Blue Sky Compliance . The Calumet Parties will qualify the Securities and the Guarantees for offer and sale under the securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request and will continue such qualifications in effect so long as required for the offering and resale of the Securities and the Guarantees; provided that in connection therewith the Calumet Parties shall not be required to (i) qualify as a foreign limited partnership or corporation or other entity or as a dealer in securities in any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general consent to service of process in any jurisdiction or (iii) subject itself to taxation in any such jurisdiction if it is not otherwise so subject.

(h) Clear Market . During the period beginning from the date hereof and continuing through and including the date that is 90 days after the date hereof, each of the Calumet Parties will not, without the prior written consent of Merrill, Lynch, Pierce, Fenner & Smith Incorporated, offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by any of the Calumet Parties and having a term of more than one year.

(i) Use of Proceeds . The Calumet Parties will apply the net proceeds from the sale of the Securities in the manner described in each of the Time of Sale Information and the Offering Memorandum under the heading “Use of Proceeds.”

(j) Supplying Information . While the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Securities Act, each of the Calumet Parties will, during any period in which the Partnership is not subject to and in compliance with Section 13 or 15(d) of the Exchange Act, furnish to holders of the Securities and prospective purchasers of the Securities designated by such holders, upon the request of such

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holders or such prospective purchasers, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

(k) DTC . The Calumet Parties will assist the Initial Purchasers in arranging for the Securities and the Guarantees to be eligible for clearance and settlement through DTC.

(l) No Resales by the Partnership . The Calumet Parties will not, and will not permit any of their affiliates (as defined in Rule 144 under the Securities Act) to, resell any of the Securities and the Guarantees that have been acquired by any of them, except for Securities purchased by the Calumet Parties or any of their affiliates and resold in a transaction registered under the Securities Act.

(m) No Integration . None of the Calumet Parties or any of their affiliates (as defined in Rule 501(b) of Regulation D) will, directly or through any agent, sell, offer for sale, solicit offers to buy or otherwise negotiate in respect of, any security (as defined in the Securities Act), that is or will be integrated with the sale of the Securities and the Guarantees in a manner that would require registration of the Securities and the Guarantees under the Securities Act.

(n) No General Solicitation or Directed Selling Efforts . None of the Calumet Parties or any of their affiliates or any other person acting on its or their behalf (other than the Initial Purchasers, as to which no covenant is given) will (i) solicit offers for, or offer or sell, the Securities and the Guarantees by means of any form of general solicitation or general advertising within the meaning of Rule 502(c) of Regulation D or in any manner involving a public offering within the meaning of Section 4(a)(2) of the Securities Act or (ii) engage in any directed selling efforts within the meaning of Regulation S, and all such persons will comply with the offering restrictions requirement of Regulation S with respect to the Securities.

(o) No Stabilization . None of the Calumet Parties will take, directly or indirectly, any action designed to or that could reasonably be expected to cause or result in any stabilization or manipulation of the price of the Securities.

(p) Mortgages and Opinions . Within 30 days of the date of execution and delivery of any Mortgage, the Issuers and the Guarantors will cause such Mortgage in favor of the Collateral Trustee on their respective properties as required under the caption “Description of Notes-Collateral-Security for the Notes” in the Time of Sale Information and the Offering Memorandum to be filed in the proper recorders’ offices or appropriate public records and pay the mortgage recording fees and taxes in respect thereof and otherwise comply with the formal requirements of state law applicable to the recordings of real estate mortgages generally with respect to the Mortgages. On the date of execution and delivery of any Mortgage, the Issuers and the Guarantors shall have furnished to you written opinions of local counsel, in form and substance reasonably satisfactory to you, as to the enforceability of such Mortgage, that such Mortgage is in proper form for filing, the creation and perfection of the security interest in the Mortgaged Properties described in such Mortgage, and the absence of any unpaid filing, privilege or other tax or fees in connection with the execution, delivery or recordation of such Mortgage (other than nominal filing or recording fees).

(q) Insurance . Within 30 days of the Closing Date, the Partnership shall deliver, or cause to be delivered, to the Collateral Trustee such endorsements to insurance policies as required by the Indenture.

5. Certain Agreements of the Initial Purchasers . Each Initial Purchaser hereby, severally and not jointly, represents and agrees that it has not and will not use, authorize use of, refer to, or participate in the planning for use of, any written communication that constitutes an offer to sell or the solicitation of an offer to buy the Securities and the Guarantees other than (i) the Preliminary Offering Memorandum and the Offering Memorandum, (ii) a written communication that contains no “issuer information” (as defined in Rule 433(h)(2) under the Securities Act) that was not included (including through incorporation by reference) in the Preliminary Offering Memorandum or the Offering Memorandum, (iii) any written communication listed on Annex A or prepared pursuant to Section 4(c) above (including any electronic road show), (iv) any written communication prepared by such Initial Purchaser and approved by the Calumet Parties in advance in writing or (v) any written communication relating to or that contains the terms of the

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Securities and the Guarantees and/or other information that was included or incorporated in the Preliminary Offering Memorandum or the Offering Memorandum.

6. Conditions of Initial Purchasers’ Obligations . The obligation of each Initial Purchaser to purchase Securities on the Closing Date as provided herein is subject to the performance by each of the Calumet Parties of their respective covenants and other obligations hereunder and to the following additional conditions:

(a) Representations and Warranties . The representations and warranties of the Calumet Parties contained herein shall be true and correct on the date hereof and on and as of the Closing Date; and the statements of the Calumet Parties and their respective officers made in any certificates delivered pursuant to this Agreement shall be true and correct on and as of the Closing Date.

(b) Opinion of Counsel for the Initial Purchasers . On the Closing Date, Baker Botts L.L.P., counsel for the Initial Purchasers, shall have furnished to you such written opinion or opinions, dated as of the Closing Date, with respect to the issuance and sale of the Securities and the Guarantees and other related matters as the Representatives may reasonably request, and such counsel shall have received such papers and information as they may reasonably request to enable them to pass upon such matters.

(c) Opinion of Counsel for the Issuers . On the Closing Date, Vinson & Elkins L.L.P., counsel for the Issuers, shall have furnished to you their written opinions, dated as of the Closing Date, in form and substance satisfactory to you, to the effect set forth on Annex E to this Agreement.

(d) Opinion of Indiana Counsel for the Issuers . On the Closing Date, Barnes & Thornburg LLP, with respect to the State of Indiana, shall have furnished to you their written opinion, dated as of the Closing Date, in form and substance satisfactory to you, to the effect set forth on Annex F to this Agreement.

(e) Opinion of Borrower’s Counsel for the Partnership . On the Closing Date, Norton Rose Fulbright US LLP, borrower’s counsel for the Partnership, shall have furnished to you their written opinion, dated as of the Closing Date, in form and substance satisfactory to you, to the effect set forth on Annex G to this Agreement.

(f) Opinion of General Counsel for the Partnership . On the Closing Date, Gregory J. Morical, General Counsel for the Partnership, shall have furnished to you his written opinion, dated as of the Closing Date, in form and substance satisfactory to you, to the effect set forth on Annex H to this Agreement.

(g) Comfort Letters . On the date of this Agreement and on the Closing Date, (i) Ernst & Young LLP shall have furnished to the Representatives, at the request of the Partnership, letters, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information in each of the Time of Sale Information and the Offering Memorandum; and (ii) Eide Bailly LLP shall have furnished to the Representatives, at the request of the Partnership, dated the respective dates of delivery thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the Representatives, containing statements and information of the type customarily included in accountants’ “comfort letters” to underwriters with respect to the financial statements and certain financial information related to Dakota Prairie contained in each of the Time of Sale Information and the Offering Memorandum; provided that the letters delivered pursuant to clauses (i) and (ii) of this paragraph on the date hereof shall use a “cut-off” date no more than three business days prior to the date hereof and the letters to be delivered pursuant to clauses (i) and (ii) of this paragraph on the Closing Date shall use a “cut-off” date no more than three business days prior to the Closing Date.

(h) Chief Financial Officer Certificate . On the date of this Agreement, the Issuers shall have furnished to the Representatives a certificate signed on behalf of the Issuers by the Chief Financial Officer of the General Partner and Calumet Finance, certifying as to certain matters related to the 2013 and 2014 financial statements of Dakota Prairie Refining, LLC, a Delaware limited liability company, and the financial information for the three months ended

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March 31, 2016 included under the heading “Recent Developments” in the Preliminary Offering Memorandum, in the form approved by the Representatives.

(i) No Material Adverse Change . No event or condition of a type described in Section 3(y) hereof shall have occurred or shall exist, which event or condition is not described in each of the Time of Sale Information (excluding any amendment or supplement thereto) and the Offering Memorandum (excluding any amendment or supplement thereto) the effect of which in the judgment of the Representatives is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery of the Securities and the Guarantees on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

(j) No Downgrade . Except for a one notch downgrade of the Partnership family’s rating and a one notch downgrade of the Partnership’s outstanding senior unsecured notes, in each case from the ratings publicly disclosed immediately prior to the execution of this Agreement by Standard & Poor’s Rating Services or Moody’s Investors Service, Inc., subsequent to the earlier of (A) the Time of Sale and (B) the execution and delivery of this Agreement, (i) no downgrading shall have occurred in the rating accorded the Securities or any other debt securities or preferred stock issued or guaranteed by any of the Calumet Parties by any “nationally recognized statistical rating organization,” as such term is used in Section 15E of the Exchange Act; and (ii) no such organization shall have publicly announced that it has under surveillance or review, or has changed its outlook with respect to, its rating of the Securities or of any other debt securities or preferred stock issued or guaranteed by any of the Calumet Parties (in each case, other than an announcement with positive implications of a possible upgrading).

(k) No Legal Impediment to Issuance . No action shall have been taken and no statute, rule, regulation or order shall have been enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees; and no injunction or order of any federal, state or foreign court shall have been issued that would, as of the Closing Date, prevent the issuance or sale of the Securities or the issuance of the Guarantees.

(l) Good Standing . The Representatives shall have received on and as of the Closing Date satisfactory evidence of the good standing or valid existence, as applicable, of the Calumet Parties in their respective jurisdictions of organization and their good standing or valid existence, as applicable, in such other jurisdictions as the Representatives may reasonably request, in each case in writing or any standard form of telecommunication, from the appropriate governmental authorities of such jurisdictions.

(m) Collateral Documents; Intercreditor Agreement . The Issuers, the Guarantors and the other parties thereto shall have executed and delivered to the Collateral Trustee each of the Collateral Documents to be executed on the Closing Date and the Intercreditor Agreement, in each case in form and substance reasonably satisfactory to the Initial Purchasers, and the Initial Purchasers shall have received a counterpart of each, duly executed by the Issuers, the Guarantors and the other parties thereto, as applicable.

(n) Security Interests . At the Closing Date, the Collateral Trustee and the Initial Purchasers shall have received each of the following, in each case in form and substance reasonably satisfactory to the Initial Purchasers:
(i) appropriately completed and delivered UCC-1 financing statements or equivalent filings, if any, in proper form for filing, naming the Issuers and each Guarantor as debtor and the Collateral Trustee as the secured party and covering the Collateral, to be filed under the UCC of all jurisdictions as may be necessary to perfect the security interests of the Collateral Trustee in any Collateral to the extent that such security interests can be perfected by the filing of a UCC-1 financing statement;

(ii) appropriately completed and delivered UCC-3 termination statements or equivalent filings, if any, in proper form for filing, that may be necessary to release all liens (other than liens permitted under the Indenture and the Collateral Documents) on any portion of the Collateral; and

(iii) certified copies of UCC Requests for Information or Copies (Form UCC-11), or a similar search report certified by a party reasonably acceptable to the Collateral Trustee, dated a date reasonably near

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the Closing Date, listing all effective financing statements which name the Issuers and the Guarantors as the debtor, together with copies of such financing statements (none of which shall cover any Collateral described in any Collateral Document, other than such financing statements that evidence Permitted Liens or liens being terminated as referred to in the UCC-3 termination statements being delivered pursuant to the above clause (ii)).

(o) Pledged Collateral . The Collateral Trustee shall have received certificates or instruments (if any) representing or evidencing the Investment Property (as defined in the Security Agreement) required to be delivered to the Collateral Trustee in accordance with the terms of the Collateral Documents, in suitable form to transfer by delivery or accompanied by duly executed instruments of transfer or assignment in blank.

(p) Insurance . The Collateral Trustee shall have received a certificate evidencing insurance as required by the Indenture or any Collateral Document.

(q) Collateral Trustee . The Collateral Trustee and its counsel shall be satisfied that (i) the liens on the Collateral granted in favor of the Collateral Trustee, for the benefit of the Trustee and the other Parity Lien Representatives, for the benefit of the holders of the Securities and the other Parity Lien Debt are of the priority described in the Time of Sale information and Offering Memorandum; and (ii) no lien or other encumbrance exists on any of the Collateral other than liens created under the Collateral Documents in favor of the Collateral Trustee, for the benefit of the Trustee and the other Parity Lien Representatives, for the benefit of the holders of the Securities and the other Parity Lien Debt, and the liens permitted under the Indenture, in each case, subject to the Permitted Liens and liens to be released simultaneously with the consummation of the transactions contemplated hereby.

(r) Credit Agreement . Prior to or on the Closing Date, the Issuers, the Guarantors, the Credit Agreement Agent and the lenders party thereto shall enter into the Amendment, in form and substance reasonably satisfactory to the Initial Purchasers, permitting the incurrence of the indebtedness in respect of the Securities and the granting of first-priority liens securing such indebtedness and entry into the Intercreditor Agreement by the Credit Agreement Agent, and otherwise having the terms and conditions substantially as described in the Time of Sale Information and Offering Memorandum, and each of the conditions to effectiveness thereof shall have been satisfied or waived by the lenders party thereto; and the Initial Purchasers shall have received a copy of the Amendment, duly executed by the Issuers, the Guarantors, the Credit Agreement Agent and the lenders party thereto.

(s) DTC . The Securities shall be eligible for clearance and settlement through DTC.

(t) Officer’s Certificate . The Representatives shall have received on and as of the Closing Date a certificate of an executive officer of each of the Calumet Parties who has specific knowledge of such Calumet Party’s financial matters and is satisfactory to the Representatives (i) confirming that such officer has carefully reviewed the Time of Sale Information and the Offering Memorandum and, to the knowledge of such officer, the representations set forth in Sections 3(a) and 3(b) hereof are true and correct, (ii) confirming that the other representations and warranties of the Calumet Parties in this Agreement are true and correct and that the Calumet Parties have complied with all agreements and satisfied all conditions on their part to be performed or satisfied hereunder at or prior to the Closing Date, and (iii) to the effect set forth in Sections 6(h) and 6(j).

(u) Additional Documents . On or prior to the Closing Date, the Calumet Parties shall have furnished to the Representatives such further certificates and documents as the Representatives may reasonably request.

All opinions, letters, certificates and evidence mentioned above or elsewhere in this Agreement shall be deemed to be in compliance with the provisions hereof only if they are in form and substance reasonably satisfactory to counsel for the Initial Purchasers.
7. Indemnification and Contribution .


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(a) Indemnification of the Initial Purchasers . The Calumet Parties jointly and severally agree to indemnify and hold harmless each Initial Purchaser, its affiliates, directors and officers and each person, if any, who controls such Initial Purchaser within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, from and against any and all losses, claims, damages and liabilities (including, without limitation, legal fees and other expenses incurred in connection with any suit, action or proceeding or any claim asserted, as such fees and expenses are incurred), joint or several, that arise out of, or are based upon, any untrue statement or alleged untrue statement of a material fact contained in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto) or any omission or alleged omission to state therein a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case except insofar as such losses, claims, damages or liabilities arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to any Initial Purchaser furnished to the Partnership in writing by such Initial Purchaser through the Representatives expressly for use therein.

(b) Indemnification of the Partnership . Each Initial Purchaser agrees, severally and not jointly, to indemnify and hold harmless each of the Calumet Parties, the directors and officers of the General Partner and Calumet Finance and each person, if any, who controls the Calumet Parties within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act to the same extent as the indemnity set forth in paragraph (a) above, but only with respect to any losses, claims, damages or liabilities, joint or several, that arise out of, or are based upon, any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with any information relating to such Initial Purchaser furnished to the Partnership in writing by such Initial Purchaser through the Representatives expressly for use in the Preliminary Offering Memorandum, any of the other Time of Sale Information, any Issuer Written Communication or the Offering Memorandum (or any amendment or supplement thereto); it being understood and agreed that the only such information consists of the following: the fourth, eighth and ninth paragraphs, the second and third sentences of the fifth paragraph and the third sentence of the sixth paragraph under the caption “Plan of Distribution” in the Preliminary Offering Memorandum and the Offering Memorandum.

(c) Notice and Procedures . If any suit, action, proceeding (including any governmental or regulatory investigation), claim or demand shall be brought or asserted against any person in respect of which indemnification may be sought pursuant to either paragraph (a) or (b) above, such person (the “ Indemnified Person ”) shall promptly notify the person against whom such indemnification may be sought (the “ Indemnifying Person ”) in writing; provided that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have under paragraph (a) or (b) above except to the extent that it has been materially prejudiced (through the forfeiture of substantive rights or defenses) by such failure; and provided, further , that the failure to notify the Indemnifying Person shall not relieve it from any liability that it may have to an Indemnified Person otherwise than under paragraph (a) or (b) above. If any such proceeding shall be brought or asserted against an Indemnified Person and it shall have notified the Indemnifying Person thereof, the Indemnifying Person shall retain counsel reasonably satisfactory to the Indemnified Person (who shall not, without the consent of the Indemnified Person, be counsel to the Indemnifying Person) to represent the Indemnified Person and any others entitled to indemnification pursuant to this Section 7 that the Indemnifying Person may designate in such proceeding and shall pay the reasonable fees and expenses of such proceeding and shall pay the fees and expenses of such counsel related to such proceeding, as incurred. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have mutually agreed to the contrary; (ii) the Indemnifying Person has failed within a reasonable time to retain counsel reasonably satisfactory to the Indemnified Person; (iii) the Indemnified Person shall have reasonably concluded that there may be legal defenses available to it that are different from or in addition to those available to the Indemnifying Person; or (iv) the named parties in any such proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood and agreed that the Indemnifying Person shall not, in connection with any proceeding or related proceeding in the same jurisdiction, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. Any such separate firm for any Initial Purchaser, its affiliates, directors and officers and any control persons of such Initial Purchaser shall be designated in writing by Merrill Lynch,

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Pierce, Fenner & Smith Incorporated and any such separate firm for the Calumet Parties, the directors and officers of the General Partner and Calumet Finance and any control persons of the Calumet Parties shall be designated in writing by the Partnership. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent or if there be a final judgment for the plaintiff, the Indemnifying Person agrees to indemnify each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified Person shall have requested that an Indemnifying Person reimburse the Indemnified Person for fees and expenses of counsel as contemplated by this paragraph, the Indemnifying Person shall be liable for any settlement of any proceeding effected without its written consent if (i) such settlement is entered into more than 30 days after receipt by the Indemnifying Person of such request and (ii) the Indemnifying Person shall not have reimbursed the Indemnified Person in accordance with such request prior to the date of such settlement. No Indemnifying Person shall, without the written consent of the Indemnified Person, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party and indemnification could have been sought hereunder by such Indemnified Person, unless such settlement (x) includes an unconditional release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (y) does not include any statement as to or any admission of fault, culpability or a failure to act by or on behalf of any Indemnified Person.

(d) Contribution . If the indemnification provided for in paragraphs (a) and (b) above is unavailable to an Indemnified Person or insufficient in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying Person under such paragraph, in lieu of indemnifying such Indemnified Person thereunder, shall contribute to the amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities (i) in such proportion as is appropriate to reflect the relative benefits received by the Calumet Parties on the one hand and the Initial Purchasers on the other from the offering of the Securities and the Guarantees or (ii) if the allocation provided by clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to in clause (i) but also the relative fault of the Calumet Parties on the one hand and the Initial Purchasers on the other in connection with the statements or omissions that resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations. The relative benefits received by the Calumet Parties on the one hand and the Initial Purchasers on the other shall be deemed to be in the same respective proportions as the net proceeds (before deducting expenses) received by the Issuers from the sale of the Securities and the Guarantees and the total discounts and commissions received by the Initial Purchasers in connection therewith, as provided in this Agreement, bear to the aggregate offering price of the Securities and the Guarantees. The relative fault of the Calumet Parties on the one hand and the Initial Purchasers on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers or any Guarantor or by the Initial Purchasers and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission.

(e) Limitation on Liability . The Calumet Parties and the Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in paragraph (d) above. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any legal or other expenses incurred by such Indemnified Person in connection with any such action or claim. Notwithstanding the provisions of this Section 7, in no event shall an Initial Purchaser be required to contribute any amount in excess of the amount by which the total discounts and commissions received by such Initial Purchaser with respect to the offering of the Securities and the Guarantees exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. The Initial Purchasers’ obligations to contribute pursuant to this Section 7 are several in proportion to their respective purchase obligations hereunder and not joint.


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(f) Non-Exclusive Remedies . The remedies provided for in this Section 7 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person at law or in equity.

8. Termination . This Agreement may be terminated in the absolute discretion of the Representatives, by notice to the Issuers, if after the execution and delivery of this Agreement and on or prior to the Closing Date (i) trading generally shall have been suspended or materially limited on the New York Stock Exchange or the over-the-counter market; (ii) trading of any securities issued or guaranteed by the Issuers or any of the Guarantors shall have been suspended on any exchange or in any over-the-counter market; (iii) a general moratorium on commercial banking activities shall have been declared by federal or New York State authorities; or (iv) there shall have occurred any outbreak or escalation of hostilities or any change in financial markets or any calamity or crisis, either within or outside the United States, that, in the judgment of the Representatives, is material and adverse and makes it impracticable or inadvisable to proceed with the offering, sale or delivery, of the Securities and the Guarantees on the terms and in the manner contemplated by this Agreement, the Time of Sale Information and the Offering Memorandum.

9. Defaulting Initial Purchaser . (a) If, on the Closing Date, any Initial Purchaser defaults on its obligation to purchase the Securities and the Guarantees that it has agreed to purchase hereunder, the non-defaulting Initial Purchasers may in their discretion arrange for the purchase of such Securities by other persons satisfactory to the Issuers on the terms contained in this Agreement. If, within 36 hours after any such default by any Initial Purchaser, the non-defaulting Initial Purchasers do not arrange for the purchase of such Securities, then the Issuers shall be entitled to a further period of 36 hours within which to procure other persons satisfactory to the non-defaulting Initial Purchasers to purchase such Securities on such terms. If other persons become obligated or agree to purchase the Securities and the Guarantees of a defaulting Initial Purchaser, either the non‑defaulting Initial Purchasers or the Issuers may postpone the Closing Date for up to five full business days in order to effect any changes that in the opinion of counsel for the Issuers or counsel for the Initial Purchasers may be necessary in the Time of Sale Information, the Offering Memorandum or in any other document or arrangement, and the Issuers agree to promptly prepare any amendment or supplement to the Time of Sale Information or the Offering Memorandum that effects any such changes. As used in this Agreement, the term “Initial Purchaser” includes, for all purposes of this Agreement unless the context otherwise requires, any person not listed in Schedule 1 hereto that, pursuant to this Section 9, purchases Securities that a defaulting Initial Purchaser agreed but failed to purchase.

(a) If, after giving effect to any arrangements for the purchase of the Securities and the Guarantees of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased does not exceed one-eleventh of the aggregate principal amount of all the Securities, then the Issuers shall have the right to require each non-defaulting Initial Purchaser to purchase the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder plus such Initial Purchaser’s pro rata share (based on the principal amount of Securities that such Initial Purchaser agreed to purchase hereunder) of the Securities of such defaulting Initial Purchaser or Initial Purchasers for which such arrangements have not been made.

(b) If, after giving effect to any arrangements for the purchase of the Securities of a defaulting Initial Purchaser or Initial Purchasers by the non-defaulting Initial Purchasers and the Issuers as provided in paragraph (a) above, the aggregate principal amount of such Securities that remains unpurchased exceeds one-eleventh of the aggregate principal amount of all the Securities, or if the Issuers shall not exercise the right described in paragraph (b) above, then this Agreement shall terminate without liability on the part of the non-defaulting Initial Purchasers. Any termination of this Agreement pursuant to this Section 9 shall be without liability on the part of the Calumet Parties, except that the Calumet Parties will continue to be liable for the payment of expenses as set forth in Section 10 hereof and except that the provisions of Section 7 hereof shall not terminate and shall remain in effect.

(c) Nothing contained herein shall relieve a defaulting Initial Purchaser of any liability it may have to the Calumet Parties or any non-defaulting Initial Purchaser for damages caused by its default.

10. Payment of Expenses . (a) Whether or not the transactions contemplated by this Agreement are consummated or this Agreement is terminated, the Calumet Parties jointly and severally agree to pay or cause to be

22




paid all costs and expenses incident to the performance of their respective obligations hereunder, including without limitation, (i) the costs incident to the authorization, issuance, sale, preparation and delivery of the Securities and the Guarantees and any taxes payable in that connection; (ii) the costs incident to the preparation and printing of the Preliminary Offering Memorandum, any other Time of Sale Information, any Issuer Written Communication and the Offering Memorandum (including any amendment or supplement thereto) and the distribution thereof; (iii) the costs of reproducing and distributing each of the Transaction Documents; (iv) the fees and expenses of the Calumet Parties’ counsel and independent accountants; (v) the fees and expenses incurred in connection with the registration or qualification and determination of eligibility for investment of the Securities under the laws of such jurisdictions as the Representatives may designate and the preparation, printing and distribution of a Blue Sky Memorandum (including the related fees and expenses of counsel for the Initial Purchasers); (vi) any fees charged by rating agencies for rating the Securities; (vii) the fees and expenses of the Trustee, the Collateral Trustee and any paying agent (including related fees and expenses of any counsel to such parties); (viii) all expenses and application fees incurred in connection with the approval of the Securities for book-entry transfer by DTC; (ix) all expenses incurred by the Calumet Parties in connection with any “road show” presentation to potential investors and (x) all expenses incurred in connection with the performance of the Collateral Documents, the Mortgages, lien searches, taxes, fees and other charges for recording mortgages, filing financing statements and continuations and other actions necessary or advisable, in the Representatives’ reasonable discretion, to perfect, protect, enforce and continue the Collateral Trustee’s liens on the Collateral (including related fees and expenses of counsel for the Initial Purchasers). It is understood, however, that, except as provided in this Section 10 and Sections 7 and 8 hereof, the Initial Purchasers will pay all of their own costs and expenses, including without limitation the fees of their counsel and any advertising expenses connected with any offers they make.

(a) If (i) this Agreement is terminated pursuant to Section 8, (ii) the Issuers for any reason fail to tender the Securities for delivery to the Initial Purchasers or (iii) the Initial Purchasers decline to purchase the Securities for any reason permitted under this Agreement, the Calumet Parties jointly and severally agree to reimburse the Initial Purchasers for all out-of-pocket costs and expenses (including the fees and expenses of their counsel) reasonably incurred by the Initial Purchasers in connection with this Agreement and the offering contemplated hereby.

11. Persons Entitled to Benefit of Agreement . This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective successors and any controlling persons referred to herein, and the affiliates, officers and directors of each Initial Purchaser referred to in Section 7 hereof. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. No purchaser of Securities from any Initial Purchaser shall be deemed to be a successor merely by reason of such purchase.

12. Survival . The respective indemnities, rights of contribution, representations, warranties and agreements of the Calumet Parties and the Initial Purchasers contained in this Agreement or made by or on behalf of the Calumet Parties or the Initial Purchasers pursuant to this Agreement or any certificate delivered pursuant hereto shall survive the delivery of and payment for the Securities and shall remain in full force and effect, regardless of any termination of this Agreement or any investigation made by or on behalf of the Calumet Parties or the Initial Purchasers.

13. Certain Defined Terms . For purposes of this Agreement, (a) except where otherwise expressly provided, the term “affiliate” has the meaning set forth in Rule 405 under the Securities Act; (b) the term “ business day ” means any day other than a day on which banks are permitted or required to be closed in New York City; (c) the term “ subsidiary ” has the meaning set forth in Rule 405 under the Securities Act; and (d) the term “ written communication ” has the meaning set forth in Rule 405 under the Securities Act.
 
14. Miscellaneous .

(a)     Authority of the Representatives . Any action by the Initial Purchasers hereunder may be taken by Merrill Lynch, Pierce, Fenner & Smith Incorporated on behalf of the Initial Purchasers, and any such action taken by Merrill Lynch, Pierce, Fenner & Smith Incorporated shall be binding upon the Initial Purchasers.

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(a) Notices . All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of telecommunication. Notices to the Initial Purchasers shall be given to the Representatives c/o Merrill Lynch, Pierce, Fenner & Smith Incorporated, One Bryant Park, New York, NY 10036 (facsimile: (646) 855-3073), Attention: Syndicate Department, with a copy to Attention: ECM Legal (facsimile: (212) 230-8730). Notices to the Calumet Parties shall be given to them c/o Calumet Specialty Products Partners, L.P., 2780 Waterfront Pkwy E. Drive, Suite 200, Indianapolis, Indiana 46214, Attention: R. Patrick Murray, II (facsimile: 317-328-5676), with a copy to John Krutz (facsimile: 317-328-5668).

(b) Governing Law . This Agreement and any claim, controversy or dispute arising under or related to this Agreement shall be governed by and construed in accordance with the laws of the State of New York.

(c) Counterparts . This Agreement may be signed in counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument.

(d) Amendments or Waivers . No amendment or waiver of any provision of this Agreement, nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto.

(e) Headings . The headings herein are included for convenience of reference only and are not intended to be part of, or to affect the meaning or interpretation of, this Agreement.

(f) USA Patriot Act . In accordance with the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)), the Initial Purchasers are required to obtain, verify and record information that identifies their respective clients, including the Partnership, which information may include the name and address of their respective clients, as well as other information that will allow the Initial Purchasers to properly identify their respective clients.

If the foregoing is in accordance with your understanding, please indicate your acceptance of this Agreement by signing in the space provided below.
(Remainder of page intentionally left blank. Signature pages follow.)
    
















                

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Very truly yours,

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

By: Calumet GP, LLC, its general partner

By:/s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial
Officer and Secretary

CALUMET GP, LLC


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial
Officer and Secretary

CALUMET FINANCE CORP.
 

By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET OPERATING, LLC

By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
    
    
By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial
Officer and Secretary

CALUMET LP GP, LLC


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer





Signature Page to Purchase Agreement


25




CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By:    Calumet LP GP, LLC, its general partner

    
By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET SALES COMPANY INCORPORATED


By: /s/ Timothy Go                
Name: Timothy Go
Title: Chief Executive Officer

CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer











Signature Page to Purchase Agreement

26




CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner

    
By: /s/ R. Patrick Murray,II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET MISSOURI, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer


















Signature Page to Purchase Agreement

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CALUMET PACKAGING, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
    

By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET MONTANA REFINING, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

ROYAL PURPLE, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

















Signature Page to Purchase Agreement

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CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

CALUMET SAN ANTONIO REFINING, LLC

By: Calumet Shreveport Fuels, LLC, its sole member
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

BEL-RAY COMPANY, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer
















Signature Page to Purchase Agreement

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KURLIN COMPANY, LLC

By: Bel-Ray Company, LLC, its sole member
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

WELD CORPORATION


By: /s/ Timothy Go                    
Name: Timothy Go
Title: President

ANCHOR DRILLING FLUIDS USA, LLC

By: ADF Holdings, LLC, its sole member
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer

ADF HOLDINGS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer









Signature Page to Purchase Agreement

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ANCHOR OILFIELD SERVICES, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner


By: /s/ R. Patrick Murray, II                
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
Officer







































Signature Page to Purchase Agreement

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Accepted on the date hereof, on behalf of themselves and on behalf of the several Initial Purchasers listed in Schedule 1 hereto



MERRILL LYNCH, PIERCE, FENNER & SMITH
INCORPORATED

By:     /s/ John Pantalena            
Name: John Pantalena
Title: Managing Director


BARCLAYS CAPITAL INC.

By:     /s/ Paul Cugno                
Name: Paul Cugno
Title: Managing Director


J.P. MORGAN SECURITIES LLC

By:     /s/ Adam Kollender            
Name: Adam Kollender
Title: Vice President


WELLS FARGO SECURITIES, LLC

By:     /s/ Kevin J. Scotto            
Name: Kevin J. Scotto
Title: Managing Director


DEUTSCHE BANK SECURITIES INC.

By:     /s/ Craig Molson            
Name: Craig Molson
Title: Managing Director

DEUTSCHE BANK SECURITIES INC.

By:     /s/ Sandeep Desai            
Name: Sandeep Desai
Title: Managing Director







Signature Page to Purchase Agreement

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SCHEDULE 1
Initial Purchaser
Principal Amount
Merrill Lynch, Pierce, Fenner & Smith Incorporated
$180,000,000
Barclays Capital Inc
50,000,000
J.P. Morgan Securities LLC
50,000,000
Wells Fargo Securities, LLC
50,000,000
Deutsche Bank Securities Inc
20,000,000
Natixis Securities Americas LLC
20,000,000
Goldman, Sachs & Co
20,000,000
Regions Securities LLC
10,000,000
          Total
     $400,000,000



































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SCHEDULE 2

List of Guarantors
Calumet Operating, LLC
Calumet LP GP, LLC
Calumet Lubricants Co., Limited Partnership
Calumet Penreco, LLC
Calumet Sales Company Incorporated
Calumet Shreveport Lubricants & Waxes, LLC
Calumet Shreveport Fuels, LLC
Calumet Superior, LLC
Calumet Missouri, LLC
Calumet Montana Refining, LLC
Calumet San Antonio Refining, LLC
Calumet North Dakota, LLC
Calumet Packaging, LLC
Royal Purple, LLC
Bel-Ray Company, LLC
Kurlin Company, LLC
Weld Corporation
Anchor Drilling Fluids USA, LLC
ADF Holdings, LLC
Anchor Oilfield Services, LLC






34




Annex A
Additional Time of Sale Information
1.
Term sheet containing the terms of the securities, substantially in the form of Annex B .




A- 1



Annex B





Pricing Term Sheet

PRICING SUPPLEMENT STRICTLY CONFIDENTIAL
$400,000,000



Calumet Specialty Products Partners, L.P.
Calumet Finance Corp.


11.5% Senior Secured Notes due 2021
April 15, 2016


This Pricing Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum dated April 6, 2016. The information in this Pricing Supplement supplements the Preliminary Offering Memorandum and, except as expressly stated herein, supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. Capitalized terms used but not defined in this Pricing Supplement have the respective meanings ascribed to them in the Preliminary Offering Memorandum.
The Notes have not been registered under the Securities Act of 1933, as amended (the “Securities Act”), or the securities laws of any other jurisdiction. Unless they are registered, the Notes may be offered only in transactions that are exempt from registration under the Securities Act or the securities laws of any other jurisdiction. Accordingly, we are offering the Notes in the United States only to qualified institutional buyers pursuant to Rule 144A under the Securities Act and outside the United States to non-U.S. institutional investors in compliance with Regulation S under the Securities Act. For further details about eligible offerees and resale restrictions, see “Transfer Restrictions” in the Preliminary Offering Memorandum.

Terms Applicable to the 11.5% Senior Secured Notes due 2021
Issuers:
Calumet Specialty Products Partners, L.P.
Calumet Finance Corp.
Principal Amount:
$400,000,000
Gross Proceeds:
$393,092,000

B- 1



Net Proceeds:
$383,292,000, after initial purchaser discount and offering expenses
Title of Securities:
11.5% Senior Secured Notes due 2021
Final Maturity Date:
January 15, 2021
Issue Price:
98.273%, plus accrued interest from April 20, 2016
Coupon:
11.5%
Yield to Maturity:
12.00%
Interest Payment Dates:
January 15 and July 15, beginning on July 15, 2016
Record Dates:
January 1 and July 1
Optional Redemption:
On and after April 15, 2018, the Issuers may redeem all or part of the Notes at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on April 15 of the years indicated below:
 

Year Percentage
2018...........................................111.500%
2019...........................................108.625%
2020 and thereafter....................100.000%
 
Prior to April 15, 2018, the Issuers may on any one or more occasions redeem all or part of the notes upon prior notice as provided in the indenture, at a redemption price equal to the sum of: (1) the principal amount thereof, plus (2) the Make Whole Premium at the redemption date, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date).
Optional Redemption with Equity Proceeds:
Up to 35% prior to April 15, 2018 at 111.500% of the principal amount of the Notes, plus accrued and unpaid interest, if any, to the redemption date
Trade Date:
April 15, 2016
Settlement Date:
April 20, 2016 (T+3)
Denominations:
$2,000 and integral multiples of $1,000 in excess thereof
Distribution:
Rule 144A and Regulation S; no registration rights
CUSIP and ISIN Numbers:
144A:          CUSIP: 131477 AR2
                        ISIN: US131477AR22
 
Reg S : CUSIP: U13077 AH2
                        ISIN: USU13077AH21
Use of Proceeds:
To repay borrowings outstanding under the Issuers’ revolving credit facility and to terminate or cash collateralize certain of the Issuers’ existing hedging obligations and for general partnership purposes.

B- 2



Original Issue Discount:
Because the stated principal amount of the notes exceeds their issue price by more than a statutorily defined de minimis amount, the notes will be treated as issued with original issue discount for U.S. federal income tax purposes (“OID”) in an amount equal to such excess. Therefore, a holder subject to U.S. federal income taxation, whether on the cash or accrual method of tax accounting, will generally be required to include the OID in gross income (as ordinary income) as such amounts accrue (on a constant yield to maturity basis), in advance of the receipt of the cash payment attributable thereto.
Joint Book-Running Managers:
Merrill Lynch, Pierce, Fenner & Smith
                     Incorporated
Barclays Capital Inc.
J.P. Morgan Securities LLC
Wells Fargo Securities, LLC
Deutsche Bank Securities Inc.

Co-Managers:
Natixis Securities Americas LLC
Goldman, Sachs & Co.
Regions Securities LLC

Other Changes from the Preliminary Offering Memorandum:

Summary - Recent Developments - Preliminary Estimate of Selected First Quarter 2016 Financial Results

(1)    The first sentence of the first paragraph under the caption “Summary - Recent Developments - Preliminary Estimate of Selected First Quarter 2016 Financial Results” is deleted in its entirety and replaced with the following:

“In connection with this offering, we are providing an estimate of the range of our Net loss, Adjusted EBITDA and Adjusted EBITDA, Excluding Special Items for the quarter ended March 31, 2016, as compared to the quarter ended December 31, 2015. Our actual results for the quarter ended March 31, 2016 have not yet been finalized.”

(2 )     The fifth paragraph under the caption “Summary - Recent Developments - Preliminary Estimate of Selected First Quarter 2016 Financial Results” is deleted in its entirety and replaced with the following:


B- 3



“Subject to the qualifications set forth above, our estimated range of Net loss, Adjusted EBITDA and Adjusted EBITDA, Excluding Special Items for the Partnership for the three months ended March 31, 2016 is (in millions):
 
Three Months Ended
 
March 31, 2016
 
December 31, 2015
 
Low Estimate
 
High Estimate
 
Reconciliation of Net loss to EBITDA, Adjusted EBITDA and Adjusted EBITDA, Excluding Special Items:
 
 
 
 
 
Net loss
$
(83.0
)
 
$
(59.0
)
 
$
(116.8
)
Add:
 
 
 
 
 
Interest expense
31.0

 
29.0

 
25.0

Depreciation and amortization
40.0

 
38.0

 
38.0

Income tax benefit

 

 
(6.6
)
EBITDA
$
(12.0
)
 
$
8.0

 
$
(60.4
)
Add:
 
 
 
 
 
Unrealized (gain) loss on derivative instruments
(3.0
)
 
(6.0
)
 
11.8

Realized loss on derivatives, not included in net loss or settled in a prior period
(3.0
)
 
(1.0
)
 
(1.6
)
Amortization of turnaround costs
10.0

 
8.0

 
9.6

Non-cash equity based compensation and other non-cash items
3.0

 
1.0

 
3.0

Adjusted EBITDA
$
(5.0
)
 
$
10.0

 
$
(37.6
)
Special items:
 
 
 
 
 
Lower of cost or market inventory adjustment
(12.0
)
 
(7.0
)
 
31.2

Last-in, first-out inventory liquidation loss

 

 
21.7

Early settlement of certain derivative instruments

 

 
(22.3
)
RINs mark-to-market impact (1)

 

 
28.7

Adjusted EBITDA, Excluding Special Items
$
(17.0
)
 
$
3.0

 
$
21.7


(1)     Represents the impact of the period change in the market price of Renewable Identification Numbers (“RINs”) when considering the RINs obligation that existed at the beginning of the period, excluding the impact of any sales of RINs that occurred. The increase in the RINs market price resulted from the announcement by the United States Environmental Protection Agency of updated renewable volume obligation blending requirements in November 2015, which were increased from the proposed levels under the Renewable Fuel Standard.”
(3 )     Subsequent to the sixth paragraph under the caption “Summary - Recent Developments - Preliminary Estimate of Selected First Quarter 2016 Financial Results” the following is inserted as a new paragraph:

“In addition, during the same period, sales volumes of our lubricating oil products have decreased as a result of (i) Lyondell’s decreased production of lubricating oils as a result of operational issues and (ii) increased competition in paraffinic lubricating oils from new production that has entered the market.”

(4 )     The following sentences shall be inserted after the first sentence of the seventh paragraph under the caption “Summary - Recent Developments - Preliminary Estimate of Selected First Quarter 2016 Financial Results”:


B- 4



“Consistent with the fourth quarter of 2015, sales volumes of our specialty wax products declined primarily due to the continuing reduction in availability of necessary crude oils at our refinery located in Shreveport, Louisiana. The decrease in available crude oils was primarily attributable to decreased production due to the lower crude oil price environment.”

Summary - Recent Developments - Liquidity

The first paragraph under the caption “Summary - Recent Developments - Liquidity” is deleted in its entirety and replaced with the following:

“Borrowings under the revolving credit facility are limited to a borrowing base that is determined based on advance rates of percentages of eligible accounts receivable and eligible inventory (as defined in the revolving credit agreement). As such, the borrowing base can fluctuate based on changes in selling prices of our products and our current material costs, primarily the cost of crude oil. Generally, we can borrow approximately 85% of eligible accounts receivable and 75% of eligible inventory. After accounting for reserves, we are generally able to borrow approximately 70% to 75% of accounts receivable and inventory as reflected on our balance sheet. At March 31, 2016, we had estimated availability under our revolving credit facility of $103.0 million, based on an estimated $461.4 million borrowing base, $63.5 million in outstanding standby letters of credit and $294.9 million in estimated outstanding borrowings. In addition, we had an estimated $10.3 million of cash on hand as of March 31, 2016. In the near term, we expect to use a combination of cash from operations, cash on hand and borrowings under our revolving credit facility for, among other things, working capital, capital expenditures, crude oil settlement payments and other general partnership purposes.

As of March 31, 2016, we had approximately $41.7 million of outstanding secured obligations under our secured swap contracts, including option contracts, futures contracts, over-the-counter hedging agreements or otherwise. Furthermore on March 31, 2016, the interest rate under the revolving credit facility was a weighted average of 3.3%. And as of April 4, 2016, approximately $281.0 million of borrowings were outstanding under our revolving credit facility. As of March 31, 2016, we had estimated pro-forma availability under our revolving credit facility, giving effect to the application of net proceeds from the notes offering, of approximately $397.9 million, based on an estimated $461.4 million borrowing base, $63.5 million in outstanding standby letters of credit and no outstanding borrowings.”

Summary - Recent Developments - Preliminary Distribution Guidance for Quarter Ended March 31, 2016

(1 )     The word “Preliminary” is deleted from the caption “Summary - Recent Developments - Preliminary Distribution Guidance for Quarter Ended March 31, 2016.”

(2 )     The first paragraph under the caption “Summary - Recent Developments - Preliminary Distribution Guidance for Quarter Ended March 31, 2016” is deleted in its entirety and replaced with the following:

“In light of the current volatility in market conditions and based on a desire to maintain the appropriate level of liquidity, the board of directors of our general partner decided to suspend the quarterly cash distribution with respect to the three-month period ended March 31, 2016.”




B- 5



Summary - Recent Developments

The following shall be inserted after the paragraph under the caption “Summary - Recent Developments - Preliminary Distribution Guidance for Quarter Ended March 31, 2016”:

“Credit Rating

In connection with the notes offering, the credit rating agencies are reassessing our credit rating and one or more agencies are expected to downgrade our senior unsecured notes ratings and partnership ratings as a result. Such a downgrade in our credit ratings could adversely affect our ability to obtain new financing and increase the costs of our financing and, in turn, adversely affect our financial results.

Collective Bargaining Agreements

As of February 29, 2016, our general partner employed approximately 2,100 people who provide direct support to our operations. Of these employees, approximately 600 are covered by collective bargaining agreements. The collective bargaining agreements covering employees at our facility located in Dickinson, Texas (“Dickinson”) and our refinery located in Cotton Valley, Louisiana (“Cotton Valley”) expired on March 31, 2016, and new agreements for certain employees at these locations have been ratified. The Dickinson agreement will expire on March 31, 2018, and the Cotton Valley agreement will expire on March 31, 2019. The collective bargaining agreements covering employees at our refinery located in Shreveport, Louisiana and our facility located in Louisiana, Missouri will expire on April 30, 2016. We continue with negotiations at these locations and do not expect any work interruptions.

Selling and General and Administrative Expenses

Our selling and general and administrative expenses are primarily based on fixed costs for our corporate overhead and sales force. We allocate those expenses on a pro rata basis to our specialty products and fuel products segments primarily based on sales for each segment. In the case of our oilfield services segment, selling and general and administrative expenses are based on actual selling and general and administrative expenses incurred by the segment.”

Risk Factors - Risks Relating to the Notes and Collateral

The following shall be inserted after the last paragraph under the caption “Risk Factors - Risks Relating to the Notes and Collateral-The indenture governing the notes will contain, and our revolving credit facility and Secured Hedge Agreements and the indentures governing the existing unsecured notes contain, operating and financial restrictions that may restrict our business and financing activities”:

“The notes are being issued with original issue discount or “OID” for U.S. federal income tax purpose s.

The notes will be treated as issued with OID for U.S. federal income tax purposes because the difference between the principal amount of the notes and their issue price is equal to or greater than a specified de minimis amount. As a result, a holder subject to U.S. federal income taxation will be required to include such OID in gross income (as ordinary income) on a constant yield to maturity basis in advance of the receipt of cash payment thereof, regardless of such holder’s method of accounting for U.S. federal income tax purposes.

B- 6



 
If a bankruptcy petition were filed by or against us under the U.S. Bankruptcy Code after the issuance of the notes, the claim by any holder of the notes for the principal amount of the notes may be limited to an amount equal to the sum of:

the original issue price for the notes; and

that portion of the OID (if any) that does not constitute “unmatured interest” for purposes of the U.S. Bankruptcy Code.

Any OID that was not amortized as of the date of the bankruptcy filing would constitute unmatured interest. Accordingly, holders of the notes under these circumstances may receive a lesser amount than they would be entitled to receive under the terms of the indenture governing the notes.”

Description of Notes - Collateral - Security for the Notes

(1 )     The second bullet in the first paragraph of the section captioned “Description of Notes Collateral - Security for the Notes” is deleted in its entirety and replaced with the following:

all United States registered patents and patent license rights, trademarks and trademark license rights, copyrights and copyright license rights and trade secrets owned as of the Issue Date (but not acquired or arising thereafter);

Description of Notes Certain Covenants - Restricted Payments

(1 )     The reference in the second clause (1) of the first paragraph under “Description of Notes - Certain Covenants - Restricted Payments” to “1.75 to 1.0” is hereby changed to “2.25 to 1.0.”

(2 )     Subclause (e) of the second clause (1) of the first paragraph under “Description of Notes Certain Covenants - Restricted Payments” is hereby amended in its entirety as follows:

“(e )     the aggregate amount of Incremental Funds previously expended pursuant to this clause (1) or clauses (2) or (3) below;”

(3 )     The reference in the second clause (2) of the first paragraph under “Description of Notes Certain Covenants - Restricted Payments” to “1.75 to 1.0” is hereby changed to “2.25 to 1.0 but greater than 1.50 to 1 .0.”

(4 )     The reference in subclause (a) of the second clause (2) of the first paragraph under “Description of Notes Certain Covenants - Restricted Payments” to “$75.0 million” is hereby changed to “$50.0 million.”

(5 )     Subclause (b) of the second clause (2) of the first paragraph under “Description of Notes Certain Covenants - Restricted Payments” is hereby amended in its entirety as follows:

“(b )     Incremental Funds to the extent not previously expended pursuant to this clause (2) or clause (1) above or clause (3) below; or”

(6 )     The first paragraph under “Description of Notes - Certain Covenants - Restricted Payments” is hereby changed to include a new subclause (3) reading in its entirety as follows:


B- 7




“(3 )     if the Fixed Charge Coverage Ratio for the Trailing Four Quarters is less than 1.50 to 1.0, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made (such Restricted Payments for purposes of this clause (3) meaning only distributions on the Company’s common units, subordinated units, or incentive distribution rights, plus the related distribution to the General Partner), is less than the amount of Incremental Funds to the extent not previously expended pursuant to this clause (3) or clauses (1) or (2) above.”

(7 )     Clause (8) of the second paragraph under “Description of Notes - Certain Covenants - Restricted Payments” is hereby amended in its entirety as follows:

“(8 )     [Reserved.]”

Description of Notes - Certain Covenants - Incurrence of Indebtedness and Issuance of Preferred Stock

(1 )     Clause (1) of the second paragraph under “Description of Notes - Certain Covenants - Incurrence of Indebtedness and Issuance of Preferred Stock” is hereby amended in its entirety as follows:
“(1 )     the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including letters of credit) under one or more Credit Facilities, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Subsidiaries thereunder) and then outstanding does not exceed the greater of (a) $700.0 million and (b) the “Borrowing Base,” which means, as of any date, the sum obtained by (i) adding (A) 85% of the fair market value of inventories of the Company and its Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available, and (B) 90% of the book value of the accounts receivable (net of reserve for doubtful accounts) of the Company and its Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available, and (ii) subtracting without duplication, that portion of accounts receivable and inventory ineligible for inclusion in the Borrowing Base as determined by the lenders under the Credit Agreement, with respect to loans thereunder, or, with respect to loans under another Credit Facility, as determined by the lenders thereunder in good faith in accordance with customary commercial bank lending practices for facilities similar to the Credit Agreement as in effect on the Issue Date, in each case calculated on a consolidated basis and on a pro forma basis for any subsequent acquisitions or dispositions of business entities or property and assets constituting a division or line of business of any Person that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations;”
  
(2 )     Clause (2) of the second paragraph under “Description of Notes - Certain Covenants - Incurrence of Indebtedness and Issuance of Preferred Stock” is hereby amended in its entirety as follows:

“(2 )     [Reserved.]”





B- 8



Description of Notes - Certain Covenants - Liens

(1 )     The first paragraph under “Description of Notes - Certain Covenants - Liens” is hereby amended to add the following sentence at the end thereof:

“Notwithstanding the foregoing, the Company will not, and will not permit any Restricted Subsidiary to, (i) incur any Indebtedness or Attributable Debt (other than the notes and the Subsidiary Guarantees) that is secured by Liens on any Equity Interest in a Guarantor in reliance upon clauses (1) or (17) of the definition of Permitted Liens (or, solely with respect to any Lien incurred under clause (1) of such definition, clause (18) of such definition), unless in each case the notes or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, are secured on an equal and ratable basis with (or on a senior basis to, in the case of obligations subordinated in right of payment to the notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such time as such obligations are no longer secured by a Lien, or (ii) incur any Indebtedness or Attributable Debt (other than the notes and the Subsidiary Guarantees and other than Credit Agreement Obligations) that is secured by junior priority Liens on any Credit Agreement Collateral in reliance upon clauses (1) or (17) of the definition of Permitted Liens (or, solely with respect to any Lien incurred under clause (1) of such definition, clause (18) of such definition), unless in each case the notes or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, are secured on an equal and ratable basis with (or on a senior basis to, in the case of obligations subordinated in right of payment to the notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such time as such obligations are no longer secured by a Lien.”

Description of Notes - Events of Default
(1 )     The following two paragraphs shall be inserted after the second paragraph under the caption “Description of Notes - Events of Default”:
“If the notes are accelerated or otherwise become due prior to their maturity date, in each case, as a result of an Event of Default on or after April 15, 2018, the amount of principal of, accrued and unpaid interest and premium on the notes that becomes due and payable shall equal the redemption price applicable with respect to an optional redemption of the notes, in effect on the date of such acceleration as if such acceleration were an optional redemption of the notes accelerated. If the notes are accelerated or otherwise become due prior to their maturity date, in each case, as a result of an Event of Default prior to April 15, 2018, the amount of principal of, accrued and unpaid interest and premium on the notes that becomes due and payable shall equal 100% of the principal amount of the notes redeemed plus the Make Whole Premium in effect on the date of such acceleration, as if such acceleration were an optional redemption of the notes accelerated.
Without limiting the generality of the foregoing, it is understood and agreed that if the notes are accelerated or otherwise become due prior to their maturity date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of a bankruptcy or insolvency event (including the acceleration of claims by operation of law)), the premium applicable with respect to an optional redemption of the notes will also be due and payable, in cash, as though the notes were optionally redeemed and shall constitute part of the Obligations under the Note Documents, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Holder’s lost profits as a result thereof. Any premium payable above shall be presumed to be the liquidated damages sustained by each Holder as the result of the early redemption and the Issuers agree that it is reasonable under the circumstances currently existing. The premium shall also be payable in the event the notes (and/or the indenture) are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of

B- 9



foreclosure or by any other means. THE ISSUERS EXPRESSLY WAIVE (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuers expressly agree (to the fullest extent they may lawfully do so) that: (A) the premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel; (B) the premium shall be payable notwithstanding the then prevailing market rates at the time payment is made; (C) there has been a course of conduct between Holders and the Issuers giving specific consideration in this transaction for such agreement to pay the premium; and (D) the Issuers shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Issuers expressly acknowledge that their agreement to pay the premium to Holders as herein described is a material inducement to Holders to purchase the notes.”

Description of Notes - Certain Definitions
    
(1 )     Clause (2) of the definition of “Asset Sale” is hereby amended in its entirety as follows:

“(2 )     a transfer of properties or assets between or among (x) with respect to any fixed assets constituting Collateral, the Company and the Guarantors or (y) with respect to any properties or assets other than fixed assets constituting Collateral, the Company and its Restricted Subsidiaries;”.

(2 )     The definition of “Credit Facilities” is hereby amended in its entirety as follows:
“Credit Facilitie s” means one or more debt facilities (including, without limitation, the Credit Agreement) or loan agreements, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.”
(3 )     Clause (1) of the definition of “Fixed Charge Coverage Ratio” is hereby amended in its entirety as follows:
“acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers, consolidations or otherwise (including acquisitions of assets used in a Permitted Business), and including in each case any related financing transactions (including repayment of Indebtedness) during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, including any Consolidated Cash Flow and any pro forma expense and cost reductions that have occurred or are reasonably expected to occur within the next 12 months, provided that such cost savings or operating improvements could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the Commission related thereto);”

(4 )     Clause (1) of the definition of “Permitted Investments” is hereby amended in its entirety as follows:

“(1 )     any Investment in the Company (including, without limitation, through purchases of Notes) or (x) with respect to any Investment consisting of a contribution of fixed assets constituting Collateral, any Guarantor or (y) with respect to Investment other than a contribution of fixed assets constituting Collateral, any Restricted Subsidiary;”.

B- 10




(5 )     Clause (3) of the definition of “Permitted Investments” is hereby amended to add the following proviso at the end of such clause:

“provided that, in each case, to the extent such Investment consists of a contribution of fixed assets constituting Collateral, the Restricted Subsidiary described in clause (a) or (b) above shall be or become a Guarantor”.

Plan of Distribution-Other Relationships
(1 )     The first sentence of the second paragraph under the caption “Plan of Distribution-Other Relationships” is deleted in its entirety and replaced with the following:
“Certain of the initial purchasers or their affiliates that have a lending relationship with us routinely hedge, certain other of those initial purchasers or their affiliates are likely to hedge, and certain other of those initial purchasers or their affiliates may hedge, their credit exposure to us consistent with their customary risk management policies.”

All other information (including financial information) presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes described herein.

This material is confidential and is for your information only and is not intended to be used by anyone other than you. This information does not purport to be a complete description of the Notes or the offering. Please refer to the Preliminary Offering Memorandum.

Any disclaimers or other notices that may appear below are not applicable to this communication and should be disregarded. Such disclaimers or other notices were automatically generated as a result of this communication being sent via Bloomberg email or another communication system.


B- 11





Annex C


Restrictions on Offers and Sales Outside the United States

In connection with offers and sales of Securities outside the United States:

(a) Each Initial Purchaser acknowledges that the Securities have not been registered under the Securities Act and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons except pursuant to an exemption from, or in transactions not subject to, the registration requirements of the Securities Act.

(b) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

(i) Such Initial Purchaser has offered and sold the Securities, and will offer and sell the Securities, (A) as part of their distribution at any time and (B) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only to institutional lenders or institutional investors in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act.

(ii) None of such Initial Purchaser or any of its affiliates or any other person acting on its or their behalf has engaged or will engage in any directed selling efforts with respect to the Securities, and all such persons have complied and will comply with the offering restrictions requirement of Regulation S.

(iii) At or prior to the confirmation of sale of any Securities sold in reliance on Regulation S, such Initial Purchaser will have sent to each distributor, dealer or other person receiving a selling concession, fee or other remuneration that purchase Securities from it during the distribution compliance period a confirmation or notice to substantially the following effect:

“The Securities covered hereby have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Ac t”), and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons (i) as part of their distribution at any time or (ii) otherwise until 40 days after the later of the commencement of the offering of the Securities and the date of original issuance of the Securities, except in accordance with Regulation S or Rule 144A or any other available exemption from registration under the Securities Act. Terms used above have the meanings given to them by Regulation S.”

(iv) Such Initial Purchaser has not and will not enter into any contractual arrangement with any distributor with respect to the distribution of the Securities, except with its affiliates or with the prior written consent of the Partnership.

Terms used in paragraph (a) and this paragraph (b) and not otherwise defined in this Agreement have the meanings given to them by Regulation S.

(c) Each Initial Purchaser, severally and not jointly, represents, warrants and agrees that:

(i) it has only communicated or caused to be communicated and will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of Section 21 of the United Kingdom Financial Services and Markets Act 2000 (the “FSM A”)) received by it in connection with the issue or sale of any Securities in circumstances in which Section 21(1) of the FSMA does not apply to the Issuers or the Guarantors; and


C- 1



(ii) it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the Securities in, from or otherwise involving the United Kingdom.

(d) Each Initial Purchaser acknowledges that no action has been or will be taken by the Issuers that would permit a public offering of the Securities, or possession or distribution of any of the Time of Sale Information, the Offering Memorandum, any Issuer Written Communication or any other offering or publicity material relating to the Securities, in any country or jurisdiction where action for that purpose is required.
































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Annex D



Entity
State of Formation
Foreign Qualifications
Calumet Specialty Products Partners, L.P.
Delaware
Indiana
Calumet Operating, LLC
Delaware
Indiana
Calumet LP GP, LLC
Delaware
None
Calumet Lubricants Co., Limited Partnership
Indiana
Alabama, Arizona, Arkansas, California, Connecticut, Florida, Georgia, Illinois, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Nevada, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, West Virginia, Wisconsin
Calumet Shreveport Lubricants & Waxes, LLC
Indiana
Kentucky, Louisiana
Calumet Shreveport Fuels, LLC
Indiana
Arizona, Arkansas, Connecticut, Georgia, Illinois, Kentucky, Louisiana, Minnesota, Mississippi, Missouri, New Mexico, North Dakota, Ohio, Oklahoma, Texas, Virginia, Wisconsin
Calumet Sales Company Incorporated
Delaware
Alberta, Louisiana, Wisconsin
Calumet GP, LLCA
Delaware
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Georgia, Idaho, Illinois, Indiana, Kansas, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Mississippi, Missouri, Montana, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Washington, West Virginia, Wisconsin, Wyoming
Calumet Penreco, LLC
Delaware
Kentucky, New Jersey, New York, Ohio, Pennsylvania, Texas, Washington
Calumet Superior, LLC
Delaware
Alberta, Arizona, Iowa, Michigan, Minnesota, Montana, Nebraska, North Dakota, Ontario, Saskatchewan, South Dakota, Utah, Wisconsin
Calumet Missouri, LLC
Delaware
Missouri
Calumet Montana Refining, LLC
Delaware
Alberta, Idaho, Montana, Oregon, Saskatchewan, Utah, Washington, Wyoming
Calumet North Dakota, LLC
Delaware
None
Royal Purple, LLC
Delaware
Texas
Calumet Packaging, LLC
Delaware
California, Florida, Louisiana, Mississippi, New Hampshire, Texas, Vermont, Wyoming
Calumet San Antonio Refining, LLC
Delaware
Texas
Bel-Ray Company, LLC
Delaware
Colorado, New Jersey, North Carolina, Pennsylvania, South Carolina, Utah
Kurlin Company, LLC.
Delaware
New Jersey
Weld Corporation
New Jersey
None
Anchor Drilling Fluids USA, LLC
Delaware
Arkansas, Idaho, Kentucky, Mississippi, Missouri, New Mexico, Pennsylvania, South Dakota, Utah
ADF Holdings, LLC
Delaware
None
Anchor Oilfield Services, LLC
Delaware
None













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Annex E

Opinions of Vinson & Elkins L.L.P.

V&E Opinion related to the offering
(a) Each of the Partnership, the General Partner, Calumet Finance, the Operating Company, the OLP GP, Calumet Penreco, Calumet Superior, Reseller, Calumet Missouri, Calumet Montana, Royal Purple, Calumet San Antonio, Calumet Packaging, Calumet North Dakota, Bel-Ray, Kurlin, ADF and Anchor Oilfield (each, a “Delaware Entit y”) has been duly incorporated or formed and is validly existing in good standing as a corporation, limited liability company or limited partnership under the Delaware General Corporation Law (the “DGC L”), the Delaware LLC Act or the Delaware LP Act, with all necessary corporate, limited liability company or limited partnership power and authority, as applicable, to own or lease its properties and to conduct its business and, in the case of the General Partner and the OLP GP, to serve as the general partner of the Partnership and Calumet, respectively, in each case in all material respects as described in the Time of Sale Information and the Offering Memorandum. Each of the Delaware Entities is duly registered or qualified as a foreign corporation, limited liability company or limited partnership for the transaction of business under the laws of the jurisdictions set forth by its name on Annex D to this Agreement.

(b) The General Partner is the sole general partner of the Partnership and owns of record a 2.0% general partner interest in the Partnership; and such general partner interest has been duly authorized and validly issued in accordance with the Partnership Agreement. The General Partner owns such general partner interest free and clear of all liens, encumbrances (except restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the Partnership Agreement), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the General Partner as a debtor is on file in the office of the Secretary of State of the State of Delaware or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LP Act and those arising under the Credit Agreement and the ISDA Agreements.

(c) The OLP GP and the Operating Company own of record a 10% general partner interest and a 90% limited partner interest, respectively, in Calumet free and clear of all liens, encumbrances (except restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the partnership agreement of Calumet (as the same may be amended or restated at or prior to the Closing Date, the “Calumet Agreemen t”)), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the OLP GP and the Operating Company, respectively, as debtor is on file in the office of the Secretary of State of the State of Delaware or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LP Act and those arising under the Credit Agreement and the ISDA Agreements.

(d) The Partnership owns, directly or indirectly, 100% of the capital stock or membership interests, as applicable, in each of the Delaware Entities (other than the Partnership and the General Partner); and such capital stock or membership interests, as applicable, have been duly authorized and validly issued in accordance with the certificate or articles of incorporation and bylaws or limited liability company agreement, as applicable, of such Delaware Entity (as the same may be amended or restated at or prior to the Closing Date) and are fully paid (to the extent required under such applicable organizational documents, as the same may be amended or restated at or prior to the Closing Date) and nonassessable (except, in the case of an interest in a Delaware limited liability company, as such nonassessability may be affected by Sections 18‑303, 18‑607 and 18-804 of the Delaware LLC Act). The Partnership directly or indirectly owns such membership interests in each of the Operating Company and the OLP GP free and clear of all liens, encumbrances (except restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the limited liability company agreement of the Operating Company and the OLP GP, respectively, as the same may be amended or restated at or prior to the Closing Date), security interests,

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charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the Partnership and the Operating Company, respectively, as debtor is on file in the office of the Secretary of State of the State of Delaware or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LLC Act and those arising in connection with the Credit Agreement and the ISDA Agreements.

(e) Each of the Issuers, the General Partner and each of the Guarantors organized and existing under the laws of the State of Delaware (the “Delaware Guarantor s,” with the Guarantors other than the Delaware Guarantors referred to herein as the “Other Guarantor s”) has all necessary corporate, limited liability company or limited partnership power and authority to execute and deliver the Transaction Documents to which it is a party and to perform its respective obligations thereunder.

(f) The Indenture has been duly authorized, executed and delivered by each of the Issuers and each of the Delaware Guarantors and, assuming due authorization, execution and delivery thereof by the Trustee and the Other Guarantors, constitutes a valid and legally binding agreement of the each of the Issuers and Guarantors enforceable against the each of the Issuers and Guarantors in accordance with its terms, except as such enforceability may be limited by the Enforceability Exceptions.

(g) The Securities have been duly authorized, executed and delivered by each of the Issuers and, when duly authenticated as provided in the Indenture and paid for as provided in this Agreement, will be duly and validly issued and outstanding and will constitute valid and legally binding obligations of each of the Issuers enforceable against the Issuers in accordance with their terms, except as such enforceability may be limited by the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

(h) The Guarantees have been duly authorized by each of the Delaware Guarantors and, assuming the Guarantees have been duly authorized by the Other Guarantors, when each global certificate representing the Securities has been duly executed, authenticated, issued and delivered as provided in the Indenture and paid for as provided in this Agreement, the Guarantees will be valid and legally binding obligations of each of the Guarantors, enforceable against each of the Guarantors in accordance with their terms, except as such enforceability may be limited by the Enforceability Exceptions, and will be entitled to the benefits of the Indenture.

(i) This Agreement has been duly authorized, executed and delivered by each of the Issuers, the General Partner and the Delaware Guarantors.

(j) Each of the Transaction Documents has been duly authorized, executed and delivered by the Issuers and each of the Delaware Guarantors party thereto and, when duly executed and delivered by the Other Guarantors and the other parties thereto, will constitute a valid and legally binding agreement of each of the Issuers and the Guarantors party thereto enforceable against each of the Issuers and the Guarantors party thereto in accordance with its terms, except as such enforceability may be limited by the Enforceability Exceptions and except that the indemnity and contribution provisions thereunder may be limited by applicable laws, general principles of equity and public policy.

