Document:

exv4w1

 

EXHIBIT 4.1

The Premcor Refining Group Inc.

To

Deutsche Bank Trust Company Americas

Trustee

 

THIRD SUPPLEMENTAL INDENTURE

Dated as of August 31, 2005

73/4% Senior Subordinated Notes due 2012

 

 

     THIRD SUPPLEMENTAL INDENTURE, dated as of August 31, 2005 (this “Third Supplemental
Indenture”) between The Premcor Refining Group Inc., a corporation duly organized and existing
under the laws of the State of Delaware (the “Company”), having its principal executive office at
1700 East Putnam Avenue, Suite 400, Old Greenwich, CT 06870, and Deutsche Bank Trust Company
Americas, a New York banking corporation, as Trustee (the “Trustee”).

RECITALS

     WHEREAS, the Company and the Trustee are parties to that certain Indenture, dated as of
February 11, 2003 (the “Base Indenture”), as amended and supplemented by a Supplemental Indenture,
dated as of November 12, 2003 (solely for purposes of this Third Supplemental Indenture, referred
to as the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”),
providing for the issuance of $175,000,000 aggregate principal amount of 73/4% Senior Subordinated
Notes due 2012 of the Company (the “Notes”);

     WHEREAS, Section 8.02 of the Base Indenture provides, among other things, that the Company and
the Trustee may enter into a supplemental indenture to add any provisions to or change in any
manner or eliminate any of the provisions of the Indenture or modify in any manner the rights of
the Holders with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture;

     WHEREAS, pursuant to Section 8.02 of the Base Indenture, the Company and the Trustee are
entering into this Third Supplemental Indenture to effect the amendments provided for in the
Proposed Amendments (as defined below);

     WHEREAS, the Board of Directors of the Company has authorized the Company to approve the
amendments to the Indenture set forth in Article 2 hereof (the “Proposed Amendments”);

     WHEREAS, pursuant to its offer to purchase and consent solicitation statement dated August 8,
2005 (the “Offer to Purchase”), the Company commenced a tender offer (the “Tender Offer”) for any
and all of the outstanding Notes issued under the Indenture and solicited the consents (the
“Consent Solicitation” and, together with the Tender Offer, the “Offer”) of the Holders of the
Notes to the Proposed Amendments;

     WHEREAS, Holders of not less than a majority in principal amount of the outstanding Notes,
other than Notes held by the Company or any of its affiliates, have duly consented to the Proposed
Amendments;

     WHEREAS, the Company has heretofore delivered or is delivering contemporaneously herewith to
the Trustee an Opinion of Counsel in compliance with and to the effect set forth in Section 8.03 of
the Base Indenture with respect to this Third Supplemental Indenture;

     WHEREAS, Section 8.04 of the Base Indenture provides, for purposes of the rights and
obligations of the parties thereto and the Holders under the Indenture only, that the Holders of

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the Notes shall be bound, except as otherwise expressed herein, by this Third Supplemental
Indenture once this Third Supplemental Indenture becomes effective; and

     WHEREAS, all acts and things prescribed by the Indenture, by law and by the charter and the
bylaws (or comparable constituent documents) of the Company necessary to make this Third
Supplemental Indenture a valid instrument legally binding on the Company, 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 Company and Trustee covenant and agree as follows:

ARTICLE 1

Supplement and Effectiveness

     Section 1.01. Supplement. This Third Supplemental Indenture relates to and only affects the Notes,
is supplemental to the Indenture 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, and every Holder of Notes
heretofore or hereafter authenticated and delivered under the Indenture shall be bound hereby.

     Section 1.02. Effectiveness. This Third Supplemental Indenture is effective immediately upon its
execution and delivery by each of the Company and the Trustee; provided, however, that the
provisions of Article 2 of this Third Supplemental Indenture shall not become operative with
respect to the Notes unless and until the Company (or its successor) accepts for payment the
validly tendered Notes pursuant to the Offer in accordance with the terms and conditions of the
Offer to Purchase, and if the Company (or its successor) does not accept for payment the validly
tendered Notes pursuant to the Offer in accordance with the terms and conditions of the Offer to
Purchase, then this Third Supplemental Indenture shall automatically become null and void ab
initio. If the Offer is terminated or withdrawn prior to acceptance of the Notes, this Third
Supplemental Indenture shall automatically become null and void ab initio.

ARTICLE 2

Amendments

     Section 2.01. Deletion of Certain Covenants of the Indenture. With respect to the Notes, (i) each
of the following sections of the Base Indenture hereby is deleted and ceases to be in effect:
Section 7.01(d); Section 9.06; Section 9.07; Section 9.08; Section 9.09; Section 9.10; Section
9.11; Section 9.12; Section 9.13; Section 9.14; Section 9.15; Section 9.17; Section 10.08; and
Section 12.01 and (ii) each of the following sections of the First Supplemental Indenture hereby is
deleted and ceases to be in effect: Section 2(r); and Section 2(s) (collectively, the “Indenture
Designated Provisions”).

