Exhibit 10.18
JPMORGAN CHASE BANK, N.A.
383 Madison Avenue
New York, NY 10179

BARCLAYS
745 Seventh Avenue
New York, NY 10019

GOLDMAN SACHS BANK USA
GOLDMAN SACHS LENDING PARTNERS LLC
200 West Street
New York, NY 10282

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH
Eleven Madison Avenue
New York, New York 10010

MUFG UNION BANK, N.A.
1221 Avenue of the Americas
New York, NY 10020

MIZUHO BANK, LTD.
1251 Avenue of the Americas
New York, NY 10020

BANK OF AMERICA, N.A.
BofA SECURITIES, INC.
One Bryant Park
New York, NY 10036

CITIGROUP GLOBAL MARKETS INC.
388 Greenwich Street
New York, NY 10013

BNP PARIBAS
787 Seventh Avenue
New York, New York 10019

MORGAN STANLEY BANK, N.A.
1585 Broadway
New York, New York 10036

WELLS FARGO BANK, NATIONAL
ASSOCIATION
550 S Tryon St.
Charlotte, NC 28202

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PERSONAL AND CONFIDENTIAL

February 14, 2020

PG&E Corporation
Pacific Gas and Electric Company
77 Beale Street
P.O. Box 77000
San Francisco, California 94177
Attention: Nicholas M. Bijur

Pacific Gas and Electric Company
Amendment No. 4 to Commitment Letter
Ladies and Gentlemen:
Reference is made to that certain Commitment Letter, dated as of October 4, 2019
(together with the annexes thereto, as supplemented by that certain Joinder
Letter dated as of October 28, 2019, that certain Amendment No. 1 to Commitment
Letter dated as of November 18, 2019, that certain Joinder Letter dated as of
December 2, 2019, that certain Amendment No. 2 to Commitment Letter dated as of
December 20, 2019, that certain Amendment No. 3 to Commitment Letter dated as of
January 30, 2020 and as further amended from time to time in accordance with the
terms thereof, the “Commitment Letter”), between PG&E Corporation, a California
corporation (or any domestic entity formed to hold all of the assets of PG&E
Corporation upon emergence from bankruptcy) (“PG&E”), Pacific Gas and Electric
Company, a California corporation (the “Utility”) (together with any domestic
entity formed to hold all of the assets of the Utility upon emergence from
bankruptcy, the “Borrower” and together with PG&E, the “Debtors” or “you”),
JPMorgan Chase Bank, N.A. (“JPMorgan”), Bank of America, N.A. (“BANA”), BofA
Securities, Inc. (or any of its designated affiliates, “BofA”, and together with
BANA, “Bank of America”), Barclays Bank PLC (“Barclays”), Citigroup Global
Markets Inc. on behalf of Citi (as defined below), Goldman Sachs Bank USA (“GS
Bank”) and Goldman Sachs Lending Partners LLC (“GSLP”, and together with GS
Bank, “Goldman Sachs”) (JPMorgan, Bank of America, Barclays, Citi and Goldman
Sachs, collectively, the “Initial Commitment Parties”) and BNP Paribas (“BNP”),
Credit Suisse AG, Cayman Islands Branch (“Credit Suisse”), Morgan Stanley Bank,
N.A. (“Morgan Stanley”), MUFG Union Bank, N.A. (“MUFG”), Wells Fargo Bank,
National Association (“Wells Fargo”) and Mizuho Bank, Ltd. (“Mizuho”,
collectively with BNP, Credit Suisse, Morgan Stanley, MUFG, Wells Fargo and the
Initial Commitment Parties, the “Commitment Parties” , “we” or “us”), regarding
a senior secured bridge facility for the Borrower defined therein as the
Facility and the related transactions described therein. “Citi” shall mean
Citigroup Global Markets Inc., Citibank N.A., Citicorp USA, Inc., Citicorp North
America, Inc. and/or any of their affiliates as any of them shall determine to
be appropriate to provide the services contemplated herein. Capitalized terms
used but not defined herein are used with the meanings assigned to them in the
Commitment Letter.
Each party to this Amendment No. 4 to Commitment Letter (this “Amendment”)
hereby agrees that the Commitment Letter is hereby amended to delete the
stricken text (indicated textually in the same manner as the following example:
stricken text) and to add the double-underlined text (indicated textually in the
same manner as the following example: double-underlined text) as set forth in
Schedule I hereto.
Each party hereto agrees to maintain the confidentiality of this Amendment and
the terms hereof, subject to the confidentiality provisions contained in the
Commitment Letter. The provisions of the third paragraph of Section 9 of the
Commitment Letter are incorporated herein, mutatis mutandis, as if the
references to the Commitment Letter were to this Amendment. Each of the parties
hereto (for itself and its affiliates) (a) waives, to the fullest extent it may
legally and effectively do so, any objection that it may now or hereafter have
to the laying of venue of any suit, action or proceeding arising out of or
relating to the Commitment Letter, this Amendment, or the transactions
contemplated thereby or hereby, in any such New York State court or in any such
Federal court and