(k) None of the issuance and sale of the Securities and the Guarantees, the execution, delivery and performance of each of the Transaction Documents by the Calumet Parties to which each is a party, compliance by the Calumet Parties with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents (i) constitutes or will constitute a violation of the certificate of limited partnership, agreement of limited partnership, certificate of formation, limited liability company agreement certificate of incorporation or bylaws, as the case may be, of any of the Issuers, the General Partner and the Delaware Guarantors, (ii) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default), or result in a lien, under any other agreement filed as an exhibit to the Incorporated Documents (excluding the Credit Agreement and the ISDA Agreements), or (iii) violates or will violate the Delaware LP Act, the Delaware LLC Act, the DGCL, federal law, New York law or any order, judgment, decree or injunction known to such counsel of any Delaware, New York or federal court to which any of the Calumet Parties or any of their properties is subject,

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which breach, violation, lien or default in the case of clauses (ii) or (iii), would reasonably be expected to have a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents; provide d, however, that counsel need not express any opinion with respect to any federal or state securities laws, blue sky laws, federal or state antifraud laws, rules and regulations.
(l) Except as described in the Time of Sale Information and the Offering Memorandum, no permit, consent, approval, authorization, order, registration, filing or qualification ( “consen t”) under the Delaware LP Act, the Delaware LLC Act, the DGCL, New York law or federal law is required for the issuance and sale of the Securities and the Guarantees, the execution, delivery and performance of each of the Transaction Documents by the Calumet Parties to which each is a party, compliance by the Calumet Parties with the terms thereof and the consummation of the transactions by the Calumet Parties contemplated by the Transaction Documents, except for such consents which (i) may be required under applicable federal or state securities or “blue sky” laws of any jurisdiction (and applicable rules and regulations under such laws) or the by-laws and rules of FINRA in connection with the purchase and resale of the Securities by the Initial Purchasers in the manner contemplated in this Agreement and in the Time of Sale Information and the Offering Memorandum, in each case as to which such counsel need not express any opinion, (ii) have been or, prior to the Closing Date, will be obtained or made, (iii) (A) are of a routine or administrative nature, (B) are not customarily obtained or made prior to the consummation of transactions such as those contemplated by this Agreement and (C) are expected in the reasonable judgment of the General Partner to be obtained or made in the ordinary course of business, and (iv) if not obtained or made, would not, individually or in the aggregate, be reasonably expected to have a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents.

(m) The descriptions in each of the Time of Sale Information and the Offering Memorandum under the caption “Description of Notes,” to the extent they constitute a summary of the terms of the Transaction Documents, and under the caption “Certain U.S. Federal Income Tax Considerations,” to the extent that they constitute summaries of matters of law or documents referred to therein, are accurate summaries in all material respects.
(n) The Incorporated Documents or any further amendment and supplement thereto, made by the Partnership prior to the Closing Date (other than the financial statements, notes or schedules thereto and the auditor’s reports thereon included in or incorporated by reference in the Preliminary Offering Memorandum or the Offering Memorandum or other financial or accounting data included in or incorporated by reference into or omitted from the Preliminary Offering Memorandum or the Offering Memorandum, as to which such counsel need not express any opinion), when they were filed with the Commission, appeared on their face to comply as to form in all material respects with the requirements of the Exchange Act and the rules and regulations promulgated thereunder.

(o) None of the Issuers or Guarantors is, and, after giving effect to the offer and sale of the Securities and the application of the proceeds thereof as described under “Use of Proceeds” in each of the Time of Sale Information and the Offering Memorandum, none of them will be, an “investment company” as defined in the Investment Company Act.

(p) To the knowledge of such counsel, there are no agreements, contracts, indentures, leases or other instruments that are required to be described in the Incorporated Documents or to be filed as exhibits to the Incorporated Documents that are not described or filed as required by the Exchange Act.

(q) Assuming the accuracy of the representations and warranties of the Initial Purchasers contained in this Agreement and their compliance with their agreements set forth therein, it is not necessary, in connection with the issuance and sale of the Securities to the Initial Purchasers and the offer, resale and delivery of the Securities by the Initial Purchasers in the manner contemplated by this Agreement, the Time of Sale Information, the Offering Memorandum and the Indenture, to register the offer and sale of Securities under the Securities Act or to qualify the Indenture under the Trust Indenture Act, it being understood that such counsel need not express any opinion as to any subsequent resale of any Securities.

In addition, such counsel shall state that they have participated in conferences with officers and other representatives of the Calumet Parties and the independent public accountants of the Partnership and you and your representatives, at which conferences the contents of the Time of Sale Information and the Offering Memorandum and

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related matters were discussed, and although such counsel has not independently verified, is not passing upon, and is not assuming any responsibility for, or undertaking to determine independently, the accuracy, completeness or fairness of the statements contained in, the Time of Sale Information and the Offering Memorandum (except to the extent specified in paragraph (m) above), based on the foregoing, no facts have come to such counsel’s attention that lead such counsel to believe that:
(A) the Time of Sale Information (other than the financial statements and notes or schedules thereto and the auditor’s reports thereon included in or incorporated by reference into the Time of Sale Information or other financial or accounting data contained in or incorporated by reference into or omitted from the Time of Sale Information, as to which such counsel need not express any opinion), as of the Time of Sale, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading, or
(B) the Offering Memorandum (other than the financial statements and notes or schedules thereto and the auditor’s reports thereon included in or incorporated by reference into the Offering Memorandum or other financial or accounting data contained in or incorporated by reference into or omitted from the Offering Memorandum, as to which such counsel need not express any opinion), as of its issue date and as of the Closing Date, contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading.
In rendering such opinion, such counsel may (A) rely without independent investigation or verification, with respect to matters of fact, upon representations of the Calumet Parties set forth in this Agreement, certificates of officers of the Calumet Parties and upon information obtained from public officials and from officers, employees and representatives of the Calumet Parties, (B) assume that all documents submitted to them as originals are authentic, that all copies submitted to them conform to the originals thereof, and that the signatures on all documents examined by them are genuine, (C) assume that each certificate from governmental officials reviewed by them is accurate, complete and authentic, and all official public records are accurate and complete, (D) assume that all parties to this Agreement will act in accordance with, and will refrain from taking any action that is forbidden by, the terms and conditions of this Agreement, (E) state that their opinion is limited to matters governed by federal laws of the United States of America (to the extent specifically referred to their opinion), the Delaware LP Act, the Delaware LLC Act, the DGCL and the laws of the State of New York, in each case as currently in effect, and state that they express no opinion as to the law of any other jurisdiction, (F) with respect to the opinions expressed in paragraph (a) above as to the due qualification or registration as a foreign limited partnership, corporation or limited liability company, as the case may be, of the Delaware Entities, state that such opinions are based upon the opinions of counsel provided pursuant to Sections 6(d), 6(e), 6(f) and 6(g) of this Agreement and upon certificates of foreign qualification or registration provided by the Secretary of State of the States listed on Annex D to this Agreement (each of which shall be dated as of a date not more than fourteen days prior to the Closing Date and shall be provided to you) and, with respect to certain States, upon verbal assurances provided by the Secretary of State of the States listed on Annex D to this Agreement to CT Corporation to that effect, (G) with respect to the opinions expressed in paragraph (c) and the second sentence of paragraphs (b) and (d) above, rely on reports prepared by CT Corporation (each of which shall be dated as of a date not more than fourteen days prior to the Closing Date and shall be provided to you), purporting to describe all financing statements on file as of the dates specified therein in the office of the Secretary of State of the State of Delaware naming the General Partner, the Partnership, or the Operating Company, or one or more of them, as debtors, and state that such opinions are also subject to any financing statements that may be on file in connection with the Credit Agreement and the ISDA Agreements, (H) state that they express no opinion with respect to the accuracy of descriptions of real or personal property or any permits to own or operate any real or personal property, (I) state that they express no opinion with respect to state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the Calumet Parties may be subject, (J) with respect to the opinions expressed in paragraphs (f), (g) and (j) above as to the validity, binding effect or enforceability of the Indenture, the Securities, the Collateral Documents and the Intercreditor Agreement, respectively, state that such counsel expresses no opinion as to the validity, binding effect or enforceability of any provision of the Indenture, the Securities, the Collateral Documents and the Intercreditor Agreement, respectively, that requires the payment of additional interest at a rate which a court would determine under the circumstances under applicable law to be commercially unreasonable or a penalty or a forfeiture, (K) with respect to the opinions expressed in paragraphs (f) and (h) above as to the validity, binding effect or

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enforceability of the Indenture and the Guarantees, respectively, state that such counsel expresses no opinion as to the validity or enforceability of provisions that limit the obligation of a guarantor based upon the potential unenforceability, invalidity or voidability of a guarantee under any applicable law, including without limitation, any state or federal fraudulent transfer or fraudulent conveyance laws; (L) with respect to the opinions expressed in paragraphs (f), (g), (h), and (j) above as to the validity, binding effect or enforceability of the Indenture, the Securities, the Guarantees, the Collateral Documents and the Intercreditor Agreement, respectively, state that such counsel expresses no opinion as to the enforceability provisions of the Indenture, the Securities, the Guarantees, the Collateral Documents and the Intercreditor Agreement, respectively, with respect to delay or omission of enforcement of rights or remedies, or waivers of defenses, or waivers of benefits of stay, extension, moratorium, redemption, statutes of limitation, or other non-waivable benefits bestowed by operation of law, (M) assume that, to the extent documents constitute agreements of parties other than the Calumet Parties, they are valid and binding obligations of such other parties, enforceable against such other parties in accordance with their terms, (N) with respect to the opinion expressed in paragraph (k), assume that no party to any of the agreements filed as exhibits to the Incorporated Documents will in the future take any discretionary action (including a decision not to act) permitted under any of such agreements that would result in a violation of any of the Organizational Documents governing the Issuers and the Delaware Guarantors or a violation of law or constitute a breach or violation of or default (or an event which, with notice or lapse of time or both, would constitute such a default) by such party under any other agreement to which such party is a party or by which it or its property is bound or under any court or administrative order, writ, judgment or decree that names such party or is directed to it or its property or the creation or imposition of any lien, charge or encumbrance upon any property or assets of any such party, (O) with respect to the opinion expressed in paragraph (k), assume that the law of any state (other than Delaware or New York) governing any agreements filed as exhibits to the Incorporated Documents is not materially different than Delaware or New York law with respect to the subject matter thereof, (P) state that such opinions are furnished to the Initial Purchasers in connection with the transactions contemplated by this Agreement and are solely for the benefit of the Initial Purchasers in connection with such transactions and may not be used or be relied upon by the Initial Purchasers for any other purpose and may not be used or relied upon for any purpose by any other person or entity or furnished to anyone else or relied upon for any other purpose without such counsel’s prior written consent, (Q) state that such opinions are not to be quoted or reproduced in whole or in part or otherwise referred to in any manner, nor are they to be filed with any governmental agency or delivered to any other person, without such counsel’s prior written consent, provided such opinions may be used, reproduced and otherwise distributed in connection with litigation or disputes involving the Initial Purchasers and relating to the issuance and sale of the Securities, and (R) state that the such opinions are given as of the Closing Date, and that such counsel does not undertake any (and disclaims any) obligation to update such opinions or advise the Initial Purchasers of any events occurring subsequent to the Closing Date that might affect any of the matters covered by any of such opinions.

V&E Opinion related to the Collateral
1. The Security Agreement constitutes the valid and binding obligation of the Opinion Parties enforceable against each Opinion Party in accordance with its terms under the laws of the State of New York .  
2. The provisions of the Security Agreement are effective to create in favor of the Collateral Agent to secure the Parity Lien Obligations (as defined therein), a valid security interest in all of each Opinion Party’s right, title and interest in and to that portion of the Collateral (as defined therein) in which a security interest may be created under Article 9 of the NY UCC (the “Article 9 Collatera l”).
3. To the extent that the filing of a financing statement can be effective to perfect a security interest in the each Delaware Opinion Party’s Article 9 Collateral under the Uniform Commercial Code as in effect in the State of Delaware (the “Delaware UC C”), the security interest in favor of the Collateral Agent in that portion of such Delaware Opinion Party’s Article 9 Collateral described in the applicable UCC Financing Statement will be perfected upon the proper filing of such UCC Financing Statement in office of the Secretary of State of the State of Delaware. For purposes of the opinion set forth in this paragraph 3, such counsel has based such opinion solely on their review of the generally available compilations of Article 9 of the Delaware UCC as in effect on the date hereof and such counsel has not reviewed any other laws of the State of Delaware or retained or relied on any opinion or advice of Delaware counsel.


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In rendering such opinion, such counsel may, without independent investigation or verification:
A. Rely, with respect to matters of fact, upon statements of public officials and officers or other representatives of the Opinion Parties and on the representations and warranties relating to factual matters set forth in the Transaction Documents.

B. Assume the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to such counsel as originals, and the conformity to authentic original documents of all documents submitted to such counsel as copies.

C. Except to the extent set forth in our opinion in paragraph (a) above, assume that each party to the Transaction Documents (each such party, a “Transaction Part y”) is a corporation, partnership, limited liability company or other entity duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization.

D. Except to the extent set forth in our opinion in paragraph (e) above, assume that each Transaction Party has full power and authority (corporate, partnership, limited liability company or otherwise) to execute, deliver and perform its obligations under the Transaction Documents to which it is a party.

E. Except to the extent set forth in our opinion in paragraph (j) above, assume that each Transaction Document has been duly executed and delivered by each Transaction Party that is a party thereto.

F. Except to the extent set forth in our opinion in paragraph (j) above, assume that the execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party have been duly authorized by all necessary entity action (corporate, partnership, limited liability company or otherwise) and, except to the extent set forth in our opinion in paragraph (k) above, do not contravene the constituent documents of such Transaction Party.

G. Except to the extent set forth in our opinion in paragraph (k) above, assume that the execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party do not conflict with or result in the breach of any document or instrument binding on it.

H. Except to the extent set forth in our opinion in paragraph (k) above, assume that the execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party do not contravene any provision of any law, rule, regulation, order, validation, writ, judgment, injunction, decree, determination or award applicable to any of them.

I. Except to the extent set forth in our opinion in paragraph (l) above, assume that no authorization, approval, consent, order, validation, license, franchise, permit or other action by, and no notice to or filing, recording or registration with, any Governmental Authority or any other third party is required for the due execution, delivery and performance by each Transaction Party of the Transaction Documents to which it is a party that has not been duly obtained or made and that is not in full force and effect.

J. Assume that the Transaction Documents constitute the valid, binding and enforceable obligations of each party thereto (other than the Opinion Parties).

K. Assume that the laws of any jurisdiction other than the laws that are the subject of this opinion letter do not affect the terms of the Transaction Documents or the opinions rendered herein.

L. With respect to the opinions set forth in paragraphs 2 and 3 above, assume that each Opinion Party has, or has the power to transfer, rights in the properties in which it is purporting to grant a security interest sufficient for attachment of such security interest within the meaning of Section 9-203 of the NY UCC and Section 9-203 of the Delaware UCC.

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M. With respect to the opinions set forth in paragraphs 2 and 3 above, assume that the Collateral Agent has acquired its interests in the Article 9 Collateral for value within the meaning of Section 9-203 of the NY UCC and Section 9-203 of the Delaware UCC.

N. With respect to the opinions set forth in paragraphs 2 and 3 above, assume that the descriptions of collateral contained in, or attached as schedules to, the Security Agreement and the UCC Financing Statements sufficiently describe (for the purposes of the attachment and perfection of security interests) the collateral intended to be covered thereby; provided, that, the foregoing assumption shall not apply to (i) collateral identified by a type of collateral defined in Article 9 of the NY UCC (except for any commercial tort claim or cooperative interest) and (ii) with respect to the UCC Financing Statements, collateral described as all assets or all personal property.

O. With respect to the opinion set forth in paragraph 3 above, assume that (i) Calumet Specialty Products Partners, L.P. is the correct legal name of the Partnership, Calumet Finance Corp. is the correct legal of Calumet Finance and the correct legal name of each Delaware Opinion Party is as set forth on Schedule II and (ii) the Partnership is solely organized under the laws of the State of Delaware, Calumet Finance is solely organized under the laws of the State of Delaware and each Delaware Opinion Party is solely organized under the laws of the State of Delaware.

In addition, in rendering such opinion, such counsel may state that:
(a) The enforceability of the Security Agreement and the provisions thereof may be limited by bankruptcy, insolvency, reorganization, fraudulent transfer, moratorium or other laws now or hereafter in effect relating to or affecting enforcement of creditors’ rights generally and by general principles of equity (including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing), regardless of whether such enforcement is considered in a proceeding in equity or at law.

(b) With respect to the opinions set forth in paragraph 1 above, such counsel expresses no opinion with respect to the validity, legally binding effect or enforceability of the following to the extent that they are contained in the Security Agreement: (i) provisions purporting to release, exculpate, hold harmless, or exempt any person or entity from, or to require indemnification or contribution of or by any person or entity for, liability for any matter to the extent that the same are inconsistent with applicable law (including case law) or with public policy; (ii) provisions purporting to waive, subordinate or not give effect to rights to notice, demands, legal defenses or other rights or benefits that cannot be waived, subordinated or rendered ineffective under applicable law; (iii) provisions purporting to provide remedies inconsistent with applicable law; (iv) provisions purporting to render void and of no effect any transfers of any Opinion Party’s rights in any collateral in violation of the terms of the Security Agreement; (v) other than with respect to the opinions set forth in paragraphs 2 and 3 above, provisions relating to the creation, attachment, perfection or enforceability of any security interest; (vi) provisions relating to powers of attorney, severability or set-offs; (vii) provisions stating that a guarantee will not be affected by a modification of the obligation guaranteed in cases in which that modification materially changes the nature or amount of such obligation; (viii) provisions that limit the obligation of a guarantor, co-borrower or co-obligor (or provide for any rights of contribution as against another guarantor, co-borrower or co-obligor or any other party) based upon the potential unenforceability, invalidity, or voidability of a guarantee or joint obligation under any applicable law, including, without limitation, any state or federal fraudulent transfer or fraudulent conveyance laws; (ix) provisions restricting access to courts or purporting to affect the jurisdiction or venue of courts (other than the state courts of the State of New York); (x) provisions setting out methods for service of process; (xi) provisions purporting to exclude all conflicts-of-law rules; (xii) provisions relating to arbitration or mediation of disputes; (xiii) provisions pursuant to which a party agrees that a judgment rendered by a court or other tribunal in one jurisdiction may be enforced in any other jurisdiction; (xiv) provisions providing that decisions by a party are conclusive or may be made in its sole discretion; or (xv) provisions providing for voting of claims in bankruptcy. Such opinions are based solely on such counsel’s reading of the Security Agreement. Such counsel notes that enforceability of the Security Agreement may be affected by the parties’ course of dealing, or by waivers, modifications or amendments (whether made in writing, orally, or by course of conduct), and such counsel expresses no opinion on the effect of the foregoing on the enforceability of the Security Agreement.


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(c) Certain of the remedial provisions with respect to the Article 9 Collateral (including waivers with respect to the exercise of remedies against the collateral) contained in the Security Agreement may be unenforceable in whole or in part, but the inclusion of such provisions does not affect the validity of the Security Agreement, taken as a whole, and the Security Agreement, taken as a whole, together with applicable law, contains adequate provisions for the practical realization of the benefits intended to be provided thereby (it being understood that such counsel expresses no opinion as to the adequacy of such provisions to the extent it is necessary to seek execution or enforcement of rights or remedies under the laws of any jurisdiction outside the State of New York). Additionally, such counsel notes that the remedies under the Security Agreement to sell or offer for sale the Article 9 Collateral are subject to compliance with applicable state and federal securities laws.

(d) Insofar as the opinion set forth in paragraph 1 above relates to the enforceability under New York law of the provisions of the Security Agreement choosing New York law as the governing law thereof, such opinion is rendered solely in reliance upon the Act of July 19, 1984, ch. 421, 1984 McKinney’s Sess. Law of N.Y. 1406 (codified at N.Y. Gen. Oblig. Law §§5-1401 (McKinney 1989)) (the “Act”) and is subject to the qualifications that such enforceability (i) as specified in the Act, does not apply to the extent provided to the contrary in subsection (c) of Section 1-301 of the NY UCC, (ii) may be limited by public policy considerations of any jurisdiction in which enforcement of such provisions is sought, and (iii) is subject to any U.S. Constitutional requirement under the Full Faith and Credit Clause or the Due Process Clause thereof or the exercise of any applicable judicial discretion in favor of another jurisdiction.

(e) In the case of property which becomes Article 9 Collateral after the date hereof, the opinion in paragraph 2 above, as to the creation and validity of the security interests therein described, is subject to the effect of Section 552 of the Federal Bankruptcy Code, which limits the extent to which property acquired by a debtor after the commencement of a case under the Federal Bankruptcy Code may be subject to such security interest arising from a security agreement entered into by the debtor before the commencement of such case.

(f) Such counsel expresses no opinion as to Article 9 Collateral that is subject to a state statute or a statute, regulation or treaty of the United States referred to in Section 9-311(a) of the NY UCC or Section 9-311(a) of the Delaware UCC.

(g) With respect to the opinions set forth in paragraphs 2 and 3 above, such counsel expresses no opinion as to Article 9 Collateral consisting of commercial tort claims.

(h) With respect to the opinion in paragraph 3 above, such counsel expresses no opinion as to the perfection of a security interest in any items of collateral that are or are to become fixtures, as-extracted collateral or timber to be cut.

(i) Other than the filing of the UCC Financing Statements in the filing offices set forth in the opinion in paragraph 3 above, such counsel expresses no opinion as to any other actions (including any filings or registrations) that may be necessary under any applicable law in connection with perfection of a security interest in Article 9 Collateral consisting of patents, trademarks, copyrights or other intellectual property rights.

(j) With respect to the opinions set forth in paragraphs 2 and 3 above, such counsel expresses no opinion as to the priority of any security interest.

(k) Such counsel expresses no opinion herein regarding the enforceability of any provision in the Security Agreement that purports to prohibit, restrict or condition the assignment of each Opinion Party’s rights or obligations under the Security Agreement to the extent that such restriction on assignability is rendered ineffective by Sections 9-406 through 9-409 of the NY UCC.
 
(l) In rendering the opinions above related to security interests in Article 9 Collateral, security interests may not attach or become enforceable or be perfected as to Article 9 Collateral that is not assignable pursuant to a rule of law, statute or regulation, or is not assignable by its terms, or is assignable only with the consent of another person

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or entity which has not been obtained, except to the extent such restrictions are rendered ineffective under Sections 9-406, 9-407, 9-408 or 9-409 of the NY UCC or other applicable law. In addition in rendering such opinions, such counsel may state that even though the NY UCC renders certain anti-assignment provisions ineffective for purposes of creation, attachment or perfection of a security interest pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the NY UCC, nonetheless, in certain cases, the grantee of such security interest may have limited rights to enforce its security interest in collateral against an account debtor, the holder of a promissory note, or other Person named in the foregoing Sections, who did not consent to the transfer.

(m) With respect to the opinions set forth in paragraphs 2 and 3 above, the attachment and perfection of the Collateral Agent’s security interest in proceeds is limited to the extent set forth in Section 9-315 of the NY UCC or Section 9-315 of the Delaware UCC.

(n) Such counsel expresses no opinion as to any actions that may be required to be taken periodically under the NY UCC, the Delaware UCC or under any other applicable law in order for the effectiveness of the UCC Financing Statements or perfection of any security interest to be maintained.

(o) Such counsel expresses no opinion as to the laws of any jurisdiction other than: (i) Applicable Laws (as defined below); and (ii) with respect to the opinion set forth in paragraph 3 above, the Delaware UCC. “Applicable Laws” means those laws of the State of New York and the United States of America and the rules and regulations adopted thereunder that, in such counsel’s experience, are normally applicable to transactions of the type contemplated by the Security Agreement. Furthermore, the term “Applicable Laws” does not include, and such counsel expresses no opinion with regard to (a) any state or federal laws, rules or regulations relating to: (i) pollution or protection of the environment; (ii) zoning, land use, building or construction; (iii) occupational, safety and health or other similar matters; (iv) labor and employee rights and benefits, including, without limitation, the Employee Retirement Income Security Act of 1974, as amended; (v) the regulation of energy or utilities; (vi) antitrust and trade regulation; (vii) tax; (viii) securities, including without limitation, the Investment Company Act of 1940, as amended; (ix) corrupt practices, including, without limitation, the Foreign Corrupt Practices Act of 1977; (x) copyrights, patents and trademarks; (xi) communication, telecommunication or similar matters; and (xii) the USA Patriot Act of 2001 and the rules, regulations and policies promulgated thereunder, or any foreign assets control regulations of the United States Treasury Department or any enabling legislation or orders relating thereto; and (b) any laws, rules or regulations of any county, municipality or similar political subdivision or any agency or instrumentality thereof.

(p) Each of the Other Opinion Parties is organized under the laws of the jurisdiction set forth opposite such Other Opinion Party’s name in the table on Schedule II, and that such counsel expresses no opinion as to the laws of any such jurisdiction or as to the perfection of the liens and the security interested granted by the Other Opinion Parties under the provisions of the Security Agreement.

(q) Such opinion has been prepared in accordance with the customary practice of lawyers who regularly give and lawyers who regularly advise recipients regarding opinions of this kind.

(r) Such opinions are given as of the Closing Date, and that such counsel does not undertake any (and disclaims any) obligation to update such opinions or advise the Initial Purchasers of any events occurring subsequent to the Closing Date that might affect any of the matters covered by any of such opinions.

(s) Such opinion letter is given solely for the benefit of the Initial Purchasers in connection with the transactions contemplated by the Security Agreement and may not be furnished to, or relied upon by, any other person or for any other purpose without such counsel’s prior written consent.

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Annex F


Opinion of Barnes & Thornburg LLP

(a) Calumet has been duly formed and is validly existing as a limited partnership under the Indiana LP Act, with all necessary limited partnership power and authority to own or lease its properties and to conduct its business, in each case in all material respects as described in the Time of Sale Information and the Offering Memorandum. Calumet is duly registered or qualified as a foreign limited partnership for the transaction of business under the laws of the jurisdictions set forth under its name on Annex D to this Agreement.

(b) Each of the Shreveport Subsidiaries has been duly formed and is validly existing as a limited liability company under the Indiana LLC Act with all necessary limited liability company power and authority to own or lease its properties and to conduct its business, in each case in all material respects as described in the Time of Sale Information and the Offering Memorandum. Each of the Shreveport Subsidiaries is duly registered or qualified as a foreign limited liability company for the transaction of business under the laws of the jurisdictions set forth under its name on Annex D to this Agreement.

(c) The OLP GP is the sole general partner of Calumet and owns of record a 10% general partner interest in Calumet; and such general partner interest has been duly authorized and validly issued in accordance with the Calumet Agreement.

(d) The Operating Company is the sole limited partner of Calumet and owns of record a 90% limited partner interest in Calumet; and such limited partner interest has been duly authorized and validly issued in accordance with the Calumet Agreement and is fully paid (to the extent required under the Calumet Agreement) and nonassessable (except as such nonassessability may be affected by IC 23-16-6-2 and IC 23-16-7-8 of the Indiana LP Act).

(e) Calumet owns of record a 100% membership interest in each of the Shreveport Subsidiaries; such membership interests have been duly authorized and validly issued in accordance with the limited liability company agreements of Shreveport Lubes and Shreveport Fuels (as the same may be amended or restated at or prior to the Closing Date, the “Shrevepor t Subsidiar y Agreement s”) and are fully paid (to the extent required under the Shreveport Subsidiary Agreements) and nonassessable (except as such nonassessability may be affected by IC 23-18-5-1(c) and IC 23-18-5-7 of the Indiana LLC Act); and Calumet owns of record such membership interests free and clear of all liens, encumbrances (except for restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the Shreveport Subsidiary Agreements), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Indiana naming Calumet as debtor is on file in the office of the Secretary of State of the State of Indiana or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Indiana LLC Act and those arising under the Credit Agreement and the ISDA Agreements.

(f) Calumet owns of record a 100% membership interest in Calumet Penreco; and Calumet owns of record such membership interest free and clear of all liens, encumbrances (except for restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the limited liability company agreement of Calumet Penreco (as the same may be amended or restated at or prior to the Closing Date)), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Indiana naming Calumet as debtor is on file in the office of the Secretary of State of the State of Indiana or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LLC Act and other than those arising under the Credit Agreement and the ISDA Agreements.

(g) Calumet owns of record 100% of the capital stock of Reseller; and Calumet owns of record such capital stock free and clear of all liens, encumbrances (except for restrictions on transferability as described in the

F- 1



Time of Sale Information and the Offering Memorandum or otherwise contained in the certificate of incorporation or bylaws of Reseller (as the same may be amended or restated at or prior to the Closing Date)), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Indiana naming Calumet as debtor is on file in the office of the Secretary of State of the State of Indiana or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the DGCL and those arising in connection with the Credit Agreement and the ISDA Agreements.

(h) Calumet owns of record a 100% membership interest in Calumet Superior; and Calumet owns of record such membership interest free and clear of all liens, encumbrances (except for restrictions on transferability as described in the Time of Sale Information and the Offering Memorandum or otherwise contained in the limited liability company agreement of Calumet Superior (as the same may be amended or restated at or prior to the Closing Date)), security interests, charges or claims (i) in respect of which a financing statement under the Uniform Commercial Code of the State of Indiana naming Calumet as debtor is on file in the office of the Secretary of State of the State of Indiana or (ii) otherwise known to such counsel, without independent investigation, other than those created by or arising under the Delaware LLC Act and other than those arising under the Credit Agreement and the ISDA Agreements.

(i) The Partnership has been duly qualified or registered as a foreign limited partnership for the transaction of business under the laws of the State of Indiana. Each of the General Partner and the Operating Company has been duly qualified or registered as a foreign limited liability company for the transaction of business under the laws of the State of Indiana.

(j) None of the execution, delivery and performance by the Calumet Parties of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities and the Guarantees and compliance by the Calumet Parties with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents (i) constitutes or will constitute a violation of the organizational documents of any of Calumet or the Shreveport Subsidiaries (collectively, the “Indiana Guarantor s”), (ii) constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default), or result in a lien, under any mortgage, deed of trust, loan agreement, lease or other agreement or instrument known to such counsel to which any of the Indiana Guarantors or their properties may be bound (other than any agreement filed as an exhibit to the Incorporated Documents, including but not limited to the Credit Agreement or any ISDA Agreement), or (iii) results or will result in any violation of the Indiana LP Act, the Indiana LLC Act or the laws of the State of Indiana, or any order, judgment, decree or injunction known to such counsel of any Indiana court or governmental agency or body to which any of the Indiana Guarantors or any of their properties is subject, which breach, violation, lien or default in the case of clause (ii) or (iii) would reasonably be expected to have a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents.

(k) No permit, consent, approval, authorization, order, registration, filing or qualification ( “consen t”) of or with any court, governmental agency or body of the State of Indiana having jurisdiction over the Calumet Parties or any of their respective properties or assets is required for execution, delivery and performance by the Calumet Parties of each of the Transaction Documents to which each is a party, the issuance and sale of the Securities and the Guarantees and compliance by the Calumet Parties with the terms thereof and the consummation of the transactions contemplated by the Transaction Documents, except for such consents which (A) may be required under applicable federal or state securities or “Blue Sky” laws of any jurisdiction (and applicable rules and regulations under such laws) or the by-laws and rules of FINRA in connection with the purchase and resale of the Securities to the Initial Purchasers in the manner contemplated in this Agreement and in the Time of Sale Information and the Offering Memorandum, in each case as to which such counsel need not express any opinion, (B) have been or, prior to the Closing Date, will be obtained or made, (C) (i) are of a routine or administrative nature, (ii) are not customarily obtained or made prior to the consummation of transactions such as those contemplated by this Agreement and (iii) are expected in the reasonable judgment of the General Partner to be obtained or made in the ordinary course of business, (D) if not obtained or made, would not, individually or in the aggregate, have a Material Adverse Effect or materially impair the ability of any of the Calumet Parties to perform their obligations under the Transaction Documents or (E) as disclosed in the Time of Sale Information and the Offering Memorandum.


F- 2



(l) Each of the Indiana Guarantors has all necessary limited partnership or limited liability company power and authority to execute and deliver the Transaction Documents to which it is a party and to perform its respective obligations thereunder; and all action required to be taken for the due and proper authorization, execution and delivery of each of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby has been duly and validly taken by each of the Indiana Guarantors.

(m) The Indenture has been duly authorized, executed and delivered by each of the Indiana Guarantors.

(n) The Guarantees have been duly authorized by each of the Indiana Guarantors.

(o) This Agreement has been duly authorized, executed and delivered by each of the Indiana Guarantors.

(p) Each Collateral Document delivered as of the date hereof to which an Indiana Guarantor is a signatory has been duly authorized, executed and delivered by the respective Indiana Guarantor.

(q) The Intercreditor Agreement has been duly authorized, executed and delivered by each of the Indiana Guarantors.

(r) Each Uniform Commercial Code Form UCC-1s naming the relevant Indiana Guarantor as debtor and the Collateral Trustee as secured party, in each case attached hereto as Annex II ( “Filing Statement s”) is in appropriate form for filing with the Secretary of State of the State of Indiana. Upon filing the Filing Statement in the office of the Secretary of State of the State of Indiana, the Collateral Trustee will have a perfected security interest in that portion of the Collateral in which a security interest can be perfected by the filing of a financing statement under the Uniform Commercial Code as in effect on the date hereof in the State of Indiana (the “Indiana UC C”).

In rendering such opinion, such counsel may (A) rely in respect of matters of fact upon certificates of officers and employees of the Calumet Parties and upon information obtained from public officials, (B) assume that all documents submitted to them as originals are authentic, and all copies submitted to them conform to the originals thereof, and that the signatures on all documents examined by them are genuine, (C) state that such opinions are limited to the laws of the State of Indiana, excepting therefrom municipal and local ordinances and regulations, (D) state that they express no opinion with respect to (i) state or local taxes or tax statutes to which any of the limited partners of the Partnership or any of the Calumet Parties may be subject, (ii) title to any real or personal property, (iii) the accuracy of descriptions or references to real or personal property or (iv) permits to own or operate any real or personal property, and (E) with respect to the opinion in paragraphs (a) and (b) and (k) rely upon certificates of foreign qualification provided by the Secretary of State of Indiana (each of which shall be dated as of the date not more than fourteen days prior to the Closing Date and provided to you).
In rendering such opinion, such counsel shall state that (A) Vinson & Elkins L.L.P. and Baker Botts L.L.P. are each authorized to rely upon such opinion letter in connection with the offering as if such opinion letter were addressed and delivered to them on the date hereof and (B) subject to the foregoing, such opinion letter may be relied upon only by the Initial Purchasers and their counsel in connection with the offering and no other use or distribution of this opinion letter may be made without such counsel’s prior written consent.


F- 3






Annex G

Opinion of Norton Rose Fulbright US LLP

In connection with this opinion, we have examined and relied on the originals, or copies, certified or otherwise identified to our satisfaction, of executed copies of each of:
(a) the Purchase Agreement;

(b) the Intercreditor Agreement;

(c) the Collateral Documents;

(d) the Indenture;

(e) the Second Amended and Restated Credit Agreement dated as of July 14, 2014, among the Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Partnershi p”) and certain of its subsidiaries, as borrowers, and certain of its other subsidiaries as guarantors, Bank of America, N.A., as agent, and the lenders party thereto, as amended by (i) that certain First Amendment to Second Amended and Restated Credit Agreement (the “First Amendmen t”) dated as of December 4, 2015, and (ii) that certain Second Amendment to Second Amended and Restated Credit Agreement (the “Second Amendmen t”) dated as of the Closing Date (such Second Amended and Restated Credit Agreement, as amended by the First Amendment and the Second Amendment, the “Credit Agreemen t”);

(f) (i) the Amended and Restated ISDA Master Agreement dated as of January 3, 2008, between Calumet Lubricants Co., Limited Partnership, an Indiana limited partnership ( “Calume t”) and J. Aron & Company, and (ii) the related (A) Amended and Restated Schedule dated as of April 21, 2011, (B) Lien Annex, dated as of April 21, 2011, and amended by that certain Amendment No. 1 to Lien Annex, effective as of April 21, 2011, that certain amendment dated as of September 30, 2011, and that certain Amendment No. 2 to Lien Annex, dated as of January 1, 2013, and (C) Amended and Restated Credit Support Annex, dated as of July 1, 2013 (collectively, the “J. Aron ISDA Agreemen t”);

(g) the ISDA Master Agreement dated as of December 21, 2000, between Calumet and Koch Supply & Trading, LP, as amended on April 18, 2006, September 3, 2009, April 21, 2011, May 13, 2011, September 21, 2011, and April 9, 2013, and the related Schedule and Credit Support Annex thereto (collectively, the “Koch ISDA Agreemen t”);

(h) the ISDA Master Agreement dated as of April 24, 2006, between Calumet and Bank of America, N.A., as amended on February 26, 2014, and the related Schedule thereto (collectively, the “BoA ISDA Agreemen t”);
(i) the ISDA Master Agreement dated as of May 10, 2013, between Calumet and Merrill Lynch Commodities, Inc., including the related Schedule and Credit Support Annex thereto (collectively, the “Merrill ISDA Agreemen t”);

(j) the ISDA Master Agreement dated as of October 3, 2011, between Calumet and Barclays Bank PLC and the related Schedule thereto (collectively, the “Barclays ISDA Agreemen t”);

(k) the ISDA Master Agreement dated as of June 1, 2012, between Calumet and Macquarie Bank Limited, including the related Schedule and Credit Support Annex thereto (collectively, the “Macquarie ISDA Agreemen t”);

(l) the ISDA Master Agreement, dated as of November 9, 2012, between Calumet Superior and BP Energy Company, including the related Schedule and Credit Support Annex thereto (collectively, the “BP Energy ISDA Agreemen t”);


G- 1



(m) the ISDA Master Agreement dated as of May 31, 2012, between Calumet and J.P. Morgan Ventures Energy Corporation, as amended on July 29, 2013, including the related Schedule and Credit Support Annex thereto (collectively, the “JP Morgan ISDA Agreemen t”);

(n) the ISDA Master Agreement dated as of August 16, 2013, between Calumet and Natixis, including the related Schedule and Credit Support Annex thereto (collectively, the “Natixis ISDA Agreemen t” together with the J. Aron ISDA Agreement, the Koch ISDA Agreement, the BoA ISDA Agreement, the Merrill ISDA Agreement, the Barclays ISDA Agreement, the Macquarie ISDA Agreement, the BP Energy ISDA Agreement and the JP Morgan ISDA Agreement, the “ISDA Agreement s”); and

(o) the Amended and Restated Crude Oil Purchase Agreement effective as of April 1, 2012, between BP Products North America Inc. and Calumet Superior (the “Forward Purchase Agreemen t”).

The documents referred to in clauses (a) through (o) are hereinafter referred to, collectively, as the “Opinion Document s”. In addition, we have examined and relied upon the accuracy of original, certified, conformed, photographic, scanned or telecopied copies of such records, agreements, certificates and other documents of each Calumet Party, certificates of officers of each Calumet Party and copies certified or otherwise identified to our satisfaction of corporate documents and records of the Calumet Parties and of other papers, and have made such other investigations, as we have deemed necessary or appropriate for purposes of the following opinion, provided we have made no effort to verify independently the facts set forth in such certificates, documents, records and other papers. We express no opinion as to any documents or agreements other than the Opinion Documents.
In giving our opinion set forth herein we have assumed (a) the legal capacity of all natural persons, (b) the genuineness of all signatures of the persons signing each of the Opinion Documents on behalf of the parties thereto, (c) the validity, binding effect and enforceability of each of the Opinion Documents against each of the parties thereto, (d) the authenticity of all documents submitted to us as originals and the conformity to original authentic documents of all documents submitted to us as copies and as to the certificates and telegraphic and telephonic confirmations given by public officials, we have assumed the same to have been properly given and accurate, and (e) that each party to the Opinion Documents (1) is duly formed, validly existing and in good standing under the laws of its jurisdiction of formation, (2) has full power, authority and legal right to execute, deliver and perform its obligations under the Opinion Documents to which it is a party, (3) has duly authorized by all requisite action its execution, delivery, and performance thereof, and (4) has duly executed and delivered such documents by its duly authorized officer, general partner, member or manager, as applicable. As to questions of fact material to such opinion we have, to the extent we deemed appropriate, relied upon factual representations of the Calumet Parties contained in the Opinion Documents and we have made no independent investigation or inquiry with respect to such factual matters.
Based upon the foregoing matters and in reliance thereon, and subject to the assumptions, qualifications, limitations and exceptions set forth herein, and having due regard for such legal considerations as we deem relevant, we are of the opinion that none of the issuance and sale of the Securities by the Issuers being delivered pursuant to the Purchase Agreement on the date hereof, the execution, delivery and performance of each of the Opinion Documents by each Calumet Party party thereto, compliance by the Calumet Parties with the terms thereof and the consummation of the transactions contemplated by the Opinion Documents constitutes or will constitute a breach or violation of, or a default (or an event which, with notice or lapse of time or both, would constitute such a default), under the Credit Agreement, the Forward Purchase Agreement or the ISDA Agreements.
The foregoing opinion is expressly limited to matters under and governed by the internal laws of the State of New York and applicable federal laws of the United States of America.
This opinion is furnished as of its date at the request and direction of the Calumet Parties and may be relied upon solely by the addressees hereof as representatives of the several initial purchasers and may not be relied upon by any other person or entity or by any person or entity in any other context without our express written consent.
The opinion expressed herein is as of the date hereof and we make no undertaking to amend or supplement such opinion as facts and circumstances come to our attention (including, without limitation, amendments to any of

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the Opinion Documents or any other document executed in connection therewith) or changes in the law occur which could affect such opinion.


























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Annex H


Opinion of Gregory J. Morical

(a) To the knowledge of such counsel, there are no legal or governmental proceedings pending or threatened against any of the Calumet Parties or to which any of the Calumet Parties is a party or to which any of their respective properties is subject that are required to be described in the Incorporated Documents but are not so described as required. For purposes of the foregoing opinion, the phrase “to the knowledge of such counsel” refers only to the actual knowledge of such counsel.

In rendering such opinion, such counsel may (A) rely without independent investigation or verification, with respect to matters of fact, upon representations of the Calumet Parties set forth in this Agreement, certificates of officers of the Calumet Parties and upon information obtained from public officials and from officers, employees and representatives of the Calumet Parties, (B) assume that all documents submitted to such counsel as originals are authentic, that all copies submitted to such counsel conform to the originals thereof, and that the signatures on all documents examined by such counsel are genuine, (C) assume that each certificate from governmental officials reviewed by such counsel is accurate, complete and authentic, and all official public records are accurate and complete, (D) state that such counsel’s opinion is limited to matters governed by federal laws of the United States of America (to the extent specifically referred to their opinion) and the laws of the State of Indiana, in each case as currently in effect, and state that such counsel expresses no opinion as to the law of any other jurisdiction, (E) state that such opinions are furnished to the Initial Purchasers in connection with the transactions contemplated by this Agreement and are solely for the benefit of the Initial Purchasers in connection with such transactions and may not be used or be relied upon by the Initial Purchasers for any other purpose and may not be used or relied upon for any purpose by any other person or entity or furnished to anyone else or relied upon for any other purpose without such counsel’s prior written consent, (F) state that such opinions are not to be quoted or reproduced in whole or in part or otherwise referred to in any manner, nor are they to be filed with any governmental agency or delivered to any other person, without such counsel’s prior written consent, provided such opinions may be used, reproduced and otherwise distributed in connection with litigation or disputes involving the Initial Purchasers and relating to the issuance and sale of the Securities, and (G) state that the such opinions are given as of the Closing Date, and that such counsel does not undertake any (and disclaims any) obligation to update such opinions or advise the Initial Purchasers of any events occurring subsequent to the Closing Date that might affect any of the matters covered by any of such opinions.




















H- 1
        

Exhibit 4.1


Execution Version







CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
CALUMET FINANCE CORP.
and
THE GUARANTORS NAMED ON THE SIGNATURE PAGES HEREOF
______________________________
11.5% SENIOR SECURED NOTES DUE 2021
______________________________

INDENTURE
Dated as of April 20, 2016
______________________________
WILMINGTON TRUST, NATIONAL ASSOCIATION
As Trustee










TABLE OF CONTENTS
 
 
 
 
 
Page
ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
 
1
Section 1.01.
 
Definitions
 
1
Section 1.02.
 
Other Definitions
 
27
Section 1.03.
 
[Reserved]
 
27
Section 1.04.
 
Rules of Construction
 
27
 
 
ARTICLE 2 THE NOTES
 
28
Section 2.01.
 
Form and Dating
 
28
Section 2.02.
 
Execution and Authentication
 
28
Section 2.03.
 
Registrar and Paying Agent
 
29
Section 2.04.
 
Paying Agent to Hold Money in Trust
 
29
Section 2.05.
 
Noteholder Lists
 
29
Section 2.06.
 
Transfer and Exchange
 
30
Section 2.07.
 
Replacement Notes
 
30
Section 2.08.
 
Outstanding Notes
 
31
Section 2.09.
 
Temporary Notes
 
31
Section 2.10.
 
Cancellation
 
31
Section 2.11.
 
Defaulted Interest
 
31
Section 2.12.
 
CUSIP Numbers
 
31
Section 2.13.
 
Issuance of Additional Notes
 
32
Section 2.14.
 
Calculation of Principal Amount of Securities
 
32
 
 
ARTICLE 3 REDEMPTION AND PREPAYMENT
 
32
Section 3.01.
 
Notices to Trustee
 
32
Section 3.02.
 
Selection of Notes to be Redeemed
 
33
Section 3.03.
 
Notice of Redemption
 
33
Section 3.04.
 
Effect of Notice of Redemption
 
34
Section 3.05.
 
Deposit of Redemption Price
 
34
Section 3.06.
 
Notes Redeemed in Part
 
35
Section 3.07.
 
Optional Redemption
 
35
Section 3.08.
 
No Mandatory Sinking Fund
 
36
Section 3.09.
 
Offer to Purchase by Application of Excess Proceeds
 
36
 
 
ARTICLE 4 COVENANTS
 
37
Section 4.01.
 
Payment of Notes
 
37
Section 4.02.
 
Maintenance of Office or Agency
 
38
Section 4.03.
 
Reports
 
38
Section 4.04.
 
Compliance Certificate
 
39
Section 4.05.
 
Taxes
 
39
Section 4.06.
 
Stay, Extension and Usury Laws
 
39




Section 4.07.
 
Limitation on Restricted Payments
 
40
Section 4.08.
 
Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries
 
43
Section 4.09.
 
Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock
 
44
Section 4.10.
 
Limitation on Asset Sales
 
47
Section 4.11.
 
Limitation on Transactions with Affiliates
 
49
Section 4.12.
 
Limitation on Liens
 
50
Section 4.13.
 
Additional Subsidiary Guarantees
 
51
Section 4.14.
 
Corporate Existence
 
51
Section 4.15.
 
Offer to Repurchase Upon Change of Control
 
51
Section 4.16.
 
Permitted Business Activities
 
53
Section 4.17.
 
Sale and Leaseback Transactions
 
54
Section 4.18.
 
Covenant Suspension
 
54
Section 4.19.
 
Designation of Restricted and Unrestricted Subsidiaries
 
54
 
 
 
 
 
ARTICLE 5 SUCCESSORS
 
55
Section 5.01.
 
Merger, Consolidation, or Sale of Assets
 
55
Section 5.02.
 
Successor Substituted
 
56
 
 
 
 
 
ARTICLE 6 DEFAULTS AND REMEDIES
 
57
Section 6.01.
 
Events of Default
 
57
Section 6.02.
 
Acceleration
 
59
Section 6.03.
 
Other Remedies
 
60
Section 6.04.
 
Waiver of Past Defaults
 
61
Section 6.05.
 
Control by Majority
 
61
Section 6.06.
 
Limitation on Suits
 
61
Section 6.07.
 
Rights of Holders of Notes to Receive Payment
 
61
Section 6.08.
 
Collection Suit by Trustee
 
61
Section 6.09.
 
Trustee May File Proofs of Claim
 
62
Section 6.10.
 
Priorities
 
62
Section 6.11.
 
Undertaking for Costs
 
62
Section 6.12.
 
Restoration of Rights and Remedies
 
63
Section 6.13.
 
Rights and Remedies Cumulative
 
63
Section 6.14.
 
Delay or Omission Not Waiver
 
63
 
 
 
 
 
ARTICLE 7 TRUSTEE
 
63
Section 7.01.
 
Duties of Trustee
 
63
Section 7.02.
 
Rights of Trustee
 
64
Section 7.03.
 
Individual Rights of Trustee
 
66
Section 7.04.
 
Trustee’s Disclaimer
 
66
Section 7.05.
 
Notice of Defaults
 
66
Section 7.06.
 
[Reserved]
 
66
Section 7.07.
 
Compensation and Indemnity
 
66
Section 7.08.
 
Replacement of Trustee
 
67

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Section 7.09.
 
Successor Trustee by Merger, etc.
 
68
Section 7.10.
 
Eligibility; Disqualification
 
68
 
 
 
 
 
ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
 
68
Section 8.01.
 
Option to Effect Legal Defeasance or Covenant Defeasance
 
68
Section 8.02.
 
Legal Defeasance and Discharge
 
68
Section 8.03.
 
Covenant Defeasance
 
69
Section 8.04.
 
Conditions to Legal or Covenant Defeasance
 
69
Section 8.05.
 
Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
 
70
Section 8.06.
 
Repayment to Issuers
 
71
Section 8.07.
 
Reinstatement
 
71
Section 8.08.
 
Discharge
 
71
 
 
 
 
 
ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
 
72
Section 9.01.
 
Without Consent of Holders of Notes
 
72
Section 9.02.
 
With Consent of Holders of Notes
 
73
Section 9.03.
 
[Reserved]
 
75
Section 9.04.
 
Effect of Consents
 
75
Section 9.05.
 
Notation on or Exchange of Notes
 
75
Section 9.06.
 
Trustee to Sign Amendments, etc.
 
75
 
 
 
 
 
ARTICLE 10 GUARANTEES OF NOTES
 
75
Section 10.01.
 
Subsidiary Guarantees
 
75
Section 10.02.
 
[Reserved]
 
76
Section 10.03.
 
Guarantors May Consolidate, etc., on Certain Terms
 
76
Section 10.04.
 
Releases of Subsidiary Guarantees
 
77
Section 10.05.
 
Execution and Delivery of Guaranty
 
77
Section 10.06.
 
Limitation on Guarantor Liability
 
77
 
 
 
 
 
ARTICLE 11 MISCELLANEOUS
 
78
Section 11.01.
 
[Reserved]
 
78
Section 11.02.
 
Notices
 
78
Section 11.03.
 
[Reserved]
 
79
Section 11.04.
 
Certificate and Opinion as to Conditions Precedent
 
79
Section 11.05.
 
Statements Required in Certificate or Opinion
 
79
Section 11.06.
 
Rules by Trustee and Agents
 
80
Section 11.07.
 
No Personal Liability of Directors, Officers, Employees and Unitholders
 
80
Section 11.08.
 
Governing Law
 
80
Section 11.09.
 
No Adverse Interpretation of Other Agreements
 
80
Section 11.10.
 
Successors
 
80
Section 11.11.
 
Severability
 
80
Section 11.12.
 
Table of Contents, Headings, etc.
 
80

iii



Section 11.13.
 
Counterparts
 
80
Section 11.14.
 
Acts of Holders
 
81
Section 11.15.
 
Patriot Act
 
82
 
 
 
 
 
ARTICLE 12 COLLATERAL AND SECURITY
 
82
Section 12.01
 
Security Interest
 
82
Section 12.02
 
Real Estate Mortgages and Filings
 
83
Section 12.03
 
Maintenance of Collateral; Impairment of Security Interests
 
84
Section 12.04
 
Further Assurances, Liens on Additional Property
 
84
Section 12.05
 
Release of Collateral
 
85
Section 12.06
 
Intercreditor Agreement
 
86
Section 12.07
 
Collateral Trust Agreement
 
86
Section 12.08
 
Collateral Trustee
 
86

iv



APPENDIX, SCHEDULE AND ANNEX
 
 
 
 
 
 
RULE 144A/REGULATION S APPENDIX
 
App. - 1
 
 
 
EXHIBIT 1
 
Form of Initial Note
 
 
 
 
SCHEDULE I Agreements with Affiliates
 
S-1
 
 
 
ANNEX A
 
Form of Supplemental Indenture
 
A - 1
 


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This Indenture, dated as of April 20, 2016, is among Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Company”), Calumet Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), the guarantors listed on the signatures page hereof (each, a “Guarantor” and, collectively, the “Guarantors”) and Wilmington Trust, National Association, a national banking association, as trustee (the “Trustee”).
The Issuers, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Issuers’ Initial Notes and Additional Notes:
ARTICLE 1
DEFINITIONS AND INCORPORATION
BY REFERENCE
Section 1.01.     Definitions .
Acquired Debt ” means, with respect to any specified Person:
(1)    Indebtedness of any other Person existing at the time such other Person was merged with or into or became a Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person, but excluding Indebtedness which is extinguished, retired or repaid in connection with such Person merging with or into or becoming a Subsidiary of such specified Person; and
(2)    Indebtedness secured by a Lien encumbering any asset acquired by such specified Person.
Additional Notes ” means, subject to the Company’s compliance with Section 4.09, 11.5% Senior Secured Notes due 2021 issued from time to time after the Initial Issuance Date under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.09 or 3.06 of this Indenture).
Affiliate ” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided , however , that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control by the other Person; and further, that any third Person which also beneficially owns 10% or more of the Voting Stock of a specified Person shall not be deemed to be an Affiliate of either the specified Person or the other Person merely because of such common ownership in such specified Person. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.
Agent ” means any Registrar or Paying Agent.
Agent Members ” has the meaning provided in the Appendix.
Applicable Law ,” except as the context may otherwise require, means all applicable laws, rules, regulations, ordinances, judgments, decrees, injunctions, writs and orders of any court or governmental or congressional agency or authority and rules, regulations, orders, licenses and permits of any United States federal, state, municipal, regional, or other governmental body, instrumentality, agency or authority.





Applicable Procedures ” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository that apply to such transfer or exchange.
Asset Sale ” means:
(1)    the sale, lease, conveyance or other disposition of any properties or assets (including by way of a Sale and Leaseback Transaction); provided , however , that the disposition of all or substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken as a whole will be governed by the provisions of Section 4.15 and/or the provisions of Section 5.01 and not by the provisions of Section 4.10; and
(2)    the issuance of Equity Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of its Restricted Subsidiaries.
Notwithstanding the preceding, the following items will not be deemed to be Asset Sales:
(1)    any single transaction or series of related transactions that involves properties or assets having a fair market value of less than $15.0 million;
(2)    a transfer of properties or assets between or among (x) with respect to any fixed assets constituting Collateral, the Company and the Guarantors or (y) with respect to any properties or assets other than fixed assets constituting Collateral, the Company and its Restricted Subsidiaries;
(3)    an issuance or sale of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted Subsidiary;
(4)    the sale, lease or other disposition of equipment, inventory, accounts receivable or other properties or assets in the ordinary course of business;
(5)    the sale or other disposition of cash or Cash Equivalents, Swap Contracts or other financial instruments in the ordinary course of business;
(6)    a Restricted Payment that is permitted by Section 4.07 or a Permitted Investment;
(7)    the creation or perfection of a Lien that is not prohibited by Section 4.12;
(8)    dispositions in connection with Permitted Liens;
(9)    surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims of any kind;
(10)    the grant in the ordinary course of business of any non-exclusive license of patents, trademarks, registrations therefor and other similar intellectual property; and
(11)    an Asset Swap.
Asset Swap ” means any substantially contemporaneous (and in any event occurring within 180 days of each other) purchase and sale or exchange of any assets or properties used or useful in a Permitted Business (or Capital Stock representing an interest therein) between the Company or any of its Restricted

2




Subsidiaries and another Person; provided that any cash received must be applied in accordance with Section 4.10 as if the Asset Swap were an Asset Sale.
Attributable Debt ” in respect of a Sale and Leaseback Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Leaseback Transaction including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction, determined in accordance with GAAP. As used in the preceding sentence, the “net rental payments” under any lease for any such period shall mean the sum of rental and other payments required to be paid with respect to such period by the lessee thereunder, excluding any amounts required to be paid by such lessee on account of maintenance and repairs, insurance, taxes, assessments, water rates or similar charges. In the case of any lease that is terminable by the lessee upon payment of penalty, such net rental payment shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.
Available Cash ” has the meaning assigned to such term in the Partnership Agreement, as in effect on the date of this Indenture.
Bankruptcy Law ” means Title 11, United States Code, as may be amended from time to time, or any similar federal or state law for the relief of debtors.
Beneficial Owner ” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have correlative meanings.
Board of Directors ” means:
(1)    with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board;
(2)    with respect to a partnership, the board of directors or board of managers of the general partner of the partnership or, if such general partner is itself a limited partnership, then the board of directors or board of managers of its general partner;
(3)    with respect to a limited liability company, the board of managers or directors, the managing member or members or any controlling committee of managing members thereof; and
(4)    with respect to any other Person, the board or committee of such Person serving a similar function.
Board Resolution ” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee.
Borrowing Base ” means, as of any date, the sum obtained by adding (i) (A) 85% of the fair market value of inventories of the Company and its Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available, and (B) 90% of the

3




book value of the accounts receivable (net of reserve for doubtful accounts) of the Company and its Restricted Subsidiaries as of the end of the most recent month preceding such date or any more recent date for which such information is available and (ii) subtracting without duplication, that portion of accounts receivable and inventory ineligible for inclusion in the Borrowing Base as determined by the lenders under the Credit Agreement, with respect to loans thereunder, or, with respect to loans under another Credit Facility, as determined by the lenders thereunder in good faith in accordance with customary commercial bank lending practices for facilities similar to the Credit Agreement as in effect on the Issue Date, in each case calculated on a consolidated basis and on a pro forma basis for any subsequent acquisitions or dispositions of business entities or property and assets constituting a division or line of business of any Person that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or consolidations.
Business Day ” means any calendar day that is not a Legal Holiday.
Capital Lease Obligation ” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP.
Capital Stock means:
(1)    in the case of a corporation, corporate stock;
(2)    in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock;
(3)    in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and
(4)    any other 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.
Cash Equivalents means:
(1)    United States dollars;
(2)    securities issued or directly and fully guaranteed or insured by the United States government or any agency or instrumentality of the United States government (provided that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than six months from the date of acquisition;
(3)    marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any public instrumentality thereof maturing within one year from the date of acquisition thereof and, at the time of acquisition thereof, having a credit rating of “A” or better from either S&P or Moody’s;
(4)    certificates of deposit, demand deposits and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any lender party to the Credit Agreement or with any domestic commercial bank having capital and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better;

4




(5)    repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (2), (3) and (4) above entered into with any financial institution meeting the qualifications specified in clause (4) above;
(6)    commercial paper having one of the two highest ratings obtainable from Moody’s or S&P and in each case maturing within six months after the date of acquisition; and
(7)    money market funds at least 95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through (6) of this definition.
Change of Control ” means the occurrence of any of the following:
(1)    the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets (including Capital Stock of the Restricted Subsidiaries) of the Company and its Restricted Subsidiaries taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act);
(2)    the adoption of a plan relating to the liquidation or dissolution of the Company or removal of the General Partner by the limited partners of the Company;
(3)    the consummation of any transaction (including, without limitation, any merger or consolidation), in one or a series of related transactions, the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act), excluding the Qualifying Owners, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of either the General Partner or of the Company, measured by voting power rather than number of shares, units or the like; or
(4)    the first day on which a majority of the members of the Board of Directors of the General Partner are not Continuing Directors.
Notwithstanding the preceding, a conversion of the Company or any of its Restricted Subsidiaries from a limited partnership, corporation, limited liability company or other form of entity to a limited liability company, corporation, limited partnership or other form of entity or an exchange of all of the outstanding Equity Interests in one form of entity for Equity Interests in another form of entity shall not constitute a Change of Control, so long as following such conversion or exchange the “persons” (as that term is used in Section 13(d)(3) of the Exchange Act) who Beneficially Owned the Capital Stock of the Company immediately prior to such transactions continue to Beneficially Own in the aggregate more than 50% of the Voting Stock of such entity, or continue to Beneficially Own sufficient Equity Interests in such entity to elect a majority of its directors, managers, trustees or other persons serving in a similar capacity for such entity or its general partner, as applicable, and, in either case no “person,” other than a Qualifying Owner, Beneficially Owns more than 50% of the Voting Stock of such entity or its general partner, as applicable.
Clearstream ” means Clearstream Banking, société anonyme , or any successor securities clearing agency.
Closing Date Mortgaged Property ” means any of the Premises located in the states of Louisiana, Montana, Texas or Wisconsin.

5




Code ” means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute.
Collateral ” means all property wherever located and whether now owned or at any time acquired after the Initial Issuance Date by any Obligor as to which a Lien is granted under the Security Documents to secure the Notes or any Subsidiary Guarantee; provided that, Collateral shall not include Excluded Property.
Collateral Trust Agreement ” means an Amended and Restated Collateral Trust Agreement, dated as of the Initial Issuance Date, among the Issuers and the Guarantors party thereto, the Trustee, the Collateral Trustee for the benefit of the Holders of the Notes and the holders of all other Parity Lien Obligations, and the Parity Lien Representatives from time to time party thereto, as amended, restated, supplemented or otherwise modified from time to time.
Collateral Trustee ” means Wilmington Trust, National Association, in its capacity as collateral trustee under the Collateral Trust Agreement, or any successor thereto in such capacity.
Commission or “ SEC ” means the Securities and Exchange Commission.
Company Order ” means a written request or order signed on behalf of each Issuer by an Officer of the Company, who must be the Chief Executive Officer, the Chief Financial Officer, the Treasurer or the Controller of an Issuer, and delivered to the Trustee.
Consolidated Cash Flow ” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus:
(1)    an amount equal to any net loss realized by such Person or any of its Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus
(2)    provision for taxes based on income or profits of such Person and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus
(3)    consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or not capitalized (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Swap Contracts, to the extent that any such expense was deducted in computing such Consolidated Net Income; plus
(4)    depreciation and amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period), impairment, non-cash equity based compensation expense and other non-cash items (excluding any such non-cash item to the extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such depreciation and amortization, impairment and other non-cash items that were deducted in computing such Consolidated Net Income; plus

6




(5)    unrealized non-cash losses resulting from foreign currency balance sheet adjustments required by GAAP to the extent such losses were deducted in computing such Consolidated Net Income; plus
(6)    all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense; minus
(7)    non-cash items increasing such Consolidated Net Income for such period, other than items that were accrued in the ordinary course of business;
in each case, on a consolidated basis and determined in accordance with GAAP.
Consolidated Net Income ” means, with respect to any specified Person for any period, the aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP, provided that:
(1)    the Net Income (but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the equity method of accounting will be included, but only to the extent of the amount of dividends or distributions paid in cash to the specified Person or a Restricted Subsidiary of the Person;
(2)    the Net Income of any Restricted Subsidiary (other than a Guarantor) will be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders, partners or members;
(3)    the cumulative effect of a change in accounting principles will be excluded;
(4)    unrealized losses and gains under derivative instruments included in the determination of Consolidated Net Income, including, without limitation those resulting from the application of the Financial Accounting Standards Board Accounting Standards Codification (ASC) 815 will be excluded;
(5)    realized losses and gains under derivative instruments excluded from the determination of Consolidated Net Income, without limitation those resulting from the application of the FASB ASC 815 will be included; and
(6)    any nonrecurring charges relating to any premium or penalty paid, write off of deferred finance costs or other charges in connection with redeeming or retiring any Indebtedness prior to its Stated Maturity will be excluded.
Consolidated Net Tangible Assets ” means, with respect to any Person at any date of determination, the aggregate amount of total assets included in such Person’s most recent quarterly or annual consolidated balance sheet prepared in accordance with GAAP less applicable reserves reflected in such balance sheet, after deducting the following amounts: (a) all current liabilities reflected in such balance sheet, and (b) all goodwill, trademarks, patents, unamortized debt discounts and expenses and other like intangibles reflected in such balance sheet.

7




Continuing Directors ” means, as of any date of determination, any member of the Board of Directors of the General Partner who:
(1)    was a member of such Board of Directors on the date of this Indenture; or
(2)    was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board at the time of such nomination or election.
Corporate Trust Office of the Trustee ” means the office of the Trustee at which at any time its corporate trust business shall be administered, which office at the date hereof is located at Wilmington Trust, National Association, Corporate Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402, Attn: Calumet Special Products Partners, L.P., Account Manager, or such other address as the Trustee may designate from time to time by notice to the Holders and the Issuers, or the principal corporate trust office of any successor Trustee (or such other address as a successor Trustee may designate from time to time by notice to the Holders and the Issuers).
Credit Agreement ” means that certain Second Amended and Restated Credit Agreement, dated as of July 14, 2014, among the Company and certain of its subsidiaries as borrowers, certain of its other subsidiaries as guarantors, certain financial institutions party thereto from time to time, as lenders, and the Credit Agreement Agent, including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated, modified, renewed, refunded, replaced or refinanced from time to time.
Credit Agreement Agent ” means Bank of America, N.A., in its capacity as administrative agent under the Credit Agreement, or any successor thereto in such capacity.
“Credit Agreement Collateral” means all of the assets and property of any Obligor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Credit Agreement Obligations.

“Credit Agreement Documents” means the Credit Agreement and the Credit Documents (as defined in the Credit Agreement as amended from time to time in accordance with the Intercreditor Agreement) and each of the other agreements, documents and instruments providing for or evidencing any other Credit Agreement Obligations, and any other document or instrument executed or delivered at any time in connection therewith, including any intercreditor or joinder agreement among holders of Credit Agreement Obligations, to the extent such are effective at the relevant time, as each may be amended or modified from time to time in accordance with the Intercreditor Agreement.
“Credit Agreement Obligations” means all Obligations (as defined in the Credit Agreement). “Credit Agreement Obligations” shall include, without limitation, (a) all principal, premium, if any, reimbursement obligations, interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) in accordance with the relevant Credit Agreement Document and (b) all fees, costs, expenses, indemnifications, damages, guarantees, and charges and other liabilities or amounts incurred in connection with the Credit Agreement Documents and provided for thereunder, in the case of each of clause (a) and clause (b) whether before or after commencement of an Insolvency or Liquidation Proceeding and irrespective of whether any claim for such interest, fees, costs, expenses, indemnifications, damages, guarantees, charges or other liabilities or amounts is allowed as a claim in such Insolvency or Liquidation Proceeding.

