Document:

Exhibit 4.1

 

Execution Version

 

 

 

 

 

 

 

 

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

CALUMET FINANCE CORP.

 

AND

 

THE GUARANTORS NAMED ON THE SIGNATURE PAGES
HEREOF

 

 

 

 

11.00% SENIOR NOTES DUE 2025

 

 

 

INDENTURE

 

Dated as of October 11, 2019

 

 

 

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.	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.	28
	 	Section
    2.04.	Paying
    Agent to Hold Money in Trust.	29
	 	Section
    2.05.	Holder
    Lists.	29
	 	Section
    2.06.	Transfer
    and Exchange.	29
	 	Section
    2.07.	Replacement
    Notes.	30
	 	Section
    2.08.	Outstanding
    Notes.	30
	 	Section
    2.09.	Treasury
    Notes.	31
	 	Section 2.10.	Temporary
    Notes.	31
	 	Section
    2.11.	Cancellation.	31
	 	Section
    2.12.	Defaulted
    Interest.	31
	 	Section
    2.13.	CUSIP
    Numbers.	32
	 	Section
    2.14.	Issuance
    of Additional Notes.	32
	 	Section
    2.15.	Calculation
    of Principal Amount of Securities.	32
	ARTICLE
    3 REDEMPTION AND PREPAYMENT	33
	 	Section
    3.01.	Notices
    to Trustee.	33
	 	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.	35
	 	Section
    3.05.	Deposit
    of Redemption Price.	35
	 	Section
    3.06.	Notes
    Redeemed in Part.	35
	 	Section
    3.07.	Optional
    Redemption.	36
	 	Section
    3.08.	No
    Mandatory Sinking Fund.	37
	 	Section
    3.09.	Offer
    to Purchase by Application of Excess Proceeds.	37
	ARTICLE
    4 COVENANTS	39
	 	Section
    4.01.	Payment
    of Notes.	39
	 	Section
    4.02.	Maintenance
    of Office or Agency.	39
	 	Section
    4.03.	Reports.	40
	 	Section
    4.04.	Compliance
    Certificate.	41
	 	Section
    4.05.	Taxes.	41
	 	Section
    4.06.	Stay,
    Extension and Usury Laws.	41
	 	Section
    4.07.	Limitation
    on Restricted Payments.	42
	 	Section
    4.08.	Limitation
    on Dividend and Other Payment Restrictions Affecting Subsidiaries.	45

 

    i

     

    

 

	 	Section
    4.09.	Limitation
    on Incurrence of Indebtedness and Issuance of Preferred Stock.	47
	 	Section
    4.10.	Limitation
    on Asset Sales.	50
	 	Section
    4.11.	Limitation
    on Transactions with Affiliates.	51
	 	Section
    4.12.	Limitation
    on Liens.	53
	 	Section
    4.13.	Additional
    Subsidiary Guarantees.	53
	 	Section
    4.14.	Corporate
    Existence.	53
	 	Section
    4.15.	Offer
    to Repurchase Upon Change of Control.	53
	 	Section
    4.16.	Permitted
    Business Activities.	56
	 	Section
    4.17.	Covenant
    Suspension.	56
	 	Section
    4.18.	Designation
    of Restricted and Unrestricted Subsidiaries.	57
	ARTICLE
    5 SUCCESSORS	57
	 	Section
    5.01.	Merger,
    Consolidation, or Sale of Assets.	57
	 	Section
    5.02.	Successor
    Substituted.	60
	ARTICLE
    6 DEFAULTS AND REMEDIES	60
	 	Section
    6.01.	Events
    of Default.	60
	 	Section
    6.02.	Acceleration.	62
	 	Section
    6.03.	Other
    Remedies.	62
	 	Section
    6.04.	Waiver
    of Past Defaults.	63
	 	Section
    6.05.	Control
    by Majority.	63
	 	Section
    6.06.	Limitation
    on Suits.	63
	 	Section
    6.07.	Rights
    of Holders to Receive Payment.	64
	 	Section
    6.08.	Collection
    Suit by Trustee.	64
	 	Section
    6.09.	Trustee
    May File Proofs of Claim.	64
	 	Section
    6.10.	Priorities.	65
	 	Section
    6.11.	Undertaking
    for Costs.	65
	 	Section
    6.12.	Restoration
    of Rights and Remedies.	65
	 	Section
    6.13.	Rights
    and Remedies Cumulative.	65
	 	Section
    6.14.	Delay
    or Omission Not Waiver.	66
	ARTICLE
    7 TRUSTEE	66
	 	Section
    7.01.	Duties
    of Trustee.	66
	 	Section
    7.02.	Rights
    of Trustee.	67
	 	Section
    7.03.	Individual
    Rights of Trustee.	69
	 	Section
    7.04.	Trustee’s
    Disclaimer.	69
	 	Section
    7.05.	Notice
    of Defaults.	69
	 	Section
    7.06.	Intentionally
    Omitted.	69
	 	Section
    7.07.	Compensation
    and Indemnity.	69
	 	Section
    7.08.	Replacement
    of Trustee.	70
	 	Section
    7.09.	Successor
    Trustee by Merger, etc.	71
	 	Section
    7.10.	Eligibility;
    Disqualification.	71
	 	Section
    7.11.	Preferential
    Collection of Claims Against Issuers.	71
	ARTICLE
    8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE	72
	 	Section
    8.01.	Option
    to Effect Legal Defeasance or Covenant Defeasance.	72
	 	Section
    8.02.	Legal
    Defeasance and Discharge.	72
	 	Section
    8.03.	Covenant
    Defeasance.	72

 

    ii

     

    

 

	 	Section
    8.04.	Conditions
    to Legal or Covenant Defeasance.	73
	 	Section
    8.05.	Deposited
    Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	73
	 	Section
    8.06.	Repayment
    to Issuers.	74
	 	Section
    8.07.	Reinstatement.	74
	 	Section
    8.08.	Discharge.	74
	ARTICLE
    9 AMENDMENT, SUPPLEMENT AND WAIVER	75
	 	Section
    9.01.	Without
    Consent of Holders.	75
	 	Section
    9.02.	With
    Consent of Holders.	76
	 	Section
    9.03.	Effect
    of Consents.	77
	 	Section
    9.04.	Notation
    on or Exchange of Notes.	78
	 	Section
    9.05.	Trustee
    to Sign Amendments, etc.	78
	ARTICLE
    10 GUARANTEES OF NOTES	78
	 	Section
    10.01.	Subsidiary
    Guarantees.	78
	 	Section
    10.02.	[Reserved].	79
	 	Section
    10.03.	Guarantors
    May Consolidate, etc., on Certain Terms.	79
	 	Section
    10.04.	Releases
    of Subsidiary Guarantees.	80
	 	Section
    10.05.	Execution
    and Delivery of Guaranty.	80
	 	Section
    10.06.	Limitation
    on Guarantor Liability.	80
	ARTICLE
    11 MISCELLANEOUS	81
	 	Section
    11.01.	[Reserved].	81
	 	Section
    11.02.	Notices.	81
	 	Section
    11.03.	Intentionally
    Omitted.	82
	 	Section
    11.04.	Certificate
    and Opinion as to Conditions Precedent.	82
	 	Section
    11.05.	Statements
    Required in Certificate or Opinion.	82
	 	Section
    11.06.	Rules
    by Trustee and Agents.	83
	 	Section
    11.07.	No
    Personal Liability of Directors, Officers, Employees and Unitholders.	83
	 	Section
    11.08.	Governing
    Law.	83
	 	Section
    11.09.	No
    Adverse Interpretation of Other Agreements.	83
	 	Section
    11.10.	Successors.	83
	 	Section
    11.11.	Severability.	83
	 	Section
    11.12.	Table
    of Contents, Headings, etc.	83
	 	Section
    11.13.	Counterparts.	84
	 	Section
    11.14.	Acts
    of Holders.	84
	 	Section
    11.15.	Patriot
    Act.	86

 

    iii

     

    

 

APPENDIX,
SCHEDULE AND ANNEX  

 

	RULE 144A/REGULATION S APPENDIX	App.
    - 1
	 	 
		EXHIBIT 1    Form of Note	 
	 	 	 
	ANNEX
    A	Form
    of Supplemental Indenture	A
    - 1

 

    iv

     

    

 

This
Indenture, dated as of October 11, 2019, 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 signature pages 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 any Additional Notes:

 

ARTICLE
1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

Section
1.01.Definitions.

 

“2021
Notes” means the 6.50% Senior Notes due 2021 outstanding on the Issue Date, issued by the Company and Finance Corp.
pursuant to an indenture dated March 31, 2014.

 

“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, 11.00% Senior Notes due 2025 issued
from time to time after the Issue Date under the terms of this Indenture (other than pursuant to Section 2.06, 2.07, 2.10 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.

 

    1

     

    

 

“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, Euroclear and Clearstream 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 any of 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, Hedging 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;

 

    2

     

    

 

(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 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;
provided, however, that, if such Sale and Leaseback Transaction results in a Finance Lease Obligation, the amount of Indebtedness
represented thereby will be determined in accordance with the definition of “Finance Lease Obligation.” 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 Issue Date.

 

“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;

 

    3

     

    

 

(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 of (i) 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 (ii) 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, 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
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;

 

    4

     

    

 

(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;

 

(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) other than a Restricted Subsidiary or a Qualifying Owner;

 

(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; or

 

(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, if the Company is a partnership, or of the Company, if the Company is not a partnership, measured by voting power
rather than number of shares, units or the like.

 

    5

     

    

 

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 immediately 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 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.

 

“Code”
means the Internal Revenue Code of 1986, as amended from time to time, and any successor statute.

 

“Company
Order” means a written request or order signed on behalf of an 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 Finance 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 Hedging 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.

 

    7

     

    

 

“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.

 

“Corporate
Conversion” means (a) a conversion (whether by merger, statutory conversion or otherwise) of the Company from a limited
partnership to a corporation, (b) the consummation of an exchange of Capital Stock of the Company for Capital Stock in a corporation,
whereby the Capital Stock of the Company ceases to be listed for trading on a national securities exchange and the common stock
of such corporation is listed for trading on a national securities exchange or (c) an election by the Company to be treated as
a corporation for U.S. federal income tax purposes.

 

“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, Global Capital Markets,
50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402, Attn: Calumet Specialty Products Partners, L.P., 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 Third Amended and Restated Credit Agreement, dated as of February 23, 2018, 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 Bank of America, N.A., as 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
Facilities” means one or more debt facilities (including, without limitation, the Credit Agreement), commercial paper
facilities, loan agreements or other financing agreements, in each case the majority of the loans or commitments under which,
as of the date of the closing of such facilities or agreements, are provided by commercial banks, by affiliates of commercial
banks customarily engaging in making or providing commercial loans or other financing, or by governmental authorities, and which
facilities or agreements provide for revolving loans, term loans, letters of credit or similar financing arrangements, in each
case, as amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from time to time with facilities
or agreements that satisfy the above requirements.

 

“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.

 

    8

     

    

 

“Designated
Non-cash Consideration” means the fair market value of non-cash consideration received by the Company or one of its
Restricted Subsidiaries in connection with an Asset Sale that is so designated as “Designated Non-cash Consideration”
pursuant to an Officers’ Certificate, less the amount of cash or Cash Equivalents received in connection with a subsequent
sale of such Designated Non-cash Consideration.

 

“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.

 

“Distribution
Compliance Period” has the meaning provided in the Appendix.

 

“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 Issue Date (other than a registration statement on Form S-4 or Form S-8 or otherwise relating to equity
securities issuable under any employee benefit plan of the Company).

 

“Euroclear”
means the Euroclear System or any successor securities clearing agency.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

“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 Issue Date, until such amounts are repaid.

 

“Existing
Notes” means the $350.0 million aggregate principal amount of 7.625% Senior Notes due 2022 outstanding on the Issue
Date, issued by the Company and Finance Corp. pursuant to an indenture dated November 26, 2013, and the $325.0 million aggregate
principal amount of 7.75% Senior Notes due 2023 outstanding on the Issue Date, issued by the Company and Finance Corp. pursuant
to an indenture dated March 27, 2015.

 

    9

     

    

 

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.

 

“Finance
Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a finance
lease that would at that time be required to be recorded as a finance lease on a balance sheet in accordance with GAAP; provided
that any obligations that are classified as an operating lease under GAAP shall for all purposes not be treated as Finance Lease
Obligations or Indebtedness.

 

“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, in the reasonable judgment of the chief financial or accounting officer of the General
Partner (regardless of whether those 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 SEC 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

 

    10

     

    

 

(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.

 

“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 Finance 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 Hedging Contracts, other than gains or losses with respect to interest rate Hedging 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.

 

“GAAP”
means generally accepted accounting principles in the United States, which are in effect on the Issue Date.

 

“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.

 

    11

     

    

 

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.

 

“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 to become a Guarantor in accordance
with Section 4.13 or 10.03 hereof or otherwise 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 10.04 hereof.

 

“Hedging
Contracts” 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 Restricted 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 Restricted 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 Restricted Subsidiaries at the time;
and

 

(4) other
agreements or arrangements designed to protect such Person or any of its Restricted Subsidiaries against fluctuations in interest
rates, commodity prices or currency exchange rates;

 

and
in each case are entered into only in the normal course of business and not for speculative purposes.

 

“Holder”
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;

 

    12

     

    

 

(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
Finance Lease Obligations or Attributable Debt in respect of Sale Leaseback Transactions;

 

(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 Hedging Contracts,

 

if
and to the extent any of the preceding items (other than letters of credit and obligations under Hedging 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;

 

(2) in
the case of obligations under any Hedging 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
Notes” means the $550.0 million aggregate principal amount of 11.00% Senior Notes due 2025 issued pursuant to this Indenture
on the Issue Date.

 

“Interest
Payment Date” has the meaning provided for in the Notes.

 

    13

     

    

 

“Initial
Purchasers” has the meaning provided in the Appendix.

 

“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 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.

 

“Issue
Date” means October 11, 2019.

 

“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 not 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.

 

“Make
Whole Premium” means, as determined by the Company, 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 October 15, 2021 specified in the table in Section
3.07(a), excluding accrued interest, plus (ii) any required interest payments due on such Note through October 15, 2021 (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.

 

    14

     

    

 

“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

 

(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

 

    15

     

    

 

(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 (9) 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”
means the Initial Notes and any Additional Notes.

 

“Notes
Custodian” has the meaning specified in the Appendix.

 

“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 or in respect thereto.

 

“Offering
Memorandum” means the offering memorandum of the Issuers, dated September 27, 2019, 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 an 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 Issue Date.

 

“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.

 

“Pari
Passu Indebtedness” means, with respect to any Excess Proceeds from Asset Sales, Indebtedness of an Issuer or any Guarantor
that ranks equally in right of payment with the Notes or the Subsidiary Guarantees, as the case may be, and the terms of which
require the Company or any of its Restricted Subsidiaries to apply such Excess Proceeds to offer to repurchase such Indebtedness.

 

    16

     

    

 

“Partnership
Agreement” means the First Amended and Restated Agreement of Limited Partnership of the Company, dated as of January
31, 2006, as amended, as in effect on the Issue Date 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 chemicals, or activities or services reasonably
related or ancillary thereto including entering into Hedging 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 in a Restricted Subsidiary of the Company;

 

(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

 

    17

     

    

 

(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;

 

(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) Hedging
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), that, when taken together with all other Investments made pursuant to this clause
(9) that are at the time outstanding, do not exceed the greater of $70.0 million or 5.0% of the Company’s Consolidated Net
Tangible Assets.