     Section 2.02. Deletion of Certain Definitions. With respect to the Notes, notwithstanding any
provision in the Indenture to the contrary, the definition in the Indenture of each capitalized
term that occurs only within the Indenture Designated Provisions as in effect prior to the
execution of this Third Supplemental Indenture shall be of no further force or effect.

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ARTICLE 3

General Provisions

     Section 3.01. Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as
expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Third
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore authenticated and delivered shall be bound hereby.

     Section 3.02. Indenture Remains in Full Force and Effect. This Third Supplemental Indenture is
executed and accepted by the Company and the Trustee subject to all the terms and 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 Company and the Trustee with respect hereto.

     Section 3.03. Trustee Not Responsible for Recitals. The recitals contained herein shall be taken
as the statements of the Company, and the Trustee assumes no responsibility for their correctness.
The Trustee makes no representations as to the validity or sufficiency of this Third Supplemental
Indenture, except that the Trustee represents and warrants that it has duly authorized, executed
and delivered this Third Supplemental Indenture.

     Section 3.04. Governing Law. This Third Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York.

     Section 3.05. Definitions. Capitalized terms used and not defined herein shall have the respective
meanings assigned to them in the Indenture.

     Section 3.06. Counterparts. This Third Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts together shall constitute one and the same instrument.

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

	 	 	 	 	 
	 	THE PREMCOR REFINING GROUP INC.

 	 
	 	By:  	/s/ Joseph D. Watson
 	 
	 	 	Name:  	Joseph D. Watson 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

Attest:
 
/s/

Jeffrey Dill

 

Name: Jeffrey Dill

Title: Assistant Secretary

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 	 
	 	By:  	/s/ Annie Jaghatspanyan
 	 
	 	 	Name:  	Annie Jaghatspanyan 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Attest:
 
/s/

Angel E. Milanes, Jr.

 

Name: Angel E. Milanes, Jr.

Title: Client Services Administrator

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EXHIBIT 4.2

The Premcor Refining Group Inc.

and

Valero Energy Corporation, as Guarantor,

To

Deutsche Bank Trust Company Americas

Trustee

 

FOURTH SUPPLEMENTAL INDENTURE

Dated as of September 1, 2005

61⁄8% Senior Notes due 2011

63/4% Senior Notes due 2014

 

 

     FOURTH SUPPLEMENTAL INDENTURE, dated as of September 1, 2005 (this “Fourth Supplemental
Indenture”) and effective as of the effective time (the “Effective Time”) of the Merger (as defined
below), among The Premcor Refining Group Inc., a corporation duly organized and existing under the
laws of the State of Delaware (the “Company”), having its principal executive office at 1700 East
Putnam Avenue, Suite 400, Old Greenwich, CT 06870, Valero Energy Corporation, a corporation duly
organized and existing under the laws of the State of Delaware (“Valero”), and Deutsche Bank Trust
Company Americas, a New York banking corporation, as Trustee (the “Trustee”).

RECITALS

     WHEREAS, the Company and the Trustee are parties to that certain Indenture, dated as of
February 11, 2003 (the “Base Indenture”), providing for the issuance from time to time of the
Company’s unsecured debentures, notes or other evidences of indebtedness to be issued in one or
more series as provided for in the Base Indenture;

     WHEREAS, the Company, Premcor, Inc., a corporation duly organized and existing under the laws
of the State of Delaware (“Premcor”) and the Trustee have previously entered into a Second
Supplemental Indenture, dated as of April 23, 2004 (the “Second Supplemental Indenture” and,
together with the Base Indenture, the “Indenture”), providing for (i) the issuance of $200,000,000
aggregate principal amount of the Company’s 61⁄8% Senior Notes due 2011 and $200,000,000 aggregate
principal amount of the Company’s 63/4% Senior Notes due 2014 (collectively, the “Notes”); and (ii)
the Guarantee of the Notes by Premcor;

     WHEREAS, Premcor is to merge into Valero, with Valero being the surviving entity (the
“Merger”);

     WHEREAS, Valero agrees to assume the performance of the Guarantee and Premcor’s covenants and
obligations under the Indenture and the Notes;

     WHEREAS, each of the Company, Premcor and Valero desires and requests the Trustee to join it
in the execution and delivery of this Fourth Supplemental Indenture to satisfy the requirements of
Section 4 of the Second Supplemental Indenture with respect to the Merger;

     WHEREAS, the entry into this Fourth Supplemental Indenture by the parties hereto is in all
respects authorized by the provisions of the Indenture; and

     WHEREAS, all acts and things prescribed by the Indenture, by law and by the charter and the
bylaws (or comparable constituent documents) of the Company necessary to make this Fourth
Supplemental Indenture a valid instrument legally binding on the Company, 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 parties covenant and agree as follows:

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ARTICLE 1

Supplement and Effectiveness

     Section 1.01. Supplement. This Fourth Supplemental Indenture relates to and only affects the
Notes, is supplemental to the Indenture 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, and every
Holder of Notes heretofore or hereafter authenticated and delivered under the Indenture shall be
bound hereby.

