Document:

exv10w18

EXHIBIT 10.18

Agreement of Indemnification

Dated 26 January 2011

UCI Holdings Limited

for the benefit and in favour of

the Indemnitees defined in this Agreement

(UCI Group Companies — United States)

 

 

Contents

	 	 	 	 	 	 	 
	Clause	 	 	 	Page
	1.

	 	Definitions
	 	 	4	 
	2.

	 	Indemnification
	 	 	4	 
	3.

	 	Limitations on Indemnification
	 	 	4	 
	4.

	 	Indemnification Procedure
	 	 	5	 
	5.

	 	Severability
	 	 	6	 
	6.

	 	Governing law
	 	 	6	 
	7.

	 	Amendments
	 	 	6	 
	8.

	 	Termination
	 	 	6	 
	 
	 	 	 	 	 	 
	Schedule	 	 	 	 
	 
	 	 	 	 	 	 
	1.

	 	Part A: U.S. Obligor
	 	 	8	 
	2.

	 	Part B: List of Indemnitees
	 	 	9	 

 

 

THIS AGREEMENT OF INDEMNITIFICATION is made on 26 January, 2011

BY:

UCI Holdings Limited, a company registered in New Zealand whose registered office is at c/o Bell
Gully (GJM), Level 22, Vero Centre, 48 Shortland Street, Auckland, New Zealand (“UCI
Holdings”);

IN FAVOUR AND FOR THE BENEFIT OF:

Each Indemnitee (as defined below).

BACKGROUND

	A.	 	On 26 January 2011, UCI Holdings indirectly acquired the U.S. Obligors (as defined below) set
forth on Part A of the Schedule through the merger of Uncle Acquisition 2010 Corp (an indirect
subsidiary of UCI Holdings) and UCI International, Inc., with UCI International, Inc. as the
surviving entity (the “Acquisition”).
	 
	B.	 	In order to partially fund the Acquisition and the associated costs and transactions required
to effect the Acquisition, UCI Holdings and certain of its subsidiaries entered into the
Financing Transactions (as defined below) and the U.S. Obligors may enter into the Financing
Transactions.

	C.	 	Each U.S. Obligor may, among other things, be required to do some or all of the following:

	 	1.	 	provide a guarantee in respect of unsecured notes issued by indirect
subsidiaries of UCI Holdings in an amount of US$400,0000,000 8.625% due 2019 (the
“Unsecured Notes”) and accede to the indenture dated 26 January 2011 under
which the Unsecured Notes were issued;
	 
	 	2.	 	accede to the registration rights agreement dated 26 January 2011 in respect
of the Unsecured Notes;

2 

 

	 	3.	 	accede to the purchase agreement dated 11 January 2011 in respect of the
Unsecured Notes;
	 
	 	4.	 	provide a guarantee in respect of the senior secured credit agreement dated
26 January 2011 which provides for $300,000,000 of term loan facilities and
$75,000,000 of revolving facilities (the “Senior Secured Credit Facilities”);
	 
	 	5.	 	provide security over certain assets of the U.S. Obligors to secure the
obligations in respect of the Senior Secured Credit Facilities (the “Security
Documents”);
	 
	 	6.	 	accede to the first lien intercreditor agreement dated 26 January 2011 in
respect of the guarantees, indebtedness and security described above as may be
necessary to give effect to the proposed structure; and
	 
	 	7.	 	provide certificates or other documents in connection with the above,
	 
	 	 	 	(together, the “Financing Transactions”).
	 
	 	 	 	In addition, certain of the U.S. Obligors may be required to take certain steps as may be
necessary or desirable to effect corporate restructuring(s) and other steps necessary or
desirable to implement or in connection with the Acquisition, including in connection with
the proposed merger of UCI Acquisition Holdings, Inc. with and into UCI International, Inc.
(the “Acquisition and Structuring Transactions”).
	 
	 	 	 	(The Financing Transactions together with the Acquisition and Structuring Transactions are,
collectively, the “Transactions”, and the documents relating to the Transactions,
are collectively, the “Transaction Documents”.)

	E.	 	UCI Holdings has agreed to provide an indemnity to the Indemnitees (as defined below) in
respect of the Transactions as further described below.

It is the intention of UCI Holdings that this document be executed as an agreement (this
“Agreement”) in favour and for the benefit of each Indemnitee.

3 

 

THIS AGREEMENT WITNESSES as follows:

	1.	 	Definitions

	 	 	“Indemnitee” means each person listed in Part B of the Schedule to this Agreement;
and

	 	 	“U.S. Obligor” means each company listed in Part A of the Schedule to this
Agreement.

	2.	 	Indemnification

	 	 	UCI Holdings shall indemnify each Indemnitee against all legal expenses, losses,
liabilities, judgments, fines, penalties and amounts paid in settlement (including all
interest, assessments and other charges in connection therewith) (collectively, the
“Indemnified Liabilities”) incurred by an Indemnitee or on an Indemnitee’s behalf
in connection with any proceeding resulting from or relating to decisions the Indemnitee
made or any actions the Indemnitee took on behalf of a U.S. Obligor in his or her capacity
as a director or officer of that company in connection with any transactions or the
approval or execution of any resolutions or documents in relation to the Acquisition, the
Transaction Documents, or the Transactions.