 

“Permitted
Liens” means:

 

(1) Liens
securing Indebtedness under a Credit Facility permitted to be incurred pursuant to clause (1) of the definition of Permitted Debt;

 

(2) Liens
in favor of the Company or the Guarantors;

 

(3) 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 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;

 

(4) 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 such acquisition and do not extend to any property other than the property so acquired
by the Company or the Restricted Subsidiary;

 

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(5) any
interest or title of a lessor to the property subject to a Finance Lease Obligation or operating lease;

 

(6) Liens
for the purpose of securing the payment of all or a part of the purchase price of, or Finance 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;

 

(7) Liens
existing on the Issue Date;

 

(8) 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;

 

(9) 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;

 

(10) Liens
on pipelines or other facilities or equipment that arise by operation of law;

 

(11) 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;

 

(12) 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;

 

    19

     

    

 

(13) Liens
securing Obligations of the Issuers or any Guarantor under the Notes or the Subsidiary Guarantees, as the case may be;

 

(14) Liens
securing any Indebtedness equally and ratably with all Obligations due under the Notes or any Subsidiary Guarantee pursuant to
a contractual covenant that limits Liens in a manner substantially similar to Section 4.12;

 

(15) Liens
to secure performance of Hedging 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,
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 $50.0 million or 5.0% of the Company’s Consolidated Net Tangible Assets; and

 

(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).

 

“Permitted
Payments to Parent” means the distribution by the Company to any direct or indirect parent of the Company from time
to time of amounts necessary to fund the payment by or reimbursement of such parent entity of (i) its general corporate or other
operating, administrative, compliance and overhead costs and expenses in the ordinary course of business, (ii) expenses related
to the registration and offering of securities (in either case, including any such fees, costs or expenses of independent auditors
and legal counsel to such parent entity, to the extent that all or a majority of the proceeds of such offering are or are intended
to be permanently contributed to the capital of the Company) and (iii) fees and expenses required to maintain its corporate existence
and customary salary, bonus and other benefits payable to its directors, officers and employees), to the extent such costs and
expenses are reasonably attributable or related to the ownership of the Company and its Restricted Subsidiaries.

 

    20

     

    

 

“Permitted
Refinancing Indebtedness” means any Indebtedness or Disqualified Stock of the Company or any of its Restricted Subsidiaries
or any preferred stock of any Restricted Subsidiary of the Company issued in exchange for, or the net proceeds of which are used
to extend, refinance, renew, replace, defease or refund other Indebtedness or Disqualified Stock of the Company or any of its
Restricted Subsidiaries or any preferred stock of a Restricted Subsidiary of the Company (other than intercompany Indebtedness),
provided that:

 

(1) the
principal amount or liquidation preference (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does
not exceed the principal amount of the Indebtedness (or accreted value, if applicable) or the liquidation preference of the Disqualified
Stock or preferred stock being extended, refinanced, renewed, replaced, defeased or refunded (plus all accrued interest on the
Indebtedness or accrued and unpaid dividends or distributions on such Disqualified Stock or preferred stock and the amount of
all expenses and premiums incurred in connection therewith);

 

(2) such
Permitted Refinancing Indebtedness (a) has a final maturity date or redemption date, as applicable, no earlier than the earlier
of (i) the final maturity date or redemption date, as applicable, of the Indebtedness or Disqualified Stock or preferred stock
being refinanced, or (ii) 91 days after the final maturity of the Notes, and (b) has a Weighted Average Life to Maturity either
(i) equal to or greater than the Weighted Average Life to Maturity of the Indebtedness or Disqualified Stock or preferred stock
being refinanced, or (ii) longer than the Weighted Average Life to Maturity of the Notes;

 

(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 Holders as those contained in the documentation governing the
Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; and

 

(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.

 

“Permitted
Tax Distributions” means:

 

(1) dividends
or distributions by the Company or a subsidiary of the Company to any direct or indirect parent of the Company in an amount required
for any such direct or indirect parent to pay franchise, excise and similar taxes and other fees and expenses required to maintain
its corporate or other legal existence;

 

(2) from
and after the consummation of a Corporate Conversion, with respect to any taxable period (or portion thereof) for which the Company
and any of its subsidiaries are members of a consolidated, combined, affiliated, unitary or similar income tax group for U.S.
federal and/or applicable foreign, state or local income tax purposes (each, a “Tax Group”) of which a direct or indirect
parent of the Company is the common parent, or for which the Company is a partnership or disregarded entity for U.S. federal or
applicable foreign, state or local income tax purposes that is wholly-owned (directly or indirectly) by an entity that is taxable
as a corporation for such income tax purposes, dividends or distributions by the Company or an applicable subsidiary, as may be
relevant, to such direct or indirect parent of the Company in an amount not to exceed the sum of the amount of any U.S. federal,
foreign, state and/or local income taxes that the Company and/or its subsidiaries that are members of the relevant Tax Group,
as applicable, would have paid for such taxable period (or such portion thereof) had the Company and/or such subsidiaries, as
applicable, been a stand-alone corporate taxpayer or a stand-alone corporate group; and

 

    21

     

    

 

(3) with
respect to any taxable period or portion thereof during which the Company is a passthrough entity (including a partnership or
a disregarded entity) for U.S. federal income tax purposes, dividends or distributions by the Company to any holder of Equity
Interests in the Company, on or prior to each estimated tax payment date as well as each other applicable due date, on a pro rata
basis such that each holder (or its direct or indirect owners) receives, in the aggregate for such period, payments or distributions
in an amount sufficient to enable such holder (or its direct or indirect owners) to pay its U.S. federal, state and local and
foreign income taxes (as applicable) attributable to its direct or indirect ownership of the Company with respect to such taxable
period (assuming that each such holder (or its direct and indirect owners) is subject to tax at the highest combined marginal
U.S. federal, state and local income tax rates (including any tax rate imposed on “net investment income” by Section
1411 of the Code) applicable to an individual or, if higher, a corporation, resident in New York, New York), determined by (1)
taking into account (A) the alternative minimum tax, (B) any adjustment to such holder’s taxable income attributable to
its direct and indirect ownership of the Company and its subsidiaries as a result of any tax examination, audit or adjustment
with respect to any taxable period or portion thereof, and (C) the character (e.g., long-term or short-term capital gain or ordinary)
of the applicable income) and (2) not taking into account (A) the effect of any deduction under Section 199A of the Code and (B)
the deductibility of state and local income tax purposes for U.S. federal income purposes.

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization,
limited liability company or government or other entity.

 

“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, (i) any of the owners of the General Partner as of the Issue Date and their respective
Affiliates, trustees, beneficiaries or the heirs or family members thereof, including The Heritage Group, Jennifer Grube Straumins,
William F. Grube, 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 and (ii) any Person that becomes a direct or indirect parent entity of the General Partner or the Company,
as applicable, in connection with a Corporate Conversion.

 

    22

     

    

 

“Record
Date” has the meaning provided for in the Notes.

 

“Regulation
S” has the meaning provided in the Appendix.

 

“Regulation
S Notes” 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.

 

“Restricted
Notes” has the meaning provided in the Appendix.

 

“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 deemed to be a Restricted Subsidiary of the Company.

 

“Rule
144A” has the meaning provided in the Appendix.

 

“Rule
144A Notes” has the meaning provided in the Appendix.

 

“S&P”
means S&P Global Ratings, 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”
means the Securities and Exchange Commission.

 

“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
Hedging Contracts with respect thereto;

 

    23

     

    

 

(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.

 

“Significant
Subsidiary” means any Restricted 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 Issue Date.

 

“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.

 

“Subsidiary
Guarantees” means the joint and several guarantees issued by the Guarantors pursuant to Article 10 hereof.

 

    24

     

    

 

“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 which has become publicly available
at least two 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 October 15, 2021;
provided, however, that if such period is not equal to the constant maturity of a United States Treasury security for which a
yield is given, the Company shall obtain the Treasury Rate by linear interpolation (calculated to the nearest one-twelfth of a
year) from the yield of United States Treasury securities for which such yields are given, except that if the period from the
redemption date to October 15, 2021 is less than one year, the yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year shall be used. The Company will on the second Business Day preceding the applicable redemption
date (a) calculate the Treasury Rate for the applicable redemption date and (b) file 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 New York Uniform Commercial Code as in effect from time to time.

 

“Unrestricted
Global Note” has the meaning provided in the Appendix.

 

“Unrestricted
Notes” has the meaning provided in the Appendix.

 

“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) except
to the extent permitted by Section 4.11, 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;

 

    25

     

    

 

(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.

 

“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.

 

    26

     

    

 

Section
1.02.Other Definitions.

 

	Term	 	Defined in Section
	 	 	 
	“Act”	 	11.14
	“Affiliate Transaction”	 	4.11
	“Alternate Offer”	 	4.15
	“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”	 	4.17
	“Restricted Payments”	 	4.07
	“Settlement Date”	 	3.09
	“Suspended Covenants”	 	4.17
	“Termination Date”	 	3.09
	“Trailing Four Quarters”	 	4.07

 

Section
1.03.Rules of Construction.

 

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.

 

    27

     

    

 

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 Issue Date, the Trustee shall authenticate and deliver $550.0 million 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, 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 2.14 after
the Issue 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.

 

    28

     

    

 

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 Holders 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.Holder 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 Holders. If the Trustee is not the Registrar, the Issuers shall furnish to the Trustee, in writing at least ten 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 Holders 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 and Section 8-401(a) of the Uniform Commercial Code 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 9.04).

 

    29

     

    

 

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 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 requirements of Section 8-405 of the Uniform Commercial Code are met and 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 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. Except as set forth in Section 2.09, a Note does not cease
to be outstanding because the Company or an Affiliate of the Company holds the Note.

 

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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, premium, if any, and interest 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) cease to be outstanding and interest
on them ceases to accrue.

 

Section
2.09.Treasury Notes.

 

In
determining whether the Holders of the required principal amount of Notes have concurred in any direction, waiver or consent,
Notes owned by the Issuers or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Issuers or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes
that a Responsible Officer of the Trustee knows are so owned will be so disregarded.

 

Section
2.10.Temporary Notes.

 

Until
definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Notes. 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.

 

Section
2.11.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 provide evidence of cancellation of all cancelled Notes 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
2.12.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 Holders
on a subsequent special record date. The Issuers shall fix or cause to be fixed any such special record date and payment date
and prior to such record date, the Issuer shall promptly mail to each Holder a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid.

 

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Section
2.13.CUSIP Numbers.

 

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
2.14.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 and 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 issue date and the CUSIP number and any corresponding ISIN of such Additional Notes; and

 

(3) whether
such Additional Notes shall be Transfer Restricted Securities and issued in the form of Restricted Notes or shall be issued in
the form of Unrestricted Notes.

 

Section
2.15.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 Sections 2.08 and 2.09 of this Indenture. Any such calculation made pursuant to this
Section 2.15 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.

 

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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 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, (ii) the redemption date, (iii) the principal amount of Notes to be redeemed,
(iv) the redemption price, if determinable, 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 minimum
principal amounts of $2,000 and 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 a minimum of $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 only
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 made in accordance with Applicable Procedures.

 

Section
3.03.Notice of Redemption.

 

At
least 15 days but not more than 60 days before a redemption date, except that redemption notices may be mailed (or otherwise delivered
in accordance with the procedures of DTC) 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.

 

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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;

 

(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.

 

Redemptions
may be conditioned on one or more conditions precedent specified in the notice of 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 ten days before notice of redemption
is required to be mailed or caused to be mailed (or otherwise delivered in accordance with the procedures of DTC) 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.

 

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Section
3.04.Effect of Notice of Redemption.

 

Once
notice of redemption is mailed (or otherwise delivered in accordance with the procedures of DTC) 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 in the notice of such redemption. If such redemption notice specifies that a redemption
is subject to satisfaction of one or more conditions precedent, then, in the Company’s discretion, the redemption date may
be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice
may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the
redemption date so delayed. If mailed (or otherwise delivered in accordance with the procedures of DTC) 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, if any, 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, if any, 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 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
for the Holder at the expense of the Issuers upon receipt of a Company Order 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).

 

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Section
3.07.Optional Redemption.

 

(a) On
or after October 15, 2021, 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, if any, to the applicable redemption date (subject to the right of Holders 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 periods indicated below:

 

	PERIOD	 	PERCENTAGE	 
	October 15, 2021 through April 14, 2023	 	 	111.000	%
	April 15, 2023 through April 14, 2024	 	 	105.500	%
	April 15, 2024 and thereafter	 	 	100.000	%

 

(b) Notwithstanding
the provisions of clause (a) of this Section 3.07, at any time prior to October 15, 2021, the Issuers may on one or
more occasions redeem up to 35% of the aggregate principal amount of Notes issued under this Indenture at a redemption price of
111.000% of the principal amount thereof, plus accrued and unpaid interest, if any, to the redemption date (subject to the right
of Holders 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 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.

 

(c) Prior
to October 15, 2021, 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 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) The
Notes may also be redeemed, as a whole, following certain Change of Control Offers or Alternate Offers, at the redemption prices
and subject to the conditions set forth in Section 4.15.

 

(e) Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through Section 3.06 hereof.

 

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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 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 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 (or otherwise deliver in accordance with
the procedures of DTC), 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;

 

(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 to the applicable
Paying Agent at the address specified in the notice, before the Termination Date;

 

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(g) that
Holders shall be entitled to withdraw their election if the Company or the applicable 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 Pari Passu Indebtedness surrendered by holders or lenders,
collectively, exceeds the amount the Company is required to repurchase, the Notes and Pari Passu Indebtedness shall be purchased
on a pro rata basis (subject to adjustments to maintain the authorized denominations for the Notes) on the basis of the aggregate
principal amount of tendered Notes and Pari Passu Indebtedness; provided, however, that only Notes in minimum 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 applicable 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.

 

    38

     

    

 

ARTICLE
4

COVENANTS

 

Section
4.01.Payment of Notes.

 

The
Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner
provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent,
if other than the Company or a Subsidiary thereof, 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, premium, if
any, and interest 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.

 

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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, unless they have been so filed and made publicly available, deliver to the Trustee and, upon
a Holder’s prior written request to the Company, furnish (whether through hard copy or internet access) to such Holder of
Notes, within five Business Days of filing, or attempting to file, the same with the SEC:

 

(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 financial 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.

 

(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) The
Company will be deemed to have furnished the reports and information required by paragraph (a) of this Section 4.03 to the Holders
if the Company has filed such reports or information, respectively, with the SEC using the EDGAR filing system (or any successor
filing system of the SEC) or, if the SEC will not accept such reports or information, if the Company has posted such reports or
information, respectively, on its website, and such reports or information, respectively, are publicly available to Holders through
internet access.

 

(d) 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.

 

(e) In
the event that any direct or indirect parent company of the Company becomes a guarantor of the notes, the Company may satisfy
its obligations under this Section 4.03 with respect to financial information relating to the Company by furnishing financial
information relating to such parent company; provided that the same be accompanied by consolidated information that explains in
reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating
to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand.

 

(f) Delivery
of reports, information and documents to the Trustee under this Section 4.03 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.

 

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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, 2019, 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 the 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 the Indenture.

 

(c) The
Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith 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.

 

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.

 

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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 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 the Stated Maturity thereof or within six
months of the final 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 3.0
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:

 

(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 Issue 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

 

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(c) to
the extent that any Restricted Investment that was made after the Issue 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 Issue Date, plus

 

(e)
 $50.0 million (items (b), (c), (d) and (e) being referred to as “Incremental Funds”),
minus

 

(f) the
aggregate amount of Incremental Funds previously expended pursuant to this clause (1) and clause (2) below; or

 

(2) if
the Fixed Charge Coverage Ratio for the Trailing Four Quarters is less than 3.0 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:

 

(a) $25.0
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 Issue Date, plus

 

(b) Incremental
Funds to the extent not previously expended pursuant to this clause (2) or clause (1) 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;

 

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(2) the
purchase, redemption, defeasance or other acquisition or retirement of any Indebtedness that is subordinated to the Notes or the
Subsidiary Guarantees 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 subordinated Indebtedness of the Company or any Guarantor
with the net cash proceeds from an incurrence of, or in exchange for, Permitted Refinancing Indebtedness;

 

(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;

 

(7) from
and after the consummation of a Corporate Conversion, Permitted Payments to Parent;

 

(8) 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 any subordinated Indebtedness of the Company or any Guarantor (i) at a purchase price
not greater than 101% of the principal amount of such 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; or

 

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(9) Permitted
Tax Distributions.

