Exhibit 10.24
AMENDMENT NO. 4 TO CRUDE OIL SUPPLY AGREEMENT
THIS AMENDMENT NO. 4 TO CRUDE OIL SUPPLY AGREEMENT(the “Amendment”), dated as of August 30, 2010 but effective as of September 1, 2010 (the“Amendment Effective Date”), is made by and betweenCALUMET SHREVEPORT FUELS, LLC, an Indiana limited liability company (“Customer”), andLEGACY RESOURCES CO., L.P., an Indiana limited partnership (“Supplier”). Each of Customer and Supplier is sometimes referred to hereinafter individually as a “Party” and they are collectively referred to as the “Parties.”
RECITALS
WHEREAS, Customer owns and operates a refinery in Shreveport, Louisiana (the “Refinery”) for the processing and refining of crude oil into specialty lubricating oils and other refined products;
WHEREAS, Supplier is able to obtain certain commodities, including crude oil, from various supply sources; and
WHEREAS, the Parties entered into that certain Crude Oil Supply Agreement (the“Agreement”) dated as of September 1, 2009 and as subsequently amended, whereby Customer agreed to purchase from Supplier, and Supplier agreed to sell and supply to Customer, crude oil on a just in time basis in order to meet the inventory requirements of the Refinery.
WHEREAS,pursuant to Section 23 of the Agreement, the Parties desire to amend certain provisions of the Agreement as of the Amendment Effective Date.
AMENDMENT TO AGREEMENT
NOW, THEREFORE, in consideration of the foregoing recitals and the agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, do hereby agree to amend the Agreement as of the Amendment Effective Date as follows:
1. Defined Terms.The definitions of the following capitalized term used in the Agreement is deleted and replaced in their entirety with the following definitions:
“Average Purchase Price”means, for purchases made by Customer from each applicable Storage Tank, the sum of (i) the monthly average per barrel price quoted for the first nearby month for West Texas Intermediate crude oil on the New York Mercantile Exchange and (ii) the per barrel amount set forth onAmendment No. 4 Exhibit B for each such Storage Tank, or such other price as may be agreed by the Parties in accordance withSection 5.
“Premium”means, for purchases made by Customer from each applicable Storage Tank, the amount calculated in accordance with the table set forth onAmendment No. 4 Exhibit A attached hereto.
2. All other terms and conditions of the Agreement are unchanged and remain in full force and effect as of the Amendment Effective Date.
[Signature Page Follows]