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(b) waives, to the fullest extent permitted by law, the defense of an
inconvenient forum to the maintenance of such action or proceeding in any such
court.
Except as specifically amended by this Amendment, the Commitment Letter shall
remain in full force and effect. This Amendment shall be construed in connection
with and form part of the Commitment Letter, and any reference to the Commitment
Letter shall be deemed to be a reference to the Commitment Letter as amended by
this Amendment. Neither this Amendment nor the Commitment Letter (including the
attachments hereto and thereto) may be amended or any term or provision hereof
or thereof waived or modified except by an instrument in writing signed by each
of the parties hereto. This Amendment may be executed in any number of
counterparts, each of which when executed will be an original, and all of which,
when taken together, will constitute one agreement. Delivery of an executed
counterpart of a signature page to this Amendment by telecopier, facsimile or
other electronic transmission (e.g., “pdf” or “tif”) shall be effective as
delivery of a manually executed counterpart thereof.
[Remainder of page intentionally left blank]

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We are pleased to have been given the opportunity to assist you in connection
with the financing for the Transactions.
Very truly yours

JPMORGAN CHASE BANK, N.A.

By:/s/ Sandeep S. PariharName:Sandeep S. PariharTitle:Executive Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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BofA SECURITIES, INC.

By:/s/ Sanjay RijhwaniName:Sanjay RijhwaniTitle:Managing Director

BANK OF AMERICA, N.A.

By:/s/ Sanjay RijhwaniName:Sanjay RijhwaniTitle:Managing Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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BARCLAYS BANK PLC

By:/s/ Sydney G. DennisName:Sydney G. DennisTitle:Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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CITIGROUP GLOBAL MARKETS INC.

By:/s/ Richard RiveraName:Richard RiveraTitle:Authorized Signatory

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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GOLDMAN SACHS BANK USA

By:/s/ Robert EhudinName:Robert EhudinTitle:Authorized Signatory

GOLDMAN SACHS LENDING PARTNERS LLC

By:/s/ Robert EhudinName:Robert EhudinTitle:Authorized Signatory

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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BNP PARIBAS

By:/s/ Nicole RodriguezName:Nicole RodriguezTitle:Director

By:/s/ Ade AdedejiName:Ade AdedejiTitle:Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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CREDIT SUISSE AG, CAYMAN ISLANDS
BRANCH

By:/s/ SoVonna Day-GoinsName:SoVonna Day-GoinsTitle:AUTHORIZED SIGNATORY

By:/s/ Vipul DhaddaName:VIPUL DHADDATitle:AUTHORIZED SIGNATORY

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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MORGAN STANLEY BANK, N.A.

By:/s/ Mrinalini MacdonoughName:Mrinalini MacDonoughTitle:Authorized Signatory

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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MUFG UNION BANK, N.A.

By:/s/ Nietzsche RodricksName:Nietzsche RodricksTitle:Managing Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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WELLS FARGO BANK, NATIONAL
ASSOCIATION

By:/s/ Gregory R. GredvigName:Gregory R. GredvigTitle:Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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MIZUHO BANK, LTD.