 

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.

 

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 Issue Date 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, replacements 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 Issue
Date;

 

(2) this
Indenture, the Notes and the Subsidiary Guarantees;

 

(3) Applicable
Law;

 

    45

     

    

 

(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) Finance
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 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 Issue Date, 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 either (a) materially more restrictive, taken as a whole, than those contained
in this Indenture or the Credit Agreement as it exists on the Issue Date or (b) reasonably likely to have a material adverse effect
on the ability of the Company to make required payments on the Notes.

 

    46

     

    

 

Section
4.09.Limitation on Incurrence of Indebtedness and Issuance of Preferred Stock.

 

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
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 (11) below:

 

(1) the
incurrence by the Company or any of its Restricted Subsidiaries of additional 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) $500.0
million or (b) the Borrowing Base;

 

(2) the
incurrence by the Company or any of its Restricted Subsidiaries of the Existing Indebtedness;

 

(3) the
incurrence by the Company and the Guarantors of Indebtedness represented by the Notes issued and sold on the Issue Date and the
related Subsidiary Guarantees issued on the Issue Date;

 

(4) the
incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness represented by Finance 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 (4), provided that after giving effect to any such incurrence,
the principal amount of all Indebtedness incurred pursuant to this clause (4) and then outstanding does not exceed the greater
of (a) $70.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets at such time;

 

    47

     

    

 

(5) 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 clause (2) or (3) of this paragraph or this clause
(5);

 

(6) 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 (6);

 

(7) the
incurrence by the Company or any of its Restricted Subsidiaries of Hedging 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;

 

(8) 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;

 

(9) 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;

 

(10) 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);

 

    48

     

    

 

(11) 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 (11);

 

(12) 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 the first paragraph of Section 5.01; and

 

(13) 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 (13) and then outstanding
does not exceed the greater of (a) $50.0 million or (b) 5.0% of the Company’s Consolidated Net Tangible Assets.

 

The
Company will not incur borrowings under secured Credit Facilities in excess of $50.0 million in the aggregate for the purpose
of purchasing or redeeming Existing Notes prior to their maturity.

 

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 (13) 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 Issue Date (after giving effect to the refinancing of the 2021 Notes)
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.

 

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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; and

 

(2) 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;

 

(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

 

(c) any
Designated Non-cash Consideration received by the Company or any of its Restricted Subsidiaries in such Asset Sale; provided that
the aggregate fair market value of such Designated Non-cash Consideration, taken together with the fair market value at the time
of receipt of all other Designated Non-cash Consideration received pursuant to this clause (c) less the amount of Net Proceeds
previously realized in cash from prior Designated Non-cash Consideration, is less than the greater of (x) 2.5% of the Company’s
Consolidated Net Tangible Assets at the time of the receipt of such Designated Non-cash Consideration (with the fair market value
of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent
changes in value) and (y) $37.5 million.

 

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) to
repay, redeem, repurchase or otherwise retire Senior Debt, including the Notes;

 

(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;

 

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(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, and to all holders of Pari Passu Indebtedness
then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness that may be purchased out
of the Excess Proceeds. The offer price in any Asset Sale Offer will be equal to 100% of principal amount plus accrued and unpaid
interest, if any, to the Settlement Date, subject to the right of Holders 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 may use those Excess Proceeds for any purpose not otherwise prohibited
by this Indenture. If the aggregate principal amount of Notes and Pari Passu Indebtedness tendered into such Asset Sale Offer
exceeds the amount of Excess Proceeds, the Trustee will select the Notes and the agent of the trustee for such other Pari Passu
Indebtedness shall select such Pari Passu Indebtedness to be purchased on a pro rata basis as set forth in Section 3.09(h)
of this Indenture. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

 

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 or,
if in the good faith judgment of the Board of Directors of the Company, no comparable transaction is available with which to compare
such Affiliate Transaction, such Affiliate Transaction is otherwise fair to the Company or the relevant Restricted Subsidiary
from a financial point of view; and

 

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(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, if any.

 

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;

 

(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 in effect on the Issue Date, 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 Issue Date 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.

 

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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, unless the Notes or any Subsidiary Guarantee of such Restricted
Subsidiary, as applicable, is 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 Issue Date, 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 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 the release and other provisions 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 corporate 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 a minimum of $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 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 pursuant to Section 3.07, the Company shall mail (or otherwise deliver in accordance with the procedures
of DTC) 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;

 

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(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 applicable 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 applicable Paying Agent receives, five 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 a minimum of $2,000 in principal amount or an integral multiple
of $1,000 in excess of $2,000.

 

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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 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 applicable Paying Agent shall remit 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 deliver (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 a minimum
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.

 

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(5) Notwithstanding
anything to the contrary contained herein, the Company shall not be required to make a Change of Control Offer following a Change
of Control if (i) 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 or (ii) in connection with any Change of Control,
the Company has made an offer to purchase (an “Alternate Offer”) any and all Notes validly tendered at a cash price
equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms
of the Alternate Offer. Notwithstanding anything to the contrary contained herein, a Change of Control Offer by the Company or
a third party or an Alternate Offer by the Company 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
or Alternate Offer is made.

 

(6) If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes
in a Change of Control Offer or Alternate Offer and the Issuers, or any other Person making a Change of Control Offer in lieu
of the Company, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company will have the right,
upon not less than 15 nor more than 60 days’ prior written notice, given not more than 30 days following such purchase pursuant
to the Change of Control Offer or Alternate Offer, to redeem all Notes that remain outstanding following such purchase at a redemption
price in cash equal to the applicable Change of Control Payment plus, to the extent not included in the Change of Control Payment,
accrued and unpaid interest, if any, to the date of redemption (subject to the right of Holders on the relevant Record Date to
receive interest due on the relevant Interest Payment Date).

 

Section
4.16.Permitted Business Activities.

 

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 or a Restricted Subsidiary of the Company, used to acquire outstanding debt securities
issued by the Company or a Restricted Subsidiary of 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.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 4.17 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, and clause (d) of the first paragraph 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 Issue Date.

 

    56

     

    

 

Section
4.18.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 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;

 

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(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
and this Indenture pursuant to a supplemental indenture or other agreement in a form reasonably satisfactory to the Trustee;

 

(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

 

(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; and

 

(e) 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.

 

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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 and this
Indenture pursuant to agreements necessary pursuant to the terms of the Notes and this Indenture;

 

(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).

 

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Section
5.02.Successor Substituted.

 

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;

 

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(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 Issue Date, if such default:

 

(1) 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

 

(2) 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:

 

(1) commences
a voluntary case,

 

(2) consents
in writing to the entry of an order for relief against it in an involuntary case,

 

(3) consents
in writing to the appointment of a Custodian of it or for all or substantially all of its property,

 

(4) makes
a general assignment for the benefit of its creditors, or

 

(5) admits
in writing it generally is not paying its debts as they become due; or

 

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(j) a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(1) 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;

 

(2) 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 Restricted Subsidiaries of the Company, that, taken
together, would constitute a Significant Subsidiary of the Company; or

 

(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.

 

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, 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, 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, if any, that have become due solely because of the acceleration) have been cured or waived.

 

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 premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

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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 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.

 

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, if any, 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 or that may involve the Trustee in personal liability.

 

Section
6.06.Limitation on Suits.

 

A
Holder may pursue a remedy with respect to this Indenture or the Notes only if:

 

(a) the
Holder 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 or Holders 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 may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another
Holder.

 

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Section
6.07.Rights of Holders to Receive Payment.

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive payment of principal of and premium, if any, and interest
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 in a manner adverse to such Holder 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,
premium, if any, and unpaid interest, if any, remaining unpaid on the 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.

 

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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 for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, 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 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 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 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.

 

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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 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;

 

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(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.

 

(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.

 

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(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. Any Agent may do the
same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 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 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 premium, if any, or interest 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. Intentionally Omitted.

 

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.

 

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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 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 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.

 

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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 at least 10% 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 who has been a Holder for at least six months, fails to comply with Section 7.10
hereof, such Holder 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 $50.0 million
as set forth in its most recent published annual report of condition.

 

Any
successor Trustee shall be required to satisfy the requirements of TIA § 310(a)(5).

 

Section
7.11. Preferential Collection of Claims Against Issuers.

 

The
Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned
or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

 

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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 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 premium, if
any, and interest 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, 2.10 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.

 

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) and in clause (d) of the first paragraph 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.

 

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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.

 

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 premium, if any, and interest on the outstanding Notes on
the date of fixed maturity or on 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:

 

(1) the
Issuers have received from, or there has been published by, the Internal Revenue Service a ruling; or

 

(2) since
the Issue Date, 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.

 

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.

 

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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 premium, if any, or interest on
any Note and remaining unclaimed for two years after such principal, premium, if any, 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, if any, 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 premium, if any, and interest
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, 2.10 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), 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

 

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(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.

 

Notwithstanding
Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture or the Notes
without the consent of any Holder:

 

(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 pursuant to Article 5 hereof;

 

(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;

 

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(e) to
secure the Notes or the Subsidiary Guarantees pursuant to the requirements of Section 4.12 or otherwise;

 

(f) to
provide for the issuance of Additional Notes in accordance with the limitations set forth in this Indenture;

 

(g) to
conform the text of this Indenture, the Notes or the Subsidiary Guarantees to any provision of the “Description of Notes”
section of the Offering Memorandum to the extent that such text of this Indenture or such Subsidiary Guarantee was intended to
reflect such provision of such “Description of Notes” as evidenced in an Officers’ Certificate;

 

(h) 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;

 

(i) to
evidence or provide for the acceptance of appointment under this Indenture of a successor Trustee; or

 

(j) to
provide for the reorganization of the Company as any other form of entity, in accordance with the provisions of Section 5.01.

 

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 9.05 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.

 

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 and the Notes may be amended or supplemented 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 or exchange offer
for, Notes), 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 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). 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 (other than Sections 3.09, 4.10 and 4.15 hereof);

 

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(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 premium, if any, or interest 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
to receive payments of principal of or premium, if any, or interest 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.

 

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 as aforesaid, and upon
receipt by the Trustee of the documents described in Section 9.05 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 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 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 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. 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 who has
consented to it and every subsequent Holder or portion of a Note that evidences the same indebtedness as the consenting Holder’s
Note.

 

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Section
9.04. 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
9.05. 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, on a senior unsecured basis,
to each Holder 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 premium, if any, and interest 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 principal of and premium, if any, (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.

 

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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) 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 Guarantee
on terms set forth therein, 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.

 

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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 does not violate the provisions of 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 does not violate the provisions of 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
such Guarantor as an Unrestricted Subsidiary in accordance with Section 4.18 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 premium, if any, and interest 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 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.

 

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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 A. Hobson

Telecopier
No.: (713) 615-5861

 

If
to the Trustee:

 

Wilmington
Trust, National Association

Global
Capital Markets

50
South Sixth Street, Suite 1290

Minneapolis,
Minnesota 55402

Attention:
Calumet Specialty Products Partners, L.P. 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 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 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.

 

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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 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. Intentionally Omitted.

 

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

 

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(d) a
statement as to whether or not, in the opinion of such person, such condition or covenant has been satisfied.

 

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 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.

 

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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 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 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.

 

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(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 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.

 

    85

     

    

 

SIGNATURES:

 

	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.
	 	 	 
	 	By:	Calumet GP, LLC, its general partner
	 	 	 
	 	By:	/s/ D. West Griffin
	 	Name:	D. West Griffin
	 	Title:	Executive Vice President and 
	 	 	Chief Financial Officer 

 

	 	Calumet Finance Corp.
	 	 	 
	 	By:	/s/ D. West Griffin
	 	Name:	D. West Griffin
	 	Title:	Executive Vice President and 
	 	 	Chief Financial Officer 

 

 

Signature
Page to Indenture

    

     

    

 

Guarantors:

 

CALUMET
OPERATING, LLC

Calumet
REFINING, LLC

CALUMET
PRINCETON REFINING, LLC

CALUMET
COTTON VALLEY REFINING, LLC

Calumet
Shreveport REFINING, LLC

CALUMET
SAN ANTONIO REFINING, LLC

Calumet
Montana Refining, LLC

Calumet
MISSOURI, LLC

Calumet
KARNS CITY REFINING, llc

Calumet
DICKINSON REFINING, LLC

Calumet
BRANDED PRODUCTS, LLC

BEL-RAY
COMPANY, LLC

CALUMET
INTERNATIONAL, INC.

KURLIN
COMPANY, LLC

CALUMET
MEXICO, LLC

Calumet
Specialty Products Canada, ULC

 

	 	By:	/s/
    D. West Griffin
	 	Name:	D.
    West Griffin
	 	Title:	Executive
    Vice President and 
	 	 	Chief
    Financial Officer 

 

	 	Calumet
Specialty Oils de Mexico, S. de 

R.L.
de C.V.

	 	 	 
	 	By:	/s/
    D. West Griffin
	 	Name:	D.
    West Griffin
	 	Title:	Executive
    Vice-President and 
	 	 	Chief
    Financial Officer 

 

Signature
Page to Indenture

    

     

    

 

	Wilmington
                                         Trust, NATIONAL ASSOCIATION,

	 
	as
    Trustee	 
	 	 	 
	By:	/s/
    Jane Schweiger	 
	Name:	Jane
    Schweiger	 
	Title:	Vice
    President	 	 	 	 

 

 

 

Signature
Page to Indenture

    

     

    

 

RULE
144A/REGULATION S APPENDIX

 

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
Purchasers” means (1) with respect to the Initial Notes, Barclays Capital Inc., BofA Securities, Inc., Wells Fargo
Securities, LLC, BMO Capital Markets Corp., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, BBVA Securities Inc., Regions
Securities LLC, U.S Bancorp Investments, Inc., Goldman Sachs & Co. LLC, Guggenheim Securities, LLC and Seaport Global Securities
LLC and (2) with respect to each issuance of Additional Notes, the Persons purchasing such Additional Notes under the related
Purchase Agreement.

 

“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 September 27, 2019, 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)
	“Restricted Notes” 	 	2.1(a)
	“Rule 144A” 	 	2.1(a)
	“Rule 144A Notes” 	 	2.1(a)
	“Unrestricted Global Note” 	 	2.1(a)
	“Unrestricted Notes” 	 	2.1(a)

 

    App. - 1

     

    

 

2. The
Notes.

 

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” and, together
with Rule 144A Notes, “Restricted 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 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 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. Notes that are not required to bear the restricted Notes
legend set forth in Exhibit 1 hereto (“Unrestricted Notes”) shall be issued in global form with the Global Notes legend
set forth in Exhibit 1 hereto (each, an “Unrestricted Global Note”) or in certificated form as provided in Section
2.4 of this Appendix. 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. Restricted Global Notes and Unrestricted
Global Notes are sometimes referred to herein as “Global Notes.”

 

(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 Restricted Notes and the original issue date of such Restricted
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.

 

    App. - 2

     

    

 

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).

 

(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 Issue Date, an aggregate principal amount of $550.0 million 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. 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 2.14 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.

 

    App. - 3

     

    

 

(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 Restricted 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
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

THE
HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, 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 SECURITIES) 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 SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) OR 40 DAYS (IN THE CASE OF
REGULATION S SECURITIES), ONLY (A) TO AN ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT,
TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT 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 THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (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 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.

 

    App. - 4

     

    

 

BY
ITS ACQUISITION AND HOLDING OF THIS SECURITY, 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 SECURITY (OR ANY INTEREST IN THIS SECURITY) 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.

 

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 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.

 

    App. - 5

     

    

 

(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
9.04 and of the Indenture).