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Credit Facilities ” means one or more debt facilities (including, without limitation, the Credit Agreement) or loan agreements, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time.
Custodian ” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law.
Default ” means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.
Depository ” has the meaning provided in the Appendix.
Disqualified Stock ” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the Notes mature (in each case other than in exchange for Capital Stock of the Company (other than Disqualified Stock)). Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07.
Domestic Subsidiary ” means any Restricted Subsidiary of the Company that is formed under the laws of the United States or any state of the United States or the District of Columbia.
Equity Interests ” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock).
Equity Offering ” means any public sale of Capital Stock (other than Disqualified Stock) made for cash on a primary basis by the Company after the date of this Indenture, provided that at any time on or after a Change of Control, any sale of Capital Stock to an Affiliate of the Company shall not be deemed an Equity Offering.
Euroclear ” means the Euroclear System or any successor securities clearing agency.
Exchange Act ” means the Securities Exchange Act of 1934, as amended.
Excluded Property ” has the meaning set forth in the Collateral Trust Agreement.
Existing Indebtedness ” means the aggregate principal amount of Indebtedness of the Company and its Restricted Subsidiaries (other than Indebtedness under the Credit Agreement, which is considered incurred under the first paragraph of Section 4.09 and other than intercompany indebtedness) in existence on the date of this Indenture, until such amounts are repaid.

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Existing Unsecured Notes ” means the Issuers’ 6.5% Senior Notes due 2021, 7.625% Senior Notes due 2022 and 7.50% Senior Notes due 2023, in each case that are outstanding on the Initial Issuance Date.
The term “ fair market value ” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not involving distress or necessity of either party.
Fixed Charge Coverage Ratio ” means with respect to any specified Person for any four-quarter reference period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs, assumes, guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the applicable four-quarter reference period and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated giving pro forma effect to such incurrence, assumption, guarantee, repayment, repurchase or redemption of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use of the proceeds therefrom as if the same had occurred at the beginning of such period.
In addition, for purposes of calculating the Fixed Charge Coverage Ratio:
(1)    acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers, consolidations or otherwise (including acquisitions of assets used in a Permitted Business), and including in each case any related financing transactions (including repayment of Indebtedness) during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date, will be given pro forma effect as if they had occurred on the first day of the four-quarter reference period, including any Consolidated Cash Flow and any pro forma expense and cost reductions that have occurred or are reasonably expected to occur within the next 12 months, provided that such cost savings or operating improvements could then be reflected in pro forma financial statements in accordance with Regulation S-X promulgated under the Securities Act or any other regulation or policy of the Commission related thereto;
(2)    the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded;
(3)    the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to the extent that the obligations giving rise to such Fixed Charges will not be obligations of the specified Person or any of its Restricted Subsidiaries following the Calculation Date; and
(4)    interest income reasonably anticipated by such Person to be received during the applicable four-quarter period from cash or Cash Equivalents held by such Person or any Restricted Subsidiary of such Person, which cash or Cash Equivalents exist on the Calculation Date or will exist as a result of the transaction giving rise to the need to calculate the Fixed Charge Coverage Ratio, will be included.

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Fixed Charges ” means, with respect to any specified Person for any period, the sum, without duplication, of:
(1)    the consolidated interest expense of such Person and its Restricted Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations, the interest component of all payments associated with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the effect of all payments made or received pursuant to interest rate Swap Contracts, other than gains or losses with respect to interest rate Swap Contracts that are unwound in connection with the issuance of the Initial Notes and the application of the proceeds thereof, regardless of the timing of the cash settlement thereof; plus
(2)    the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized during such period; plus
(3)    any interest expense on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such guarantee or Lien is called upon; plus
(4)    all dividends, whether paid or accrued and whether or not in cash, on any series of Disqualified Stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company,
in each case, on a consolidated basis and determined in accordance with GAAP.
Forward Purchase Contract ” means a Swap Contract that involves the purchase or sale of any physical commodity.
GAAP ” means generally accepted accounting principles in the United States, which are in effect on the date of this Indenture.
General Partner ” means Calumet GP, LLC, a Delaware limited liability company, and its successors and permitted assigns as general partner of the Company or as the business entity with the ultimate authority to manage the business and operations of the Company.
Global Note ” has the meaning provided in the Appendix.
Government Securities ” means direct obligations of, or obligations guaranteed by, the United States of America for the payment of which guarantee or obligations the full faith and credit of the United States is pledged.
The term “ guarantee ” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets, acting as co-obligor or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. When used as a verb, “guarantee” has a correlative meaning.

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Guarantors ” means each of (a) the Subsidiaries of the Company, other than Finance Corp., executing this Indenture as initial Guarantors, (b) any other Restricted Subsidiary of the Company that executes a supplement to this Indenture in accordance with Section 4.13 or 10.03 hereof and (c) the respective successors and assigns of such Restricted Subsidiaries, as required under Article 10 hereof, in each case until such time as any such Restricted Subsidiary shall be released and relieved of its obligations pursuant to Section 8.02, 8.03 or 10.04 hereof.
Holder ” or “ Noteholder ” means a Person in whose name a Note is registered.
Hydrocarbons ” means crude oil, natural gas, casinghead gas, drip gasoline, natural gasoline, condensate, distillate, liquid hydrocarbons, gaseous hydrocarbons and all constituents, elements or compounds thereof and products refined or processed therefrom.
Indebtedness ” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent:
(1)    in respect of borrowed money;
(2)    evidenced by bonds, notes, debentures or similar instruments;
(3)    in respect of all outstanding letters of credit issued for the account of such Person that support obligations that constitute Indebtedness ( provided that the amount of such letters of credit included in Indebtedness shall not exceed the amount of the Indebtedness being supported) and, without duplication, the unreimbursed amount of all drafts drawn under letters of credit issued for the account of such Person;
(4)    in respect of bankers’ acceptances;
(5)    representing Capital Lease Obligations;
(6)    representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an accrued expense or trade payable; or
(7)    representing any obligations under Swap Contracts,
if and to the extent any of the preceding items (other than letters of credit and obligations under Swap Contracts) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of other Persons secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the guarantee by the specified Person of any Indebtedness of any other Person. For the avoidance of doubt, the term “Indebtedness” excludes any obligation arising from any agreement providing for indemnities, purchase price adjustments, holdbacks, contingency payment obligations based on the performance of the acquired or disposed assets or similar obligations (other than guarantees of Indebtedness) incurred by the specified Person in connection with the acquisition or disposition of assets.
The amount of any Indebtedness outstanding as of any date will be:
(1)    the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount;

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(2)    in the case of obligations under any Swap Contracts, the termination value of the agreement or arrangement giving rise to such obligations that would be payable by such Person at such date; and
(3)    the principal amount of the Indebtedness, together with any interest on the Indebtedness that is more than 30 days past due, in the case of any other Indebtedness.
Indenture means this Indenture, as amended or supplemented from time to time.
Initial Issuance Date ” means April 20, 2016.
Initial Notes ” has the meaning provided in the Appendix.
Initial Purchasers ” has the meaning provided in the Appendix.
Indianapolis Lease ” means the lease relating to the Company’s corporate offices at 2780 Waterfront Pkwy E. Dr. in Indianapolis, Indiana, as amended, supplemented or replaced, and any other lease of real property primarily used to house corporate offices.
Insolvency or Liquidation Proceeding ” means:
(1)    any case commenced by or against any Obligor under any Bankruptcy Law for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Obligor, any receivership or assignment for the benefit of creditors relating to any Obligor or any similar case or proceeding relative to any Obligor or its creditors, as such, in each case whether or not voluntary;
(2)    any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to any Obligor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency, except for any liquidation or dissolution permitted under the Parity Lien Documents; or
(3)    any other proceeding of any type or nature in which substantially all claims of creditors of any Obligor are determined and any payment or distribution is or may be made on account of such claims.
Intercreditor Agreement ” means the Second Amended and Restated Intercreditor Agreement among the Collateral Trustee, the Credit Agreement Agent, the Obligors and the other parties from time to time party thereto, to be entered into on the Initial Issuance Date, as it may be amended, restated, supplemented or otherwise modified from time to time
Investment Grade Rating ” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P.
Investments ” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including guarantees or other obligations), advances or capital contributions (excluding (1) commission, travel and similar advances to officers and employees made in the ordinary course of business and (2) advances to customers in the ordinary course of business that are recorded as accounts receivable on the balance sheet of the lender), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all items

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that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Restricted Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of the Company, the Company will be deemed to have made an Investment on the date of any such sale or disposition in an amount equal to the fair market value of the Equity Interests of such Restricted Subsidiary not sold or disposed of in an amount determined as provided in the final paragraph of Section 4.07.
“Joint Venture” means any Person that is not a direct or indirect Subsidiary of the Company in which the Company or any of its Restricted Subsidiaries makes any Investment.
Legal Holiday ” means each day that is a Saturday, Sunday or other day on which banking institutions in New York, New York or another place of payment are authorized or required by law to close. If a payment date is a Legal Holiday, payment may be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period.
Lien ” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under Applicable Law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction other than a precautionary financing statement respecting a lease not intended as a security agreement.
Louisiana Specified Mortgaged Property ” means the refinery facility and each of the specialty hydrocarbon processing facilities owned and operated by any Obligor and located in Shreveport, Louisiana.
Make Whole Premium ” means, with respect to a Note at any time, the excess, if any, of (a) the present value at such time of (i) the redemption price of such Note at April 15, 2018 (as specified in the table in Section 3.07(a), excluding accrued interest) plus (ii) any required interest payments due on such Note through April 15, 2018 (except for currently accrued and unpaid interest), computed using a discount rate equal to the Treasury Rate plus 50 basis points, discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months), over (b) the principal amount of such Note.
Moody’s ” means Moody’s Investors Service, Inc. or any successor to the rating agency business thereof.
Montana Specified Mortgaged Property ” means the refinery facility owned and operated by any Obligor and located in Great Falls, Montana.
Mortgages ” mean mortgages, deeds of trust, deeds to secure indebtedness or other similar documents securing Liens on the Premises, as well as the other Collateral secured by and described in the mortgages, deeds of trust, deeds to secure Indebtedness or other similar documents.
Net Income ” means, with respect to any specified Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however:
(1)    any gain (but not loss), together with any related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset Sale; or (b) the disposition of any securities by such Person or the extinguishment of any Indebtedness of such Person; and

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(2)    any extraordinary gain (but not loss), together with any related provision for taxes on such extraordinary gain (but not loss).
Net Proceeds ” means the aggregate cash proceeds received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of:
(1)    the direct costs relating to such Asset Sale, including, without limitation, legal, accounting and investment banking fees, and sales commissions, severance costs and any relocation expenses incurred as a result of the Asset Sale;
(2)    taxes paid or payable as a result of the Asset Sale, in each case, after taking into account any available tax credits or deductions and any tax sharing arrangements;
(3)    amounts required to be applied to the repayment of Indebtedness secured by a Lien on the properties or assets that were the subject of such Asset Sale; and
(4)    any amounts to be set aside in any reserve established in accordance with GAAP or any amount placed in escrow, in either case for adjustment in respect of the sale price of such properties or assets or for liabilities associated with such Asset Sale and retained by the Company or any of its Restricted Subsidiaries until such time as such reserve is reversed or such escrow arrangement is terminated, in which case Net Proceeds shall include only the amount of the reserve so reversed or the amount returned to the Company or its Restricted Subsidiaries from such escrow arrangement, as the case may be.
Non-Recourse Debt ” means Indebtedness:
(1)    as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking, agreement or instrument that would constitute Indebtedness) or (b) is directly or indirectly liable as a guarantor or otherwise;
(2)    no default with respect to which (including any rights that the holders of the Indebtedness may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be accelerated or payable prior to its Stated Maturity; and
(3)    as to which the lenders have been notified in writing that they will not have any recourse to the Capital Stock or assets of the Company or any of its Restricted Subsidiaries except as contemplated by clause (10) of the definition of Permitted Liens.
For purposes of determining compliance with Section 4.09, in the event that any Non-Recourse Debt of any of the Company’s Unrestricted Subsidiaries ceases to be Non-Recourse Debt of such Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of Indebtedness by a Restricted Subsidiary of the Company.
Notes ” has the meaning specified in the Appendix.

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Note Documents ” means this Indenture, the Notes, the Subsidiary Guarantees and the Security Documents.
Notes Custodian ” has the meaning specified in the Appendix.
Notes Obligations ” has the meaning specified in Section 12.01.
Obligations ” means any principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness, including Swap Contracts, or in respect thereto.
Obligors ” means the Issuers, the Guarantors and any other Person who is liable for any of the Parity Lien Obligations.
Offering Memorandum ” means the offering memorandum of the Issuers dated April 15, 2016 relating to the offering of the Initial Notes.
Officer ” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary, any Assistant Secretary or any Vice President of such Person (or, with respect to the Company, of the General Partner).
Officers’ Certificate ” means a certificate signed on behalf of each Issuer by two of its Officers, one of whom, in the case of any Officers’ Certificate delivered pursuant to Section 4.04, must be the Chief Executive Officer, the President, the Chief Financial Officer, the Treasurer or the Controller of the Company, that, in each case, meets the requirements of Section 11.05 hereof.
Operating Surplus ” has the meaning assigned to such term in the Partnership Agreement, as in effect on the date of this Indenture.
Opinion of Counsel ” means a written opinion from legal counsel (not at the Trustee’s expense) who is reasonably acceptable to the Trustee, that meets the requirements of Section 11.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company.
“Parity Lien” means a Lien granted by any Obligor in favor of the Collateral Trustee pursuant to a Security Document, at any time, upon any property of any Obligor to secure Parity Lien Obligations.
Parity Lien Debt ” means:
(1)
the Notes issued under this Indenture on the Initial Issuance Date and Subsidiary Guarantees thereof;
(2)
the Indebtedness under the Secured Hedge Agreements, including any Forward Purchase Contracts, listed on Schedule I to the Collateral Trust Agreement as of the Initial Issuance Date; and
(3)
any other Indebtedness (other than intercompany Indebtedness owing to the Company or its Subsidiaries) of an Obligor (including Additional Notes and Subsidiary Guarantees

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thereof and Indebtedness under Secured Hedge Agreements, including Forward Purchase Contracts, entered into after the Initial Issuance Date) that are secured equally and ratably with the other Parity Lien Obligations by a Parity Lien that was permitted to be incurred and so secured under each applicable Parity Lien Document; provided that, in the case of any Indebtedness referred to in clause (3) of this definition:
(a)    on or before the date on which such Indebtedness is incurred by an Obligor, such Indebtedness is designated by the Company, in an Officers’ Certificate delivered to each Parity Lien Representative and the Collateral Trustee, as “Parity Lien Debt” for the purposes of this Indenture and the Collateral Trust Agreement;
(b)    other than in the case of Additional Notes issued under this Indenture and any Subsidiary Guarantees with respect thereto, such Indebtedness is governed by an indenture, Secured Hedge Agreement, credit agreement or other agreement that includes an Additional Secured Debt Designation (as defined in the Collateral Trust Agreement) and, in each case, the Parity Lien Representative of such Parity Lien Debt (other than Additional Notes) shall have executed a joinder to the Collateral Trust Agreement in the form provided; and
(c)    all requirements set forth in the Collateral Trust Agreement as to the confirmation, grant or perfection of the Collateral Trustee’s Liens to secure such Indebtedness or Secured Hedge Agreement or Obligations in respect thereof are satisfied (and the satisfaction of such requirements and the other provisions of this clause (c) will be conclusively established if the Company delivers to the Collateral Trustee an Officers’ Certificate stating that such requirements and other provisions have been satisfied and that such Indebtedness or Secured Hedge Agreements is “Parity Lien Debt”).
“Parity Lien Documents” means, collectively, the Note Documents and any additional indenture, supplemental indenture, credit agreement, Secured Hedge Agreement or other agreement governing each other Series of Parity Lien Debt and the Security Documents.
“Parity Lien Obligations” means Parity Lien Debt and all other Obligations in respect thereof.
“Parity Lien Representative” means:
(1)
in the case of the Notes, the Trustee;
(2)
any holder of Parity Lien Debt acting in its individual capacity so long as such Person is, or has become, a party to the Collateral Trust Agreement by executing a joinder in the form required under the Collateral Trust Agreement; or
(3)
in the case of any other Parity Lien Debt, the trustee, agent or representative of the holders of such Parity Lien Debt who (a) is appointed as a Parity Lien Representative (for purposes related to the administration of the Security Documents) pursuant to this Indenture, credit agreement or other agreement governing such Parity Lien Debt, together with its successors in such capacity, and (b) is a party to the Collateral Trust Agreement as of the Initial Issuance Date or has become a party to the Collateral Trust Agreement by executing a joinder in the form required under the Collateral Trust Agreement.

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Partnership Agreement ” means the First Amended and Restated Agreement of Limited Partnership of the Company dated as of January 31, 2006, as in effect on the date of this Indenture and as such may be further amended, restated, modified or supplemented from time to time.
Permitted Business ” means either (1) processing or marketing Hydrocarbons, or activities or services reasonably related or ancillary thereto including entering into Swap Contracts in the ordinary course of business and not for speculative purposes to support these businesses and the development, manufacture and sale of equipment or technology related to these activities, or (2) any other business that generates gross income that constitutes “qualifying income” under Section 7704(d) of the Code.
Permitted Business Investments ” means Investments by the Company or any of its Restricted Subsidiaries in any Unrestricted Subsidiary of the Company or in any Joint Venture, provided that:
(1)    either (a) at the time of such Investment and immediately thereafter, the Company could incur $1.00 of additional Indebtedness under the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 or (b) such Investment does not exceed the aggregate amount of Incremental Funds (as defined in Section 4.07) not previously expended at the time of making such Investment;
(2)    if such Unrestricted Subsidiary or Joint Venture has outstanding Indebtedness at the time of such Investment, either (a) all such Indebtedness is Non-Recourse Debt or (b) any such Indebtedness of such Unrestricted Subsidiary or Joint Venture that is recourse to the Company or any of its Restricted Subsidiaries (which shall include, without limitation, all Indebtedness of such Unrestricted Subsidiary or Joint Venture for which the Company or any of its Restricted Subsidiaries may be directly or indirectly, contingently or otherwise, obligated to pay, whether pursuant to the terms of such Indebtedness, by law or pursuant to any guarantee, including, without limitation, any “claw-back,” “make-well” or “keep-well” arrangement) could, at the time such Investment is made, be incurred at that time by the Company and its Restricted Subsidiaries under the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09; and
(3)    such Unrestricted Subsidiary’s or Joint Venture’s activities are not outside the scope of the Permitted Business.
Permitted Investments ” means:
(1)    any Investment in the Company (including, without limitation, through purchases of Notes) or (x) with respect to any Investment consisting of a contribution of fixed assets constituting Collateral, any Guarantor or (y) with respect to Investment other than a contribution of fixed assets constituting Collateral, any Restricted Subsidiary;
(2)    any Investment in Cash Equivalents;
(3)    any Investment by the Company or any Restricted Subsidiary of the Company in a Person, if as a result of such Investment:
(a)    such Person becomes a Restricted Subsidiary of the Company; or
(b)    such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its properties or assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company;

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provided that, in each case, to the extent such Investment consists of a contribution of fixed assets constituting Collateral, the Restricted Subsidiary described in clause (a) or (b) above shall be or become a Guarantor
(4)    any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.10, including pursuant to clause (11) of the items deemed not to be Asset Sales under the definition of “Asset Sale;”
(5)    any Investment in any Person solely in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;
(6)    any Investments received in compromise of obligations of trade creditors or customers that were incurred in the ordinary course of business, including pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor or customer, or as a result of a foreclosure by the Company or any of its Restricted Subsidiaries with respect to any secured Investment in default;
(7)    Swap Contracts entered into in the ordinary course of business and not for speculative purposes;
(8)    Permitted Business Investments; and
(9)    other Investments in any Person having an aggregate fair market value (measured on the date each such Investment was made and without giving effect to subsequent changes in value), when taken together with all other Investments made pursuant to this clause (9) that are at the time outstanding, not to exceed the greater of $100.0 million or 5.0% of the Company’s Consolidated Net Tangible Assets.
Permitted Liens ” means:
(1)    Liens on the Credit Agreement Collateral (as in effect on the Initial Issuance Date or to the extent required by the Credit Agreement as in effect on the Initial Issuance Date) and assets other than Collateral securing Indebtedness incurred pursuant to clause (1) of the definition of Permitted Debt;
(2)    Liens on Collateral securing Parity Lien Debt incurred pursuant to clauses (2), (4) or (6) (solely with respect to Permitted Refinancing Indebtedness of Parity Lien Debt incurred pursuant to clause (4)), of the definition of Permitted Debt;
(3)    Liens in favor of the Company or the Guarantors;
(4)    Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company, provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not extend to any assets (other than improvements thereon, accessions thereto and proceeds thereof) other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary;
(5)    Liens on property existing at the time of acquisition of the property by the Company or any Restricted Subsidiary of the Company, provided that such Liens were in existence prior to

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the contemplation of such acquisition and do not extend to any property other than the property so acquired by the Company or the Restricted Subsidiary;
(6)    any interest or title of a lessor to the property subject to a Capital Lease Obligation or operating lease;
(7)    Liens for the purpose of securing the payment of all or a part of the purchase price of, or Capital Lease Obligations, Attributable Debt, purchase money obligations or other payments incurred to finance the acquisition, lease, improvement or construction of or repairs or additions to, assets or property acquired or constructed in the ordinary course of business; provided that:
(a)    the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be incurred under this Indenture and does not exceed the cost of the assets or property so acquired or constructed; and
(b)    such Liens are created within 180 days of the later of the acquisition, lease, completion of improvements, construction, repairs or additions or commencement of full operation of the assets or property subject to such Lien and do not encumber any other assets or property of the Company or any Restricted Subsidiary other than such assets or property and assets affixed or appurtenant thereto;
(8)    Liens existing on the date of this Indenture;
(9)    Liens to secure the performance of tenders, bids, statutory obligations, surety or appeal bonds, trade contracts, government contracts, operating leases, performance bonds or other obligations of a like nature incurred in the ordinary course of business;
(10)    Liens on and pledges of the Equity Interests of any Unrestricted Subsidiary or any Joint Venture owned by the Company or any Restricted Subsidiary of the Company to the extent securing Non-Recourse Debt or other Indebtedness of such Unrestricted Subsidiary or Joint Venture;
(11)    Liens on pipelines or other facilities or equipment that arise by operation of law;
(12)    Liens arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, farmout agreements, division orders, contracts for sale, transportation or exchange of crude oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements and other agreements arising in the ordinary course of business of the Company and its Restricted Subsidiaries that are customary in the Permitted Business;
(13)    Liens upon specific items of inventory, receivables or other goods or proceeds of the Company or any of its Restricted Subsidiaries securing such Person’s obligations in respect of bankers’ acceptances or receivables securitizations issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory, receivables or other goods or proceeds and permitted by Section 4.09;
(14)    Liens securing Obligations of the Issuers or any Guarantor under the Notes or the Subsidiary Guarantees, as the case may be;

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(15)    Liens to secure performance of Swap Contracts, or letters of credit issued in connection therewith, of the Company or any of its Restricted Subsidiaries entered into in the ordinary course of business and not for speculative purposes;
(16)     Liens securing any insurance premium financing under customary terms and conditions, provided that no such Lien may extend to or cover any assets or property other than the insurance being acquired with such financing, the proceeds thereof and any unearned or refunded insurance premiums related thereto;
(17)    other Liens incurred by the Company or any Restricted Subsidiary of the Company, provided that, after giving effect to any such incurrence, (i) the aggregate principal amount of all Indebtedness then outstanding and secured by any Liens incurred pursuant to this clause (17) does not exceed the greater of $100.0 million or 5.0% of the Company’s Consolidated Net Tangible Assets and (ii) the aggregate principal amount of all Indebtedness outstanding and secured by any Liens on the Collateral incurred pursuant to this clause (17) does not exceed $25.0 million;
(18)    any Lien renewing, extending, refinancing or refunding a Lien permitted by clauses (1) through (16) above, provided that (a) the principal amount of the Indebtedness secured by such Lien is not increased except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection therewith and by an amount equal to any existing commitments unutilized thereunder and (b) no assets encumbered by any such Lien other than the assets permitted to be encumbered immediately prior to such renewal, extension, refinance or refund are encumbered thereby (other than improvements thereon, accessions thereto and proceeds thereof); and
(19)    any Lien of any kind that does not secure Indebtedness or Attributable Debt.
Permitted Refinancing Indebtedness ” means any Indebtedness of the Company or any of its Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance, renew, replace, defease or refund other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness), provided that:
(1)    the principal amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount of the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the amount of all expenses and premiums incurred in connection therewith);
(2)    such Permitted Refinancing Indebtedness has a final maturity date no earlier than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded;
(3)    if the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of payment to the Notes or the Subsidiary Guarantees, such Permitted Refinancing Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees on terms at least as favorable to the Noteholders as those contained in the documentation governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and

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(4)    such Indebtedness is not incurred (other than by way of a guarantee) by a Restricted Subsidiary of the Company (other than Finance Corp.) if the Company is the issuer or other primary obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded.
Notwithstanding the preceding, any Indebtedness incurred under Credit Facilities pursuant to Section 4.09 shall be subject only to the refinancing provision in the definition of Credit Facilities and not pursuant to the requirements set forth in the definition of Permitted Refinancing Indebtedness.
Person ” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity.
PP&E Proceeds Account ” means a segregated and blocked account maintained by an Obligor to hold certain proceeds of Collateral (as contemplated by and for the purposes set forth in this Indenture and subject to the terms of the PP&E Proceeds Account Control Agreement), and which account and the funds contained therein constitute Collateral, together with any replacement or similar account created to serve such purpose.
PP&E Proceeds Account Control Agreement ” means an agreement among an Obligor, the depository institution at which the PP&E Proceeds Account is located and the Collateral Trustee, in a form reasonably acceptable to the Collateral Trustee and the Company, and which provides the Collateral Trustee with “control” as such term is used in the Uniform Commercial Code.
Premises ” has the meaning provided in Section 12.02.
Purchase Agreement ” has the meaning provided in the Appendix.
QIB ” means a “qualified institutional buyer” as defined in Rule 144A under the Securities Act.
Qualifying Owners ” means, collectively, any of the owners of the General Partner as of the Initial Issuance Date and their respective Affiliates, trustees, beneficiaries or the heirs or family members thereof, including The Heritage Group, Grube Grat, LLC, Irrevocable Intervivos Trust No. 12.27.73 for the Benefit of Fred Mehlert Fehsenfeld, Jr. and his issue, dated December 18, 2012 and Maggie Fehsenfeld Trust No. 106 12.30.74 for the Benefit of Fred Mehlert Fehsenfeld, Jr. and his issue, dated December 18,2012.
Regulation S ” has the meaning provided in the Appendix.
Reporting Default ” means a Default described in Section 6.01(d).
Responsible Officer, ” when used with respect to the Trustee, means any officer within the corporate trust department (or any successor group of the Trustee) of the Trustee and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of and familiarity with the particular subject, and who shall in each case have direct responsibility for the administration of this Indenture.
Restricted Global Note ” has the meaning provided in the Appendix.
Restricted Investment ” means an Investment other than a Permitted Investment.

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Restricted Subsidiary ” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. Notwithstanding anything in this Indenture to the contrary, Finance Corp. shall be a Restricted Subsidiary of the Company.
Rule 144A ” has the meaning provided in the Appendix.
S&P ” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor to the rating agency business thereof.
Sale and Leaseback Transaction ” means, with respect to the Company or any of its Restricted Subsidiaries, any arrangement relating to property now owned or hereafter acquired whereby the Company or a Restricted Subsidiary transfers such property to a Person and the Company or a Restricted Subsidiary leases it from such Person; provided that any such arrangements with respect to catalyst or precious metals that are entered into in the ordinary course of business shall not be deemed to be Sale and Leaseback Transactions.
SEC ” or “ Commission ” means the Securities and Exchange Commission.
Secured Hedge Agreement ” means any Swap Contract entered into by an Obligor for commodities traded by such Obligor in the ordinary course of business (regardless of whether such Swap Contract is effected by means of an option contract, a futures contract, an over-the-counter hedging agreement or otherwise) that is (a) in effect on the Initial Issuance Date with a Secured Hedge Counterparty or (b) entered into after the Initial Issuance Date with a counterparty that is or becomes a Secured Hedge Counterparty in accordance with the Collateral Trust Agreement at the time such Swap Contract is entered into.
“Secured Hedge Counterparty” means any Approved Counterparty (as defined in the Collateral Trust Agreement) that enters into a Secured Hedge Agreement and is or becomes a party to the Collateral Trust Agreement in accordance with the terms thereof.
“Security Agreement ” means the Second Amended and Restated Security and Pledge Agreement dated as of the Initial Issuance Date, by and among the Issuers and the Guarantors party thereto and the Collateral Trustee, for the benefit of the Parity Lien Secured Parties (as defined in the Collateral Trust Agreement), as the same may be amended, restated, supplemented or otherwise modified from time to time.
“Security Documents” means the Collateral Trust Agreement, each joinder agreement required by the Collateral Trust Agreement, the Intercreditor Agreement and joinders thereto, the Security Agreement, the Mortgages, and all other security agreements, pledge agreements, hypothecs, collateral assignments, mortgages, deeds of trust, deeds to secure debt, collateral agency agreements, debentures, control agreements or other grants or transfers for security executed and delivered by any Obligor creating (or purporting to create) a Parity Lien upon Collateral in favor of the Collateral Trustee (including, without limitation, the financing statements under the Uniform Commercial Code of the relevant state), in each case, as amended, supplemented, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and the Collateral Trust Agreement.
Securities Act ” means the Securities Act of 1933, as amended.
Senior Debt ” means
(1)    all Indebtedness of the Company or any of its Restricted Subsidiaries outstanding under the Credit Agreement and all obligations under Swap Contracts with respect thereto;

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(2)    any other Indebtedness of the Company or any of its Restricted Subsidiaries permitted to be incurred under the terms of this Indenture, unless the instrument under which such Indebtedness is incurred expressly provides that it is subordinated in right of payment to the Notes or any Subsidiary Guarantee; and
(3)    all Obligations with respect to the items listed in the preceding clauses (1) and (2).
Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will not include:
(a)
any intercompany Indebtedness of the Company or any of its Restricted Subsidiaries to the Company or any of its Affiliates; or
(b)
any Indebtedness that is incurred in violation of this Indenture.
For the avoidance of doubt, “Senior Debt” will not include any trade payables or taxes owed or owing by the Company or any of its Restricted Subsidiaries.
Series ” means each of (i) the Obligations in respect of the Notes and (ii) any other Parity Lien Obligations incurred pursuant to any Parity Lien Document which, pursuant to any joinder to the Collateral Trust Agreement, are to be represented thereunder by a common Parity Lien Representative (in its capacity as such for such Parity Lien Obligations).
Significant Subsidiary ” means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.
Specified Mortgaged Properties ” means the Louisiana Specified Mortgaged Property, the Montana Specified Mortgaged Property and the refinery facilities owned and operated by the Obligors and located in San Antonio, Texas and Superior, Wisconsin, respectively.
Stated Maturity ” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof.
Subsidiary ” means, with respect to any specified Person:
(1)    any corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and
(2)    any partnership (whether general or limited) or limited liability company (a) the sole general partner or member of which is such Person or a Subsidiary of such Person, or (b) if there is more than a single general partner or member, either (x) the only managing general partners or managing members of which are such Person or one or more Subsidiaries of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability company, respectively.

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Subsidiary Guarantees ” means the joint and several guarantees issued by all of the Guarantors pursuant to Article 10 hereof.
Swap Contract” means, with respect to any specified Person:
(1)    interest rate swap agreements, interest rate cap agreements and interest rate collar agreements entered into with one or more financial institutions and designed to protect the Person or any of its Subsidiaries entering into the agreement against fluctuations in interest rates with respect to Indebtedness incurred;
(2)    foreign exchange contracts and currency protection agreements entered into with one or more financial institutions and designed to protect the Person or any of its Subsidiaries entering into the agreement against fluctuations in currency exchanges rates with respect to Indebtedness incurred;
(3)    any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against fluctuations in the price of hydrocarbons used, produced, processed or sold by that Person or any of its Subsidiaries at the time;
(4)    any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “ Master Agreement ”), including any such obligations or liabilities under any Master Agreement; and
(5)    other agreements or arrangements designed to protect such Person or any of its Subsidiaries against currency, interest rate, commodity price, commodity availability or similar risks;
and in each case are entered into only in the ordinary course of business and not for speculative purposes.
Terminal Properties ” means the terminal facilities owned and operated by the Company and located in Burhnam, Illinois, Crookston, Minnesota, Proctor, Minnesota, Elmendorf, Texas and Rhinelander, Wisconsin.
TIA ” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) and the rules and regulations thereunder.
Transfer Restricted Securities ” has the meaning provided in the Appendix.
Treasury Rate ” means the yield to maturity at the time of computation of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15(519) which has become publicly available at least two (2) Business Days prior to the date fixed for redemption (or, if such Statistical Release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from the redemption date to April 15, 2018; provided , however , that if such period is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Company shall obtain the Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the redemption date to April 15, 2018 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. The Company will (a) calculate the Treasury Rate on the second Business Day preceding the applicable redemption date and (b) prior to such redemption date file

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with the Trustee a written statement, upon which the Trustee may conclusively rely, setting forth the Make Whole Premium and the Treasury Rate and showing the calculation of each in reasonable detail.
Trustee ” means the party named as such in this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.
Uniform Commercial Code ” means the Uniform Commercial Code as in effect in any applicable jurisdiction from time to time.
Unrestricted Subsidiary ” means any Subsidiary of the Company (other than Finance Corp.) that is designated by the Board of Directors of the Company as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent that such Subsidiary:
(1)    except to the extent permitted by subclause (2)(b) of the definition of “Permitted Business Investments,” has no Indebtedness other than Non-Recourse Debt owing to any Person other than the Company or any of its Restricted Subsidiaries;
(2)    is not party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the Company;
(3)    is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and
(4)    has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its Restricted Subsidiaries.
All Subsidiaries of an Unrestricted Subsidiary shall also be Unrestricted Subsidiaries.
Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a Board Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted by Section 4.07. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09, the Company will be in default of such covenant.
Voting Stock ” of any Person as of any date means the Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the Board of Directors of such Person.

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Weighted Average Life to Maturity ” means, when applied to any Indebtedness at any date, the number of years obtained by dividing:
(1)    the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment; by
(2)    the then outstanding principal amount of such Indebtedness.
Section 1.02.     Other Definitions .
Term
Defined in Section
 
 
“Act”
11.14
“Affiliate Transaction”
4.11
“Appendix”
2.01
“Asset Sale Offer”
3.09
“Change of Control Offer”
4.15
“Change of Control Payment”
4.15
“Change of Control Purchase Date”
4.15
“Change of Control Settlement Date”
4.15
“Covenant Defeasance”
8.03
“Discharge”
8.08
“Event of Default”
6.01
“Excess Proceeds”
4.10
“Incremental Funds”
4.07
“incur”
4.09
“Legal Defeasance”
8.02
“Offer Amount”
3.09
“Offer Period”
3.09
“Paying Agent”
2.03
“Payment Default”
6.01
“Permitted Debt”
4.09
“Registrar”
2.03
“Reinstatement Date”
4.18
“Restricted Payments”
4.07
“Settlement Date”
3.09
“Suspended Covenants”
4.18
“Termination Date”
3.09
Section 1.03.     [Reserved] .
Section 1.04.     Rules of Construction .

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Unless the context otherwise requires:
(1) a term has the meaning assigned to it;
(2)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;
(3)    “or” is not exclusive;
(4)    words in the singular include the plural, and in the plural include the singular;
(5)    the meanings of the words “will” and “shall” are the same when used to express an obligation;
(6)    references to sections of or rules under the Securities Act or the Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; and
(7)    “herein,” “hereof” and other words of similar import refer to this Indenture as a whole (as amended or supplemented from time to time) and not to any particular Article, Section or other subdivision.
ARTICLE 2    
THE NOTES
Section 2.01.     Form and Dating .
Provisions relating to the Notes are set forth in the Rule 144A/Regulation S Appendix attached hereto (the “Appendix”) which is hereby incorporated in and expressly made part of this Indenture. The Notes and the Trustee’s certificate of authentication therefor shall be substantially in the form of Exhibit 1 to the Appendix which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, stock exchange rule, agreements to which an Issuer is subject, if any, or usage ( provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the date of its authentication. The terms of the Notes set forth in the Appendix are part of the terms of this Indenture.
Section 2.02.     Execution and Authentication .
An Officer shall sign the Notes on behalf of each Issuer by manual or facsimile signature.
If an Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.
A Note shall not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Note. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.
On the Initial Issuance Date, the Trustee shall authenticate and deliver $400 million aggregate principal amount of Initial Notes and, at any time and from time to time thereafter, the Trustee shall authenticate and deliver Notes for original issue in an aggregate principal amount specified in such order,

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in each case upon receipt of a Company Order. Such Company Order shall comply with Section 11.05 and shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and to whom the Notes shall be registered and delivered and, in the case of an issuance of Additional Notes pursuant to Section 2.13 after the Initial Issuance Date, shall certify that such issuance is in compliance with Section 4.09.
The Trustee may appoint an authenticating agent reasonably acceptable to the Issuers to authenticate the Notes. Unless limited by the terms of such appointment, an authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.
Section 2.03.     Registrar and Paying Agent .
The Issuers shall maintain an office or agency in the United States where Notes may be presented for registration of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuers may have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent.
The Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent not a party to this Indenture. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers shall notify the Trustee of the name and address of any such agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Subsidiary may act as Paying Agent or Registrar.
The Issuers initially appoint the Trustee as Registrar and Paying Agent in connection with the Notes at the Corporate Trust Office of the Trustee. If the Trustee is no longer the Registrar and Paying Agent, the Issuers shall provide the Trustee with access to inspect the Note register at all times and with copies of the Note register.
Section 2.04.     Paying Agent to Hold Money in Trust .
Prior to 11:00 a.m. New York City time, on each due date of the principal and interest on any Note, an Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Notes and shall notify the Trustee of any default by the Issuers in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability for the money delivered to the Trustee.
Section 2.05.     Noteholder Lists .
The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Issuers shall

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furnish to the Trustee, in writing at least ten (10) Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders and the principal amounts and number of Notes.
Section 2.06.     Transfer and Exchange .
The Notes shall be issued in registered form and shall be transferable only upon the surrender of a Note for registration of transfer. When a Note is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of this Indenture are met. When Notes are presented to the Registrar with a request to exchange them for an equal principal amount of Notes of other denominations, the Registrar shall make the exchange as requested if the same requirements are met. The Issuers may require payment of a sum sufficient to cover any taxes, assessments or other governmental charges in connection with any transfer or exchange pursuant to this Section (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Section 3.06, 4.10, 4.15 or 9.05).
The Issuers shall not be required to make, and the Registrar need not register, transfers or exchanges of Notes selected for redemption (except, in the case of Notes to be redeemed in part, the portion thereof not to be redeemed) or of any Notes for a period of 15 days before a selection of Notes to be redeemed.
Prior to the due presentation for registration of transfer of any Notes, the Issuers, the Guarantors, the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and (subject to the record date provisions of the Notes) interest, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuers, any Guarantor (if applicable), the Trustee, a Paying Agent or the Registrar shall be affected by notice to the contrary.
Any holder of a beneficial interest in a Global Note shall, by acceptance of such beneficial interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry.
All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.
Section 2.07.     Replacement Notes .
If a mutilated Note is surrendered to the Issuers, the Trustee or the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee upon receipt of a Company Order shall authenticate a replacement Note if the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee, the Registrar or the Issuers, such Holder shall furnish an indemnity bond sufficient in the judgment of the Issuers and the Trustee to protect the Issuers, the Trustee, the Paying Agent and the Registrar from any loss which any of them may suffer if a Note is replaced. The Issuers, the Registrar and the Trustee may charge the Holder for their expenses in replacing a Note. In the event any such Note shall have matured, instead of issuing a new Note, the Issuers may direct the Trustee to pay the same without surrender thereof upon the Holder furnishing the Issuers and the Trustee with indemnity satisfactory to them and complying with such other reasonable regulations as the Issuers

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may prescribe and paying such reasonable expenses as the Issuer and the Trustee may incur in connection therewith.
Every replacement Note is an additional obligation of the Issuers.
Section 2.08.     Outstanding Notes .
Notes outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. A Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.
If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee, any provider of an indemnity bond and the Issuers receive proof satisfactory to them that the replaced Note is held by a bona fide purchaser.
If the Trustee or any Paying Agent (other than an Issuer, a Guarantor or an Affiliate thereof) segregates and holds in trust, in accordance with this Indenture, by 11:00 a.m. New York time, on a redemption date or other maturity date money sufficient to pay all principal, interest and premium, if any, payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Notes (or portions thereof) ceases to be outstanding and interest on them cease to accrue.
Section 2.09.     Temporary Notes .
Until definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Notes upon receipt of a Company Order. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate definitive Notes and deliver them in exchange for temporary Notes upon receipt of a Company Order.
Section 2.10.     Cancellation .
An Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel (subject to the record retention requirements of the Exchange Act) all Notes surrendered for registration of transfer, exchange, payment or cancellation. Upon written request, the Trustee will deliver a certificate of such cancellation to the Issuers. The Issuers may not issue new Notes to replace Notes they have redeemed, paid or delivered to the Trustee for cancellation.
Section 2.11.     Defaulted Interest .
If the Issuers default in a payment of interest on the Notes, the Issuers shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuers may pay the defaulted interest to the Persons who are Noteholders on a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Noteholder a notice that states the special record date, the payment date and the amount of defaulted interest to be paid.
Section 2.12.     CUSIP Numbers .

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The Issuers in issuing the Notes may use “CUSIP” numbers and corresponding “ISINs” (if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers and corresponding “ISINs” in notices of redemption as a convenience to Holders; provided , however , that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Issuers will as promptly as practicable notify the Trustee in writing of any change in the CUSIP and ISIN numbers.
Section 2.13.     Issuance of Additional Notes .
The Issuers shall be entitled, subject to their compliance with Section 4.09, to issue Additional Notes under this Indenture which shall have identical terms as the Initial Notes, other than with respect to the date of issuance, issue price and the date from which interest begins to accrue. The Initial Notes, any Additional Notes shall be treated as a single class for all purposes under this Indenture, including, without limitation, waivers, consents, directions, declarations, amendments, redemptions and offers to purchase.
With respect to any Additional Notes, the Issuers shall set forth in an Officers’ Certificate, which shall be delivered to the Trustee, the following information:
(1)    the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture;
(2)    the issue price, the issuance date of such Additional Notes and the CUSIP number and any corresponding ISIN of such Additional Notes; and
(3)    any applicable transfer restrictions with respect to such Additional Notes.
Section 2.14.     Calculation of Principal Amount of Securities .
The aggregate principal amount of the Notes, at any date of determination, shall be the principal amount of the Notes at such date of determination. With respect to any matter requiring consent, waiver, approval or other action of the Holders of a specified percentage of the principal amount of all the Notes, such percentage shall be calculated, on the relevant date of determination, by dividing (a) the principal amount, as of such date of determination, of Notes, the Holders of which have so consented by (b) the aggregate principal amount, as of such date of determination, of the Notes then outstanding, in each case, as determined in accordance with the preceding sentence and Section 2.08 of this Indenture. Any such calculation made pursuant to this Section 2.14 shall be made by the Issuers and delivered to the Trustee pursuant to an Officers’ Certificate, unless a Default or Event of Default has occurred, in which case such calculation may be made by the Trustee.
ARTICLE 3    
REDEMPTION AND PREPAYMENT
Section 3.01.     Notices to Trustee .
If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they shall furnish to the Trustee, at least five (5) Business Days (unless a shorter period shall be agreeable to the Trustee) before the date of giving notice of the redemption pursuant to Section 3.03, an Officers’ Certificate setting forth (i) the clause of Section 3.07 pursuant to which the redemption shall occur,

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(ii) the redemption date, (iii) the principal amount of Notes to be redeemed, (iv) the redemption price and (v) whether it requests the Trustee to give notice of such redemption. Any such notice may be cancelled at any time prior to the mailing of notice of such redemption to any Holder and shall thereby be void and of no effect.
Section 3.02.     Selection of Notes to be Redeemed .
If less than all of the Notes are to be redeemed at any time, the Trustee shall select the Notes to be redeemed among the Holders of the Notes as follows: (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; (2) if the Notes are not listed on any national securities exchange but are in global form, then by lot or otherwise in accordance with the procedures of DTC or the applicable depositary or (3) if the Notes are not listed on any national securities exchange and are not in global form, on a pro rata basis or by lot or such other method as the Trustee in its sole discretion shall deem appropriate. In the event of partial redemption, the particular Notes to be redeemed shall be selected, not less than three (3) Business Days prior to the giving of notice of the redemption pursuant to Section 3.03, by the Trustee from the outstanding Notes not previously called for redemption.
The Trustee shall promptly notify the Issuers in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or integral multiples of $1,000 in excess of $2,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000, shall be redeemed. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.
The provisions of the two preceding paragraphs of this Section 3.02 shall not apply with respect to any redemption affecting a Global Note, whether such Global Note is to be redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the principal amount of the Global Note shall be in an authorized denomination. Any redemption in whole or in part affecting a Global Note shall be done in accordance with Applicable Procedures.
Section 3.03.     Notice of Redemption .
At least 30 days but not more than 60 days before a redemption date, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge, the Issuers shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address.
The notice shall identify the Notes to be redeemed and shall state:
(a)    the redemption date;
(b)    the redemption price or, if the redemption price is not then determinable, the manner in which it is to be determined;
(c)    if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in a principal amount equal to the unredeemed portion shall be issued in the name of the Holder upon cancellation of the original Note;

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(d)    the name and address of the Paying Agent;
(e)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;
(f)    that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date and the only remaining right of the Holders of such Notes is to receive payment of the redemption price upon surrender to the Paying Agent of the Notes redeemed;
(g)    the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed;
(h)    that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any, listed in such notice or printed on the Notes; and
(i)    any conditions precedent to such redemption.
If any of the Notes to be redeemed is in the form of a Global Note, then the Issuers shall modify such notice to the extent necessary to accord with the Applicable Procedures of the Depository applicable to redemption.
At the Issuers’ request, the Trustee shall give the notice of optional redemption in the Issuers’ names and at their expense; provided , however , that the Issuers shall have delivered to the Trustee, at least five (5) Business Days (unless a shorter period shall be agreeable to the Trustee) before notice of redemption is required to be mailed or caused to be mailed pursuant to this Section 3.03, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the second preceding paragraph.
Section 3.04.     Effect of Notice of Redemption .
Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price, subject to satisfaction of any conditions specified with respect to such redemption. If mailed in the manner provided for in Section 3.03, the notice of redemption shall be conclusively presumed to have been given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption.
Section 3.05.     Deposit of Redemption Price .
Prior to 11:00 a.m., New York City time, on the redemption date, the Issuers shall deposit with the Paying Agent (or, if the Company or a Subsidiary thereof is acting as its own Paying Agent, segregate and hold in trust as provided in Section 2.04 hereof) money sufficient in same day funds to pay the redemption price of and accrued interest on all Notes to be redeemed on that date. The Paying Agent shall promptly return to the Issuers any money deposited with the Paying Agent by an Issuer in excess of the amounts necessary to pay the redemption price of and accrued interest on all Notes to be redeemed.
If the Issuers comply with the provisions of the preceding paragraph, on and after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption whether or not such Notes are presented for payment, and the only remaining right of the Holders of such Notes shall

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be to receive payment of the redemption price upon surrender to the Paying Agent of the Notes redeemed. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of an Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption date until such principal is paid, and to the extent lawful, on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. If a Note is redeemed on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest to the Redemption Date shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date.
Section 3.06.     Notes Redeemed in Part .
Upon surrender of a Note that is redeemed in part, the Issuers shall issue in the name of the Holder and the Trustee shall authenticate upon receipt of a Company Order for the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered (or appropriate adjustments to the amount and beneficial interests in the Global Note will be made as appropriate).
Section 3.07.     Optional Redemption .
(a)    Except as set forth in clauses (b) and (c) of this Section 3.07, the Issuers shall not have the option to redeem the Notes pursuant to this Section 3.07 prior to April 15, 2018. On or after April 15, 2018, the Issuers shall have the option on any one or more occasions to redeem the Notes, in whole or in part at any time, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), if redeemed during the twelve-month period beginning on April 15 of the years indicated below:
YEAR
 
PERCENTAGE

2018
   
111.500
%
2019
   
108.625
%
2020 and thereafter
100.000
%

(b)    Notwithstanding the provisions of clause (a) of this Section 3.07, at any time prior to April 15, 2018, the Issuers may on one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under this Indenture at a redemption price of 111.500% of the principal amount thereof, plus accrued and unpaid interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more Equity Offerings, provided that:
(1)    at least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued under this Indenture remains outstanding immediately after the occurrence of each such redemption (excluding any Notes held by the Company and its Subsidiaries); and
(2)    each such redemption occurs within 180 days of the date of the closing of each such Equity Offering.

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(c)    Prior to April 15, 2018, the Issuers may on any one or more occasions redeem all or part of the Notes at a redemption price equal to the sum of:
(1)    100% of the principal amount thereof, plus
(2)    accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), plus
(3)    the Make Whole Premium at the redemption date.

(d)    Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through Section 3.06 hereof. Notices of redemption may be conditioned on one or more conditions precedent specified in the notice.
Section 3.08.     No Mandatory Sinking Fund .
Except as set forth under Sections 4.10 and 4.15 hereof, neither of the Issuers shall be required to make sinking fund payments with respect to the Notes or to repurchase the Notes at the option of the Holders.
Section 3.09.     Offer to Purchase by Application of Excess Proceeds .
In the event that, pursuant to Section 4.10 hereof, the Company shall be required to commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it shall follow the procedures specified below.
The Asset Sale Offer shall remain open for a period of twenty (20) Business Days following its commencement and no longer, except to the extent that a longer period is required by Applicable Law (the “Offer Period”). No later than five (5) Business Days after the termination of the Offer Period (the “Settlement Date”), the Company shall purchase and pay for the principal amount of Notes required to be purchased pursuant to Section 4.10 hereof (the “Offer Amount”) or, if less than the Offer Amount has been validly tendered (and not validly withdrawn), all Notes validly tendered (and not validly withdrawn) in response to the Asset Sale Offer. Payment for any Notes so purchased shall be made in the manner prescribed in the Notes.
Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a notice to each of the Holders, with a copy to the Trustee. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the Asset Sale Offer, shall state:
(a)    that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10 hereof and the length of time the Asset Sale Offer shall remain open, including the time and date the Asset Sale Offer will terminate (the “Termination Date”);
(b)    the Offer Amount, the purchase price and the Settlement Date;
(c)    that any Note not tendered or accepted for payment shall continue to accrue interest;
(d)    that, unless the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Settlement Date;

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(e)    that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may only elect to have all of such Note purchased and may not elect to have only a portion of such Note purchased;
(f)    that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, to the Company or a Paying Agent at the address specified in the notice, before the Termination Date;
(g)    that Holders shall be entitled to withdraw their election if the Company or the Paying Agent, as the case may be, receives, prior to the Termination Date, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase, and a statement that such Holder is withdrawing his election to have such Note purchased;
(h)    that, if the aggregate principal amount of Notes surrendered by Holders, and Parity Lien Obligations surrendered by holders or lenders, collectively, exceeds the amount the Company is required to repurchase, the Notes and Parity Lien Obligations shall be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Parity Lien Obligations; provided , however , that only Notes in denominations of $2,000, or integral multiples of $1,000 in excess of $2,000, shall be purchased; and
(i)    that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (or appropriate adjustments to the amount and beneficial interests in a Global Note if transferred by book-entry transfer).
If any of the Notes subject to an Asset Sale Offer is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures of the Depository applicable to repurchases.
Promptly after the Termination Date, the Company shall, to the extent lawful, accept for payment Notes or portions thereof tendered pursuant to the Asset Sale Offer in the aggregate principal amount required by Section 4.10 hereof, and prior to the Settlement Date it shall deliver to the Trustee an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09 and Section 4.10. Prior to 11:00 a.m., New York City time, on the Settlement Date, the Company or the Paying Agent, as the case may be, shall distribute to each tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall issue a new Note, and the Trustee, upon receipt of a Company Order, shall authenticate and mail or deliver such new Note to such Holder, in a principal amount equal to any unpurchased portion of the Note surrendered (or appropriate adjustments to the amount and beneficial interests in the Global Note will be made as appropriate). Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company shall publicly announce the results of the Asset Sale Offer on or before the Settlement Date.
ARTICLE 4    
COVENANTS
Section 4.01.     Payment of Notes .
The Issuers shall pay or cause to be paid the principal of, and interest and premium, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, interest and premium, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof,

37




holds as of 11:00 a.m., New York City time, on the due date money deposited by an Issuer or a Guarantor in immediately available funds and designated for and sufficient to pay all principal, interest and premium, if any, then due.
The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the interest rate on the Notes to the extent lawful; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period), at the same rate to the extent lawful.
Section 4.02.     Maintenance of Office or Agency .
The Issuers shall maintain an office or agency (which may be an office of the Trustee or an affiliate of the Trustee) where Notes may be presented or surrendered for payment and they shall maintain an office or agency in the United States (which may be an office of the Trustee or an affiliate of the Trustee) where Notes may be surrendered for registration of transfer or for exchange. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made or served at the Corporate Trust Office of the Trustee. Notices and demands upon the Issuers in respect of the Notes shall be sent to the Issuers at the address set forth in Section 11.02.
The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuers shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency.
The Issuers hereby designate the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03.
Section 4.03.     Reports .
(a)    Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, so long as any Notes are outstanding, the Company will file with the SEC (unless the SEC will not accept such a filing) for public availability within the time periods specified in the SEC’s rules and regulations under the Exchange Act and, unless the foregoing have been so filed and made publicly available, within five (5) Business Days of filing, or attempting to file, the same with the SEC, the Company will furnish to the Trustee and, upon its prior request, to any of the Holders or Beneficial Owners of the Notes:
(1)    all quarterly and annual financial and other information with respect to the Company and its Subsidiaries that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report thereon by the Company’s certified independent accountants; and
(2)    all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

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(b)    The Company and the Guarantors shall furnish to the Holders and Beneficial Owners of the Notes, prospective purchasers of the Notes and securities analysts, upon their request, the information, if any, required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.
(c)    If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, then, to the extent material, the quarterly and annual financial information required by paragraph (a) of this Section 4.03 shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes to the financial statements and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries.
(d)    Delivery of reports, information and documents to the Trustee under this Section is for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein.
Section 4.04.     Compliance Certificate .
(a)    The Issuers shall deliver to the Trustee, within 90 days after the end of each fiscal year beginning with the fiscal year ending December 31, 2016, an Officers’ Certificate stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto).
(b)    Delivery of reports, information, Officers’ Certificates and documents to the Trustee is for informational purposes only and the Trustee’s receipt of such reports, information, Officers’ Certificates and/or documents shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuers’, any Guarantor’s or any other Person’s compliance with any of its covenants under this Indenture or the Notes (as to which the Trustee is entitled to rely exclusively on the compliance certificate described in Section 4.04(a)). The Trustee shall be not obligated to monitor or confirm, on a continuing basis or otherwise, either Issuer’s, any Guarantor’s or any other Person’s compliance with the covenants described herein or with respect to any reports, information, Officers’ Certificates or other documents filed under this Indenture.
(c)    The Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, within 10 Business Days upon any Officer of the General Partner or Finance Corp. becoming aware of any Default or Event of Default, a statement specifying such Default or Event of Default, its status and the action the Issuers are taking or propose to take with respect thereto.
Section 4.05.     Taxes .
The Company shall pay, and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders of the Notes.

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Section 4.06.     Stay, Extension and Usury Laws .
Each of the Issuers and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each Issuer (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted.
Section 4.07.     Limitation on Restricted Payments .
The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly:
(1)    declare or pay any dividend or make any other payment or distribution on account of the Company’s or any of its Restricted Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or indirect holders of the Company’s or any of its Restricted Subsidiaries’ Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company or payable to the Company or a Restricted Subsidiary of the Company);
(2)    purchase, redeem or otherwise acquire or retire for value (including, without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company;
(3)    make any payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value (i) any Indebtedness that is subordinated to the Notes or the Subsidiary Guarantees (excluding any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment of interest or principal at or within six months of the Stated Maturity thereof or (ii) the Existing Unsecured Notes, except a payment of interest or principal at the Stated Maturity thereof; or
(4)    make any Restricted Investment (all such payments and other actions set forth in these clauses (1) through (4) above being collectively referred to as “Restricted Payments”),
unless, at the time of and after giving effect to such Restricted Payment, no Default (except a Reporting Default) or Event of Default has occurred and is continuing or would occur as a consequence of such Restricted Payment and either:
(1)    if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available at the time of such Restricted Payment (the “Trailing Four Quarters”) is not less than 2.25 to 1.0, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made, is less than the sum, without duplication, of:

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(a)    Available Cash from Operating Surplus with respect to the Company’s preceding fiscal quarter, plus
(b)    100% of the aggregate net proceeds received by the Company (including the fair market value of any Permitted Business or long-term assets that are used or useful in a Permitted Business to the extent acquired in consideration of Equity Interests of the Company (other than Disqualified Stock)) after the Initial Issuance Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Restricted Subsidiary of the Company), plus
(c)    to the extent that any Restricted Investment that was made after the Initial Issuance Date is sold for cash or otherwise liquidated or repaid for cash, the cash return of capital with respect to such Restricted Investment (less the cost of disposition, if any), plus
(d)    the net reduction in Restricted Investments resulting from dividends, repayments of loans or advances, or other transfers of assets in each case to the Company or any of its Restricted Subsidiaries from any Person (including, without limitation, Unrestricted Subsidiaries) or from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries, to the extent such amounts have not been included in Available Cash from Operating Surplus for any period commencing on or after the Initial Issuance Date (items (b), (c) and (d) being referred to as “Incremental Funds”), minus
(e)    the aggregate amount of Incremental Funds previously expended pursuant to this clause (1) or clauses (2) or (3) below; or
(2)    if the Fixed Charge Coverage Ratio for the Trailing Four Quarters is less than 2.25 to 1.0 but greater than 1.50 to 1.0, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made (such Restricted Payments for purposes of this clause (2) meaning only distributions on the Company’s common units, subordinated units, or incentive distribution rights, plus the related distribution to the General Partner), is less than the sum, without duplication, of:
(a)    $50.0 million less the aggregate amount of all prior Restricted Payments made by the Company and its Restricted Subsidiaries pursuant to this clause (2)(a) since the Initial Issuance Date, plus
(b)    Incremental Funds to the extent not previously expended pursuant to this clause (2) or clause (1) above or clause (3) below.
(3)    if the Fixed Charge Coverage Ratio for the Trailing Four Quarters is not greater than 1.50 to 1.0, such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted Subsidiaries (excluding Restricted Payments permitted by clauses (2), (3), (4), (5), (6) and (7) of the next succeeding paragraph) with respect to the quarter for which such Restricted Payment is made (such Restricted Payments for purposes of this clause (3) meaning only distributions on the Company’s common units, subordinated units, or incentive distribution rights, plus the related distribution

41




to the General Partner), is less than the amount of Incremental Funds to the extent not previously expended pursuant to this clause (3) or clauses (1) or (2) above.
The preceding provisions will not prohibit:
(1)    the payment of any dividend or distribution within 60 days after the date of its declaration, if at the date of declaration the payment would have complied with the provisions of this Indenture;
(2)    the purchase, redemption, defeasance or other acquisition or retirement of Existing Unsecured Notes or any subordinated Indebtedness of the Company or any Guarantor or of any Equity Interests of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent (a) contribution (other than from a Restricted Subsidiary of the Company) to the equity capital of the Company or (b) sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock), with a sale being deemed substantially concurrent if such purchase, redemption, defeasance or other acquisition or retirement occurs not more than 120 days after such sale; provided , however , that the amount of any such net cash proceeds that are utilized for any such purchase, redemption, defeasance or other acquisition or retirement will be excluded (or deducted, if included) from the calculation of Available Cash from Operating Surplus and Incremental Funds;
(3)    the purchase, redemption, defeasance or other acquisition or retirement of Existing Unsecured Notes or subordinated Indebtedness of the Company or any Guarantor with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness or Additional Notes issued in accordance with this Indenture;
(4)    the payment of any dividend or distribution by a Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;
(5)    the purchase, redemption or other acquisition or retirement for value of any Equity Interests of the Company or any Restricted Subsidiary of the Company pursuant to any director or employee equity subscription agreement or equity option agreement or other employee benefit plan or to satisfy obligations under any Equity Interests appreciation rights or option plan or similar arrangement; provided , however , that the aggregate price paid for all such purchased, redeemed, acquired or retired Equity Interests may not exceed $15.0 million in any calendar year, with any portion of such $15.0 million amount that is unused in any calendar year to be carried forward to successive calendar years and added to such amount;
(6)    the purchase, repurchase, redemption or other acquisition or retirement for value of Equity Interests deemed to occur upon the exercise of unit options, warrants, incentives, rights to acquire Equity Interests or other convertible securities if such Equity Interests represent a portion of the exercise or exchange price thereof, and any purchase, repurchase, redemption or other acquisition or retirement for value of Equity Interests made in lieu of withholding taxes in connection with any exercise or exchange of unit options, warrants, incentives or rights to acquire Equity Interests; or
(7)    so long as no Default or Event of Default has occurred and is continuing or would result therefrom, any purchase, redemption, retirement, defeasance or other acquisition for value of Existing Unsecured Notes or any subordinated Indebtedness of the Company or any Guarantor (i) at a purchase price not greater than 101% of the principal amount of such Existing Unsecured Notes

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or subordinated Indebtedness plus accrued interest in accordance with provisions similar to that contained in Section 4.15 or (ii) at a purchase price not greater than 100% of the principal amount thereof plus accrued interest in accordance with provisions similar to that contained in Sections 3.09 and 4.10; provided that, prior to or simultaneously with such purchase, redemption, retirement, defeasance or other acquisition, the Company shall have complied with Section 4.15 or Sections 3.09 and 4.10, as the case may be, and repurchased all Notes validly tendered for payment in connection with the Change of Control Offer or Asset Sale Offer, as the case may be.
The amount of all Restricted Payments (other than cash) will be the fair market value on the date of the Restricted Payment of the Restricted Investment proposed to be made or the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The fair market value of any Restricted Investment, assets or securities that are required to be valued by this covenant will be determined, in the case of amounts under $20.0 million, by an officer of the General Partner and, in the case of amounts over $20.0 million, by the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution. Not later than the date of making any Restricted Payment (excluding any Restricted Payment described in the preceding clause (2), (3), (4), (5), (6) or (7)) the Company will deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.07 were computed.
Section 4.08.     Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries .
The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to:
(1)    pay dividends or make any other distributions on its Capital Stock to the Company or any of its Restricted Subsidiaries, or pay any Indebtedness or other obligations owed to the Company or any of its Restricted Subsidiaries;
(2)    make loans or advances to the Company or any of its Restricted Subsidiaries; or
(3)    transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries.
However, the preceding restrictions of this Section 4.08 will not apply to encumbrances or restrictions existing under or by reason of:
(1)    agreements as in effect on the date of this Indenture and any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of those agreements or the Indebtedness to which they relate, provided that the amendments, modifications, restatements, renewals, increases, supplements, refundings, replacement or refinancings are no more restrictive, taken as a whole, with respect to such dividend, distribution and other payment restrictions than those contained in those agreements on the date of this Indenture;
(2)    this Indenture, the Notes and the Subsidiary Guarantees;
(3)    Applicable Law;

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(4)    any instrument governing Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired, provided that, in the case of Indebtedness, such Indebtedness was otherwise permitted by the terms of this Indenture to be incurred;
(5)    customary non-assignment provisions in Hydrocarbon purchase and sale or exchange agreements or similar operational agreements or in licenses, easements or leases, in each case entered into in the ordinary course of business and consistent with past practices;
(6)    Capital Lease Obligations, mortgage financings or purchase money obligations, in each case for property acquired in the ordinary course of business that impose restrictions on that property of the nature described in clause (3) of the preceding paragraph;
(7)    any agreement for the sale or other disposition of a Restricted Subsidiary of the Company that restricts distributions by that Restricted Subsidiary pending its sale or other disposition;
(8)    Permitted Refinancing Indebtedness, provided that the restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are not materially more restrictive, taken as a whole, than those contained in the agreements governing the Indebtedness being refinanced;
(9)    Liens securing Indebtedness otherwise permitted to be incurred under the provisions of Section 4.12 that limit the right of the debtor to dispose of the assets subject to such Liens;
(10)    provisions with respect to the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business;
(11)    any agreement or instrument relating to any property or assets acquired after the date of this Indenture, so long as such encumbrance or restriction relates only to the property or assets so acquired and is not and was not created in anticipation of such acquisitions;
(12)    restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; and
(13)    any other agreement governing Indebtedness of the Company or any Guarantor that is permitted to be incurred by Section 4.09; provided , however , that such encumbrances or restrictions are not materially more restrictive, taken as a whole, than those contained in this Indenture or the Credit Agreement as it exists on the date of this Indenture.
Section 4.09.     Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock .

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The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), the Company will not, and will not permit any of its Restricted Subsidiaries to, issue any Disqualified Stock, and the Company will not permit any of its Restricted Subsidiaries (other than a Guarantor) to issue any preferred securities; provided , however , that the Issuers and any Guarantor may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, if, for the Company’s most recently ended four full fiscal quarters for which internal financial statements are available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock is issued, the Fixed Charge Coverage Ratio would have been at least 2.0 to 1.0, determined on a pro forma basis (including a pro forma application of the net proceeds therefrom), as if the additional Indebtedness had been incurred or Disqualified Stock or preferred securities had been issued, as the case may be, at the beginning of such four-quarter period.
The first paragraph of this Section 4.09 will not prohibit the incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”) or the issuance of any preferred securities described in clause (12) below:
(1)    the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness (including letters of credit) under one or more Credit Facilities, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (1) (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the Company and its Subsidiaries thereunder) and then outstanding does not exceed the greater of (a) $700.0 million or (b) the Borrowing Base;
(2)    [Reserved.];
(3)    the incurrence by the Company or any of its Restricted Subsidiaries of the Existing Indebtedness;
(4)    the incurrence by the Company and the Guarantors of Indebtedness represented by the Notes issued and sold on the Initial Issuance Date and the related Subsidiary Guarantees;
(5)    the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, Attributable Debt, mortgage financings or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost of construction or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary, including all Permitted Refinancing Indebtedness incurred to extend, refinance, renew, replace, defease or refund any Indebtedness incurred pursuant to this clause (5), provided that after giving effect to any such incurrence, the principal amount of all Indebtedness incurred pursuant to this clause (5) and then outstanding does not exceed the greater of (a) $100.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets at such time;
(6)    the incurrence by the Company or any of its Restricted Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to, extend, refinance, renew, replace, defease or refund Indebtedness that was permitted by this Indenture to be incurred under the first paragraph of this Section 4.09 or clauses (3) or (4) of this paragraph or this clause (6);

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(7)    the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries; provided , however , that:
(a)    if the Company is the obligor on such Indebtedness and a Guarantor is not the obligee, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Notes, or if a Guarantor is the obligor on such Indebtedness and neither the Company nor another Guarantor is the obligee, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations with respect to the Subsidiary Guarantee of such Guarantor; and
(b)    (i) any subsequent issuance or transfer of Equity Interests that results in any such Indebtedness being held by a Person other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other transfer of any such Indebtedness to a Person that is neither the Company nor a Restricted Subsidiary of the Company will be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (7);
(8)    the incurrence by the Company or any of its Restricted Subsidiaries of Swap Contracts in the ordinary course of business and not for speculative purposes, including any obligations with respect to letters of credit issued in connection therewith;
(9)    the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness of the Company or any of its Restricted Subsidiaries that was permitted to be incurred by another provision of this Section 4.09;
(10)    the incurrence by the Company or any of its Restricted Subsidiaries of obligations relating to net Hydrocarbon balancing positions arising in the ordinary course of business and consistent with past practice;
(11)    the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness in respect of bid, performance, surety and similar bonds issued for the account of the Company and any of its Restricted Subsidiaries in the ordinary course of business, including guarantees and obligations of the Company or any of its Restricted Subsidiaries with respect to letters of credit supporting such obligations (in each case other than an obligation for money borrowed);
(12)    the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of any preferred securities; provided , however , that:
(a)    any subsequent issuance or transfer of Equity Interests that results in any such preferred securities being held by a Person other than the Company or a Restricted Subsidiary of the Company; and
(b)    any sale or other transfer of any such preferred securities to a Person that is not either the Company or a Restricted Subsidiary of the Company
shall be deemed, in each case, to constitute an issuance of such preferred securities by such Restricted Subsidiary that was not permitted by this clause (12); and

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(13)    the incurrence by the Company or any of its Restricted Subsidiaries of Acquired Debt in connection with a merger or consolidation meeting either one of the financial tests set forth in clause (d) of Section 5.01; and
(14)    the incurrence by the Company or any of its Restricted Subsidiaries of additional Indebtedness, provided that, after giving effect to any such incurrence, the aggregate principal amount of all Indebtedness incurred under this clause (14) and then outstanding does not exceed the greater of (a) $100.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets.
For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness (including Acquired Debt) meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (14) above, or is entitled to be incurred pursuant to the first paragraph of this Section 4.09, the Company will be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such item of Indebtedness in any manner that complies with this Section 4.09. Any Indebtedness under the Credit Agreement on the date of this Indenture shall be considered incurred under clause (1) of the second paragraph of this Section 4.09 and may not later be classified or reclassified as incurred pursuant to the first paragraph of this Section 4.09.
The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.09, provided , in each such case, that the amount thereof is included in Fixed Charges of the Company as accrued. Further, the accounting reclassification of any obligation of the Company or any of its Restricted Subsidiaries as Indebtedness will not be deemed an incurrence of Indebtedness for purposes of this Section 4.09.
Section 4.10.     Limitation on Asset Sales .
The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:
(1)    the Company (or a Restricted Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the fair market value of the assets or Equity Interests issued or sold or otherwise disposed of;
(2)    the fair market value is determined by (a) an executive officer of the General Partner if the value is less than $35.0 million and evidenced by an Officers’ Certificate delivered to the Trustee, or (b) the Company’s Board of Directors if the value is $35.0 million or more and evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee;
(3)    at least 75% of the aggregate consideration received by the Company and its Restricted Subsidiaries in the Asset Sale is in the form of cash. For purposes of this provision, each of the following will be deemed to be cash:
(a)    any liabilities, as shown on the Company’s or any Restricted Subsidiary’s most recent balance sheet, of the Company or such Subsidiary (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets pursuant to a customary novation agreement that releases the Company or such Subsidiary from further liability; and

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(b)    any securities, notes or other obligations received by the Company or any such Restricted Subsidiary from such transferee that are, within 90 days after the Asset Sale, converted by the Company or such Subsidiary into cash, to the extent of the cash received in that conversion; and
(4)    if such Asset Sale constitutes a sale of Collateral, the Company or such Restricted Subsidiary, as the case may be, shall deposit the Net Proceeds therefrom immediately upon receipt thereof into the PP&E Proceeds Account as security for all Parity Lien Obligations. The Company shall promptly notify the Collateral Trustee (i) upon creation of the PP&E Proceeds Account and (ii) in the event that the PP&E Proceeds Account is closed for any reason and a successor PP&E Proceeds Account is opened, in each case, specifying the details of such PP&E Proceeds Account. Neither the Company nor any of its Restricted Subsidiaries shall permit any Lien on the PP&E Proceeds Account other than the Lien held by the Collateral Trustee for the benefit of the holders of the Parity Lien Obligations and any non-consensual Liens arising by operation of law. Notwithstanding the foregoing, the Company and its Restricted Subsidiaries shall not be required to cause any Net Proceeds to be held in the PP&E Account except to the extent that the aggregate Net Proceeds from all Asset Sales of Collateral that (x) are not held in the PP&E Account and (y) have not previously been applied in accordance with the provisions of the following paragraphs relating to the application of Net Proceeds from Asset Sales, exceed $10.0 million. Amounts held in the PP&E Proceeds Account may be used by the Company for any use permitted in this covenant.
Within 360 days after the receipt of any Net Proceeds from an Asset Sale, the Company or any Restricted Subsidiary may apply those Net Proceeds at its option to any combination of the following:
(I)
(a) with respect to any Net Proceeds from an Asset Sale of assets not constituting Collateral, to repay, redeem, repurchase or otherwise retire Senior Debt, including the Notes; and
(b) with respect to any Net Proceeds from an Asset Sale of Collateral, to (i) repay, redeem, repurchase or otherwise retire Parity Lien Debt and other outstanding Parity Lien Obligations or (ii) repay, redeem, repurchase or otherwise retire other Senior Debt; provided that the amount of Net Proceeds spent pursuant to this subclause (ii) for such purpose does not exceed the lesser of (x) 25% of the Net Proceeds of such Asset Sale and (y) an amount equal to $50.0 million minus the aggregate amount of Net Proceeds previously spent pursuant to this subclause (ii) since the Initial Issuance Date;
(II)    to acquire all or substantially all of the properties or assets of a Person primarily engaged in a Permitted Business;
(III)    to acquire a majority of the Voting Stock of a Person primarily engaged a Permitted Business;
(IV)    to make capital expenditures; or
(V)    to acquire other long-term assets that are used or useful in a Permitted Business.
Pending the final application of any Net Proceeds, the Company or any Restricted Subsidiary may invest the Net Proceeds in any manner that is not prohibited by this Indenture. Any Net Proceeds from Asset Sales that are not applied or invested as provided in the preceding paragraph will constitute “Excess Proceeds.”
On the 361st day after the Asset Sale (or, at the Company’s option, any earlier date), if the aggregate amount of Excess Proceeds then exceeds $50.0 million, the Company will make an Asset Sale Offer to all Holders of Notes, and to all holders of other Parity Lien Obligations containing provisions similar to those

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set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, to purchase the maximum principal amount of the Notes and such other Parity Lien Obligations that may be purchased out of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of the principal amount plus accrued and unpaid interest, if any, to the Settlement Date, subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the Settlement Date, and will be payable in cash. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company or any Restricted Subsidiary may use those Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes and other Parity Lien Obligations tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee will select the Notes and the trustee or agent for such other Parity Lien Obligations shall select such other Parity Lien Obligations to be purchased on a pro rata basis as set forth in Section 3.09(h). Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero, all amounts will be released from the PP&E Proceeds Account, and thereafter such funds may be used for any purpose not otherwise prohibited under this Indenture.
The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.10, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under such provisions by virtue of such conflict.
Section 4.11.     Limitation on Transactions with Affiliates .
The Company will not, and will not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each, an “Affiliate Transaction”), unless:
(1)    the Affiliate Transaction is on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person; and
(2)    the Company delivers to the Trustee with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of $50.0 million, a resolution of the Board of Directors of the Company set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.11 and that such Affiliate Transaction or series of related Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors of the Company.
The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to the provisions of the prior paragraph of this Section 4.11:
(1)    any employment, equity award, equity option or equity appreciation agreement or plan entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business;
(2)    transactions between or among any of the Company and its Restricted Subsidiaries;

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(3)    transactions with a Person that is an Affiliate of the Company solely because the Company owns an Equity Interest in such Person;
(4)    transactions effected in accordance with the terms of agreements that are identified in Schedule I to this Indenture, as such agreements are in effect on the date of this Indenture, and any amendment or replacement of any of such agreements so long as such amendment or replacement agreement is no less advantageous to the Company and its Restricted Subsidiaries in any material respect than the agreement so amended or replaced;
(5)    customary compensation, indemnification and other benefits made available to officers, directors or employees of the Company or a Restricted Subsidiary or Affiliate of the Company, including reimbursement or advancement of out-of-pocket expenses and provisions of officers’ and directors’ liability insurance;
(6)    sales of Equity Interests (other than Disqualified Stock) to Affiliates of the Company;
(7)    Permitted Investments or Restricted Payments that are permitted by Section 4.07;
(8)    payments to the General Partner with respect to reimbursement for expenses in accordance with the Partnership Agreement as in effect on the date of this Indenture and as it may be amended, provided that any such amendment is not less favorable to the Company in any material respect than the agreement prior to such amendment; and
(9)    in the case of contracts for the purchase or sale of Hydrocarbons or activities or services reasonably related thereto, or other operational contracts, any such contracts that are entered into in the ordinary course of business on terms substantially similar to those contained in similar contracts entered into by the Company or any of its Restricted Subsidiaries with third parties or otherwise on terms not materially less favorable to the Company and its Restricted Subsidiaries than those that would be available in a transaction with an unrelated third party.
Section 4.12.     Limitation on Liens .
The Company will not and will not permit any of its Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of any kind (other than Permitted Liens) securing Indebtedness or Attributable Debt upon any of their property or assets, now owned or hereafter acquired.

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Notwithstanding the foregoing, the Company will not, and will not permit any Restricted Subsidiary to, (i) incur any Indebtedness or Attributable Debt (other than the Notes and the Subsidiary Guarantees) that is secured by Liens on any Equity Interest in a Guarantor in reliance upon clauses (1) or (17) of the definition of Permitted Liens (or, solely with respect to any Lien incurred under clause (1) of such definition, clause (18) of such definition), unless in each case the Notes or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, are secured on an equal and ratable basis with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such time as such obligations are no longer secured by a Lien, or (ii) incur any Indebtedness or Attributable Debt (other than the Notes and the Subsidiary Guarantees and other than Credit Agreement Obligations) that is secured by junior priority Liens on any Credit Agreement Collateral in reliance upon clauses (1) or (17) of the definition of Permitted Liens (or, solely with respect to any Lien incurred under clause (1) of such definition, clause (18) of such definition), unless in each case the Notes or any Subsidiary Guarantee of such Restricted Subsidiary, as applicable, are secured on an equal and ratable basis with (or on a senior basis to, in the case of obligations subordinated in right of payment to the Notes or such Subsidiary Guarantee, as the case may be) the obligations so secured until such time as such obligations are no longer secured by a Lien.
Section 4.13.     Additional Subsidiary Guarantees .
If, after the date of this Indenture, any Restricted Subsidiary of the Company that is not already a Guarantor guarantees any Indebtedness of either of the Issuers or any Guarantor, or any Domestic Subsidiary, if not then a Guarantor, incurs any Indebtedness under a Credit Facility, then in either case that Subsidiary will become a Guarantor by executing a supplemental indenture substantially in the form of Annex A hereto and delivering it to the Trustee within twenty (20) Business Days of the date on which it guaranteed or incurred such Indebtedness, as the case may be. Any such guarantee shall be subject to release as described in Article 10.
Section 4.14.     Corporate Existence .
Except as otherwise permitted pursuant to the terms hereof (including consolidation and merger permitted by Section 5.01), the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect its organizational existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided , however , that the Company shall not be required to preserve the existence of any of its Restricted Subsidiaries (except Finance Corp.) if the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole and that the loss thereof is not adverse in any material respect to the Holders of the Notes.
Section 4.15.     Offer to Repurchase Upon Change of Control .
(1)    No later than 30 days following the occurrence of a Change of Control, unless the Issuers have previously or concurrently exercised their right to redeem all of the Notes pursuant to Section 3.07, the Company shall make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price (the “Change of Control Payment”) in cash equal to 101% (or, at the Company’s election, a higher percentage) of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, thereon to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant record date to receive

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interest due on an interest payment date that is on or prior to the Change of Control Settlement Date. No later than 30 days following a Change of Control, unless the Issuers have previously or concurrently exercised their right to redeem all of the Notes pursuant to Section 3.07, the Company shall mail a notice of the Change of Control Offer to each Holder and the Trustee describing the transaction that constitutes the Change of Control and stating:
(a)    that the Change of Control Offer is being made pursuant to this Section 4.15 and that all Notes validly tendered and not validly withdrawn will be accepted for payment;
(b)    the purchase price and the purchase date, which shall be no earlier than 30 days but no later than 60 days from the date such notice is mailed (the “Change of Control Purchase Date”);
(c)    that the Change of Control Offer will expire as of the time specified in such notice on the Change of Control Purchase Date and that the Company shall pay the Change of Control Purchase Price for all Notes accepted for purchase as of the Change of Control Purchase Date promptly thereafter on the Change of Control Settlement Date;
(d)    that any Note not tendered will continue to accrue interest;
(e)    that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Settlement Date;
(f)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender the Notes, properly endorsed for transfer, together with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed and such customary documents as the Company may reasonably request, to the Paying Agent at the address specified in the notice prior to the termination of the Change of Control Offer on the Change of Control Purchase Date;
(g)    that Holders will be entitled to withdraw their election if the Paying Agent receives, five (5) Business Days prior to the Change of Control Offer Settlement Date, a facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing its election to have the Notes purchased; and
(h)    that Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess of $2,000.
If any of the Notes subject to a Change of Control Offer is in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures of the Depository applicable to repurchases. Further, the Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.15, the Company will comply with the

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applicable securities laws and regulations and will not be deemed to have breached its obligations under such provisions by virtue of such conflict.
(2)    On the Change of Control Settlement Date, the Company shall, to the extent lawful, accept for payment all Notes or portions thereof (in minimum denominations of $2,000 and in integral multiples of $1,000 in excess of $2,000) properly tendered (and not validly withdrawn) pursuant to the Change of Control Offer. Promptly thereafter on the Change of Control Settlement Date the Company shall:
(a)    deposit with the Paying Agent by 11:00 a.m., New York City time, an amount equal to the Change of Control Payment in respect of all Notes or portions thereof so tendered (and not validly withdrawn); and
(b)    deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company.
On the Change of Control Settlement Date, the Paying Agent shall mail to each Holder of Notes properly tendered the Change of Control Payment for such Notes (or, if all the Notes are then in global form, make such payment through the facilities of the Depository) and the Trustee shall authenticate, upon Company Order, and mail (or appropriate adjustments will be made in accordance with Applicable Procedures with respect to Global Notes) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided , however , that each such new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess of $2,000. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Purchase Date.
(3)    The Change of Control provisions of this Section 4.15 shall be applicable whether or nor any other provisions of this Indenture are applicable.
(4)    Prior to complying with any of the provisions of this Section 4.15, but in any event no later than the Change of Control Settlement Date, the Company or any Guarantor must either repay all of its other outstanding Senior Debt or obtain the requisite consents, if any, under all agreements governing such Senior Debt if and to the extent needed to permit the repurchase of Notes required by this Section 4.15.
(5)    The Company shall not be required to make a Change of Control Offer following a Change of Control if a third party makes the Change of Control Offer in the manner, at the time and otherwise in compliance with the requirements set forth in this Section 4.15 applicable to a Change of Control Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary contained herein, a Change of Control Offer by the Company or a third party may be made in advance of a Change of Control, conditioned upon the consummation of such Change of Control, if a definitive agreement is in place for the Change of Control at the time the Change of Control Offer is made.
Section 4.16.     Permitted Business Activities .
The Company will not, and will not permit any Restricted Subsidiary to, engage in any business other than a Permitted Business, except to such extent as would not be material to the Company and its Restricted Subsidiaries taken as a whole.

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Finance Corp. shall not incur Indebtedness unless (1) the Company is a co-obligor or guarantor of such Indebtedness or (2) the net proceeds of such Indebtedness are loaned to the Company, used to acquire outstanding debt securities issued by the Company or used to repay Indebtedness of the Company as permitted under Section 4.09. Finance Corp. shall not engage in any business not related directly or indirectly to obtaining money or arranging financing for the Company or its Restricted Subsidiaries.
Section 4.17.     Sale and Leaseback Transactions .
The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale and Leaseback Transaction; provided , however , that the Company or any of its Restricted Subsidiaries may enter into a Sale and Leaseback Transaction if:
(1)    the Company or that Restricted Subsidiary, as applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such Sale and Leaseback Transaction under the Fixed Charge Coverage Ratio test in the first paragraph of Section 4.09 and (b) incurred a Lien to secure such Indebtedness pursuant to Section 4.12;
(2)    the gross cash proceeds of that Sale and Leaseback Transaction are at least equal to the fair market value, as determined in accordance with the definition of that term in Section 1.01 and set forth in an Officers’ Certificate delivered to the Trustee, of the property that is the subject of that Sale and Leaseback Transaction; and
(3)    the transfer of assets in that Sale and Leaseback Transaction is permitted by Section 4.10.
Section 4.18.     Covenant Suspension .
If at any time (a) the rating assigned to the Notes by either S&P or Moody’s is an Investment Grade Rating, (b) no Default has occurred and is continuing under this Indenture and (c) the Issuers have delivered to the Trustee an Officers’ Certificate specifying its election to suspend covenants in accordance with this Section 4.18 and certifying to the foregoing provisions of this sentence, the Company and its Restricted Subsidiaries will no longer be subject to the provisions of Sections 3.09, 4.07, 4.08, 4.09, 4.10, 4.11, 4.16, clauses (1)(a) and (3) of Section 4.17, and clause (d) of Section 5.01 of this Indenture (collectively, the “Suspended Covenants”); provided , however , the Company and its Restricted Subsidiaries will remain subject to all of the other provisions of this Indenture. After the foregoing covenants have been suspended, the Company may not designate any of its Subsidiaries as Unrestricted Subsidiaries. Thereafter, if either S&P or Moody’s withdraws its ratings or downgrades the ratings assigned to the Notes below the Investment Grade Rating so that the Notes do not have an Investment Grade Rating from either S&P or Moody’s, the Company and its Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants, subject to the terms, conditions and obligations set forth herein (each such date of reinstatement being the “Reinstatement Date”). Compliance with the Suspended Covenants with respect to Restricted Payments made after the Reinstatement Date will be calculated in accordance with the terms of Section 4.07 of this Indenture as though such covenants had been in effect during the period since the Initial Issuance Date.
Section 4.19.     Designation of Restricted and Unrestricted Subsidiaries .
The Board of Directors of the Company may designate any Restricted Subsidiary of the Company to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary of the Company is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted Subsidiaries in the Subsidiary properly designated

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as an Unrestricted Subsidiary will be deemed to be either an Investment made as of the time of the designation that will reduce the amount available for Restricted Payments under the first paragraph of Section 4.07 or represent Permitted Investments, as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the Subsidiary so designated otherwise meets the definition of an Unrestricted Subsidiary.
The Board of Directors of the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be permitted if (1) such Indebtedness is permitted under Section 4.09, calculated on a pro forma basis as if such designation had occurred at the beginning of the four-quarter reference period, and (2) no Default or Event of Default would be in existence following such designation.
ARTICLE 5    
SUCCESSORS
Section 5.01.     Merger, Consolidation, or Sale of Assets .
Neither of the Issuers may, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not such Issuer is the survivor), or (2) sell, assign, transfer, lease, convey or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions to another Person, unless:
(a)    either (1) such Issuer is the survivor or (2) the Person formed by or surviving any such consolidation or merger (if other than such Issuer ) or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made is a Person organized or existing under the laws of the United States, any state of the United States or the District of Columbia; provided , however , that Finance Corp. may not consolidate or merge with or into any Person other than a corporation satisfying such requirement so long as the Company is not a corporation;
(b)    the Person formed by or surviving any such consolidation or merger (if other than such Issuer) or the Person to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made assumes all the obligations of such Issuer under the Notes, this Indenture and the other Note Documents pursuant to agreements reasonably satisfactory to the Trustee and the Collateral Trustee, as applicable;
(c)    immediately after such transaction no Default or Event of Default exists;
(d)    in the case of a transaction involving the Company and not Finance Corp., either;
(i)    the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition shall have been made will, at the time of such transaction and after giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09 hereof; or

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(ii)    immediately after giving effect to such transaction and any related financing transactions on a pro forma basis as if the same had occurred at the beginning of the Company’s most recently ended four full quarters for which internal financial statements are available immediately preceding the date of the transactions, the Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made, will be equal to or greater than the Fixed Charge Coverage Ratio of the Company immediately before such transactions;
(e)    the Person formed by or surviving any such consolidation or merger (if other than an Issuer), or to which such sale, assignment, transfer, lease, conveyance or other disposition has been made has taken such action as may be reasonably necessary to cause any property or assets that constitute Collateral owned by or transferred to such Person to continue to constitute Collateral and to be subject to the Parity Liens in the manner and to the extent required under the Note Documents; and
(f)    such Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger or disposition and such supplemental indenture (if any) comply with this Indenture.
Notwithstanding the restrictions described in the foregoing clause (d), any Restricted Subsidiary (other than Finance Corp.) may consolidate with, merge into or dispose of all or part of its properties and assets to the Company without complying with the preceding clause (d) in connection with any such consolidation, merger or disposition.
Notwithstanding the second preceding paragraph of this Section 5.01, the Company may reorganize as any other form of entity in accordance with the following procedures provided that:
(1)    the reorganization involves the conversion (by merger, sale, contribution or exchange of assets or otherwise) of the Company into a form of entity other than a limited partnership formed under Delaware law;
(2)    the entity so formed by or resulting from such reorganization is an entity organized or existing under the laws of the United States, any state thereof or the District of Columbia;
(3)    the entity so formed by or resulting from such reorganization assumes all the obligations of the Company under the Notes, this Indenture and the other Note Documents pursuant to agreements reasonably satisfactory to the Trustee;
(4)    immediately after such reorganization no Default or Event of Default exists; and
(5)    such reorganization is not materially adverse to the Holders or Beneficial Owners of the Notes (for purposes of this clause (5) a reorganization will not be considered materially adverse to the Holders or Beneficial Owners of the Notes solely because the successor or survivor of such reorganization (a) is subject to federal or state income taxation as an entity or (b) is considered to be an “includible corporation” of an affiliated group of corporations within the meaning of Section 1504(b) of the Code or any similar state or local law).
Section 5.02.     Successor Substituted .

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(a)    Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets of an Issuer in accordance with Section 5.01 hereof, the successor formed by such consolidation or into or with which such Issuer is merged or to which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and may exercise every right and power of, such Issuer under this Indenture with the same effect as if such successor had been named as such Issuer herein and shall be substituted for such Issuer (so that from and after the date of such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture referring to the “Company” or “Finance Corp.,” as the case may be, shall refer instead to the successor and not to the Company or Finance Corp., as the case may be); and thereafter, except in the case of a lease of all or substantially all of its properties or assets in accordance with this Indenture, it shall be discharged and released from all obligations and covenants under this Indenture and the Notes. The Trustee, upon request of and at the expense of the applicable Issuer, shall enter into a supplemental indenture to evidence the succession and substitution of such successor and such discharge and release of such Issuer.
ARTICLE 6    
DEFAULTS AND REMEDIES
Section 6.01.     Events of Default .
An “Event of Default” occurs if one of the following shall have occurred and be continuing (whatever the reason for such Event of Default and whether it shall be involuntary or be effected by operation of law):
(a)    an Issuer defaults in the payment when due of interest with respect to, the Notes, and such default continues for a period of 30 days;
(b)    an Issuer defaults in the payment of the principal of or premium, if any, on the Notes when due at its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise;
(c)    the Company fails to comply with its obligations to offer to repurchase Notes or repurchase Notes when required under the provisions of Sections 3.09, 4.10, 4.15 or the Company fails to comply with Section 5.01 hereof;
(d)    the Company fails to comply with the provisions of Section 4.03 for 180 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding of such failure;
(e)    the Company fails to comply with any other covenant or other agreement in this Indenture or the Notes for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in principal amount of the Notes then outstanding of such failure;
(f)    a default occurs under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its Restricted Subsidiaries), whether such Indebtedness or guarantee now exists or is created after the date of this Indenture, if such default:
(i)    is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of any grace period provided in such Indebtedness (a “Payment Default”) or

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(ii)    results in the acceleration of such Indebtedness prior to its Stated Maturity;
and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $50.0 million or more; provided , however , that if any such Payment Default is cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within a period of 60 days from the continuation of such Payment Default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree;
(g)    the Company or any of its Restricted Subsidiaries fails to pay final judgments aggregating in excess of $50.0 million (to the extent not covered by insurance by a reputable and creditworthy insurer as to which the insurer has not disclaimed coverage), which judgments are not paid, discharged or stayed for a period of 60 days;
(h)    except as permitted by this Indenture, any Subsidiary Guarantee is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or disaffirms its obligations under its Subsidiary Guarantee; and
(i)    the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company pursuant to or within the meaning of Bankruptcy Law:
(i)    commences a voluntary case,
(ii)    consents in writing to the entry of an order for relief against it in an involuntary case,
(iii)    consents in writing to the appointment of a Custodian of it or for all or substantially all of its property,
(iv)    makes a general assignment for the benefit of its creditors, or
(v)    admits in writing it generally is not paying its debts as they become due;
(j)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i)    is for relief against the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company in an involuntary case;
(ii)    appoints a Custodian of the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company or for all or substantially all of the property of the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of

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Restricted Subsidiaries of the Company, that, taken together, would constitute a Significant Subsidiary of the Company; or
(iii)    (3)    orders the liquidation of the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company;
and the order or decree remains unstayed and in effect for 60 consecutive days; and
(k)    the occurrence of any of the following:
(i)        any Security Document for the benefit of the Holders of the Notes is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect, other than in accordance with the terms of the relevant Security Documents or the Collateral Trust Agreement;
(ii)        with respect to any Collateral having a fair market value in excess of $20.0 million, individually or in the aggregate, (A) the failure of the security interest with respect to such Collateral under any Security Document, at any time, to be in full force and effect for any reason other than in accordance with the terms of such Security Document and the terms of this Indenture or the Collateral Trust Agreement, as applicable, and other than the satisfaction in full of all obligations under this Indenture and discharge of this Indenture if such failure continues for 60 days or (B) the assertion by any Obligor, in any pleading in any court of competent jurisdiction, that any such security interest is invalid, unperfected or unenforceable; or
(iii)        any Obligor, or any Person acting on behalf of such Obligor, denies or disaffirms in writing, any obligation of any Obligor set forth in or arising under the Collateral Trust Agreement or any other Security Document for the benefit of the Holders of Notes.
Section 6.02.     Acceleration .
If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately, together with all accrued and unpaid interest and premium, if any, thereon. Notwithstanding the preceding, if an Event of Default specified in clause (i) or (j) of Section 6.01 hereof occurs with respect to the Company, Finance Corp., any of the Company’s Restricted Subsidiaries that is a Significant Subsidiary of the Company or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary of the Company, all outstanding Notes shall become due and payable without further action or notice, together with all accrued and unpaid interest and premium, if any, thereon. The Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee may on behalf of all of the Holders rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except with respect to nonpayment of principal, interest or premium that have become due solely because of the acceleration) have been cured or waived.
If the Notes are accelerated or otherwise become due prior to their maturity date, in each case, as a result of an Event of Default on or after April 15, 2018, the amount of principal of, accrued and unpaid interest and premium on the Notes that becomes due and payable shall equal the redemption price applicable

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with respect to an optional redemption of the Notes, in effect on the date of such acceleration as if such acceleration were an optional redemption of the Notes accelerated. If the Notes are accelerated or otherwise become due prior to their maturity date, in each case, as a result of an Event of Default prior to April 15, 2018, the amount of principal of, accrued and unpaid interest and premium on the Notes that becomes due and payable shall equal 100% of the principal amount of the Notes redeemed plus the Make Whole Premium in effect on the date of such acceleration, as if such acceleration were an optional redemption of the Notes accelerated.
Without limiting the generality of the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior to their maturity date, in each case, in respect of any Event of Default (including, but not limited to, upon the occurrence of a bankruptcy or insolvency event (including the acceleration of claims by operation of law)), the premium applicable with respect to an optional redemption of the Notes will also be due and payable, in cash, as though the Notes were optionally redeemed and shall constitute part of the Obligations under the Note Documents, in view of the impracticability and extreme difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of each Holder’s lost profits as a result thereof. Any premium payable above shall be presumed to be the liquidated damages sustained by each Holder as the result of the early redemption and the Issuers agree that it is reasonable under the circumstances currently existing. The premium shall also be payable in the event the Notes (and/or the indenture) are satisfied or released by foreclosure (whether by power of judicial proceeding), deed in lieu of foreclosure or by any other means. THE ISSUERS EXPRESSLY WAIVE (TO THE FULLEST EXTENT THEY MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuers expressly agree (to the fullest extent they may lawfully do so) that:
(a)    the premium is reasonable and is the product of an arm’s length transaction between sophisticated business people, ably represented by counsel;
(b)    the premium shall be payable notwithstanding the then prevailing market rates at the time payment is made;
(c)    there has been a course of conduct between Holders and the Issuers giving specific consideration in this transaction for such agreement to pay the premium; and
(d)    the Issuers shall be estopped hereafter from claiming differently than as agreed to in this paragraph. The Issuers expressly acknowledge that their agreement to pay the premium to Holders as herein described is a material inducement to Holders to purchase the Notes .
Section 6.03.     Other Remedies .
If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of and interest and premium, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture.
The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

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Section 6.04.     Waiver of Past Defaults .
Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of or premium or interest on the Notes. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.
Section 6.05.     Control by Majority .
Holders of a majority in principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability.
Section 6.06.     Limitation on Suits .
A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if:
(a)    the Holder of a Note gives to the Trustee written notice of a continuing Event of Default;
(b)    the Holders of at least 25% in principal amount of the then outstanding Notes make a written request to the Trustee to pursue the remedy;
(c)    such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity or security satisfactory to the Trustee against any loss, liability or expense;
(d)    the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity or security; and
(e)    during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a direction inconsistent with the request.
A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note.
Section 6.07.     Rights of Holders of Notes to Receive Payment .
Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal of and interest and premium, if any, on the Note, on or after the respective due dates expressed in the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be amended or waived without the consent of such Holder.
Section 6.08.     Collection Suit by Trustee .
If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Issuers and the Guarantors for the whole amount of principal of, and interest and premium, if any remaining unpaid on the

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Notes and interest on overdue principal and, to the extent lawful, interest, and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, and the reasonable expenses, disbursements and advances of the Trustee, its agents and counsel.
Section 6.09.     Trustee May File Proofs of Claim .
The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the Notes), their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.
Section 6.10.     Priorities .
If the Trustee collects any money or property pursuant to this Article, it shall pay out the money or property in the following order:
First:    to the Trustee, the Agents and their respective agents and attorneys for amounts due under this Indenture, including payment of all compensation, indemnity amounts, expense and liabilities incurred, and all advances made, by any of them and their costs and expenses of collection;
Second:    to Holders of Notes for amounts due and unpaid on the Notes for principal, interest and premium, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, interest and premium, if any, respectively; and
Third:    to the Issuers or to such party as a court of competent jurisdiction shall direct.
The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.
Section 6.11.     Undertaking for Costs .
In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having

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due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes.
Section 6.12.     Restoration of Rights and Remedies .
If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceedings, the Issuers, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted.
Section 6.13.     Rights and Remedies Cumulative .
Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07 hereof, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.
Section 6.14.     Delay or Omission Not Waiver .
No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.
ARTICLE 7    
TRUSTEE
Section 7.01.     Duties of Trustee .
(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs.
(b)    Except during the continuance of an Event of Default:
(i)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and
(ii)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, and shall be protected in acting or refraining from acting upon certificates or opinions furnished to the Trustee and

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conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate mathematical calculations or other facts stated therein).
(c)    The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that:
(i)    this paragraph does not limit the effect of paragraph (b) of this Section 7.01;
(ii)    the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts;
(iii)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof; and
(iv)    no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.
(d)    Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section 7.01.
(e)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with an Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law.
Section 7.02.     Rights of Trustee .
(a)    The Trustee may conclusively rely and shall be fully protected in acting or refraining from acting upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive and retain financial reports and statements of the Issuers as provided herein, but shall have no duty to review or analyze such reports or statements to determine compliance with covenants or other obligations of the Issuers.
(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. No such Officers’ Certificate or Opinion of Counsel shall be at the expense of the Trustee. The Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.
(c)    The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care.

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(d)    The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its discretion, rights or powers conferred upon it by this Indenture.
(e)    Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from an Issuer shall be sufficient if signed by an Officer of such Issuer.
(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders unless such Holder shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses, losses and liabilities that might be incurred by it in compliance with such request or direction.
(g)    The Trustee shall have no duty to inquire as to the performance of the Issuers’ covenants in Article 4 hereof. In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of Default except: (1) any Event of Default occurring pursuant to Section 6.01(a) or 6.01(b) hereof; or (2) any Default or Event of Default of which a Responsible Officer shall have received written notification or obtained actual knowledge.
(h)    The right of the Trustee to perform any discretionary act enumerated hereunder shall not be construed as a duty.
(i)    The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder and each agent and other person employed to act hereunder and in its capacity as Trustee under any other agreement executed in connection with this Indenture to which the Trustee is a party.
(j)    In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action.
(k)    The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any Officers’ certificate previously delivered and not superseded.
(l)    Any request or direction of an Issuer mentioned herein shall be sufficiently evidenced by a written request or order signed by an Officer of such Issuer, and any resolution of the board of directors shall be sufficiently evidenced by a Board Resolution.
(m)    The Trustee shall not be required to give any bond or surety in respect of the execution of the powers granted hereunder.
(n)    The Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruptions, loss or malfunctions of utilities, computer (hardware or software) or communications service, accidents; labor disputes; acts of civil or military authority or governmental actions (it being understood that the Trustee shall use commercially reasonable efforts to resume performance as soon as practicable under the circumstances).

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Section 7.03.     Individual Rights of Trustee .
The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, any Guarantor or any Affiliate of the Issuers with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest (as defined in the TIA) after a Default has occurred and is continuing, it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the Trust Indenture Act) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Section 7.10 hereof.
Section 7.04.     Trustee’s Disclaimer .
The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for either Issuer’s use of the proceeds from the Notes or any money paid to an Issuer or upon either Issuer’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.
Section 7.05.     Notice of Defaults .
If a Default or Event of Default occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after a Responsible Officer acquires actual knowledge or has received written notice of such Default or Event of Default unless such Default or Event of Default has been cured or waived. Except in the case of a Default or Event of Default in payment of principal of or interest or premium, if any, on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.
Section 7.06.     [Reserved] .
Section 7.07.     Compensation and Indemnity .
The Issuers shall pay to the Trustee from time to time such compensation as the Issuers and the Trustee may agree in writing for the Trustee’s acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the compensation, and reasonable disbursements and expenses of the Trustee’s agents and counsel.
The Issuers and the Guarantors, jointly and severally, shall indemnify the Trustee and its officers, directors, employees, agents and any predecessor trustee and its officers, directors, employees and agents and hold each of the foregoing harmless against any and all losses, damages, claims, liabilities or expenses (including the reasonable fees and expenses of counsel and taxes other than those based on the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuers and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by an Issuer, any Guarantor or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense

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may be attributable to its negligence, bad faith or willful misconduct. The Trustee shall notify the Issuers and the Guarantors promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers and the Guarantors shall not relieve the Issuers or the Guarantors of their obligations hereunder. The Issuers and the Guarantors shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Issuers and the Guarantors shall pay the reasonable fees and expenses of such counsel. The Issuers and the Guarantors need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld. Neither the Issuers nor the Guarantors need reimburse the Trustee for any expense or indemnity against any liability or loss of the Trustee to the extent such expense, liability or loss is attributable to the negligence, bad faith or willful misconduct of the Trustee.
The obligations of the Issuers and the Guarantors under this Section 7.07 shall survive the resignation or removal of the Trustee and the satisfaction and discharge of this Indenture.
To secure the Issuers’ and the Guarantors’ payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture.
When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(i) or (j) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.
Section 7.08.     Replacement of Trustee .
A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.
The Trustee may resign in writing upon 30 days notice at any time and be discharged from the trust hereby created by so notifying the Issuers. The Holders of Notes of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing and may appoint a successor trustee with the consent of the Issuers. The Issuers may remove the Trustee if:
(a)    the Trustee fails to comply with Section 7.10 hereof;
(b)    the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;
(c)    a receiver, Custodian or public officer takes charge of the Trustee or its property; or
(d)    the Trustee becomes incapable of acting.
If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuers shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Issuers.
If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Issuers’ expense), the Issuers or the Holders of Notes of at least 10%

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in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee.
If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at least six months, fails to comply with Section 7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.
A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders of the Notes. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuers’ and the Guarantors’ obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee.
Section 7.09.     Successor Trustee by Merger, etc .
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee.
Section 7.10.     Eligibility; Disqualification .
There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50 million as set forth in its most recent published annual report of condition.
ARTICLE 8    
LEGAL DEFEASANCE AND COVENANT DEFEASANCE
Section 8.01.     Option to Effect Legal Defeasance or Covenant Defeasance .
The Issuers may, at the option of their respective Boards of Directors evidenced by a resolution set forth in an Officers’ Certificate, at any time, exercise their rights under either Section 8.02 or 8.03 hereof with respect to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.
Section 8.02.     Legal Defeasance and Discharge .
Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.02, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have discharged their obligations with respect to all outstanding Notes, and each Guarantor shall be deemed to have discharged its obligations with respect to its Subsidiary Guarantee, on the date the conditions set forth in Section 8.04 below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, and each Guarantor shall be deemed to have paid and discharged its Subsidiary Guarantee (which in each case shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b) below) and to have

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satisfied all its other obligations under such Notes or Subsidiary Guarantee and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of and interest and premium, if any, on such Notes when such payments are due, (b) the Issuers’ obligations with respect to such Notes under Sections 2.03, 2.04, 2.06, 2.07, 2.09 and 4.02 hereof and the Appendix, (c) the rights, powers, trusts, duties and immunities of the Trustee and the Agents hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith and (d) the Legal Defeasance provisions of this Article 8. Subject to compliance with this Article 8, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof.
If the Issuers exercise their Legal Defeasance option, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee, and any security for the Notes (other than the trust) will be released and the Security Documents, insofar as they relate to the rights of Holders of the Notes, will cease to be of further effect with respect to the Notes.
Section 8.03.     Covenant Defeasance .
Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from their obligations under the covenants contained in Article 4 (other than those in Sections 4.01, 4.02, 4.06 and 4.14), Article 12 and in clauses (d) and (e) of Section 5.01 hereof on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes, the Issuers and any Guarantor may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Issuers’ exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(f) through 6.01(h) hereof shall not constitute Events of Default.
If the Issuers exercise their Covenant Defeasance option, each Guarantor will be released and relieved of any obligations under its Subsidiary Guarantee and any security for the Notes (other than the trust) will be released and the Security Documents, insofar as they relate to the rights of Holders of the Notes, will cease to be of further effect with respect to the Notes.
Section 8.04.     Conditions to Legal or Covenant Defeasance .
In order to exercise either Legal Defeasance or Covenant Defeasance:
(a)    the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest and premium, if any, on the outstanding Notes on the date of fixed maturity or on

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the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to the date of fixed maturity or to a particular redemption date;
(b)    in the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that:
(i)    the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or
(ii)    since the date of this Indenture, there has been a change in the applicable federal income tax law,
in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;
(c)    in the case of an election under Section 8.03 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred;
(d)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);
(e)    such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;
(f)    the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding creditors of the Issuers or others; and
(g)    the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.
Section 8.05.     Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions .
Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 or 8.08 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company or any of its Subsidiaries acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such money need not be segregated from other funds except to the extent required by law.

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The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or 8.08 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.
Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the written request of the Issuers any money or non-callable Government Securities held by it as provided in Section 8.04 or 8.08 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance, Covenant Defeasance or Discharge, as the case may be.
Section 8.06.     Repayment to Issuers .
Subject to applicable escheat and abandoned property laws, any money or non-callable Government Securities deposited with the Trustee or any Paying Agent, or then held by an Issuer, in trust for the payment of the principal of or interest or premium, if any, on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuers on their written request or (if then held by an Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money or non-callable Government Securities, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided , however , that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the written direction and expense of the Issuers cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuers.
Section 8.07.     Reinstatement .
If the Trustee or Paying Agent is unable to apply any money or non-callable Government Securities in accordance with Section 8.05 hereof, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.05 hereof; provided , however , that, if an Issuer makes any payment of principal of or premium or interest on any Note following the reinstatement of its obligations, such Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.
Section 8.08.     Discharge .
This Indenture shall be satisfied and discharged and shall cease to be of further effect as to all Notes issued hereunder (except for (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in clause (1)(b) of this Section 8.08, and as more fully set forth in such clause (1)(b), payments in respect of the principal of and interest and premium, if any, on such Notes when such payments are due, (b) the Issuers’ obligations with respect to such Notes under Sections 2.03, 2.04, 2.06, 2.07, 2.09 and 4.02 hereof and the Appendix and (c) the rights, powers, trusts, duties and immunities of the Trustee and the Agents hereunder and the Issuers’ and the Guarantors’ obligations in connection therewith), and the Security

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Documents, insofar as they relate to the rights of Holders of the Notes, will cease to be of further effect with respect to the Notes, when:
(1)    either:
(a)    all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has been deposited in trust and thereafter repaid to the Issuers, have been delivered to the Trustee for cancellation; or
(b)    all Notes that have not been delivered to the Trustee for cancellation have become due and payable or will become due and payable within one year by reason of the mailing of a notice of redemption or otherwise, and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on the Notes not delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of fixed maturity or redemption ( provided that if such redemption is made as provided in Section 3.07(c), (x) the amount of cash in U.S. dollars, non-callable Government Securities, or a combination thereof, that must be irrevocably deposited will be determined using an assumed Make Whole Premium calculated as of the date of such deposit and (y) the depositor must irrevocably deposit or cause to be deposited additional money in trust on the redemption date as necessary to pay the Make Whole Premium as determined by such date);
(2)    the Issuers or any Guarantor have paid or caused to be paid all sums payable by it under this Indenture;
(3)    the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Notes at fixed maturity or the redemption date, as the case may be; and
(4)    the Issuers have delivered an Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge of this Indenture (“Discharge”) have been satisfied.
ARTICLE 9    
AMENDMENT, SUPPLEMENT AND WAIVER
Section 9.01.     Without Consent of Holders of Notes .
Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the Security Documents (subject, in the case of the Security Documents, to any further requirements in the Collateral Trust Agreement), without the consent of any Holder of a Note:
(a)    to cure any ambiguity, defect or inconsistency;
(b)    to provide for uncertificated Notes in addition to or in place of certificated Notes;
(c)    to provide for the assumption of an Issuer’s obligations to the Holders of Notes pursuant to Article 5 hereof;

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(d)    to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder, provided that any change to conform this Indenture to the Offering Memorandum shall not be deemed to adversely affect the legal rights hereunder of any Holder;
(e)    to provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;
(f)    to add any additional Guarantor with respect to the Notes or to evidence the release of any Guarantor from its Subsidiary Guarantee in accordance with Article 10 hereof;
(g)    to make, complete or confirm any grant of a Lien over any Collateral permitted or required by this Indenture or any of the Security Documents or any release, termination or discharge of a Lien on any Collateral that becomes effective as set forth in this Indenture or any of the Security Documents;
(h)    to grant any Lien for the benefit of the holders of any future Parity Lien Obligations in accordance with and permitted by the terms of this Indenture and the Collateral Trust Agreement;
(i)    to add additional secured parties to the Collateral Trust Agreement and Intercreditor Agreement to the extent Liens securing obligations held by such parties are permitted under this Indenture;
(j)    to mortgage, pledge, hypothecate or grant a security interest in favor of the Collateral Trustee for the benefit of the Trustee and the Holders of the Notes as additional security for the payment and performance of Obligors’ obligations under this Indenture, in any property, or assets, including any of which are required to be mortgaged, pledged or hypothecated, or in which a security interest is required to be granted to the Trustee or the Collateral Trustee in accordance with the terms of this Indenture or otherwise;
(k)    to provide for the succession of any parties to the Security Documents (and other amendments that are administrative or ministerial in nature), the Collateral Trust Agreement and the Intercreditor Agreement in connection with an amendment, renewal, extension, substitution, refinancing, restructuring, replacement, supplementing or other modification from time to time of any agreement in accordance with the terms of this Indenture and the relevant Security Document, the Collateral Trust Agreement and the Intercreditor Agreement; or
(l)    to evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee.
Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise.
Section 9.02.     With Consent of Holders of Notes .
Except as provided above in Section 9.01 and below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Security Documents may be amended or supplemented, in each case, with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, or tender offer

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or exchange offer for, Notes, and subject, in the case of the Security Documents, to any further requirements in the Collateral Trust Agreement), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default or compliance with any provision of this Indenture or the Notes or the Security Documents may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (including consents obtained in connection with a purchase of, tender offer or exchange offer for Notes and subject, in the case of the Security Documents, to any further requirements in the Collateral Trust Agreement). However, without the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder):
(a)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver;
(b)    reduce the principal of or change the fixed maturity of any Note or alter any of the provisions with respect to the redemption or repurchase of the Notes (except as provided in Sections 3.09, 4.10 and 4.15 hereof);
(c)    reduce the rate of or change the time for payment of interest on any Note;
(d)    waive a Default or Event of Default in the payment of principal of or interest or premium, if any on the Notes (except a rescission of acceleration of the Notes by the Holders of a majority in principal amount of the Notes and a waiver of the payment default that resulted from such acceleration);
(e)    make any Note payable in money other than that stated in the Notes;
(f)    make any change in the provisions of this Indenture relating to waivers of past Defaults or Events of Default or the rights of Holders of Notes to receive payments of principal of or interest or premium, if any, on the Notes (except as permitted in clause (g) below) (it being understood that changes to covenants or definitions or other actions that do not expressly change provisions of the Notes or this Indenture providing for payments of principal, interest or premium, if any, will not be deemed for any purpose in this Indenture or the Notes to change or impair the rights of holders to receive payments of principal, interest or premium, if any, on the Notes);
(g)    waive a redemption or repurchase payment with respect to any Note (other than a payment required by Sections 3.09, 4.10 and 4.15 hereof);
(h)    release any Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture, except in accordance with the terms of this Indenture; or
(i)    make any change in the preceding amendment, supplement and waiver provisions.
In addition, any amendment to, or waiver of, the provisions of this Indenture or any Security Document that has the effect of releasing all or substantially all of the Collateral from the Liens securing the Notes (other than in accordance with the Note Documents) will require the consent of the Holders of at least 66-2/3% in aggregate principal amount of the Notes then outstanding.
Upon the request of the Issuers accompanied by Board Resolutions authorizing their execution of any such amended or supplemental indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 9.06 hereof, the Trustee shall join with the Issuers and the Guarantors in the execution of such amended or supplemental indenture, unless such amended or supplemental indenture

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affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter into such amended or supplemental indenture.
It shall not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof.
After an amendment, supplement or waiver under this Section becomes effective, the Company shall mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver.
Section 9.03.     [Reserved] .
Section 9.04.     Effect of Consents .
After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (a) through (i) of Section 9.02, in which case, the amendment, supplement or waiver shall bind only each Holder of a Note who has consented to it and every subsequent Holder of a Note or portion of a Note that evidences the same indebtedness as the consenting Holder’s Note.
Section 9.05.     Notation on or Exchange of Notes .
The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers, in exchange for all Notes, may issue and the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver.
Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.
Section 9.06.     Trustee to Sign Amendments, etc .
The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that all conditions precedent are satisfied.
ARTICLE 10    
GUARANTEES OF NOTES
Section 10.01.     Subsidiary Guarantees .
Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes held thereby and the Obligations of the Issuers hereunder and thereunder, that: (a) the principal of and interest and premium, if any, on the Notes will be promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest on the overdue

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principal of and premium, and (to the extent permitted by law) interest on the Notes, and all other payment Obligations of the Issuers to the Holders or the Trustee hereunder or thereunder will be promptly paid in full and performed, all in accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment or renewal of any Notes or any of such other Obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise. Failing payment when so due of any amount so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. An Event of Default under this Indenture or the Notes shall constitute an event of default under the Subsidiary Guarantees, and shall entitle the Holders to accelerate the obligations of the Guarantors hereunder in the same manner and to the same extent as the Obligations of the Issuers.
The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against an Issuer, any action to enforce the same or any other circumstance (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of an Issuer, any right to require a proceeding first against an Issuer, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee will not be discharged except by complete performance of the Obligations contained in the Notes and this Indenture.
If any Holder or the Trustee is required by any court or otherwise to return to an Issuer, the Guarantors, or any Custodian, Trustee or other similar official acting in relation to any of the Issuers or the Guarantors, any amount paid by an Issuer or any Guarantor to the Trustee or such Holder, the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to, and hereby waives, any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby.
Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (a) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Obligations guaranteed thereby, and (b) in the event of any declaration of acceleration of such Obligations as provided in Article 6 hereof, such Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of its Subsidiary Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantees.
Section 10.02.     [Reserved] .
Section 10.03.     Guarantors May Consolidate, etc., on Certain Terms .
(a)    No Guarantor shall consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person (other than the Company or another Guarantor), unless, (i) either (1) the Person formed by or surviving any such consolidation or merger (if other than the Company or a Guarantor) (x) unconditionally assumes all the obligations of such Guarantor, pursuant to a supplemental indenture, substantially in the form of Annex A hereto, under the Notes, this Indenture and its Subsidiary

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Guarantee, the Intercreditor Agreement, the Collateral Trust Agreement and the other Security Documents on terms set forth therein and (y) has taken such actions as may be reasonably necessary to cause any property or assets that constitute Collateral owned by such Person to continue to constitute Collateral and to be subject to the Parity Liens in the manner and to the extent required under the Note Documents or (2) such transaction is permitted by the provisions of Section 4.10, and (ii) immediately after giving effect to such transaction, no Default or Event of Default exists.
(b)    In the case of any such consolidation or merger and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and substantially in the form of Annex A hereto, of the Subsidiary Guarantee and the due and punctual performance of all of the covenants of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.
Section 10.04.     Releases of Subsidiary Guarantees .
The Subsidiary Guarantee of a Guarantor shall be released: (1) in connection with any sale or other disposition of all or substantially all of the properties or assets of such Guarantor (including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition complies with Section 4.10; (2) in connection with any sale or other disposition of Capital Stock of such Guarantor to a Person that is not (either before or after giving effect to such transaction) the Company or a Restricted Subsidiary of the Company, if the sale or other disposition is permitted by Section 4.10 and the Guarantor ceases to be a Restricted Subsidiary of the Company as a result of the sale or other disposition; (3) if the Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in accordance with Section 4.19 of this Indenture; (4) upon Legal Defeasance or Covenant Defeasance or Discharge in accordance with Article 8; (5) upon the liquidation or dissolution of such Guarantor, provided no Default or Event of Default has occurred that is continuing; or (6) at such time as such Guarantor ceases to both (x) guarantee any other Indebtedness of either of the Issuers and any other Guarantor and (y) to be an obligor with respect to any Indebtedness under a Credit Facility.
Upon delivery by the Company to the Trustee of an Officers’ Certificate to the effect that any of the conditions described in the foregoing clauses (1) – (6) has occurred, the Trustee, at the Company’s written request and expense, shall execute any documents reasonably requested by the Company in order to evidence the release of any Guarantor from its obligations under its Subsidiary Guarantee. Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain liable for the full amount of principal of and interest and premium, if any, on the Notes and for the other obligations of such Guarantor under this Indenture as provided in this Article 10.
Section 10.05.     Execution and Delivery of Guaranty .
The execution by each Guarantor of this Indenture (or a Supplemental Indenture) evidences the Subsidiary Guaranty of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Subsidiary Guaranty set forth in this Indenture on behalf of each Guarantor.
Section 10.06.     Limitation on Guarantor Liability .
The obligations of each Guarantor under its Subsidiary Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after

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giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally.
ARTICLE 11    
MISCELLANEOUS
Section 11.01.     [Reserved] .
Section 11.02.     Notices .
Any notice or communication by an Issuer, any Guarantor or the Trustee to the others is duly given if in writing (in the English language) and delivered in person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address:
If to any of the Issuers or the Guarantors:
Calumet Specialty Products Partners, L.P.
2780 Waterfront Pkwy E. Drive, Suite 200
Indianapolis, Indiana 46214
Attention: Chief Financial Officer
Telecopier No.: (317) 328-5668
with a copy (not constituting notice) to:
Vinson & Elkins L.L.P.
1001 Fannin Street
Houston, Texas 77002-6760
Attention: Gillian Hobson
Telecopier No.: (713) 615-5861

If to the Trustee:
Wilmington Trust, National Association
Corporate Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402
Attention: Calumet Specialty Partners Administrator
Telecopier No.: 612-217-5651
An Issuer, any of the Guarantors or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.
All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery in

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each case to the address shown above, provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof.
Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar, or in any case where DTC or its nominee is the Holder, any notice or communication shall be given by first class mail or electronically, in either case in accordance with DTC’s applicable procedures. Failure to give a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders.
If a notice or communication is given in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
If either of the Issuers gives a notice or communication to Holders, it shall give a copy to the Trustee and each Agent at the same time.
Section 11.03.     [Reserved] .
Section 11.04.     Certificate and Opinion as to Conditions Precedent .
Upon any request or application by an Issuer or any of the Guarantors to the Trustee to take any action under this Indenture, such Issuer or such Guarantor, as the case may be, shall furnish to the Trustee:
(a)    an Officers’ Certificate in form reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and
(b)    an Opinion of Counsel in form reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.
Section 11.05.     Statements Required in Certificate or Opinion .
Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include:
(a)    a statement that the person making such certificate or opinion has read such covenant or condition;
(b)    a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based;
(c)    a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and
(d)    a statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.

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Section 11.06.     Rules by Trustee and Agents .
The Trustee may make reasonable rules for action by or at a meeting of Holders. The Trustee, the Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions.
Section 11.07.     No Personal Liability of Directors, Officers, Employees and Unitholders .
None of the General Partner or any past, present or future director, officer, partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the General Partner, the Issuers or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Subsidiary Guarantees or this Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes.
Section 11.08.     Governing Law .
THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 11.09.     No Adverse Interpretation of Other Agreements .
This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture.
Section 11.10.     Successors .
All agreements of the Issuers and the Guarantors in this Indenture and the Notes shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors.
Section 11.11.     Severability .
In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.
Section 11.12.     Table of Contents, Headings, etc .
The Table of Contents, Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof.
Section 11.13.     Counterparts .
The parties may sign any number of copies of this Indenture, and each party hereto may sign any number of separate copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto

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and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.
Section 11.14.     Acts of Holders .
(a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by the Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing, and may be given or obtained in connection with a purchase of, or tender offer or exchange offer for, outstanding Notes; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and the Issuers if made in the manner provided in this Section 11.14.
(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to such witness, notary or officer the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient.
(c)    Notwithstanding anything to the contrary contained in this Section 11.14, the principal amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be proved by the register of the Notes maintained by the Registrar as provided in Section 2.03.
(d)    If the Issuers shall solicit from the Holders of the Notes any request, demand, authorization, direction, notice, consent, waiver or other Act, the Issuers may, at their option, by or pursuant to a resolution of the Board of Directors of the Company, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other Act, but the Issuers shall have no obligation to do so. Such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation of Holders generally in connection therewith or the date of the most recent list of Holders forwarded to the Trustee prior to such solicitation pursuant to Section 2.05 and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other Act may be given before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of the then outstanding Notes have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other Act, and for that purpose the then outstanding Notes shall be computed as of such record date; provided that no such authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date.
(e)    Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note issued

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upon the registration or transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or an Issuer in reliance thereon, whether or not notation of such action is made upon such Note.
(f)    Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to any particular Note may do so itself with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount.
(g)    For purposes of this Indenture, any action by the Holders that may be taken in writing may be taken by electronic means in writing through portable document format (.pdf) or as otherwise reasonably acceptable to the Trustee.
Section 11.15.     Patriot Act . The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information within their possession or control as it may reasonably request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act.
ARTICLE 12    
COLLATERAL AND SECURITY
Section 12.01.     Security Interest .
(a)    The due and punctual payment of the Obligations on the Notes and the Obligations of the Guarantors under the Subsidiary Guarantees, when and as the same shall be due and payable, whether on an interest payment date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest (to the extent permitted by law), on the Notes, the Subsidiary Guarantees and performance and payment of all other obligations of each Obligor to the Holders, the Trustee and/or the Collateral Trustee under the Note Documents, according to the terms hereunder or thereunder (collectively, the “ Notes Obligations ”), are secured, as provided in the Security Documents. Each of the Obligors consents and agrees to be bound by the terms of the Security Documents to which it is a party, as the same may be in effect from time to time, and agrees to perform its obligations thereunder in accordance therewith. The Obligors hereby agree that the Collateral Trustee shall hold the Collateral on behalf of and for the benefit of all of the Holders and the other holders of Parity Lien Obligations.
(b)    Each Holder of Notes, by its acceptance thereof and of the Subsidiary Guarantees, (i) consents and agrees to the terms of the Intercreditor Agreement, the Collateral Trust Agreement and the other Security Documents (including, without limitation, the provisions therein providing for foreclosure and release of Collateral and amendments to the Security Documents) as the same may be in effect or may be amended from time to time in accordance with their terms and authorizes and appoints Wilmington Trust, National Association as the Trustee and as the Collateral Trustee and (ii) agrees and acknowledges that such Holder shall have no direct rights to exercise remedies with respect to the Collateral (such rights being vested exclusively in the Collateral Trustee pursuant to the Collateral Trust Agreement). The Trustee hereby authorizes and appoints Wilmington Trust, National Association as Collateral Trustee and each Holder of Notes and the Trustee direct the Collateral Trustee to enter into the Security Documents (including any amendments thereto contemplated by the Collateral Trust Agreement and other security documents to secure additional Parity Lien Obligations in accordance with the Collateral Trust Agreement, all as more particularly described in the Collateral Trust Agreement) and to perform its obligations and exercise its rights thereunder

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in accordance therewith, subject to the terms and conditions thereof, including, without limitation, the limitations on duties of the Collateral Trustee provided in Section 5.12 of the Collateral Trust Agreement. The Trustee, the Collateral Trustee and each Holder of Notes, by accepting the Notes and the Subsidiary Guarantee, acknowledge that, as more fully set forth in the Security Documents, the Collateral as now or hereafter constituted shall be held for the benefit of all holders of Parity Lien Obligations, the Collateral Trustee and the Trustee, and the Liens granted pursuant to the Security Documents are subject to and qualified and limited in all respects by the Intercreditor Agreement, the Collateral Trust Agreement, the Security Documents and actions that may be taken thereunder.
Section 12.02.     Real Estate Mortgages and Filings . With respect to any fee interest in real property owned by any Obligor on the Initial Issuance Date, or acquired by any Obligor after the Initial Issuance Date, and in either case that is of a type which is required to constitute Collateral pursuant to the terms of this Indenture, the Collateral Trust Agreement or the other Security Documents and which is required to be mortgaged to the Collateral Trustee (individually and collectively, the “Premises”):
(a)    such Obligor shall deliver to the Collateral Trustee, as mortgagee or beneficiary, as applicable, for the ratable benefit of the Holders of the Notes and the other Parity Lien Obligations, fully executed counterparts of Mortgages (in accordance with the terms of this Indenture and/or the Security Documents) duly executed by such Obligor, together with satisfactory evidence of the completion (or satisfactory arrangements for the completion) of all recordings and filings of such Mortgage (and payment of any taxes or fees in connection therewith), and fixture filings and such other documents, instruments, certificates and agreements as may be necessary to create a valid, perfected Lien with the priority required by the Collateral Trust Agreement, subject to Permitted Liens, against the property purported to be covered thereby as security for the Parity Lien Obligations (i) on the Initial Issuance Date, with respect to the Closing Date Mortgaged Properties, (ii) within 60 days after the Initial Issuance Date with respect to any Premises owned by an Obligor on the Initial Issuance Date (other than the Closing Date Mortgaged Properties), and (iii) within 90 days of the date of acquisition for any Premises acquired after the Initial Issuance Date;
(b)    (i) on the Initial Issuance Date, with respect to any Specified Mortgaged Property (other than the Louisiana Specified Mortgaged Property and the Montana Specified Mortgaged Property), the Company shall deliver to the Collateral Trustee pro forma title commitments with respect to title insurance policies described in clause (c) below and (ii) within 15 days after the Initial Issuance Date, with respect to the Louisiana Specified Mortgaged Property and the Montana Specified Mortgaged Property, the Company shall use commercially reasonable efforts to deliver to the Collateral Trustee pro forma title commitments with respect to title insurance policies described in clause (c) below;
(c)    with respect to the Specified Mortgaged Properties, within 150 days after the Initial Issuance Date, the Company shall use commercially reasonable efforts to deliver to the Collateral Trustee mortgagee’s title insurance policies (or endorsements to existing mortgagee’s title insurance policies) in favor of the Collateral Trustee, and its successors and/or assigns, in the form necessary to insure that the interests created by the Mortgages on such Specified Mortgaged Properties constitute valid Liens thereon (with the priority required by the Collateral Trust Agreement) free and clear of all Liens, defects and encumbrances other than Permitted Liens. All such title insurance policies shall be in amounts equal to 110% of the estimated fair market value of the Premises covered thereby, and such policies shall include, to the extent available, all endorsements as shall be reasonably required in transactions of similar size and purpose and shall be accompanied by evidence of the payment in full by such Obligor of all premiums thereon (or that satisfactory arrangements for such payment have been made);

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(d)    such Obligor shall deliver to the Collateral Trustee (x) within 150 days after the Initial Issuance Date, with respect to any Premises owned by an Obligor on the Initial Issuance Date, such filings, surveys (in each case, to the extent existing on the Initial Issuance Date), local counsel opinions, fixture filings and such other documents, instruments, certificates and agreements as may be necessary to comply with clause (a) above and to perfect the Collateral Trustee’s security interest and Lien (with the priority required by the Collateral Trust Agreement) in such covered Premises, and (y) with respect to any Premises acquired after the Initial Issuance Date, within 120 days of the date of acquisition, such filings, fixture filings and such other documents, instruments, certificates, agreements and/or other documents necessary to comply with clause (a) above and to perfect the Collateral Trustee’s security interest and Lien (with the priority required by the Collateral Trust Agreement) in such acquired covered Premises, together with such local counsel opinions as shall reasonably be required to comply with clause (a) above.
Section 12.03.     Maintenance of Collateral; Impairment of Security Interests .
(a)    The Obligors shall use their reasonable efforts to maintain the Collateral that is material to the conduct of their respective businesses in good, safe and insurable operating order, condition and repair; provided that, nothing in this Indenture will prevent the Obligors from discontinuing the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the judgment of the Company, desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole. The Obligors shall pay all real estate and other taxes (except such as are contested in good faith and by appropriate negotiations and proceedings), and shall use their reasonable efforts to maintain in full force and effect all material permits and certain insurance coverages, except, in each case, where the failure to effect such payment or maintain such permits or insurance coverages is not adverse in any material respects to the Holders of the Notes.
(b)    The Issuers will not, and the Issuers will not permit any Restricted Subsidiary to, (i) take or omit to take any action which would materially adversely affect or impair the Liens in favor of the Collateral Trustee and the Holders of the Notes with respect to the Collateral, (ii) grant to any Person, or permit any Person to retain (other than the Collateral Trustee), any Liens on the Collateral other than Permitted Liens or (iii) enter into any agreement that requires the proceeds received from any sale of Collateral to be applied to repay, redeem, defease or otherwise acquire or retire any Indebtedness of any Person in a manner that conflicts with this Indenture, the Notes, the Subsidiary Guarantees or the Security Documents. Each Obligor will, at its sole cost and expense, execute and deliver all such agreements and instruments as necessary, or as the Trustee or the Collateral Trustee reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the Obligations intended to be secured by the Security Documents.
Section 12.04.     Further Assurances, Liens on Additional Property .
(a)    Each of the Obligors shall, at its sole expense, execute any and all further documents, financing statements, agreements and instruments, and take all further action that may be required under applicable law, or that the Collateral Trustee or the Trustee may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interests and Liens created or intended to be created by the Security Documents in the Collateral, in each case to the extent contemplated thereby.
(b)    Subject to the provisions of the Security Documents, upon the acquisition by any Obligor after the Issue Date of any assets (other than Excluded Property) of a type which is required to constitute Collateral pursuant to the terms of this Indenture, the Collateral Trust Agreement or the other Security Documents, such Obligor shall execute and deliver, (i) with regard to any Real Property, the items described under Section 12.02 within 90 days after the acquisition of the applicable asset and (ii) to the extent required

84




by the Security Documents, any information, documentation, financing statements or other certificates and opinions of counsel as may be necessary to vest in the Collateral Trustee a perfected security interest, subject only to Permitted Liens, in such after-acquired property and to have such after-acquired property added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such after-acquired property to the same extent and with the same force and effect.
(c)    Each year, within 120 days after the end of the preceding fiscal year, the Company shall deliver to each of the Trustee and the Collateral Trustee a certificate of a financial officer setting forth the information required pursuant to the schedules required by the Security Documents or confirming that there has been no change in such information since the date of the prior annual financial statements.
Section 12.05.     Release of Collateral . The Liens on the Collateral securing the Notes will automatically and without the need for any further action by any Person be released:
(a)    in whole upon:
(i)    upon satisfaction and discharge of this Indenture in accordance with Article 8 hereof;
(ii)    upon a legal defeasance or covenant defeasance of the Notes in accordance with Article 8 hereof;
(b)    in part, as to any property constituting Collateral that (i) is sold, transferred or otherwise disposed of by the Issuers or any Guarantor (to a Person that is not (either before or after such sale, transfer or disposition) the Company or a Restricted Subsidiary) in a transaction not prohibited by the Indenture or the Security Documents at the time of such sale, transfer or disposition; provided that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale, transfer or disposition is subject to Article 5 hereof or (ii) is owned by a Guarantor that has been released from its Subsidiary Guarantee in accordance with this Indenture, concurrently with the release of such Subsidiary Guarantee.
(c)    in whole or in part, as applicable, with the consent of the Holders of the requisite aggregate principal amount of Notes in accordance with Article 9 hereof;
(d)    with respect to any cash held in the PP&E Proceeds Account, in whole or in part, as applicable, as provided in Section 4.10 hereof; or
(e)    in part, in accordance with the applicable provisions of the Collateral Trust Agreement and the other Security Documents;
provided that, in the case of any release in whole pursuant to clauses (a) or (c) above, all amounts owing to the Trustee and the Collateral Trustee under the Indenture, the Notes, the Subsidiary Guarantees, the Collateral Trust Agreement and the other Security Documents have been paid.
In each such case, upon the written request of the Company, the Collateral Trustee will execute (with such acknowledgments and/or notarizations as are required) and deliver evidence of such release to the Company; provided , however, to the extent the Company requests the Collateral Trustee to deliver evidence of the release of Collateral in accordance with this paragraph, the Company will deliver to the Collateral Trustee an Officers’ Certificate to the effect that such release of Collateral pursuant to the provisions described in this paragraph did not violate the terms of any applicable Parity Lien Document, and the Collateral Trustee shall be entitled to rely upon such Officers’ Certificate.