	3.	 	Limitations on Indemnification

	 	 	Notwithstanding any other provision of this Agreement, an Indemnitee shall not be entitled
to indemnification under this Agreement:

	 	(a)	 	to the extent that such indemnification is not permitted by applicable laws;
or
	 
	 	(b)	 	to the extent such Indemnified Liabilities are the result of the gross
negligence, bad faith or wilful misconduct of the Indemnitee; or
	 
	 	(c)	 	to the extent that payment is actually made, or for which payment is
available, to or on behalf of the relevant Indemnitee under an insurance policy,
except in respect of any amount in excess of the limits of liability of such policy or
any applicable deductible for such policy; or

4 

 

	 	(d)	 	to the extent that payment has or will be made to the relevant Indemnitee by
a U.S. Obligor or any affiliate of UCI Holdings otherwise than pursuant to this
Agreement; or
	 
	 	(e)	 	in connection with any proceeding (or part thereof) initiated by an
Indemnitee, unless:

	 	(i)	 	such indemnification is expressly required to be made by
law;
	 
	 	(ii)	 	the proceeding was authorised by the shareholder(s) (or
other decision making organ) of the relevant U.S. Obligor; or
	 
	 	(iii)	 	such indemnification is provided by the relevant U.S.
Obligor, in its sole discretion, pursuant to the powers vested in the U.S.
Obligor under applicable law.

	4.	 	Indemnification Procedure

	 	(a)	 	Each Indemnitee shall give UCI Holdings notice in writing as soon as
practicable of any proceeding in relation to that Indemnitee for which indemnification
will or could be sought under this Agreement. To obtain indemnification payments or
advances under this Agreement, an Indemnitee shall submit to UCI Holdings a written
request therefore, together with such invoices or other supporting information as may
be reasonably requested by UCI Holdings and reasonably available to the relevant
Indemnitee. Subject to clause 4(b) below, UCI Holdings shall make such
indemnification payment within 30 business days of receipt of such invoices and
supporting information.
	 
	 	(b)	 	There shall be no presumption in favour of indemnification. If there is a
dispute between UCI Holdings and an Indemnitee as to whether that Indemnitee is
entitled to indemnification, then independent legal counsel shall be selected by the
board of directors of UCI Holdings to make such determination. The selected
independent legal counsel shall make such determination within 30 business days of
being selected and the decision of such independent legal counsel shall be binding
upon UCI Holdings and the relevant Indemnitee.

5 

 

	5.	 	Severability

	 	 	If any provision or provisions of this Agreement shall be held to be invalid, illegal or
unenforceable for any reason, the validity, legality and enforceability of the remaining
provisions of this Agreement shall not in any way be affected or impaired thereby and shall
remain enforceable to the fullest extent permitted by law.

	6.	 	Governing law

	 	 	This Agreement shall be governed by and its provisions construed in accordance with New
York law.

	7.	 	Amendments

	 	 	No amendment or modification of this Agreement shall be effective unless it is approved in
writing by each Indemnitee having the benefit of this Agreement.

	8.	 	Termination
	 
	 	 	This Agreement shall remain in effect in favour and for the benefit of each Indemnitee
until the expiration of 12 months after the date that is the later to occur of:

	 	(a)	 	the relevant Indemnitee ceasing to serve as a director or officer (as
relevant) of the relevant U.S. Obligor; and
	 
	 	(b)	 	the date on which all obligations of the relevant U.S. Obligor of which that
Indemnitee is a director or officer (as relevant) in respect of the Transaction
Documents are expired, terminated or released.

6 

 

     IN WITNESS of which this Agreement has been executed and has been delivered on the date stated
at the beginning of this Agreement for the benefit and in favour of each Indemnitee.

	 	 	 	 	 
	   UCI Holdings Limited 

 	 
	 	  	/s/ Gregory Alan Cole
 	 
	 	 	Name:  	Gregory Alan Cole 	 
	 	 	Position: Director 	 
	 

					
	 	
 	 
	 	  	/s/ Linda Scott
 	 
	 	 	Signature of witness 	 
	 	 	 	 
	 
	 	 	 
	 	  	Secretary
 	 
	 	 	Occupation 	 
	 	 	 	 
	 
	 	 	 
	 	  	Devonport, Auckland
 	 
	 	 	City of Residence 	 
	 	 	 	 
	 

7 

 

Schedule

Part A

U.S. Obligor

	•	 	UCI International, Inc.
	 
	•	 	United Components, Inc.
	 
	•	 	UCI Pennsylvania, Inc.
	 
	•	 	UCI-Wells Holdings, L.L.C.
	 
	•	 	Wells Manufacturing L.P.
	 
	•	 	Wells Mexico Holdings Corp
	 
	•	 	UCI Investments, L.L.C.
	 
	•	 	UCI-Airtex Holdings Inc.
	 
