Document:

exv4w3

 

EXHIBIT 4.3

GUARANTEE

     GUARANTEE dated as of September 2, 2005 of The Premcor Refining Group Inc., a Delaware
corporation (“Premcor Refining”), for the benefit of J.P. Morgan Trust Company, National
Association (“JPMorgan”) and The Bank of New York Trust Company, N.A., as successor trustee to The
Bank of New York (“BONY”) (collectively, the “Trustees”), and holders (“Holders”) from time to time
of the Notes (as defined herein) of Valero Energy Corporation, a Delaware corporation and the
indirect parent of Premcor Refining (“Valero”).

RECITALS

     WHEREAS, Valero (as successor to Diamond Shamrock, Inc.) and JPMorgan (as successor to The
First National Bank of Chicago) have executed an Indenture dated December 15, 1989 (as supplemented
to date, the “1989 Indenture”), pursuant to which Valero’s (i) 71/4% Debentures due June 15, 2010;
(ii) 83/4% Debentures due June 15, 2015; and (iii) 7.65% Debentures due July 1, 2026 (collectively,
the “1989 Indenture Notes”) were issued;

     WHEREAS, Valero (as successor to Ultramar Diamond Shamrock Corporation) and BONY have executed
an Indenture dated March 15, 1994 (as supplemented to date, the “1994 Indenture”), pursuant to
which the Valero’s (i) 7.20% Senior Notes due October 15, 2017; (ii) 6.75% Senior Notes due October
15, 2037; and (iii) 7.45% Senior Notes due October 15, 2097 (collectively, the “1994 Indenture
Notes”) were issued;

     WHEREAS, Valero and BONY have executed an Indenture dated December 12, 1997 (as supplemented
to date and collectively with the 1989 Indenture and the 1994 Indenture, the “Indentures”),
pursuant to which Valero’s (i) 6.311% CORE Notes due November 30, 2007; (ii) 3.50% Notes due April
1, 2009; (iii) 4.75% Notes due June 15, 2013; (iv) 4.75% Notes due April 1, 2014; (v) 67⁄8% Notes due
April 15, 2007; (vi) 67⁄8% Notes due April 15, 2012; (vii) 73⁄8% Notes due March 15, 2006; (viii) 71/2%
Notes due April 15, 2032; (ix) 6.70% Senior Notes due January 15, 2013; and (x) 83/4% Notes due June
15, 2030 (collectively with the 1989 Indenture Notes and the 1994 Indenture Notes, the “Notes”)
were issued;

     WHEREAS, Premcor Refining desires to provide for the unconditional guarantee by Premcor
Refining of the due and punctual payment of the principal of, premium (if any) and interest on, and
all other amounts due under, the Notes and the Indentures;

     WHEREAS, the board of directors of Premcor Refining have determined that the execution and
delivery hereof and the performance by Premcor Refining of its obligations hereunder reasonably may
be expected to benefit, directly or indirectly, Premcor Refining;

     NOW, THEREFORE, Premcor Refining hereby agrees, for the benefit of each of the Trustees and
for the equal and proportionate benefit of all Holders of the Notes, as follows:

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ARTICLE ONE

THE GUARANTEE

Section 1.01 Guarantee.

     Premcor Refining hereby unconditionally guarantees to the Holders from time to time of the
Notes of each series (a) the full and prompt payment of the principal of and any premium on any
Note of such series when and as the same shall become due, whether at the stated maturity thereof,
by acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on
and any additional amounts with respect to any Note of such series when and as the same shall
become due, subject in each case to any applicable grace period or notice requirement or both (the
“Guarantee”). Premcor Refining also hereby unconditionally guarantees to each of the Trustees the
full and prompt payment of all amounts due it from Valero under each Indenture. The Guarantee
hereunder constitutes a guarantee of payment and not of collection.

     The obligations of Premcor Refining hereunder with respect to a series of Notes shall be
absolute and unconditional and shall remain in full force and effect until (i) the entire principal
of, premium (if any) and interest on and any additional amounts with respect to the Notes of such
series shall have been paid or provided for in accordance with the provisions of such series and of
the applicable Indenture, and (ii) all amounts due to each of the Trustees under each Indenture
shall have been paid, irrespective of the validity, regularity or enforceability of any Note of
such series or such Indenture, any change or amendment thereto, the absence of any action to
enforce the same, any waiver or consent by any of the Trustees or the Holder of any Note of such
series with respect to any provision of such Note or such Indenture, the recovery of any judgment
against Valero or any action to enforce the same, or any other circumstances that may otherwise
constitute a legal or equitable discharge or defense of a guarantor. Premcor Refining hereby
waives presentment or demand of payment or notice to Premcor Refining with respect to such Note and
the obligations evidenced thereby or hereby. Premcor Refining further waives any right of set-off
or counterclaim it may have against any Holder of a Note arising from any other obligations any
such Holder may have to Valero or Premcor Refining.

