Exhibit 10.1
COMMITMENT INCREASE SUPPLEMENT
     This COMMITMENT INCREASE SUPPLEMENT (the “Commitment Increase Supplement”)
is made as of June 18, 2008 by and among TARGA RESOURCES PARTNERS LP, a Delaware
limited partnership (the “Borrower”), BANK OF AMERICA, N.A., as administrative
agent (in such capacity, the “Administrative Agent”), Collateral Agent, Swing
Line Lender and L/C Issuer and the parties signatory hereto as the Increasing
Lenders (hereinafter defined) and the New Lenders (hereinafter defined).
RECITALS
     Borrower, Administrative Agent, the Swing Line Lender, the L/C Issuer and
the Lenders named therein are parties to that certain Credit Agreement dated as
of February 14, 2007 (as amended by the First Amendment to Credit Agreement
dated October 24, 2007 and as otherwise amended, supplemented, restated,
increased, extended, or otherwise modified from time to time, the “Credit
Agreement”). All terms used herein and not otherwise defined shall have the same
meaning given to them in the Credit Agreement.
     Pursuant to Section 2.14 of the Credit Agreement, upon notice to the
Administrative Agent, Borrower has the right to cause from time to time an
increase in the Aggregate Commitments by adding to the Credit Agreement, subject
to the approval of the Administrative Agent, the L/C Issuer, and the Swing Line
Lender one or more additional Lenders (referred to in Section 2.14(c) of the
Credit Agreement as “additional Eligible Assignees”) and referred to herein as
the “New Lenders”), or by allowing one or more Lenders to increase their
respective Commitment (such Lenders being referred to herein as the “Increasing
Lenders”), subject to the limitations contained in such Section 2.14.
AGREEMENT
     1. The Borrower and the parties signatory hereto as the Increasing Lenders
and as the New Lenders hereby agree that, from and after the date hereof, the
Increasing Lenders and the New Lenders shall have the respective Commitments as
set forth on the attached Supplement to Schedule 2.01. By its execution and
delivery of this Commitment Increase Supplement, each New Lender hereby assumes
all of the rights and obligations of a Lender under the Credit Agreement. Such
Commitments of the New Lenders and the increase in the Commitments of the
Increasing Lenders shall represent an increase in the Aggregate Commitments
pursuant to Section 2.14 of the Credit Agreement.
     2. Administrative Agent, Swing Line Lender, L/C Issuer, and Borrower hereby
consent to and approve the Commitment of each New Lender and the increase in the
Commitment of each Increasing Lender, and such resulting increase in the
Aggregate Commitments pursuant to Section 2.14 of the Credit Agreement.
     3. Each New Lender and each Increasing Lender hereby represents and
warrants to the Administrative Agent, Swing Line Lender and L/C Issuer as
follows: (a) it has full power and authority, and has taken all action
necessary, to execute and deliver this Commitment
COMMITMENT INCREASE SUPPLEMENT

 

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Increase Supplement, to consummate the transactions contemplated hereby and to
become or to continue to be a Lender under the Credit Agreement, (b) from and
after the Increase Effective Date (hereinafter defined), it shall be bound by
the provisions of the Credit Agreement as a Lender thereunder and, to the extent
of its Commitment, shall have the obligations of a Lender thereunder, and (c) it
has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section 6.01 thereof, as
applicable, and such other documents and information as it has deemed
appropriate to make its own credit analysis and decision to enter into this
Commitment Increase Supplement on the basis of which it has made such analysis
and decision independently and without reliance on the Administrative Agent,
Swing Line Lender, L/C Issuer, or any other Lender; and agrees that (1) it will,
independently and without reliance on the Administrative Agent, Swing Line
Lender, L/C Issuer or any other Lender, and based on such documents and
information as it shall deem appropriate at the time, continue to make its own
credit decisions in taking or not taking action under the Loan Documents, and
(2) it will perform in accordance with their terms all of the obligations which
by the terms of the Loan Documents are required to be performed by it as a
Lender.
     4. This Commitment Increase Supplement shall be effective on the date (the
“Increase Effective Date”) that (i) the Borrower and each New Lender and each
Increasing Lender each execute a counterpart hereof and deliver the same to the
Administrative Agent, (ii) the Administrative Agent, Swing Line Lender, and L/C
Issuer execute and deliver a counterpart hereof, and (iii) each of the
conditions to the increase in the Aggregate Commitments in Section 2.14 of the
Credit Agreement shall have occurred. From and after the Increase Effective
Date, each New Lender shall be a “Lender” under the Loan Documents.
     5. Upon any increase in the Aggregate Commitments pursuant Section 2.14,
the Lenders have authorized the Administrative Agent and the Borrower to make
non-ratable borrowings and prepayments of the Committed Loans, and if any such
prepayment requires the payment of Eurodollar Rate Loans other than on the last
day of the applicable Interest Period, Borrower shall pay any required amounts
pursuant to Section 3.05, in order to keep the outstanding Committed Loans
ratable with any revised Applicable Percentages arising from any nonratable
increase in the Commitments under this Commitment Increase Supplement. On the
Increase Effective Date, each New Lender and each Increasing Lender shall make a
Committed Loan for the account of the Borrower to implement such provisions of
Section 2.14 of the Credit Agreement.
     6. Borrower (a) represents and warrants that, on and as of the Increase
Effective Date, before and after giving effect to the increase in Aggregate
Commitments resulting hereunder, (i) the representations and warranties
contained in Article V of the Credit Agreement and the other Loan Documents are
true and correct in all material respects, except to the extent that such
representations and warranties specifically refer to an earlier date, in which
case they are true and correct in all material respects as of such earlier date,
and except that for purposes of this Commitment Increase Supplement, the
representations and warranties contained in subsection (a) of Section 5.05 shall
be deemed to refer to the most recent statements furnished pursuant to clauses
(a) and (b) of Section 6.01, and (ii) no Default exists, (b) ratifies and
confirms each of the Loan Documents, (c) agrees that all Loan Documents shall
apply to the Obligations as they are or may be increased by this Commitment
Increase Supplement, and (d)
COMMITMENT INCREASE SUPPLEMENT