	•	 	Airtex Industries, L.L.C.
	 
	•	 	Airtex Products, L.P.
	 
	•	 	Champion Laboratories, Inc.
	 
	•	 	Fuel Filter Technologies,Inc.
	 
	•	 	ASC Holdco, Inc.
	 
	•	 	ASC Industries, Inc.
	 
	•	 	ASC International Incorporated

8 

 

Part B

List of Indemnitees

	•	 	Gregory Alan Cole

	•	 	Allen Philip Hugli

	•	 	Helen Dorothy Golding

	•	 	Thomas James Degnan

	•	 	any other director or officer (as relevant) of the U.S. Obligors from time to time

9exv10w1

Exhibit 10.1

Execution Copy

SEVENTH AMENDMENT

TO CREDIT AGREEMENT

AND CONSENT

     THIS SEVENTH AMENDMENT TO CREDIT AGREEMENT AND CONSENT (this “Amendment”), dated as of
April 15, 2011, is by and among CALUMET LUBRICANTS CO., LIMITED PARTNERSHIP, an Indiana limited
partnership (the “Company”), CALUMET SHREVEPORT, LLC, an Indiana limited liability company
(“Calumet Shreveport”), CALUMET SHREVEPORT LUBRICANTS & WAXES, LLC, an Indiana limited
liability company (“CSLW”), CALUMET SHREVEPORT FUELS, LLC, an Indiana limited liability
company (“CSF”), CALUMET SPECIALTY PRODUCTS PARTNERS, L.P., a Delaware limited partnership
(“CSPP”), CALUMET LP GP, LLC, a Delaware limited liability company (“CLPGP”),
CALUMET OPERATING, LLC, a Delaware limited liability company (“Operating”), CALUMET SALES
COMPANY INCORPORATED, a Delaware corporation (“Calumet Sales”), CALUMET PENRECO, LLC, a
Delaware limited liability company (“Calumet Penreco”) and CALUMET FINANCE CORP., a
Delaware corporation (“Calumet Finance”, and together with the Company, Calumet
Shreveport, CSLW, CSF, CSPP, CLPGP, Operating, Calumet Sales and Calumet Penreco, collectively, the
“Borrowers” and each individually a “Borrower”), the financial institutions
identified on the signature pages hereto as the Lenders (collectively, the “Lenders”) and
BANK OF AMERICA, N.A., as agent for the Lenders (the “Agent”).

W I T N E S S E T H:

     WHEREAS, pursuant to that certain Credit Agreement dated as of December 9, 2005 among the
Borrowers, the Lenders and the Agent (as previously amended, the “Existing Credit
Agreement”), the Lenders have extended commitments to make certain credit facilities available
to the Borrowers;

     WHEREAS, in anticipation of the issuance by certain of the Borrowers of either (i) unsecured
senior notes or (ii) secured senior notes, the Borrowers have requested that the Lenders agree to
amend the Existing Credit Agreement;

     WHEREAS, in the event that the Borrowers consummate the Unsecured Notes Offering, the
Borrowers have requested that the Lenders agree to consent to the release by the Agent of its liens
on the PP&E Priority Collateral; and

     WHEREAS, the Agent and the Required Lenders are willing to make such amendments and grant such
consent upon the terms and conditions contained in this Amendment;

 

 

     NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, and in consideration of the agreements herein contained, the parties hereby
agree as follows:

PART I

DEFINITIONS

     SUBPART 1.1. Certain Definitions. Unless otherwise defined herein or the
context otherwise requires, the following terms used in this Amendment, including its
preamble and recitals, have the following meanings:

     “Amended Credit Agreement” means the Existing Credit Agreement as
amended hereby.

     “Amendment No. 7 Effective Date” is defined in Subpart
4.1.

     SUBPART 1.2. Other Definitions. Unless otherwise defined herein or the
context otherwise requires, terms used in this Amendment, including its preamble and
recitals, have the meanings provided in the Amended Credit Agreement.

PART II

AMENDMENTS TO EXISTING CREDIT AGREEMENT

     Effective on (and subject to the occurrence of) the Amendment No. 7 Effective Date, the
Existing Credit Agreement is hereby amended in accordance with this Part II. Except as so
amended, the Existing Credit Agreement shall continue in full force and effect.

     SUBPART 2.1. Amendments to Section 1.1. Section 1.1 of the Existing Credit
Agreement is hereby amended as follows:

     (A) The definition of “Applicable Margin” is hereby amended by (i) deleting the
words “Level IV” contained therein and replacing them with the words “Level III” and
(ii) deleting the grid set forth therein and replacing it with the following:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Consolidated	 	 	Base Rate	 	 	LIBOR	 
	Level	 	Leverage Ratio	 	 	Revolving Loans	 	 	Revolving Loans	 
	I
	 	< 2.75 to 1.0	 	 	0.50	%	 	 	2.00	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	II
	 	≥ 2.75 to 1.0 but
 < 3.25 to 1.0	 	 	0.75	%	 	 	2.25	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	III
	 	≥ 3.25 to 1.0	 	 	1.00	%	 	 	2.50	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 

2

 

     (B) The definition of “Change of Control” is hereby amended by adding a new
clause (g) to the end thereof which shall read as follows:

     (g) the occurrence of a “Change of Control” (or any comparable
term) under, and as defined in, the Notes Indenture.