85




Section 12.06.     Intercreditor Agreement . This Article 12 and the provisions of each other Security Document are subject to the terms, conditions and benefits set forth in the Intercreditor Agreement. Each Obligor consents to, and agrees to be bound by, the terms of the Intercreditor Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms thereof. Each Holder of Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (b) authorizes and instructs the Collateral Trustee on behalf of each Holder to enter into the Intercreditor Agreement as Fixed Asset Collateral Trustee (as defined in the Intercreditor Agreement) on behalf of such Holders as Fixed Asset Claimholders (as defined in the Intercreditor Agreement). In addition, each Holder authorizes and instructs the Collateral Trustee to enter into any amendments or joinders to the Intercreditor Agreement, without the consent of any Holder or the Trustee as provided in the Collateral Trust Agreement.
Section 12.07.     Collateral Trust Agreement . This Article 12 and the provisions of each Security Document are subject to the terms, conditions and benefits set forth in the Collateral Trust Agreement. Each Obligor consents to, and agrees to be bound by, the terms of the Collateral Trust Agreement, as the same may be in effect from time to time, and to perform its obligations thereunder in accordance with the terms therewith. Each Holder of Notes, by its acceptance of the Notes (a) agrees that it will be bound by, and will take no actions contrary to, the provisions of the Collateral Trust Agreement and (b) authorizes and instructs the Collateral Trustee on behalf of the Holders of the Notes to enter into the Collateral Trust Agreement as the Parity Lien Representative on behalf of such Holders of the Notes.
Section 12.08.     Collateral Trustee .
(a)    The Collateral Trustee will hold (directly or through co-trustees or agents) and will be entitled to enforce all Liens on the Collateral created by the Security Documents.
(b)    Except as provided in the Collateral Trust Agreement or as directed by an “Act of Parity Lien Debtholders” in accordance with the Collateral Trust Agreement, the Collateral Trustee will not be obligated:
(i)    to act upon directions purported to be delivered to it by any Person;
(ii)    to foreclose upon or otherwise enforce any Lien; or
(iii)    to take any other action whatsoever with regard to any or all of the Security Documents, the Liens created thereby or the Collateral.



86




SIGNATURES:            
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.,
By:    Calumet GP, LLC, its general partner

By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET FINANCE CORP.


By:     /s/ John R. Krutz     
Name:    John R. Krutz
Title:    Vice President-Finance and Treasurer






GUARANTORS:
 
CALUMET LP GP, LLC,
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET LUBRICANTS CO.,
LIMITED PARTNERSHIP
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC,
By:    Calumet Lubricants Co., Limited Partnership,
its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET SHREVEPORT FUELS, LLC,
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary






CALUMET SALES COMPANY INCORPORATED


By:     /s/ John R. Krutz     
Name:    John R. Krutz
Title:    Vice President-Finance and Treasurer

CALUMET PENRECO, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET SUPERIOR, LLC,
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
 
CALUMET MISSOURI, LLC ,
By:    Calumet Lubricants Co., Limited Partnership,
its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary






CALUMET PACKAGING, LLC
By:    Calumet Lubricants Co., Limited Partnership,
its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
ROYAL PURPLE, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
CALUMET MONTANA REFINING, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary 

CALUMET SAN ANTONIO REFINING, LLC
By:    Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary





 
BEL-RAY COMPANY, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole
member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary


WELD CORPORATION


By:     /s/ John R. Krutz     
Name:    John R. Krutz
Title:    Vice President-Finance and Treasurer

ADF HOLDINGS, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
 
ANCHOR DRILLING FLUIDS USA, LLC
By:    ADF Holdings, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
 







CALUMET NORTH DAKOTA, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
 
KURLIN COMPANY, LLC
By:    Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary
 
ANCHOR OILFIELD SERVICES, LLC
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

CALUMET OPERATING, LLC,
By:    Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner


By:     /s/ R. Patrick Murray, II     
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary





WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Trustee


By: /s/ Lynn M. Steiner
Name: Lynn M. Steiner    
Title: Vice President









RULE 144A/REGULATION S APPENDIX

PROVISIONS RELATING TO INITIAL NOTES
1.     Definitions
1.1     Definitions .
For the purposes of this Appendix the following terms shall have the meanings indicated below:
“Depository” means The Depository Trust Company, its nominees and their respective successors.
“Initial Notes” means $400 million aggregate principal amount of 11.5% Senior Secured Notes due 2021 issued pursuant to the Indenture on the Initial Issuance Date.
“Initial Purchasers” means (1) with respect to the Initial Notes, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Barclays Capital Inc., J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Natixis Securities Americas LLC, Goldman, Sachs & Co. and Regions Securities LLC and (2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related Purchase Agreement.
“Notes” means the Initial Notes and the Additional Notes, treated as a single class.
“Notes Custodian” means the custodian with respect to a Global Note (as appointed by the Depository), or any successor Person thereto and shall initially be the Trustee.
“Purchase Agreement” means (1) with respect to the Initial Notes, the Purchase Agreement dated April 15, 2016 among the Issuers, the Guarantors and the Initial Purchasers, and (2) with respect to each issuance of Additional Notes, the purchase agreement or underwriting agreement among the Issuers and the Persons purchasing such Additional Notes.
“Transfer Restricted Securities” means Notes that bear or are required to bear the legend set forth in Section 2.3(b) hereof.
1.2     Other Definitions .
    Term
 
Defined in Section:
“Agent Members”
 
   2.1(b)
“Distribution Compliance Period”
 
   2.1(b)
“Global Note”
 
   2.1(a)
“Regulation S”
 
   2.1(a)
“Regulation S Notes”
 
   2.1(a)
“Restricted Global Note”
 
   2.1(a)
“Rule 144A”
 
   2.1(a)
“Rule 144A Notes”
 
   2.1(a)

2.     The Notes .

App. - 1



2.1    (a) Form and Dating . Notes offered and sold to QIBs in reliance on Rule 144A (“Rule 144A Notes”) under the Securities Act (“Rule 144A”) or in reliance on Regulation S (“Regulation S Notes”) under the Securities Act (“Regulation S”), in each case as provided in a Purchase Agreement, shall be issued initially in the form of one or more permanent global notes (each, a “Global Note”) in definitive, fully registered form without interest coupons with the Global Notes legend and restricted Notes legend set forth in Exhibit 1 hereto (each, a “Restricted Global Note”), which shall be deposited on behalf of the purchasers of the Initial Notes represented thereby with the Notes Custodian, and registered in the name of the Depository or a nominee of the Depository, duly executed by the Issuers and authenticated, upon receipt of a Company Order by the Trustee as hereinafter provided. Beneficial interests in a Restricted Global Note representing Notes sold in reliance on either Rule 144A or Regulation S may be held through Euroclear or Clearstream, as indirect participants in the Depository. The aggregate principal amount of the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depository or its nominee as hereinafter provided.
(b)     Book-Entry Provisions . This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the Depository.
The Issuers shall execute and the Trustee shall, in accordance with this Section 2.1(b), authenticate and deliver initially one or more Global Notes that (a) shall be registered in the name of the Depository for such Global Note or Global Notes or the nominee of such Depository and (b) shall be delivered by the Trustee to such Depository or pursuant to such Depository’s instructions or held by the Trustee as Notes Custodian for the Depository. If such Global Notes are Restricted Global Notes, then separate Global Notes shall be issued to represent Rule 144A Notes and Regulation S Notes so long as required by law or the Depository.
Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depository or by the Notes Custodian or under such Global Note, and the Issuers, the Trustee and any agent of the Issuers or the Trustee shall be entitled to treat the Holder as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices of such Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note.
Until the 40th day after the later of the commencement of the offering of any Notes and the original issuance date of such Notes (such period, the “Distribution Compliance Period”), a beneficial interest in a Restricted Global Note representing Regulation S Notes may be transferred to a Person who takes delivery in the form of an interest in a Restricted Global Note representing Rule 144A Notes only if the transferor first delivers to the Trustee a written certificate (in the form provided in Exhibit 1 hereto) to the effect that such transfer is being made to a Person who the transferor reasonably believes is purchasing for its own account or accounts as to which it exercises sole investment discretion and that such Person is a QIB, in each case in a transaction meeting the requirements of Rule 144A and in accordance with any applicable securities laws of any state of the United States or any other jurisdiction. After the expiration of the Distribution Compliance Period, such certification requirements shall not apply to such transfers of beneficial interests in a Restricted Global Note representing Regulation S Notes.
Beneficial interests in a Restricted Global Note representing Rule 144A Notes may be transferred to a Person who takes delivery in the form of an interest in a Restricted Global Note representing Regulation S Notes, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first delivers to the Trustee a written certificate (in the form provided in Exhibit 1 hereto) to the effect that such transfer is being made in accordance with Rule 904 of Regulation S or Rule 144 (if available).

App. - 2



(c)     Certificated Notes . Except as provided in Section 2.3 or 2.4, owners of beneficial interests in Restricted Global Notes shall not be entitled to receive physical delivery of certificated Notes. Certificated Notes shall not be exchangeable for beneficial interests in Global Notes, except with the consent of the Company.
2.2     Authentication . The Trustee shall authenticate and deliver: (1) on the Initial Issuance Date, an aggregate principal amount of $400 million of Initial Notes and (2) any Additional Notes for an original issue in an aggregate principal amount specified in the written order of the Issuers pursuant to Section 2.02 of the Indenture, in each case upon a Company Order of the Issuers. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and to whom the Notes shall be registered and delivered and, in the case of any issuance of Additional Notes pursuant to Section 2.13 of the Indenture, shall certify that such issuance is in compliance with Section 4.09 of the Indenture.
2.3     Transfer and Exchange .
(a)     Transfer and Exchange of Global Notes .
(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depository, in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the Applicable Procedures of the Depository therefor. A transferor of a beneficial interest in a Global Note shall deliver to the Registrar a written order given in accordance with the Depository’s procedures containing information regarding the participant account of the Depository to be credited with a beneficial interest in the Global Note. The Registrar shall, in accordance with such instructions cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note and to debit the account of the Person making the transfer the beneficial interest in the Global Note being transferred.
(ii)    Notwithstanding any other provisions of this Appendix, a Global Note may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.
(iii)    In the event that a Restricted Global Note is exchanged for Notes in certificated form pursuant to Section 2.4 of this Appendix, such Notes may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements set forth on the reverse of the Initial Notes intended to ensure that such transfers comply with Rule 144A or Regulation S, as the case may be) and such other procedures as may from time to time be adopted by the Company.
(b)     Legends .
(i)    Except as permitted by the following paragraph (ii), each Note certificate evidencing the Restricted Global Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form:
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF,

App. - 3



AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS ONE YEAR (IN THE CASE OF RULE 144A NOTES) OR 40 DAYS (IN THE CASE OF REGULATION S NOTES) AFTER THE LATER OF THE ISSUE DATE OF THE NOTES INITIALLY ISSUED (OR THE ISSUANCE DATE OF ANY ADDITIONAL NOTES ISSUED UNDER THE INDENTURE) AND THE LAST DATE ON WHICH AN ISSUER OR ANY AFFILIATE OF AN ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) ONLY (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM SUCH REGISTRATION, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E), OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THE HOLDER AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER OR AN ISSUER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.

BY ITS ACQUISITION AND HOLDING OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE (OR ANY INTEREST IN THIS NOTE) CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY REQUIREMENTS OF TITLE I OF ERISA, OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), A GOVERNMENTAL, CHURCH, NON-U.S., OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” BY REASON OF SUCH PLAN’S, ACCOUNT’S OR OTHER ARRANGEMENT’S INVESTMENT IN THE ENTITY, OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY

App. - 4



WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN THAT IS NOT SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

(ii)    The Company, acting in its discretion, may remove the legend set forth in paragraph (i) above from any Transfer Restricted Security at any time on or after the Resale Restriction Termination Date applicable to such Transfer Restricted Security so long as the Applicable Procedures are satisfied. Without limiting the generality of the preceding sentence, the Company may effect such removal by issuing and delivering, in exchange for such Transfer Restricted Security, a Note without such legend, registered to the same Holder and in an equal principal amount, and upon receipt of a written order of the Company given at least three (3) Business Days in advance of the proposed date of exchange specified therein (which shall be no earlier than the Resale Restriction Termination Date), the Trustee shall authenticate and deliver such Note as directed in such Company Order.
(iii) The Initial Notes shall, and any Additional Notes may if appropriate, bear the following legend:
FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE CODE, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU MAY CONTACT THE COMPANY AT CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., 2780 WATERFRONT PKWY E. DRIVE, SUITE 200, INDIANAPOLIS, INDIANA 46214, ATTENTION: CHIEF FINANCIAL OFFICER, AND THE COMPANY WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE INITIAL ISSUANCE DATE AND THE YIELD TO MATURITY OF THIS SECURITY.
(c)     Cancellation or Adjustment of Global Note . At such time as all beneficial interests in a Global Note have either been exchanged for certificated Notes, redeemed, purchased or canceled, such Global Note shall be returned to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for certificated Notes, redeemed, purchased or canceled, or if any certificated Note is exchanged for such a beneficial interest, the principal amount of Notes represented by such Global Note shall be reduced or increased, as appropriate, and an adjustment shall be made on the books and records of the Trustee (if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction or increase, as the case may be.
(d)     Obligations with Respect to Transfers and Exchanges of Notes .
(i)    To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate certificated Notes and Global Notes.
(ii)    No service charge shall be made for any registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax, assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Sections 3.06, 4.10, 4.15 and 9.05 and of the Indenture).

App. - 5



(iii)    The Registrar shall not be required to register the transfer of or exchange of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed.
(iv)    Prior to the due presentation for registration of transfer of any Note, the Issuers, the Guarantors, the Trustee, the Paying Agent or the Registrar may deem and treat the Person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of, and interest and premium, if any, on such Note and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Issuers, the Guarantors, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.
(v)    All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.
(e)     No Obligation of the Trustee or any Agent .
(i)    Neither the Trustee nor any Agent shall have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depository or other Person with respect to the accuracy of the records of the Depository or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depository) of any notice (including any notice of optional redemption) or the payment of any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the applicable rules and procedures of the Depository. The Trustee and the Agents may rely and shall be fully protected in relying upon information furnished by the Depository with respect to its members, participants and any beneficial owners.
(ii)    Neither the Trustee nor the Registrar shall have any obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under Applicable Law with respect to any transfer of any interest in any Note (including any transfers between or among Depository participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.
2.4     Certificated Notes .
(a)    A Global Note deposited with the Depository or with the Notes Custodian pursuant to Section 2.1 shall be transferred to the beneficial owners thereof in the form of certificated Notes in an aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.3 and (i) the Depository notifies the Issuers that it is unwilling or unable to continue as Depository for such Global Note or if at any time such Depository ceases to be a “clearing agency” registered under the Exchange Act and in either event a successor depositary is not appointed by the Issuers within 90 days, or (ii) an Event of Default has occurred and is continuing and DTC notifies the Trustee of its decision to exchange the Global Notes. Except as provided in the preceding sentence, and notwithstanding any contrary indication in Section 2.3(b), beneficial interests in a Global Note

App. - 6



may be exchanged for certificated Notes only with the consent of the Company, including if an affiliate (as defined in Rule 144) of the Company acquires such interests.
(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section shall be surrendered by the Depository or the Notes Custodian to the Trustee located at its Corporate Trust Office to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of certificated Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section shall be executed, authenticated and delivered only in minimum denominations of $2,000 principal amount and any integral multiple of $1,000 in excess of $2,000 and registered in such names as the Depository shall direct. Any certificated Note delivered in exchange for an interest in a Global Note shall, except as otherwise provided by Section 2.3(b), bear the restricted Notes legend set forth in Exhibit 1 hereto.
(c)    Subject to the provisions of Section 2.4(b), the Holder of a Global Note shall be entitled to grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes.
(d)    In the event of the occurrence of any of the circumstances specified in Section 2.4(a), the Issuers shall promptly make available to the Trustee a reasonable supply of certificated Notes in definitive, fully registered form without interest coupons.



App. - 7



EXHIBIT 1 TO RULE 144A/REGULATION S APPENDIX

[FORM OF FACE OF NOTE]
[Global Notes Legend]
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.
TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.
[Restricted Notes Legend]
THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS NOTE NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [ONE YEAR] [40 DAYS] AFTER THE LATER OF THE ISSUE DATE OF THE NOTES INITIALLY ISSUED (OR THE ISSUANCE DATE OF ANY ADDITIONAL NOTES ISSUED UNDER THE INDENTURE) AND THE LAST DATE ON WHICH AN ISSUER OR ANY AFFILIATE OF AN ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF THIS NOTE) ONLY (A) TO AN ISSUER OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3), OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL

Ex. 1 to App. - 1



AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUERS’ AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (D), (E), OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THE HOLDER AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER OR AN ISSUER ON OR AFTER THE RESALE RESTRICTION TERMINATION DATE.

BY ITS ACQUISITION AND HOLDING OF THIS NOTE, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED, WARRANTED AND AGREED THAT EITHER (I) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS NOTE (OR ANY INTEREST IN THIS NOTE) CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN SUBJECT TO THE FIDUCIARY RESPONSIBILITY REQUIREMENTS OF TITLE I OF ERISA, OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), A GOVERNMENTAL, CHURCH, NON-U.S., OR OTHER PLAN WHICH IS SUBJECT TO ANY FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SUBSTANTIALLY SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” BY REASON OF SUCH PLAN’S, ACCOUNT’S OR OTHER ARRANGEMENT’S INVESTMENT IN THE ENTITY, OR (II) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER ERISA OR SECTION 4975 OF THE CODE OR, IN THE CASE OF A PLAN THAT IS NOT SUBJECT TO ERISA OR SECTION 4975 OF THE CODE, A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

[BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.]

[OID Legend]
[FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT. YOU MAY CONTACT THE COMPANY AT CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., 2780 WATERFRONT PKWY E. DRIVE, SUITE 200, INDIANAPOLIS, INDIANA 46214, ATTENTION: CHIEF FINANCIAL OFFICER, AND THE COMPANY WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE INITIAL ISSUANCE DATE AND THE YIELD TO MATURITY OF THIS SECURITY.]

Ex. 1 to App. - 2



CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
CALUMET FINANCE CORP.

No.    $                 
CUSIP No.
ISIN No.

11.5% Senior Secured Note due 2021
Calumet Specialty Products Partners, L.P., a Delaware limited partnership, and Calumet Finance Corp., a Delaware corporation, jointly and severally promise to pay to __________, or registered assigns, the principal sum of _________ Dollars on January 15, 2021 [or such greater or lesser amount as may be indicated on Schedule A hereto].
Interest Payment Dates: January 15 and July 15, commencing July 15, 2016.
Record Dates: January 1 and July 1.
Additional provisions of this Note are set forth on the other side of this Note.

                
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

By:    Calumet GP, LLC, its general partner    By:    
    
Name:                Title:

CALUMET FINANCE CORP.

By:    
    
Name:
Title:

Ex. 1 to App. - 3



TRUSTEE’S CERTIFICATE OF
AUTHENTICATION

WILMINGTON TRUST, NATIONAL ASSOCIATION
as Trustee, certifies that
this is one of the Notes
referred to in the Indenture.


By                         

    Authorized Signatory
Dated:

Ex. 1 to App. - 4



[FORM OF REVERSE SIDE OF NOTE]
11.5% Senior Secured Note due 2021
Capitalized terms used herein but not defined shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.
1. Interest . Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the ”Company”), and Calumet Finance Corp., a Delaware corporation (the ”Finance Corp.” and, together with the Company, the “Issuers”), jointly and severally promise to pay interest on the unpaid principal amount of this Note at 11.500% per annum . The Issuers will pay interest semi-annually in arrears on January 15 and July 15 of each year, commencing July 15, 2016, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of original issuance; provided that if there is no existing Default or Event of Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date, except in the case of the original issuance of Notes, in which case interest shall accrue from the date of authentication. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is the rate then in effect; they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months.
2.     Method of Payment . The Issuers will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the January 1 or July 1 next preceding the Interest Payment Date, even if such Notes are cancelled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. Holders must surrender Notes to the Paying Agent to collect payments of principal and premium, if any, together with accrued and unpaid interest due at maturity. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuers maintained for such purpose, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to any amounts due on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts.
3.     Paying Agent and Registrar . Initially, Wilmington Trust, National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.
4.     Indenture . The Issuers issued the Notes under an Indenture dated as of April 20, 2016 (“Indenture”) among the Issuers, the Guarantors and the Trustee. The Notes are secured by Liens on the Collateral pursuant to the Security Documents, which Liens are held by the Collateral Trustee for the benefit of Holders of Notes and other Parity Lien Obligations. The terms of the Notes include those stated in the Indenture, the Collateral Trust Agreement and the Security Documents. The Notes are subject to all such terms, and Holders are referred to the Indenture, the Collateral Trust Agreement and the Security Documents

Ex. 1 to App. - 5



for a statement of such terms. The Notes are secured senior obligations of the Issuers limited to $400 million aggregate principal amount in the case of Notes issued on the Initial Issuance Date (as defined in the Indenture), subject to the Issuers’ right to issue Additional Notes as provided in the Indenture.
5.     Optional Redemption .
(a)    Except as set forth in subparagraphs (b) and (c) of this Paragraph 5, the Issuers shall not have the option to redeem the Notes prior to April 15, 2018. On or after April 15, 2018, the Issuers shall have the option on any one or more occasions to redeem the Notes, in whole or in part at any time, upon prior notice as set forth in Paragraph 8, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest to the applicable redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date), if redeemed during the twelve-month period beginning on April 15 of the years indicated below:
YEAR
PERCENTAGE

2018
111.5000
%
2019
108.625
%
2020 and thereafter
100.000
%
(b)    Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior to April 15, 2018, the Issuers may on any one or more occasions redeem up to 35% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture at a redemption price of 111.500% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the redemption date), in an amount not greater than the net cash proceeds of one or more Equity Offerings; provided that (i) at least 65% of the aggregate principal amount of Notes (including any Additional Notes) issued under the Indenture remains outstanding immediately after the occurrence of each such redemption (excluding any Notes held by the Company and its Subsidiaries) and (ii) each such redemption occurs within 180 days of the date of the closing of each such Equity Offering.
(c)    Prior to April 15, 2018, the Issuers may on any one or more occasions redeem all or part of the Notes upon not less than 30 nor more than 60 days’ notice, at a redemption price equal to the sum of (1) 100% of the principal amount thereof, plus (2) accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date), plus (3) the Make Whole Premium at the redemption date.

Ex. 1 to App. - 6



6.     No Mandatory Redemption or Sinking Fund.
Except as set forth in Paragraph 7 below, neither of the Issuers shall be required to make mandatory redemption or sinking fund payments with respect to the Notes or to repurchase the Notes at the option of the Holders.
7.     Repurchase at Option of Holder .
(a)    No later than 30 days following the occurrence of a Change of Control, unless the Issuers have previously or concurrently exercised their right to redeem all of the Notes as described in paragraph 5 above, the Company shall make an offer (a “Change of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of each Holder’s Notes at a purchase price equal to 101% (or, at the Company’s election, a higher percentage) of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest, if any, to the date of settlement (the “Change of Control Settlement Date”), subject to the right of Holders of record on the relevant record date to receive interest due on an Interest Payment Date that is on or prior to the Change of Control Settlement Date. No later than 30 days following a Change of Control, unless the Issuers have previously or concurrently exercised their right to redeem all of the Notes as described in paragraph 5 above, the Company shall mail a notice of the Change of Control Offer to each Holder and the Trustee describing the transaction that constitutes the Change of Control and setting forth the procedures governing the Change of Control Offer as required by Section 4.15 of the Indenture.
(b)    In circumstances specified in the Indenture, the Company may be required to commence an offer to all Holders of Notes (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture, and to all holders of other Parity Lien Obligations containing provisions similar to those set forth in this Indenture with respect to offers to purchase or redeem with the proceeds of sales of assets, to purchase the maximum principal amount of Notes and such other Parity Lien Obligations that may be purchased out of the Excess Proceeds, at an offer price in cash in an amount equal to 100% of the principal amount of the Notes plus accrued and unpaid interest, if any, thereon to the date of settlement. Holders of Notes that are the subject of such an offer to purchase will receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes.
8.     Notice of Redemption . Notice of redemption will be mailed at least 30 days but not more than 60 days (except as otherwise provided in the Indenture if the notice is issued in connection with a Legal Defeasance, Covenant Defeasance or Discharge) before the redemption date to each Holder whose Notes are to be redeemed at its registered address. If mailed in the manner provided for in Section 3.03 of the Indenture, the notice of optional redemption shall be conclusively presumed to have been given whether or not a Holder receives such notice. Failure to give timely notice or any defect in the notice shall not affect the validity of the redemption. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess of $2,000, unless all of the Notes held by a Holder are to be redeemed.
9.     Guarantees . The payment by the Issuers of the principal of and interest and premium, if any, on the Notes is fully and unconditionally guaranteed on a joint and several basis by each of the Guarantors to the extent set forth in the Indenture.
10.     Denominations, Transfer, Exchange . The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess of $2,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents, and the

Ex. 1 to App. - 7



Company may require a Holder to pay any taxes due on transfer or exchange. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, they need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed.
11.     Persons Deemed Owners . The registered holder of a Note may be treated as its owner for all purposes.
12.     Amendment, Supplement and Waiver . Subject to certain exceptions, the Indenture, the Notes and the Security Documents may be amended or supplemented, in each case, with the consent of the Holders of a majority in principal amount of the then outstanding Notes, and any existing default or compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes (subject, in the case of the Security Documents, to any further requirements in the Collateral Trust Agreement). Without the consent of any Holder of a Note, the Indenture, the Notes and the Security Documents may be amended or supplemented as provided in the Indenture.
13.     Defaults and Remedies . If any Event of Default occurs and is continuing, the Trustee, by notice to the Issuers, or the Holders of at least 25% in principal amount of the then outstanding Notes, by notice to the Issuers and the Trustee, may declare all the Notes to be due and payable immediately. Notwithstanding the preceding, in the case of an Event of Default arising from such events of bankruptcy, insolvency or reorganization described in Section 6.01(i) or 6.01(j) of the Indenture, all outstanding Notes will become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power conferred on it. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal, interest or premium) if it determines that withholding notice is in their interest. The Holders of a majority in principal amount of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of the principal of or interest or premium on the Notes. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and, so long as any Notes are outstanding, the Issuers are required upon certain Officers becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default.
14.     Defeasance and Discharge . The Notes are subject to defeasance and discharge upon the terms and conditions specified in the Indenture.
15.     No Recourse Against Others . None of the General Partner or any past, present or future director, officer, partner, employee, incorporator, manager or unitholder or other owner of Capital Stock of the General Partner, the Issuers or any Guarantor, as such, shall have any liability for any obligations of the Issuers or any Guarantor under the Notes, the Subsidiary Guarantees or the Indenture, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Notes.
16.     Authentication . This Note shall not be valid until authenticated by the manual signature of an authorized signatory of the Trustee or an authenticating agent.
17.     Abbreviations . Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants

Ex. 1 to App. - 8



with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).
18.     CUSIP Numbers . Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Issuers have caused CUSIP numbers and corresponding ISIN numbers to be printed on the Notes and the Trustee may use CUSIP numbers and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon.
19.     Governing Law . THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
20.     Successors . In the event a successor assumes all the obligations of an Issuer under the Notes and the Indenture, pursuant to the terms thereof, such Issuer will be released from all such obligations.
The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:
Calumet Specialty Products Partners, L.P.
2780 Waterfront Pkwy E. Drive, Suite 200
Indianapolis, Indiana 46214
Attention: Chief Financial Officer

Ex. 1 to App. - 9



ASSIGNMENT FORM
To assign this Note, fill in the form below:
I or we assign and transfer this Note to
 
(Print or type assignee’s name, address and zip code)
 
(Insert assignee’s Soc. Sec. or tax I.D. No.)
and irrevocably appoint __________________ agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.
Date:          Your Signature:                     
Sign exactly as your name appears on the other side of this Note.
Signature Guarantee:

                             
(Signature must be guaranteed)

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.



In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to one year after the later of the date of original issuance of such Notes (or the date of any subsequent reopening of the Notes) and the last date, if any, on which such Notes were owned by an Issuer or any Affiliate of an Issuer (or, in the case of Regulation S Notes, prior to the expiration of the Distribution Compliance Period), the undersigned confirms that such Notes are being transferred in accordance with its terms:

CHECK ONE BOX BELOW
(1)
o     to an Issuer; or
(2)
o     pursuant to an effective registration statement under the Securities Act of 1933; or
(3)
o     to a person who the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that is purchasing for its own account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

Ex. 1 to App. - 10



(4)
o     outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933; or
(5)
o     pursuant to another available exemption from the registration requirements of the Securities Act of 1933.
Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof; provided , however , that if box (4) or (5) is checked, the Trustee shall be entitled to require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act.

                        
Signature


Ex. 1 to App. - 11



TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

The undersigned represents and warrants that it is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers and any Guarantors as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A.

Dated:                                                       
Notice: To be executed by an executive officer

Ex. 1 to App. - 12



OPTION OF HOLDER TO ELECT PURCHASE
If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or 4.15 of the Indenture, check the box below:
o Section 4.10
o Section 4.15
 
 
If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.15 of the Indenture, state the amount (in minimum denomination of $2,000 or integral multiples of $1,000 in excess of $2,000) you elect to have purchased: $____________
Date:
 
Your Signature:
 
 
(Sign exactly as your name appears on the other side of this Note)
Soc. Sec. or Tax Identification No.:                 
Signature Guarantee:                     
             (Signature must be guaranteed)

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

Ex. 1 to App. - 13



[TO BE ATTACHED TO GLOBAL NOTE]
SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE
The following increases or decreases in this Global Note have been made:
Date
 
Amount of decrease in Principal Amount of this Global Note
 
Amount of increase in Principal Amount of this Global Note
 
Principal Amount of this Global Note following such decrease or increase
 
Signature of authorized officer
of Trustee or
Notes Custodian
 
 
 
 
 
 
 
 
 


Ex. 1 to App. - 14



SCHEDULE I
AGREEMENT WITH AFFILIATES
Each of the following is an agreement referred to in paragraph (4)(b) of Section 4.11:


Master Crude Oil Purchase and Sale Agreement, as amended through the Initial Issuance Date, effective as of January 26, 2009, between Calumet Shreveport Fuels, LLC and Legacy Resources Co., L.P.

Promissory Note, as described in the Offering Memorandum, payable to The Heritage Group outstanding on the Initial Issuance Date.





Schedule I



ANNEX A




CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
CALUMET FINANCE CORP.
and
the Guarantors named herein
______________________________________
11.5% SENIOR SECURED NOTES DUE 2021
______________________________________
________________________
FORM OF SUPPLEMENTAL INDENTURE
AND AMENDMENT -- SUBSIDIARY GUARANTEE
DATED AS OF ____________ __, ____
__________________________
WILMINGTON TRUST, NATIONAL ASSOCIATION
Trustee
__________________________






A-1



This SUPPLEMENTAL INDENTURE, dated as of ___________ __, ____, is among Calumet Specialty Products Partners, L.P., a Delaware limited partnership (the “Company”), Calumet Finance Corp., a Delaware corporation (“Finance Corp.” and, together with the Company, the “Issuers”), each of the parties identified under the caption “Guarantors” on the signature page hereto (the “Guarantors”) and Wilmington Trust, National Association, a national banking association, as Trustee.
RECITALS
WHEREAS, the Issuers, the initial Guarantors and the Trustee entered into an Indenture, dated as of April 20, 2016 (the “Indenture”), pursuant to which the Company has issued $___________ in the aggregate principal amount of 11.5% Senior Secured Notes due 2021 (the “Notes”);
WHEREAS, Section 9.01(g) of the Indenture provides that the Issuers, the Guarantors and the Trustee may amend or supplement the Indenture in order to comply with Section 4.13 or 10.03 thereof, without the consent of the Holders of the Notes; and
WHEREAS, all acts and things prescribed by the Indenture, by law and by the Certificate of Incorporation and the Bylaws (or comparable constituent documents) of the Issuers, of the Guarantors and of the Trustee necessary to make this Supplemental Indenture a valid instrument legally binding on the Issuers, the Guarantors and the Trustee, in accordance with its terms, have been duly done and performed;
NOW, THEREFORE, to comply with the provisions of the Indenture and in consideration of the above premises, the Issuers, the Guarantors and the Trustee covenant and agree for the equal and proportionate benefit of the respective Holders of the Notes as follows:
ARTICLE 1
Section 1.01.    This Supplemental Indenture is supplemental to the Indenture and does and shall be deemed to form a part of, and shall be construed in connection with and as part of, the Indenture for any and all purposes.
Section 1.02.    This Supplemental Indenture shall become effective immediately upon its execution and delivery by each of the Issuers, the Guarantors and the Trustee.
ARTICLE 2    
From this date, in accordance with Section 4.13 or 10.03 and by executing this Supplemental Indenture, the Guarantors whose signatures appear below are subject to the provisions of the Indenture to the extent provided for in Article 10 thereunder.
ARTICLE 3    
Section 3.01.    Except as specifically modified herein, the Indenture and the Notes are in all respects ratified and confirmed (mutatis mutandis) and shall remain in full force and effect in accordance with their terms with all capitalized terms used herein without definition having the same respective meanings ascribed to them as in the Indenture.
Section 3.02.    Except as otherwise expressly provided herein, no duties, responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and

A-2



conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. The Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall be taken as the statements of the Issuers and the Trustee shall not be responsible or accountable in any way whatsoever for or with respect to the validity, execution or sufficiency of this Supplemental Indenture and makes no representation with respect thereto. In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of every provision of the Indenture relating to the conduct of or affecting the liability of or affording protection to the Trustee.
Section 3.03.    THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
Section 3.04.    The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of such executed copies together shall represent the same agreement.
[NEXT PAGE IS SIGNATURE PAGE]

A-3



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


CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

By:    Calumet GP, LLC, its general partner
By:                 
Name:                         
Title:                         

CALUMET FINANCE CORP.

By:
            
Name:                         
Title:                         


GUARANTORS

[                          ]


By:                             
Name:                         
Title:                         


WILMINGTON TRUST, NATIONAL ASSOCIATION
as Trustee


By:                             
Name:                         
Title:                         








A-4


Exhibit 10.1

Execution Version





AMENDED AND RESTATED
COLLATERAL TRUST AGREEMENT
Dated as of April 20, 2016
among
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. ,
a limited partnership organized under the laws of the State of Delaware,
THE OTHER OBLIGORS
from time to time party hereto,
WILMINGTON TRUST, NATIONAL ASSOCIATION ,
as Trustee,
THE OTHER PARITY LIEN REPRESENTATIVES
from time to time party hereto,
and
WILMINGTON TRUST, NATIONAL ASSOCIATION ,
as Collateral Trustee









TABLE OF CONTENTS

ARTICLE 1 DEFINITIONS; PRINCIPLES OF CONSTRUCTION
 
2

Section 1.1
 
Defined Terms
 
2

Section 1.2
 
Rules of Interpretation
 
13

 
 
 
 
 
ARTICLE 2 THE TRUST ESTATE
 
13

Section 2.1
 
Declaration of Trust
 
13

Section 2.2
 
Collateral Shared Equally and Ratably
 
14

Section 2.3
 
Identical Liens
 
14

 
 
 
 
 
ARTICLE 3 OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE
 
14

Section 3.1
 
Appointment and Undertaking of the Collateral Trustee
 
14

Section 3.2
 
Release or Subordination of Liens
 
16

Section 3.3
 
Enforcement of Liens
 
16

Section 3.4
 
Application of Proceeds
 
16

Section 3.5
 
Powers of the Collateral Trustee
 
18

Section 3.6
 
Documents and Communications
 
18

Section 3.7
 
For Sole and Exclusive Benefit of Holders of Parity Lien Obligations
 
18

Section 3.8
 
Additional Parity Lien Debt
 
18

 
 
 
 
 
ARTICLE 4 OBLIGATIONS ENFORCEABLE BY THE OBLIGORS
 
20

Section 4.1
 
Release of Liens on Collateral
 
20

Section 4.2
 
Delivery of Copies to Parity Lien Representative
 
22

Section 4.3
 
Collateral Trustee not Required to Serve, File or Record
 
22

Section 4.4
 
Release of Liens in Respect of Notes
 
22

Section 4.5
 
Release of Liens in Respect of any Series of Parity Lien Debt other than the Notes
 
22

 
 
 
 
 
ARTICLE 5 IMMUNITIES OF THE COLLATERAL TRUSTEE
 
23

Section 5.1
 
No Implied Duty
 
23

Section 5.2
 
Appointment of Agents and Advisors
 
23

Section 5.3
 
Other Agreements
 
23

Section 5.4
 
Solicitation of Instructions
 
23

Section 5.5
 
Limitation of Liability
 
24

Section 5.6
 
Documents in Satisfactory Form
 
24

Section 5.7
 
Entitled to Rely
 
24

Section 5.8
 
Parity Lien Debt Default
 
25

Section 5.9
 
Actions by Collateral Trustee
 
25

Section 5.10
 
Security or Indemnity in favor of the Collateral Trustee
 
25

Section 5.11
 
Rights of the Collateral Trustee
 
25

Section 5.12
 
Limitations on Duty of Collateral Trustee in Respect of Collateral
 
25

Section 5.13
 
Assumption of Rights, Not Assumption of Duties
 
26

Section 5.14
 
No Liability for Clean Up of Hazardous Materials
 
26

Section 5.15
 
Other Relationships with the Obligors
 
26

 
 
 
 
 





ARTICLE 6 RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE
 
27

Section 6.1
 
Resignation or Removal of Collateral Trustee
 
27

Section 6.2
 
Appointment of Successor Collateral Trustee
 
27

Section 6.3
 
Succession
 
27

Section 6.4
 
Merger, Conversion or Consolidation of Collateral Trustee
 
28

Section 6.5
 
Concerning the Collateral Trustee and the Parity Lien Representative
 
28

 
 
 
 
 
ARTICLE 7 MISCELLANEOUS
 
29

Section 7.1
 
Amendment
 
29

Section 7.2
 
Voting
 
31

Section 7.3
 
Further Assurances.
 
31

Section 7.4
 
Successors and Assigns
 
31

Section 7.5
 
Delay and Waiver
 
32

Section 7.6
 
Notices
 
32

Section 7.7
 
Entire Agreement
 
33

Section 7.8
 
Compensation; Expenses
 
33

Section 7.9
 
Indemnity
 
34

Section 7.10
 
Severability
 
34

Section 7.11
 
Headings
 
35

Section 7.12
 
Obligations Secured
 
35

Section 7.13
 
Governing Law
 
35

Section 7.14
 
Consent to Jurisdiction
 
35

Section 7.15
 
Waiver of Jury Trial
 
36

Section 7.16
 
Counterparts, Electronic Signatures
 
36

Section 7.17
 
Effectiveness
 
36

Section 7.18
 
Obligors and Additional Obligors
 
36

Section 7.19
 
Insolvency
 
37

Section 7.20
 
Rights and Immunities of Parity Lien Representatives
 
37

Section 7.21
 
Intercreditor Agreement
 
37

Section 7.22
 
PP&E Proceeds Account Control Agreement
 
37

Section 7.23
 
Force Majeure
 
37

Section 7.24
 
Representations and Warranties
 
37

Section 7.25
 
Additional Persons Bound Hereby
 
37

 
 
 
 
 
Schedules
 
 
 
 
Schedule I - Secured Hedge Counterparties
 
 
Schedule II - Mortgaged Properties
 
 
Schedule III - Excluded Leases
 
 
 
 
 
 
 
Exhibits
 
 
 
 
Exhibit A - Form of Additional Parity Lien Debt Certificate
 
 
Exhibit B - Form of Collateral Trust Joinder (Additional Parity Lien Debt)
 
 
Exhibit C - Form of Collateral Trust Joinder (Additional Obligor)
 
 







AMENDED AND RESTATED
COLLATERAL TRUST AGREEMENT
This AMENDED AND RESTATED COLLATERAL TRUST AGREEMENT (as amended, supplemented, amended and restated or otherwise modified from time to time in accordance with Section 7.1 hereof, this “ Agreement ”) is dated as of April 20, 2016 and is by and among Calumet Specialty Products Partners, L.P., a limited partnership organized under the laws of the State of Delaware (the “ Parent ”), the other Obligors from time to time party hereto, Wilmington Trust, National Association, not in its individual capacity but solely as Trustee, the other Parity Lien Representatives from time to time party hereto and Wilmington Trust, National Association, as collateral trustee for the benefit of the Parity Lien Secured Parties (in such capacity and together with its successors in such capacity, the “ Collateral Trustee ”).
RECITALS
On the date hereof, Calumet Lubricants Co., Limited Partnership, a limited partnership organized under the laws of the State of Indiana (“ Calumet ”), and each of the Secured Hedge Counterparties listed on Schedule I are party to the Secured Hedge Agreements set forth opposite such Secured Hedge Counterparty’s name on Schedule I .
Calumet is party to that certain Collateral Trust Agreement dated as of April 21, 2011, as amended by that certain Amendment No. 1 to Collateral Trust Agreement dated as of June 24, 2011 (but effective as of April 21, 2011), that certain Amendment No. 2 to Collateral Trust Agreement dated as of April 21, 2011 (but effective as of September 30, 2011) and that certain Amendment No. 3 to Collateral Trust Agreement dated as of April 21, 2011 (but effective as of January 1, 2013) (as amended, the “ Existing Collateral Trust Agreement ”), by and among Calumet, the Guarantors from time to time party thereto, the Secured Hedge Counterparties from time to time party thereto and Bank of America, N.A., as administrative agent.
The Parent and Calumet Finance Corp., a Delaware corporation (together with the Parent, the “ Issuers ”), intend to issue 11.5% Senior Secured Notes due 2021 (the “ Initial Notes ”) in an aggregate principal amount of up to $400,000,000 pursuant to an Indenture dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time, the “ Indenture ”), by and among the Issuers, the other Obligors and Wilmington Trust, National Association, as trustee (in such capacity and together with its successors in such capacity, the “ Trustee ”).
The Issuers and the other Obligors intend to secure their Obligations under the Indenture, the Secured Hedge Agreements, any future Parity Lien Debt and any other Parity Lien Obligations, with Liens on all present and future Collateral to the extent that such Liens have been provided for in the applicable Parity Lien Security Documents.
This Agreement amends and restates the Existing Collateral Trust Agreement and sets forth the terms on which each Parity Lien Secured Party (other than the Collateral Trustee) has appointed the Collateral Trustee to act as the collateral trustee for the present and future holders of the Parity Lien Obligations to receive, hold, maintain, administer and distribute the Collateral at any time delivered to the Collateral Trustee or the subject of the Parity Lien Security Documents, and to enforce the Parity Lien Security Documents and all interests, rights, powers and remedies of the Collateral Trustee with respect thereto or thereunder and the proceeds thereof.
Capitalized terms used in this Agreement have the meanings assigned to them above or in Article 1 below.

1



AGREEMENT
In consideration of the premises and the mutual agreements herein set forth, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby agree as follows:
ARTICAL 1
DEFINITIONS; PRINCIPLES OF CONSTRUCTION

Section 1.1      Defined Terms. The following terms will have the following meanings:
Act of Parity Lien Debtholders ” means, as to any matter at any time, a direction in writing delivered to the Collateral Trustee by or with the written consent of the holders of Parity Lien Debt representing the Required Parity Lien Debtholders.
Additional Mortgage Instrument ” has the meaning set forth in Section 3.8(d)(i).
Additional Notes ” has the meaning given to such term in the Indenture as in effect on the date hereof.
Additional Parity Lien Debt ” has the meaning set forth in Section 3.8(b)(i).
Additional Parity Lien Debt Certificate ” means a notice in substantially the form of Exhibit A .
Additional Secured Debt Designation ” means the written agreement of the holders of any Series of Parity Lien Debt or their Parity Lien Representative, as set forth in the indenture, credit agreement, secured hedge agreement or other agreement governing such Series of Parity Lien Debt, for the benefit of all holders of each existing and future Series of Parity Lien Debt, the Collateral Trustee and each existing and future holder of Parity Liens:
(1)           that all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by any Obligor to secure any Obligations in respect of such Series of Parity Lien Debt, whether or not upon property otherwise constituting collateral for such Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably;
(2)           that the holders of Obligations in respect of such Series of Parity Lien Debt are bound by the provisions of this Agreement and the Intercreditor Agreement, including the provisions relating to the order of application of proceeds from the enforcement of Parity Liens; and
(3)           consenting to and directing the Collateral Trustee to perform its obligations under this Agreement, the Intercreditor Agreement and the Parity Lien Security Documents.
Affiliate ” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; provided , however , that beneficial ownership of 10% or more of the Voting Stock of a Person will be deemed to be control by the other Person; and further, that any third Person which also beneficially owns 10% or more of the Voting Stock of a specified Person shall not be deemed to be an Affiliate of either the specified Person or the other Person merely because of

2



such common ownership in such specified Person. For purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings.
Agreement” has the meaning set forth in the preamble.
Approved Counterparty ” means any of the following: (a) J. Aron & Company, Koch Supply & Trading, LP, Merrill Lynch Commodities, Inc., JPMorgan Chase Bank, N.A., Bank of America, N.A., BP Products North America Inc., BP Energy Company, NATIXIS, Barclays Bank PLC, J.P. Morgan Ventures Energy Corporation, Macquarie Bank Limited, or any successor by merger of the foregoing (together with any trading affiliate of any of foregoing entities that has comparable credit support, if any, from the applicable parent entity), (b) any Person whose senior unsecured debt ratings, if any, or otherwise the corporate credit rating or issuer rating, as the case may be (or whose parent entity has any such rating if such Person receives comparable credit support from such parent entity), are not less than A3 from Moody’s Investors Service, Inc. or A- from Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successors thereto, and (c) with respect to Forward Purchase Contracts only, any Person that is a Forward Purchase Secured Hedge Counterparty.
Business Day ” means any day other than a Saturday, Sunday or other day on which commercial banks are authorized by law to close, or are in fact closed, in New York City or in the city where the corporate trust office of the Trustee specified in the Indenture is located.
Calumet ” has the meaning set forth in the recitals.
Capital Stock ” means (a) in the case of a corporation, corporate stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (c) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests, and (d) any other 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.
Collateral ” means all properties and assets of the Obligors now owned or at any time hereafter acquired in which Liens have been granted, or purported to be granted, by such Obligor to the Collateral Trustee to secure any or all of the Parity Lien Obligations, and from and after the time the Collateral Trustee is required to release its Liens pursuant to Section 3.2 upon any properties or assets, shall exclude such properties or assets; provided that the Collateral shall not include any “Posted Credit Support” (as defined in any Secured Hedge Agreement), any Working Capital Priority Collateral or any Excluded Property.
Collateral Trustee ” has the meaning set forth in the preamble.
Collateral Trust Joinder ” means (i) with respect to the provisions of this Agreement relating to any Additional Parity Lien Debt, an agreement substantially in the form of Exhibit B , and (ii) with respect to the provisions of this Agreement relating to the addition of additional Obligors, an agreement substantially in the form of Exhibit C .
Excluded Property ” means, with respect to any Obligor, including any Person that becomes an Obligor after the date hereof, (a) any leased Real Property which (i) has an actual, annual rent less than $5,000,000 or (ii) is located outside of the United States, (b) any owned real or personal Property which is located outside of the United States, provided that the aggregate net book value of all real or personal Property of all of the Obligors excluded pursuant to this clause (b) shall not exceed the greater of $5,000,000 or 3% of the net book value of the assets of the Parent and its Restricted Subsidiaries (as defined in the Indenture),

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(c) any other owned Real Property located in the United States, regardless of when acquired, which has a net book value of less than $5,000,000, (d) the leased Real Property described on Schedule III hereto, and any other leased Real Property that is a lease of office space being used for administrative or similar corporate support services and that is not part of any Refinery Property, (e) any leased personal Property, (f) any owned personal Property (including, without limitation, motor vehicles) in respect of which perfection of a Lien is not either governed by the UCC or effected by appropriate evidence of the Lien being filed in either the United States Copyright Office or the United States Patent and Trademark Office, (g) any Pledged Purchase Property, (h) any catalyst elements and precious metals necessary for the operation of the refinery assets of the Obligors in the ordinary course of business, (i) all of the Capital Stock of each of the Subsidiaries of the Parent, (j) all customer contracts, tax refunds and financial hedge agreements, (k) any “Posted Credit Support” (as defined in any Secured Hedge Agreement), (l) any General Intangible (as defined in the UCC), permit, lease, license, contract or other Instrument (as defined in the UCC) of an Obligor if the grant of a security interest in such General Intangible, permit, lease, license, contract or other Instrument in the manner contemplated by the Parity Lien Security Documents, under the terms thereof or under applicable law, is prohibited and would result in the termination thereof or give the other parties thereto the right to terminate, accelerate or otherwise alter such Obligor’s rights, titles and interests thereunder (including upon the giving of notice or the lapse of time or both); provided that (i) any such prohibition shall only apply to the extent that any such prohibition could not be rendered ineffective pursuant to the UCC or any other applicable law (including any Debtor Relief Laws (as defined in the Parity Lien Documents)) or principles of equity and (ii) in the event of the termination or elimination of any such prohibition or the requirement for any consent contained in any applicable law, General Intangible, permit, lease, license, contract or other Instrument, to the extent sufficient to permit any such item to become Collateral, or upon the granting of any such consent, or waiving or terminating any requirement for such consent, such General Intangible, permit, lease, license, contract or other Instrument shall be automatically and simultaneously included as Collateral, (m) any intellectual property acquired after the Issue Date (as defined in the Indenture), (n) commercial tort claims (i) relating to accounts (other than accounts or other payment obligations constituting the identifiable proceeds of Collateral) or inventory, (ii) seeking damages of $1,000,000 or less and existing on the Issue Date (as defined in the Indenture), and (iii) seeking damages of $5,000,000 or less and arising after the Issue Date (as defined in the Indenture), and (o) any accounting systems that at any time evidence or contain information relating to any Working Capital Priority Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon.
Exposure ” means, for any Secured Hedge Counterparty, on any date of determination, the sum of (a) with respect to all Swap Contracts to which such Secured Hedge Counterparty is a party other than Forward Purchase Contracts, the amount determined in good faith by the applicable Secured Hedge Counterparty equal to the aggregate amount, if any, that would be or is payable by any Obligor to such Secured Hedge Counterparty under the Secured Hedge Agreements with such Secured Hedge Counterparty, as if (i) each such Secured Hedge Agreement were being terminated early on such date of determination due to a “Termination Event”, “Event of Default”, “Additional Event of Default”, or “Additional Termination Event”, where such Obligor is the sole “Affected Party,” or the sole “Defaulting Party”, as applicable, and (ii) the Secured Hedge Counterparty were the sole party determining such payment amount (with the applicable Secured Hedge Counterparty making such determination reasonably in accordance with the provisions of the above-described Secured Hedge Agreement) less the aggregate amount of “Posted Credit Support” (as defined in any Secured Hedge Agreement) provided by or on behalf of any Obligor to such Secured Hedge Counterparty in respect of such Secured Hedge Agreements and (b) with respect to all Forward Purchase Contracts to which such Secured Hedge Counterparty is a counterparty, such Forward Purchase Secured Hedge Counterparty’s Forward Purchase Limited Exposure in the aggregate. If, as of the date of determination, any Secured Hedge Agreement has been terminated and a payment is expected to become due to the relevant Secured Hedge Counterparty in respect of such termination, then, for purposes of

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calculating its Exposure pursuant to subclause (a) hereof, (x) until such termination payment has been calculated pursuant to the terms of the Secured Hedge Agreement, such Secured Hedge Counterparty shall reasonably estimate the amount of such termination payment, and (y) after such termination payment has been calculated pursuant to the terms of the Secured Hedge Agreement, the actual termination payment (including any accrued interest due thereon) shall thereafter be used; provided , however , if such Secured Hedge Agreement included both Forward Purchase Contracts and Swap Contracts that were not Forward Purchase Contracts, then the Secured Hedge Counterparty shall continue to calculate Exposure pursuant to subclause (a) on a gross basis with respect only to Swap Contracts that were not Forward Purchase Contracts without regard to any netting of transactions that may have resulted from including Forward Purchase Contracts in the calculation of the termination payment.
Forward Purchase Contract ” means a Swap Contract that involves the purchase or sale of any physical commodity.
Forward Purchase Exposure ” means, for any Forward Purchase Secured Hedge Counterparty, the amount determined in good faith by such Forward Purchase Secured Hedge Counterparty equal to the aggregate amount, if any, that would be or is payable by any Obligor to such Forward Purchase Secured Hedge Counterparty under the Secured Hedge Agreements with respect to all Forward Purchase Contracts to which such Forward Purchase Secured Hedge Counterparty is a party, as if (a) each such Secured Hedge Agreement were being terminated early on such date of determination due to a “Termination Event”, “Event of Default”, “Additional Event of Default”, or “Additional Termination Event”, where such Obligor is the sole “Affected Party,” or the sole “Defaulting Party”, as applicable, and (b) the Forward Purchase Secured Hedge Counterparty were the sole party determining such payment amount (with the applicable Forward Purchase Secured Hedge Counterparty making such determination reasonably in accordance with the provisions of the above-described Secured Hedge Agreement) less the aggregate amount of “Posted Credit Support” (as defined in any Secured Hedge Agreement) provided by or on behalf of any Obligor to such Forward Purchase Secured Hedge Counterparty in respect of such Secured Hedge Agreements. If, as of the date of determination, any Secured Hedge Agreement has been terminated and a payment (in respect of a Forward Purchase Contract) is expected to become due to the relevant Forward Purchase Secured Hedge Counterparty in respect of such termination, then, for purposes of calculating its Forward Purchase Exposure hereunder, (i) until such termination payment has been calculated pursuant to the terms of the Secured Hedge Agreement, such Forward Purchase Secured Hedge Counterparty shall reasonably estimate the amount of such termination payment, and (ii) after such termination payment has been calculated pursuant to the terms of the Secured Hedge Agreement, the actual termination payment (including any accrued interest due thereon) shall thereafter be used; provided , however , if such Secured Hedge Agreement included both Forward Purchase Contracts and Swap Contracts that were not Forward Purchase Contracts, then the Secured Hedge Counterparty shall continue to calculate its Forward Purchase Exposure on a gross basis with respect only to Forward Purchase Contracts without regard to any netting of transactions that may have resulted from including other Swap Contracts that were not Forward Purchase Contracts in the calculation of the termination payment.
Forward Purchase Limit ” means $150,000,000.
Forward Purchase Limited Exposure ” means, for any Forward Purchase Secured Hedge Counterparty, the lower of (i) such Forward Purchase Secured Hedge Counterparty’s Forward Purchase Exposure and (ii) the product of (a) the Forward Purchase Limit and (b) such Forward Purchase Secured Hedge Counterparty’s Forward Purchase Exposure Percentage.

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Forward Purchase Exposure Percentage ” means, for any Forward Purchase Secured Hedge Counterparty, the percentage determined by dividing (a) the amount of such Forward Purchase Secured Hedge Counterparty’s Forward Purchase Exposure then in effect by (b) the aggregate amount of all Forward Purchase Secured Hedge Counterparties’ Forward Purchase Exposures then in effect.
Forward Purchase Secured Hedge Counterparty ” means a Secured Hedge Counterparty that has entered into one or more Forward Purchase Contracts with an Obligor.
Guarantee ” means a guarantee by any Person other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets, acting as co-obligor or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness of any other Person.
Hedge Agreement Default ” means any event or condition that constitutes an “Event of Default” or a “Termination Event”, where an Obligor is the sole “Defaulting Party” or the sole “Affected Party”, respectively, under, and as defined in, any Parity Lien Document related to Secured Hedge Agreements.
Indebtedness ” has the meaning assigned to such term in the Indenture or to such term or other similar term in any applicable Parity Lien Document, including payment obligations under Swap Contracts.
Indemnified Liabilities ” means any and all liabilities (including all environmental liabilities), obligations, losses, damages, penalties, actions, judgments, suits, costs, taxes, expenses or disbursements of any kind or nature whatsoever with respect to the execution, delivery, performance, administration or enforcement of this Agreement or any of the other Parity Lien Security Documents, including any of the foregoing relating to the use of proceeds of any Parity Lien Debt or the violation of, noncompliance with or liability under, any law (including environmental laws) applicable to or enforceable against the Parent, any Subsidiary of the Parent or any Obligor or any of the Collateral and all reasonable costs and expenses (including reasonable fees and expenses of legal counsel selected by the Indemnitee) incurred by any Indemnitee in connection with any claim, action, investigation or proceeding in any respect relating to any of the foregoing, whether or not suit is brought.
Indemnitee ” has the meaning set forth in Section 7.9(a).
Indenture ” has the meaning set forth in the recitals.
Initial Notes ” has the meaning set forth in the recitals.
Insolvency or Liquidation Proceeding ” means:
(1)           any case commenced by or against any Obligor under Title 11, U.S. Code or any similar federal or state law for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Obligor, any receivership or assignment for the benefit of creditors relating to any Obligor or any similar case or proceeding relative to any Obligor or its creditors, as such, in each case whether or not voluntary;
(2)           any liquidation, dissolution, marshalling of assets or liabilities or other winding up of or relating to any Obligor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or

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(3)           any other proceeding of any type or nature in which substantially all claims of creditors of any Obligor are determined and any payment or distribution is or may be made on account of such claims.
Intercreditor Agreement ” means that certain Second Amended and Restated Intercreditor Agreement dated as of the date hereof, among the Obligors, the Collateral Trustee, on behalf of itself and the holders of the Notes and any other Parity Lien Obligations, the Working Capital Facility Agent, and the other parties from time to time party thereto, as the same may be amended, restated, supplemented or otherwise modified from time to time.
Issuers ” has the meaning set forth in the recitals.
Lien ” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction other than a precautionary financing statement respecting a lease not intended as a security agreement.
Mortgage Instrument ” means each of the mortgages, deeds of trust or deeds, or Additional Mortgage Instruments, to secure debt (as the same may be amended, modified, restated or supplemented from time to time) encumbering the fee interest and/or leasehold interest of the applicable Obligor in each of the Mortgaged Properties in favor of the Collateral Trustee, on behalf of the Parity Lien Secured Parties.
Mortgaged Properties ” means each of the Refinery Properties, the Terminal Property and each of the other Real Properties designated on Schedule II as a Mortgaged Property and any other Real Properties required by any Parity Lien Document to become subject to a Mortgage Instrument.
Notes ” means, collectively, the Initial Notes and the Additional Notes for which the requirements set forth in Section 3.8 of this Agreement have been satisfied.
Obligations ” means any principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees, and other liabilities or amounts payable under the documentation governing any Indebtedness, including Swap Contracts, or in respect thereto.  
Obligor ” means (a) each Subsidiary of the Parent who has Guaranteed payment of any Parity Lien Obligations, in each case until their respective Guarantee of all Parity Lien Obligations is released in accordance with the terms of the applicable Parity Lien Documents and (b) any other Person that at any time provides collateral security for any Parity Lien Obligations, in each case, including their respective successors and assigns.
Officers’ Certificate ” means a certificate with respect to compliance with a condition or covenant provided for in this Agreement, signed on behalf of the Parent by two officers of the Parent, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Parent, including:
 
(a)           a statement that the Person making such certificate has read such covenant or condition;
 

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(b)           a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate are based;
 
(c)           a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and
 
(d)           a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.
 
Parent ” has the meaning set forth in the preamble.
Parity Lien ” means a Lien granted by any Obligor in favor of the Collateral Trustee pursuant to a Parity Lien Security Document, at any time, upon any property of any such Obligor to secure any Parity Lien Obligation.
Parity Lien Debt ” means:
(1)    the Indebtedness under the Initial Notes and Guarantees thereof;
(2)    the Indebtedness under the Secured Hedge Agreements, including any Forward Purchase Contracts, listed on Schedule I ; and
(3)    any other Indebtedness (other than intercompany indebtedness owing to the Parent or its Subsidiaries) of any Obligor (including Additional Notes and Guarantees thereof and Indebtedness under Secured Hedge Agreements, including any Forward Purchase Contracts, entered into after the date of this Agreement) that is secured equally and ratably with the Parity Lien Obligations by a Parity Lien that is permitted to be incurred and so secured under each applicable Parity Lien Document; provided that in the case of any Indebtedness referred to in clause (3) of this definition, that:
(a)    on or before the date on which such Indebtedness is incurred by any Obligor, such Indebtedness is designated by the Parent, in an Additional Parity Lien Debt Certificate executed and delivered in accordance with Section 3.8(b), as “Parity Lien Debt” for the purposes of the Indenture and this Agreement;
(b)    other than in the case of any Additional Notes and Guarantees thereof issued under the Indenture, such Indebtedness is governed by an indenture, secured hedge agreement, credit agreement or other agreement that includes an Additional Secured Debt Designation; and
(c)    all other requirements set forth in Section 3.8 have been complied with;
provided, further that in the case of any Additional Notes, on or before the date on which Indebtedness in respect of Additional Notes is incurred, the Parent will deliver to the Collateral Trustee an Officers’ Certificate stating that such Indebtedness is permitted by each applicable Parity Lien Document to be incurred and secured with a Parity Lien equally and ratably with all other Parity Lien Debt.
Parity Lien Debt Default ” means any Event of Default (as defined in the Indenture), Hedge Agreement Default or any similar event or condition set forth in any other Parity Lien Document that causes, or permits holders of the applicable Series of Parity Lien Debt outstanding thereunder (with or without the giving of notice or lapse of time, or both, and whether or not notice has been given or time has lapsed) to cause, the Parity Lien Debt outstanding thereunder to become immediately due and payable.

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Parity Lien Documents ” means, collectively, the Parity Lien Security Documents, the Indenture, the Notes, the other Note Documents (as defined in the Indenture), the Secured Hedge Agreements (including each Confirmation and Credit Support Document entered into, and defined, thereunder) and any additional indenture, supplemental indenture, credit agreement, Secured Hedge Agreement or other agreement governing each other Series of Parity Lien Debt.
Parity Lien Obligations ” means Parity Lien Debt and all other Obligations in respect of the Parity Lien Debt and Parity Lien Documents.
Parity Lien Representative ” means:
(1)       in the case of the Notes, the Trustee;
(2)       any holder of Parity Lien Debt acting in its individual capacity so long as such Person is, or has become, a party to this Agreement; or
(3)     in the case of any Series of Parity Lien Debt (other than as described in clause (1) or (2) above), the trustee, agent or representative of the holders of such Series of Parity Lien Debt that (A) is appointed to act for the holders of such Series of Parity Lien Debt (for purposes related to the administration of the Parity Lien Security Documents) pursuant to a Secured Hedge Agreement, indenture, credit agreement or other agreement governing such Series of Parity Lien Debt, together with its successors in such capacity, and (B) has become a party to this Agreement by executing a Collateral Trust Joinder.
Parity Lien Secured Parties ” means the Trustee, for the benefit of the holders of the Notes, the Secured Hedge Counterparties, the Collateral Trustee and any other holder of Parity Lien Debt.
Parity Lien Security Documents ” means this Agreement, each Collateral Trust Joinder, the Security Agreement, the Mortgage Instruments, the PP&E Proceeds Account Control Agreement, and all other security agreements, pledge agreements, collateral assignments, mortgages, deeds of trust, collateral agency agreements, control agreements or other grants or transfers for security executed and delivered by any Obligor creating (or purporting to create) a Lien upon Collateral in favor of the Collateral Trustee (including, without limitation, the financing statements under the Uniform Commercial Code of the relevant state), for the benefit of any of the Parity Lien Secured Parties, in each case, as amended, modified, renewed, restated or replaced, in whole or in part, from time to time, in accordance with its terms and Section 7.1.
Person ” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity, including a government or political subdivision or an agency or instrumentality thereof.
Pledged Purchase Property ” means Property that is subject to a Lien securing only purchase money Indebtedness (including obligations in respect of capital leases and synthetic lease obligations) incurred by any Obligor to finance fixed assets.
PP&E Proceeds Account ” has the meaning assigned to such term in the Security Agreement.
PP&E Proceeds Account Control Agreement ” means an agreement among an Obligor, Bank of America, N.A. or an Affiliate thereof, as depository institution or securities intermediary, as applicable, and the Collateral Trustee, in a form reasonably acceptable to the Collateral Trustee and Parent, and which provides the Collateral Trustee with “control” as such term is used in the UCC, while also providing to Parent

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the ability to select investment options for the balance therein that provide customary rates or return for cash equivalents.
 “ Property ” means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.
Reaffirmation Agreement ” means an agreement reaffirming the security interests granted to the Collateral Trustee in substantially the form attached as Exhibit 1 to Exhibit A of this Agreement.
Real Properties ” means, at any time, each of the facilities and real Properties owned, leased or operated by any Obligor at such time.
Refinery Properties ” means each of the refinery facilities owned and operated by any Obligor and located in Princeton, Louisiana, Cotton Valley, Louisiana, Shreveport, Louisiana, Louisiana, Missouri, Great Falls, Montana, San Antonio, Texas, and Superior, Wisconsin, respectively, and each of the specialty hydrocarbon processing facilities owned and operated by any Obligor and located in Shreveport, Louisiana, Dickinson, Texas, Wall Township, New Jersey, Karns City, Pennsylvania, and Porter, Texas.
Required Parity Lien Debtholders ” means, at any time, the holders of a majority in aggregate principal amount of all Parity Lien Debt then outstanding, calculated in accordance with the provisions of Section 7.2. For purposes of this definition, Parity Lien Debt registered in the name of, or beneficially owned by, the Parent or any Subsidiary of the Parent will be deemed not to be outstanding.
Secured Hedge Agreement ” means any Swap Contract entered into by an Obligor for commodities traded by such Obligor in the ordinary course of business (regardless of whether such Swap Contract is effected by means of an option contract, a futures contract, an over-the-counter hedging agreement or otherwise) that is (a) in effect on the date hereof with a Secured Hedge Counterparty and listed on Schedule I hereto or (b) is entered into after the date hereof with a counterparty that is or becomes a Secured Hedge Counterparty at the time such Swap Contract is entered provided that (i) such Secured Hedge Counterparty has, or has appointed a representative that has, become a party hereto by executing a Collateral Trust Joinder and (ii) the provisions under Section 3.8 have been satisfied with respect to the Indebtedness under such Swap Contract.
Secured Hedge Counterparty ” means any Approved Counterparty that enters into a Secured Hedge Agreement and is a party hereto (including by a Collateral Trust Joinder in accordance with Section 3.8).
Security Agreement ” means the Second Amended and Restated Security and Pledge Agreement dated as of the date hereof, by and among the Issuers, the other Obligors and the Collateral Trustee, for the benefit of the Parity Lien Secured Parties, as the same may be amended, restated, supplemented or otherwise modified from time to time.
Series of Parity Lien Debt ” means, severally, (a) the Obligations under the Indenture, (b) the Obligations under each Secured Hedge Agreement (with Secured Hedge Agreements between one or more of the same Obligors, on the one hand, and one or more of the same Secured Hedge Counterparties, on the other hand, constituting a single Series of Parity Lien Debt, so long as such Secured Hedge Agreements represent confirmations or transactions under a single common agreement among such parties), and (c) each separate issue of Indebtedness which constitutes Parity Lien Debt (with agreements between one or more of the same Obligors, on the one hand, and one or more of the same counterparties, on the other hand, constituting a single issue and a single Series of Parity Lien Debt, so long as such agreements represent confirmations or transactions under a single common agreement among such parties).