By:/s/ Raymond VenturaName:Raymond VenturaTitle:Managing Director

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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ACCEPTED AND AGREED AS OF
THE DATE FIRST WRITTEN ABOVE:

PG&E CORPORATION

By:/s/ Nicholas M. BijurName:Nicholas M. BijurTitle:Vice President and Treasurer

PACIFIC GAS AND ELECTRIC COMPANY

By:/s/ Nicholas M. BijurName:Nicholas M. BijurTitle:Vice President and Treasurer

[Signature Page to Amendment No. 4 to Commitment Letter (Utility)]

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SCHEDULE I
[Attached]

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management, and similar obligations, (iii) borrowings under the Revolving Credit
Facility up to an aggregate amount not to exceed $3,500 million, (iv) revolving
borrowings under the DIP Facility Credit Agreement (as defined in the Plan) (or
refinancings thereof) up to an aggregate amount not to exceed the amount of the
revolving commitments in effect thereunder on the date of the Commitment Letter,
(v) incremental facilities under the DIP Facility Credit Agreement (or
refinancings thereof) or any new debtor-in-possession facilities, in either case
that are to be paid in full in cash at emergence from the Chapter 11 Cases,
(vi) securitization securities or facilities and any Designated Permitted
Financing, and (vii) issuances of debt by PG&E in a principal amount not to
exceed $5,000 million, and debt or unfunded commitments under a revolving credit
facility to be entered into by PG&E in an amount not to exceed $500 million and
any Designated Permitted Financing,, in each case as contemplated by the Plan;
provided that, notwithstanding the foregoing, if (A) the aggregate principal
amount of Specified Debt issued or incurred by the Borrower or its subsidiaries
plus the aggregate principal amount of Excluded Debt issued or incurred by the
Borrower or its subsidiaries pursuant to clause (iv), (v) or (vi) plus the
principal amount of Surviving Debt of the Borrower or its subsidiaries exceeds
$30,00033,350 million, or (B) the aggregate principal amount of Specified Debt
issued or incurred by PG&E plus the aggregate principal amount of Excluded Debt
issued or incurred by PG&E pursuant to clause (vi) or (vii) plus the principal
amount of Surviving Debt of PG&E exceeds $7,0005,000 million, then in either
case the commitments with respect to the Facility shall be reduced, or the loans
under the Facility shall be prepaid, by an equivalent amount (for the avoidance
of doubt, until such commitments or the aggregate principal amount of such
loans, in either case, equal zero).

“Excluded Equity Offerings” shall mean (i) issuances pursuant to employee
compensation plans, employee benefit plans, employee based incentive plans or
arrangements, employee stock purchase plans, dividend reinvestment plans and
retirement plans or issued as compensation to officers and/or non-employee
directors or upon conversion or exercise of outstanding options or other equity
awards, (ii) issuances of directors’ qualifying shares and/or other nominal
amounts required to be held by persons other than PG&E, the Borrower and their
respective subsidiaries under applicable law, (iii) issuances to or by the
Borrower or any subsidiary of the Borrower to PG&E, the Borrower or any other
subsidiary of the Borrower (including in connection with existing joint venture
arrangements), (iv) any equity issued pursuant to the Plan in an aggregate
amount not to exceed $12,0009,000 million, (v) any Designated Permitted
Financing and (vi) additional exceptions to be agreed.

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“Qualifying Bank Financing” shall mean a committed but unfunded bank or other
credit facility for the incurrence of debt for borrowed money by PG&E or the
Borrower that has become effective for the purposes of financing the
Transactions (excluding, for the avoidance of doubt, the Facility), subject to
conditions to funding that are, in the written determination of the Borrower, no
less favorable to the Borrower than the conditions to the funding of the
Facility set forth herein. In addition, with respect to any Included
Securitization Transaction, (x) if the proceeds of such Included Securitization
Transaction are received, or commitments with respect thereto are entered into,
on or prior to the Closing Date, such proceeds or committed amounts shall be
applied as set forth under “Closing Date Securitization Waterfall” below and (y)
if the proceeds of such Included Securitization Transaction are received after
the Closing Date, then, without duplication of any reduction pursuant to clause
(x) above, such proceeds shall be applied to prepay the PG&E Facility to the
maximum extent permitted by applicable law and regulatory approvals and
thereafter shall be applied to prepay the Facility.