     (C) The definition of “Collateral” is hereby deleted in its entirety and
replaced with the following:

     Collateral — a collective reference to all Property
that now or hereafter secures (or is intended to secure) any
Obligations excluding Excluded Property, after giving effect to all
releases of collateral duly executed and delivered in accordance
with the Loan Documents.

     (D) The definition of “Excluded Property” is hereby amended by adding the
following words to the end of the proviso at the end thereof:

     “or any obligations under the Secured Senior Notes or the
Secured Notes Indenture.”

     (E) The definition of “Priority Collateral” is hereby deleted in its entirety
and replaced with the following:

     Priority Collateral — (i) before the Amendment No. 7
Effective Date, all “Working Capital Priority Collateral” as defined
in the Intercreditor Agreement (other than Excluded Property),
including, upon the payment in full of the PP&E Obligations and the
termination of the PP&E Commitment, all PP&E Priority Collateral
(other than Excluded Property) and (ii) on and after the Amendment
No. 7 Effective Date, (a) in the event of the consummation of the
Secured Notes Offering, all property with respect to which the Agent
holds a first lien pursuant to the terms of the Intercreditor
Agreement — Secured Notes Indenture (other than Excluded Property),
including, upon the payment in full of all obligations under the
Secured Senior Notes and the Secured Notes Indenture, the Secured
Notes Indenture Collateral (other than Excluded Property) or (b) in
the event of the consummation of the Unsecured Notes Offering, all
Collateral.

     (F) The following new definitions are hereby added in appropriate alphabetical
order:

3

 

     Amendment No. 7 Effective Date — April ___, 2011.

     Intercreditor Agreement — Secured Notes Indenture —
an intercreditor agreement entered into by, among others, the Agent
and the Trustee under the Secured Notes Indenture in form and
substance satisfactory to the Agent in its sole discretion, provided
that if an Unsecured Notes Offering is consummated prior to a
Secured Notes Offering, then “Intercreditor Agreement—Secured Notes
Indenture” shall be without meaning, force or effect.

     Notes Indenture — (i) in the event of the consummation
of the Secured Notes Offering, the Secured Notes Indenture or (ii)
in the event of the consummation of the Unsecured Notes Offering,
the Unsecured Notes Indenture.

     Notes Offering — (i) in the event of the consummation
of the Secured Notes Offering, the Secured Notes Offering or (ii) in
the event of the consummation of the Unsecured Notes Offering, the
Unsecured Notes Offering.

     Secured Notes Indenture — (i) the indenture pursuant
to which the Secured Senior Notes are issued, and (ii) any note
purchase agreement, indenture or other agreement evidencing any
refinancing thereof permitted by Section 10.2.3(l) as in effect
after the Amendment No. 7 Effective Date, provided that if an
Unsecured Notes Offering is consummated prior to a Secured Notes
Offering, then “Secured Notes Indenture” shall be without meaning,
force or effect.

     Secured Notes Indenture Collateral — if a Secured
Notes Offering is consummated, all property with respect to which
the holders of the Secured Senior Notes hold a first lien pursuant
to the terms of the Intercreditor Agreement — Secured Notes
Indenture, provided that if an Unsecured Notes Offering is
consummated prior to a Secured Notes Offering, then “Secured Notes
Indenture Collateral” shall be without meaning, force or effect.

     Secured Notes Offering — the issuance by the Company
and Calumet Finance of at least $300,000,000 aggregate principal
amount of secured senior notes having a term of not less than six
years (the “Secured Senior Notes”).

     Secured Senior Notes — as defined in the definition of
“Secured Notes Offering”.

4

 

     Senior Notes — (i) in the event of the consummation of
the Secured Notes Offering, the Secured Senior Notes or (ii) in the
event of the consummation of the Unsecured Notes Offering, the
Unsecured Senior Notes.

     Secured Senior Notes Cap Amount — an amount equal to
$375,000,000.

     Trustee — the trustee under the applicable Notes
Indenture.

     Unsecured Notes Indenture — (i) the indenture pursuant
to which the Unsecured Senior Notes are issued, and (ii) any note
purchase agreement, indenture or other agreement evidencing any
refinancing thereof permitted by Section 10.2.3(l) as in effect
after the Amendment No. 7 Effective Date, provided that if the
Secured Notes Offering is consummated prior to the Unsecured Notes
Offering, then “Unsecured Note Indenture” shall be without meaning,
force or effect.

     Unsecured Notes Offerings — the initial issuance by
the Company and Calumet Finance of at least $300,000,000 aggregate
principal amount of unsecured senior notes having a term of not less
than six years, and any subsequent offering of unsecured senior
notes, without regard to principal amount, having a maturity date
that is at or after the maturity date of the first such issuance by
the Company (the “Unsecured Senior Notes”).