Section 1.02 Solvency.

     After giving effect to this Guarantee, Premcor Refining (i) is solvent, has capital not
unreasonably small in relation to its business or any contemplated or undertaken transaction and
has assets having a value both at fair valuation and at present fair saleable value greater than
the amount required to pay Premcor Refining’s debts as they become due and greater than the amount
that will be required to pay Premcor Refining’s probable liability on its existing debts as they
become absolute and matured; (ii) does not intend to incur or believe or should have believed that
it will incur, debts beyond its ability to pay such debts as they become due; (iii) will not be
rendered insolvent by the execution, delivery and performance of its obligations under this
Guarantee; and (iv) does not intend to hinder, delay or defraud its creditors by or through the
execution, delivery or performance of its obligations under this Guarantee.

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Section 1.03 General Limitation on Guarantee Obligations.

     In any action or proceeding involving any state corporate law, or any state or Federal
bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if
the obligations of Premcor Refining under this Guarantee would otherwise be held or determined to
be void, invalid or unenforceable, or subordinated to the claims of any other creditors, on account
of the amount of Premcor Refining’s liability under this Guarantee, then, notwithstanding any other
provision hereof to the contrary, the amount of such liability shall, without any further action by
Premcor Refining, any Holder of Notes of a series or any other person, be automatically limited and
reduced to the highest amount that is valid and enforceable and not subordinated to the claims of
other creditors as determined in such action or proceeding.

Section 1.04 Subrogation.

     Premcor Refining shall be subrogated to all rights against Valero of any Holder of Notes of a
series in respect of any amounts paid by Premcor Refining pursuant to the provisions of the
Guarantee; provided, however, that Premcor Refining shall be entitled to enforce, or to receive any
payments arising out of or based upon, such right of subrogation only after the expiration of two
years and one day after the principal of, premium (if any) and interest on and any additional
amounts with respect to all Notes of such series have been paid in full.

Section 1.05 Guarantee for Benefit of Holders.

     The Guarantee is entered into by Premcor Refining for the benefit of each of the Trustees and
the Holders from time to time of the Notes. Such provisions shall not be deemed to create any
right in, or to be in whole or in part for the benefit of, any person other than the Trustees,
Premcor Refining, the Holders from time to time of the Notes and their permitted successors and
assigns.

Section 1.06 No Recourse Against Others.

     A director, officer, employee, stockholder, partner or other owner of Premcor Refining, as
such, shall not have any liability for any obligations of Premcor Refining under the Guarantee or
for any claim based on, in respect of or by reason of such obligations or their creation.

ARTICLE TWO

MISCELLANEOUS

Section 2.01 Trust Indenture Act Controls.

     If any provision of this Guarantee limits, qualifies or conflicts with any provision of the
Trust Indenture Act that is required under such Act to be part of and govern this Guarantee, the
latter provision shall control. If any provision hereof modifies or excludes any provision of the
Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to
apply to this Guarantee, as so modified or excluded, as the case may be.

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Section 2.02 Notices.

     Any notice or communication provided for herein shall be duly given if in writing and
delivered in person or mailed by mail (registered, return receipt requested, first-class postage
prepaid), facsimile or overnight air courier guaranteeing next day delivery, as follows:

	 	(a)	 	If to the Trustees, to the address set forth in the applicable Indenture;
	 
	 	(b)	 	If to Premcor Refining:

The Premcor Refining Group Inc.

One Valero Way

San Antonio, Texas 78249

Attn: Chief Financial Officer

Telephone: (210) 345-2000

Facsimile: (210) 345-2646

     Premcor Refining or any of the Trustees by notice to the other may designate additional or
different addresses for subsequent notices or communications.