     Section 1.02. Effectiveness. Until the Effective Time, the provisions of the Indenture, as
previously supplemented, shall continue in full force and effect. Promptly after its occurrence,
the Company shall advise the Trustee in writing of the Effective Time of the Merger.

ARTICLE 2

Representations and Warranties

     Valero hereby represents and warrants that:

     (1) Valero is a corporation organized and validly existing under the laws of the State of
Delaware; and

     (2) immediately after giving effect to the Merger, no Default or Event of Default shall have
occurred and be continuing.

ARTICLE 3

Assumption

     Valero hereby assumes the performance of the Guarantee and Premcor’s covenants and obligations
under the Indenture and the Notes.

ARTICLE 4

General Provisions

     Section 4.01. Ratification of Indenture; Fourth Supplemental Indenture Part of Indenture. Except
as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the
terms, conditions and provisions thereof shall remain in full force and effect. This Fourth
Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore authenticated and delivered shall be bound hereby.

     Section 4.02. Indenture Remains in Full Force and Effect. This Fourth Supplemental Indenture is
executed and accepted by the Company, Valero and the Trustee subject to all the terms and
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 Company, Valero and the
Trustee with respect hereto.

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     Section 4.03. Conflict with Trust Indenture Act. If any provision of this Fourth Supplemental
Indenture limits, qualifies or conflicts with a provision of the Trust Indenture Act, the latter
provision shall control. If any provision of this Fourth Supplemental Indenture modifies or
excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter
provision shall be deemed to apply to this Fourth Supplemental Indenture as so modified or to be
excluded as the case may be.

     Section 4.04. Successors and Assigns. All covenants and agreements of the Company, Valero and the
Trustee in this Fourth Supplemental Indenture shall bind their respective successors and assigns,
whether so expressed or not.

     Section 4.05. Separability Clause. In case any provision in this Fourth Supplemental Indenture
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 4.06. Benefits of Fourth Supplemental Indenture. Nothing in this Fourth Supplemental
Indenture, expressed or implied, shall give to any person, other than the parties hereto and their
successors hereunder and the Holders of the Notes, any benefit or any legal or equitable right,
remedy or claim under this Fourth Supplemental Indenture.

     Section 4.07. Trustee Not Responsible for Recitals. The recitals contained herein shall be taken
as the statements of the Company and Valero, and the Trustee assumes no responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourth
Supplemental Indenture, except that the Trustee represents and warrants that it has duly
authorized, executed and delivered this Fourth Supplemental Indenture.

     Section 4.08. Governing Law. This Fourth Supplemental Indenture shall be governed by and construed
in accordance with the laws of the State of New York.

     Section 4.09. Effect of Headings. The section headings of this Fourth Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Fourth Supplemental Indenture and shall in
no way modify or restrict any of the terms or provisions hereof.

     Section 4.10. Definitions. Capitalized terms used and not defined herein shall have the respective
meanings assigned to them in the Indenture.

     Section 4.11. Counterparts. This Fourth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts together shall constitute one and the same instrument.

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

	 	 	 	 	 
	 	THE PREMCOR REFINING GROUP INC.

 	 
	 	By:  	/s/ Michael S. Ciskowski
 	 
	 	 	Name:  	Michael S. Ciskowski 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

Attest:

/s/ Jay Browning

 

Name: Jay Browning

Title: Vice President and Secretary

	 	 	 	 	 
	 	VALERO ENERGY CORPORATION

 	 
	 	By:  	/s/ Michael S. Ciskowski
 	 
	 	 	Name:  	Michael S. Ciskowski 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

Attest:

/s/ Jay Browning

 

Name: Jay Browning

Title: Vice President and Secretary

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

 	 
	 	By:  	/s/ Annie Jaghatspanyan
 	 
	 	 	Name:  	Annie Jaghatspanyan 	 
	 	 	Title:  	Assistant Vice President 	 
	 

Attest:

/s/ Angel E. Milanes, Jr.

 

Name: Angel E. Milanes, Jr.

Title: Client Services Administrator

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