Document:

Exhibit 4.1

 

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

CALUMET FINANCE CORP.

 

and

 

the Guarantors named herein

 

 

 

7.75% SENIOR NOTES DUE 2023

 

 

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of February 11, 2021

 

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

 

Trustee

 

 

 

     

     

    

 

This THIRD SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of February 11, 2021, is entered into by and 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 (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuers, the Guarantors and
the Trustee entered into an Indenture, dated as of March 27, 2015 as may be amended and supplemented from time to time (as so amended
and supplemented, the “Indenture”), pursuant to which the Company has issued $325,000,000 in aggregate principal amount
of 7.75% Senior Notes due 2023 (the “Notes”);

 

WHEREAS, Section 9.02 of the Indenture provides,
among other things, that with the consent of the holders (the “Holders”) of at least a majority in principal amount
of the Notes then outstanding (the “Requisite Consents”), the Issuers, the Guarantors and the Trustee may amend the
Indenture and the Notes, subject to certain exceptions specified in Section 3.02 below and Section 9.02 of the Indenture;

 

WHEREAS, on February 1, 2021, the Issuers
distributed a Consent Solicitation Statement (as amended, modified or supplemented as of the date hereof, the “Consent Solicitation
Statement”) to each Holder soliciting consents to the amendments to the Indenture set forth in this Supplemental Indenture;

 

WHEREAS, as of the date hereof, there were
$325,000,000 in aggregate principal amount of Notes outstanding;

 

WHEREAS, the Issuers have obtained the Requisite
Consents to amend the Indenture as set forth in the Consent Solicitation Statement (the “Amendments”); and

 

WHEREAS, all acts and things prescribed
by the Consent Solicitation Statement and the Indenture necessary to make this Supplemental Indenture a valid instrument legally
binding on the Issuers, the Guarantors and the Trustee, in accordance with its terms, and, subject to Section 3.02 below, to make
the Amendments become effective and operative, 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 

 

Amendments
to ARTICLE 1—Definitions and Incorporation by Reference

 

Section
1.01. For purposes of this Supplemental Indenture, the terms defined in the recitals shall have the meanings therein specified;
any capitalized terms used and not defined herein shall have the same respective meanings as assigned to them in the Indenture;
and references to Articles or Sections shall, unless the context indicates otherwise, be references to Articles or Sections of
the Indenture. The words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

    2

     

    

 

Section
1.02. The definition of “Capital Lease Obligation” in Section 1.01 of the Indenture is hereby amended and restated
in its entirety to read as follows:

 

“Capital 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 Capital Lease Obligations or Indebtedness.

 

Article
2 

 

AMENDMENTS TO ARTICLE
4—COVENANTS

 

Section
2.01. Section 4.17 of the Indenture is hereby amended and restated in its entirety to read as follows:

 

“[Reserved.]

 

Section
2.02. Any and all additional provisions of the Indenture are hereby deemed to be amended to reflect the intentions of the
Amendments provided for in this Supplemental Indenture.

 

Article
3 

EFFECTIVENESS

 

Section
3.01. Except as amended hereby, all of the terms of the Indenture shall remain and continue in full force and effect and
are hereby confirmed in all respects. From and after the date of this Supplemental Indenture, all references to the Indenture (whether
in the Indenture or in any other agreements, documents or instruments) shall be deemed to be references to the Indenture as amended
and supplemented by this Supplemental Indenture and every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

 

Section
3.02. This Supplemental Indenture shall become effective as a binding agreement immediately upon its execution and delivery
by each of the Issuers, the Guarantors and the Trustee; provided, however, that the Amendments set forth in Articles
1 and 2 hereof shall not become effective and operative until the consummation of the Sale and Leaseback Transaction and payment
of the Consent Fee (each as defined in the Consent Solicitation Statement) in accordance with the Consent Solicitation Statement
(it being understood that the Amendments shall become immediately and fully effective and operative upon such occurrences). If
the Issuers notify the Trustee in writing (email being sufficient) that the Issuers no longer wish to obtain the Amendments and
do not intend to pay the Consent Fee at any time, this Supplemental Indenture shall, from and after the Issuers’ delivery
of such notice to the Trustee, become and be null and void ab initio. The Issuers shall be under no obligation to consummate the
Sale and Leaseback Transaction or pay the Consent Fee.

 

    3

     

    

 

Article
4 

MISCELLANEOUS

 

Section
4.01. Amendments to the Indenture pursuant to this Supplemental Indenture shall also apply to the Notes, including, without
limitation, provisions of the Notes amended as set forth in the amendments to the Exhibits or Appendices to the Indenture.