     Unsecured Senior Notes — as defined in the definition
of “Unsecured Notes Offering”.

     SUBPART 2.2. Amendment to Section 9.1.8. Section 9.1.8 of the Existing
Credit Agreement is hereby amended by inserting the words
“and the Secured Notes Indenture Collateral” after the words
“in the PP&E Priority Collateral” and before the words “are
duly perfected”.

     SUBPART 2.3. Amendment to Section 9.1.24. Section 9.1.24 of the Existing
Credit Agreement is hereby amended by inserting the words
“and the Secured Notes Indenture Collateral” after the words
“with respect to the PP&E Priority Collateral” and before the
words “second priority”.

     SUBPART 2.4. Amendment to Section 10.1.2. Section 10.1.2(f) is hereby
amended by inserting the words “and the Notes Indenture”
after the words “including the PP&E Credit Agreement”.

     SUBPART 2.5. Amendment to Section 10.1.14. Section 10.1.14 of the
Existing Credit Agreement is hereby amended as follows:

5

 

     (a) Clause (a) is hereby amended by adding the following sentence to
the end thereof:

     The foregoing provisions of this Section 10.1.14(a) shall not
apply, and Section 10.1.14(a) shall be without any force or effect,
following the consummation of an Unsecured Notes Offering.

     (b) Clause (b) is hereby amended by adding the following sentence to
the end thereof:

     The foregoing provisions of this Section 10.1.14(b) which
require the Obligors to mortgage their real property interests in
favor of the Agent and to deliver title insurance, surveys, flood
plain certificates and environmental reports shall not apply
following the consummation of an Unsecured Notes Offering.

     SUBPART 2.6. Amendment to Section 10.2.1. Section 10.2.1 of the Existing
Credit Agreement is hereby amended as follows:

     (a) Clause (r) is hereby deleted in its entirety and replaced with the
following:

     (r) Liens securing the PP&E Obligations, so long as the
Intercreditor Agreement or a replacement intercreditor agreement
satisfactory to Agent and all the Lenders is in effect or, upon
consummation of an Unsecured Notes Offering, to the extent not
included in the foregoing, Liens on the PP&E Priority Collateral
securing the portion, if any, of the obligations of the Borrower to
Approved Counterparties (as defined in the PP&E Credit Agreement)
under Secured Crack Spread Hedge Agreements, provided that the Agent
has entered into a new intercreditor agreement with such Approved
Counterparties satisfactory to the Agent or an amendment or
restatement of the Intercreditor Agreement satisfactory to the
Agent.

     (b) The “(u)” at the beginning of the final clause is changed to “(v)” and a
new clause is hereby inserted after clause (t) which shall read as follows:

     (u) If a Secured Notes Offering is consummated prior to an
Unsecured Notes Offering, Liens with respect to the Secured Notes
Indenture Collateral securing the Obligors’ obligations under the
Secured Notes Offering, so long as the Intercreditor Agreement —
Secured Notes Indenture or a replacement intercreditor agreement
satisfactory to the Agent and the Required Lenders is in effect.

6

 

     SUBPART 2.7. Amendment to Section 10.2.2. Section 10.2.2 of the Existing
Credit Agreement is hereby amended as follows:

     (a) The words “and the terms of the Notes Indenture” are hereby
inserted after the words “the terms of the PP&E Credit Agreement” in Section
10.2.2(g).

     (b) The “(m)” at the beginning of the final clause is hereby changed to
“(n)”, and a new Section 10.2.2(m) is hereby inserted as new clause (m):

     (m) Investments in Senior Notes required by the terms of the
Senior Notes Indenture.

     SUBPART 2.8. Amendment to Section 10.2.3. Section 10.2.3 of the Existing
Credit Agreement is hereby amended as follows:

     (a) The “(l)” at the beginning of the final clause is hereby changed to “(m)”
and the words “or applied to repayment of the Secured Senior Notes” are hereby
inserted at the end thereof.

     (b) The following new clause is hereby inserted after clause (k) and before
clause (m) (as renumbered in accordance with the immediately preceding paragraph
hereof) as new clause (l):

     (l) Indebtedness of the Borrowers and their Subsidiaries
arising in connection with (i) a Secured Notes Offering if the
Secured Notes Offering is consummated prior to an Unsecured Notes
Offering and the aggregate face amount of the Secured Senior Notes
does not exceed the Secured Senior Notes Cap Amount or, in the
alternative, (ii) an Unsecured Notes Offering if an Unsecured Notes
Offering is consummated before the Secured Notes Offering, and if so
consummated, any subsequent offerings of Unsecured Senior Notes
without regard to the face amount thereof, so long as (A) the
maturity date for the Indebtedness evidenced by any offering of
Unsecured Senior Notes shall occur no earlier than the date that is
six months after the Revolver Termination Date, (B) the amount of
such Indebtedness shall have no amortization prior to the Revolver
Termination Date, excluding put rights, required tenders for the
Notes or other repayments or prepayments required upon the
occurrence of a contingency (such as, for example and not by way of
limitation, an event of default, the destruction of assets or a
change of control), and (C) the issuance of such Unsecured Senior
Notes would not violate Section 10.3, and in either case, renewals,
refinancings and extensions thereof on terms and conditions no less
favorable to such Persons than those set forth in the applicable
Notes