“Included Securitization Transaction” shall mean any securitization transaction
of PG&E, the Borrower or its Subsidiaries other than any non-recourse
pass-through securitization transaction contemplated by A.B. 1054, 2019 Assemb.
(Cal. 2019) (for the avoidance of doubt, non-recourse pass-through
securitization transactions shall not include any securitization all or a
portion of which is, directly or indirectly, credited, rebated or otherwise paid
to customers).

“Fire Victim Trust Securitization” shall mean a tax benefits securitization all
or a portion of the proceeds of which will be utilized to finance the Fire
Victim Trust contemplated by (and as defined in) the Plan.

In addition, the aggregate commitments in respect of the Facility shall be
permanently reduced to zero on the Commitment Termination Date.

The Borrower shall provide the Administrative Agent with prompt written notice
of any mandatory prepayment or commitment reduction being required hereunder.

Amounts borrowed under the Facility that are repaid or prepaid may not be
reborrowed.
Closing Date Securitization Waterfall:
On or prior to the Closing Date, the proceeds of all Included Securitization
Transactions shall be applied as follows (the “Closing Date Securitization
Waterfall”):

First, at the Borrower’s election, in lieu of (and to reduce) the requirement
for Designated Permitted Financing (and the intended use of proceeds thereof) as
specified in clause 15 of Annex B, up to $2,0006,000 million to finance a
portion of the Transactions;

Second, to the extent constituting proceeds of a Fire Victim Trust
Securitization, to finance the Fire Victim Trust as contemplated by the Plan, up
to $1,350 million;

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Third, to reduce commitments under the PG&E Facility on a dollar-for-dollar
basis in accordance with the Mandatory Prepayments and Commitment Reductions
section above, up to $2,000 million;

Fourth, to be deposited as cash on the balance sheet of PG&E, the Borrower or
its Subsidiaries on the Closing Date, up to $650 million;

Fifth, at the Borrower’s election, in lieu of (and to reduce) the minimum equity
requirement (and the intended use of proceeds thereof) as specified in clause 14
of Annex B, up to $4,000 million;

Thereafter, as the Borrower shall direct (but, for the avoidance of doubt, with
no further reduction to the minimum equity requirement, as specified in clause
14 of Annex B).

Voluntary Prepayments and Reductions in Commitments:Prepayments of borrowings
under the Facility will be permitted at any time, in whole or in part and in
minimum principal amounts to be agreed upon, without premium or penalty, subject
to reimbursement of the Lenders’ redeployment costs in the case of a prepayment
of Adjusted LIBOR borrowings other than on the last day of the relevant interest
period. The Borrower may voluntarily reduce unutilized portions of the
commitments under the Facility at any time without penalty.

Amounts borrowed under the Facility that are repaid or prepaid may not be
reborrowed.
Documentation:
The making of the loans under the Facility will be governed by definitive loan
and related agreements and documentation (collectively, the “Facility
Documentation” and the principles set forth in this paragraph, the
“Documentation Principles”) to be negotiated in good faith, which will be based
on the Borrower’s Second Amended and Restated Credit Agreement, dated as of
April 27, 2015, among the Borrower, the financial institutions from time to time
party thereto and Citibank, N.A., as administrative agent (as amended from time
to time prior to the date hereof, the “Pre-Petition Credit Agreement”). The
Facility Documentation will contain only those representations and warranties,
affirmative and negative covenants, mandatory prepayments and commitment
reductions, and events of default expressly set forth in the debt (with
exceptions to be agreed, including debt for borrowed money (including the
Facility and the Notes) not to exceed $30,00033,350 million and the Revolving
Credit Facility), modifications of organizational documents, sale leaseback
transactions, swap agreements, and change of fiscal year.
Financial Covenants:Subject to the Documentation Principles, maintenance of a
maximum Consolidated Capitalization Ratio of less than or equal to 0.65 to 1.00,
calculated in accordance with (and capitalized terms to have the meaning set
forth in) the Pre-Petition Credit Agreement.