 

Section
4.02. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. The terms and conditions of this Supplemental Indenture shall be
deemed to be incorporated in and made a part of the terms and conditions of the Indenture for any and all purposes, and all the
terms and conditions of both shall be read, taken and construed together as though they constitute one and the same instrument,
except that in the case of conflict, the provisions of this Supplemental Indenture will control.

 

Section
4.03. All covenants and agreements in this Supplemental Indenture by the Issuers, the Guarantors or the Trustee shall bind
their respective successors and assigns, whether so expressed or not.

 

Section
4.04. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
4.05. Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto
and their successors under the Indenture and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim
under the Indenture.

 

Section
4.06. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of them together shall represent the same agreement. One signed copy is enough to prove this Supplemental Indenture.

 

Section
4.07. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section
4.08. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Issuers.

 

Section
4.09. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left
blank.]

 

    4

     

    

 

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

 

	 	ISSUERS:
	 	 
	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

	 	By:	Calumet GP, LLC, its general partner

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

	 	CALUMET FINANCE CORP.

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature Page to Third Supplemental Indenture]

 

     

     

    

 

	 	GUARANTORS:
	 	 
	 	CALUMET OPERATING, LLC
	 	CALUMET REFINING, LLC
	 	CALUMET PRINCETON REFINING, LLC
	 	CALUMET COTTON VALLEY REFINING, LLC
	 	CALUMET SHREVEPORT 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/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

	 	CALUMET SPECIALTY OILS DE MEXICO, S. DE R.L. DE C.V.

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature Page to Third Supplemental Indenture]

 

     

     

    

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

 

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

 

[Signature Page to Third Supplemental Indenture]Exhibit 4.2

 

CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

CALUMET FINANCEs CORP.

 

and

 

the Guarantors named herein

 

 

 

7.625% SENIOR NOTES DUE 2022

 

 

 

SEVENTH SUPPLEMENTAL INDENTURE

 

Dated as of February 11, 2021

 

 

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

 

Trustee

 

 

 

     

     

    

 

This SEVENTH SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of February 11, 2021, is entered into by and 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 (the “Trustee”).

 

RECITALS

 

WHEREAS, the Issuers, the Guarantors and
the Trustee entered into an Indenture, dated as of November 26, 2013 as may be amended and supplemented from time to time (as so
amended and supplemented, the “Indenture”), pursuant to which the Company has issued $350,000,000 in aggregate principal
amount of 7.625% Senior Notes due 2022 (the “Notes”);

 

WHEREAS, Section 9.02 of the Indenture provides,
among other things, that with the consent of the holders (the “Holders”) of at least a majority in principal amount
of the Notes then outstanding (the “Requisite Consents”), the Issuers, the Guarantors and the Trustee may amend the
Indenture and the Notes, subject to certain exceptions specified in Section 3.02 below and Section 9.02 of the Indenture;

 

WHEREAS, on February 1, 2021, the Issuers
distributed a Consent Solicitation Statement (as amended, modified or supplemented as of the date hereof, the “Consent Solicitation
Statement”) to each Holder soliciting consents to the amendments to the Indenture set forth in this Supplemental Indenture;

 

WHEREAS, as of the date hereof, there were
$149,996,000 in aggregate principal amount of Notes outstanding;

 

WHEREAS, the Issuers have obtained the Requisite
Consents to amend the Indenture as set forth in the Consent Solicitation Statement (the “Amendments”); and

 

WHEREAS, all acts and things prescribed
by the Consent Solicitation Statement and the Indenture necessary to make this Supplemental Indenture a valid instrument legally
binding on the Issuers, the Guarantors and the Trustee, in accordance with its terms, and, subject to Section 3.02 below, to make
the Amendments become effective and operative, 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 

 

Amendments
to ARTICLE 1—Definitions and Incorporation by Reference

 

Section
1.01. For purposes of this Supplemental Indenture, the terms defined in the recitals shall have the meanings therein specified;
any capitalized terms used and not defined herein shall have the same respective meanings as assigned to them in the Indenture;
and references to Articles or Sections shall, unless the context indicates otherwise, be references to Articles or Sections of
the Indenture. The words “herein,” “hereof” and “hereby” and other words of similar import
used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof.

 

    2

     

    

 

Section
1.02. The definition of “Capital Lease Obligation” in Section 1.01 of the Indenture is hereby amended and restated
in its entirety to read as follows:

 

“Capital 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 Capital Lease Obligations or Indebtedness.

 

Article
2 

 

AMENDMENTS TO ARTICLE
4—COVENANTS

 

Section
2.01. Clause (4) of Section 4.09 of the Indenture is hereby amended and restated in its entirety to read as follows:

 

“(4) the incurrence by the Company
or any of its Restricted Subsidiaries of Indebtedness represented by Capital Lease Obligations, Attributable Debt, mortgage financings
or purchase money obligations, in each case, incurred for the purpose of financing all or any part of the purchase price or cost
of construction or improvement of property, plant or equipment used in the business of the Company or such Restricted Subsidiary,
including all Permitted Refinancing Indebtedness incurred to extend, refinance, renew, replace, defease or refund any Indebtedness
incurred pursuant to this clause (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;”

 

Section
2.02. Section 4.17 of the Indenture is hereby amended and restated in its entirety to read as follows:

 

“[Reserved.]