7

 

Indenture; provided that (i) the aggregate amount of
the applicable Secured Notes Offering is not increased at the time
of such refinancing, refunding, renewal or extension except by an
amount equal to a reasonable premium or other reasonable amount
paid, and fees and expenses reasonably incurred, in connection with
such refinancing, and (ii) the terms relating to principal amount,
maturity and other material terms taken as a whole, of any such
refinancing, refunding, renewing or extending of Secured Senior
Notes Indebtedness, and of any agreement entered into and of any
instrument issued in connection therewith, are no less favorable in
any material respect to the Obligors or the Lenders than the terms
of the applicable Secured Notes Indenture
(it being understood that it shall be deemed a permitted refinancing
under this Section 10.2.3(l) if funds, raised in a public offering
of debt securities, are restricted to repayment of such
Indebtedness, even if a period of up to 30 days (or a longer period
to the extent that such funds are escrowed pursuant to arrangements
satisfactory to the Required Lenders) intervenes between the date
such public offering closes and the date that the applicable
Indebtedness is repaid from such funds); and

     SUBPART 2.9. Amendment to Section 10.2.9. Section 10.2.9 of the Existing
Credit Agreement is hereby amended as follows:

     (a) Section 10.2.9(a) is hereby amended by deleting the “and” before
clause (7) and inserting a new clause (8) at the end thereof which shall read
as follows:

     “and (8) the Notes Indenture as in effect on the Amendment No.
7 Effective Date or as amended from time to time in accordance with
the terms of this Agreement.”

     (b) Section 10.2.9(b) is hereby amended by inserting at the end of such
provision, immediately prior to the period therein, the following:

     “and (iv) any document or instrument governing Indebtedness of
the Borrowers or their Subsidiaries permitted under Section
10.2.3(l) hereof

     SUBPART 2.10. Amendments to Section 10.2.12. Section 10.2.12 of the Existing
Credit Agreement is hereby amended as follows:

     (a) Section 10.2.12(a) is hereby amended by (i) changing the word “or”,
where it appears in the phrase “(other than (A) Indebtedness under the Loan
Documents or (B)...”, to “and”, and (ii) deleting the phrase “such purchase
money Indebtedness) (in each case whether or not mandatory)” that appears at
the end thereof immediately prior to the

8

 

semicolon and inserting in lieu
thereof the following prior to such semicolon:

such purchase money Indebtedness (in each case, whether or not
mandatory), or (C) Indebtedness arising from a Notes Offering upon
the occurrence of a contingency);

     (b) A new clause (f) is hereby added to the end thereof which shall
read as follows:

     (f) Amend, replace, refinance, refund, restructure, supplement,
extend or otherwise modify the Notes Indenture (i) such that the
Indebtedness documented thereby would not be permitted under Section
10.3 after giving effect thereto, (ii) such
that the terms thereof are materially less favorable, taken as
a whole, to the Obligors or the Lenders after giving effect thereto
or (iii) to violate the provisions of the Intercreditor Agreement —
Secured Notes Indenture.

PART III

CONSENT AND AUTHORIZATION

     SUBPART 3.1. In the event of the consummation of an Unsecured Notes Offering, the
Lenders hereby consent to the release of the Agent’s lien on the PP&E Priority Collateral
and authorize and direct the Agent to execute and deliver to the Borrower from time to time,
when requested thereby, and to file, such documents, instruments and releases as the Agent
may deem advisable to effect such release. Except for the foregoing consent and amendments,
all terms and conditions of the Amended Credit Agreement shall remain in full force and
effect, without modification or limitation. This Amendment shall not constitute a consent
to any other action or inaction by the Borrowers or any other Consolidated Party, nor shall
it operate as a waiver of any other right, power, or remedy of any Lender or the Agent
under, or of any provision contained in, the Credit Agreement or any other Loan Document or
under applicable law (all of which rights and remedies are hereby expressly reserved by the
Lenders and the Agent), except as specifically provided herein.

PART IV

CONDITIONS TO EFFECTIVENESS

     SUBPART 4.1. Amendment No. 7 Effective Date. This Amendment shall become
effective when all of the conditions set forth in this Part IV shall have been
satisfied (the “Amendment No. 7 Effective Date”), and thereafter this Amendment
shall be known, and may be referred to, as the “Seventh Amendment.”

9

 

     SUBPART 4.2. Execution of Counterparts of Amendment. The Agent shall have
received counterparts (or other evidence of execution, including telephonic message,
satisfactory to the Agent) of this Amendment, which collectively shall have been duly
executed on behalf of the Borrowers and the Required Lenders.