     All such notices and communications shall be in writing and shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; 10 business days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if by facsimile; and
the next business day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. If, by reason of the suspension of regular mail service or by
reason of any other cause, it shall be impracticable to give such notice or communication by mail,
then such notice or communication as shall be made with the approval of the Trustees shall
constitute a sufficient notification or communication for every purpose hereunder.

Section 2.03 Date and Time of Effectiveness.

     This Guarantee shall become a legally effective and binding instrument at and as of the date
hereof.

Section 2.04 Notes Deemed Conformed.

     As of the date hereof, the provisions of the Notes shall be deemed to be conformed, without
the necessity for any reissuance or exchange of such Note or any other action on the part of the
Holders of Notes, Valero or any of the Trustees, so as to reflect this Guarantee.

Section 2.05 Successors.

     All agreements of Premcor Refining in this Guarantee shall bind its successors and assigns,
whether or not so expressed.

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Section 2.06 Benefits of Guarantee.

     Nothing in this Guarantee, express or implied, shall give to any person, other than the
parties hereto and their successors hereunder and the Holders of Notes, any benefit or any legal or
equitable right, remedy or claim under this Guarantee.

Section 2.07 Separability.

     In case any provision in this Guarantee 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, it being intended that all of the provisions hereof shall be enforceable to
the full extent permitted by law.

Section 2.08 Headings.

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

Section 2.9 GOVERNING LAW.

     THIS GUARANTEE SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

Section 2.10 Amendments.

     This Guarantee may be amended by the parties hereto by an instrument in writing signed on
behalf of each of the parties. Upon the execution of any such amendment, this Guarantee shall be
modified in accordance therewith, and such amendment shall form a part of this Guarantee for all
purposes; and every Holder of Notes shall be bound thereby.

Section 2.11 Counterparts.

     This Guarantee may be executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute the same instrument.

Section 2.12 Trustees Not Responsible for Recitals.

     The recitals herein contained are made by Premcor Refining, and not by the Trustees, and the
Trustees assume no responsibility for the correctness thereof. The Trustees make no
representations as to the validity or sufficiency of this Guarantee.

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     IN WITNESS WHEREOF, The Premcor Refining Group Inc. has caused this Guarantee to be duly
executed as of the day and year first above written.

	 	 	 	 	 
	 	THE PREMCOR REFINING GROUP INC.

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

6

 

ACKNOWLEDGED this 2nd day of

September, 2005.

J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION,

as Trustee

 

By: /s/ George N. Reaves

 

       Name: George N. Reaves

       Title: Vice President

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ACKNOWLEDGED this 2nd day of

September, 2005.

THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee

 

By: /s/ Patrick T. Giordano

 

       Name: Patrick T. Giordano

       Title: Vice President

8exv4w4

 

EXHIBIT 4.4

GUARANTEE

     GUARANTEE dated as of September 2, 2005 of Valero Energy Corporation, a Delaware corporation
(“Valero”), for the benefit of Deutsche Bank Trust Company Americas (“Deutsche Bank”) and HSBC Bank
USA, National Association (successor by merger to HSBC Bank USA) (“HSBC” and, together with
Deutsche Bank, the “Trustees”), and holders (“Holders”) from time to time of the Notes (as defined
herein) of The Premcor Refining Group Inc., a Delaware corporation and an indirect, wholly owned
subsidiary of Valero (the “Company”), and Port Arthur Finance Corp., a Delaware corporation and an
indirect, wholly owned subsidiary of the Company (“PAFC”).

RECITALS

     WHEREAS, PAFC, Port Arthur Coker Company L.P. (“PACC”), Sabine River Holding Corp. (“Sabine”),
Neches River Holding Corp. (“Neches”), HSBC and Bankers Trust Company (“Bankers Trust”) have
executed an Indenture dated August 19, 1999 (the “1999 Indenture”), as supplemented by the First
Supplemental Indenture dated June 6, 2002 (the “First Supplemental Indenture” and, together with
the 1999 Indenture, the “PAFC Indenture”), among PAFC, PACC, Sabine, Neches, The Premcor Refining
Group Inc. (“PRG”), HSBC and Deutsche Bank (formerly known as Bankers Trust), pursuant to which
PAFC’s 121/2% Senior Notes due January 15, 2009 (the “2009 Notes”) were issued and guaranteed by
PACC, Sabine, Neches and PRG;