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Subsidiary ” means, with respect to any specified Person:
(1)    any corporation, association or other business entity (other than a partnership or limited liability company) of which more than 50% of the total voting power of Voting Stock is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and
(2)    any partnership (whether general or limited) or limited liability company (a) the sole general partner or member of which is such Person or a Subsidiary of such Person, or (b) if there is more than a single general partner or member, either (x) the only managing general partners or managing members of which are such Person or one or more Subsidiaries of such Person (or any combination thereof) or (y) such Person owns or controls, directly or indirectly, a majority of the outstanding general partner interests, member interests or other Voting Stock of such partnership or limited liability company, respectively.
Swap Contract ” means, with respect to any specified Person:
(1)    interest rate swap agreements, interest rate cap agreements and interest rate collar agreements entered into with one or more financial institutions and designed to protect the Person or any of its Subsidiaries entering into the agreement against fluctuations in interest rates with respect to Indebtedness incurred;
(2)    foreign exchange contracts and currency protection agreements entered into with one or more financial institutions and designed to protect the Person or any of its Subsidiaries entering into the agreement against fluctuations in currency exchanges rates with respect to Indebtedness incurred;
(3)    any commodity futures contract, commodity option or other similar agreement or arrangement designed to protect against fluctuations in the price of hydrocarbons used, produced, processed or sold by that Person or any of its Subsidiaries at the time;
(4)    any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a “ Master Agreement ”), including any such obligations or liabilities under any Master Agreement; and
(5)    other agreements or arrangements designed to protect such Person or any of its Subsidiaries against currency, interest rate, commodity price, commodity availability or similar risks;
and in each case are entered into only in the ordinary course of business and not for speculative purposes.  
Terminal Properties ” means the terminal facilities owned and operated by Calumet and located in Burhnam, Illinois, Crookston, Minnesota, Proctor, Minnesota, Elmendorf, Texas and Rhinelander, Wisconsin.
Trustee ” has the meaning set forth in the recitals.
Trust Estate ” has the meaning set forth in Section 2.1.
UCC ” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other applicable jurisdiction.

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Voting Stock ” of any Person as of any date means the Capital Stock of such Person that is at the time entitled (without regard to the occurrence of any contingency) to vote in the election of the board of directors, managers or trustees of such Person.
Working Capital Facility Agent ” means Bank of America, N.A., in its capacity as agent for the lenders under the Working Capital Facility Credit Agreement, and its successors thereto.
Working Capital Facility Credit Agreement ” means the Second Amended and Restated Credit Agreement dated as of July 14, 2014, as amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, among certain Obligors, the lenders identified therein and the Working Capital Facility Agent.
Working Capital Priority Collateral ” means (all defined terms used in this definition but not defined in this Agreement shall have the respective meanings given such terms in the UCC):
(a)     any and all right, title and interest of the Parent or any of its Subsidiaries in and to the following Property of such Person, whether now owned or existing or owned, acquired or arising hereafter:
(i)     all Accounts (other than Accounts or other payment obligations constituting the identifiable proceeds of Collateral);
(ii)     all Inventory;
(iii)     all chattel paper, instruments, documents and general intangibles (including, without limitation, contract rights, indemnification rights and license rights), in each case relating to Accounts (other than Accounts or other payment obligations constituting the identifiable proceeds of Collateral) or Inventory;
(iv)     all deposit accounts (other than the PP&E Proceeds Account), and all deposits and other sums at any time credited to any such deposit account, including any sums in any dominion account, springing dominion account, blocked or lockbox account or any account into which such sums are swept;
(v)     all cash and cash equivalents (other than cash proceeds of dispositions of Collateral required to be deposited into the PP&E Proceeds Account);
(vi)     all letter-of-credit rights and supporting obligations, in each case relating to Accounts (other than Accounts or other payment obligations constituting the identifiable proceeds of Collateral) or Inventory;
(vii)     all books, records, ledger cards, files, correspondence, computer programs, tapes, disks and related data processing software that at any time evidence or contain information relating to any Working Capital Priority Collateral or are otherwise necessary or helpful in the collection thereof or realization thereupon; and
(viii)     all commercial tort claims relating to Accounts (other than Accounts or other payment obligations constituting the identifiable proceeds of Collateral) or Inventory; and;

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(b)     all proceeds, products and accessions to the Property described in the foregoing clause (a).
Section 1.2      Rules of Interpretation.
(a)     Unless otherwise indicated, any reference to any agreement or instrument will be deemed to include a reference to that agreement or instrument as assigned, amended, supplemented, amended and restated, or otherwise modified and in effect from time to time or replaced in accordance with the terms of such agreement or instrument and this Agreement.
(b)     The use in this Agreement or any of the other Parity Lien Security Documents of the word “include” or “including,” when following any general statement, term or matter, will not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word or to similar items or matters, whether or not non-limiting language (such as “without limitation” or “but not limited to” or words of similar import) is used with reference thereto, but will be deemed to refer to all other items or matters that fall within the broadest possible scope of such general statement, term or matter. The word “will” shall be construed to have the same meaning and effect as the word “shall.”
(c)      References to “Sections,” “clauses,” “recitals” and the “preamble” will be to Sections, clauses, recitals and the preamble, respectively, of this Agreement unless otherwise specifically provided. References to “Articles” will be to Articles of this Agreement unless otherwise specifically provided. References to “Exhibits” and “Schedules” will be to Exhibits and Schedules, respectively, to this Agreement unless otherwise specifically provided.
(d)      Notwithstanding anything to the contrary in this Agreement, any references contained herein to any section, clause, paragraph, definition or other provision of any Parity Lien Document (including any definition contained therein) shall be deemed to be a reference to such section, clause, paragraph, definition or other provision as in effect on the date of this Agreement; provided that, unless otherwise set forth herein, any reference to any such section, clause, paragraph or other provision shall refer to such section, clause, paragraph or other provision of such Parity Lien Document (including any definition contained therein) as amended or modified from time to time if such amendment or modification has been made in accordance with such Parity Lien Document and this Agreement.
(e)      This Agreement and the other Parity Lien Security Documents will be construed without regard to the identity of the party who drafted it and as though the parties participated equally in drafting it. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the drafting party will not be applicable either to this Agreement or the other Parity Lien Security Documents.
ARTICLE 2

THE TRUST ESTATE

Section 2.1      Declaration of Trust.
To secure the payment of the Parity Lien Obligations and in consideration of the premises and the mutual agreements set forth herein, each of the Obligors hereby confirms the grant of Liens in favor of the Collateral Trustee, and the Collateral Trustee hereby accepts and agrees to hold, in trust under this

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Agreement for the benefit of all current and future Parity Lien Secured Parties, on all of such Obligor’s right, title and interest in, to and under all Collateral and on all Liens now or hereafter granted to the Collateral Trustee by each Obligor under any Parity Lien Security Document for the benefit of the Parity Lien Secured Parties, together with all of the Collateral Trustee’s right, title and interest in, to and under the Parity Lien Security Documents, and all interests, rights, powers and remedies of the Collateral Trustee thereunder or in respect thereof and all cash and non-cash proceeds thereof (collectively, the “Trust Estate”).
The Collateral Trustee and its successors and permitted assigns under this Agreement will hold the Trust Estate in trust for the benefit solely and exclusively of all current and future Parity Lien Secured Parties as security for the payment of all present and future Parity Lien Obligations.
Notwithstanding the foregoing, if at any time:
(f)     all Liens securing the Parity Lien Obligations have been released as provided in Section 4.1;
(g)     the Collateral Trustee holds no other property in trust as part of the Trust Estate;
(h)     no monetary obligation (other than indemnification and other contingent obligations not then due and payable and letters of credit that have been cash collateralized at the lower of (A) 105% of the aggregate undrawn amount thereof and (B) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) is outstanding and payable under this Agreement to the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity); and
(i)     the Parent delivers to the Collateral Trustee an Officers’ Certificate stating that the Obligors are not required by any Parity Lien Document to grant any Parity Lien upon any property,
then the Trust Estate arising hereunder will terminate, except that all provisions set forth in Sections 7.8 and 7.9 that are enforceable by the Collateral Trustee or any of its co-trustees or agents (whether in an individual or representative capacity) will remain enforceable in accordance with their terms.
The parties to this Agreement further declare and covenant that the Trust Estate will be held and distributed by the Collateral Trustee subject to the further agreements herein.
Section 2.2      Collateral Shared Equally and Ratably . The parties to this Agreement agree that the payment and satisfaction of all of the Parity Lien Obligations will be secured equally and ratably by the Parity Liens established in favor of the Collateral Trustee for the benefit of the Parity Lien Secured Parties, notwithstanding the time of incurrence of any Parity Lien Obligations or time or method of creation or perfection of any Parity Liens securing such Parity Lien Obligations.
Section 2.3      Identical Liens . The parties to this Agreement agree that it is their intention that the Parity Liens be identical.
ARTICLE 3

OBLIGATIONS AND POWERS OF COLLATERAL TRUSTEE

Section 3.1      Appointment and Undertaking of the Collateral Trustee.

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(a)     Each Parity Lien Secured Party (other than the Collateral Trustee) acting as its own Parity Lien Representative or through its respective Parity Lien Representative, as applicable, hereby appoints the Collateral Trustee to serve as collateral trustee hereunder on the terms and conditions set forth herein. Subject to, and in accordance with, this Agreement, the Collateral Trustee will, and is hereby authorized to, as collateral trustee, for the benefit solely and exclusively of the present and future Parity Lien Secured Parties:
(i)     accept, enter into, hold, maintain, administer and enforce all Parity Lien Security Documents, including all Collateral subject thereto, and all Liens created thereunder, perform its obligations hereunder and under the Parity Lien Security Documents and protect, exercise and enforce the interests, rights, powers and remedies granted or available to it under, pursuant to or in connection with the Parity Lien Security Documents;
(ii)     take all lawful and commercially reasonable actions permitted under the Parity Lien Security Documents that it may deem necessary or advisable to protect or preserve its interest in the Collateral subject thereto and such interests, rights, powers and remedies;
(iii)     deliver and receive notices pursuant to this Agreement and the Parity Lien Security Documents;
(iv)     sell, assign, collect, assemble, foreclose on, institute legal proceedings with respect to, or otherwise exercise or enforce the rights and remedies of a secured party (including a mortgagee, trust deed beneficiary and insurance beneficiary or loss payee) with respect to the Collateral under the Parity Lien Security Documents and its other interests, rights, powers and remedies;
(v)     remit as provided in Section 3.4 all cash proceeds received by the Collateral Trustee from the collection, foreclosure or enforcement of its interest in the Collateral under the Parity Lien Security Documents or any of its other interests, rights, powers or remedies;
(vi)     execute and deliver amendments to the Parity Lien Security Documents as from time to time authorized pursuant to Section 7.1 accompanied by an Officers’ Certificate to the effect that the amendment was permitted under Section 7.1;
(vii)     release or subordinate any Lien granted to it by any Parity Lien Security Document upon any Collateral if and as required by Section 3.2; and
(viii)     enter into and perform its obligations and protect, exercise and enforce its interest, rights, powers and remedies under the Intercreditor Agreement.
(b)     Each party to this Agreement acknowledges and consents to the undertaking of the Collateral Trustee set forth in Section 3.1(a) and agrees to each of the other provisions of this Agreement applicable to the Collateral Trustee.
(c)     Notwithstanding anything to the contrary contained in this Agreement, the Collateral Trustee will not commence any exercise of remedies or any foreclosure actions or otherwise take any action or proceeding against any of the Collateral unless and until it shall have been directed by written notice of an Act of Parity Lien Debtholders and then only in accordance with the provisions of this Agreement.

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(d)     Notwithstanding anything to the contrary contained in this Agreement, neither the Parent nor any of its Affiliates may serve as Collateral Trustee.
Section 3.2      Release or Subordination of Liens . The Collateral Trustee will not release or subordinate any Lien of the Collateral Trustee or consent to the release or subordination of any Lien of the Collateral Trustee, except:
(a)     as directed by an Act of Parity Lien Debtholders accompanied by an Officers’ Certificate to the effect that the release or subordination was permitted by each applicable Parity Lien Document and otherwise setting forth the requirements of Section 4.1(b)(i) and 4.1(b)(ii);
(b)     as required by Article 4;
(c)     to release or subordinate Liens on Collateral to the extent permitted by each applicable Parity Lien Document; provided that the Collateral Trustee receives an Officers’ Certificate confirming the foregoing; or
(d)     as ordered pursuant to applicable law under a final and nonappealable order or judgment of a court of competent jurisdiction.
Section 3.3      Enforcement of Liens . If the Collateral Trustee at any time receives written notice from a Parity Lien Representative stating that any event has occurred that constitutes a default under any Parity Lien Document entitling the Collateral Trustee to foreclose upon, collect or otherwise enforce its Liens under the Parity Lien Security Documents, the Collateral Trustee will promptly deliver written notice thereof to each Parity Lien Representative. Thereafter, the Collateral Trustee will await direction by an Act of Parity Lien Debtholders and, subject to the terms of the Intercreditor Agreement, will act, or decline to act, as directed by an Act of Parity Lien Debtholders, in the exercise and enforcement of the Collateral Trustee’s interests, rights, powers and remedies in respect of the Collateral or under the Parity Lien Security Documents or applicable law and, following the initiation of such exercise of remedies, the Collateral Trustee will act, or decline to act, with respect to the manner of such exercise of remedies as directed by an Act of Parity Lien Debtholders. The Collateral Trustee shall in no way be liable or obligated to take any action in the absence of (i) express provisions in the Parity Lien Security Documents to the contrary or (ii) any Act of Parity Lien Debtholders, and shall not be liable or responsible for any action taken upon an Act of Parity Lien Debtholders.
Section 3.4      Application of Proceeds.
(a)     The Collateral Trustee will apply the proceeds of any collection, sale by the Collateral Trustee, foreclosure or other realization upon, or exercise of any right or remedy with respect to, any Collateral and the proceeds of any title insurance or other insurance policy required under any Parity Lien Document or otherwise covering the Collateral, and any condemnation proceeds with respect to the Collateral, in the following order of application:
FIRST , to the payment of all amounts then due and payable under this Agreement on account of the Collateral Trustee’s fees and any costs, expenses, reasonable legal fees (including reasonable legal fees and costs of counsel to the Collateral Trustee) or other liabilities of any kind incurred by the Collateral Trustee or any co-trustee or agent of the Collateral Trustee in connection with any Parity Lien Document (including, but not limited to, indemnification obligations (other than contingent indemnification obligations)), in each case, in accordance with Sections 7.8 and 7.9;

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SECOND , to the respective Parity Lien Representatives equally and ratably for application to the payment of all outstanding Parity Lien Debt and any other Parity Lien Obligations that are then due and payable in such order as may be provided in the Parity Lien Documents in an amount sufficient to pay in full in cash all outstanding Parity Lien Debt and all other Parity Lien Obligations that are then due and payable (including, to the extent legally permitted, all interest accrued thereon after the commencement of any Insolvency or Liquidation Proceeding at the rate, including any applicable post-default rate, specified in the Parity Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding but excluding contingent indemnity obligations for which no claim has been made) and including the discharge or cash collateralization (at the lower of (A) 105% of the aggregate undrawn amount thereof and (B) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) of all outstanding letters of credit, if any, constituting Parity Lien Debt; provided, however, that for purposes of determining the amount of Parity Lien Obligations owed to any Secured Hedge Counterparty that is also a Forward Purchase Secured Hedge Counterparty pursuant to this clause second, the gross amount of Parity Lien Obligations (other than any amount payable in respect of any Forward Purchase Contract) and the gross amount of Parity Lien Obligations in respect of Forward Purchase Contracts shall be calculated separately (without regard to any netting between Forward Purchase Contracts and other Swap Contracts) and the amount of Parity Lien Obligations payable to such Secured Hedge Counterparty that is also a Forward Purchase Secured Hedge Counterparty in respect of such Forward Purchase Contracts shall be limited to such Forward Purchase Secured Hedge Counterparty’s Forward Purchase Limited Exposure; provided, further that in no event shall the Parity Lien Obligations owing to a Forward Purchase Secured Hedge Counterparty under this clause second exceed the net Parity Lien Obligations of the Secured Hedge Counterparties then outstanding;
THIRD, to the extent not paid under clause second above, to the payment of any other Parity Lien Obligations in respect of Forward Purchase Contracts owed to any Forward Purchase Secured Hedge Counterparty, ratably in accordance with any other Parity Lien Obligations owed to each such Forward Purchase Secured Hedge Counterparty after deducting amounts paid under clause second above; and
FOURTH , any surplus remaining after the payment in full in cash of the amounts described in the preceding clauses will be paid to the Parent or the applicable Obligor, as the case may be, and as directed in writing by the Parent, its successors or assigns, or as a court of competent jurisdiction may direct.
(b)     This Section 3.4 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and future holder of Parity Lien Obligations, each present and future Parity Lien Representative and the Collateral Trustee as holder of Parity Liens. The Parity Lien Representative of each future issuance of Additional Notes and each future Series of Parity Lien Debt will be required to deliver to the Collateral Trustee a Collateral Trust Joinder and an Additional Secured Debt Designation as provided in Section 3.8 at the time of incurrence of such Series of Parity Lien Debt.
(c)     In making the determinations and allocations in accordance with Section 3.4(a), the Collateral Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of unpaid principal and interest and other amounts outstanding with respect to its respective Parity Lien Debt and any other Parity Lien Obligations.

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Section 3.5      Powers of the Collateral Trustee.
(a)     The Collateral Trustee is irrevocably authorized and empowered to enter into and perform its obligations and protect, perfect, exercise and enforce its interest, rights, powers and remedies under the Parity Lien Security Documents and applicable law and in equity and to act as set forth in this Article 3 or, subject to the other provisions of this Agreement, as requested in any lawful directions given to it in accordance with this Agreement from time to time in respect of any matter by an Act of Parity Lien Debtholders.
(b)     No Parity Lien Representative or holder of Parity Lien Obligations (other than the Collateral Trustee) will have any liability whatsoever for any act or omission of the Collateral Trustee, and the Collateral Trustee will have no liability whatsoever for any act or omission of any Parity Lien Representative or any holder of Parity Lien Obligations.
Section 3.6      Documents and Communications . The Collateral Trustee will permit each Parity Lien Representative and each holder of Parity Lien Obligations upon reasonable written notice and at reasonable times from time to time to inspect and copy, at the cost and expense of the party requesting such copies, any and all Parity Lien Security Documents and other documents, notices, certificates, instructions or communications received by the Collateral Trustee in its capacity as such.
Section 3.7      For Sole and Exclusive Benefit of Holders of Parity Lien Obligations . The Collateral Trustee will accept, hold, administer and enforce all Liens on the Collateral at any time transferred or delivered to it and all other interests, rights, powers and remedies at any time granted to or enforceable by the Collateral Trustee and all other property of the Trust Estate solely and exclusively for the benefit of the present and future holders of present and future Parity Lien Obligations, and will distribute all proceeds received by it in realization thereon or from enforcement thereof solely and exclusively pursuant to the provisions of Section 3.4.
Section 3.8      Additional Parity Lien Debt.
(a)     The Collateral Trustee will, as trustee hereunder, perform its undertakings set forth in Section 3.1(a) with respect to any Parity Lien Obligations constituting Additional Notes or a Series of Parity Lien Debt that is issued or incurred after the date hereof; provided that:
(i)     such Parity Lien Obligations are identified as Parity Lien Debt in accordance with the procedures set forth in Section 3.8(b); and
(ii)     the designated Parity Lien Representative identified pursuant to Section 3.8(b) signs a Collateral Trust Joinder and an Additional Secured Debt Designation and delivers the same to the Collateral Trustee.
(b)     The Parent will be permitted to designate as an additional holder of Parity Lien Debt hereunder each Person who is, or who becomes, the registered holder of Parity Lien Debt incurred by any Obligor after the date of this Agreement in accordance with the terms of all applicable Parity Lien Documents. The Parent may only effect such designation by delivering to the Collateral Trustee an Additional Parity Lien Debt Certificate that:
(i)     states that the applicable Obligor intends to incur additional Parity Lien Debt (“ Additional Parity Lien Debt ”) that is permitted by each applicable Parity Lien

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Document to be secured with a Parity Lien equally and ratably with all other Parity Lien Debt;
(ii)     specifies the name, address and contact information of the Parity Lien Representative for such series of Additional Parity Lien Debt for purposes of Section 7.6;
(iii)     attaches as Exhibit 1 to such Additional Parity Lien Debt Certificate a Reaffirmation Agreement in substantially the form attached as Exhibit 1 to Exhibit A of this Agreement, which Reaffirmation Agreement has been duly executed by each Obligor; and
(iv)     states that the Parent has caused a copy of the Additional Parity Lien Debt Certificate and the related Collateral Trust Joinder to be delivered to each then existing Parity Lien Representative;
provided that , no Indebtedness incurred under the Working Capital Facility Credit Agreement or otherwise secured by the Working Capital Priority Collateral may be designated as Parity Lien Debt pursuant to this Section 3.8(b).
Although the Parent shall be required to deliver a copy of each Additional Parity Lien Debt Certificate, each Collateral Trust Joinder and each Additional Secured Debt Designation to each then existing Parity Lien Representative, the failure to so deliver a copy of the Additional Parity Lien Debt Certificate, Collateral Trust Joinder and/or Additional Secured Debt Designation to any then-existing Parity Lien Representative shall not affect the status of such debt as Additional Parity Lien Debt if the other requirements of this Section 3.8 are complied with. The Collateral Trustee shall have the right to request that the Parent provide to it a legal opinion or opinions of counsel (subject to customary assumptions, qualifications and exceptions and substantially similar to any such opinions delivered to it on the date of this Agreement as it relates to the subject matter thereof) as to the Additional Parity Lien Debt being secured by a valid and perfected security interest in the Collateral; provided that (i) such legal opinion or opinions need not address any collateral of a type not previously covered by any legal opinion delivered by or on behalf of the Parent and (ii) nothing shall preclude such legal opinion or opinions from being delivered on a post-closing basis after the incurrence of such Additional Parity Lien Debt if permitted by the Parity Lien Representative for such Additional Parity Lien Debt. Notwithstanding the foregoing, nothing in this Agreement will be construed to allow any Obligor to incur additional Indebtedness (including Additional Notes) unless otherwise permitted by the terms of all applicable Parity Lien Documents.
(c)     With respect to any Parity Lien Obligations constituting Additional Notes or a Series of Parity Lien Debt that is issued or incurred after the date hereof, each Obligor agrees to take such actions (if any) as may from time to time reasonably be requested by the Collateral Trustee, provided that the Collateral Trustee shall have no obligation to do so and shall have no liability in connection with or in failing to do so, or any Act of Parity Lien Debtholders, and enter into such technical amendments, modifications and/or supplements to the then existing Guarantees and Parity Lien Security Documents (or execute and deliver such additional Parity Lien Security Documents) as may from time to time be reasonably requested by such Persons, provided that the Collateral Trustee shall have no obligation to do so and shall have no liability in connection with or failing to do so, to ensure that the Additional Notes or the Additional Parity Lien Debt, as applicable, are secured by, and entitled to the benefits of, the Parity Lien Security Documents, and each Parity Lien Secured Party (by its acceptance of the benefits hereof) hereby agrees to, and authorizes the Collateral Trustee to enter into, any such technical amendments, modifications and/or supplements (and additional Parity Lien Security Documents). Each Obligor hereby further agrees that, if there are any recording,

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filing or other similar fees payable in connection with any of the actions to be taken pursuant to this Section 3.8(c) or Section 3.8(d), all such amounts shall be paid by, and shall be for the account of, the Parent and the other respective Obligors, on a joint and several basis.
(d)     Without limitation of the foregoing, each Obligor agrees to take the following actions with respect to the Mortgaged Properties with respect to all Additional Parity Lien Debt (it being understood that any such actions may be taken following the incurrence of any such Additional Parity Lien Debt on a post-closing basis if permitted by the Parity Lien Representative for such Additional Parity Lien Debt) to the extent necessary to ensure that such Additional Parity Lien Debt is secured by, and entitled to the benefits of, the Parity Lien Security Documents with respect to such Mortgaged Properties:
(i)     each applicable Obligor shall enter into, and deliver to the Collateral Trustee a mortgage modification or new mortgage, debenture, hypothec, deed of trust, deed to secure Indebtedness or similar document, instrument or agreement with regard to each Real Property subject to a mortgage, debenture, hypothec, deed of trust, deed to secure Indebtedness or similar document, instrument or agreement (each such mortgage, debenture, hypothec, deed of trust, deed to secure Indebtedness or similar document, instrument or agreement an “ Additional Mortgage Instrument ”), in proper form for recording in all applicable jurisdictions, in a form and substance reasonably satisfactory to the Collateral Trustee; and
(ii)     each applicable Obligor will cause to be delivered to the Collateral Trustee a local counsel opinion (subject to customary assumptions, qualifications and exceptions and substantially similar to any such opinions delivered to it on the date of this Agreement as it relates to the subject matter thereof) to the effect that the Collateral Trustee has a valid and perfected Lien with respect to such Mortgaged Property.
ARTICLE 4

OBLIGATIONS ENFORCEABLE BY THE OBLIGORS

Section 4.1      Release of Liens on Collateral.
(a)     The Collateral Trustee's Liens upon the Collateral will be automatically released:
(i)     in whole, upon (A) payment in full in cash of (1) all outstanding Parity Lien Debt and (2) all other Parity Lien Obligations that are outstanding, due and payable at the time all of the Parity Lien Debt is paid in full in cash (other than contingent indemnity obligations for which no claim has been made), (B) termination or expiration of all commitments to extend credit under all Parity Lien Documents, (C) the cancellation or termination or cash collateralization (at the lower of (1) 105% of the aggregate undrawn amount and (2) the percentage of the aggregate undrawn amount required for release of Liens under the terms of the applicable Parity Lien Documents) of all outstanding letters of credit issued pursuant to any Parity Lien Documents, and (D) as to any Series of Parity Lien Debt outstanding under Secured Hedge Agreements, the collateralization thereof with Eligible Collateral (as defined in the applicable Swap Contract) at the lower of (1) 105% of the applicable Secured Hedge Counterparty’s Exposure and (2) the percentage of such Secured Hedge Counterparty’s Exposure required for release of Liens under the terms of the applicable Parity Lien Documents;

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(ii)     as to any Collateral of an Obligor that is (A) released as an Obligor under each Parity Lien Document and (B) is not obligated (as primary obligor or guarantor) with respect to any other Parity Lien Obligations and so long as the respective release does not violate the terms of any Parity Lien Document which then remains in effect;
(iii)     as to any Collateral of any Obligor that is sold, transferred or otherwise disposed of by any Obligor to a Person that is not (either before or after such sale, transfer or disposition) the Parent or a Restricted Subsidiary (as defined in the Indenture) of the Parent in a transaction or other circumstance that is permitted by all of the Parity Lien Documents, at the time of such sale, transfer or other disposition or to the extent of the interest sold, transferred or otherwise disposed of; provided that the Collateral Trustee’s Liens upon the Collateral will not be released if the sale or other disposition is subject to Article 5 of the Indenture;
(iv)     as to a release of less than all or substantially all of the Collateral, if consent to the release of all Parity Liens on such Collateral has been given by an Act of Parity Lien Debtholders;
(v)     in whole, if the Liens on such Collateral have been released in accordance with the terms of each Series of Parity Lien Debt;
(vi)     as to a release of all or substantially all of the Collateral, if (A) consent to the release of that Collateral has been given by the requisite percentage or number of holders of each Series of Parity Lien Debt at the time outstanding as provided for in the applicable Parity Lien Documents and (B) the Parent has delivered an Officers’ Certificate to the Collateral Trustee certifying that all such necessary consents have been obtained; or
(vii)     as to any properties or assets that become “Posted Credit Support” (as defined in any Secured Hedge Agreement), Working Capital Priority Collateral or Excluded Property.
(b)     Without limiting the foregoing, each party hereto agrees that if the Collateral Trustee at any time receives:
(i)     an Officers’ Certificate (in each case which the Collateral Trustee shall be entitled to rely upon) stating that (A) the signing officer has read Article 4 of this Agreement and understands the provisions and the definitions relating hereto, (B) such officer has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not the conditions precedent in this Agreement, the Intercreditor Agreement and all other Parity Lien Documents, if any, relating to the release of the Collateral have been complied with, (C) in the opinion of such officer, such conditions precedent, if any, have been complied with and (D) such release of Collateral did not violate the terms of any applicable Parity Lien Document; and
(ii)     the proposed instrument or instruments releasing such Lien as to such property in recordable form, if applicable;
then, promptly following receipt by the Collateral Trustee of the items required by this Section 4.1(b), upon request of the Parent, the Collateral Trustee will execute (with such acknowledgements and/or notarizations as are required) and deliver evidence of such release to the applicable Obligor.

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(c)     The Collateral Trustee hereby agrees that:
(i)     in the case of any release pursuant to Section 4.1(a)(iii), if the terms of any such sale, transfer or other disposition require the payment of the purchase price to be contemporaneous with the delivery of the applicable release, then, subject to the Intercreditor Agreement and at the written request of and at the expense of the Parent or other applicable Obligor, the Collateral Trustee will either (A) be present at and deliver the release at the closing of such transaction or (B) deliver the release under customary escrow arrangements that permit such contemporaneous payment and delivery of the release; and
(ii)     at any time when a Parity Lien Debt Default has occurred and is continuing, within one Business Day of the receipt by it of any Act of Parity Lien Debtholders pursuant to Section 4.1(a)(iv), the Collateral Trustee will deliver a copy of such Act of Parity Lien Debtholders to each Parity Lien Representative.
Section 4.2      Delivery of Copies to Parity Lien Representatives . The Parent will deliver to each Parity Lien Representative a copy of each Officers’ Certificate delivered to the Collateral Trustee pursuant to Section 4.1(b), together with copies of all documents delivered to the Collateral Trustee with such Officers’ Certificate. The Parity Lien Representatives will not be obligated to take notice thereof or to act thereon. Each Parity Lien Representative (other than the Trustee) shall, within one Business Day of the receipt by it of the Officers’ Certificate and proposed release instrument(s) delivered to the Collateral Trustee pursuant to Section 4.1(b), deliver a copy of such notice to each registered holder of the Series of Parity Lien Debt for which it acts as Parity Lien Representative.
Section 4.3      Collateral Trustee not Required to Serve, File or Record . Subject to Section 3.2 and this Article 4, the Collateral Trustee is not required to serve, file, register or record any instrument releasing or subordinating its Liens on any Collateral; provided that if any Obligor shall make a written demand for a termination statement under Section 9-513(c) of the UCC, the Collateral Trustee shall comply with the written request of any Obligor to comply with the requirements of such UCC provision (which written request must be accompanied by an Officers’ Certificate relating to the same).
Section 4.4      Release of Liens in Respect of Notes . In addition to any release pursuant to Sections 3.2 or 4.1 hereof, the Collateral Trustee’s Parity Liens will no longer secure the Notes outstanding under the Indenture or any other Obligations under the Note Documents (as defined in the Indenture), and the right of the holders of the Notes to the benefits and proceeds of the Collateral Trustee’s Parity Liens on the Collateral will terminate and be discharged as provided for in Section 12.05 of the Indenture.
Section 4.5      Release of Liens in Respect of any Series of Parity Lien Debt other than the Notes . In addition to any release pursuant to Sections 3.2 or 4.1 hereof, as to any Series of Parity Lien Debt other than the Notes, the Collateral Trustee’s Parity Lien will no longer secure such Series of Parity Lien Debt (a) if such Parity Lien Debt has been paid or satisfied in full (or, with respect to Secured Hedge Counterparties, collateralized with Eligible Collateral (as defined in the applicable Swap Contract) at the lower of (A) 105% of such Secured Hedge Counterparty’s Exposure and (B) the percentage of such Secured Hedge Counterparty’s Exposure required for release of Liens under the terms of the applicable Parity Lien Documents), all commitments to extend credit in respect of such Series of Parity Lien Debt have been terminated and all other Parity Lien Obligations related thereto that are outstanding and unpaid at the time such Series of Parity Lien Debt is paid are also paid or satisfied in full or (b) if such Liens are otherwise released by the terms of the Parity Lien Documents applicable to such Parity Lien Debt.
ARTICLE 5

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IMMUNITIES OF THE COLLATERAL TRUSTEE

Section 5.1      No Implied Duty . The Collateral Trustee will not have any fiduciary duties nor will it have responsibilities or obligations other than those expressly assumed by it in this Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement. No implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement, the other Parity Lien Documents or the Intercreditor Agreement, or otherwise exist against the Collateral Trustee. Without limiting the generality of the foregoing sentences, the use of the term “trustee” in this Agreement with reference to the Collateral Trustee is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Collateral Trustee will not be required to take any action that is contrary to applicable law or any provision of this Agreement, the other Parity Lien Security Documents or the Intercreditor Agreement.
Section 5.2      Appointment of Agents and Advisors . The Collateral Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents, attorneys, accountants, appraisers or other experts or advisors selected by it in good faith as it may reasonably require and will not be responsible for any misconduct or negligence on the part of any of them.
Section 5.3      Other Agreements . The Collateral Trustee has accepted its appointment as collateral trustee hereunder and is bound by the Parity Lien Security Documents executed by the Collateral Trustee. The Collateral Trustee shall at the request of the Parent execute additional Parity Lien Security Documents delivered to it after the date of this Agreement (including to secure Obligations arising under Additional Parity Lien Debt to the extent such Obligations are permitted to be incurred and secured under the Parity Lien Documents); provided that such additional Parity Lien Security Documents do not adversely affect the rights, privileges, benefits and immunities of the Collateral Trustee or conflict with the terms of the Intercreditor Agreement. The Collateral Trustee will not otherwise be bound by, or be held obligated by, the provisions of any credit agreement, indenture or other agreement governing Parity Lien Debt (other than this Agreement and the other Parity Lien Security Documents to which it is a party).
Section 5.4      Solicitation of Instructions .
(a)     The Collateral Trustee may at any time solicit written confirmatory instructions, in the form of an Act of Parity Lien Debtholders, an Officers’ Certificate, a legal opinion from counsel to the Parent or an order of a court of competent jurisdiction, as to any action that it may be requested or required to take, or that it may propose to take, in the performance of any of its obligations under this Agreement or the other Parity Lien Security Documents, and the Collateral Trustee will not be liable for any action it takes or omits to take in good faith in reliance on any such certificate, opinion or order. In the absence of bad faith on its part, the Collateral Trustee may rely, and will be protected in acting or refraining from acting, upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper Person. The Collateral Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Collateral Trustee pursuant to any provision hereof, the Collateral Trustee shall examine the document to determine whether it conforms to the requirements of this Agreement (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein).

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(b)     No written direction given to the Collateral Trustee by an Act of Parity Lien Debtholders that in the sole judgment of the Collateral Trustee imposes, purports to impose or might reasonably be expected to impose upon the Collateral Trustee any obligation or liability not set forth in or arising under this Agreement and the other Parity Lien Security Documents will be binding upon the Collateral Trustee unless the Collateral Trustee elects, at its sole option, to accept such direction.
(c)     The Collateral Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Agreement at the request, order or direction of the Required Parity Lien Debtholders pursuant to the provisions of this Agreement, unless such holders shall have furnished to the Collateral Trustee reasonable security or indemnity satisfactory to it against the costs, expenses and liabilities which may be incurred therein or thereby.
Section 5.5      Limitation of Liability . The Collateral Trustee will not be responsible or liable for any action taken or omitted to be taken by it hereunder or under any other Parity Lien Security Document, except as determined by a court of competent jurisdiction in a final, nonappealable judgment to have resulted from the Collateral Trustee’s gross negligence or willful misconduct.
Section 5.6      Documents in Satisfactory Form . The Collateral Trustee will be entitled to require that all agreements, certificates, opinions, instruments and other documents at any time submitted to it, including those expressly provided for in this Agreement but excluding Exhibits attached hereto, be delivered to it in a form and with substantive provisions reasonably satisfactory to it. The Collateral Trustee (i) makes no representation as to the validity or adequacy of any Parity Lien Document and (ii) is not responsible for any statement in any Parity Lien Document other than its certificate of authentication and any representations and warranties made by it.
Section 5.7      Entitled to Rely . The Collateral Trustee may seek and rely upon, and shall be fully protected in relying upon, any judicial order or judgment, upon any advice, opinion or statement of legal counsel, independent consultants and other experts selected by it in good faith and upon any certification, instruction, notice or other writing delivered to it by any Obligor in compliance with the provisions of this Agreement or delivered to it by any Parity Lien Representative as to the holders of Parity Lien Obligations for whom it acts, without being required to determine the authenticity thereof or the correctness of any fact stated therein or the propriety or validity of service thereof. The Collateral Trustee may act in reliance upon any instrument comporting with the provisions of this Agreement or any signature believed by it in good faith to be genuine and may assume that any Person purporting to give notice or receipt or advice or make any statement or execute any document in connection with the provisions hereof or the other Parity Lien Security Documents has been duly authorized to do so. To the extent an Officers’ Certificate or opinion of counsel is required or permitted under this Agreement to be delivered to the Collateral Trustee in respect of any matter, the Collateral Trustee may rely conclusively on an Officers’ Certificate or opinion of counsel as to such matter and such Officers’ Certificate or opinion of counsel shall be full warranty and protection to the Collateral Trustee for any action taken, suffered or omitted by it under the provisions of this Agreement and the other Parity Lien Security Documents. The Collateral Trustee (a) shall not be responsible to any Parity Lien Secured Party for any recitals, statements, information, representations or warranties of any other Person contained herein, in the Parity Lien Documents or in any document, certificate or other writing delivered in connection herewith or therewith or for the execution, effectiveness, genuineness, validity, enforceability, collectability, priority of sufficiency of this Agreement by or against any other Person, the Parity Lien Documents or the financial condition of the Parent, the other Obligors or any of them and (b) shall not be required to ascertain or inquire as to the performance or observation of any of the terms, covenants or conditions of this Agreement or any Parity Lien Document.

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Section 5.8      Parity Lien Debt Default . The Collateral Trustee will not be required to inquire as to the occurrence or absence of any Parity Lien Debt Default and will not be affected by or required to act upon any notice or knowledge as to the occurrence of any Parity Lien Debt Default unless and until it is directed by an Act of Parity Lien Debtholders.
Section 5.9      Actions by Collateral Trustee . As to any matter not expressly provided for by this Agreement or the other Parity Lien Security Documents, the Collateral Trustee will act or refrain from acting as directed by an Act of Parity Lien Debtholders in accordance with this Agreement and will be fully protected if it does so, and any action taken, suffered or omitted pursuant to hereto or thereto shall be binding on the holders of Parity Lien Obligations.
Section 5.10      Security or Indemnity in favor of the Collateral Trustee . The Collateral Trustee will not be required to advance or expend any funds or otherwise incur any financial liability in the performance of its duties or the exercise of its powers or rights hereunder unless it has been provided with security or indemnity reasonably satisfactory to it against any and all liability or expense which may be incurred by it by reason of taking or continuing to take such action.
Section 5.11      Rights of the Collateral Trustee . In the event of any conflict between any terms and provisions set forth in this Agreement and those set forth in any other Parity Lien Security Document, the terms and provisions of this Agreement shall supersede and control the terms and provisions of such other Parity Lien Security Document. In the event there is any bona fide, good faith disagreement between the other parties to this Agreement or any of the other Parity Lien Security Documents resulting in adverse claims being made in connection with Collateral held by the Collateral Trustee and the terms of this Agreement or any of the other Parity Lien Security Documents do not unambiguously mandate the action the Collateral Trustee is to take or not to take in connection therewith under the circumstances then existing, or the Collateral Trustee is in doubt as to what action it is required to take or not to take hereunder or under the other Parity Lien Security Documents, it will be entitled to refrain from taking any action (and will incur no liability for doing so) until directed otherwise in writing by an Act of Parity Lien Debtholders or by order of a court of competent jurisdiction.
Section 5.12      Limitations on Duty of Collateral Trustee in Respect of Collateral .
(a)     Beyond the exercise of reasonable care in the custody of Collateral in its possession, the Collateral Trustee will have no duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee reasonably selected by it in good faith or any income thereon or as to preservation of rights against prior parties or any other rights pertaining thereto and the Collateral Trustee will not be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time or times or otherwise perfecting or maintaining the perfection of any Liens on the Collateral. The Collateral Trustee shall deliver to each other Parity Lien Representative a copy of any such written request. The Collateral Trustee will be deemed to have exercised reasonable care in the custody of the Collateral in its possession if the Collateral is accorded treatment substantially equal to that which it accords its own property, and the Collateral Trustee will not be liable or responsible for any loss or diminution in the value of any of the Collateral by reason of the act or omission of any carrier, forwarding agency or other agent or bailee reasonably selected by the Collateral Trustee in good faith.
(b)     Except as provided in Section 5.12(a), the Collateral Trustee will not be responsible for the existence, genuineness or value of any of the Collateral or for the validity, perfection, priority or enforceability of the Liens in any of the Collateral, for the validity or sufficiency of the Collateral

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or any agreement or assignment contained therein, for the validity of the title of any Obligor to the Collateral, for insuring the Collateral or for the payment of taxes, charges, assessments or Liens upon the Collateral or otherwise as to the maintenance of the Collateral. The Collateral Trustee hereby disclaims any representation or warranty to the current and future holders of the Parity Lien Obligations concerning the perfection of the security interests granted to it or in the value of any Collateral. The Collateral Trustee shall not be under any obligation to the Trustee or any holder of Parity Lien Debt to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this or any other Parity Lien Security Document or the Intercreditor Agreement or to inspect the properties, books or records of any Obligor.
Section 5.13      Assumption of Rights, Not Assumption of Duties . Notwithstanding anything to the contrary contained herein:
(a)     each of the parties thereto will remain liable under each of the Parity Lien Security Documents (other than this Agreement) to the extent set forth therein to perform all of their respective duties and obligations thereunder to the same extent as if this Agreement had not be executed;
(b)     the exercise by the Collateral Trustee of any of its rights, remedies or powers hereunder will not release such parties from any of their respective duties or obligations under the other Parity Lien Security Documents; and
(c)     the Collateral Trustee will not be obligated to perform any of the obligations or duties of any Obligor.
Section 5.14      No Liability for Clean Up of Hazardous Materials . In the event that the Collateral Trustee is required to acquire title to an asset for any reason, or take any managerial action of any kind in regard thereto, in order to carry out any fiduciary or trust obligation for the benefit of another, which in the Collateral Trustee’s sole discretion may cause the Collateral Trustee to be considered an “owner or operator” under any environmental laws or otherwise cause the Collateral Trustee to incur, or be exposed to, any environmental liability or any liability under any other federal, state or local law, the Collateral Trustee reserves the right, instead of taking such action, either to resign as Collateral Trustee or to arrange for the transfer of the title or control of the asset to a court appointed receiver. The Collateral Trustee will not be liable to any Person for any environmental liability or any environmental claims or contribution actions under any federal, state or local law, rule or regulation by reason of the Collateral Trustee’s actions and conduct as authorized, empowered and directed hereunder or relating to any kind of discharge or release or threatened discharge or release of any hazardous materials into the environment.
Section 5.15      Other Relationships with the Obligors . Wilmington Trust, National Association and its Affiliates (and any successor Collateral Trustee and its Affiliates) may make loans to, issue letters of credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, underwriting or other business with any Obligor and its Affiliates as though it was not the Collateral Trustee hereunder and without notice to or consent of the Trustee or any holder of Parity Lien Obligations. The Trustee and the holders of the Parity Lien Obligations acknowledge that, pursuant to such activities, Wilmington Trust, National Association or its Affiliates (and any successor Collateral Trustee and its Affiliates) may receive information regarding any Obligor or its Affiliates (including information that may be subject to confidentiality obligations in favor of such Obligor or such Affiliate) and acknowledge that the Collateral Trustee shall not be under any obligation to provide such information to the Trustee or the holders of the Parity Lien Obligations. Nothing herein shall impose

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or imply any obligation on the part of Wilmington Trust, National Association (or any successor Collateral Trustee) to advance funds.
ARTICLE 6

RESIGNATION AND REMOVAL OF THE COLLATERAL TRUSTEE

Section 6.1      Resignation or Removal of Collateral Trustee . Subject to the appointment of a successor Collateral Trustee as provided in Section 6.2 and the acceptance of such appointment by the successor Collateral Trustee:
(a)     the Collateral Trustee may resign at any time by giving not less than 30 days’ prior written notice of resignation to each Parity Lien Representative and the Parent; and
(b)     the Collateral Trustee may be removed at any time, with or without cause, by an Act of Parity Lien Debtholders by giving not less than 30 days’ prior written notice to the Collateral Trustee.
Section 6.2      Appointment of Successor Collateral Trustee . Upon any such resignation or removal, a successor Collateral Trustee may be appointed by an Act of Parity Lien Debtholders. If no successor Collateral Trustee has been so appointed and accepted such appointment within 30 days after the predecessor Collateral Trustee gave notice of resignation or was removed, the retiring Collateral Trustee may (at the expense of the Parent), at its option, appoint a successor Collateral Trustee, or petition a court of competent jurisdiction for appointment of a successor Collateral Trustee, which must be a bank or trust company:
(a)     authorized to exercise corporate trust powers; and
(b)     having a combined capital and surplus of at least $250,000,000.
The Collateral Trustee will fulfill its obligations hereunder until a successor Collateral Trustee meeting the requirements of this Section 6.2 has accepted its appointment as Collateral Trustee and the provisions of Section 6.3 have been satisfied.
Section 6.3      Succession . When the Person so appointed as successor Collateral Trustee accepts such appointment:
(a)      such Person will succeed to and become vested with all the rights, powers, privileges and duties of the predecessor Collateral Trustee, and the predecessor Collateral Trustee will be discharged from its duties and obligations hereunder;
(b)      such Person will send notice to the Working Capital Facility Agent of its acceptance of the appointment as successor Collateral Trustee and will agree in such notice to assume the obligations of the Collateral Trustee under the Intercreditor Agreement; and
(c)     the predecessor Collateral Trustee will (at the expense of the Parent) promptly transfer all Liens and collateral security and other property of the Trust Estate within its possession or control to the possession or control of the successor Collateral Trustee and will execute instruments and assignments as may be necessary or desirable or reasonably requested by the successor Collateral Trustee to transfer to the successor Collateral Trustee all Liens, interests, rights, powers and remedies

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of the predecessor Collateral Trustee in respect of the Parity Lien Security Documents or the Trust Estate.
Thereafter the predecessor Collateral Trustee will remain entitled to enforce the immunities granted to it in Article 5 and the provisions of Sections 7.8 and 7.9, and said provisions will survive termination of this Agreement for the benefit of the predecessor of the Collateral Trustee.
Section 6.4      Merger, Conversion or Consolidation of Collateral Trustee . Any Person into which the Collateral Trustee may be merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Collateral Trustee shall be a party, or any Person succeeding to the business of the Collateral Trustee shall be the successor of the Collateral Trustee pursuant to Section 6.3, provided that (i) without the execution or filing of any paper with any party hereto or any further act on the part of any of the parties hereto, except where an instrument of transfer or assignment is required by law to effect such succession, anything herein to the contrary notwithstanding, such Person satisfies the eligibility requirements specified in clauses (1) and (2) of Section 6.2 and (ii) prior to any such merger, conversion or consolidation, the Collateral Trustee shall have notified the Parent and each Parity Lien Representative thereof in writing.
Section 6.5      Concerning the Collateral Trustee and the Parity Lien Representatives .
(a)     Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that, other than any holder of Parity Lien Debt that is expressly a party hereto in its individual capacity, this Agreement has been signed by each Parity Lien Representative not in its individual capacity or personally but solely in its capacity as trustee, representative or agent for the benefit of the related holders of the applicable Series of Parity Lien Debt in the exercise of the powers and authority conferred and vested in it under the related Parity Lien Documents, and in no event shall such Parity Lien Representative, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto.
(b)     Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement has been signed by Wilmington Trust, National Association, not in its individual capacity or personally but solely in its capacity as Collateral Trustee, and in no event shall Wilmington Trust, National Association, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto.
(c)     Notwithstanding anything contained herein to the contrary, it is expressly understood and agreed by the parties hereto that this Agreement has been signed by Wilmington Trust, National Association not in its individual capacity or personally but solely in its capacity as Trustee, and in no event shall Wilmington Trust, National Association, in its individual capacity, have any liability for the representations, warranties, covenants, agreements or other obligations of any other party under this Agreement, any Parity Lien Document or in any of the certificates, reports, documents, data notices or agreements delivered by such other party pursuant hereto or thereto.
(d)     In entering into this Agreement, the Collateral Trustee shall be entitled to the benefit of every provision of the Indenture relating to the rights, exculpations or conduct of, affecting the

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liability of or otherwise affording protection to the “Collateral Trustee” thereunder. In no event will the Collateral Trustee be liable for any act or omission on the part of the Obligors or any Parity Lien Representative.
(e)     Except as otherwise set forth herein, neither the Collateral Trustee nor any Parity Lien Representative shall be required to exercise any discretion or take any action, but shall be required to act or refrain from acting (and shall be fully protected in so acting or refraining from acting) solely upon the instructions of the applicable Required Parity Lien Debtholders as provided in this Agreement or the related Parity Lien Document; provided that neither the Collateral Trustee nor any Parity Lien Representative shall be required to take any action that (i) it in good faith believes exposes it to personal liability unless it receives an indemnification satisfactory to it from the applicable holders of the Parity Lien Obligations with respect to such action or (ii) is contrary to this Agreement, the Intercreditor Agreement or applicable law.

ARTICLE 7

MISCELLANEOUS
Section 7.1      Amendment.
(a)     This Agreement and any other Parity Lien Security Document may be amended, waived or supplemented only by writing executed by the applicable Obligor and the Collateral Trustee, acting as directed by an Act of Parity Lien Debtholders, except that:
(i)     any amendment, waiver or supplement that has the effect solely of:
(A)     adding or maintaining Collateral, securing additional Parity Lien Debt that was otherwise permitted by the terms of the Parity Lien Documents to be secured by the Collateral or preserving, perfecting or establishing the Liens thereon or the rights of the Collateral Trustee therein; or
(B)     providing for the assumption of any Obligor’s obligations under any Parity Lien Document in the case of a merger or consolidation or sale of all or substantially all of the properties or assets of such Obligor to the extent permitted by the terms of the Indenture and the other Parity Lien Documents, as applicable;
will become effective when executed and delivered by the applicable Obligor party thereto and, if required for effectiveness pursuant to its terms, the Collateral Trustee;
(ii)     no amendment, waiver or supplement that reduces, impairs or adversely affects the right of any holder of Parity Lien Obligations:
(A)     to vote its outstanding Parity Lien Debt as to any matter described as subject to an Act of Parity Lien Debtholders or direction by the Required Parity Lien Debtholders (or amends the provisions of this clause (ii) or the definition of “Act of Parity Lien Debtholders” or “Required Parity Lien Debtholders”),
(B)     to share in the order of application described in Section 3.4 in the proceeds of enforcement of or realization on any Collateral; or

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(C)     to require that Liens securing Parity Lien Obligations be released or subordinated only as set forth in the provisions described in Section 3.2 or Article 4,
will become effective without the consent of the requisite percentage or number of holders of each Series of Parity Lien Debt adversely affected thereby under the applicable Parity Lien Document;
(iii)     no amendment, waiver or supplement that imposes any obligation upon the Collateral Trustee or any Parity Lien Representative or adversely affects the rights of the Collateral Trustee or any Parity Lien Representative, respectively, in its individual capacity as such will become effective without the consent of the Collateral Trustee or such Parity Lien Representative, respectively; and
(iv)     no amendment, waiver or supplement that releases all or substantially all of the Collateral will become effective without the consent of each Parity Lien Representative, acting on behalf of the applicable Series of Parity Lien Debt in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt.
(b)     Notwithstanding anything to the contrary contained in Section 7.1(a) but subject to Sections 7.1(a)(ii) and 7.1(a)(iii):
(i)     any mortgage or other Parity Lien Security Document may be amended, waived or supplemented with the approval of the applicable Obligor and the Collateral Trustee acting as directed in writing by the Required Parity Lien Debtholders, unless such amendment, waiver or supplement would not be permitted under the terms of this Agreement or any Parity Lien Documents; and
(ii)     any mortgage or other Parity Lien Security Document may be amended, waived or supplemented with the approval of the applicable Obligor and the Collateral Trustee (but without the consent of or notice to any holder of Parity Lien Obligations and without any action by any holder of Notes or other Parity Lien Obligations) (A) to cure any ambiguity, defect or inconsistency or (B) to make any other changes that do not have an adverse effect on the validity of the Lien created thereby.
(c)     The Collateral Trustee will not enter into any amendment, waiver or supplement of any Parity Lien Security Document unless it has received an Officers’ Certificate to the effect that such amendment, waiver or supplement will not result in a breach of any provision or covenant contained in this Agreement, the Intercreditor Agreement or any of the Parity Lien Documents. Prior to executing any amendment, waiver or supplement pursuant to this Section 7.1, the Collateral Trustee will be entitled to receive an opinion of counsel of the Parent to the effect that the execution of such document is authorized or permitted hereunder, and with respect to amendments adding Collateral, an opinion of counsel of the Parent addressing customary creation and perfection (which opinion may be subject to customary assumptions, qualifications and exceptions).
Section 7.2      Voting . In connection with any matter under this Agreement requiring a vote of holders of Parity Lien Debt, each Series of Parity Lien Debt will cast its votes in accordance with the Parity Lien Documents governing such Series of Parity Lien Debt. The amount of Parity Lien Debt to be voted by a Series of Parity Lien Debt will equal (1) in the case of a Series of Parity Lien Debt that is not Indebtedness under a Secured Hedge Agreement, the aggregate principal amount of Obligations held by

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holders of such Series of Parity Lien Debt, and (2) in the case of a Series of Parity Lien Debt that is Indebtedness under one or more Secured Hedge Agreements, the applicable Secured Hedge Counterparty’s Exposure under such Secured Hedge Agreements. Following and in accordance with the outcome of the applicable vote under its Parity Lien Documents, the Parity Lien Representative of each Series of Parity Lien Debt will vote the total amount of Parity Lien Debt under that Series of Parity Lien Debt as a block in respect of any vote under this Agreement. In connection with this Section 7.2, the Collateral Trustee may conclusively rely upon information supplied by the relevant Parity Lien Representative as to the amounts of Parity Lien Debt held by each Series of Parity Lien Debt.
Section 7.3      Further Assurances.
(a)     Each of the Obligors will do or cause to be done all acts and things that may be reasonably necessary, or that the Collateral Trustee from time to time may reasonably request, to assure and confirm that the Collateral Trustee holds, for the benefit of the holders of Parity Lien Obligations, duly created and enforceable and perfected Liens upon the Collateral (including any property or assets that are acquired or otherwise become, or are required by any Parity Lien Document to become, Collateral after the date hereof), in each case, as contemplated by, and with the Lien priority required under, the Parity Lien Documents and in connection with any merger, consolidation or sale of assets of any Obligor, the property and assets of the Person which is consolidated or merged with or into the any Obligor, to the extent that they are property or assets of the types which would constitute Collateral under the security documents, shall be treated as after-acquired property and such Obligor shall take such action as may be reasonably necessary to cause such property and assets to be made subject to the Parity Liens, in the manner and to the extent required under the Parity Lien Documents.
(b)     Upon the reasonable request of any Parity Lien Representative at any time and from time to time, each of the Obligors will promptly, at its sole expense, execute, acknowledge and deliver such security documents, instruments, certificates, notices and other documents, and take such other actions as may be reasonably necessary, or that any Parity Lien Representative may reasonably request, to create, perfect, protect, assure or enforce the Liens and benefits intended to be conferred, in each case as contemplated by the Parity Lien Documents for the benefit of holders of Parity Lien Obligations; provided that no such security document, instrument or other document shall be materially more burdensome upon any Obligor than the Parity Lien Documents executed and delivered (or required to be executed and delivered promptly after the date hereof) by such Obligor in connection with the issuance of the Notes on or about the date hereof.
(c)     From and after the date hereof, the Parent shall, or shall cause the applicable Obligors to, deliver such documents and takes such actions as are required by Article 12 of the Indenture.
Section 7.4      Successors and Assigns.
(a)     Except as provided in Section 5.2 and 6.1 through 6.4, the Collateral Trustee may not, in its capacity as such, delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Collateral Trustee hereunder will inure to the sole and exclusive benefit of, and be enforceable by, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and permitted assigns.

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(b)     No Obligor may delegate any of its duties or assign any of its rights hereunder, and any attempted delegation or assignment of any such duties or rights will be null and void. All obligations of the Obligors hereunder will inure to the sole and exclusive benefit of, and be enforceable by, the Collateral Trustee, each Parity Lien Representative and each present and future holder of Parity Lien Obligations, each of whom will be entitled to enforce this Agreement as a third-party beneficiary hereof, and all of their respective successors and permitted assigns.
Section 7.5      Delay and Waiver . No failure to exercise, no course of dealing with respect to the exercise of, and no delay in exercising, any right, power or remedy arising under this Agreement or any of the other Parity Lien Security Documents will impair any such right, power or remedy or operate as a waiver thereof. No single or partial exercise of any such right, power or remedy will preclude any other or future exercise thereof or the exercise of any other right, power or remedy. The remedies herein are cumulative and are not exclusive of any remedies provided by law.
Section 7.6      Notices . Any communications, including notices and instructions, between the parties hereto or notices provided herein to be given may be given to the following addresses:

If to the Collateral Trustee:
Wilmington Trust, National Association
 
Corporate Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402
 
Facsimile: (612)-217-5651
 
If to any Obligor:
Calumet Specialty Products Partners, L.P.
 
2780 Waterfront Pkwy. E. Dr., Suite 200
 
Indianapolis, IN 46214
 
Telephone: (317) 328-5660
 
Facsimile: (317) 328-5676
 
Attention: Greg Morical
 
 
 
 
If to the Trustee:
Wilmington Trust, National Association
 
Corporate Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402
 
Facsimile: (612)-217-5651
and if to any other Parity Lien Representative, to such address as it may specify by written notice to the parties named above.
All notices and communications will be mailed by first class mail, certified or registered, return receipt requested, by overnight air courier guaranteeing next day delivery, or delivered by facsimile to the relevant address or number set forth above or, as to holders of Parity Lien Debt, its address shown on the register kept by the office or agency where the relevant Parity Lien Debt may be presented for registration of transfer or for exchange. Failure to mail or delivery by facsimile a notice or communication to a holder

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of Parity Lien Debt or any defect in it will not affect its sufficiency with respect to other holders of Parity Lien Debt.
If a notice or communication is mailed or delivered by facsimile in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.
Section 7.7      Entire Agreement . This Agreement states the complete agreement of the parties relating to the undertaking of the Collateral Trustee set forth herein and supersedes all oral negotiations and prior writings in respect of such undertaking.
Section 7.8      Compensation; Expenses . The Obligors jointly and severally agree to pay, within 10 Business Days of written demand:
(a)     such compensation to the Collateral Trustee and its agents as the Parent and the Collateral Trustee may agree in writing from time to time;
(b)     all reasonable out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents in the preparation, execution, delivery, filing, recordation, administration or enforcement of this Agreement or any other Parity Lien Security Document or any consent, amendment, waiver or other modification relating hereto or thereto;
(c)     all reasonable fees, expenses and disbursements of legal counsel and any auditors, accountants, consultants or appraisers or other professional advisors and agents engaged by the Collateral Trustee or any Parity Lien Representative (other than any holder of Parity Lien Debt that is expressly a party hereto in its individual capacity) incurred in connection with the negotiation, preparation, closing, administration, performance or enforcement of this Agreement and the other Parity Lien Security Documents or any consent, amendment, waiver or other modification relating hereto or thereto and any other document or matter requested by any Obligor;
(d)     all reasonable out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents in creating, perfecting, preserving, releasing or enforcing the Collateral Trustee’s Liens on the Collateral, including filing and recording fees, expenses and taxes, stamp or documentary taxes, search fees, and title insurance premiums;
(e)     all other reasonable out-of-pocket costs and expenses incurred by the Collateral Trustee and its agents in connection with the negotiation, preparation and execution of the Parity Lien Security Documents and any consents, amendments, waivers or other modifications thereto and the transactions contemplated thereby or the exercise of rights or performance of obligations by the Collateral Trustee thereunder; and
(f)     after the occurrence of any Parity Lien Debt Default, all costs and expenses incurred by the Collateral Trustee, its agents and any Parity Lien Representative (other than any holder of Parity Lien Debt that is expressly a party hereto in its individual capacity) in connection with the preservation, collection, foreclosure or enforcement of the Collateral subject to the Parity Lien Security Documents or any interest, right, power or remedy of the Collateral Trustee or in connection with the collection or enforcement of any of the Parity Lien Obligations or the proof, protection, administration or resolution of any claim based upon the Parity Lien Obligations in any Insolvency or Liquidation Proceeding, including all fees and disbursements of attorneys, accountants, auditors, consultants, appraisers and other professionals engaged by the Collateral Trustee, its agents or the

33



Parity Lien Representatives (other than any holder of Parity Lien Debt that is expressly a party hereto in its individual capacity).
The agreements in this Section 7.8 will survive repayment of all other Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination of this Agreement.
Section 7.9      Indemnity.
(a)     The Obligors jointly and severally agree to defend, indemnify, pay and hold harmless the Collateral Trustee, each Parity Lien Representative (other than any holder of Parity Lien Debt that is expressly a party hereto in its individual capacity) and each of their respective Affiliates and each and all of their directors, officers, partners, trustees, employees, attorneys and agents, and (in each case) their respective heirs, representatives, successors and assigns (each of the foregoing, an “ Indemnitee ”) from and against any and all Indemnified Liabilities; provided that no Indemnitee will be entitled to indemnification hereunder with respect to any Indemnified Liability to the extent such Indemnified Liability is found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. THIS INDEMNITY COVERS ORDINARY NEGLIGENCE OF ANY OF THE FOREGOING PARTIES.
(b)      All amounts due under this Section 7.9 will be payable within 10 Business Days upon written demand.
(c)      To the extent that the undertakings to defend, indemnify, pay and hold harmless set forth in Section 7.9(a) may be unenforceable in whole or in part because they violate any law or public policy, each of the Obligors will contribute the maximum portion that it is permitted to pay and satisfy under applicable law to the payment and satisfaction of all Indemnified Liabilities incurred by Indemnitees or any of them.
(d)      No party hereto will ever assert any claim against any other party hereto, on any theory of liability, for any lost profits or special, indirect or consequential damages or (to the fullest extent a claim for punitive damages may lawfully be waived) any punitive damages arising out of, in connection with, or as a result of, this Agreement or any other Parity Lien Document or any agreement or instrument or transaction contemplated hereby or relating in any respect to any Indemnified Liability, and each of the parties hereto hereby forever waives, releases and agrees not to sue upon any claim for any such lost profits or special, indirect, consequential or (to the fullest extent lawful) punitive damages, whether or not accrued and whether or not known or suspected to exist in its favor.
(e)     The agreements in this Section 7.9 will survive repayment of all other Parity Lien Obligations and the removal or resignation of the Collateral Trustee and termination of this Agreement.
Section 7.10      Severability . If any provision of this Agreement is invalid, illegal or unenforceable in any respect or in any jurisdiction, the validity, legality and enforceability of such provision in all other respects and of all remaining provisions, and of such provision in all other jurisdictions, will not in any way be affected or impaired thereby.