 

Section
2.03. Any and all additional provisions of the Indenture are hereby deemed to be amended to reflect the intentions of the
Amendments provided for in this Supplemental Indenture.

 

Article
3 

EFFECTIVENESS

 

Section
3.01. Except as amended hereby, all of the terms of the Indenture shall remain and continue in full force and effect and
are hereby confirmed in all respects. From and after the date of this Supplemental Indenture, all references to the Indenture (whether
in the Indenture or in any other agreements, documents or instruments) shall be deemed to be references to the Indenture as amended
and supplemented by this Supplemental Indenture and every Holder of Notes heretofore or hereafter authenticated and delivered shall
be bound hereby.

 

Section
3.02. This Supplemental Indenture shall become effective as a binding agreement immediately upon its execution and delivery
by each of the Issuers, the Guarantors and the Trustee; provided, however, that the Amendments set forth in Articles
1 and 2 hereof shall not become effective and operative until the consummation of the Sale and Leaseback Transaction and payment
of the Consent Fee (each as defined in the Consent Solicitation Statement) in accordance with the Consent Solicitation Statement
(it being understood that the Amendments shall become immediately and fully effective and operative upon such occurrences). If
the Issuers notify the Trustee in writing (email being sufficient) that the Issuers no longer wish to obtain the Amendments and
do not intend to pay the Consent Fee at any time, this Supplemental Indenture shall, from and after the Issuers’ delivery
of such notice to the Trustee, become and be null and void ab initio. The Issuers shall be under no obligation to consummate the
Sale and Leaseback Transaction or pay the Consent Fee.

 

    3

     

    

 

Article
4 

MISCELLANEOUS

 

Section
4.01. Amendments to the Indenture pursuant to this Supplemental Indenture shall also apply to the Notes, including, without
limitation, provisions of the Notes amended as set forth in the amendments to the Exhibits or Appendices to the Indenture.

 

Section
4.02. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof shall remain in full force and effect. The terms and conditions of this Supplemental Indenture shall be
deemed to be incorporated in and made a part of the terms and conditions of the Indenture for any and all purposes, and all the
terms and conditions of both shall be read, taken and construed together as though they constitute one and the same instrument,
except that in the case of conflict, the provisions of this Supplemental Indenture will control.

 

Section
4.03. All covenants and agreements in this Supplemental Indenture by the Issuers, the Guarantors or the Trustee shall bind
their respective successors and assigns, whether so expressed or not.

 

Section
4.04. In case any provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section
4.05. Nothing in this Supplemental Indenture, express or implied, shall give to any Person, other than the parties hereto
and their successors under the Indenture and the Holders of the Notes, any benefit or any legal or equitable right, remedy or claim
under the Indenture.

 

Section
4.06. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of them together shall represent the same agreement. One signed copy is enough to prove this Supplemental Indenture.

 

Section
4.07. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section
4.08. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of
this Supplemental Indenture or for or in respect of the recitals contained herein, all of which are made solely by the Issuers.

 

Section
4.09. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

[Remainder of page intentionally left
blank.]

 

    4

     

    

 

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

 

	 	ISSUERS:
	 	 
	 	CALUMET SPECIALTY PRODUCTS PARTNERS, L.P.

 

	 	By:	Calumet GP, LLC, its general partner

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	 Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

	 	CALUMET FINANCE CORP.

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	 Senior Vice President and Chief Financial Officer

 

[Signature Page to Seventh Supplemental
Indenture]

 

     

     

    

 

	 	GUARANTORS:
	 	 
	 	CALUMET OPERATING, LLC
	 	CALUMET REFINING, LLC
	 	CALUMET PRINCETON REFINING, LLC
	 	CALUMET COTTON VALLEY REFINING, LLC
	 	CALUMET SHREVEPORT 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/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:  	Senior Vice President and Chief Financial Officer

 

	 	CALUMET SPECIALTY OILS DE MEXICO, S. DE R.L. DE  C.V.

 

	 	By:	/s/ Todd Borgmann
	 	 	Name: 	Todd Borgmann
	 	 	Title:	Senior Vice President and Chief Financial Officer

 

[Signature Page to Seventh Supplemental
Indenture]

 

     

     

    

 

WILMINGTON TRUST, NATIONAL ASSOCIATION

as Trustee

 

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

 

[Signature Page to Seventh Supplemental
Indenture]

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