     SUBPART 4.3. Notes Offering. The Agent shall have received satisfactory
evidence that the Borrowers have received the gross proceeds of the applicable Notes
Offering in an amount sufficient to repay in full the Obligations (as defined in the PP&E
Credit Agreement) pursuant to the terms of the PP&E Credit Agreement, the Borrowers shall
have repaid in full such Obligations pursuant to the terms of the PP&E Credit Agreement and
the PP&E Agent shall have released its lien on the Working Capital Collateral. The Agent
shall have received a copy, certified by the chief financial officer of the Company as true
and complete, of the documentation for the applicable Notes Offering as originally executed
and delivered, together with all exhibits and schedules thereto, and which shall be in form
and substance reasonably satisfactory to the Agent.

     SUBPART 4.4. Intercreditor Agreement — Secured Notes Indenture. In the event
of the consummation of the Secured Notes Offering, the Agent shall have received
counterparts (or other evidence of execution, including telephonic message, satisfactory to
the Agent) of the Intercreditor Agreement — Secured Notes Indenture executed by each of the
parties thereto, which shall be in form and substance reasonably satisfactory to the Agent.

     SUBPART 4.5 Joinder of Calumet Finance. The Agent shall have received (i)
joinder documentation executed by Calumet Finance Corp. in form and substance satisfactory
to the Agent pursuant to which Calumet Finance Corp. becomes a party to the Credit
Agreement, the Security Agreement and the other Security Documents and (ii) supporting
resolutions, articles of incorporation and bylaws (or their equivalents), incumbency
certificates, opinions of counsel and such other items as the Agent may request with respect
to Calumet Finance Corp., all in form and substance satisfactory to the Agent.

PART V

MISCELLANEOUS

     SUBPART 5.1 Cross-References. References in this Amendment to any Part or
Subpart are, unless otherwise specified, to such Part or Subpart of this Amendment.

     SUBPART 5.2. Instrument Pursuant to Amended Credit Agreement. This Amendment
is an Other Agreement executed pursuant to the Amended Credit Agreement and shall (unless
otherwise expressly indicated therein) be construed, administered and applied in accordance
with the terms and provisions of the Amended Credit Agreement.

     SUBPART 5.3. References in Other Agreements. At such time as this Amendment
shall become effective pursuant to the terms of Subpart 3.1, all references in the
Other Agreements to the “Credit Agreement” shall be deemed to refer to the Existing Credit
Agreement as amended by this Amendment.

10

 

     SUBPART 5.4. Representations and Warranties of the Borrowers. Each Borrower
hereby represents and warrants that (a) it has the requisite power and authority to execute,
deliver and perform this Amendment, (b) it is duly authorized to, and has been authorized by
all necessary action, to execute, deliver and perform this Amendment, (c) the
representations and warranties contained in Section 9 of the Existing Credit
Agreement (as amended by this Amendment) are true and correct in all material respects on
and as of the date hereof as though made on and as of such date and after giving effect to
the amendments contained herein (except for those which expressly relate to an earlier date)
and (d) no Default or Event of Default exists under the Existing Credit Agreement on and as
of the date hereof after giving effect to the amendments contained herein.

     SUBPART 5.5. Counterparts. This Amendment may be executed by the parties
hereto in several counterparts, each of which shall be deemed to be an original and all of
which shall constitute together but one and the same agreement. Delivery of executed
counterparts of this Amendment by telecopy shall be effective as an original and shall
constitute a representation that an original will be delivered.

     SUBPART 5.6. Governing Law. THIS AMENDMENT SHALL BE DEEMED TO BE A CONTRACT
MADE UNDER AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK.

     SUBPART 5.7. Successors and Assigns. This Amendment shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns.

     SUBPART 5.8. Costs and Expenses. The Borrowers agree to pay all reasonable
out of pocket costs and expenses of the Agent in connection with the preparation, execution
and delivery of this Amendment, including without limitation the reasonable fees and
expenses of Moore & Van Allen, PLLC.

     SUBPART 5.9. No Other Modification. Except to the extent specifically provided
to the contrary in this Amendment, all terms and conditions of the Existing Credit Agreement
and the Other Agreements shall remain in full force and effect, without modification or
limitation.

     SUBPART 5.10. Release. Each Borrower and each other Obligor hereby releases,
discharges and extinguishes any and all claims that each Borrower, and each other Obligor,
may have against the Agent in its representative capacity, or against the Lenders, arising
as a result of any breach of duty, or any breach of the Existing Agreement, by the Agent or
the Lenders in connection with the performance of their respective obligations under the
Existing Credit Agreement, provided however that the foregoing shall not release, discharge
or extinguish any right, claim or cause of action that each Borrower and each Obligor may
have in connection with (i) deposits (time, demand or other deposits) that are held by the
Agent or any of the Lenders, (ii) checks in process, (iii) rights to refunds for fee or
other overcharges prior to the date hereof, (iv) claims not known prior to the date hereof,
(v) claims in connection with services rendered pursuant to cash management, hedging,
investment advice or any other services of the Agent or any of the Lenders set forth in
agreements other than the Existing Credit

11

 

Agreement, and (vi) claims for willful misconduct
occurring after the date of this Amendment.