 

(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, premium, if any, and interest 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.

 

    App. - 6

     

    

 

(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 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
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD,
ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED, OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION UNLESS SUCH TRANSACTION
IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

 

THE
HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT
HAS PURCHASED SECURITIES, 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 SECURITIES) 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 SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) OR 40 DAYS (IN THE CASE OF
REGULATION S SECURITIES), ONLY (A) TO AN ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT,
TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT 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 THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (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 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.

 

    Ex. 1 to App. - 1

     

    

 

BY
ITS ACQUISITION AND HOLDING OF THIS SECURITY, 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 SECURITY (OR ANY INTEREST IN THIS SECURITY) 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.

 

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.

 

    Ex. 1 to App. - 2

     

    

 

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

CALUMET
FINANCE CORP.

 

	No. $ 	 	CUSIP No.
	 	 	ISIN No.

 

11.00%
Senior Note due 2025

 

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 April 15, 2025 [or
such greater or lesser amount as may be indicated on Schedule A hereto].1

 

Interest
Payment Dates: April 15 and October 15.

 

Record
Dates: April 1 and October 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: 

 

 

1 If
this Note is a Global Note, add this provision. 

 

    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]

 

11.00%
Senior Note due 2025

 

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 ( “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 11.00% per annum. The Issuers will pay interest
semi-annually in arrears on April 15 and October 15 of each year, commencing April 15, 2020, 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
at the close of business on the April 1 or October 1 next preceding the Interest Payment Date (each a “Record Date”),
even if such Notes are cancelled after such Record Date and on or before such Interest Payment Date, except as provided in Section 2.12
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 and 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 October 11, 2019 (“Indenture”), among the Issuers, the
Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms,
and Holders are referred to the Indenture for a statement of such terms. The Notes are unsecured senior obligations of the Issuers
limited to $550.0 million aggregate principal amount in the case of Notes issued on the Issue Date (as defined in the Indenture),
subject to the Issuers’ right to issue Additional Notes as provided in the Indenture.

 

    Ex. 1 to App. - 5

     

    

 

5. Optional
Redemption.

 

(a) On
or after October 15, 2021, 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, if any, to the applicable redemption date (subject to the right of
Holders 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 periods indicated below:

 

	PERIOD	 	PERCENTAGE	 
	October 15, 2021 through April 14, 2023 	 	 	111.000	%
	April 15, 2023 through April 14, 2024 	 	 	105.500	%
	April 15, 2024 and thereafter 	 	 	100.000	%

 

(b) Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to October 15, 2021, 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 111.000% of the principal amount thereof, plus accrued and unpaid interest, if any, thereon
to the redemption date (subject to the right of Holders 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 October 15, 2021, 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 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) The
Notes may also be redeemed, as a whole, following certain Change of Control Offers or Alternate Offers, at the redemption price
and subject to the conditions set forth in Section 4.15 of the Indenture.

 

    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) Except
as provided in the Indenture, 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 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. Except as provided in the
Indenture, 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) On
the 361st day after an Asset Sale, if the aggregate amount of Excess Proceeds then exceeds $50.0 million, the Company shall commence
an offer to all Holders (an “Asset Sale Offer”) pursuant to Section 3.09 of the Indenture, and to all holders of any
Pari Passu Indebtedness then outstanding, to purchase the maximum principal amount of Notes and such Pari Passu Indebtedness 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, subject to the right of Holders on the relevant
Record Date to receive interest due on an Interest Payment Date that is on or prior to the Settlement Date, in accordance with
the procedures set forth in the Indenture. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Company
may use such remaining Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate principal amount
of Notes surrendered by Holders thereof and Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the
amount of Excess Proceeds, the Trustee shall select the Notes and Pari Passu Indebtedness to be purchased on a pro rata basis
(with such adjustments as may be deemed appropriate by the Trustee so that only Notes in minimum denominations of $2,000, or integral
multiples of $1,000 in excess of $2,000, shall be purchased) on the basis of the aggregate principal amount of tendered Notes
and Pari Passu Indebtedness. Holders that are the subject of 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 15 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. Notices of redemption may specify one or more conditions
precedent, as provided in the Indenture. 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 minimum 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. On and after the redemption date interest ceases to accrue on Notes or portions thereof called
for redemption.

 

    Ex. 1 to App. - 7

     

    

 

9. Guarantees.
The payment by the Issuers of the principal of and premium, if any, and interest on the Notes is fully and unconditionally guaranteed
on a joint and several senior unsecured 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 minimum 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 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 or the Notes may be amended or supplemented 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. Without the consent of any Holder, the Indenture or the Notes may be amended or supplemented as provided
in the Indenture.

 

13. Defaults
and Remedies. The Notes are subject to certain Events of Default as provided in the Indenture. 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, premium, if any, or interest) 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 premium, if any, or
interest 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, its status and the action the Issuers
are taking or propose to take with respect thereto.

 

    Ex. 1 to App. - 8

     

    

 

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 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.

 

    Ex. 1 to App. - 9

     

    

 

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. - 10

     

    

 

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)	☐	to an Issuer; or

 

		(2)	☐	pursuant to an effective registration
statement under the Securities Act of 1933; or

 

		(3)	☐	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

 

		(4)	☐	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)	☐	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 pursuant to Section 4.10 or 4.15 of the Indenture, check the box below:

 

	 	☐
Section 4.10
	☐ Section
    4.15

 

If
you want to elect to have only part of this Note purchased 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

     

    

 

ANNEX
A

 

CALUMET
SPECIALTY PRODUCTS PARTNERS, L.P.

 

CALUMET
FINANCE CORP.

 

and

 

the
Guarantors named herein

 

______________________________________

 

11.00%
SENIOR NOTES DUE 2025

 

______________________________________

 

________________________

 

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 October 11, 2019 (the “Indenture”),
pursuant to which the Company has issued $___________ in the aggregate principal amount of 11.00% Senior Notes due 2025 (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.

 

    A-2

     

    

 

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 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-4Exhibit 10.1

 

SECURITIES PURCHASE AGREEMENT

 

This Securities Purchase Agreement (this “Agreement”) is dated as of October 10, 2019, between Streamline Health Solutions, Inc., a Delaware corporation (the “Company”), and each purchaser identified on the signature pages hereto (each, including its successors and assigns, a “Purchaser” and collectively, the “Purchasers”).

 

WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), and Rule 506 promulgated thereunder, the Company desires to issue and sell to each Purchaser, and each Purchaser, severally and not jointly, desires to purchase from the Company, securities of the Company as more fully described in this Agreement.

 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Company and each Purchaser agree as follows:

 

ARTICLE I.
 DEFINITIONS

 

1.1                               Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms have the meanings set forth in this Section 1.1:

 

“Acquiring Person” shall have the meaning ascribed to such term in Section 4.5.

 

“Action” shall have the meaning ascribed to such term in Section 3.1(j).

 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the Securities Act.

 

“Board of Directors” means the board of directors of the Company.

 

“Business Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Closing” means the closing of the purchase and sale of the Securities pursuant to Section 2.1.

 

“Closing Date” means the Trading Day on which all of the Transaction Documents have been executed and delivered by the applicable parties thereto, and all conditions precedent to (i) the Purchasers’ obligations to pay the Subscription Amount and (ii) the  Company’s obligations to deliver the Securities, in each case, have been satisfied or waived.

 

“Commission” means the United States Securities and Exchange Commission.

 

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“Common Stock” means the common stock of the Company, par value $0.01 per share, and any other class of securities into which such securities may hereafter be reclassified or changed.

 

“Common Stock Equivalents” means any securities of the Company or the Subsidiaries which would entitle the holder thereof to acquire at any time Common Stock, including, without limitation, any debt, preferred stock, right, option, warrant or other instrument that is at any time convertible into or exercisable or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock.

 

“Company Counsel” means Troutman Sanders LLP, with offices located at 600 Peachtree Street NE, Suite 3000, Atlanta, Georgia 30308.

 

“Disclosure Schedules” means the Disclosure Schedules of the Company delivered concurrently herewith.

 

“Disclosure Time” means, (i) if this Agreement is signed on a day that is not a Trading Day or after 9:00 a.m. (New York City time) and before midnight (New York City time) on any Trading Day, 9:01 a.m. (New York City time) on the Trading Day immediately following the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent, and (ii) if this Agreement is signed between midnight (New York City time) and 9:00 a.m. (New York City time) on any Trading Day, no later than 9:01 a.m. (New York City time) on the date hereof, unless otherwise instructed as to an earlier time by the Placement Agent.

 

“Effective Date” means the earliest of the date that (a) the initial Registration Statement has been declared effective by the Commission, (b) all of the Shares have been sold pursuant to Rule 144 or may be sold pursuant to Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 and without volume or manner-of-sale restrictions,  (c) following the one year anniversary of the Closing Date provided that a holder of Shares is not an Affiliate of the Company, or (d) all of the Shares may be sold pursuant to an exemption from registration under Section 4(a)(1) of the Securities Act without volume or manner-of-sale restrictions and Company Counsel has delivered to such holders a standing written unqualified opinion that resales may then be made by such holders of the Shares pursuant to such exemption which opinion shall be in form and substance reasonably acceptable to such holders.

 

“EGS” means Ellenoff Grossman & Schole LLP, with offices located at 1345 Avenue of the Americas, New York, New York 10105-0302.

 

“Escrow Agent” means Alerus Financial, N.A., with offices at 2300 South Columbia Road, Grand Forks, North Dakota 58201.

 

“Escrow Agreement” means the escrow agreement entered into prior to the date hereof, by and among the Company, the Escrow Agent and the Placement Agent pursuant to which the Purchasers shall deposit Subscription Amounts with the Escrow Agent to be applied to the transactions contemplated hereunder.

 

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“Evaluation Date” shall have the meaning ascribed to such term in Section 3.1(s).

 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exempt Issuance” means the issuance of (a) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such purpose, by a majority of the non-employee members of the Board of Directors or a majority of the members of a committee of non-employee directors established for such purpose for services rendered to the Company, (b) shares of Common Stock or options to employees, officers or directors of the Company pursuant to any inducement awards, (c) securities upon the exercise or exchange of or conversion of any Securities issued hereunder and/or other securities exercisable or exchangeable for or convertible into shares of Common Stock issued and outstanding on the date of this Agreement, provided that such securities have not been amended since the date of this Agreement to increase the number of such securities or to decrease the exercise price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to extend the term of such securities, and (d) securities issued pursuant to acquisitions or strategic transactions approved by a majority of the disinterested directors of the Company, provided that such securities are issued as “restricted securities” (as defined in Rule 144) and carry no registration rights that require or permit the filing of any registration statement in connection therewith during the prohibition period in Section 4.12(a) herein, and provided that any such issuance shall only be to a Person (or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose of raising capital or to an entity whose primary business is investing in securities.

 

“FCPA” means the Foreign Corrupt Practices Act of 1977, as amended.

 

“GAAP” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Indebtedness” shall have the meaning ascribed to such term in Section 3.1(bb).

 

“Intellectual Property Rights” shall have the meaning ascribed to such term in Section 3.1(p).

 

“Legend Removal Date” shall have the meaning ascribed to such term in Section 4.1(c).

 

“Liens” means a lien, charge pledge, security interest, encumbrance, right of first refusal, preemptive right or other restriction.

 

“Lock-Up Agreement” means the Lock-Up Agreement, dated as of the date hereof, by and among the Company and the directors and officers in the form of Exhibit B attached hereto.

 

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“Material Adverse Effect” shall have the meaning assigned to such term in Section 3.1(b).

 

“Material Permits” shall have the meaning ascribed to such term in Section 3.1(n).

 

“Per Share Purchase Price” equals $1.02, subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Placement Agent” means Craig-Hallum Capital Group LLC.

 

“Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an informal investigation or partial proceeding, such as a deposition), whether commenced or threatened.

 

“Public Information Failure” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Public Information Failure Payments” shall have the meaning ascribed to such term in Section 4.2(b).

 

“Purchaser Party” shall have the meaning ascribed to such term in Section 4.8.

 

“Registration Rights Agreement” means the Registration Rights Agreement, dated on or about the date hereof, among the Company and the Purchasers, in the form of Exhibit A attached hereto.

 

“Registration Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale by the Purchasers of the Shares.

 

“Required Approvals” shall have the meaning ascribed to such term in Section 3.1(e).

 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Rule 424” means Rule 424 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

4

 

“SEC Reports” shall have the meaning ascribed to such term in Section 3.1(h).

 

“Securities” means the Shares.

 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shares” means the shares of Common Stock issued or issuable to each Purchaser pursuant to this Agreement.

 

“Short Sales” means all “short sales” as defined in Rule 200 of Regulation SHO under the Exchange Act (but shall not be deemed to include locating and/or borrowing shares of Common Stock).

 

“Subscription Amount” means, as to each Purchaser, the aggregate amount to be paid for Shares purchased hereunder as specified below such Purchaser’s name on the signature page of this Agreement and next to the heading “Subscription Amount,” in United States dollars and in immediately available funds.

 

“Subsidiary” means any subsidiary of the Company as set forth on Schedule 3.1(a) and shall, where applicable, also include any direct or indirect subsidiary of the Company formed or acquired after the date hereof.

 

“Trading Day” means a day on which the principal Trading Market is open for trading.

 

“Trading Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market or the New York Stock Exchange (or any successors to any of the foregoing).

 

“Transaction Documents” means this Agreement, the Registration Rights Agreement, the Lock-Up Agreement, all exhibits and schedules thereto and hereto and any other documents or agreements executed in connection with the transactions contemplated hereunder.

 

“Transfer Agent” means Computershare Inc., the current transfer agent of the Company, and any successor transfer agent of the Company.

 

“Variable Rate Transaction” shall have the meaning ascribed to such term in Section 4.12(b).

 

“VWAP” means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. 

 

5

 

(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

ARTICLE II.
  PURCHASE AND SALE

 

2.1                               Closing.  On the Closing Date, upon the terms and subject to the conditions set forth herein, substantially concurrent with the execution and delivery of this Agreement by the parties hereto, the Company agrees to sell, and the Purchasers, severally and not jointly, agree to purchase, up to an aggregate of $10 million of Shares.  Each Purchaser shall deliver to the Escrow Agent, via wire transfer or a certified check, immediately available funds equal to such Purchaser’s Subscription Amount as set forth on the signature page hereto executed by such Purchaser, and the Company shall deliver to each Purchaser its respective Shares and the Company and each Purchaser shall deliver the other items set forth in Section 2.2 deliverable at the Closing.  Upon satisfaction of the covenants and conditions set forth in Sections 2.2 and 2.3, the Closing shall occur at the offices of EGS or such other location as the parties shall mutually agree.

 

2.2                               Deliveries.

 

(a)                                 On or prior to the Closing Date, the Company shall deliver or cause to be delivered to each Purchaser the following:

 

(i)                                     this Agreement duly executed by the Company;

 

(ii)                                  a legal opinion of Company Counsel, in a form reasonably acceptable to the Placement Agent and the Placement Agent’s counsel;

 

(iii)                               a copy of the irrevocable instructions to the Transfer Agent instructing the Transfer Agent to deliver, on an expedited basis, a certificate evidencing a number of Shares equal to such Purchaser’s Subscription Amount divided by the Per Share Purchase Price, registered in the name of such Purchaser, or, at the election of such Purchaser, evidence of the issuance of such Purchaser’s Shares hereunder as held in DRS book-entry form by the Transfer Agent and registered in the name of such Purchaser, which evidence shall be reasonably satisfactory to such Purchaser;

 

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(iv)                              the Company shall have provided each Purchaser with the Escrow Agent’s wire instructions, on Company letterhead and executed by the Chief Executive Officer or Chief Financial Officer;

 

(v)                                 the Lock-Up Agreements; and

 

(vi)                              the Registration Rights Agreement duly executed by the Company.