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Events of Default:The Facility Documentation will contain only the following
events of default, which shall be based on those in the Pre-Petition Credit
Agreement (subject to the Documentation Principles): nonpayment of principal
when due; nonpayment of interest or other amounts after a grace period of five
business days; material inaccuracy of representations and warranties; Facility
Documentation ceasing to be in full force and effect or any Borrower party
thereto so asserting; violation of covenants (subject, in the case of certain
affirmative covenants, to a grace period of 30 days); cross-default with respect
to material indebtedness; bankruptcy events (from and after the Closing Date);
certain ERISA events; material judgments; actual or asserted invalidity of
security documents representing a material portion of the collateral; and a
change of control (to be defined in a manner to be agreed).Voting:Subject to the
Documentation Principles and based on the Pre-Petition Credit Agreement,
including all lender vote for the release of all or substantially all of the
Collateral.Cost and Yield Protection:Usual and customary for facilities and
transactions of this type, including customary tax gross-up provisions
(including but not limited to provisions relating to Dodd-Frank and Basel III),
but subject to the Documentation Principles and based on the Pre-Petition Credit
Agreement.Assignments and Participations:Subject to the Documentation Principles
and based on the Pre-Petition Credit Agreement as follows:

Prior to the Closing Date, the Lenders will not be permitted to assign
commitments under the Facility to any Person except in accordance with the terms
of the syndication provisions in the Commitment Letter.

From and after the Closing Date, the Lenders will be permitted to assign loans
under the Facility to eligible assignees subject to the consent of the Borrower
(not to be unreasonably withheld or delayed); provided that no such consent
shall be required with respect to any assignment (x) to a Lender, an affiliate
of a Lender or an approved fund, (y) to an Approved Lender or (z) if a payment
or bankruptcy (from and after the Closing Date) event of default shall have
occurred and be continuing; provided, further, that such

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14. PG&E shall have received at least $12,0009,000 million of proceeds from the
issuance of equity, on terms acceptable to each Commitment Party in its sole
discretion, provided that (i) up to $2,000 million of such proceeds shall be
permitted to come from the proceeds of preferred equity or equity linked
securities issued by PG&E or the Utility, so long as such issuance could not
reasonably be expected to negatively impact cash distributions to PG&E or
distributions that will be available to service debt at PG&E and (ii) such
amount may be reduced by up to $4,000 million from the proceeds of any Included
Securitization Transaction on terms reasonably satisfactory to the Commitment
Parties subject to compliance with the Closing Date Securitization Waterfall set
forth in Annex A. The economic benefit of the net operating loss carryforwards
and other tax attributes of PG&E, the Borrower or its subsidiaries shall not
have been transferred (pursuant to a tax monetization transaction or otherwise)
except on terms that could not reasonably be expected to negatively impact the
cash flows of PG&E, the Borrower or its subsidiaries as determined by the
Arrangers in their sole discretion.
15. PG&EThe Utility shall have received at least $2,0006,000 million of proceeds
from any issuance of debt securities or other debt for borrowed money (including
pursuant to any bank or other credit facility and any securitization securities
or facilities) or any issuance of equity securities (including shares of its
common stock or preferred equity or equity-linked securities), in any case on
terms acceptable to each Commitment Party in its sole discretion (the
“Designated Permitted Financing”), provided that if such Designated Permitted
Financing is an Included Securitization Transaction, it is applied in lieu of
(and to reduce) the requirement under this paragraph in compliance with the
Closing Date Securitization Waterfall set forth in Annex A.
16. The Utility has both (i) elected, and received Bankruptcy Court approval, to
participate in the Go-Forward Wildfire Fund (as defined in the Plan) and
(ii) satisfied the other conditions to participation in the Go-Forward Wildfire
Fund set forth in the Wildfire Legislation (as defined in the Plan).
17. PG&E shall own directly 100% of the common stock of the Borrower.
18. No order of a governmental authority of competent jurisdiction restraining,
enjoining or otherwise prohibiting the consummation or funding of any
transactions contemplated by the Plan shall have been received by the Debtors,
and no law, statute, rule, regulation or ordinance shall have been adopted that
makes the consummation or funding of any transactions contemplated by the Plan
illegal or otherwise prohibited. The Borrower shall have delivered to the
Arrangers a financial model satisfactory to the Arrangers reflecting sources and
uses and capital structure, together with a certification by the Borrower that
such financial model demonstrates compliance with all regulatory requirements
(including all CPUC approvals).
19. One or more investment banks reasonably satisfactory to the Commitment
Parties shall have been engaged to publicly sell or privately place the Notes
for the purpose of reducing, replacing or refinancing the Facility.