     WHEREAS, the Company and Deutsche Bank have executed an Indenture dated February 11, 2003 (as
supplemented to date and collectively with the PAFC Indenture, the “Indentures”), pursuant to which
the Company’s (i) 91/4% Senior Notes due February 1, 2010; (ii) 63/4% Senior Notes due February 1,
2011; (iii) 73/4% Senior Subordinated Notes due February 1, 2012; (iv) 91/2% Senior Notes due February
1, 2013; and (v) 71/2% Senior Notes due June 15, 2015 (collectively with the 2009 Notes, the “Notes”)
were issued;

     WHEREAS, Valero desires to provide for the unconditional guarantee by Valero of the due and
punctual payment of the principal of, premium (if any) and interest on, and all other amounts due
under, the Notes and the Indentures;

     NOW, THEREFORE, Valero hereby agrees, for the benefit of each of the Trustees and for the
equal and proportionate benefit of all Holders of the Notes, as follows:

1

 

ARTICLE ONE

THE GUARANTEE

Section 1.01 Guarantee.

     Valero hereby unconditionally guarantees to the Holders from time to time of the Notes of each
series (a) the full and prompt payment of the principal of and any premium on any Note of such
series when and as the same shall become due, whether at the stated maturity thereof, by
acceleration, redemption or otherwise, and (b) the full and prompt payment of any interest on and
any additional amounts with respect to any Note of such series when and as the same shall become
due, subject in each case to any applicable grace period or notice requirement or both (the
“Guarantee”). Valero also hereby unconditionally guarantees to each of the Trustees the full and
prompt payment of all amounts due it from the Company under each Indenture. The Guarantee
hereunder constitutes a guarantee of payment and not of collection.

     The obligations of Valero hereunder with respect to a series of Notes shall be absolute and
unconditional and shall remain in full force and effect until the entire principal of, premium (if
any) and interest on and any additional amounts with respect to the Notes of such series shall have
been paid or provided for in accordance with the provisions of such series and of the applicable
Indenture, or amounts due to each of the Trustees under each Indenture shall remain outstanding
until paid irrespective of the validity, regularity or enforceability of any Note of such series or
such Indenture, any change or amendment thereto, the absence of any action to enforce the same, any
waiver or consent by any of the Trustees or the Holder of any Note of such series with respect to
any provision of such Note or such Indenture, the recovery of any judgment against the Company,
PACC, Sabine, Neches or PRG, as applicable, or any action to enforce the same, or any other
circumstances that may otherwise constitute a legal or equitable discharge or defense of a
guarantor. Valero hereby waives presentment or demand of payment or notice to Valero with respect
to such Note and the obligations evidenced thereby or hereby. Valero further waives any right of
set-off or counterclaim it may have against any Holder of a Note arising from any other obligations
any such Holder may have to the Company, PACC, Sabine, Neches, PRG or Valero.

     The obligations of Valero to make any payment hereunder may be satisfied by causing the
Company, PACC, Sabine, Neches or PRG to make such payment.

Section 1.02 Subrogation.

     Valero shall be subrogated to all rights against the Company, PACC, Sabine, Neches or PRG, as
applicable, of any Holder of Notes of a series in respect of any amounts paid by Valero pursuant to
the provisions of the Guarantee; provided, however, that Valero shall be entitled to enforce, or to
receive any payments arising out of or based upon, such right of subrogation only after the
expiration of two years and one day after the principal of, premium (if any) and interest on and
any additional amounts with respect to all Notes of such series have been paid in full.

2

 

Section 1.03 Guarantee for Benefit of Holders.

     The Guarantee is entered into by Valero for the benefit of each of the Trustees and the
Holders from time to time of the Notes. Such provisions shall not be deemed to create any right
in, or to be in whole or in part for the benefit of, any person other than the Trustees, Valero,
the Holders from time to time of the Notes and their permitted successors and assigns.

Section 1.04 No Recourse Against Others.

     A director, officer, employee, stockholder, partner or other owner of Valero, as such, shall
not have any liability for any obligations of Valero under the Guarantee or for any claim based on,
in respect of or by reason of such obligations or their creation.

ARTICLE TWO

MISCELLANEOUS

Section 2.01 SEC Reports; Financial Statements.