 

(b)                                 On or prior to the Closing Date, each Purchaser shall deliver or cause to be delivered to the Company or the Escrow Agent, as applicable, the following:

 

(i)                                     this Agreement duly executed by such Purchaser;

 

(ii)                                  to the Escrow Agent, such Purchaser’s Subscription Amount by wire transfer to the account specified in writing by the Company; and

 

(iii)                               the Registration Rights Agreement duly executed by such Purchaser.

 

2.3                               Closing Conditions.

 

(a)                                 The obligations of the Company hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)                                     the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) on the Closing Date of the representations and warranties of the Purchasers contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

(ii)                                  all obligations, covenants and agreements of each Purchaser required to be performed at or prior to the Closing Date shall have been performed in all material respects; and

 

(iii)                               the delivery by each Purchaser of the items set forth in Section 2.2(b) of this Agreement.

 

(b)         The respective obligations of the Purchasers hereunder in connection with the Closing are subject to the following conditions being met:

 

(i)                                     the accuracy in all material respects (or, to the extent representations or warranties are qualified by materiality or Material Adverse Effect, in all respects) when made and on the Closing Date of the representations and warranties of the Company contained herein (unless as of a specific date therein in which case they shall be accurate as of such date);

 

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(ii)                                  all obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall have been performed in all material respects;

 

(iii)                               the delivery by the Company of the items set forth in Section 2.2(a) of this Agreement;

 

(iv)                              there shall have been no Material Adverse Effect with respect to the Company since the date hereof; and

 

(v)                                 from the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the Commission or the Company’s principal Trading Market, and, at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or limited, or minimum prices shall not have been established on securities whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium have been declared either by the United States or New York State authorities nor shall there have occurred any material outbreak or escalation of hostilities or other national or international calamity of such magnitude in its effect on, or any material adverse change in, any financial market which, in each case, in the reasonable judgment of such Purchaser, makes it impracticable or inadvisable to purchase the Securities at the Closing.

 

ARTICLE III.
 REPRESENTATIONS AND WARRANTIES

 

3.1                               Representations and Warranties of the Company. Except as set forth in the Disclosure Schedules, which Disclosure Schedules shall be deemed a part hereof and shall qualify any representation or otherwise made herein to the extent of the disclosure contained in the corresponding section of the Disclosure Schedules, the Company hereby makes the following representations and warranties to each Purchaser:

 

(a)                                 Subsidiaries.  All of the direct and indirect subsidiaries of the Company are set forth on Schedule 3.1(a).  The Company owns, directly or indirectly, all of the capital stock or other equity interests of each Subsidiary free and clear of any Liens, and all of the issued and outstanding shares of capital stock of each Subsidiary are validly issued and are fully paid, non-assessable and free of preemptive and similar rights to subscribe for or purchase securities.

 

(b)                                 Organization and Qualification.  The Company and each of the Subsidiaries is an entity duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power and authority to own and use its properties and assets and to carry on its business as currently conducted.  Neither the Company nor any Subsidiary is in violation nor default of any of the provisions of its respective certificate or articles of incorporation, bylaws or other organizational or charter documents.  Each of the Company and the Subsidiaries is duly qualified to conduct business and is in good 

 

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standing as a foreign corporation or other  entity in each jurisdiction in which the nature of the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could not have or reasonably be expected to result in: (i) a material adverse effect on the legality, validity or enforceability of any Transaction Document, (ii) a material adverse effect on the results of operations, assets, business, prospects or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or (iii) a material adverse effect on the Company’s ability to perform in any material respect on a timely basis its obligations under any Transaction Document (any of (i), (ii) or (iii), a “Material Adverse Effect”) and no Proceeding has been instituted in any such jurisdiction revoking, limiting or curtailing or seeking to revoke, limit or curtail such power and authority or qualification.

 

(c)                                  Authorization; Enforcement.  The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement and each of the other Transaction Documents and otherwise to carry out its obligations hereunder and thereunder.  The execution and delivery of this Agreement and each of the other Transaction Documents by the Company and the consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or therewith other than in connection with the Required Approvals.  This Agreement and each other Transaction Document to which it is a party has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(d)                                 No Conflicts.  The execution, delivery and performance by the Company of this Agreement and the other Transaction Documents to which it is a party, the issuance and sale of the Securities and the consummation by it of the transactions contemplated hereby and thereby do not and will not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, result in the creation of any Lien upon any of the properties or assets of the Company or any Subsidiary, or give to others any rights of termination, amendment, anti-dilution or similar adjustments, acceleration or cancellation (with or without notice, lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of the Company or any Subsidiary is bound or affected, or (iii) subject to the Required Approvals, conflict with or result in a violation of any law, rule, regulation, order, judgment, injunction, decree or 

 

9

 

other restriction of any court or governmental authority to which the Company or a Subsidiary is subject (including  federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(e)                                  Filings, Consents and Approvals.  The Company is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than: (i) the filings required pursuant to Section 4.4 of this Agreement, (ii) the filing with the Commission pursuant to the Registration Rights  Agreement, (iii) the notice and/or application(s) to each applicable Trading Market for the issuance and sale of the Securities and the listing of the Shares for trading thereon in the time and manner required thereby and (iv) the filing of Form D with the Commission and such filings as are required to be made under applicable state securities laws (collectively, the “Required Approvals”).

 

(f)                                   Issuance of the Securities.  The Securities are duly authorized and, when issued and paid for in accordance with the applicable Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens imposed by the Company other than restrictions on transfer provided for in the Transaction Documents.  The Company has reserved from its duly authorized capital stock the maximum number of shares of Common Stock issuable pursuant to this Agreement.

 

(g)                                  Capitalization.  The capitalization of the Company as of the date hereof is as set forth on Schedule 3.1(g), which Schedule 3.1(g) shall also include the number of shares of Common Stock owned beneficially, and of record, by Affiliates of the Company as of the date hereof.  The Company has not issued any capital stock since its most recently filed periodic report under the Exchange Act, other than pursuant to the exercise of employee stock options under the Company’s stock option plans, the issuance of shares of Common Stock to employees pursuant to the Company’s employee stock purchase plans and pursuant to the conversion and/or exercise of Common Stock Equivalents outstanding as of the date of the most recently filed periodic report under the Exchange Act.  No Person has any right of first refusal, preemptive right, right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents.  Except as a result of the purchase and sale of the Securities and except as set forth on Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to, calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exercisable or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock or the capital stock of any Subsidiary, or contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock or Common Stock Equivalents or capital stock of any Subsidiary.  The issuance and sale of the Securities will not obligate the Company or any Subsidiary to issue shares of Common Stock or other securities to any Person (other than the Purchasers). There are no outstanding securities or instruments of the Company

 

10

 

or any Subsidiary with any provision that adjusts the exercise, conversion, exchange or reset price of such security or instrument upon an issuance of securities by the Company or any Subsidiary.  Other than as set forth on Schedule 3.1(g), there are no outstanding securities or instruments of the Company or any Subsidiary that contain any redemption or similar provisions, and there are no contracts, commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to redeem a security of the Company or such Subsidiary. The Company does not have any stock appreciation rights or “phantom stock” plans or agreements or any similar plan or agreement. All of the outstanding shares of capital stock of the Company are duly authorized, validly issued, fully paid and nonassessable, have been issued in compliance with all federal and state securities laws, and none of such outstanding shares was issued in violation of any preemptive rights or similar rights to subscribe for or purchase securities.  No further approval or authorization of any stockholder, the Board of Directors or others is required for the issuance and sale of the Securities.  There are no stockholders agreements, voting agreements or other similar agreements with respect to the Company’s capital stock to which the Company is a party or, to the knowledge of the Company, between or among any of the Company’s stockholders.

 

(h)                           SEC Reports; Financial Statements.  The Company has filed all reports, schedules, forms, statements and other documents required to be filed by the Company under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years preceding the date hereof (or such shorter period as the Company was required by law or regulation to file such material) (the foregoing materials, including the exhibits thereto and documents incorporated by reference therein, being collectively referred to herein as the “SEC Reports”) on a timely basis or has received a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension.  As of their respective dates, the SEC Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act, as applicable, and none of the SEC Reports, when filed, contained any untrue statement of a material fact or omitted 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.  The Company has never been an issuer subject to Rule 144(i) under the Securities Act. The financial statements of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing.  Such financial statements have been prepared in accordance with United States generally accepted accounting principles applied on a consistent basis during the periods involved (“GAAP”), except as may be otherwise specified in such financial statements or the notes thereto and except that unaudited financial statements may not contain all footnotes required by GAAP, and fairly present in all material respects the financial position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit adjustments.

 

(i)                                     Material Changes; Undisclosed Events, Liabilities or Developments.  Since the date of the latest audited financial statements included within the SEC Reports, 

 

11

 

except as set forth on Schedule 3.1(i), (i) there has been no event, occurrence or development that has had or that could reasonably be expected to result in a Material Adverse Effect, (ii) the  Company has not incurred any liabilities (contingent or otherwise) other than (A) trade payables and accrued expenses incurred in the ordinary course of business consistent with past practice, (B) liabilities reflected on the Company’s interim financial statements included within the SEC Reports since the date of the latest audited financial statements included within the SEC Reports, and (C) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or disclosed in filings made with the Commission, (iii) the Company has not altered its method of accounting, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its stockholders or purchased, redeemed or made any agreements to purchase or redeem any shares of its capital stock and (v) the Company has not issued any equity securities to any officer, director or Affiliate, except pursuant to existing Company stock option plans.  The Company does not have pending before the Commission any request for confidential treatment of information.  Except for the issuance of the Securities contemplated by this Agreement or as set forth on Schedule 3.1(i), no event, liability, fact, circumstance, occurrence or development has occurred or exists or is reasonably expected to occur or exist with respect to the Company or its Subsidiaries or their respective businesses, prospects, properties, operations, assets or financial condition that would be required to be disclosed by the Company under applicable securities laws at the time this representation is made or deemed made that has not been publicly disclosed at least 1 Trading Day prior to the date that this representation is made.

 

(j)                                    Litigation.  There is no action, suit, inquiry, notice of violation, proceeding or investigation pending or, to the knowledge of the Company, threatened against or affecting the Company, any Subsidiary or any of their respective properties before or by any court, arbitrator, governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”) which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) could, if there were an unfavorable decision, have or reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any Subsidiary, nor any director or officer thereof, is or has been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty.  There has not been, and to the knowledge of the Company, there is not pending or contemplated, any investigation by the Commission involving the Company or any current or former director or officer of the Company.  The Commission has not issued any stop order or other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act.

 

(k)                                 Labor Relations.  No labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company, which could reasonably be expected to result in a Material Adverse Effect.  None of the Company’s or its Subsidiaries’ employees is a member of a union that relates to such employee’s relationship with the Company or such Subsidiary, and neither the Company nor any of its Subsidiaries is a party to a collective bargaining agreement, and the 

 

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Company and its Subsidiaries reasonably believe that their relationships with their employees are good.  To the knowledge of the Company, no executive officer of the Company or any Subsidiary is, or is now expected to be, in violation of any material term of any employment contract,  confidentiality, disclosure or proprietary information agreement or non-competition agreement, or any other contract or agreement or any restrictive covenant in favor of any third party, and the continued employment of each such executive officer does not subject the Company or any of its Subsidiaries to any liability with respect to any of the foregoing matters.  The Company and its Subsidiaries are in compliance with all U.S. federal, state, local and foreign laws and regulations relating to employment and employment practices, terms and conditions of employment and wages and hours, except where the failure to be in compliance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(l)                                     Compliance.  Neither the Company nor any Subsidiary: (i) is in default under or in violation of (and no event has occurred that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or violation has been waived), (ii) is in violation of any judgment, decree, or order of any court, arbitrator or other governmental authority or (iii) is or has been in violation of any statute, rule, ordinance or regulation of any governmental authority, including without limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as could not have or reasonably be expected to result in a Material Adverse Effect.

 

(m)                             Environmental Laws.                            The Company and its Subsidiaries (i) are in compliance with all federal, state, local and foreign laws relating to pollution or protection of human health or the environment (including ambient air, surface water, groundwater, land surface or subsurface strata), including laws relating to emissions, discharges, releases or threatened releases of chemicals, pollutants, contaminants, or toxic or hazardous substances or wastes (collectively, “Hazardous Materials”) into the environment, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of Hazardous Materials, as well as all authorizations, codes, decrees, demands, or demand letters, injunctions, judgments, licenses, notices or notice letters, orders, permits, plans or regulations, issued, entered, promulgated or approved thereunder (“Environmental Laws”); (ii) have received all permits licenses or other approvals required of them under applicable Environmental Laws to conduct their respective businesses; and (iii) are in compliance with all terms and conditions of any such permit, license or approval where in each clause (i), (ii) and (iii), the failure to so comply could be reasonably expected to have, individually or in the aggregate, a Material Adverse Effect.

 

(n)                                 Regulatory Permits.  The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate federal, state, local or foreign regulatory authorities necessary to conduct their respective businesses as 

 

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described in the SEC Reports, except where the failure to possess such permits could not reasonably be expected to result in a Material Adverse Effect (“Material Permits”), and neither the  Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any Material Permit.

 

(o)                                 Title to Assets.  The Company and the Subsidiaries have good and marketable title in fee simple to all real property owned by them and good and marketable title in all personal property owned by them that is material to the business of the Company and the Subsidiaries, in each case free and clear of all Liens, except for (i) Liens as do not materially affect the value of such property and do not materially interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries and (ii) Liens for the payment of federal, state or other taxes, for which appropriate reserves have been made therefor in accordance with GAAP and the payment of which is neither delinquent nor subject to penalties.  Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable leases with which the Company and the Subsidiaries are in compliance.

 

(p)                                 Intellectual Property.  The Company and the Subsidiaries have, or have rights to use, all patents, patent applications, trademarks, trademark applications, service marks, trade names, trade secrets, inventions, copyrights, licenses and other intellectual property rights and similar rights necessary or required for use in connection with their respective businesses as described in the SEC Reports and which the failure to so have could have a Material Adverse Effect (collectively, the “Intellectual Property Rights”).  None of, and neither the Company nor any Subsidiary has received a notice (written or otherwise) that any of, the Intellectual Property Rights has expired, terminated or been abandoned, or is expected to expire or terminate or be abandoned, within two (2) years from the date of this Agreement.  Neither the Company nor any Subsidiary has received, since the date of the latest audited financial statements included within the SEC Reports, a written notice of a claim or otherwise has any knowledge that the Intellectual Property Rights violate or infringe upon the rights of any Person, except as could not have or reasonably be expected to not have a Material Adverse Effect.  To the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the Intellectual Property Rights.  The Company and its Subsidiaries have taken reasonable security measures to protect the secrecy, confidentiality and value of all of their intellectual properties, except where failure to do so could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(q)                                 Insurance.  The Company and the Subsidiaries are insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are prudent and customary in the businesses in which the Company and the Subsidiaries are engaged, including, but not limited to, directors and officers insurance coverage at least equal to the aggregate Subscription Amount.  Neither the Company nor any Subsidiary has any reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar 

 

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insurers as may be necessary to continue its business without a significant increase in cost.

 

(r)                                    Transactions with Affiliates and Employees.  Except as set forth on Schedule 3.1(r), none of the officers or directors of the Company or any Subsidiary and, to the knowledge of the Company, none of the employees of the Company or any Subsidiary is presently a party to any transaction with the Company or any Subsidiary (other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, providing for the borrowing of money from or lending of money to or otherwise requiring payments to or from any officer, director or such employee or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee, stockholder, member or partner, in each case in excess of $120,000 other than for (i) payment of salary or consulting fees for services rendered, (ii) reimbursement for expenses incurred on behalf of the Company and (iii) other employee benefits, including stock option agreements under any stock option plan of the Company.

