Company: PAGP
Filing Date: 2025-09-08
Form Type: 8-K
Source: 0001104659-25-088308
Chunk: 1

Company: PLAINS GP HOLDINGS LP
Filing Date: 2025-09-08
Form: 8-K
Item: Item 1.01
Chunk 1
---
AA’s future subordinated debt. The Notes will be effectively subordinated
to all of PAA’s existing and future secured debt to the extent of the value of the collateral securing such indebtedness.

In certain circumstances, the Indenture restricts PAA’s
ability and the ability of certain of its subsidiaries to: (i) enter into sale and leaseback transactions; (ii) incur liens;
(iii) merge or consolidate with another company; and (iv) transfer and sell assets. These covenants are subject to a number
of important exceptions and qualifications.

The Indenture contains customary events of default
with respect to the Notes of either series, including:

  default in any payment of interest                           

  default in the payment of principal of or premium, if any, on any Note of  

  failure by PAA to comply with its obligations under the Indenture, in certain  

  payment defaults and accelerations with respect to other indebtedness of                                             

  certain events of bankruptcy, insolvency or reorganization of PAA or, if                                            

  if and so long as the Notes of that series are guaranteed by a subsidiary  

  the guarantee by such subsidiary guarantor ceases to be in full force and  

  the guarantee by such subsidiary guarantor is declared null and void in a  

  such subsidiary guarantor denies or disaffirms its obligations under the  

If an
event of default under the Indenture occurs and is continuing, the Trustee or the holders of at least 25% in principal amount of the outstanding
Notes may declare the principal of, premium, if any, and accrued and unpaid interest, if any, on the Notes to be due and payable, or,
in the case of certain events of default relating to bankruptcy, insolvency or reorganization, those amounts will automatically become
immediately due and payable.

Other
material terms of the Notes, the Base Indenture and the Supplemental Indentures are described in the prospectus supplement, dated September 3,
2025 (the “prospectus supplement”), to the prospectus, dated September 6, 2024, which is included in the Registration
Statement (as defined below). The foregoing descriptions of the Indenture and the Notes are qualified in their entirety by reference to
such Indenture (including the forms of Notes attached thereto). Copies of the 35th Supplemental Indenture and the 36th Supplemental Indenture
are filed as Exhibit