[remainder of page intentionally left blank]

12

 

     Each of the parties hereto has caused a counterpart of this Amendment to be duly executed
and delivered as of the date first above written.

			 		
	BORROWERS:	
 CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 
	 

					
	 	
 	 
	 	By:  	/s/
R. Patrick Murray, II 	 
	 	 	Name:  	R. Patrick Murray, II 	 
	 	 	Title:  	Vice President and 

Chief Financial Officer 	 
	 

					
	 	

CALUMET LP GP, LLC

 	 
	 	By:  	Calumet Operating, LLC, its sole member
 	 
	 

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

					
	 	
 	 
	 	By:  	                     Calumet GP, LLC, its general partner
 	 
	 

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

					
	 	
CALUMET OPERATING, LLC

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

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 
	 

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

 

 

					
	 	
CALUMET LUBRICANTS CO., LIMITED

PARTNERSHIP

 	 
	 	By:  	Calumet LP GP, LLC, its general partner
 	 
	 

					
	 	
 	 
	 	By:  	Calumet Operating, LLC, its sole member
 	 
	 

					
	 	
 	 
	 	By:  	Calumet Specialty Products Partners, 

L.P., its sole member
 	 
	 

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 
	 

					
	 	
 	 
	 	By:  	/s/
R. Patrick Murray, II 	 
	 	 	Name:  	R. Patrick Murray, II 	 
	 	 	Title:  	Vice President and 

Chief Financial Officer 	 
	 

					
	 	

CALUMET SHREVEPORT, LLC

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

					
	 	
 	 
	 	By:  	Calumet LP GP, LLC, its general partner
 	 
	 

					
	 	
 	 
	 	By:  	Calumet Operating, LLC, 

its sole member
 	 
	 

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

its sole member
 	 
	 

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 
	 

					
	 	
 	 
	 	By:  	/s/
R. Patrick Murray, II 	 
	 	 	Name:  	R. Patrick Murray, II 	 
	 	 	Title:  	Vice President and 

Chief  Financial Officer 	 
	 

 

 

	 	 	 	 	 
	 	CALUMET SHREVEPORT LUBRICANTS &

WAXES, LLC

 	 
	 	By:  	Calumet Shreveport, LLC, its sole member
 	 

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

					
	 	
 	 
	 	By:  	Calumet LP GP, LLC, its general partner
 	 

					
	 	
 	 
	 	By:  	Calumet Operating, LLC, its sole member
 	 

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

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 
	 

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

	 	 	 	 	 
	 	CALUMET SHREVEPORT FUELS, LLC 

 	 
	 	By:  	Calumet Shreveport, LLC, its sole member
 	 

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

					
	 	
 	 
	 	By:  	Calumet LP GP, LLC, its general partner
 	 

					
	 	
 	 
	 	By:  	Calumet Operating, LLC, its sole member
 	 
	 

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

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 

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

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	CALUMET SALES COMPANY INCORPORATED

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

	 	 	 	 	 
	 	CALUMET PENRECO, LLC

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

					
	 	
 	 
	 	By:  	Calumet LP GP, LLC, its general partner
 	 

					
	 	
 	 
	 	By:  	Calumet Operating, LLC, its sole member
 	 

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

					
	 	
 	 
	 	By:  	Calumet GP, LLC, its general partner
 	 

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

	 	 	 	 	 
	 	CALUMET FINANCE CORP.

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

3

 

	 	 	 	 	 
	AGENT AND LENDERS:            	BANK OF AMERICA, N.A.,

as Agent and a Lender

 	 
	 	By:  	/s/
Hance VanBeber	 
	 	 	Name:  	Hance VanBeber	 
	 	 	Title:  	 Sr.
Vice President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	JPMORGAN CHASE BANK, N.A.,

as Co-Syndication Agent and a Lender

 	 
	 	By:  	/s/
Christy West	 
	 	 	Name:  	Christy West	 
	 	 	Title:  	Vice
President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION 

(successor to Wachovia
Bank, National Association), as a Lender
 	 
	 	By:  	/s/
Mark Bradford	 
	 	 	Name:  	Mark Bradford	 
	 	 	Title:  	Vice
President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	CAPITAL ONE LEVERAGE FINANCE CORP.

 	 
	 	By:  	/s/
Todd Kemme 	 
	 	 	Name:  	
Todd Kemme 	 
	 	 	Title:  	Vice
President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	REGIONS BANK

 	 
	 	By:  	/s/
Jon Eckhouse 	 
	 	 	Name:  	
Jon Eckhouse 	 
	 	 	Title:  	Vice
President 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK

 	 
	 	By:  	/s/ David O’ Neal	 
	 	 	Name:  	David O’ Neal	 
	 	 	Title:  	Vice President	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	LLOYDS TSB BANK, PLC

 	 
	 	By:  	/s/ Candi Obrentz	 
	 	 	Name:  	Candi Obrentz	 
	 	 	Title:  	Vice President	 
	 
	 	By:  	/s/ Abraham Asoli	 
	 	 	Name:  	Abraham Asoli	 
	 	 	Title:  	Associate Director

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