34



Section 7.11      Headings . Section headings herein have been inserted for convenience of reference only, are not to be considered a part of this Agreement and will in no way modify or restrict any of the terms or provisions hereof.
Section 7.12      Obligations Secured . All obligations of the Obligors set forth in or arising under this Agreement will be Parity Lien Obligations and are secured by all Liens granted by the Parity Lien Security Documents.
Section 7.13      Governing Law . THIS AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES (BUT GIVING EFFECT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATION LAW).
Section 7.14      Consent to Jurisdiction . All judicial proceedings brought against any party hereto arising out of or relating to this Agreement or any of the other Parity Lien Security Documents may be brought in any state or federal court of competent jurisdiction in the State, County and City of New York. By executing and delivering this Agreement, each party hereto irrevocably:
(a)     submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New York State court or, to the extent permitted by law, in such federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any party hereto may otherwise have to bring any action or proceeding relating to this Agreement in the courts of any jurisdiction;
(b)     waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement in any court referred to in clause (a) above, and waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court;
(c)     agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt requested, to such party at its address provided in accordance with Section 7.6;
(d)     agrees that service as provided in clause (c) above is sufficient to confer personal jurisdiction over such party in any such proceeding in any such court and otherwise constitutes effective and binding service in every respect; and
(e)     agrees each party hereto retains the right to serve process in any other manner permitted by law or to bring proceedings against any party in the courts of any other jurisdiction.
Section 7.15      Waiver of Jury Trial . EACH PARTY TO THIS AGREEMENT WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING UNDER THIS AGREEMENT

35



OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER OF THIS AGREEMENT OR THE INTENTS AND PURPOSES OF THE OTHER PARITY LIEN SECURITY DOCUMENTS. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS AGREEMENT AND THE OTHER PARITY LIEN SECURITY DOCUMENTS, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY TO THIS AGREEMENT ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH PARTY HERETO RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT EACH PARTY HERETO WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 7.15 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER WILL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS OF OR TO THIS AGREEMENT OR ANY OF THE OTHER PARITY LIEN SECURITY DOCUMENTS OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING THERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
Section 7.16      Counterparts, Electronic Signatures . This Agreement may be executed in any number of counterparts (including by facsimile), each of which when so executed and delivered will be deemed an original, but all such counterparts together will constitute but one and the same instrument. The parties hereto may sign this Agreement and any joinder, certificate or other deliverable hereunder and transmit the executed copy by electronic means, including facsimile or noneditable *.pdf files. The electronic copy of the executed Agreement and any such joinder, certificate or other deliverable hereunder is and shall be deemed an original signature.
Section 7.17      Effectiveness . This Agreement will become effective upon the execution of a counterpart hereof by each of the parties hereto and written or telephonic authorization of delivery thereof.
Section 7.18      Obligors and Additional Obligors . The Parent will cause each Person that hereafter becomes an Obligor or is required by any Parity Lien Document to become a party to this Agreement to become a party to this Agreement, for all purposes of this Agreement, by causing such Person to execute and deliver to the Collateral Trustee a Collateral Trust Joinder, whereupon such Person will be bound by the terms hereof to the same extent as if it had executed and delivered this Agreement as of the date hereof. The Parent shall promptly provide each Parity Lien Representative with a copy of each Collateral Trust Joinder executed and delivered pursuant to this Section 7.18; provided that the failure to so deliver a copy of the Collateral Trust Joinder to any then existing Parity Lien Representative shall not affect the inclusion of such Person as a Obligor if the other requirements of this Section 7.18 are complied with.
Section 7.19      Insolvency . This Agreement will be applicable both before and after the commencement of any Insolvency or Liquidation Proceeding by or against any Obligor. The relative rights, as provided for in this Agreement, will continue after the commencement of any such Insolvency or

36



Liquidation Proceeding on the same basis as prior to the date of the commencement of any such case, as provided in this Agreement.
Section 7.20      Rights and Immunities of Parity Lien Representatives . The Trustee and the Collateral Trustee will be entitled, to the extent applicable to such entity, to all of the rights, protections, immunities and indemnities set forth in the Indenture and any Parity Lien Representative will be entitled to all of the rights, protections, immunities and indemnities set forth in the credit agreement, indenture, Secured Hedge Agreement, Swap Contract or other agreement governing the applicable Parity Lien Debt with respect to which such Person will act as representative, in each case as if specifically set forth herein. In no event will any Parity Lien Representative be liable for any act or omission on the part of the Obligors or the Collateral Trustee hereunder.
Section 7.21      Intercreditor Agreement . Each Parity Lien Secured Party, by accepting the benefits of the security provided hereby (i) agrees (or is deemed to agree) that it will be bound by, and will take no actions contrary to, the provisions of the Intercreditor Agreement and (ii) authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and to perform its obligations under, the Intercreditor Agreement as Fixed Asset Collateral Trustee (as defined in the Intercreditor Agreement) and to enter into any technical amendments, modifications and/or supplements to the Intercreditor Agreement, including in connection with any refinancing or replacement of the Working Capital Facility Credit Agreement.
Section 7.22      PP&E Proceeds Account Control Agreement . Each Parity Lien Secured Party, by accepting the benefits of the security provided hereby authorizes (or is deemed to authorize) and instructs (or is deemed to instruct) the Collateral Trustee on behalf of such Person to enter into, and to perform its obligations under, the PP&E Proceeds Account Control Agreement and to enter into any technical amendments, modifications and/or supplements thereto as may from time to time be determined to be reasonably necessary by the Collateral Trustee.
Section 7.23      Force Majeure . The Collateral Trustee shall not be liable for delays or failures in performance resulting from acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or other disasters or similar acts beyond its control.
Section 7.24      Representations and Warranties . The Collateral Trustee, each Obligor and each Parity Lien Representative represents and warrants to the others as of the date hereof (or, in the case of any Parity Lien Representative that becomes a party hereto after the date hereof, on the date that it becomes party hereto), that: (a) neither the execution and delivery of this Agreement nor its performance of its obligations hereunder, will violate, or result in a breach of the terms, conditions, or provisions of, or constitute a material default under, any other agreement to which it is now subject; (b) it has all requisite authority to execute, delivery and perform its obligations under this Agreement; and (c) this Agreement constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, subject only to applicable bankruptcy, insolvency or similar laws and general principles of equity.
Section 7.25      Additional Persons Bound Hereby . Each Parity Lien Secured Party (other than the Parity Lien Representative) and each holder of any Parity Lien Debt (other than the Parity Lien Representative) agrees, by virtue of becoming a Parity Lien Secured Party or a holder of any Parity Lien Debt, as applicable, that it shall be bound by the terms of this Agreement as if it were a party hereto.
Section 7.26      Consent and Release of Bank of America, N.A. as Administrative Agent for the Secured Hedge Counterparties under the Existing Collateral Trust Agreement. Bank of America,

37



N.A. in its capacity as administrative agent for the Secured Hedge Counterparties (as defined in the Existing Collateral Trust Agreement) (in such capacity, the " Secured Hedge Agent ") is executing this Agreement below solely for the purpose of consenting to the amendment and restatement of the Existing Collateral Trust Agreement pursuant to this Agreement. Effective upon the execution and delivery of this Agreement by all parties hereto, the Secured Hedge Agent resigns as the Secured Hedge Agent under the Existing Collateral Trust Agreement and shall not have any rights, duties or obligations under or with respect to this Agreement, and the parties hereto hereby release the Secured Hedge Agent from all of its duties and obligations under the Existing Collateral Trust Agreement.
[ remainder of page intentionally left blank ]


38



IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly authorized officers all as of the date first above written.
Wilmington Trust, National Association,
as Collateral Trustee

By     /s/ Lynn M. Steiner
Name: Lynn M. Steiner        
Title:    Vice President


[Signature Page to Amended and Restated Collateral Trust Agreement]





 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .

By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET LP GP, LLC

By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, I
Title: Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]





 
ANCHOR OILFIELD SERVICES, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member

     By: Calumet GP, LLC, its general partner
          By: Calumet Operating, LLC, its sole member
               By: Calumet Specialty Products Partners, L.P., its sole member
              By: Calumet GP, LLC, its general partner
              By: /s/ R. Patrick Murray, II
             Name: R. Patrick Murray, II
               Title: Executive Vice President, Chief Financial Officer and Secretary



[Signature Page to Amended and Restated Collateral Trust Agreement]





 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,
its sole member
         By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title:Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership,
its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary

[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET SHREVEPORT LUBRIUCANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member

By: Calumet LP GP, LLC, its general partner

By: Calumet Operating, LLC, its sole member

By: Calumet Specialty Products Partners, L.P., its sole member

By: Calumet GP, LLC, its general partner

By:     /s/ R. Patrick Murray, II                      
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary



[Signature Page to Amended and Restated Collateral Trust Agreement]




 
KURLIN COMPAN Y, LLC

By: Bely-Ray Company, its sole member
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet, GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET FINANCE CORP.

By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President - Finance and Treasurer



[Signature Page to Amended and Restated Collateral Trust Agreement]



 
CALUMET SALES COMPANY INCORPORATED
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President - Finance and Treasurer


[Signature Page to Amended and Restated Collateral Trust Agreement]




 
CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]





 
CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary

                    

[Signature Page to Amended and Restated Collateral Trust Agreement]



CALUMET MISSOURI, LLC, as a borrower
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:
Calumet LP GP, LLC, its general partner
By:
Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name:
R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary

[Signature Page to Amended and Restated Collateral Trust Agreement]




CALUMET OPERATING, LLC
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name:
R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary


[Signature Page to Amended and Restated Collateral Trust Agreement]



CALUMET PACKAGING, LLC
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:
Calumet LP GP, LLC, its general partner
By:
Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name:
R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary

                    

[Signature Page to Amended and Restated Collateral Trust Agreement]



ROYAL PURPLE, LLC
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name:    R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary


                    

[Signature Page to Amended and Restated Collateral Trust Agreement]




CALUMET MONTANA REFINING, LLC
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:
Calumet LP GP, LLC, its general partner
By:
Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name:
R. Patrick Murray, II
Title: Executive Vice President, Chief Financial Officer and Secretary

    

[Signature Page to Amended and Restated Collateral Trust Agreement]



CALUMET SAN ANTONIO REFINING, LLC
By:    Calumet Shreveport Fuels, LLC, its sole member
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner
By:     /s/ R. Patrick Murray, II
Name:    R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary


                    

[Signature Page to Amended and Restated Collateral Trust Agreement]




BEL-RAY COMPANY, LLC
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:    Calumet LP GP, LLC, its general partner
By:    Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner
By:     /s/ R. Patrick Murray, II
Name:    R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary


                    

[Signature Page to Amended and Restated Collateral Trust Agreement]



ANCHOR DRILLING FLUIDS USA, LLC
By: ADF Holdings, LLC, its sole member
By:
Calumet Lubricants Co., Limited Partnership, its sole member
By:
Calumet LP GP, LLC, its general partner
By:
Calumet Operating, LLC, its sole member
By:
Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner
By:     /s/ R. Patrick Murray, II
Name:    R. Patrick Murray, II
Title:    Executive Vice President, Chief Financial Officer and Secretary

[Signature Page to Amended and Restated Collateral Trust Agreement]




WELD CORPORATION


By:     /s/ John R. Krutz     
Name:    John R. Krutz    
Title:    Vice President - Finance and Treasurer


                    

[Signature Page to Amended and Restated Collateral Trust Agreement]



ADF HOLDINGS, LLC
By: Calumet Lubricants Co., Limited Partnership, its sole member

By:
Calumet LP GP, LLC, its general partner
By:
Calumet Specialty Products Partners, L.P., its sole member
By:
Calumet GP, LLC, its general partner

By:
/s/ R. Patrick Murray, II
Name:
R. Patrick Murray, II
Title:
Executive Vice President, Chief Financial Officer and Secretary


                    





[Signature Page to Amended and Restated Collateral Trust Agreement]




Wilmington Trust, National Association
as Trustee

By     /s/ Lynn M. Steiner
Name: Lynn M. Steiner     
Title:    Vice President


[Signature Page to Amended and Restated Collateral Trust Agreement]




J. ARON & COMPANY
as a Secured Hedge Counterparty and Parity Lien Representative
By:     /s/ Simon Collier
Name:    Simon Collier
Title:    Attorney-in-fact

Address for Notices :
J. Aron & Company
200 West Street
New York, NY 10282
Attention:     Energy Operations
Telephone:     (212) 357-0326
Facsimile:     (212) 493-9849

[Signature Page to Amended and Restated Collateral Trust Agreement]




KOCH SUPPLY & TRADING, LP
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/ Rodger E. Lindwall
Name:    Rodger E. Lindwall
Title:    Vice President - CFO

Address for Notices :
Attention: Legal
Telephone: (316) 828-7997
Facsimile: (316) 828-7979
E-Mail: Trading_Formal_Notices@kochind.com
And a copy to:
Koch Supply & Trading, LP
Attention: Credit Department
Facsimile: (281) 582-6194
E-Mail: kstcredit@kochind.com

[Signature Page to Amended and Restated Collateral Trust Agreement]




MERRILL LYNCH COMMODITIES, INC.
as a Secured Hedge Counterparty and Parity Lien Representative

By: /s/ Kenneth D. Merideth
Name:    Kenneth D. Merideth
Title:    Managing Director

Address for Notices :
MERRILL LYNCH COMMODITIES, INC.
20 East Greenway Plaza, 7th Floor
Houston, Texas 77046
Attention: Credit
With a copy to:
Merrill Lynch Commodities, Inc.
20 East Greenway Plaza, 9th Floor
Houston, Texas 77046
Attention: Legal Department
Fax: 832-681-7217



[Signature Page to Amended and Restated Collateral Trust Agreement]




BP PRODUCTS NORTH AMERICA INC.
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/Daniel Pocius
Name:    Daniel Pocius
Title:    Strategic Credit Specialist

Address for Notices :
BP PRODUCTS NORTH AMERICA INC.
30 South Wacker Drive, Suite 900
Chicago, IL 60606

Fax: 1-973-686-4057
Email: goalegalnotices@bp.com


[Signature Page to Amended and Restated Collateral Trust Agreement]



BP ENERGY COMPANY
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/Ryan McGeachie
Name:    Ryan McGeachie
Title:    Vice President

Address for Notices :
BP ENERGY COMPANY
201 Helios Way
Houston, Texas 77079

Fax: 1-713-323-0203



[Signature Page to Amended and Restated Collateral Trust Agreement]



NATIXIS
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/ Robin Baskin
Name:    Robin Baskin
Title:    Executive Director

By:     /s/ Duane Morikawa
Name: Duane Morikawa
Title: Director

Address for Notices :
NATIXIS, Back-Office Dérivés
Immeuble Lumière Sud
40 avenue des Terroirs de France
75012 Paris, France

Phone: (33) 01.58 55 21 60 or
(33) 01.58.32.7057
Fax: (33) 01.58 55 21 51



[Signature Page to Amended and Restated Collateral Trust Agreement]



BARCLAYS BANK PLC
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/ Rebecca Soylemez
Name:    Rebecca Soylemez
Title:    Managing Director

Address for Notices :
BARCLAYS BANK PLC
Attn: General Counsel
c/o Barclays Capital
Legal Department
745 Seventh Avenue
New York, New York 10019

Phone: (212) 526-2606
Fax: (212) 548-9188



[Signature Page to Amended and Restated Collateral Trust Agreement]



J.P MORGAN VENTURES ENERGY CORPORATION
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/Meera Karwal
Name:    Meera Karwal
Title:    Executive Director

Address for Notices :
J.P MORGAN VENTURES ENERGY
CORPORATION
Attention: Energy Legal Department -
Derivatives Practice Group
270 Park Avenue, 40
th Floor
New York, New York 10017-2070



[Signature Page to Amended and Restated Collateral Trust Agreement]



MACQUARIE BANK LIMITED
as a Secured Hedge Counterparty and Parity Lien Representative

By:     /s/ Ian Steddon
Name:    Ian Steddon
Title:    Division Director

Address for Notices :
MACQUARIE BANK LIMITED
Attention: Executive Director, Legal Risk
Management Division, Commodities and
Financial Markets
50 Martin Place
Sydney NSW 2000
Australia

Phone: (+61 2) 8232 3333
Fax: (+61 2) 8232 4540


[Signature Page to Amended and Restated Collateral Trust Agreement]




Bank of America, N.A. in its capacity as the Secured Hedge Agent is executing this Agreement below solely for the purpose specified in Section 7.26 of this Agreement.

BANK OF AMERICA, N.A.,
as the Secured Hedge Agent



By:     /s/ Priscilla Baker
Name:    Priscilla Baker
Title:    Assistant Vice President


[Signature Page to Amended and Restated Collateral Trust Agreement]



SCHEDULE I
to
Collateral Trust Agreement
Existing Secured Hedge Counterparties and Secured Hedge Agreements
Secured Hedge Counterparty
Secured Hedge Agreement
J. Aron & Company, a general partnership organized under the laws of the State of New York (“ J. Aron ”)
ISDA Master Agreement, dated as of March 17, 2006, as amended and restated on January 3, 2008, including any related Schedules and Annexes (including the Lien to Annex, that certain Amendment No. 1 to Lien Annex dated as of April 21, 2011 and that certain Amendment No. 2 to Lien Annex dated as of January 1, 2013) thereto, as amended and restated as of April 21, 2011, and each Confirmation (as defined thereunder) evidencing a transaction between J. Aron and Calumet (as each may be amended, modified and supplemented and in effect from time to time)
Merrill Lynch Commodities, Inc., a corporation organized under the laws of the State of Delaware (“ Merrill Lynch ”)
ISDA Master Agreement, dated as of May 10, 2013, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between Merrill Lynch and Calumet (as each may be amended, modified and supplemented and in effect from time to time)
Koch Supply & Trading, LP, a limited partnership organized under the laws of the State of Delaware (“ Koch ”)
ISDA Master Agreement, dated as of December 21, 2000, as amended by that certain Amendment to the Master Agreement dated December 21, 2000 (effective as of April 18, 2006), that certain Amendment to the Master Agreement dated December 21, 2000 (effective as of September 3, 2009), that certain Third Amendment to the Master Agreement dated December 21, 2000 (effective as of April 21, 2011), that certain Fourth Amendment to the Master Agreement dated December 21, 2000 (effective as of May 13, 2011), that certain Fifth Amendment to the Master Agreement dated December 21, 2000 (effective as of September 21, 2011), and that certain Sixth Amendment to the 1992 ISDA Master Agreement dated April 9, 2013, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between Koch and Calumet (as each may be amended, modified and supplemented and in effect from time to time)





BP Products North America Inc., a corporation organized and existing under the laws of Maryland (“ BPPNA ”)
Amended and Restated Crude Oil Purchase Agreement effective as of April 1, 2012 between BPPNA and Calumet Superior, LLC

BP Energy Company, a corporation organized and existing under the laws of Delaware (“ BPEC ”)
ISDA Master Agreement, dated as of November 9, 2012, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between BPEC and Calumet Superior, LLC (as each may be amended, modified and supplemented and in effect from time to time)
NATIXIS, a public limited corporation with a Board of Directors ( société anonyme à conseil d’administration ) organized and existing under the laws of the Republic of France (“ NATIXIS ”)
ISDA Master Agreement, dated as of August 16, 2013, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between NATIXIS and Calumet (as each may be amended, modified and supplemented and in effect from time to time)
Barclays Bank PLC, a public limited company organized and existing under the laws of England and Wales (“ Barclays ”)
ISDA Master Agreement, dated as of October 3, 2011, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between Barclays and Calumet (as each may be amended, modified and supplemented and in effect from time to time)
J.P. Morgan Ventures Energy Corporation, a corporation organized and existing under the laws of Delaware (“ JPMorgan ”)
ISDA Master Agreement, dated as of May 31, 2012 as amended by that certain Amendment to 2002 ISDA Master Agreement dated as of July 29, 2013, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between JPMorgan and Calumet (as each may be amended, modified and supplemented and in effect from time to time)
Macquarie Bank Limited, a company with limited liability under the laws of Australia (“ Macquarie ”)
ISDA Master Agreement, dated as of June 1, 2012, including any related Schedules and Annexes thereto, and each Confirmation (as defined thereunder) evidencing a transaction between Macquarie and Calumet (as each may be amended, modified and supplemented and in effect from time to time)







SCHEDULE II
to
Collateral Trust Agreement
Mortgaged Properties
Location
Type
Shreveport Refinery
3333 Midway Street
Shreveport, LA 71109
Owned
Princeton Refinery
10234 Hwy 157
Princeton, LA 71067
Owned
Cotton Valley Refinery
1756 Old Hwy 7
Cotton Valley, LA 71018
Owned
Fitch Station, including pipeline connected to the Cotton Valley Refinery
Calumet Tank Farm
247 Thomasville Road
Sarepta, LA 71071
Owned
Burnham Terminal
14000 Mackinaw Ave.
Burnham, IL 60633
Owned
Burnham Terminal
13921 Mackinaw Ave.
Burnham, IL 60633
Owned
Superior Refinery
2401 Stinson Avenue
Superior, WI 54880
Owned
Esko Fuels Terminal
5746 Old Hwy 61
Proctor, MN 55810
Owned
Asphalt Terminal
2525 Hwy. 7 South
Crookston, MN 56716
Owned
Asphalt Terminal
1965 Apache Lane
Rhinelander, WI 54501
Owned
Esters Plant
11089 Highway D
Louisiana, MO 63353
Owned
One Royal Purple Lane
Porter, TX 77365
Owned
Montana Refinery
1900 10th Street N.E.
Great Falls, MT, USA 59404-1955
Owned





Montana Refinery
610 Smelter Ave.
Great Falls, MT
Owned
Montana Refinery
1807 3rd Street N.W.
Great Falls, MT 59404
Owned
San Antonio Refinery
7811 South Presa St.
San Antonio, TX 78223
Owned
San Antonio Crude Terminal
20830 Lamm Road
Elmendorf, TX 78112
Owned
Karns City Plant
138 Petrolia St.
Karns City, PA 16041
Owned
Wall Township Facility
1201 Bowman Avenue
Wall Township, NJ 07719
Owned
Dickinson Refinery
4401 Park Ave
Dickinson, TX 77539
Owned






SCHEDULE III
to
Collateral Trust Agreement
Excluded Leases
2780 Waterfront Parkway E. Drive
Suite 200
Indianapolis, Indiana 46214







EXHIBIT A
FORM OF ADDITIONAL PARITY LIEN DEBT CERTIFICATE
Reference is made to the Amended and Restated Collateral Trust Agreement dated as of April 20, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “ Collateral Trust Agreement ”), by and among Calumet Specialty Products Partners, L.P., a limited partnership organized under the laws of the State of Delaware (the “ Parent ”), the other Obligors from time to time party thereto, Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Additional Parity Lien Debt Certificate is being executed and delivered in order to designate additional secured debt as Parity Lien Debt entitled to the benefit of the Collateral Trust Agreement.
The undersigned, the duly appointed [specify title] of the Parent hereby certifies on behalf of [the applicable Obligor] and not in [his/her] individual capacity that:
(A)    [the applicable Obligor] intends to incur additional Parity Lien Debt (“Additional Parity Lien Debt”) which will be permitted by each applicable Parity Lien Document to be secured by a Parity Lien equally and ratably with all other Parity Lien Debt;
(B)     the name and address of the Parity Lien Debt Representative for the Additional Parity Lien Debt for purposes of Section 7.6 of the Collateral Trust Agreement is:
 
 
 
 
 
 
 
 
 
 
 
 
 
Telephone:
 
 
 
 
 
 
Fax:
 
 

(C)    attached as Exhibit 1 hereto is a Reaffirmation Agreement duly executed by each Obligor, and
(D)    [the Parent has caused a copy of this Additional Parity Lien Debt Certificate and the related Collateral Trust Joinder to be delivered to each existing Parity Lien Representative.]

    




IN WITNESS WHEREOF, the Parent has caused this Additional Parity Lien Debt Certificate to be duly executed by the undersigned officer as of , 20 .
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
By: Calumet GP, LLC, its general partner

By                             

Name:

Title:

ACKNOWLEDGEMENT OF RECEIPT
The undersigned, the duly appointed Collateral Trustee under the Collateral Trust Agreement, hereby acknowledges receipt of an executed copy of this Additional Parity Lien Debt Certificate.
 
Wilmington Trust, National Association ,  as Collateral Trustee
 
 
 
 
 
By:
 
 
Name:
 
 
Title:
 

 
    

    




EXHIBIT 1 TO ADDITIONAL PARITY LIEN DEBT CERTIFICATE
 
FORM OF
REAFFIRMATION AGREEMENT
 
[ ] , 20[ ]    
 
Reference is made to the Amended and Restated Collateral Trust Agreement dated as of April 20, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “ Collateral Trust Agreement ”), by and among Calumet Specialty Products Partners, L.P., a limited partnership organized under the laws of the State of Delaware (the “ Parent ”), the other Obligors from time to time party thereto, Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Reaffirmation Agreement is being executed and delivered as of the date first above written in connection with an Additional Parity Lien Debt Certificate of even date herewith which Additional Parity Lien Debt Certificate has designated additional Parity Lien Debt entitled to the benefit of the Collateral Trust Agreement.
 
Each of the undersigned hereby consents to the designation of additional secured debt as Parity Lien Debt as set forth in the Additional Parity Lien Debt Certificate of even date herewith and hereby confirms its respective guarantees, pledges, grants of security interests and other obligations, as applicable, under and subject to the terms of each of the Parity Lien Documents to which it is party, and agrees that, notwithstanding the designation of such additional indebtedness or any of the transactions contemplated thereby, such guarantees, pledges, grants of security interests and other obligations, and the terms of each Parity Lien Document to which it is a party, shall continue to be in full force and effect.
 
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial . The provisions of Sections 7.13, 7.14, 7.15 and 7.16 of the Collateral Trust Agreement will apply with like effect to this Reaffirmation Agreement.
 
IN WITNESS WHEREOF, each of the undersigned has caused this Reaffirmation Agreement to be duly executed as of the date written above.
 
 
[ names of the Obligors ]
 
 
 
 
 
 
 
Name:
 
 
Title:
 


    



EXHIBIT B
 
FORM OF
COLLATERAL TRUST JOINDER – ADDITIONAL DEBT
 
Reference is made to the Amended and Restated Collateral Trust Agreement dated as of April 20, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “ Collateral Trust Agreement ”), by and among Calumet Specialty Products Partners, L.P., a limited partnership organized under the laws of the State of Delaware (the “ Parent ”), the other Obligors from time to time party thereto, Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 3.8 of the Collateral Trust Agreement as a condition precedent to the debt for which the undersigned is acting as agent being entitled to the benefits of being additional Parity Lien Debt under the Collateral Trust Agreement.
[1. Joinder . The undersigned, [ ], a [ ], (the “ New Representative ”) as [ a Secured Hedge Counterparty, trustee, administrative agent ] under that certain [ described applicable Secured Hedge Agreement, indenture, credit agreement or other document governing the additional secured debt ] hereby agrees to become party as a Parity Lien Representative under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.]
 
[1.][2.]               Additional Secured Debt Designation
 
The undersigned, on behalf of itself and each holder of Obligations in respect of the [ Additional Notes ][ Series of Parity Lien Debt ] for which the undersigned is acting as Parity Lien Representative hereby agrees, for the enforceable benefit of each existing and future holder of Parity Lien Obligations, the Parity Lien Collateral Agent, all holders of each current and future Series of Parity Lien Debt and each other current and future Parity Lien Representative and as a condition to being treated as Parity Lien Debt under the Collateral Trust Agreement that:
 
(a)    all Parity Lien Obligations will be and are secured equally and ratably by all Parity Liens at any time granted by any Obligor to secure any Obligations in respect of any [ Additional Notes ][ Series of Parity Lien Debt ], whether or not upon property otherwise constituting collateral for such Series of Parity Lien Debt, and that all such Parity Liens will be enforceable by the Collateral Trustee for the benefit of all holders of Parity Lien Obligations equally and ratably;
 
(b)     the undersigned and each holder of Obligations in respect of the [ Additional Notes ][ Series of Parity Lien Debt ] for which the undersigned is acting as Parity Lien Representative are bound by the provisions of the Collateral Trust Agreement and the Intercreditor Agreement, including the provisions relating to the ranking of Parity Liens and the order of application of proceeds from the enforcement of Parity Liens; and
 
(c)    the Collateral Trustee shall perform its obligations under the Collateral Trust Agreement, the other Parity Lien Security Documents and the Intercreditor Agreement.
 
[[2.][3.] The Parent hereby certifies and agrees as follows:

    



(a)    the new Secured Hedge Counterparty is an Approved Counterparty.
(b)    The ISDA Master Agreement, including the related Schedules and Annexes (including the Lien Annex) thereto, dated on or about the date hereof, and each Confirmation (as defined thereunder) evidencing a transaction between the new Secured Hedge Counterparty and the applicable Obligor (as each may be further amended, modified and supplemented and in effect from time to time) is intended to be considered, and deemed to be, for all purposes of the Parity Lien Documents, a Secured Hedge Agreement.
(c)    No Parity Lien Debt Default has occurred and is continuing under the Collateral Trust Agreement or any of the Parity Lien Documents.]

[3.][4.]     Governing Law; Consent to Jurisdiction; Waiver of Jury Trial .  The provisions of Sections 7.13, 7.14, 7.15 and 7.16 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder.
 
IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of [ ], 20[ ].
 
 
[ insert name of the new representative or the Trustee ]
 
 
 
 
 
 
 
Name:
 
 
Title:
 
 

[CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
By: Calumet GP, LLC, its general partner

By                             
Name:
Title:]

    



The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee for the [ New Representative ][ Trustee ] and the holders of the Obligations represented thereby:
 
 
Wilmington Trust, National Association ,  as Collateral Trustee
 
 
 
 
 
By:
 
 
Name:
 
 
Title:
 



    




EXHIBIT C
 
FORM OF
COLLATERAL TRUST JOINDER – ADDITIONAL OBLIGOR
 
Reference is made to the Amended and Restated Collateral Trust Agreement dated as of April 20, 2016 (as amended, supplemented, amended and restated or otherwise modified and in effect from time to time, the “ Collateral Trust Agreement ”), by and among Calumet Specialty Products Partners, L.P., a limited partnership organized under the laws of the State of Delaware (the “ Parent ”), the other Obligors from time to time party thereto, Wilmington Trust, National Association, as Trustee under the Indenture (as defined therein), the other Parity Lien Representatives from time to time party thereto and Wilmington Trust, National Association, as Collateral Trustee. Capitalized terms used but not otherwise defined herein have the meanings assigned to them in the Collateral Trust Agreement. This Collateral Trust Joinder is being executed and delivered pursuant to Section 7.18 of the Collateral Trust Agreement.
 
1.  Joinder .  The undersigned, [ ], a [ ], hereby agrees to become party as an Obligor under the Collateral Trust Agreement for all purposes thereof on the terms set forth therein, and to be bound by the terms of the Collateral Trust Agreement as fully as if the undersigned had executed and delivered the Collateral Trust Agreement as of the date thereof.
 
2. Governing Law; Consent to Jurisdiction; Waiver of Jury Trial .  The provisions of Sections 7.13, 7.14, 7.15 and 7.16 of the Collateral Trust Agreement will apply with like effect to this Collateral Trust Joinder.
 
IN WITNESS WHEREOF, the parties hereto have caused this Collateral Trust Joinder to be executed by their respective officers or representatives as of [ ], 20[ ].
 
 
 
 
 
 
 
 
By:
 
 
Name:
 
 
Title:
 
 
The Collateral Trustee hereby acknowledges receipt of this Collateral Trust Joinder and agrees to act as Collateral Trustee with respect to the Collateral pledged by the new Obligor:
 
 
Wilmington Trust, National Association ,  as Collateral Trustee
 
 
 
 
 
By:
 
 
Name:
 
 
Title:
 

    



Exhibit 10.2

EXECUTION VERSION









SECOND AMENDED AND RESTATED
INTERCREDITOR AGREEMENT

among


CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.,
as the Company and as a Grantor,


and


CERTAIN SUBSIDIARIES OF THE COMPANY,
as Grantors,


and


BANK OF AMERICA, N.A.,
as the Working Capital Agent


and


WILMINGTON TRUST, NATIONAL ASSOCIATION,
as the Fixed Asset Collateral Trustee



Dated as of April 20, 2016









SECOND AMENDED AND RESTATED
INTERCREDITOR AGREEMENT

THIS SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT (this " Agreement "), dated as of April 20, 2016, is entered into by and among CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (the " Company "), those certain subsidiaries of the Company from time to time party hereto (the " Subsidiary Loan Parties " and, together with the Company, the " Loan Parties "), WILMINGTON TRUST, NATIONAL ASSOCIATION , in its capacity as collateral trustee for the Fixed Asset Secured Parties referenced below (in such capacity, together with its successors and assigns, the " Fixed Asset Collateral Trustee "), and BANK OF AMERICA, N.A. , in its capacity as agent for the Working Capital Lenders referenced below (in such capacity, together with its successors and assigns, the " Working Capital Agent ").

RECITALS:


A.    Calumet Lubricants Co., Limited Partnership, certain of its affiliates, Bank of America, N.A., in its capacity as administrative agent for the Secured Hedge Counterparties (as defined in the Existing Intercreditor Agreement), and the Working Capital Agent are parties to that certain Amended and Restated Intercreditor Agreement dated as of April 21, 2011 (the " Existing Intercreditor Agreement "); and

B.    The parties hereto (including each of the parties to the Existing Intercreditor Agreement) desire to amend and restate the Existing Intercreditor Agreement on the terms set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good and valuable consideration, the existence and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

SECTION 1    Definitions.

1.1      Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth therefor in the Collateral Trust Agreement. As used in the Agreement, the following terms shall have the following meanings:
" Account " has the meaning set forth in the UCC, including all rights to payment for goods sold or leased, or for services rendered.

" Affiliate " means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls (as defined in the Working Capital Credit Agreement as amended from time to time) or is Controlled (as defined in the Working Capital Credit Agreement as amended from time to time) by or is under common Control (as defined in the Working Capital Credit Agreement as amended from time to time) with the Person specified.

" Agent " means the Working Capital Agent or the Fixed Asset Collateral Trustee, as applicable.

" Agreement " means this Second Amended and Restated Intercreditor Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof.


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 1




" Bankruptcy Code " means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

" Bankruptcy Law " means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

" Business Day " means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state of New York.

" Capital Stock " means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests and (e) any other 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.

" Claimholders " means the Fixed Asset Claimholders and the Working Capital Claimholders.

"Collateral Trust Agreement" means that certain Amended and Restated Collateral Trust Agreement dated as of the date hereof, as amended, restated, supplemented or otherwise modified from time to time as may be permitted by the Working Capital Credit Agreement, by and among the Company, the Subsidiary Loan Parties, Wilmington Trust, National Association as Trustee, the other Parity Lien Representatives (as defined therein) party thereto and the Fixed Asset Collateral Trustee.

" Company " has the meaning set forth in the introductory paragraph of this Agreement.

" Credit Documents " means the Fixed Asset Loan Documents and the Working Capital Credit Documents.

" Discharge of Obligations " means the Discharge of Fixed Asset Collateral Obligations or the Discharge of Working Capital Obligations, as applicable.

" Discharge of Fixed Asset Collateral Obligations " means (a) the payment in full in cash (or, with respect to any Fixed Asset Collateral Obligations constituting obligations under hedging agreements, collateralization with "Eligible Collateral" (as defined in the applicable Fixed Asset Loan Document)) and discharge of all Fixed Asset Collateral Obligations, (b) the termination or expiration of all commitments to extend credit under all Fixed Asset Loan Documents and (c) the termination, cancellation or cash collateralization of all outstanding letters of credit issued pursuant to any Fixed Asset Loan Documents in accordance with the terms thereof.

" Discharge of Working Capital Obligations " means (a) the payment in full in cash and discharge of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such interest is, or would be, allowed in such Insolvency or Liquidation Proceeding) and premium, if any, on all obligations outstanding under the Working Capital Credit Documents and the termination or expiration of all commitments to lend or otherwise extend credit under the Working Capital Credit Documents, (b) the payment in full in cash and discharge of all other Working Capital Obligations that are due and payable or otherwise accrued and owing at or prior to the time

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 2




such principal and interest are paid (including legal fees and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such fees, expenses, costs or charges is, or would be, allowed in such Insolvency or Liquidation Proceeding), (c) the termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Working Capital Collateral Agent) of all letters of credit issued under the Working Capital Credit Documents and (d) the termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Working Capital Agent) of any interest rate hedge agreement and the payment in full in cash of all obligations owing with respect thereto.

" Existing Working Capital Credit Agreement " means that certain Second Amended and Restated Credit Agreement dated as of July 14, 2014, as amended, restated supplemented or otherwise modified from time to time, by and among the Company, the Subsidiary Loan Parties, the Working Capital Lenders and the Working Capital Agent.

" Existing Intercreditor Agreement " has the meaning provided in Recital A to this Agreement.

" Fixed Asset Claimholders " means, at any relevant time, the holders of the Fixed Asset Collateral Obligations at such time, and shall include the Fixed Asset Collateral Trustee.

" Fixed Asset Collateral " means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for the Fixed Asset Collateral Obligations.

" Fixed Asset Collateral Documents " means the Parity Lien Security Documents (as defined in the Collateral Trust Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted to secure any Fixed Asset Collateral Obligation or under which rights or remedies with respect to such Liens are governed.

"Fixed Asset Collateral Obligations" means all Obligations (as defined in the Collateral Trust Agreement) under any Fixed Asset Loan Document. "Fixed Asset Collateral Obligations" shall include, without limitation, all principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees and other liabilities or amounts payable under the Fixed Asset Loan Documents and any indebtedness in respect thereto.

" Fixed Asset Collateral Trustee " has the meaning set forth in the introductory paragraph of this Agreement.

" Fixed Asset Loan Documents " means the Parity Lien Documents (as defined in the Collateral Trust Agreement).

" Fixed Asset Secured Parties " means the Parity Lien Secured Parties (as defined in the Collateral Trust Agreement).

" Grantors " means the Company and each of its Subsidiaries and other Affiliates (including, without limitation, the Subsidiary Loan Parties) that has executed and delivered, or may from time to time hereafter execute and deliver, a Working Capital Collateral Document or a Fixed Asset Collateral Document (or any joinder with respect to any of the foregoing).


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 3




" Insolvency or Liquidation Proceeding " means any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other Bankruptcy Law or insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors.

" IP License " has the meaning provided in Section 3 hereof.

" Lien " means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, preference, priority, security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

" Loan Parties " has the meaning set forth in the introductory paragraph of this Agreement.

" Obligations " means the Fixed Asset Collateral Obligations and/or the Working Capital Obligations, as applicable.

" Person " means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities (as defined in the Working Capital Credit Agreement as amended from time to time).

" Property " means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

" Secured Notes Indenture " means the Indenture dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time) by and among the Company and Calumet Finance Corp., as issuers, the other Subsidiary Loan Parties and Wilmington Trust, National Association, as trustee (in such capacity and together with its successors in such capacity, the " Secured Notes Trustee ").

" Secured Notes Trustee " has the meaning provided in the definition of Secured Notes Indenture.

" Subsidiary " of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Capital Stock having ordinary voting power for the election of directors or other governing body (other than Capital Stock having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of the Company.

" Subsidiary Loan Parties " has the meaning set forth in the introductory paragraph of this Agreement.
  
" Working Capital Agent " has the meaning set forth in the introductory paragraph of this Agreement.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 4





" Working Capital Claimholders " means, at any relevant time, the holders of the Working Capital Obligations at such time, including without limitation the Working Capital Lenders and any agent under the Working Capital Credit Agreement, including the Working Capital Agent.

" Working Capital Collateral " means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Working Capital Obligations.

" Working Capital Collateral Documents " means the Collateral Documents (as defined in the Working Capital Credit Agreement as amended from time to time) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Working Capital Obligations or under which rights or remedies with respect to such Liens are governed.

" Working Capital Credit Agreement " means (a) the Existing Working Capital Credit Agreement and (b) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, increase (subject to the limitations set forth herein) or refinance in whole or in part the indebtedness and other obligations outstanding under the (i) Existing Working Capital Credit Agreement or (ii) any replacement (whether one or more) of the Existing Working Capital Credit Agreement, unless such agreement or instrument expressly provides that it is not intended to be and is not a Working Capital Credit Agreement hereunder. Any reference to the Working Capital Credit Agreement hereunder shall be deemed a reference to any Working Capital Credit Agreement then in existence.

" Working Capital Credit Documents " means the Working Capital Credit Agreement and the Credit Documents (as defined in the Working Capital Credit Agreement as amended from time to time in accordance herewith) and each of the other agreements, documents and instruments providing for or evidencing any other Working Capital Obligation, and any other document or instrument executed or delivered at any time in connection with any Working Capital Obligations, including any intercreditor or joinder agreement among holders of Working Capital Obligations, to the extent such are effective at the relevant time, as each may be amended or modified from time to time in accordance with this Agreement.

" Working Capital Lenders " means the "Lenders" under and as defined in the Working Capital Credit Agreement.

" Working Capital Obligations " means all Obligations (as defined in the Working Capital Credit Agreement). "Working Capital Obligations" shall include, without limitation, (a) all principal, premium, if any, reimbursement obligations, interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) in accordance with the relevant Working Capital Credit Document and (b) all fees, costs, expenses, indemnifications, damages, guarantees and charges and other liabilities or amounts incurred in connection with the Working Capital Credit Documents and provided for thereunder, in the case of each of clause (a) and clause (b) whether before or after commencement of an Insolvency or Liquidation Proceeding and irrespective of whether any claim for such interest, fees, costs, expenses, indemnifications, damages, guarantees, charges or other liabilities or amounts is allowed as a claim in such Insolvency or Liquidation Proceeding.

1.2      Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 5




the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (unless such amendment, supplement or modification is not permitted hereunder), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Exhibits or Sections shall be construed to refer to Exhibits or Sections of this Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
SECTION 2      Access to Fixed Asset Collateral .
(a)      In the event the Fixed Asset Collateral Trustee shall acquire control or possession of any of the Fixed Asset Collateral or shall, through the exercise of remedies under the Fixed Asset Collateral Documents or otherwise, sell any of the Fixed Asset Collateral to any third party (a " Third Party Purchaser "), the Fixed Asset Collateral Trustee shall, to the extent permitted by law, permit the Working Capital Agent (or shall require as a condition of such sale to the Third Party Purchaser that the Third Party Purchaser agree to permit the Working Capital Agent), at the Working Capital Agent's option: (i) to enter any of the premises of any Grantor (or Third Party Purchaser) constituting such Fixed Asset Collateral under such control or possession (or sold to a Third Party Purchaser) in order to inspect, remove or take any action with respect to the Working Capital Collateral or to enforce the Working Capital Agent's rights or remedies with respect thereto, including, but not limited to, the examination and removal of Working Capital Collateral and the examination and duplication of any Property (to the extent not Working Capital Collateral) under such control or possession (or sold to a Third Party Purchaser) consisting of books and records of any Grantor related to the Working Capital Collateral; (ii) to use such Property for the purpose of manufacturing or processing raw materials or work‑in‑process into finished inventory; (iii) to use any of the Property under such control or possession (or sold to a Third Party Purchaser) consisting of computers or other data processing equipment related to the storage or processing of records, documents or files pertaining to the Working Capital Collateral and to use any of the Property under such control or possession (or sold to a Third Party Purchaser) consisting of other equipment to handle, deal with or dispose of any Working Capital Collateral pursuant to the Working Capital Agent's rights or remedies as set forth in the Working Capital Credit Documents, the Uniform Commercial Code of any applicable jurisdiction and other applicable law, and (iv) to use any of the Property consisting of intellectual property rights owned or controlled by the Fixed Asset Collateral Trustee or the other Fixed Asset Claimholders as is or may be necessary for the Working Capital Agent to liquidate the Working Capital Collateral. Such use by Working Capital Agent of such Property shall not be on an exclusive basis.
(b)      The Working Capital Agent hereby acknowledges, for itself and on behalf of the other Working Capital Claimholders, that, during the period any Working Capital Collateral shall be under control or possession of the Fixed Asset Collateral Trustee, the Fixed Asset Collateral Trustee shall not be obligated to take any action to protect or to procure insurance with respect to such Working Capital Collateral, it being understood that the Fixed Asset Collateral Trustee shall not have any responsibility for loss or damage to the Working Capital Collateral (other than as a result of the gross negligence or willful misconduct of the Fixed Asset Collateral Trustee or its agents (as applicable), as determined by a final non‑appealable judgment of a court of competent jurisdiction) and that all the risk of loss or damage to the Working Capital Collateral shall remain

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 6




with the Working Capital Claimholders; provided , that, to the extent insurance obtained by the Fixed Asset Collateral Trustee provides coverage for risks relating to access to or use of any Working Capital Collateral, the Working Capital Agent will be made an additional named insured or a loss payee (as applicable) thereunder.
(c)      The rights of the Working Capital Agent set forth in clauses (i), (ii) and (iii) of Section 2(a) above (but, for the avoidance of doubt, not the rights of the Working Capital Agent set forth in clause (iv) of Section 2(a) above, which rights shall continue until all Working Capital Collateral is so liquidated) shall continue until the later of (i) 180 days after the date Working Capital Agent receives written notice from the Fixed Asset Collateral Trustee that the Fixed Asset Collateral Trustee has control or possession of the Fixed Asset Collateral at issue and (ii) the sale or other disposition of such Fixed Asset Collateral by the Fixed Asset Collateral Trustee or the Fixed Asset Claimholders. Such time period shall be tolled during the pendency of any Insolvency or Liquidation Proceeding of any Grantor or other proceedings pursuant to which the Working Capital Agent or the other Working Capital Claimholders are effectively stayed from enforcing their rights against the Working Capital Collateral. In no event shall any Fixed Asset Claimholder take any action to interfere with, limit or restrict the rights of the Working Capital Agent or the exercise of such rights by the Working Capital Agent to have access to or to use any of such Collateral pursuant to Section 2(a) prior to the expiration of such period.
(d)      During the actual occupation by the Working Capital Agent, its agents or representatives of any real property constituting Fixed Asset Collateral during the access and use period permitted by Section 2(a) and Section 2(b) above, the Working Capital Claimholders shall be obligated to pay to the Fixed Asset Collateral Trustee any rent payable to third parties and all utilities, taxes and other maintenance and operating costs of such real property during any such period of actual occupation by the Working Capital Agent, but only to the extent the Fixed Asset Claimholders are required to pay or are otherwise paying any such rent, utilities, taxes or other maintenance and operating costs during the actual occupation of such real property by the Working Capital Agent, its agents or representatives.
SECTION 3      Consent to Limited License . The Fixed Asset Collateral Trustee, for itself and on behalf of the other Fixed Asset Claimholders, (a) acknowledges and consents to the grant to the Working Capital Agent by the Company and the Subsidiary Loan Parties on the date hereof of a limited, non-exclusive royalty-free license in the form of Exhibit A hereto (the " IP License ") and (b) agrees that its Liens in the Fixed Asset Collateral shall be subject to the IP License. Furthermore, the Fixed Asset Collateral Trustee, for itself and on behalf of the other Fixed Asset Claimholders, agrees that, in connection with any foreclosure sale conducted by the Fixed Asset Collateral Trustee or any other Fixed Asset Claimholder in respect of any Fixed Asset Collateral of the type described in the IP License (the " IP Collateral "), (i) any notice required to be given by the Fixed Asset Collateral Trustee or any other Fixed Asset Claimholder in connection with such foreclosure shall contain an acknowledgement that the Fixed Asset Collateral Trustee's Lien is subject to the IP License, (ii) the Fixed Asset Collateral Trustee or other Fixed Asset Claimholder (as applicable) shall deliver a copy of the IP License to any purchaser at such foreclosure and provide written notice to such purchaser that the Fixed Asset Collateral Trustee's Lien and the purchaser's rights in the transferred IP Collateral are subject to the IP License and (iii) the purchaser shall acknowledge in writing that it purchased the IP Collateral subject to the IP License.
SECTION 4      Insurance Proceeds . To the extent that the Working Capital Agent and the Fixed Asset Collateral Trustee shall be named as additional insureds and as loss payee (on behalf of the Working Capital Claimholders and the Fixed Asset Claimholders, respectively) under any insurance policies

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 7




maintained from time to time by any Grantor, the parties hereto agree that (as between the Fixed Asset Collateral Trustee and the Fixed Asset Claimholders, on the one hand, and the Working Capital Agent and the Working Capital Claimholders, on the other hand) (a) the Fixed Asset Collateral Trustee (solely upon an Act of Parity Lien Debtholders) and the Fixed Asset Claimholders shall have the sole and exclusive right (i) to adjust or settle any insurance policy or claim in the event of any loss with respect to the Fixed Asset Collateral and (ii) to approve any award granted in any condemnation or similar proceeding affecting the Fixed Asset Collateral, in each case, subject to the terms of the Fixed Asset Loan Documents, and (b) the Working Capital Agent and the Working Capital Claimholders shall have the sole and exclusive right (i) to adjust or settle any insurance policy or claim in the event of any loss with respect to the Working Capital Collateral and (ii) to approve any award granted in any condemnation or similar proceeding affecting the Working Capital Collateral, in each case, subject to the terms of the Working Capital Credit Documents. If the Working Capital Agent or any Working Capital Claimholder shall, at any time, receive any proceeds of any insurance policy or any award with respect to any Fixed Asset Collateral, it shall pay such proceeds to the Fixed Asset Collateral Trustee and promptly notify the Company of such payment. If the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder shall, at any time, receive any proceeds of any insurance policy or award with respect to any Working Capital Collateral, it shall pay such proceeds to the Working Capital Agent and promptly notify the Company of such payment.
SECTION 5      Miscellaneous.
5.1      Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the Fixed Asset Loan Documents or the Working Capital Credit Documents, the provisions of this Agreement shall govern and control. The parties hereto acknowledge that the terms of this Agreement are not intended to negate any specific rights granted to the Company in the Fixed Asset Loan Documents or the Working Capital Credit Documents.
5.2      Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor, as applicable, as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect upon the earliest to occur of the Discharge of Fixed Asset Collateral Obligations (in accordance with the provisions hereof) or the Discharge of Working Capital Obligations (in accordance with the provisions hereof).
5.3      Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Working Capital Agent or the Fixed Asset Collateral Trustee shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent, and each such waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, neither the Company nor any other Subsidiary Loan Party shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights or obligations are directly affected.
5.4      Information Concerning Financial Condition of the Company and its Subsidiaries.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 8




(a)      The Fixed Asset Collateral Trustee and the Fixed Asset Claimholders, on the one hand, and the Working Capital Agent and the Working Capital Claimholders, on the other hand, shall each be responsible for keeping themselves informed of (i) the financial condition of the Company and its Subsidiaries and all endorsers or guarantors of the Fixed Asset Collateral Obligations or the Working Capital Obligations and (ii) all other circumstances bearing upon the risk of nonpayment of the Fixed Asset Collateral Obligations or the Working Capital Obligations. The Fixed Asset Collateral Trustee and the Fixed Asset Claimholders shall have no duty to advise the Working Capital Agent or any Working Capital Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise, and the Working Capital Agent and the Working Capital Claimholders shall have no duty to advise the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Working Capital Agent or any Working Capital Claimholder, or the Working Capital Agent or any Working Capital Claimholder, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder, it or they shall be under no obligation (A) to make, and such party shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (B) to provide any additional information or to provide any such information on any subsequent occasion, (C) to undertake any investigation or (D) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.
(b)      The Grantors agree that any information provided to any Fixed Asset Claimholder or any Working Capital Claimholder may be shared by such Person with any other such Claimholder notwithstanding any request or demand by such Grantor that such information be kept confidential; provided , that such information shall otherwise be subject to the respective confidentiality provisions in the Working Capital Credit Agreement and the Fixed Asset Loan Documents, as applicable.
5.5      Subrogation. Each Agent, for itself and on behalf of the Claimholders for which it acts as Agent, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Obligations has occurred with respect to the other group of Claimholders .
5.6      [Reserved]
5.7      SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.
(a)      ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK TO THE EXTENT PERMITTED BY APPLICABLE LAW. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW (i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON‑EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 9




REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 5.8 ; AND (iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.
(b)      EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT IT WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 5.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
5.8      Notices. All notices to the Fixed Asset Claimholders and the Working Capital Claimholders permitted or required under this Agreement shall also be sent to the Fixed Asset Collateral Trustee and the Working Capital Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of electronic mail or four Business Days after deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party's name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.
5.9      Further Assurances. Each of the Working Capital Agent, on behalf of itself and the Working Capital Claimholders, the Fixed Asset Collateral Trustee, on behalf of itself and the Fixed Asset Claimholders, the Company and the other Grantors agrees that it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the Working Capital Agent or the Fixed Asset Collateral Trustee may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 10




5.10      APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.11      Binding on Successors and Assigns. This Agreement shall be binding upon the Working Capital Agent, the other Working Capital Claimholders, the Fixed Asset Collateral Trustee, the other Fixed Asset Claimholders, the Company and the Subsidiary Loan Parties and their respective successors and assigns.
5.12      Specific Performance. Each of the Working Capital Agent and the Fixed Asset Collateral Trustee may demand specific performance of this Agreement. Each of the Working Capital Agent, on behalf of itself and the other Working Capital Claimholders, and the Fixed Asset Collateral Trustee, on behalf of itself and the other Fixed Asset Claimholders, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Working Capital Agent or the Fixed Asset Collateral Trustee, as the case may be.
5.13      Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.
5.14      Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or email shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.
5.15      Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement on behalf of such party.
5.16      No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Working Capital Agent, the other Working Capital Claimholders, the Fixed Asset Collateral Trustee, the other Fixed Asset Claimholders, the Company and the other Grantors. No other Person shall have or be entitled to assert any rights or benefits hereunder.
5.17      Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Working Capital Claimholders on the one hand and the Fixed Asset Claimholders on the other hand. Nothing in this Agreement is intended to or shall impair the rights of the Company or any other Grantor, or the obligations of the Company or any other Grantor, which obligations are absolute and unconditional, to pay the Working Capital Obligations and the Fixed Asset Collateral Obligations as and when the same shall become due and payable in accordance with their terms.
5.18      Joinder of Future Subsidiaries of the Company. The Company will cause each of its Subsidiaries which hereafter becomes an "Obligor" under the Working Capital Credit Agreement, promptly upon becoming such an "Obligor", to become a party to this Agreement as a Subsidiary Loan Party and a Grantor, for all purposes of this Agreement, and to become a "Grantor" under the IP License, in each case

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 11




by causing such Subsidiary to execute and deliver to the Working Capital Agent and the Fixed Asset Collateral Trustee a joinder agreement or joinder agreements in form and substance reasonably satisfactory to the Working Capital Agent, whereupon such Subsidiary will be bound by all terms and provisions of this Agreement and the IP License to the same extent as if it had executed and delivered this Agreement and the IP License as of the date hereof.
5.19      Consent of the Company and the Subsidiary Loan Parties. Each of the Company and the Subsidiary Loan Parties agrees and consents to all terms and provisions of this Agreement.
5.20      Certain Agreements relating to a Successor Collateral Trustee under the Collateral Trust Agreement. Each of the Company, the Subsidiary Loan Parties and the Fixed Asset Collateral Trustee hereby agrees that, as a condition to, in connection with and promptly upon any resignation or removal of the Fixed Asset Collateral Trustee as "Collateral Trustee" under the Collateral Trust Agreement, it shall cause the successor "Collateral Trustee" thereunder to expressly assume in writing all obligations of the Fixed Asset Collateral Trustee hereunder pursuant to a written acknowledgement in form and substance reasonably satisfactory to the Working Capital Agent.
5.21      Consent and Release of Bank of America, N.A. as Administrative Agent for the Secured Hedge Counterparties under the Existing Intercreditor Agreement. Bank of America, N.A. in its capacity as administrative agent for the Secured Hedge Counterparties (as defined in the Existing Intercreditor Agreement) (in such capacity, the " Secured Hedge Agent ") is executing this Agreement below solely for the purpose of consenting to the amendment and restatement of the Existing Intercreditor Agreement pursuant to this Agreement. Effective upon the execution and delivery of this Agreement by all parties hereto, the Secured Hedge Agent resigns as the Secured Hedge Agent under the Existing Intercreditor Agreement and shall not have any rights, duties or obligations under or with respect to this Agreement, and the parties hereto hereby release the Secured Hedge Agent from all of its duties and obligations under the Existing Intercreditor Agreement.
[remainder of page intentionally left blank]



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 12




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

BANK OF AMERICA, N.A.,
as Working Capital Agent


By:     /s/ Hance VanBeber
Name:    Hance VanBeber
Title:    Senior Vice President

Notice Address :
Bank of America, N.A.
Mail Code: TX1-492-11-23
901 Main Street, 11 th Floor
Dallas, Texas 75202
Attn: Hance VanBeber
Tel: 214-209-4735
Fax: 214-209-4766
Email: hance.vanbeber@baml.com






SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 13




WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Fixed Asset Collateral Trustee


By:     /s/ Lynn M. Steiner
Name:    Lynn M. Steiner
Title:    Vice President

Notice Address :
Wilmington Trust, National Association
Corporate Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402
Attn: Lynn M. Steiner, Vice President
Tel: 612-217-5667
Fax: 612-217-5651
Email: lsteiner@wilmingtontrust.com



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 14





 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .

By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 15





 
CALUMET LP GP, LLC

By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 16





 
CALUMET OPERATING, LLC

By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 17






 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,  
      its sole member
         By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
   Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 18






   
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership,  
   its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,  
   its sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
   Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 19





 
CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer


 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 20






 
CALUMET SALES COMPANY INCORPORATED

By:   /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 21






 
CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 22





 
CALUMET FINANCE CORP.

By:     /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 23





 
CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 24






 
CALUMET MISSOURI, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:    /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 25





                
 
CALUMET PACKAGING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 26




 
ROYAL PURPLE, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 27





                    
 
CALUMET MONTANA REFINING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 28




 
CALUMET SAN ANTONIO REFINING, LLC ,
as a Borrower
By: Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer
 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 29





                
 
BEL-RAY COMPANY, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 30




 
WELD CORPORATION ,
as a Borrower
By:   /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


            




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 31




 
ADF HOLDINGS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

                





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 32




                    
 
ANCHOR DRILLING FLUIDS USA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


    



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 33





 
CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 34




 
KURLIN COMPANY, LLC ,
as a Borrower
By: Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer
 
 





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 35




 
ANCHOR OILFIELD SERVICES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 









SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 36




Bank of America, N.A. in its capacity as the Secured Hedge Agent is executing this Agreement below solely for the purpose specified in Section 5.21 of this Agreement.

BANK OF AMERICA, N.A.,
as the Secured Hedge Agent



By:     /s/ Hance VanBeber
Name:    Hance VanBeber
Title:    Senior Vice President



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 37




EXHIBIT A

IP License

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS

For the purpose of enabling Bank of America, N.A., as Agent (in such capacity, together with its successors and assigns, the " Agent ") under that certain Second Amended and Restated Credit Agreement dated as of July 14, 2014 (as amended, restated, supplemented or otherwise modified or refinanced or replaced from time to time, the " Credit Agreement ") among Calumet Specialty Products Partners, L.P. (the " Company "), the subsidiaries and/or affiliates of the Company from time to time party thereto (including, without limitation, Calumet Lubricants Co., Limited Partnership, and, together with the Company, the " Grantors "), Bank of America, N.A., as Agent, and the lenders from time to time party thereto (collectively, the " Lenders "), to enforce any Lien held by the Agent upon any of the Collateral and, to the extent appropriate in the good faith opinion of the Agent, to process, ship, produce, store, complete, supply, lease, sell or otherwise dispose of any of the Collateral (as such term is defined in the Credit Agreement) or to collect or otherwise realize upon any Accounts, at any and all such times as the Agent shall be lawfully entitled to exercise such rights and remedies, each of the Grantors hereby grants to the Agent, for the benefit of the Agent and the Lenders, and only to the extent set forth above, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use, license or sublicense any and all intellectual property and rights relating thereto now owned or hereafter acquired by the Grantors or any one or more of them (except to the extent the terms of any of the agreements granting the foregoing rights prohibit such grant to the Agent), and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. Each of the Grantors agrees and acknowledges that no further performance is required of the Agent under the terms of the license granted pursuant hereto and that this license shall not constitute an executory contract.
This Amended and Restated License to use Intellectual Property Rights (this " License ") shall be governed by the laws of the State of New York without regard to conflict of laws principles thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

Capitalized terms used but not defined herein shall have the meanings therefor specified in the Credit Agreement.

This License amends and restates, but does not extinguish any license or right granted pursuant to, that certain License to Use Intellectual Property Rights dated April 21, 2011, executed by Calumet Lubricants Co., Limited Partnership and certain of its affiliates to and in favor of Bank of America, N.A. as agent under the credit agreement referred to therein.

Dated: April 20, 2016.


Remainder of Page Intentionally Blank.
Signature Page to Follow.
    



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 1





 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .

By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 2





 
CALUMET LP GP, LLC

By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 3





 
CALUMET OPERATING, LLC

By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 4






 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,  
      its sole member
         By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
   Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 5






   
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership,  
   its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,  
   its sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
   Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 6





 
CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer


 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 7






 
CALUMET SALES COMPANY INCORPORATED

By:    /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 8






 
CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 9





 
CALUMET FINANCE CORP.

By:    /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 10





 
CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 11





                    
 
CALUMET MISSOURI, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 12





                    
 
CALUMET PACKAGING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 13





                    
 
ROYAL PURPLE, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 14




 
CALUMET MONTANA REFINING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 15




 
CALUMET SAN ANTONIO REFINING, LLC ,
as a Borrower
By: Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief Financial Office
 
 



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 16




 
BEL-RAY COMPANY, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 17




 
WELD CORPORATION ,
as a Borrower
By:   /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer

                    






AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 18




 
ADF HOLDINGS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 19




                    
 
ANCHOR DRILLING FLUIDS USA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


    



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 20





 
CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 21




 
KURLIN COMPANY, LLC ,
as a Borrower
By: Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By:   /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief Financial Office
 
 





AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 22





 
ANCHOR OILFIELD SERVICES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 23




Exhibit 10.3

EXECUTION VERSION



SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT


THIS SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT (this " Amendment ") is dated as of April 20, 2016 (the " Amendment Date ") and is executed by and among CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. , a Delaware limited partnership (" MLP Parent "), the Subsidiaries of MLP Parent listed as "Borrowers" on the signature pages hereto (together with MLP Parent, collectively the " Borrowers " and each individually a " Borrower "), the Lenders party hereto (which Lenders constitute at least Required Lenders), and BANK OF AMERICA, N.A. , a national banking association, as agent for Lenders (" Agent ").

R E C I T A L S :

A.    Borrowers, Guarantors (if any), Lenders and Agent are parties to that certain Second Amended and Restated Credit Agreement dated as of July 14, 2014, as previously amended by that certain First Amendment to Second Amended and Restated Credit Agreement dated as of December 4, 2015 (as amended or otherwise modified from time to time, the " Credit Agreement ").

B.    Borrowers, Guarantors (if any), Required Lenders and Agent desire to amend the Credit Agreement to, among other things, allow for (i) the issuance of the Senior Secured Notes in the aggregate principal amount of up to $400,000,000 pursuant to the Senior Secured Notes Indenture and (ii) such Senior Secured Notes to be secured by a pari passu Lien on the Hedge Agreement Collateral (but not on any Collateral).

NOW, THEREFORE, for good and valuable consideration hereby acknowledged, the parties hereto hereby agree as follows:

SECTION 1. DEFINITIONS
Section 1.1      Definitions . Capitalized terms used but not defined in this Amendment shall have the meanings given to them in the Credit Agreement as amended hereby.
SECTION 2.      AMENDMENTS TO THE CREDIT AGREEMENT
Section 2.1      Amendments to Section 1.1 of the Credit Agreement .
(a)      Amendment to the Definition of the Term "Alternate Currency Rate" . The definition of the term "Alternate Currency Rate" is hereby amended to add the following sentence to the end of such definition:
Notwithstanding the foregoing or anything to the contrary contained in this definition, in no event shall the Alternate Currency Rate be less than zero.


SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT – Page 1




(b)      Addition of Defined Term "Bail-In Action" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Bail-In Action " – the exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution.

(c)      Addition of Defined Term "Bail-In Legislation" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Bail-In Legislation " – with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule.
(d)      Amendment to the Definition of the Term "Base Rate" . The definition of the term "Base Rate" is hereby amended to add the following sentence to the end of such definition:
Notwithstanding the foregoing or anything to the contrary contained in this definition, in no event shall the Base Rate be less than zero.
(e)      Amendment to the Definition of the Term "Change of Control" . Clause (e) of the definition of the term "Change of Control" is hereby amended and restated to read in its entirety as follows:
(e)    the occurrence of a "Change of Control" (or any comparable term) under, and as defined or used in, any Senior Notes Indenture or the Senior Secured Notes Indenture.
(f)      Amendment to the Definition of the Term "Defaulting Lender" . The definition of the term "Defaulting Lender" is hereby amended and restated to read in its entirety as follows:
" Defaulting Lender " – any Lender that (a) has failed to comply with its funding obligations hereunder, and such failure is not cured within three Business Days, unless, within such three Business Day period, such Lender notifies Agent and Borrower Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular Default, if any) has not been satisfied; (b) has notified Agent or any Borrower that such Lender does not intend to comply with its funding obligations hereunder or under any other credit facility, or has made a public statement to that effect; (c) has failed, within three Business Days following request by Agent or Borrower Agent, to confirm in a manner satisfactory to Agent and Borrower Agent that such Lender will comply with its funding obligations hereunder; or (d) has, or has a direct or indirect parent company that has, become the subject of a proceeding under any Insolvency Proceeding or Bail-In Action or taken any action in furtherance or acquiescence thereof; provided , however , that a Lender shall not be a Defaulting Lender solely by virtue of a Governmental


SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT– Page 2



Authority's ownership of an Equity Interest in such Lender or parent company unless the ownership provides immunity for such Lender from jurisdiction of courts within the United States or from enforcement of judgments or writs of attachment on its assets, or permits such Lender or Governmental Authority to repudiate or otherwise to reject such Lender's agreements.
(g)      Addition of Defined Term "EEA Financial Institution" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" EEA Financial Institution " – (a) any credit institution or investment firm established in an EEA Member Country that is subject to the supervision of an EEA Resolution Authority; (b) any entity established in an EEA Member Country that is a parent of an institution described in clause (a) above; or (c) any financial institution established in an EEA Member Country that is a subsidiary of an institution described in the foregoing clauses and is subject to consolidated supervision with its parent.

(h)      Addition of Defined Term "EEA Member Country" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" EEA Member Country " – any of the member states of the European Union, Iceland, Liechtenstein and Norway.

(i)      Addition of Defined Term "EEA Resolution Authority" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" EEA Resolution Authority " – any public administrative authority or any Person entrusted with public administrative authority of an EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

(j)      Addition of Defined Term "EU Bail-In Legislation Schedule" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" EU Bail-In Legislation Schedule " – the EU Bail-In Legislation Schedule published by the Loan Market Association, as in effect from time to time.