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agrees that its obligations and covenants under each Loan Document are otherwise
unimpaired hereby and shall remain in full force and effect.
     7. This Commitment Increase Supplement may not be amended, changed, waived
or modified, except by a writing executed by the parties hereto.
     8. This Commitment Increase Supplement embodies the entire agreement among
each New Lender, each Increasing Lender, the Borrower, L/C Issuer, Swing Line
Lender and the Administrative Agent with respect to the subject matter hereof
and supersedes all other prior arrangements and understandings relating to the
subject matter hereof.
     9. This Commitment Increase Supplement may be executed in any number of
counterparts each of which shall be deemed to be an original. Each such
counterpart shall become effective when counterparts have been executed by all
parties hereto. Delivery of an executed counterpart of this Commitment Increase
Supplement by telecopier shall be effective as delivery of a manually executed
counterpart of this Commitment Increase Supplement.
     10. This Commitment Increase Supplement shall be binding upon and inure to
the benefit of each New Lender and each Increasing Lender and the Borrower and
its respective successors and permitted assigns, except that neither party may
assign or transfer any of its rights or obligations hereunder without the prior
written consent of the other party.
     11. This Commitment Increase Supplement is a Loan Document, as defined in
the Loan Agreement, and is subject to the provisions of the Credit Agreement
governing Loan Documents.
     12. This Commitment Increase Supplement shall be governed by, and construed
in accordance with, the laws of the State of New York.
     If requested by any New Lender or any Increasing Lender, the Borrower shall
execute and deliver to such New Lender or such Increasing Lender, as of the
Increase Effective Date, a Note in the form attached to the Credit Agreement to
evidence the Commitment of such New Lender or such Increasing Lender. If any
Increasing Lender which requests a new Note is in possession of an existing Note
in the amount of its Commitment before giving effect to the increase pursuant to
this Commitment Increase Supplement (each an “Existing Note”), such Increasing
Lender shall, promptly after receipt of its new Note, mark such Existing Note
“cancelled” and return such Existing Note to the Borrower.
[Remainder of page intentionally left blank.]
COMMITMENT INCREASE SUPPLEMENT

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     IN WITNESS WHEREOF, the Administrative Agent, Swing Line Lender, L/C
Issuer, Borrower, each New Lender, and each Increasing Lender have executed this
Commitment Increase Supplement as of the date shown above.

                      TARGA RESOURCES PARTNERS LP    
 
                    By:   Targa Resources GP LLC, its sole general partner    
 
               
 
      By:         /s/ Matthew J. Meloy
 
Name: Matthew J. Meloy    
 
          Title: Vice President — Finance and Treasurer    

 

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            BANK OF AMERICA, N.A., as Administrative Agent
      By:   /s/ Kathleen M. Carry         Name:   Kathleen M. Carry       
Title:   Vice President   

 

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            BANK OF AMERICA, N.A., as L/C Issuer and
Swing Line Lender
      By:   /s/ Adam H. Fey         Name:   Adam H. Fey        Title:   Vice
President     

 

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            BANK OF AMERICA, N.A.,
as an Increasing Lender
      By:   /s/ Adam H. Fey         Name:   Adam H. Fey        Title:   Vice
President     

 

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            WACHOVIA BANK, NATIONAL ASSOCIATION,
as an Increasing Lender
      By:   /s/ Leanne S. Phillips         Name:   Leanne S. Phillips       
Title:   Director     

 

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            ROYAL BANK OF CANADA,
as an Increasing Lender
      By:   /s/ Jason S. York         Name:   Jason S. York        Title:  
Authorized Signatory     

 

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            ABN AMRO BANK N.V.,
as an Increasing Lender
      By:   /s/ Jamie Conn         Name:   Jamie Conn        Title:   Managing
Director     