 

(s)                                   Sarbanes-Oxley; Internal Accounting Controls.  The Company and the Subsidiaries are in compliance in all material respects with any and all applicable requirements of the Sarbanes-Oxley Act of 2002 that are effective as of the date hereof, and any and all applicable rules and regulations promulgated by the Commission thereunder that are effective as of the date hereof and as of the Closing Date.  The Company and the Subsidiaries maintain a system of internal accounting controls sufficient to provide reasonable assurance that: (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company and the Subsidiaries have established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the Company and the Subsidiaries and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms.  The Company’s certifying officers have evaluated the effectiveness of the disclosure controls and procedures of the Company and the Subsidiaries as of the end of the period covered by the most recently filed periodic report under the Exchange Act (such date, the “Evaluation Date”).  The Company presented in its most recently filed periodic report under the Exchange Act the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date.  Since the Evaluation Date, there have been no changes in the internal control over financial reporting (as such term is defined in the Exchange Act) of the Company and its Subsidiaries that have materially affected, or is reasonably likely to materially affect, the internal control over financial reporting of the Company and its Subsidiaries.

 

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(t)                                    Certain Fees.  Other than to the Placement Agent, no brokerage or finder’s fees or commissions are or will be payable by the Company or  any Subsidiary to any broker, financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated by the Transaction Documents.  The Purchasers shall have no obligation with respect to any fees or with respect to any claims made by or on behalf of other Persons for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by the Transaction Documents.

 

(u)                                 Private Placement. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, no registration under the Securities Act is required for the offer and sale of the Securities by the Company to the Purchasers as contemplated hereby. The issuance and sale of the Securities hereunder does not contravene the rules and regulations of the Trading Market.

 

(v)                                 Investment Company. The Company is not, and is not an Affiliate of, and immediately after receipt of payment for the Securities, will not be or be an Affiliate of, an “investment company” within the meaning of the Investment Company Act of 1940, as amended.  The Company shall conduct its business in a manner so that it will not become an “investment company” subject to registration under the Investment Company Act of 1940, as amended.

 

(w)                               Registration Rights.  Other than each of the Purchasers, no Person has any right to cause the Company or any Subsidiary to effect the registration under the Securities Act of any securities of the Company or any Subsidiary.

 

(x)                                 Listing and Maintenance Requirements.  The Common Stock is registered pursuant to Section 12(b) or 12(g) of the Exchange Act, and the Company has taken no action designed to, or which to its knowledge is likely to have the effect of, terminating the registration of the Common Stock under the Exchange Act nor has the Company received any notification that the Commission is contemplating terminating such registration.  Other than as set forth on Schedule 3.1(x), the Company has not, in the 12 months preceding the date hereof, received notice from any Trading Market on which the Common Stock is or has been listed or quoted to the effect that the Company is not in compliance with the listing or maintenance requirements of such Trading Market. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with all such listing and maintenance requirements. The Common Stock is currently eligible for electronic transfer through the Depository Trust Company or another established clearing corporation and the Company is current in payment of the fees to the Depository Trust Company (or such other established clearing corporation) in connection with such electronic transfer.

 

(y)                                 Application of Takeover Protections.  The Company and the Board of Directors have taken all necessary action, if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s certificate of incorporation (or similar charter documents) or the laws of its state of 

 

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incorporation that is or could become applicable to the Purchasers as a result of the Purchasers and the Company fulfilling their obligations or exercising their rights under the Transaction Documents, including without limitation as a result of the Company’s issuance of the Securities and the Purchasers’ ownership of the Securities.

 

(z)                                  Disclosure.  Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, the Company confirms that neither it nor any other Person acting on its behalf has provided any of the Purchasers or their agents or counsel with any information that it reasonably believes constitutes or might constitute material, non-public information.   The Company understands and confirms that the Purchasers will rely on the foregoing representation in effecting transactions in securities of the Company.  All of the disclosure furnished by or on behalf of the Company to the Purchasers regarding the Company and its Subsidiaries, their respective businesses and the transactions contemplated hereby, including the Disclosure Schedules to this Agreement, is true and correct and does not contain any untrue statement of a material fact or omit to state any material fact necessary in order to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The press releases disseminated by the Company during the twelve months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or 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 and when made, not misleading.  The Company acknowledges and agrees that no Purchaser makes or has made any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in Section 3.2 hereof.

 

(aa)                          No Integrated Offering. Assuming the accuracy of the Purchasers’ representations and warranties set forth in Section 3.2, neither the Company, nor any of its Affiliates, nor any Person acting on its or their behalf has, directly or indirectly, made any offers or sales of any security or solicited any offers to buy any security, under circumstances that would cause this offering of the Securities to be integrated with prior offerings by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed or designated.

 

(bb)                          Solvency.  Based on the consolidated financial condition of the Company as of the Closing Date, after giving effect to the receipt by the Company of the proceeds from the sale of the Securities hereunder, (i) the fair saleable value of the Company’s assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute unreasonably small capital to carry on its business as now conducted and as proposed to be conducted including its capital needs taking into account the particular capital requirements of the business conducted by the Company, consolidated and projected capital requirements and capital availability thereof, and (iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking 

 

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into account all anticipated uses of the cash, would be sufficient to pay all amounts on or in respect of its liabilities when such amounts are required to be paid.  The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of its debt).  The Company has no knowledge of any facts or circumstances which lead it to reasonably believe that it will file for reorganization or liquidation under the bankruptcy or reorganization laws of any  jurisdiction within one year from the Closing Date.  Schedule 3.1(bb) sets forth as of the date hereof all outstanding secured and unsecured Indebtedness of the Company or any Subsidiary, or for which the Company or any Subsidiary has commitments.  For the purposes of this Agreement, “Indebtedness” means (x) any liabilities for borrowed money or amounts owed in excess of $50,000 (other than trade accounts payable incurred in the ordinary course of business), (y) all guaranties, endorsements and other contingent obligations in respect of indebtedness of others, whether or not the same are or should be reflected in the Company’s consolidated balance sheet (or the notes thereto), except guaranties by endorsement of negotiable instruments for deposit or collection or similar transactions in the ordinary course of business; and (z) the present value of any lease payments in excess of $50,000 due under leases required to be capitalized in accordance with GAAP.  Neither the Company nor any Subsidiary is in default with respect to any Indebtedness.

 

(cc)                            Tax Status.  Except for matters that would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, the Company and its Subsidiaries each (i) has made or filed all United States federal, state and local income and all foreign income and franchise tax returns, reports and declarations required by any jurisdiction to which it is subject, (ii) has paid all taxes and other governmental assessments and charges that are material in amount, shown or determined to be due on such returns, reports and declarations and (iii) has set aside on its books provision reasonably adequate for the payment of all material taxes for periods subsequent to the periods to which such returns, reports or declarations apply.  There are no unpaid taxes in any material amount claimed to be due by the taxing authority of any jurisdiction, and the officers of the Company or of any Subsidiary know of no basis for any such claim.

 

(dd)                          No General Solicitation.  Neither the Company nor any Person acting on behalf of the Company has offered or sold any of the Securities by any form of general solicitation or general advertising.  The Company has offered the Securities for sale only to the Purchasers and certain other “accredited investors” within the meaning of Rule 501 under the Securities Act.

 

(ee)                            Foreign Corrupt Practices.  Neither the Company nor any Subsidiary, nor to the knowledge of the Company or any Subsidiary, any agent or other person acting on behalf of the Company or any Subsidiary, has (i) directly or indirectly, used any funds for unlawful contributions, gifts, entertainment or other unlawful expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds, (iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any person acting on its behalf of which the 

 

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Company is aware) which is in violation of law or (iv) violated in any material respect any provision of FCPA.

 

(ff)                              Accountants.  The Company’s accounting firm is set forth on Schedule 3.1(ff) of the Disclosure Schedules.  To the knowledge and belief of the Company, such accounting firm (i) is a registered public accounting firm as required by the Exchange Act and (ii) shall express its opinion with respect to the financial statements to be included in the Company’s Annual Report for the fiscal year ending January 31, 2020.

 

(gg)                            No Disagreements with Accountants and Lawyers.                There are no disagreements of any kind presently existing, or reasonably anticipated by the Company to arise, between the Company and the accountants and lawyers formerly or presently employed by the Company and the Company is current with respect to any fees owed to its accountants and lawyers which could affect the Company’s ability to perform any of its obligations under any of the Transaction Documents.

 

(hh)                          Acknowledgment Regarding Purchasers’ Purchase of Securities.  The Company acknowledges and agrees that each of the Purchasers is acting solely in the capacity of an arm’s length purchaser with respect to the Transaction Documents and the transactions contemplated thereby. The Company further acknowledges that no Purchaser is acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to the Transaction Documents and the transactions contemplated thereby and any advice given by any Purchaser or any of their respective representatives or agents in connection with the Transaction Documents and the transactions contemplated thereby is merely incidental to the Purchasers’ purchase of the Securities.  The Company further represents to each Purchaser that the Company’s decision to enter into this Agreement and the other Transaction Documents has been based solely on the independent evaluation of the transactions contemplated hereby by the Company and its representatives.

 

(ii)                                  Acknowledgment Regarding Purchaser’s Trading Activity.  Anything in this Agreement or elsewhere herein to the contrary notwithstanding (except for Sections 3.2(g) and 4.14 hereof), it is understood and acknowledged by the Company that: (i) none of the Purchasers has been asked by the Company to agree, nor has any Purchaser agreed, to desist from purchasing or selling, long and/or short, securities of the Company, or “derivative” securities based on securities issued by the Company or to hold the Securities for any specified term, (ii) past or future open market or other transactions by any Purchaser, specifically including, without limitation, Short Sales or “derivative” transactions, before or after the closing of this or future private placement transactions, may negatively impact the market price of the Company’s publicly-traded securities, (iii) any Purchaser, and counter-parties in “derivative” transactions to which any such Purchaser is a party, directly or indirectly, presently may have a “short” position in the Common Stock and (iv) each Purchaser shall not be deemed to have any affiliation with or control over any arm’s length counter-party in any “derivative” transaction.  The Company further understands and acknowledges that (y) one or more Purchasers may engage in hedging activities at various times during the period that the Securities are outstanding, and (z) such hedging activities (if any) could reduce the value of the existing 

 

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stockholders’ equity interests in the Company at and after the time that the hedging activities are being conducted.  The Company acknowledges that such aforementioned hedging activities do not constitute a breach of any of the Transaction Documents.

 

(jj)                                Regulation M Compliance.  The Company has not, and to its knowledge no one acting on its behalf has, (i) taken, directly or indirectly, any action designed to cause or to result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of any of the Securities, (ii) sold, bid for, purchased, or paid any compensation for soliciting purchases of, any of the Securities, or (iii) paid or agreed to pay to any Person any compensation for soliciting another to purchase any other securities of the Company, other than, in the case of clauses (ii) and (iii), compensation paid to the Placement Agent in connection with the placement of the Securities.

 

(kk)                          [RESERVED]

 

(ll)                                  Form S-3 Eligibility.  The Company is eligible to register the resale of the Securities by the Purchaser on Form S-3 promulgated under the Securities Act.

 

(mm)                  Stock Option Plans. Each stock option granted by the Company under the Company’s stock option plan was granted (i) in accordance with the terms of the Company’s stock option plan and (ii) with an exercise price at least equal to the fair market value of the Common Stock on the date such stock option would be considered granted under GAAP and applicable law. No stock option granted under the Company’s stock option plan has been backdated.  The Company has not knowingly granted, and there is no and has been no Company policy or practice to knowingly grant, stock options prior to, or otherwise knowingly coordinate the grant of stock options with, the release or other public announcement of material information regarding the Company or its Subsidiaries or their financial results or prospects.

 

(nn)                          Office of Foreign Assets Control.  Neither the Company nor any Subsidiary  nor, to the Company’s knowledge, any director, officer, agent, employee or affiliate of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”).

 

(oo)                          U.S. Real Property Holding Corporation.  The Company is not and has never been a U.S. real property holding corporation within the meaning of Section 897 of the Internal Revenue Code of 1986, as amended, and the Company shall so certify upon Purchaser’s request.

 

(pp)                          Bank Holding Company Act.  Neither the Company nor any of its Subsidiaries or Affiliates is subject to the Bank Holding Company Act of 1956, as amended (the “BHCA”) and to regulation by the Board of Governors of the Federal Reserve System (the “Federal Reserve”).  Neither the Company nor any of its Subsidiaries or Affiliates owns or controls, directly or indirectly, five percent (5%) or more of the outstanding shares of any class of voting securities or twenty-five percent or

 

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more of the total equity of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.  Neither the Company nor any of its Subsidiaries or Affiliates exercises a controlling influence over the management or policies of a bank or any entity that is subject to the BHCA and to regulation by the Federal Reserve.

 

(qq)                          Money Laundering.  The operations of the Company and its Subsidiaries are and have been conducted at all times in compliance with applicable financial record-keeping and reporting requirements of the Currency and Foreign Transactions Reporting Act of 1970, as amended, applicable money laundering statutes and applicable rules and regulations thereunder (collectively, the “Money Laundering Laws”), and no Action or Proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company or any Subsidiary, threatened.

 

(rr)                                No Disqualification Events.  With respect to the Securities to be offered and sold hereunder in reliance on Rule 506 under the Securities Act, none of the Company, any of its predecessors, any affiliated issuer, any director, executive officer, other officer of the Company participating in the offering hereunder, any beneficial owner of 20% or more of the Company’s outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule 405 under the Securities Act) connected with the Company in any capacity at the time of sale (each, an “Issuer Covered Person” and, together, “Issuer Covered Persons”) is subject to any of the “Bad Actor” disqualifications described in Rule 506(d)(1)(i) to (viii) under the Securities Act (a “Disqualification Event”), except for a Disqualification Event covered by Rule 506(d)(2) or (d)(3). The Company has exercised reasonable care to determine whether any Issuer Covered Person is subject to a Disqualification Event. The Company has complied, to the extent applicable, with its disclosure obligations under Rule 506(e), and has furnished to the Purchasers a copy of any disclosures provided thereunder.

 

(ss)                              Other Covered Persons.  Other than the Placement Agent, the Company is not aware of any person (other than any Issuer Covered Person) that has been or will be paid (directly or indirectly) remuneration for solicitation of purchasers in connection with the sale of any Securities.

 

(tt)                                Notice of Disqualification Events. The Company will notify the Purchasers and the Placement Agent in writing, prior to the Closing Date of (i) any Disqualification Event relating to any Issuer Covered Person and (ii) any event that would, with the passage of time, become a Disqualification Event relating to any Issuer Covered Person.

 

3.2                               Representations and Warranties of the Purchasers.  Each Purchaser, for itself and for no other Purchaser, hereby represents and warrants as of the date hereof and as of the Closing Date to the Company as follows (unless as of a specific date therein, in which case they shall be accurate as of such date):

 

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(a)                                 Organization; Authority.  Such Purchaser is either an individual or an entity duly incorporated or formed, validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation with full right, corporate, partnership, limited liability company or similar power and authority to enter into and to consummate the transactions contemplated by the Transaction Documents and otherwise to carry out its obligations hereunder and thereunder. The execution and delivery of the Transaction Documents and performance by such Purchaser of the transactions contemplated by the Transaction Documents have been duly authorized by all necessary corporate, partnership, limited liability company or similar action, as applicable, on the part of such Purchaser.  Each Transaction Document to which it is a party has been duly executed by such Purchaser, and when delivered by such Purchaser in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Purchaser, enforceable against it in accordance with its terms, except (i) as limited by general equitable principles and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

(b)                                 Own Account.  Such Purchaser understands that the Securities are “restricted securities” and have not been registered under the Securities Act or any applicable state securities law and is acquiring the Securities as principal for its own account and not with a view to or for distributing or reselling such Securities or any part thereof in violation of the Securities Act or any applicable state securities law, has no present intention of distributing any of such Securities in violation of the Securities Act or any applicable state securities law and has no direct or indirect arrangement or understandings with any other persons to distribute or regarding the distribution of such Securities in violation of the Securities Act or any applicable state securities law (this representation and warranty not limiting such Purchaser’s right to sell the Securities pursuant to the Registration Statement or otherwise in compliance with applicable federal and state securities laws).  Such Purchaser is acquiring the Securities hereunder in the ordinary course of its business.