(k)      Amendment to the Definition of the Term "Hedge Agreement Collateral" . The definition of the term "Hedge Agreement Collateral" is hereby amended and restated to read in its entirety as follows:


SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT– Page 3



" Hedge Agreement Collateral " – the "Collateral" as such term is defined in the "Collateral Trust Agreement" as such term is defined in the Hedge Intercreditor Agreement, as such Collateral Trust Agreement is in effect as of April 20, 2016, and without any amendment thereto or modification thereof except as may be consented to by Agent; provided , however , that in no event shall the "Hedge Agreement Collateral" include any Collateral.
(l)      Amendment to the Definition of the Term "Hedge Intercreditor Agreement" . The definition of the term "Hedge Intercreditor Agreement" is hereby amended and restated to read in its entirety as follows:
" Hedge Intercreditor Agreement " – that certain Second Amended and Restated Intercreditor Agreement dated as of April 20, 2016, among MLP Parent and its Subsidiaries, Wilmington Trust, National Association as "Fixed Asset Collateral Trustee" and Agent, including any replacement thereof approved by Agent from time to time.
(m)      Amendment to the Definition of the Term "IP License" . The definition of the term "IP License" is hereby amended and restated to read in its entirety as follows:
" IP License " – that certain Amended and Restated License to Use Intellectual Property Rights dated April 20, 2016, executed by MLP Parent and its Subsidiaries to Agent, for the benefit of Agent and Lenders, including any replacement thereof approved by Agent from time to time.
(n)      Amendment to the Definition of the Term "LIBOR" . The definition of the term "LIBOR" is hereby amended to add the following sentence to the end of such definition:
Notwithstanding the foregoing or anything to the contrary contained in this definition, in no event shall LIBOR be less than zero.
(o)      Amendment to the Definition of the Term "Senior Notes" . The definition of the term "Senior Notes" is hereby amended and restated to read in its entirety as follows:
" Senior Notes " – (a) $350,000,000 aggregate principal amount of 7.625% unsecured senior notes due 2022 issued pursuant to the 2013 Senior Notes Indenture (as defined in the definition of "Senior Notes Indentures"), (b) $900,000,000 aggregate principal amount of 6.50% unsecured senior notes due 2021 issued pursuant to the 2014 Senior Notes Indenture (as defined in the definition of "Senior Notes Indentures"), (c) $325,000,000 aggregate principal amount of 7.75% unsecured senior notes due 2023 issued pursuant to the 2015 Senior Notes Indenture (as defined in the definition of "Senior Notes Indentures"), and (d) any subsequent offering of unsecured senior notes, without regard to principal amount, having a maturity date that is at or after April 15, 2021, in each case issued by MLP Parent and Calumet Finance.
(p)      Amendment to the Definition of the Term "Senior Notes Indentures" . The definition of the term "Senior Notes Indentures" is hereby amended and restated to read in its entirety as follows:


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" Senior Notes Indentures " – (a) that certain Indenture, dated as of November 26, 2013, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the " 2013 Senior Notes Indenture "), (b) that certain Indenture, dated as of March 31, 2014, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the " 2014 Senior Notes Indenture "), (c) that certain Indenture, dated as of March 27, 2015, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association, as trustee (the " 2015 Senior Notes Indenture "), and (d) any note purchase agreement, indenture or other agreement evidencing any other Senior Notes or any refinancing of the foregoing permitted by Section 9.2.3 .
(q)      Amendment to the Definition of the Term "Senior Notes Registration Rights Agreements" . The definition of the term "Senior Notes Registration Rights Agreements" is hereby amended and restated to read in its entirety as follows:
" Senior Notes Registration Rights Agreements " – (a) that certain Registration Rights Agreement dated November 26, 2013, among certain Borrowers, as issuers or guarantors of the Senior Notes, and the "Initial Purchasers" (as defined therein), (b) that certain Registration Rights Agreement dated March 31, 2014, among certain Borrowers, as issuers or guarantors of the Senior Notes, and the "Initial Purchasers" (as defined therein), (c) that certain Registration Rights Agreement dated March 27, 2015, among certain Borrowers, as issuers or guarantors of the Senior Notes, and the "Initial Purchasers" (as defined therein), and (d) any registration rights agreement or similar agreement relating to any other Senior Notes or any refinancing thereof permitted by Section 9.2.3 .
(r)      Addition of Defined Term "Senior Secured Notes" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Senior Secured Notes " – up to $400,000,000 aggregate principal amount of 11.5% senior secured notes due 2021 issued by MLP Parent and Calumet Finance pursuant to the Senior Secured Notes Indenture.

(s)      Addition of Defined Term "Senior Secured Notes Agreements" and Definition Thereof. The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Senior Secured Notes Agreements " – the Senior Secured Notes, the Senior Secured Notes Indenture, the other "Note Documents" as such term is defined in the Senior Secured Notes Indenture, the "Fixed Asset Collateral Documents" as such term is defined in the Hedge Intercreditor Agreement and the "Collateral Trust Agreement" as such term is defined in the Hedge Intercreditor Agreement.



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(t)      Addition of Defined Term "Senior Secured Notes Indenture" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Senior Secured Notes Indenture " – that certain Indenture, dated as of April 20, 2016, by and among MLP Parent and Calumet Finance, as issuers, the "Guarantors" (as defined therein) and Wilmington Trust, National Association as trustee.

(u)      Addition of Defined Term "Write-Down and Conversion Powers" and Definition Thereof . The following new defined term and its definition are hereby added to Section 1.1 of the Credit Agreement, which defined term shall appear in alphabetical order in Section 1.1 and which defined term and related definition shall read in their entirety as follows:
" Write-Down and Conversion Powers " – the write-down and conversion powers of the applicable EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which powers are described in the EU Bail-In Legislation Schedule.

Section 2.2      Amendment and Restatement of Section 4.2.3 of the Credit Agreement . Section 4.2.3 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
4.2.3     Status; Cure . Agent may determine in its reasonable discretion that a Lender constitutes a Defaulting Lender and the effective date of such status shall be conclusive and binding on all parties, absent manifest error (provided that such right of determination by Agent shall not preclude Borrower Agent's right to make such a determination in accordance with the requirements of the definition of the term "Defaulting Lender"). Borrowers, Agent and Issuing Bank may agree in writing that a Lender has ceased to be a Defaulting Lender, whereupon Pro Rata shares shall be reallocated without exclusion of the reinstated Lender's Commitments and Loans, and the Revolver Usage and other exposures under the Revolver Commitments shall be reallocated among Lenders and settled by Agent (with appropriate payments by the reinstated Lender, including payment of any breakage costs for reallocated LIBOR Loans) in accordance with the readjusted Pro Rata shares. Unless expressly agreed by Borrowers, Agent and Issuing Bank, or as expressly provided herein with respect to Bail-In Actions and related matters, no reallocation of Commitments and Loans to non-Defaulting Lenders or reinstatement of a Defaulting Lender shall constitute a waiver or release of claims against such Lender. The failure of any Lender to fund a Loan, to make a payment in respect of LC Obligations or otherwise to perform its obligations hereunder shall not relieve any other Lender of its obligations under any Credit Document, and no Lender shall be responsible for default by another Lender.

Section 2.3      Addition of Section 7.7 of the Credit Agreement . A new Section 7.7 is hereby added to the Credit Agreement, which Section shall immediately succeed Section 7.6 and immediately precede Section 8 of the Credit Agreement and shall read in its entirety as follows:
Section 7.7     Access to Premises, etc. and Certain Agreements relating to the Collateral Trust Agreement and the Fixed Asset Collateral .


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(a)    In addition to the rights and remedies under this Agreement and the other Credit Documents, upon the occurrence of an Event of Default and during the continuance thereof, Agent shall have the right to enter and remain upon the various premises of each Obligor without cost or charge to Agent, and use such premises, as well as all equipment, materials, supplies, books and records and other Property of such Obligor, for the purpose of collecting and liquidating the Collateral, or for preparing for sale and conducting the sale of the Collateral, whether by foreclosure, auction or otherwise.
(b)    Each Obligor hereby agrees that such Obligor shall not, without the prior written consent of Agent, agree to any amendment to or modification of the "Collateral Trust Agreement" or any other "Fixed Asset Collateral Document", as such terms are defined in the Hedge Intercreditor Agreement, (i) if such amendment or modification would, in any way, broaden the description of any property or assets that constitute a part of the "Fixed Asset Collateral" (as such term is defined in the Hedge Intercreditor Agreement) beyond the categories or types of collateral identified in or contemplated by such "Collateral Trust Agreement" or such other "Fixed Asset Collateral Documents", respectively, as each such document is in effect as of April 20, 2016, (ii) which would amend or modify the definition of the term "Working Capital Priority Collateral" or the term "Excluded Property" as each such term is contained in such "Collateral Trust Agreement" or any such other "Fixed Asset Collateral Document" as of April 20, 2016, if such amendment or modification would, in any way, narrow or limit the description of any property or assets that constitute a part of such "Working Capital Priority Collateral" or such "Excluded Property", respectively, as each such term is defined in such "Collateral Trust Agreement" or any such other "Fixed Asset Collateral Document" as of April 20, 2016, or (iii) which could reasonably be expected to be, in any way, materially adverse to Agent or any Secured Party.
Section 2.4      Amendment to Section 8.1.1 of the Credit Agreement . Section 8.1.1 of the Credit Agreement is hereby amended to add the following sentence to the end of such section:
No Obligor is an EEA Financial Institution.

Section 2.5      Amendment and Restatement of Section 8.1.2 of the Credit Agreement . Section 8.1.2 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
8.1.2 Authorization; No Contravention . The execution, delivery and performance by each Obligor of each Credit Document to which such Person is party and the performance of its obligations thereunder (including, without limitation, the Borrowing of Loans, the request for issuance of Letters of Credit and the grant of Liens on the Collateral as security for the Obligations) have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) violate the terms of any of such Person's Organization Documents; (b) violate or result in any default or an event of default under or any breach or contravention of, or result in or require the creation of any Lien (other than the Liens created by this Agreement or the other Credit Documents) under, or require any payment to be made under (i) any Contractual Obligation (including, without limitation, any Senior Notes Agreement or any Senior Secured Notes Agreement) to which such Obligor is a party or affecting such Obligor or the Property of such Obligor or any of its Subsidiaries or (ii) any order, injunction, writ or decree of any Governmental Authority or any arbitral award to which such Person or its property is subject; or (c) violate any Applicable Law. In addition to and without limiting the generality of the foregoing, each Obligor represents and


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warrants to Agent and Lenders that, in connection with each request for the funding of a Loan or the issuance of a Letter of Credit, such Loan or Letter of Credit (as applicable) is permitted as an incurrence of additional Indebtedness under each Senior Notes Agreement and each Senior Secured Notes Agreement.

Section 2.6      Amendment and Restatement of Clause (d) of Section 9.1.2 of the Credit Agreement . Clause (d) of Section 9.1.2 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(d)    promptly after the furnishing thereof, copies of any financial information, proxy materials, statement, report or other information furnished to any holder of debt securities of any Obligor or any Restricted Subsidiary thereof pursuant to the terms of any indenture (including, without limitation, any Senior Notes Indenture or the Senior Secured Notes Indenture), loan or credit or similar agreement and not otherwise required to be furnished to Lenders pursuant to Section 9.1.1 or any other clause of this Section 9.1.2 ;
Section 2.7      Amendment and Restatement of Clause (i) of Section 9.1.2 of the Credit Agreement . Clause (i) of Section 9.1.2 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(i)    at all times during which MLP Parent or any other Obligor is party to any Senior Notes Indenture or the Senior Secured Notes Indenture and Availability is less than 35% of the Borrowing Base then in effect, promptly, and in any event within 15 days following the end of each month, a certificate signed on behalf of Consolidated Parties by a Senior Officer of Borrower Agent or its general partner which certifies (which certification shall constitute a representation and warranty for purposes of this Agreement) that at least 10% of the aggregate amount of secured Indebtedness then permitted to be incurred by MLP Parent and/or any other Obligor party thereto under each Senior Notes Indenture and the Senior Secured Notes Indenture then remains available to be incurred.
Section 2.8      Amendment and Restatement of Clause (a) of Section 9.1.3 of the Credit Agreement . Clause (a) of Section 9.1.3 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(a)    Promptly notify Agent and each Lender in writing of the occurrence of (i) any Default or Event of Default and the nature thereof, or (ii) any default or event of default under any Senior Notes Indenture or the Senior Secured Notes Indenture.
Section 2.9      Amendment and Restatement of Clause (v) of Section 9.2.1 of the Credit Agreement . Clause (v) of Section 9.2.1 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(v)    Liens on the Hedge Agreement Collateral securing Indebtedness permitted under Section 9.2.3(d) and/or securing the Senior Secured Notes, provided that the Hedge Intercreditor Agreement remains in effect at all times during the existence of such Liens;
Section 2.10      Amendment and Restatement of Clause (l) of Section 9.2.2 of the Credit Agreement . Clause (l) of Section 9.2.2 of the Credit Agreement (exclusive of the proviso immediately succeeding such clause (l) ) is hereby amended and restated to read in its entirety as follows:


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(l)    Investments in Senior Notes or Senior Secured Notes required by the terms of any Senior Notes Indenture or the Senior Secured Notes Indenture, respectively;
Section 2.11      Amendment and Restatement of Clause (b) of Section 9.2.3 of the Credit Agreement . Clause (b) of Section 9.2.3 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(b)    Indebtedness of Obligors and their Restricted Subsidiaries outstanding on the Closing Date (or, in the case of the Senior Secured Notes, outstanding on April 20, 2016) and set forth in Schedule 9.2.3, and renewals, refinancings and extensions of all or any part thereof (subject to the following proviso, " Refinancing Indebtedness "); provided that (i) the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal or extension except by an amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred, in connection with such refinancing and by an amount equal to any existing commitments unutilized thereunder, and (ii) the material terms relating to principal amount, amortization, maturity, collateral (if any) and subordination (if any), and other material terms (other than pricing and yield), of any such refinancing, refunding, renewing or extending Indebtedness, and of any agreement entered into and of any instrument issued in connection therewith, are no less favorable, in the aggregate and taken as a whole, in any material respect to Obligors or Lenders than the terms of any agreement or instrument governing the Indebtedness being refinanced, refunded, renewed or extended (it being understood that it shall be deemed a permitted refinancing under this Section 9.2.3(b) if funds, raised in a public offering of debt securities, are restricted to repayment of such Indebtedness, even if a period of up to 60 days (or a longer period to the extent that such funds are escrowed pursuant to arrangements satisfactory to Required Lenders) intervenes between the date such public offering closes and the date that the applicable Indebtedness is repaid from such funds);
Section 2.12      Amendment and Restatement of Initial Clause of Section 9.2.9 of the Credit Agreement . The initial clause of Section 9.2.9 of the Credit Agreement (immediately succeeding the heading of such section and immediately preceding clause (a) of such section) is hereby amended and restated to read in its entirety as follows:
Enter into any Contractual Obligation (other than this Agreement and the Senior Notes Indentures as in effect on the Closing Date and the Senior Secured Notes Indenture as in effect on April 20, 2016, and, subject to the proviso below, Refinancing Indebtedness) that:
Section 2.13      Amendment and Restatement of Clause (a) of Section 9.2.11 of the Credit Agreement . Clause (a) of Section 9.2.11 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(a)    if on any date a Default or Event of Default has occurred and is continuing or would be directly or indirectly caused as a result thereof, or if the Prepayment Conditions are not satisfied at such date, make (or give any notice with respect thereto of) any voluntary, optional or other non-scheduled payment, prepayment (including any excess cash flow sweeps of Borrowed Money), redemption, acquisition for value (including, without limitation, by way of depositing money or securities with the trustee with respect thereto before due for the purpose of paying when due), refund, refinance or exchange of any Senior Notes or Senior Secured Notes or any Subordinated Indebtedness of any Obligor or Restricted Subsidiary, but excluding (i) any refinancing thereof permitted under Section


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9.2.3 , (ii) any payment made in satisfaction of any Obligor's or any Restricted Subsidiary's obligations with respect to the conversion or exchange of any debt securities convertible into or exchangeable, in whole or in part, for shares of capital stock of (or other ownership or profit interests in) any Obligor or any Restricted Subsidiary, in each case to the extent that (A) any such payment is made in lieu of fractional shares or (B) any such payment does not exceed the principal amount of the debt securities in respect of which the conversion or exchange right has been exercised, and (iii) any payment or prepayment made with respect to Indebtedness arising under any Senior Notes Agreement or any Senior Secured Notes Agreement upon the occurrence of a contingency such as, for example and not by way of limitation, an event of default, the destruction of assets or a change of control if (and only if) the applicable Senior Notes Agreement or Senior Secured Notes Agreement requires such prepayment; and
Section 2.14      Amendment and Restatement of Clause (a)(i) of Section 9.4.1 of the Credit Agreement . Clause (a)(i) of Section 9.4.1 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(i)    any Restricted Subsidiary designated as an Unrestricted Subsidiary shall comply with all requirements contained in the definition of the term "Unrestricted Subsidiary" and shall concurrently also be designated as (and thereupon shall become) an "Unrestricted Subsidiary" pursuant to (and as defined by) each of the Senior Notes Indentures and the Senior Secured Notes Indenture;
Section 2.15      Amendment and Restatement of Clause (e) of Section 10.1 of the Credit Agreement . Clause (e) of Section 10.1 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
(e)     Cross-Default . (i) Any Obligor or Restricted Subsidiary (A) fails to make any payment when due after giving effect to any applicable grace period (whether by scheduled maturity, required prepayment, acceleration, demand, or otherwise) in respect of any Indebtedness or Guarantee (other than Indebtedness hereunder and Indebtedness under Swap Contracts) having an aggregate principal amount (including amounts owing to all creditors under any combined or syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or perform any other agreement or condition relating to any such Indebtedness or Guarantee or contained in any instrument or agreement evidencing, securing or relating thereto, or any other event occurs, the effect of which default or other event is to cause, or to permit the holder or holders of such Indebtedness or the beneficiary or beneficiaries of such Guarantee (or a trustee or agent on behalf of such holder or holders or beneficiary or beneficiaries) to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity, or such Guarantee to become payable or cash collateral in respect thereof to be demanded; (ii) there occurs under any Swap Contract an early termination date (as used or defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as to which any Obligor is the defaulting party (as used or defined in such Swap Contract) or (B) any termination event (as so used or defined) under such Swap Contract as to which any Obligor or any Restricted Subsidiary is an affected party (as so used or defined) and, in either event, the Swap Termination Value owed by such Obligor or such Subsidiary as a result thereof is (in the


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aggregate and together with the Swap Termination Value owed by all other Obligors or Restricted Subsidiaries) greater than the Threshold Amount; or (iii) there occurs an event of default as such term is used or defined in any Senior Notes Indenture or the Senior Secured Notes Indenture; or
Section 2.16      Amendment and Restatement of Heading to Section 13.14 of the Credit Agreement . The heading to Section 13.14 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
13.14     SUBMISSION TO JURISDICTION; WAIVER OF VENUE OBJECTION; SERVICE OF PROCESS; BAIL-IN OF EEA FINANCIAL INSTITUTIONS .
Section 2.17      Addition of Section 13.14.4 of the Credit Agreement . A new Section 13.14.4 is hereby added to the Credit Agreement, which Section shall immediately succeed Section 13.14.3 and immediately precede Section 13.15 of the Credit Agreement and shall read in its entirety as follows:
Section 13.14.4     Acknowledgement and Consent to Bail-In of EEA Financial Institutions . Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or understanding among the parties, each party hereto (including each Secured Party) acknowledges that any liability arising under a Credit Document of any Secured Party that is an EEA Financial Institution, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority, and agrees and consents to, and acknowledges and agrees to be bound by, (a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising under any Credit Documents which may be payable to it by any Secured Party that is an EEA Financial Institution; and (b) the effects of any Bail-in Action on any such liability, including (i) a reduction in full or in part or cancellation of any such liability; (ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under any Credit Document; or (iii) the variation of the terms of such liability in connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority.
Section 2.18      Amendment and Restatement of Schedule 9.2.3 of the Credit Agreement . Schedule 9.2.3 of the Credit Agreement is hereby amended and restated to read in its entirety as set forth on Second Amendment Schedule 9.2.3 attached hereto and incorporated herein by reference.
SECTION 3.      CONDITIONS PRECEDENT
Section 3.1      Conditions Precedent . The effectiveness of this Amendment is subject to the satisfaction of each of the following conditions precedent (except if and to the extent that any such condition precedent shall have been waived by Agent and Required Lenders in writing):
(a)      Agent shall have received this Amendment as executed by each of the parties hereto, which parties shall include all Borrowers, all Guarantors (if any), Agent and at least Required Lenders;


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(b)      Agent shall have received certified resolutions of the board of directors or other applicable governing body of each Borrower or Guarantor (if any) which authorize the execution, delivery and performance of this Amendment by all Borrowers and Guarantors;
(c)      The Senior Secured Notes Indenture shall have been executed and delivered by all parties thereto and the Senior Secured Notes shall have been issued pursuant thereto, and Agent shall have received a true, correct and complete copy of the Senior Secured Notes Indenture and the other Senior Secured Notes Agreements as certified by Borrower Agent, all of which shall be in form and substance reasonably satisfactory to Agent;
(d)      The Hedge Intercreditor Agreement shall have been amended and restated in the form attached hereto as Exhibit A and Agent shall have received a counterpart thereof as executed by each of the parties thereto, and Agent shall be reasonably satisfied that the collateral which secures payment of the Senior Secured Notes consists only of the Hedge Agreement Collateral and does not consist of any Collateral; and
(e)      The IP License shall have been amended and restated in the form of Exhibit A to the Hedge Intercreditor Agreement and Agent shall have received a counterpart thereof as executed by each Obligor.
SECTION 4.      MISCELLANEOUS
Section 4.1      Representations and Warranties . Each of Obligors represents and warrants to Agent and Lenders that (a) all representations and warranties relating to such Obligor contained in the Credit Agreement or any other Credit Document are true and correct as of the date hereof as if made again on and as of the date hereof (except to the extent that such representations and warranties were expressly limited to another specific date, in which case they are true and correct as of such specific date), (b) no Default or Event of Default has occurred and is continuing (after giving effect to this Amendment), (c) such Obligor has all requisite corporate or other organizational power and authority (as applicable) to execute and deliver this Amendment, and (d) the execution and delivery of this Amendment by such Obligor has been duly authorized by all necessary corporate or other organizational action, and does not and will not violate or result in any breach or contravention of any Senior Notes Indenture, the Senior Secured Notes Indenture or other material Contractual Obligation to which such Obligor is a party or subject, any Organization Document of such Obligor or any Applicable Law.
Section 4.2      Ratifications . Except as expressly modified and superseded by this Amendment, the terms and provisions of the Credit Agreement and other Credit Documents are ratified and confirmed and shall continue in full force and effect. Obligors, Lenders and Agent agree that the Credit Agreement and other Credit Documents shall continue to be legal, valid, binding and enforceable in accordance with their terms, except as enforceability may be limited by applicable Insolvency Proceedings and general principles of equity (whether enforcement is sought by proceedings in equity or at law).
Section 4.3      Reference to Credit Agreement, etc. Each of the Credit Documents, including the Credit Agreement and any and all other agreements, documents or instruments now or hereafter executed and/or delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as amended hereby, is hereby amended so that any reference in such Credit Document to the Credit Agreement shall mean a reference to the Credit Agreement as amended hereby. This Amendment shall constitute a Credit Document.


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Section 4.4      Effect of Amendment . Each Obligor hereby (a) agrees that this Amendment shall not limit or diminish the obligations of any Borrower or other Obligor under the Credit Agreement as amended hereby or under any other Credit Document, and (b) reaffirms all of its obligations under the Credit Agreement as amended hereby and each of the other Credit Documents.
Section 4.5      Severability . If any provision of this Amendment is held to be illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining provisions of this Amendment shall not be affected or impaired thereby and (b) the parties hereto shall endeavor in good faith negotiations to replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect of which is as close as possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
Section 4.6      Governing Law . THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTION 5-1401 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK), WITHOUT GIVING EFFECT TO ANY CONFLICT OF LAW PRINCIPLES THAT WOULD REQUIRE THE APPLICATION OF ANOTHER LAW (BUT GIVING EFFECT TO FEDERAL LAWS RELATING TO NATIONAL BANKS).
Section 4.7      Successors and Assigns . This Amendment is binding upon and shall inure to the benefit of Obligors, Lenders and Agent and their respective successors and permitted assigns, except that none of Obligors may assign or transfer any of its rights or delegate any of its duties or obligations hereunder without the prior written consent of Agent and Lenders.
Section 4.8      Counterparts; Electronic Signatures . This Amendment may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Executed counterparts of a signature page to this Amendment may be delivered by facsimile or electronic messaging system, and if so delivered shall have the same force and effect as manually signed originals for all purposes.
Section 4.9      Headings . The headings and captions used in this Amendment are for convenience only and shall not affect the interpretation of this Amendment.
Section 4.10      Entire Agreement . THIS AMENDMENT, THE CREDIT AGREEMENT AND ALL OTHER CREDIT DOCUMENTS REPRESENT THE FINAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO AND THERETO RELATING TO THE SUBJECT MATTER HEREOF AND THEREOF, AND MAY NOT BE CONTRADICTED OR VARIED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OR DISCUSSIONS OF THE PARTIES HERETO OR THERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN OR AMONG THE PARTIES HERETO OR THERETO.

Section 4.11      Costs and Expenses . Borrowers agree to pay all reasonable out of pocket costs and expenses of Agent in connection with the preparation, execution and delivery of this Amendment, including, without limitation, all reasonable fees and expenses of Hunton & Williams LLP.
[Remainder of Page Intentionally Left Blank.]




SECOND AMENDMENT TO SECOND AMENDED AND RESTATED CREDIT AGREEMENT– Page 13



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


 
BORROWERS :

 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .,
as a Borrower
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
CALUMET LP GP, LLC ,
as a Borrower
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
CALUMET OPERATING, LLC ,
as a Borrower
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement






 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP , as a Borrower

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,  
      its sole member
         By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement






   
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership,  
   its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,  
   its sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
   Chief Financial Officer

 
 

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
CALUMET SHREVEPORT FUELS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer


 
 


Signature Page to Second Amendment to Second Amended and Restated Credit Agreement






 
CALUMET SALES COMPANY INCORPORATED ,
as a Borrower
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement






 
CALUMET PENRECO, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
CALUMET FINANCE CORP. ,
as a Borrower
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
CALUMET SUPERIOR, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





                
 
CALUMET MISSOURI, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 





Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





                    
 
CALUMET PACKAGING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 





Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





                
 
ROYAL PURPLE, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 
    




Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
CALUMET MONTANA REFINING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

                    




Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
CALUMET SAN ANTONIO REFINING, LLC ,
as a Borrower
By: Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief
            Financial Office
 
 



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
BEL-RAY COMPANY, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
WELD CORPORATION ,
as a Borrower
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer








Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
ADF HOLDINGS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
ANCHOR DRILLING FLUIDS USA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






    



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement









 
CALUMET NORTH DAKOTA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




 
KURLIN COMPANY, LLC ,
as a Borrower
By: Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief Financial Office
 
 












Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
ANCHOR OILFIELD SERVICES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 






Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





 
AGENT AND LENDERS :

BANK OF AMERICA, N.A. ,
as Agent, a Lender and an Issuing Bank
By: /s/ Hance VanBeber
Name: Hance VanBeber
Title: Senior Vice President

 
 

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





`                         WELLS FARGO BANK, NATIONAL
ASSOCIATION,
as Co-Syndication agent and a Lender


By: /s/ Mark Bradford
Name:    Mark Bradford
Title:    Duly Authorized Signatory

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





JPMORGAN CHASE BANK, N.A.,
as Co-Syndication Agent and a Lender
By: /s/ Christy L. West
Name: Christy L. West
Title: Authorized Officer


Signature Page to Second Amendment to Second Amended and Restated Credit Agreement






DEUTSCHE BANK TRUST COMPANY AMERICAS , as a Lender
By: /s/ Shai Bander
Name: Shai Bander
Title: Vice President


By: /s/ Susana Fornies
Name: Susana Fornies
Title: Assistant Vice President



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





PNC BANK, NATIONAL ASSOCIATION,
as Co-Documentation Agent and a Lender
By:                     
Name:                     
Title:                     

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





U.S. BANK NATIONAL ASSOCIATION,
as a Lender
By:                     
Name:                     
Title:                     

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





REGIONS BANK, as a Lender
By: /s/ Stephen J. McGreevy
Name: Stephen J. McGreevy
Title: Managing Director

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





BARCLAYS BANK PLC, as a Lender
By: /s/ Marguerite Sutton
Name: Marguerite Sutton
Title: Vice President

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement





NATIXIS, as a Lender
By: /s/ Carlos Quinteros
Name: Carlos Quinteros
Title: Managing Director

By: /s/ Jarrett C. Price
Name: Jarrett C. Price
Title: Director



Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




COMPASS BANK, as a Lender
By:                     
Name:                     
Title:                     





GOLDMAN SACHS BANK USA, as a Lender
By: /s/ Jerry Li
Name: Jerry Li
Title: Authorize Signatory

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




ROYAL BANK OF CANADA, as a Lender
By:                     
Name:                     
Title:                     

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




SIEMENS FINANCIAL SERVICES, as a Lender
By:                     
Name:                     
Title:                     

By:                     
Name:                     
Title:                     

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




BMO HARRIS BANK, N.A. , as a Lender
By: /s/ Kara Goodwin
Name: Kara Goodwin
Title: Managing Director

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement




THE BANK OF TOKYO-MITSUBISHI UFJ ,
as a Lender
By:                     
Name:                     
Title:                     

Signature Page to Second Amendment to Second Amended and Restated Credit Agreement



SECOND AMENDMENT SCHEDULE 9.2.3
Schedule 9.2.3.
to the
Credit Agreement
EXISTING INDEBTEDNESS
1.
$350,000,000 Senior Notes due 2022 issued pursuant to the 2013 Senior Notes Indenture.

2.
$900,000,000 Senior Notes due 2021 issued pursuant to the 2014 Senior Notes Indenture.

3.
$325,000,000 Senior Notes due 2023 issued pursuant to the 2015 Senior Notes Indenture.

4.
$46,059,855 in outstanding capital leases.

5.
Up to $400,000,000 Senior Secured Notes due 2021 issued pursuant to the Senior Secured Notes Indenture.



SCHEDULE 9.2.3 – Solo Page



EXHIBIT A
to the
Second Amendment to Second Amended and Restated Credit Agreement

HEDGE INTERCREDITOR AGREEMENT

EXHIBIT A – Cover Page



EXECUTION VERSION









SECOND AMENDED AND RESTATED
INTERCREDITOR AGREEMENT

among


CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.,
as the Company and as a Grantor,


and


CERTAIN SUBSIDIARIES OF THE COMPANY,
as Grantors,


and


BANK OF AMERICA, N.A.,
as the Working Capital Agent


and


WILMINGTON TRUST, NATIONAL ASSOCIATION,
as the Fixed Asset Collateral Trustee



Dated as of April 20, 2016











SECOND AMENDED AND RESTATED
INTERCREDITOR AGREEMENT

THIS SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT (this " Agreement "), dated as of April 20, 2016, is entered into by and among CALUMET SPECIALTY PRODUCTS PARTNERS, L.P. (the " Company "), those certain subsidiaries of the Company from time to time party hereto (the " Subsidiary Loan Parties " and, together with the Company, the " Loan Parties "), WILMINGTON TRUST, NATIONAL ASSOCIATION , in its capacity as collateral trustee for the Fixed Asset Secured Parties referenced below (in such capacity, together with its successors and assigns, the " Fixed Asset Collateral Trustee "), and BANK OF AMERICA, N.A. , in its capacity as agent for the Working Capital Lenders referenced below (in such capacity, together with its successors and assigns, the " Working Capital Agent ").

RECITALS:


A.    Calumet Lubricants Co., Limited Partnership, certain of its affiliates, Bank of America, N.A., in its capacity as administrative agent for the Secured Hedge Counterparties (as defined in the Existing Intercreditor Agreement), and the Working Capital Agent are parties to that certain Amended and Restated Intercreditor Agreement dated as of April 21, 2011 (the " Existing Intercreditor Agreement "); and

B.    The parties hereto (including each of the parties to the Existing Intercreditor Agreement) desire to amend and restate the Existing Intercreditor Agreement on the terms set forth herein.

NOW THEREFORE, in consideration of the foregoing and the mutual covenants herein contained and other good and valuable consideration, the existence and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

SECTION 1    Definitions.

1.1      Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings set forth therefor in the Collateral Trust Agreement. As used in the Agreement, the following terms shall have the following meanings:
" Account " has the meaning set forth in the UCC, including all rights to payment for goods sold or leased, or for services rendered.

" Affiliate " means, with respect to any Person, another Person that directly, or indirectly through one or more intermediaries, Controls (as defined in the Working Capital Credit Agreement as amended from time to time) or is Controlled (as defined in the Working Capital Credit Agreement as amended from time to time) by or is under common Control (as defined in the Working Capital Credit Agreement as amended from time to time) with the Person specified.

" Agent " means the Working Capital Agent or the Fixed Asset Collateral Trustee, as applicable.

" Agreement " means this Second Amended and Restated Intercreditor Agreement, as amended, renewed, extended, supplemented or otherwise modified from time to time in accordance with the terms hereof.


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 1



" Bankruptcy Code " means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or replaced from time to time.

" Bankruptcy Law " means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

" Business Day " means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the laws of, or are in fact closed in, the state of New York.

" Capital Stock " means (a) in the case of a corporation, capital stock, (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of capital stock, (c) in the case of a partnership, partnership interests (whether general or limited), (d) in the case of a limited liability company, membership interests and (e) any other 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.

" Claimholders " means the Fixed Asset Claimholders and the Working Capital Claimholders.

"Collateral Trust Agreement" means that certain Amended and Restated Collateral Trust Agreement dated as of the date hereof, as amended, restated, supplemented or otherwise modified from time to time as may be permitted by the Working Capital Credit Agreement, by and among the Company, the Subsidiary Loan Parties, Wilmington Trust, National Association as Trustee, the other Parity Lien Representatives (as defined therein) party thereto and the Fixed Asset Collateral Trustee.

" Company " has the meaning set forth in the introductory paragraph of this Agreement.

" Credit Documents " means the Fixed Asset Loan Documents and the Working Capital Credit Documents.

" Discharge of Obligations " means the Discharge of Fixed Asset Collateral Obligations or the Discharge of Working Capital Obligations, as applicable.

" Discharge of Fixed Asset Collateral Obligations " means (a) the payment in full in cash (or, with respect to any Fixed Asset Collateral Obligations constituting obligations under hedging agreements, collateralization with "Eligible Collateral" (as defined in the applicable Fixed Asset Loan Document)) and discharge of all Fixed Asset Collateral Obligations, (b) the termination or expiration of all commitments to extend credit under all Fixed Asset Loan Documents and (c) the termination, cancellation or cash collateralization of all outstanding letters of credit issued pursuant to any Fixed Asset Loan Documents in accordance with the terms thereof.

" Discharge of Working Capital Obligations " means (a) the payment in full in cash and discharge of the principal of and interest (including interest accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such interest is, or would be, allowed in such Insolvency or Liquidation Proceeding) and premium, if any, on all obligations outstanding under the Working Capital Credit Documents and the termination or expiration of all commitments to lend or otherwise extend credit under the Working Capital Credit Documents, (b) the payment in full in cash and discharge of all other Working Capital Obligations that are due and payable or otherwise accrued and owing at or prior to the time

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 2



such principal and interest are paid (including legal fees and other expenses, costs or charges accruing on or after the commencement of any Insolvency or Liquidation Proceeding, whether or not a claim for such fees, expenses, costs or charges is, or would be, allowed in such Insolvency or Liquidation Proceeding), (c) the termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Working Capital Collateral Agent) of all letters of credit issued under the Working Capital Credit Documents and (d) the termination, cancellation or cash collateralization (in an amount reasonably satisfactory to the Working Capital Agent) of any interest rate hedge agreement and the payment in full in cash of all obligations owing with respect thereto.

" Existing Working Capital Credit Agreement " means that certain Second Amended and Restated Credit Agreement dated as of July 14, 2014, as amended, restated supplemented or otherwise modified from time to time, by and among the Company, the Subsidiary Loan Parties, the Working Capital Lenders and the Working Capital Agent.

" Existing Intercreditor Agreement " has the meaning provided in Recital A to this Agreement.

" Fixed Asset Claimholders " means, at any relevant time, the holders of the Fixed Asset Collateral Obligations at such time, and shall include the Fixed Asset Collateral Trustee.

" Fixed Asset Collateral " means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for the Fixed Asset Collateral Obligations.

" Fixed Asset Collateral Documents " means the Parity Lien Security Documents (as defined in the Collateral Trust Agreement) and any other agreement, document or instrument pursuant to which a Lien is granted to secure any Fixed Asset Collateral Obligation or under which rights or remedies with respect to such Liens are governed.

"Fixed Asset Collateral Obligations" means all Obligations (as defined in the Collateral Trust Agreement) under any Fixed Asset Loan Document. "Fixed Asset Collateral Obligations" shall include, without limitation, all principal, premium, if any, interest (including interest accruing on or after the filing of any petition in bankruptcy or for reorganization, whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages, guarantees and other liabilities or amounts payable under the Fixed Asset Loan Documents and any indebtedness in respect thereto.

" Fixed Asset Collateral Trustee " has the meaning set forth in the introductory paragraph of this Agreement.

" Fixed Asset Loan Documents " means the Parity Lien Documents (as defined in the Collateral Trust Agreement).

" Fixed Asset Secured Parties " means the Parity Lien Secured Parties (as defined in the Collateral Trust Agreement).

" Grantors " means the Company and each of its Subsidiaries and other Affiliates (including, without limitation, the Subsidiary Loan Parties) that has executed and delivered, or may from time to time hereafter execute and deliver, a Working Capital Collateral Document or a Fixed Asset Collateral Document (or any joinder with respect to any of the foregoing).


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 3



" Insolvency or Liquidation Proceeding " means any case or proceeding commenced by or against a Person under any state, federal or foreign law for, or any agreement of such Person to, (a) the entry of an order for relief under the Bankruptcy Code, or any other Bankruptcy Law or insolvency, debtor relief or debt adjustment law; (b) the appointment of a receiver, trustee, liquidator, administrator, conservator or other custodian for such Person or any part of its Property; or (c) an assignment or trust mortgage for the benefit of creditors.

" IP License " has the meaning provided in Section 3 hereof.

" Lien " means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, preference, priority, security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property, and any financing lease having substantially the same economic effect as any of the foregoing).

" Loan Parties " has the meaning set forth in the introductory paragraph of this Agreement.

" Obligations " means the Fixed Asset Collateral Obligations and/or the Working Capital Obligations, as applicable.

" Person " means and includes natural persons, corporations, limited partnerships, general partnerships, limited liability companies, limited liability partnerships, joint stock companies, joint ventures, associations, companies, trusts, banks, trust companies, land trusts, business trusts or other organizations, whether or not legal entities, and Governmental Authorities (as defined in the Working Capital Credit Agreement as amended from time to time).

" Property " means any interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible.

" Secured Notes Indenture " means the Indenture dated as of the date hereof (as amended, supplemented, amended and restated or otherwise modified from time to time) by and among the Company and Calumet Finance Corp., as issuers, the other Subsidiary Loan Parties and Wilmington Trust, National Association, as trustee (in such capacity and together with its successors in such capacity, the " Secured Notes Trustee ").

" Secured Notes Trustee " has the meaning provided in the definition of Secured Notes Indenture.

" Subsidiary " of a Person means a corporation, partnership, joint venture, limited liability company or other business entity of which a majority of the shares of Capital Stock having ordinary voting power for the election of directors or other governing body (other than Capital Stock having such power only by reason of the happening of a contingency) are at the time beneficially owned, or the management of which is otherwise controlled, directly, or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise specified, all references herein to a "Subsidiary" or to "Subsidiaries" shall refer to a Subsidiary or Subsidiaries of the Company.

" Subsidiary Loan Parties " has the meaning set forth in the introductory paragraph of this Agreement.
  
" Working Capital Agent " has the meaning set forth in the introductory paragraph of this Agreement.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 4




" Working Capital Claimholders " means, at any relevant time, the holders of the Working Capital Obligations at such time, including without limitation the Working Capital Lenders and any agent under the Working Capital Credit Agreement, including the Working Capital Agent.

" Working Capital Collateral " means all of the assets and property of any Grantor, whether real, personal or mixed, with respect to which a Lien is granted as security for any Working Capital Obligations.

" Working Capital Collateral Documents " means the Collateral Documents (as defined in the Working Capital Credit Agreement as amended from time to time) and any other agreement, document or instrument pursuant to which a Lien is granted securing any Working Capital Obligations or under which rights or remedies with respect to such Liens are governed.

" Working Capital Credit Agreement " means (a) the Existing Working Capital Credit Agreement and (b) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, increase (subject to the limitations set forth herein) or refinance in whole or in part the indebtedness and other obligations outstanding under the (i) Existing Working Capital Credit Agreement or (ii) any replacement (whether one or more) of the Existing Working Capital Credit Agreement, unless such agreement or instrument expressly provides that it is not intended to be and is not a Working Capital Credit Agreement hereunder. Any reference to the Working Capital Credit Agreement hereunder shall be deemed a reference to any Working Capital Credit Agreement then in existence.

" Working Capital Credit Documents " means the Working Capital Credit Agreement and the Credit Documents (as defined in the Working Capital Credit Agreement as amended from time to time in accordance herewith) and each of the other agreements, documents and instruments providing for or evidencing any other Working Capital Obligation, and any other document or instrument executed or delivered at any time in connection with any Working Capital Obligations, including any intercreditor or joinder agreement among holders of Working Capital Obligations, to the extent such are effective at the relevant time, as each may be amended or modified from time to time in accordance with this Agreement.

" Working Capital Lenders " means the "Lenders" under and as defined in the Working Capital Credit Agreement.

" Working Capital Obligations " means all Obligations (as defined in the Working Capital Credit Agreement). "Working Capital Obligations" shall include, without limitation, (a) all principal, premium, if any, reimbursement obligations, interest accrued or accruing (or which would, absent commencement of an Insolvency or Liquidation Proceeding, accrue) in accordance with the relevant Working Capital Credit Document and (b) all fees, costs, expenses, indemnifications, damages, guarantees and charges and other liabilities or amounts incurred in connection with the Working Capital Credit Documents and provided for thereunder, in the case of each of clause (a) and clause (b) whether before or after commencement of an Insolvency or Liquidation Proceeding and irrespective of whether any claim for such interest, fees, costs, expenses, indemnifications, damages, guarantees, charges or other liabilities or amounts is allowed as a claim in such Insolvency or Liquidation Proceeding.

1.2      Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation." The word "will" shall be construed to have

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 5



the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (unless such amendment, supplement or modification is not permitted hereunder), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Exhibits or Sections shall be construed to refer to Exhibits or Sections of this Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.
SECTION 2      Access to Fixed Asset Collateral .
(a)      In the event the Fixed Asset Collateral Trustee shall acquire control or possession of any of the Fixed Asset Collateral or shall, through the exercise of remedies under the Fixed Asset Collateral Documents or otherwise, sell any of the Fixed Asset Collateral to any third party (a " Third Party Purchaser "), the Fixed Asset Collateral Trustee shall, to the extent permitted by law, permit the Working Capital Agent (or shall require as a condition of such sale to the Third Party Purchaser that the Third Party Purchaser agree to permit the Working Capital Agent), at the Working Capital Agent's option: (i) to enter any of the premises of any Grantor (or Third Party Purchaser) constituting such Fixed Asset Collateral under such control or possession (or sold to a Third Party Purchaser) in order to inspect, remove or take any action with respect to the Working Capital Collateral or to enforce the Working Capital Agent's rights or remedies with respect thereto, including, but not limited to, the examination and removal of Working Capital Collateral and the examination and duplication of any Property (to the extent not Working Capital Collateral) under such control or possession (or sold to a Third Party Purchaser) consisting of books and records of any Grantor related to the Working Capital Collateral; (ii) to use such Property for the purpose of manufacturing or processing raw materials or work‑in‑process into finished inventory; (iii) to use any of the Property under such control or possession (or sold to a Third Party Purchaser) consisting of computers or other data processing equipment related to the storage or processing of records, documents or files pertaining to the Working Capital Collateral and to use any of the Property under such control or possession (or sold to a Third Party Purchaser) consisting of other equipment to handle, deal with or dispose of any Working Capital Collateral pursuant to the Working Capital Agent's rights or remedies as set forth in the Working Capital Credit Documents, the Uniform Commercial Code of any applicable jurisdiction and other applicable law, and (iv) to use any of the Property consisting of intellectual property rights owned or controlled by the Fixed Asset Collateral Trustee or the other Fixed Asset Claimholders as is or may be necessary for the Working Capital Agent to liquidate the Working Capital Collateral. Such use by Working Capital Agent of such Property shall not be on an exclusive basis.
(b)      The Working Capital Agent hereby acknowledges, for itself and on behalf of the other Working Capital Claimholders, that, during the period any Working Capital Collateral shall be under control or possession of the Fixed Asset Collateral Trustee, the Fixed Asset Collateral Trustee shall not be obligated to take any action to protect or to procure insurance with respect to such Working Capital Collateral, it being understood that the Fixed Asset Collateral Trustee shall not have any responsibility for loss or damage to the Working Capital Collateral (other than as a result of the gross negligence or willful misconduct of the Fixed Asset Collateral Trustee or its agents (as applicable), as determined by a final non‑appealable judgment of a court of competent jurisdiction) and that all the risk of loss or damage to the Working Capital Collateral shall remain

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 6



with the Working Capital Claimholders; provided , that, to the extent insurance obtained by the Fixed Asset Collateral Trustee provides coverage for risks relating to access to or use of any Working Capital Collateral, the Working Capital Agent will be made an additional named insured or a loss payee (as applicable) thereunder.
(c)      The rights of the Working Capital Agent set forth in clauses (i), (ii) and (iii) of Section 2(a) above (but, for the avoidance of doubt, not the rights of the Working Capital Agent set forth in clause (iv) of Section 2(a) above, which rights shall continue until all Working Capital Collateral is so liquidated) shall continue until the later of (i) 180 days after the date Working Capital Agent receives written notice from the Fixed Asset Collateral Trustee that the Fixed Asset Collateral Trustee has control or possession of the Fixed Asset Collateral at issue and (ii) the sale or other disposition of such Fixed Asset Collateral by the Fixed Asset Collateral Trustee or the Fixed Asset Claimholders. Such time period shall be tolled during the pendency of any Insolvency or Liquidation Proceeding of any Grantor or other proceedings pursuant to which the Working Capital Agent or the other Working Capital Claimholders are effectively stayed from enforcing their rights against the Working Capital Collateral. In no event shall any Fixed Asset Claimholder take any action to interfere with, limit or restrict the rights of the Working Capital Agent or the exercise of such rights by the Working Capital Agent to have access to or to use any of such Collateral pursuant to Section 2(a) prior to the expiration of such period.
(d)      During the actual occupation by the Working Capital Agent, its agents or representatives of any real property constituting Fixed Asset Collateral during the access and use period permitted by Section 2(a) and Section 2(b) above, the Working Capital Claimholders shall be obligated to pay to the Fixed Asset Collateral Trustee any rent payable to third parties and all utilities, taxes and other maintenance and operating costs of such real property during any such period of actual occupation by the Working Capital Agent, but only to the extent the Fixed Asset Claimholders are required to pay or are otherwise paying any such rent, utilities, taxes or other maintenance and operating costs during the actual occupation of such real property by the Working Capital Agent, its agents or representatives.
SECTION 3      Consent to Limited License . The Fixed Asset Collateral Trustee, for itself and on behalf of the other Fixed Asset Claimholders, (a) acknowledges and consents to the grant to the Working Capital Agent by the Company and the Subsidiary Loan Parties on the date hereof of a limited, non-exclusive royalty-free license in the form of Exhibit A hereto (the " IP License ") and (b) agrees that its Liens in the Fixed Asset Collateral shall be subject to the IP License. Furthermore, the Fixed Asset Collateral Trustee, for itself and on behalf of the other Fixed Asset Claimholders, agrees that, in connection with any foreclosure sale conducted by the Fixed Asset Collateral Trustee or any other Fixed Asset Claimholder in respect of any Fixed Asset Collateral of the type described in the IP License (the " IP Collateral "), (i) any notice required to be given by the Fixed Asset Collateral Trustee or any other Fixed Asset Claimholder in connection with such foreclosure shall contain an acknowledgement that the Fixed Asset Collateral Trustee's Lien is subject to the IP License, (ii) the Fixed Asset Collateral Trustee or other Fixed Asset Claimholder (as applicable) shall deliver a copy of the IP License to any purchaser at such foreclosure and provide written notice to such purchaser that the Fixed Asset Collateral Trustee's Lien and the purchaser's rights in the transferred IP Collateral are subject to the IP License and (iii) the purchaser shall acknowledge in writing that it purchased the IP Collateral subject to the IP License.
SECTION 4      Insurance Proceeds . To the extent that the Working Capital Agent and the Fixed Asset Collateral Trustee shall be named as additional insureds and as loss payee (on behalf of the Working Capital Claimholders and the Fixed Asset Claimholders, respectively) under any insurance policies

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 7



maintained from time to time by any Grantor, the parties hereto agree that (as between the Fixed Asset Collateral Trustee and the Fixed Asset Claimholders, on the one hand, and the Working Capital Agent and the Working Capital Claimholders, on the other hand) (a) the Fixed Asset Collateral Trustee (solely upon an Act of Parity Lien Debtholders) and the Fixed Asset Claimholders shall have the sole and exclusive right (i) to adjust or settle any insurance policy or claim in the event of any loss with respect to the Fixed Asset Collateral and (ii) to approve any award granted in any condemnation or similar proceeding affecting the Fixed Asset Collateral, in each case, subject to the terms of the Fixed Asset Loan Documents, and (b) the Working Capital Agent and the Working Capital Claimholders shall have the sole and exclusive right (i) to adjust or settle any insurance policy or claim in the event of any loss with respect to the Working Capital Collateral and (ii) to approve any award granted in any condemnation or similar proceeding affecting the Working Capital Collateral, in each case, subject to the terms of the Working Capital Credit Documents. If the Working Capital Agent or any Working Capital Claimholder shall, at any time, receive any proceeds of any insurance policy or any award with respect to any Fixed Asset Collateral, it shall pay such proceeds to the Fixed Asset Collateral Trustee and promptly notify the Company of such payment. If the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder shall, at any time, receive any proceeds of any insurance policy or award with respect to any Working Capital Collateral, it shall pay such proceeds to the Working Capital Agent and promptly notify the Company of such payment.
SECTION 5      Miscellaneous.
5.1      Conflicts. In the event of any conflict between the provisions of this Agreement and the provisions of the Fixed Asset Loan Documents or the Working Capital Credit Documents, the provisions of this Agreement shall govern and control. The parties hereto acknowledge that the terms of this Agreement are not intended to negate any specific rights granted to the Company in the Fixed Asset Loan Documents or the Working Capital Credit Documents.
5.2      Effectiveness; Continuing Nature of this Agreement; Severability. This Agreement shall become effective when executed and delivered by the parties hereto. The terms of this Agreement shall survive, and shall continue in full force and effect, in any Insolvency or Liquidation Proceeding. Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall not invalidate the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. All references to the Company or any other Grantor shall include the Company or such Grantor, as applicable, as debtor and debtor-in-possession and any receiver or trustee for the Company or any other Grantor (as the case may be) in any Insolvency or Liquidation Proceeding. This Agreement shall terminate and be of no further force and effect upon the earliest to occur of the Discharge of Fixed Asset Collateral Obligations (in accordance with the provisions hereof) or the Discharge of Working Capital Obligations (in accordance with the provisions hereof).
5.3      Amendments; Waivers. No amendment, modification or waiver of any of the provisions of this Agreement by the Working Capital Agent or the Fixed Asset Collateral Trustee shall be deemed to be made unless the same shall be in writing signed on behalf of each party hereto or its authorized agent, and each such waiver, if any, shall be a waiver only with respect to the specific instance involved and shall in no way impair the rights of the parties making such waiver or the obligations of the other parties to such party in any other respect or at any other time. Notwithstanding the foregoing, neither the Company nor any other Subsidiary Loan Party shall have any right to consent to or approve any amendment, modification or waiver of any provision of this Agreement except to the extent its rights or obligations are directly affected.
5.4      Information Concerning Financial Condition of the Company and its Subsidiaries.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 8



(a)      The Fixed Asset Collateral Trustee and the Fixed Asset Claimholders, on the one hand, and the Working Capital Agent and the Working Capital Claimholders, on the other hand, shall each be responsible for keeping themselves informed of (i) the financial condition of the Company and its Subsidiaries and all endorsers or guarantors of the Fixed Asset Collateral Obligations or the Working Capital Obligations and (ii) all other circumstances bearing upon the risk of nonpayment of the Fixed Asset Collateral Obligations or the Working Capital Obligations. The Fixed Asset Collateral Trustee and the Fixed Asset Claimholders shall have no duty to advise the Working Capital Agent or any Working Capital Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise, and the Working Capital Agent and the Working Capital Claimholders shall have no duty to advise the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder of information known to it or them regarding such condition or any such circumstances or otherwise. In the event the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Working Capital Agent or any Working Capital Claimholder, or the Working Capital Agent or any Working Capital Claimholder, in its or their sole discretion, undertakes at any time or from time to time to provide any such information to the Fixed Asset Collateral Trustee or any Fixed Asset Claimholder, it or they shall be under no obligation (A) to make, and such party shall not make, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of any such information so provided, (B) to provide any additional information or to provide any such information on any subsequent occasion, (C) to undertake any investigation or (D) to disclose any information which, pursuant to accepted or reasonable commercial finance practices, such party wishes to maintain confidential or is otherwise required to maintain confidential.
(b)      The Grantors agree that any information provided to any Fixed Asset Claimholder or any Working Capital Claimholder may be shared by such Person with any other such Claimholder notwithstanding any request or demand by such Grantor that such information be kept confidential; provided , that such information shall otherwise be subject to the respective confidentiality provisions in the Working Capital Credit Agreement and the Fixed Asset Loan Documents, as applicable.
5.5      Subrogation. Each Agent, for itself and on behalf of the Claimholders for which it acts as Agent, hereby waives any rights of subrogation it may acquire as a result of any payment hereunder until the Discharge of Obligations has occurred with respect to the other group of Claimholders .
5.6      [Reserved]
5.7      SUBMISSION TO JURISDICTION; WAIVER OF JURY TRIAL.
(a)      ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PARTY ARISING OUT OF OR RELATING HERETO MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW YORK TO THE EXTENT PERMITTED BY APPLICABLE LAW. BY EXECUTING AND DELIVERING THIS AGREEMENT, EACH PARTY, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW (i) ACCEPTS GENERALLY AND UNCONDITIONALLY THE NON‑EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS; (iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 9



REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH SECTION 5.8 ; AND (iv) AGREES THAT SERVICE AS PROVIDED IN CLAUSE (iii) ABOVE IS SUFFICIENT TO CONFER PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING SERVICE IN EVERY RESPECT.
(b)      EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING HEREUNDER. THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER HEREOF, INCLUDING CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT IT HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO THIS AGREEMENT, AND THAT IT WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER REPRESENTS AND WARRANTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING (OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION 5.7(b) AND EXECUTED BY EACH OF THE PARTIES HERETO), AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO. IN THE EVENT OF LITIGATION, THIS AGREEMENT MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.
5.8      Notices. All notices to the Fixed Asset Claimholders and the Working Capital Claimholders permitted or required under this Agreement shall also be sent to the Fixed Asset Collateral Trustee and the Working Capital Agent, respectively. Unless otherwise specifically provided herein, any notice or other communication herein required or permitted to be given shall be in writing and may be personally served, electronically mailed or sent by courier service or U.S. mail and shall be deemed to have been given when delivered in person or by courier service, upon receipt of electronic mail or four Business Days after deposit in the U.S. mail (registered or certified, with postage prepaid and properly addressed). For the purposes hereof, the addresses of the parties hereto shall be as set forth below each party's name on the signature pages hereto, or, as to each party, at such other address as may be designated by such party in a written notice to all of the other parties.
5.9      Further Assurances. Each of the Working Capital Agent, on behalf of itself and the Working Capital Claimholders, the Fixed Asset Collateral Trustee, on behalf of itself and the Fixed Asset Claimholders, the Company and the other Grantors agrees that it shall take such further action and shall execute and deliver such additional documents and instruments (in recordable form, if requested) as the Working Capital Agent or the Fixed Asset Collateral Trustee may reasonably request to effectuate the terms of and the lien priorities contemplated by this Agreement.

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 10



5.10      APPLICABLE LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
5.11      Binding on Successors and Assigns. This Agreement shall be binding upon the Working Capital Agent, the other Working Capital Claimholders, the Fixed Asset Collateral Trustee, the other Fixed Asset Claimholders, the Company and the Subsidiary Loan Parties and their respective successors and assigns.
5.12      Specific Performance. Each of the Working Capital Agent and the Fixed Asset Collateral Trustee may demand specific performance of this Agreement. Each of the Working Capital Agent, on behalf of itself and the other Working Capital Claimholders, and the Fixed Asset Collateral Trustee, on behalf of itself and the other Fixed Asset Claimholders, hereby irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be brought by the Working Capital Agent or the Fixed Asset Collateral Trustee, as the case may be.
5.13      Headings. Section headings in this Agreement are included herein for convenience of reference only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect.
5.14      Counterparts. This Agreement may be executed in counterparts (and by different parties hereto in different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. Delivery of an executed counterpart of a signature page of this Agreement or any document or instrument delivered in connection herewith by telecopy or email shall be effective as delivery of a manually executed counterpart of this Agreement or such other document or instrument, as applicable.
5.15      Authorization. By its signature, each Person executing this Agreement on behalf of a party hereto represents and warrants to the other parties hereto that it is duly authorized to execute this Agreement on behalf of such party.
5.16      No Third Party Beneficiaries. This Agreement and the rights and benefits hereof shall inure to the benefit of each of the parties hereto and its respective successors and assigns and shall inure to the benefit of each of the Working Capital Agent, the other Working Capital Claimholders, the Fixed Asset Collateral Trustee, the other Fixed Asset Claimholders, the Company and the other Grantors. No other Person shall have or be entitled to assert any rights or benefits hereunder.
5.17      Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Working Capital Claimholders on the one hand and the Fixed Asset Claimholders on the other hand. Nothing in this Agreement is intended to or shall impair the rights of the Company or any other Grantor, or the obligations of the Company or any other Grantor, which obligations are absolute and unconditional, to pay the Working Capital Obligations and the Fixed Asset Collateral Obligations as and when the same shall become due and payable in accordance with their terms.
5.18      Joinder of Future Subsidiaries of the Company. The Company will cause each of its Subsidiaries which hereafter becomes an "Obligor" under the Working Capital Credit Agreement, promptly upon becoming such an "Obligor", to become a party to this Agreement as a Subsidiary Loan Party and a Grantor, for all purposes of this Agreement, and to become a "Grantor" under the IP License, in each case

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 11



by causing such Subsidiary to execute and deliver to the Working Capital Agent and the Fixed Asset Collateral Trustee a joinder agreement or joinder agreements in form and substance reasonably satisfactory to the Working Capital Agent, whereupon such Subsidiary will be bound by all terms and provisions of this Agreement and the IP License to the same extent as if it had executed and delivered this Agreement and the IP License as of the date hereof.
5.19      Consent of the Company and the Subsidiary Loan Parties. Each of the Company and the Subsidiary Loan Parties agrees and consents to all terms and provisions of this Agreement.
5.20      Certain Agreements relating to a Successor Collateral Trustee under the Collateral Trust Agreement. Each of the Company, the Subsidiary Loan Parties and the Fixed Asset Collateral Trustee hereby agrees that, as a condition to, in connection with and promptly upon any resignation or removal of the Fixed Asset Collateral Trustee as "Collateral Trustee" under the Collateral Trust Agreement, it shall cause the successor "Collateral Trustee" thereunder to expressly assume in writing all obligations of the Fixed Asset Collateral Trustee hereunder pursuant to a written acknowledgement in form and substance reasonably satisfactory to the Working Capital Agent.
5.21      Consent and Release of Bank of America, N.A. as Administrative Agent for the Secured Hedge Counterparties under the Existing Intercreditor Agreement. Bank of America, N.A. in its capacity as administrative agent for the Secured Hedge Counterparties (as defined in the Existing Intercreditor Agreement) (in such capacity, the " Secured Hedge Agent ") is executing this Agreement below solely for the purpose of consenting to the amendment and restatement of the Existing Intercreditor Agreement pursuant to this Agreement. Effective upon the execution and delivery of this Agreement by all parties hereto, the Secured Hedge Agent resigns as the Secured Hedge Agent under the Existing Intercreditor Agreement and shall not have any rights, duties or obligations under or with respect to this Agreement, and the parties hereto hereby release the Secured Hedge Agent from all of its duties and obligations under the Existing Intercreditor Agreement.
[remainder of page intentionally left blank]

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 12




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

BANK OF AMERICA, N.A.,
as Working Capital Agent


By:     /s/ Hance VanBeber
Name:    Hance VanBeber
Title:    Senior Vice President

Notice Address :
Bank of America, N.A.
Mail Code: TX1-492-11-23
901 Main Street, 11 th Floor
Dallas, Texas 75202
Attn: Hance VanBeber
Tel: 214-209-4735
Fax: 214-209-4766
Email: hance.vanbeber@baml.com

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 13




WILMINGTON TRUST, NATIONAL ASSOCIATION,
as Fixed Asset Collateral Trustee


By:     /s/ Lynn M. Steiner
Name:    Lynn M. Steiner
Title:    Vice President

Notice Address :
Wilmington Trust, National Association
Corporate Capital Markets
50 South Sixth Street, Suite 1290
Minneapolis, Minnesota 55402
Attn: Lynn M. Steiner, Vice President
Tel: 612-217-5667
Fax: 612-217-5651
Email: lsteiner@wilmingtontrust.com



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 14




 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .

By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 15



 
CALUMET LP GP, LLC

By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 16




 
CALUMET OPERATING, LLC

By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 17





 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,  
      its sole member
         By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
              Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 18





   
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership,  
   its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,  
   its sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
             Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 19




 
CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer


 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 20





 
CALUMET SALES COMPANY INCORPORATED

By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 21





 
CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
 Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 22




 
CALUMET FINANCE CORP.

By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 23



 
CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 24





 
CALUMET MISSOURI, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 25




                
 
CALUMET PACKAGING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 26



 
ROYAL PURPLE, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 27




                    
 
CALUMET MONTANA REFINING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 28





 
CALUMET SAN ANTONIO REFINING, LLC ,
as a Borrower
By: Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief
             Financial Officer
 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 29




                
 
BEL-RAY COMPANY, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 30



 
WELD CORPORATION ,
as a Borrower
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


            



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 31



 
ADF HOLDINGS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

                





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 32



                    
 
ANCHOR DRILLING FLUIDS USA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


    



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 33




 
CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 


SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 34



 
KURLIN COMPANY, LLC ,
as a Borrower
By: Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief
            Financial Officer
 
 





SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 35



 
ANCHOR OILFIELD SERVICES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 



SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 36




Bank of America, N.A. in its capacity as the Secured Hedge Agent is executing this Agreement below solely for the purpose specified in Section 5.21 of this Agreement.

BANK OF AMERICA, N.A.,
as the Secured Hedge Agent



By:     /s/ Hance VanBeber
Name:    Hance VanBeber
Title:    Senior Vice President




SECOND AMENDED AND RESTATED INTERCREDITOR AGREEMENT – Page 37



EXHIBIT A

IP License

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS

For the purpose of enabling Bank of America, N.A., as Agent (in such capacity, together with its successors and assigns, the " Agent ") under that certain Second Amended and Restated Credit Agreement dated as of July 14, 2014 (as amended, restated, supplemented or otherwise modified or refinanced or replaced from time to time, the " Credit Agreement ") among Calumet Specialty Products Partners, L.P. (the " Company "), the subsidiaries and/or affiliates of the Company from time to time party thereto (including, without limitation, Calumet Lubricants Co., Limited Partnership, and, together with the Company, the " Grantors "), Bank of America, N.A., as Agent, and the lenders from time to time party thereto (collectively, the " Lenders "), to enforce any Lien held by the Agent upon any of the Collateral and, to the extent appropriate in the good faith opinion of the Agent, to process, ship, produce, store, complete, supply, lease, sell or otherwise dispose of any of the Collateral (as such term is defined in the Credit Agreement) or to collect or otherwise realize upon any Accounts, at any and all such times as the Agent shall be lawfully entitled to exercise such rights and remedies, each of the Grantors hereby grants to the Agent, for the benefit of the Agent and the Lenders, and only to the extent set forth above, an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to the Grantors) to use, license or sublicense any and all intellectual property and rights relating thereto now owned or hereafter acquired by the Grantors or any one or more of them (except to the extent the terms of any of the agreements granting the foregoing rights prohibit such grant to the Agent), and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs used for the compilation or printout thereof. Each of the Grantors agrees and acknowledges that no further performance is required of the Agent under the terms of the license granted pursuant hereto and that this license shall not constitute an executory contract.
This Amended and Restated License to use Intellectual Property Rights (this " License ") shall be governed by the laws of the State of New York without regard to conflict of laws principles thereof (other than Sections 5-1401 and 5-1402 of the New York General Obligations Law).

Capitalized terms used but not defined herein shall have the meanings therefor specified in the Credit Agreement.

This License amends and restates, but does not extinguish any license or right granted pursuant to, that certain License to Use Intellectual Property Rights dated April 21, 2011, executed by Calumet Lubricants Co., Limited Partnership and certain of its affiliates to and in favor of Bank of America, N.A. as agent under the credit agreement referred to therein.

Dated: April 20, 2016.


Remainder of Page Intentionally Blank.
Signature Page to Follow.

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 1



 
CALUMET SPECIALTY PRODUCTS PARTNERS, L.P .

By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 2




 
CALUMET LP GP, LLC

By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By:   /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 3




 
CALUMET OPERATING, LLC

By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 4





 
CALUMET LUBRICANTS CO., LIMITED
PARTNERSHIP

By: Calumet LP GP, LLC, its general partner
   By: Calumet Operating, LLC, its sole member
      By: Calumet Specialty Products Partners, L.P.,  
      its sole member
         By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and
             Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 5





   
CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC

By: Calumet Lubricants Co., Limited Partnership,  
   its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,  
   its sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and  
             Chief Financial Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 6



 
CALUMET SHREVEPORT FUELS, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P.,
its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer


 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 7





 
CALUMET SALES COMPANY INCORPORATED

By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 8





 
CALUMET PENRECO, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial
             Officer

 
 

AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 9




 
CALUMET FINANCE CORP.

By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 10




 
CALUMET SUPERIOR, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 11




                    
 
CALUMET MISSOURI, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 






AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 12




                    
 
CALUMET PACKAGING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 13




                    
 
ROYAL PURPLE, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 14



 
CALUMET MONTANA REFINING, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 15



 
CALUMET SAN ANTONIO REFINING, LLC ,
as a Borrower
By: Calumet Shreveport Fuels, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief
            Financial Officer
 
 



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 16



 
BEL-RAY COMPANY, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 17



 
WELD CORPORATION ,
as a Borrower
By: /s/ John R. Krutz
Name: John R. Krutz
Title: Vice President-Finance and Treasurer

                    






AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 18



 
ADF HOLDINGS, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 19



                    
 
ANCHOR DRILLING FLUIDS USA, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By: Calumet GP, LLC, its general partner
By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer

 
 


    



AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 20




 
CALUMET NORTH DAKOTA, LLC

By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 


AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 21



 
KURLIN COMPANY, LLC ,
as a Borrower
By: Bel-Ray Company, LLC, its sole member
By:    Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., its sole member
By:    Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R.Patrick Murray, II
Title: Executive Vice President and Chief
           Financial Officer
 
 





AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 22




 
ANCHOR OILFIELD SERVICES, LLC ,
as a Borrower
By: Calumet Lubricants Co., Limited Partnership, its sole member
By: Calumet LP GP, LLC, its general partner
By: Calumet Operating, LLC, its sole member
By: Calumet Specialty Products Partners, L.P., sole member
By: Calumet GP, LLC, its general partner

By: /s/ R. Patrick Murray, II
Name: R. Patrick Murray, II
Title: Executive Vice President and Chief Financial Officer




 
 




AMENDED AND RESTATED LICENSE TO USE INTELLECTUAL PROPERTY RIGHTS - Page 23