     Valero shall file with each of the Trustees, within 15 days after it files the same with the
United States Securities and Exchange Commission (“SEC”), copies of the annual reports and the
information, documents and other reports (or copies of such portions of any of the foregoing as the
SEC may by rules and regulations prescribe) that Valero is required to file with the SEC pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended, and any successor
statute. Valero shall also comply with the provisions of Section 314(a) of the Trust Indenture Act
of 1939 (the “Trust Indenture Act”). Delivery of such reports, information and documents to the
Trustees is for informational purposes only and the Trustees’ receipt thereof shall not constitute
constructive notice of any information contained therein or determinable from information contained
therein, including the Company’s compliance with any of its covenants under each Indenture.

Section 2.02 Trust Indenture Act Controls.

     If any provision of this Guarantee limits, qualifies or conflicts with any provision of the
Trust Indenture Act that is required under such Act to be part of and govern this Guarantee, the
latter provision shall control. If any provision hereof modifies or excludes any provision of the
Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to
apply to this Guarantee, as so modified or excluded, as the case may be.

Section 2.03 Notices.

     Any notice or communication provided for herein shall be duly given if in writing and
delivered in person or mailed by mail (registered, return receipt requested, first-class postage
prepaid), facsimile or overnight air courier guaranteeing next day delivery, as follows:

	 	(a)	 	If to the Trustees, to the address set forth in the applicable Indenture;

3

 

	 	(b)	 	If to Valero:

Valero Energy Corporation

One Valero Way

San Antonio, Texas 78249

Attn: Chief Financial Officer

Telephone: (210) 345-2000

Facsimile: (210) 345-2646

     Valero or any of the Trustees by notice to the other may designate additional or different
addresses for subsequent notices or communications.

     All such notices and communications shall be in writing and shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; 10 business days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if by facsimile; and
the next business day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery. If, by reason of the suspension of regular mail service or by
reason of any other cause, it shall be impracticable to give such notice or communication by mail,
then such notice or communication as shall be made with the approval of the Trustees shall
constitute a sufficient notification or communication for every purpose hereunder.

Section 2.04 Date and Time of Effectiveness.

     This Guarantee shall become a legally effective and binding instrument at and as of the date
hereof.

Section 2.05 Notes Deemed Conformed.

     As of the date hereof, the provisions of the Notes shall be deemed to be conformed, without
the necessity for any reissuance or exchange of such Note or any other action on the part of the
Holders of Notes, the Company, PACC, Sabine, Neches, PRG or any of the Trustees, so as to reflect
this Guarantee.

Section 2.06 Successors.

     All agreements of Valero in this Guarantee shall bind its successors and assigns, whether or
not so expressed.

Section 2.07 Benefits of Guarantee.

     Nothing in this Guarantee, express or implied, shall give to any person, other than the
parties hereto and their successors hereunder and the Holders of Notes, any benefit or any legal or
equitable right, remedy or claim under this Guarantee.

4

 

Section 2.08 Separability.

     In case any provision in this Guarantee 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, it being intended that all of the provisions hereof shall be enforceable to
the full extent permitted by law.

Section 2.09 Headings.

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

Section 2.10 GOVERNING LAW.

     THIS GUARANTEE SHALL BE GOVERNED AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE
STATE OF NEW YORK.

Section 2.11 Amendments.

     This Guarantee may be amended by the parties hereto by an instrument in writing signed on
behalf of each of the parties. Upon the execution of any such amendment, this Guarantee shall be
modified in accordance therewith, and such amendment shall form a part of this Guarantee for all
purposes; and every Holder of Notes shall be bound thereby.

Section 2.12 Counterparts.

     This Guarantee may be executed in two or more counterparts, each of which shall constitute an
original, but all of which when taken together shall constitute the same instrument.

Section 2.13 Trustees Not Responsible for Recitals.

     The recitals herein contained are made by Valero, and not by the Trustees, and the Trustees
assume no responsibility for the correctness thereof. The Trustees make no representations as to
the validity or sufficiency of this Guarantee.

5

 

     IN WITNESS WHEREOF, Valero has caused this Guarantee to be duly executed as of the day and
year first above written.

	 	 	 	 	 
	 	VALERO ENERGY CORPORATION

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

6

 

ACCEPTED this 2nd day of

September, 2005.

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee
 

By:
/s/ Susan Johnson

 

       Name: Susan Johnson

       Title: Vice President

HSBC BANK USA, NATIONAL ASSOCIATION,

as Capital Markets Trustee
 

By:
/s/ Herawattee Alli

 

       Name: Herawattee Alli

       Title: Assistant Vice President

7

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