 

(c)                                  Purchaser Status.  At the time such Purchaser was offered the Securities, it was, and as of the date hereof it is, an “accredited investor” as defined in Rule 501(a) under the Securities Act.

 

(d)                                 Experience of Such Purchaser.  Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the Securities, and has so evaluated the merits and risks of such investment.  Such Purchaser is able to bear the economic risk of an investment in the Securities and, at the present time, is able to afford a complete loss of such investment.

 

(e)                                  General Solicitation.  Such Purchaser is not, to such Purchaser’s knowledge, purchasing the Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or 

 

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similar media or broadcast over television or radio or presented at any seminar or, to the knowledge of such Purchaser, any other general solicitation or general advertisement.

 

(f)                                   Access to Information. Such Purchaser acknowledges that it has had the opportunity to review the Transaction Documents (including all exhibits and schedules thereto) and the SEC Reports and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.  Such Purchaser acknowledges and agrees that neither the Placement Agent nor any Affiliate of the Placement Agent has provided such Purchaser with any information or advice with respect to the Securities nor is such information or advice necessary or desired.  Neither the Placement Agent nor any Affiliate has made or makes any representation as to the Company or the quality of the Securities and the Placement Agent and any Affiliate may have acquired non-public information with respect to the Company which such Purchaser agrees need not be provided to it.  In connection with the issuance of the Securities to such Purchaser, neither the Placement Agent nor any of its Affiliates has acted as a financial advisor or fiduciary to such Purchaser.

 

(g)                                  Certain Transactions and Confidentiality.  Other than consummating the transactions contemplated hereunder, such Purchaser has not, nor has any Person acting on behalf of or pursuant to any understanding with such Purchaser, directly or indirectly executed any purchases or sales, including Short Sales, of the securities of the Company during the period commencing as of the time that such Purchaser first received a term sheet (written or oral) from the Company or any other Person representing the Company setting forth the material terms of the transactions contemplated hereunder and ending immediately prior to the execution hereof.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the representation set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.  Other than to other Persons party to this Agreement or to such Purchaser’s representatives, including, without limitation, its officers, directors, partners, legal and other advisors, employees, agents and Affiliates, such Purchaser has maintained the confidentiality of all disclosures made to it in connection with this transaction (including the existence and terms of this transaction).  Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

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The Company acknowledges and agrees that the representations contained in this Section 3.2 shall not modify, amend or affect such Purchaser’s right to rely on the Company’s representations and warranties contained in this Agreement or any representations and warranties contained in any other Transaction Document or any other document or instrument executed and/or delivered in connection with this Agreement or the consummation of the transactions contemplated hereby.  Notwithstanding the foregoing, for the avoidance of doubt, nothing contained herein shall constitute a representation or warranty, or preclude any actions, with respect to locating or borrowing shares in order to effect Short Sales or similar transactions in the future.

 

ARTICLE IV.
 OTHER AGREEMENTS OF THE PARTIES

 

4.1                               Transfer Restrictions.

 

(a)                                 The Securities may only be disposed of in compliance with state and federal securities laws.  In connection with any transfer of Securities other than pursuant to an effective registration statement or Rule 144, to the Company or to an Affiliate of a Purchaser or in connection with a pledge as contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act.  As a condition of transfer, any such transferee shall agree in writing to be bound by the terms of this Agreement and the Registration Rights Agreement and shall have the rights and obligations of a Purchaser under this Agreement and the Registration Rights Agreement.

 

(b)                                 The Purchasers agree to the imprinting, so long as is required by this Section 4.1, of a legend on any of the Securities in the following form:

 

THIS SECURITY HAS NOT BEEN  REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS.  THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

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The Company acknowledges and agrees that a Purchaser may from time to time pledge pursuant to a bona fide margin agreement with a registered broker-dealer or grant a security interest in some or all of the Securities to a financial institution that is an “accredited investor” as defined in Rule 501(a) under the Securities Act and, if required under the terms of such arrangement, such Purchaser may transfer pledged or secured Securities to the pledgees or secured parties.  Such a pledge or transfer would not be subject to approval of the Company and no legal opinion of legal counsel of the pledgee, secured party or pledgor shall be required in connection therewith.  Further, no notice shall be required of such pledge.  At the appropriate Purchaser’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or transfer of the Securities, including, if the Securities are subject to registration pursuant to the Registration Rights Agreement, the preparation and filing of any required prospectus supplement under Rule 424(b)(3) under the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of Selling Stockholders (as defined in the Registration Rights Agreement) thereunder.

 

(c)                                  Certificates evidencing the Shares shall not contain any legend (including the legend set forth in Section 4.1(b) hereof), (i) while a registration statement (including the Registration Statement) covering the resale of such security is effective under the Securities Act, (ii) following any sale of such Shares pursuant to Rule 144, (iii) if such Shares are eligible for sale under Rule 144 without the requirement for the Company to be in compliance with the current public information required under Rule 144 as to such Shares and without volume or manner-of-sale restrictions, or (iv) if such legend is not required under applicable requirements of the Securities Act (including judicial interpretations and pronouncements issued by the staff of the Commission).  The Company shall cause its counsel to issue a legal opinion to the Transfer Agent or the Purchaser promptly after the Effective Date if required by the Transfer Agent to effect the removal of the legend hereunder, or if requested by a Purchaser, respectively.  The Company agrees that following the Effective Date or at such time as such legend is no longer required under this Section 4.1(c), it will, no later than two (2) Trading Days following the delivery by a Purchaser to the Company or the Transfer Agent of a certificate representing Shares, as the case may be, issued with a restrictive legend (such date, the “Legend Removal Date”), deliver or cause to be delivered to such Purchaser a certificate representing such shares that is free from all restrictive and other legends.  The Company may not make any notation on its records or give instructions to the Transfer Agent that enlarge the restrictions on transfer set forth in this Section 4.  Certificates for Securities subject to legend removal hereunder shall be transmitted by the Transfer Agent to the Purchaser by crediting the account of the Purchaser’s prime broker with the Depository Trust Company System as directed by such Purchaser.

 

(d)                                 In addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, (i) as partial liquidated damages and not as a penalty, for each $1,000 of Shares (based on the VWAP of the Common Stock on the date such Securities are submitted to the Transfer Agent) delivered for removal of the restrictive legend and subject to Section 4.1(c), $10 per Trading Day (increasing to $20 per Trading Day five (5) Trading Days after such damages have begun to accrue) for each Trading 

 

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Day after the Legend Removal Date until such certificate is delivered without a legend and (ii) if the Company fails to (a) issue and deliver (or cause to be delivered) to a Purchaser by the Legend Removal Date a certificate representing the Securities so delivered to the Company by such Purchaser that is free from all restrictive and other legends and (b) if after the Legend Removal Date such Purchaser purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by such Purchaser of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion of the number of shares of Common Stock that such Purchaser anticipated receiving from the Company without any restrictive legend, then, an amount equal to the excess of such Purchaser’s total purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including brokerage commissions and other out-of-pocket expenses, if any) (the “Buy-In Price”) over the product of (A) such number of Shares that the Company was required to deliver to such Purchaser by the Legend Removal Date multiplied by (B) the lowest closing sale price of the Common Stock on any Trading Day during the period commencing on the date of the delivery by such Purchaser to the Company of the applicable Shares and ending on the date of such delivery and payment under this clause (ii).

 

(e)                                  Each Purchaser, severally and not jointly with the other Purchasers, agrees with the Company that such Purchaser will sell any Securities pursuant to either the registration requirements of the Securities Act, including any applicable prospectus delivery requirements, or an exemption therefrom, and that if Securities are sold pursuant to a Registration Statement, they will be sold in compliance with the plan of distribution set forth therein, and acknowledges that the removal of the restrictive legend from certificates representing Securities as set forth in this Section 4.1 is predicated upon the Company’s reliance upon this understanding.

 

4.2                               Furnishing of Information; Public Information.

 

(a)                                 If the Common Stock is not registered under Section 12(b) or 12(g) of the Exchange Act on the date hereof, the Company agrees to cause the Common Stock to be registered under Section 12(g) of the Exchange Act on or before the 60th calendar day following the date hereof. Until no Purchaser owns Securities, the Company covenants to use its reasonable best efforts to maintain the registration of the Common Stock under Section 12(b) or 12(g) of the Exchange Act and to timely file (or obtain extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act even if the Company is not then subject to the reporting requirements of the Exchange Act.

 

(b)                                 At any time during the period commencing from the six (6) month anniversary of the date hereof and ending at such time that all of the Securities may be sold without the requirement for the Company to be in compliance with Rule 144(c)(1) and otherwise without restriction or limitation pursuant to Rule 144, if the Company (i) shall fail for any reason to satisfy the current public information requirement under Rule 144(c) or (ii) has ever been an issuer described in Rule 144(i)(1)(i) or becomes an issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule

 

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144(i)(2) (a “Public Information Failure”) then, in addition to such Purchaser’s other available remedies, the Company shall pay to a Purchaser, in cash, as partial liquidated damages and not as a penalty, by reason of any such delay in or reduction of its ability to sell the Securities, an amount in cash equal to two percent (2.0%) of the aggregate Subscription Amount of such Purchaser’s Securities on the day of a Public Information Failure and on every thirtieth (30th) day (pro rated for periods totaling less than thirty days) thereafter until the earlier of (a) the date such Public Information Failure is cured and (b) such time that such public information is no longer required  for the Purchasers to transfer the Shares pursuant to Rule 144.  The payments to which a Purchaser shall be entitled pursuant to this Section 4.2(b) are referred to herein as “Public Information Failure Payments.”  Public Information Failure Payments shall be paid on the earlier of (i) the last day of the calendar month during which such Public Information Failure Payments are incurred and (ii) the third (3rd) Business Day after the event or failure giving rise to the Public Information Failure Payments is cured.  In the event the Company fails to make Public Information Failure Payments in a timely manner, such Public Information Failure Payments shall bear interest at the rate of 1.5% per month (prorated for partial months) until paid in full. Nothing herein shall limit such Purchaser’s right to pursue actual damages for the Public Information Failure, and such Purchaser shall have the right to pursue all remedies available to it at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief.

 

4.3                               Integration.  The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities or that would be integrated with the offer or sale of the Securities for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

4.4                               Securities Laws Disclosure; Publicity.  The Company shall (a) by the Disclosure Time, issue a press release disclosing the material terms of the transactions contemplated hereby, and (b) file a Current Report on Form 8-K, including the Transaction Documents as exhibits thereto, with the Commission within the time required by the Exchange Act.  From and after the issuance of such press release, the Company represents to the Purchasers that it shall have publicly disclosed all material, non-public information delivered to any of the Purchasers by the Company or any of its Subsidiaries, or any of their respective officers, directors, employees or agents in connection with the transactions contemplated by the Transaction Documents. In addition, effective upon the issuance of such press release, the Company acknowledges and agrees that any and all confidentiality or similar obligations under any agreement, whether written or oral, between the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates on the one hand, and any of the Purchasers or any of their Affiliates on the other hand, shall terminate. The Company and each Purchaser shall consult with each other in issuing any other press releases with respect to the transactions contemplated hereby, and neither the Company nor any Purchaser shall issue any such press release with respect to the transactions contemplated hereby nor otherwise make any such public statement thereon without the prior consent of the Company, with respect to any press release of any Purchaser, or without the prior consent of the Purchasers holding at least 50.1% in interest of the 

 

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Shares based on the initial Subscription Amounts hereunder, with respect to any press release of the Company, which consent shall not unreasonably be withheld or delayed, except if such disclosure is required by law, in which case the disclosing party shall promptly provide the other party with prior notice of such public statement or communication.  Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Purchaser, or include the name of any Purchaser in any filing with the Commission or any regulatory agency or Trading Market, without the prior written consent of such Purchaser, except (a) as required by federal securities law in connection with (i) any registration statement contemplated by the Registration Rights Agreement and (ii) the filing of final Transaction Documents with the Commission and (b) to the extent such disclosure is required by law or Trading Market regulations, in which case the Company shall provide the Purchasers with prior notice of such disclosure permitted under this clause (b).

 

4.5                               Shareholder Rights Plan.  No claim will be made or enforced by the Company or, with the consent of the Company, any other Person, that any Purchaser is an “Acquiring Person” under any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or similar anti-takeover plan or arrangement in effect or hereafter adopted by the Company, or that any Purchaser could be deemed to trigger the provisions of any such plan or arrangement, by virtue of receiving Securities under the Transaction Documents or under any other agreement between the Company and the Purchasers.

 

4.6                               Non-Public Information.  Except with respect to the material terms and conditions of the transactions contemplated by the Transaction Documents, which shall be disclosed pursuant to Section 4.4, the Company covenants and agrees that neither it, nor any other Person acting on its behalf will provide any Purchaser or its agents or counsel with any information that constitutes, or the Company reasonably believes constitutes, material non-public information, unless prior thereto such Purchaser shall have consented to the receipt of such information and agreed with the Company to keep such information confidential.  The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.  To the extent that the Company delivers any material, non-public information to a Purchaser without such Purchaser’s consent, the Company hereby covenants and agrees that such Purchaser shall not have any duty of confidentiality to the Company, any of its Subsidiaries, or any of their respective officers, directors, agents, employees or Affiliates, or a duty to the Company, any of its Subsidiaries or any of their respective officers, directors, agents, employees or Affiliates not to trade on the basis of, such material, non-public information, provided that the Purchaser shall remain subject to applicable law. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains, material, non-public information regarding the Company or any Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.  The Company understands and confirms that each Purchaser shall be relying on the foregoing covenant in effecting transactions in securities of the Company.

 

4.7                               Use of Proceeds.  Except as set forth on Schedule 4.7 attached hereto, the Company shall use the net proceeds from the sale of the Securities hereunder for working capital purposes and shall not use such proceeds: (a)  for the satisfaction of any portion of the Company’s debt (other than payment of trade payables in the ordinary course of the Company’s business and prior practices), (b) for the redemption of any Common Stock or Common Stock

 

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Equivalents, (c) for the settlement of any outstanding litigation or (d) in violation of FCPA or OFAC regulations.

 

4.8                               Indemnification of Purchasers.   Subject to the provisions of this Section 4.8, the Company will indemnify and hold each Purchaser and its directors, officers, shareholders, members, partners, employees and agents (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title), each Person who controls such Purchaser (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act), and the directors, officers, shareholders, agents, members, partners or employees (and any other Persons with a functionally equivalent role of a Person holding such titles notwithstanding a lack of such title or any other title) of such controlling persons (each, a “Purchaser Party”) harmless from any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that any such Purchaser Party may suffer or incur as a result of or relating to (a) any breach of any of the representations, warranties, covenants or agreements made by the Company in this Agreement or in the other Transaction Documents or (b) any action instituted against the Purchaser Parties in any capacity, or any of them or their respective Affiliates, by any stockholder of the Company who is not an Affiliate of such Purchaser Party, with respect to any of the transactions contemplated by the Transaction Documents (unless such action is solely based upon a material breach of such Purchaser Party’s representations, warranties or covenants under the Transaction Documents or any agreements or understandings such Purchaser Party may have with any such stockholder or any violations by such Purchaser Party of state or federal securities laws or any conduct by such Purchaser Party which is finally judicially determined to constitute fraud, gross negligence or willful misconduct).  If any action shall be brought against any Purchaser Party in respect of which indemnity may be sought pursuant to this Agreement, such Purchaser Party shall promptly notify the Company in writing, and the Company shall have the right to assume the defense thereof with counsel of its own choosing reasonably acceptable to the Purchaser Party.  Any Purchaser Party shall have the right to employ separate counsel in any such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of such Purchaser Party except to the extent that (i) the employment thereof has been specifically authorized by the Company in writing, (ii) the Company has failed after a reasonable period of time to assume such defense and to employ counsel or (iii) in such action there is, in the reasonable opinion of counsel, a material conflict on any material issue between the position of the Company and the position of such Purchaser Party, in which case the Company shall be responsible for the reasonable fees and expenses of no more than one such separate counsel.  The Company will not be liable to any Purchaser Party under this Agreement (y) for any settlement by a Purchaser Party effected without the Company’s prior written consent, which shall not be unreasonably withheld or delayed; or (z) to the extent, but only to the extent that a loss, claim, damage or liability is attributable to any Purchaser Party’s breach of any of the representations, warranties, covenants or agreements made by such Purchaser Party in this Agreement or in the other Transaction Documents.  The indemnification required by this Section 4.8 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or are incurred. The indemnity agreements contained herein shall be in addition to any cause of action or similar right of any Purchaser Party against the Company or others and any liabilities the Company may be subject to pursuant to law.