                  By:   /s/ John Reed         Name:   John Reed        Title:  
Director   

 

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            BNP PARIBAS, as an Increasing Lender
      By:   /s/ Richard Hawthorne         Name:   Richard Hawthorne       
Title:   Director     

                  By:   /s/ Polly Schott         Name:   Polly Schott       
Title:   Director   

 

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            COMPASS BANK, as an Increasing Lender
      By:   /s/ Dorothy Marchand         Name:   Dorothy Marchand       
Title:   Senior Vice President     

 

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            U.S. BANK NATIONAL ASSOCIATION,
as an Increasing Lender
      By:   /s/ Heather Wells Kiely         Name:   Heather Wells Kiely       
Title:   Assistant Vice President     

 

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            COMERICA BANK, as an Increasing Lender
      By:   /s/ Mark Fuqua         Name:   Mark Fuqua        Title:   Senior
Vice President     

 

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            CREDIT SUISSE CAYMAN ISLAND BRANCH,
as an Increasing Lender
      By:   /s/ James Moran         Name:   James Moran        Title:   Managing
Director     

                  By:   /s/ Laurence Lapeyre         Name:   Laurence Lapeyre   
    Title:   Associate   

 

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            DEUTSCHE BANK TRUST COMPANY AMERICAS,
as an Increasing Lender
      By:   /s/ Evelyn Thierry         Name:   Evelyn Thierry        Title:  
Vice President     

                  By:   /s/ Dusan Lazaro         Name:   Dusan Lazaro       
Title:   Vice President   

 

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SUPPLEMENT TO SCHEDULE 2.01
OF THE CREDIT AGREEMENT

                              Existing   New   Amount of     Commitment  
Commitment   Commitment Lender   Amount   Amount   Increase
Bank of America, N.A.
  $ 42,500,000     $ 54,000,000     $ 11,500,000  
Wachovia Bank, National Association
  $ 42,500,000     $ 52,500,000     $ 10,000,000  
Royal Bank of Canada
  $ 42,000,000     $ 51,000,000     $ 9,000,000  
ABN AMRO Bank N.V.
  $ 35,000,000     $ 43,000,000     $ 8,000,000  
BNP Paribas
  $ 35,000,000     $ 44,000,000     $ 9,000,000  
Compass Bank
  $ 35,000,000     $ 46,500,000     $ 11,500,000  
U.S. Bank National Association
  $ 25,000,000     $ 34,000,000     $ 9,000,000  
Comerica Bank
  $ 25,000,000     $ 34,000,000     $ 9,000,000  
Credit Suisse
  $ 25,000,000     $ 36,500,000     $ 11,500,000  
Deutsche Bank Trust Company Americas
  $ 25,000,000     $ 36,500,000     $ 11,500,000  
TOTAL
                  $ 100,000,000  

 

Commitment Increase Supplement - Schedule 2.01

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CONSENT AND AGREEMENT
June 18, 2008
     The undersigned Guarantors each hereby consents to the provisions of this
Commitment Increase Supplement and the transactions contemplated herein and
hereby ratifies and confirms each of the Loan Documents to which it is a party,
and, without limiting the foregoing, agree that such Loan Documents shall apply
to the Obligations as they are or may be increased by this Commitment Increase
Supplement and that its obligations and covenants under such Loan Documents are
otherwise unimpaired hereby and shall remain in full force and effect.

                      TARGA RESOURCES OPERATING LP    
 
                    By:   Targa Resources Operating GP LLC,
its sole general partner    
 
               
 
      By:              /s/ Matthew J. Meloy
 
Name: Matthew J. Meloy    
 
          Vice President — Finance and Treasurer    

            TARGA RESOURCES OPERATING GP LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

                      TARGA NORTH TEXAS LP    
 
                    By:   Targa North Texas GP LLC,
its sole general partner    
 
               
 
      By:              /s/ Matthew J. Meloy
 
Name: Matthew J. Meloy    
 
          Vice President — Finance and Treasurer    

 

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            TARGA NORTH TEXAS GP LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

            TARGA INTRASTATE PIPELINE LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

            TARGA RESOURCES TEXAS GP LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

                      TARGA TEXAS FIELD SERVICES LP    
 
                    By:   Targa Resources Texas GP LLC,
its sole general partner    
 
               
 
      By:              /s/ Matthew J. Meloy
 
Name: Matthew J. Meloy    
 
          Vice President — Finance and Treasurer    

            TARGA LOUISIANA FIELD SERVICES LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

            TARGA LOUISIANA INTRASTATE LLC
      By:              /s/ Matthew J. Meloy         Name:   Matthew J. Meloy   
    Vice President — Finance and Treasurer     

 

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Address of each Guarantor:

          1000 Louisiana, Suite 4300
Houston, Texas 77002
Attention: Vice President — Finance
   
Telephone:
  713.584.1024    
Telecopier:
  713.584.1523