 

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4.9                               Reservation of Common Stock. As of the date hereof, the Company has reserved and the Company shall continue to reserve and keep available at all times, free of preemptive rights, a sufficient number of shares of Common Stock for the purpose of enabling the Company to issue Shares pursuant to this Agreement.

 

4.10                        Listing of Common Stock. The Company hereby agrees to use its reasonable best efforts to maintain the listing or quotation of the Common Stock on the Trading Market on which it is currently listed, and concurrently with the Closing, the Company shall apply to list or quote all of the Shares on such Trading Market and promptly secure the listing of all of the Shares on such Trading Market. The Company further agrees, if the Company applies to have the Common Stock traded on any other Trading Market, it will then include in such application all of the Shares, and will take such other action as is necessary to cause all of the Shares to be listed or quoted on such other Trading Market as promptly as possible.  The Company will then take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all respects with the Company’s reporting, filing and other obligations under the bylaws or rules of the Trading Market. The Company agrees to maintain the eligibility of the Common Stock for electronic transfer through the Depository Trust Company or another established clearing corporation, including, without limitation, by timely payment of fees to the Depository Trust Company or such other established clearing corporation in connection with such electronic transfer.

                                

4.11                        [RESERVED]

 

4.12                        Subsequent Equity Sales.

 

(a)                                 From the date hereof until ninety (90) days after the Effective Date, neither the Company nor any Subsidiary shall issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock or Common Stock Equivalents.

 

(b)                                 From the date hereof until such time as no Purchaser holds any of the Securities, the Company shall be prohibited from effecting or entering into an agreement to effect any issuance by the Company or any of its Subsidiaries of Common Stock or Common Stock Equivalents (or a combination of units thereof) involving a Variable Rate Transaction.  “Variable Rate Transaction” means a transaction in which the Company (i) issues or sells any debt or equity securities that are convertible into, exchangeable or exercisable for, or include the right to receive, additional shares of Common Stock either (A) at a conversion price, exercise price or exchange rate or other price that is based upon, and/or varies with, the trading prices of or quotations for the shares of Common Stock at any time after the initial issuance of such debt or equity securities or (B) with a conversion, exercise or exchange price that is subject to being reset at some future date after the initial issuance of such debt or equity security or upon the occurrence of specified or contingent events directly or indirectly related to the business of the Company or the market for the Common Stock or (ii) enters into, or effects a transaction under, any agreement, including, but not limited to, an equity line of credit, whereby the Company may issue securities at a future determined price.  Any Purchaser shall be

 

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entitled to obtain injunctive relief against the Company to preclude any such issuance, which remedy shall be in addition to any right to collect damages.

 

(c)                                  Notwithstanding the foregoing, this Section 4.12 shall not apply in respect of an Exempt Issuance, except that no Variable Rate Transaction shall be an Exempt Issuance.

 

4.13                        Equal Treatment of Purchasers.  No consideration (including any modification of any Transaction Document) shall be offered or paid to any Person to amend or consent to a waiver or modification of any provision of the Transaction Documents unless the same consideration is also offered to all of the parties to the Transaction Documents.  For clarification purposes, this provision constitutes a separate right granted to each Purchaser by the Company and negotiated separately by each Purchaser, and is intended for the Company to treat the Purchasers as a class and shall not in any way be construed as the Purchasers acting in concert or as a group with respect to the purchase, disposition or voting of Securities or otherwise.

 

4.14                        Certain Transactions and Confidentiality. Each Purchaser, severally and not jointly with the other Purchasers, covenants that neither it, nor any Affiliate acting on its behalf or pursuant to any understanding with it will execute any purchases or sales, including Short Sales, of any of the Company’s securities during the period commencing with the execution of this Agreement and ending at such time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4.  Each Purchaser, severally and not jointly with the other Purchasers, covenants that until such time as the transactions contemplated by this Agreement are publicly disclosed by the Company pursuant to the initial press release as described in Section 4.4, such Purchaser will maintain the confidentiality of the existence and terms of this transaction and the information included in the Disclosure Schedules.  Notwithstanding the foregoing and notwithstanding anything contained in this Agreement to the contrary, the Company expressly acknowledges and agrees that (i) no Purchaser makes any representation, warranty or covenant hereby that it will not engage in effecting transactions in any securities of the Company after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4, (ii) no Purchaser shall be restricted or prohibited from effecting any transactions in any securities of the Company in accordance with applicable securities laws from and after the time that the transactions contemplated by this Agreement are first publicly announced pursuant to the initial press release as described in Section 4.4 and (iii) no Purchaser shall have any duty of confidentiality or duty not to trade in the securities of the Company to the Company or its Subsidiaries after the issuance of the initial press release as described in Section 4.4.  Notwithstanding the foregoing, in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Purchaser’s assets and the portfolio managers have no direct knowledge of the investment decisions made by the portfolio managers managing other portions of such Purchaser’s assets, the covenant set forth above shall only apply with respect to the portion of assets managed by the portfolio manager that made the investment decision to purchase the Securities covered by this Agreement.

 

4.15                        Form D; Blue Sky Filings.  The Company agrees to timely file a Form D with respect to the Securities as required under Regulation D and to provide a copy thereof, promptly 

 

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upon request of any Purchaser. The Company shall take such action as the Company shall reasonably determine is necessary in order to obtain an exemption for, or to qualify the Securities for, sale to the Purchasers at the Closing under applicable securities or “Blue Sky” laws of the states of the United States, and shall provide evidence of such actions promptly upon request of any Purchaser.

 

ARTICLE V.
  MISCELLANEOUS

 

5.1                               Termination.  This Agreement may be terminated by any Purchaser, as to such Purchaser’s obligations hereunder only and without any effect whatsoever on the obligations between the Company and the other Purchasers, by written notice to the other parties, if the Closing has not been consummated on or before the fifth (5th) Trading Day following the date hereof; provided, however, that no such termination will affect the right of any party to sue for any breach by any other party (or parties).

 

5.2                               Fees and Expenses.  Except as expressly set forth in the Transaction Documents to the contrary, each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of this Agreement.  The Company shall pay all Transfer Agent fees (including, without limitation, any fees required for same-day processing of any instruction letter delivered by the Company), stamp taxes and other taxes and duties levied in connection with the delivery of any Securities to the Purchasers.

 

5.3                               Entire Agreement.  The Transaction Documents, together with the exhibits and schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, oral or written, with respect to such matters, which the parties acknowledge have been merged into such documents, exhibits and schedules.

 

5.4                               Notices.  Any and all notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of: (a) the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto at or prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading Day after the time of transmission, if such notice or communication is delivered via facsimile at the facsimile number or email attachment at the email address as set forth on the signature pages attached hereto on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day, (c) the second (2nd) Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service or (d) upon actual receipt by the party to whom such notice is required to be given.  The address for such notices and communications shall be as set forth on the signature pages attached hereto. To the extent that any notice provided pursuant to any Transaction Document constitutes, or contains material, non-public information regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report on Form 8-K.

 

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5.5                               Amendments; Waivers.  No provision of this Agreement may be waived, modified, supplemented or amended except in a written instrument signed, in the case of an amendment, by the Company and Purchasers which purchased at least 50.1% in interest of the Shares based on the initial Subscription Amounts hereunder or, in the case of a waiver, by the party against whom enforcement of any such waived provision is sought, provided that if any amendment, modification or waiver disproportionately and adversely impacts a Purchaser (or group of Purchasers), the consent of such disproportionately impacted Purchaser (or group of Purchasers) shall also be required.  No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of any party to exercise any right hereunder in any manner impair the exercise of any such right. Any proposed amendment or waiver that disproportionately, materially and adversely affects the rights and obligations of any Purchaser relative to the comparable rights and obligations of the other Purchasers shall require the prior written consent of such adversely affected Purchaser. Any amendment effected in accordance with this Section 5.5 shall be binding upon each Purchaser and holder of Securities and the Company.

 

5.6                               Headings.  The headings herein are for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

 

5.7                               Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns.  The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent of each Purchaser (other than by merger).  Any Purchaser may assign any or all of its rights under this Agreement to any Person to whom such Purchaser assigns or transfers any Securities, provided that such transferee agrees in writing to be bound, with respect to the transferred Securities, by the provisions of the Transaction Documents that apply to the “Purchasers.”

 

5.8                               No Third-Party Beneficiaries.  The Placement Agent shall be the third-party beneficiary of the representations and warranties of the Company in Section 3.1 and the representations and warranties of the Purchasers in Section 3.2.  This Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in Section 4.8 and this Section 5.8.

 

5.9                               Governing Law.  All questions concerning the construction, validity, enforcement and interpretation of the Transaction Documents shall be governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof.  Each party agrees that all legal Proceedings concerning the interpretations, enforcement and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective affiliates, directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal courts sitting in the City of New York.  Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the City of New York, Borough of Manhattan for the adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed 

 

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herein (including with respect to the enforcement of any of the Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Action or Proceeding, any claim that it is not personally subject to the jurisdiction of any such court, that such Action or Proceeding is improper or is an inconvenient venue for such Proceeding.  Each party hereby irrevocably waives personal service of process and consents to process being served in any such Action or Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof.  Nothing contained herein shall be deemed to limit in any way any right to serve process in any other manner permitted by law.   If any party shall commence an Action or Proceeding to enforce any provisions of the Transaction Documents, then, in addition to the obligations of the Company under Section 4.8, the prevailing party in such Action or Proceeding shall be reimbursed by the non-prevailing party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Action or Proceeding.

 

5.10                        Survival.  The representations and warranties contained herein shall survive the Closing and the delivery of the Securities for a period of three (3) years following the Closing Date.

 

5.11                        Execution.  This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to each other party, it being understood that the parties need not sign the same counterpart.  In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.

 

5.12                        Severability.  If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable.

 

5.13                        Replacement of Securities.  If any certificate or instrument evidencing any Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction.  The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such replacement Securities.

 

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5.14                        Remedies.  In addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Purchasers and the Company will be entitled to specific performance under the Transaction Documents.  The parties agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations contained in the Transaction Documents and hereby agree to waive and not to assert in any Action for specific performance of any such obligation the defense that a remedy at law would be adequate.

 

5.15                        Payment Set Aside.  To the extent that the Company makes a payment or payments to any Purchaser pursuant to any Transaction Document or a Purchaser enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other Person under any law (including, without limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such enforcement or setoff had not occurred.

 

5.16                        Independent Nature of Purchasers’ Obligations and Rights.  The obligations of each Purchaser under any Transaction Document are several and not joint with the obligations of any other Purchaser, and no Purchaser shall be responsible in any way for the performance or non-performance of the obligations of any other Purchaser under any Transaction Document.  Nothing contained herein or in any other Transaction Document, and no action taken by any Purchaser pursuant hereto or thereto, shall be deemed to constitute the Purchasers as a partnership, an association, a joint venture or any other kind of entity, or create a presumption that the Purchasers are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents.  Each Purchaser shall be entitled to independently protect and enforce its rights including, without limitation, the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Purchaser to be joined as an additional party in any Proceeding for such purpose.  Each Purchaser has been represented by its own separate legal counsel in its review and negotiation of the Transaction Documents.  For reasons of administrative convenience only, each Purchaser and its respective counsel have chosen to communicate with the Company through EGS.  EGS does not represent any of the Purchasers and only represents the Placement Agent.  The Company has elected to provide all Purchasers with the same terms and Transaction Documents for the convenience of the Company and not because it was required or requested to do so by any of the Purchasers. It is expressly understood and agreed that each provision contained in this Agreement and in each other Transaction Document is between the Company and a Purchaser, solely, and not between the Company and the Purchasers collectively and not between and among the Purchasers.

 

5.17                        Liquidated Damages.  The Company’s obligations to pay any partial liquidated damages or other amounts owing under the Transaction Documents is a continuing obligation of the Company and shall not terminate until all unpaid partial liquidated damages and other amounts have been paid notwithstanding the fact that the instrument or security pursuant to

 

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which such partial liquidated damages or other amounts are due and payable shall have been canceled.

 

5.18                        Saturdays, Sundays, Holidays, etc.    If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall not be a Business Day, then such action may be taken or such right may be exercised on the next succeeding Business Day.

 

5.19                        Construction. The parties agree that each of them and/or their respective counsel have reviewed and had an opportunity to revise the Transaction Documents and, therefore, the normal rule of construction to the effect that any ambiguities are to be resolved against the drafting party shall not be employed in the interpretation of the Transaction Documents or any amendments thereto. In addition, each and every reference to share prices and shares of Common Stock in any Transaction Document shall be subject to adjustment for reverse and forward stock splits, stock dividends, stock combinations and other similar transactions of the Common Stock that occur after the date of this Agreement.

 

5.20                        WAIVER OF JURY TRIAL.  IN ANY ACTION, SUIT, OR PROCEEDING IN ANY JURISDICTION BROUGHT BY ANY PARTY AGAINST ANY OTHER PARTY, THE PARTIES EACH KNOWINGLY AND INTENTIONALLY, TO THE GREATEST EXTENT PERMITTED BY APPLICABLE LAW, HEREBY ABSOLUTELY, UNCONDITIONALLY, IRREVOCABLY AND EXPRESSLY WAIVES FOREVER TRIAL BY JURY.

 

(Signature Pages Follow)

 

36

 

IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	
STREAMLINE   HEALTH SOLUTIONS, INC.
    	
 
    	
Address   for Notice:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
By:   
    	
 
    	
 
    	
Email: 
    
	
 
    	
Name:   
    	
 
    	
Fax:
    
	
 
    	
Title:   
    	
 
    	
 
    

 

With a copy to (which shall not constitute notice):

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK

SIGNATURE PAGE FOR PURCHASER FOLLOWS]

 

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[PURCHASER SIGNATURE PAGES TO STRM SECURITIES PURCHASE AGREEMENT]

 

IN WITNESS WHEREOF, the undersigned have caused this Securities Purchase Agreement to be duly executed by their respective authorized signatories as of the date first indicated above.

 

	
Name   of Purchaser:
    	
 
    
	
 
    	
 
    
	
Signature   of Authorized Signatory of Purchaser:
    	
 
    
	
 
    	
 
    
	
Name   of Authorized Signatory:
    	
 
    
	
 
    	
 
    
	
Title   of Authorized Signatory:
    	
 
    
	
 
    	
 
    
	
Email   Address of Authorized Signatory:
    	
 
    
	
 
    	
 
    
	
Facsimile   Number of Authorized Signatory:
    	
 
    
								

 

Address for Notice to Purchaser:

 

 

Address for Delivery of Securities to Purchaser (if not same as address for notice):

 

 

Subscription Amount: $ ______________________

 

Shares: ______________________

 

EIN Number: ______________________

 

[SIGNATURE PAGES CONTINUE]

 

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