Exhibit 10.1    
AMENDMENT AND LIMITED CONSENT AGREEMENT

This AMENDMENT AND LIMITED CONSENT AGREEMENT (this “Agreement”), dated as of
April 27, 2009, is entered into by and among PG&E CORPORATION, a California
corporation (the “Borrower”), the several banks and other financial institutions
or entities from time to time parties to the below-described Credit Agreement
(the “Lenders”), each of the Issuing Lenders (as defined in the below-described
Credit Agreement), and BNP PARIBAS, as administrative agent (the “Administrative
Agent”), with respect to the following:

A.         The Borrower, the Lenders, the Issuing Lenders and the Administrative
Agent have previously entered into that certain Amended and Restated Credit
Agreement, dated as of February 26, 2007 (the “Credit Agreement”).  Capitalized
terms are used in this Agreement as defined in the Credit Agreement, unless
otherwise defined herein.

B.         Lehman Brothers Bank, FSB (“Lehman”) has requested that the Borrower,
the Lenders, the Issuing Lenders and the Administrative Agent consent and agree
to the termination of Lehman Bank’s Commitment (it being understood that the
termination of Lehman Bank’s Commitment shall not result in an increase in the
amount of any Lender’s Commitment).

C.         The Borrower, the Lenders, the Issuing Lenders and the Administrative
Agent are willing to grant such request and to amend the Credit Agreement in
certain respects on the terms and subject to the conditions set forth in this
Agreement.

For good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

1.         Effectiveness.  The effectiveness of the provisions of Section 2,
Section 3, Section 5 and Section 6 of this Agreement is subject to the
satisfaction of the condition precedent described in Section 4 of this
Agreement.
 
2.         Consent and Agreement.  On the terms and subject to the conditions of
this Agreement, and notwithstanding anything to the contrary in the Credit
Agreement (including Section 2.14 thereof), the Borrower, each Lender, each
Issuing Lender and the Administrative Agent hereby consent and agree to the
termination of Lehman Bank’s Commitment.
 
3.         Amendments to Credit Agreement.  On the terms and subject to the
conditions of this Agreement, effective as of the Effective Date, Section 1.1 of
the Credit Agreement is hereby amended to restate the definition of “L/C
Commitment” to read in its entirety as follows:
 
“L/C Commitment”:  $87,235,282.08.
 
4.         Condition Precedent to the Effectiveness of this Agreement.  This
Agreement shall become effective upon the Administrative Agent’s receipt of
counterparts of this Agreement executed by the Borrower, the Lenders, the
Issuing Lenders and the Administrative Agent (the first date on which the
foregoing condition has been satisfied being
 

 
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referred to herein as the “Effective Date”).  The Administrative Agent shall
promptly notify in writing the Borrower, the Lenders and the Issuing Lenders
upon the satisfaction of the condition precedent to the Effective Date.
 
5.         Effect of this Agreement.  Upon the occurrence of the Effective Date:
 
(a)           Lehman Bank’s Commitment shall terminate (thereby terminating
Lehman Bank’s risk participations in all Letters of Credit issued on or prior to
the Effective Date (each, an “Issued Letter of Credit”)), and each Lender’s
Percentage after giving effect to the termination of Lehman Bank’s Commitment
shall be as set forth on Schedule 1 to this Agreement (with respect to each
Lender, such Percentage after giving effect to the termination of Lehman Bank’s
Commitment being referred to herein as such Lender’s “Post-Consent Percentage”);
 
(b)           the amount of each L/C Participant’s risk participation interest
in each Issued Letter of Credit shall be automatically adjusted to equal such
L/C Participant’s Post-Consent Percentage thereof; and
 
(c)           Lehman Bank shall have no further rights or obligations under the
Credit Agreement, other than those rights and obligations which, by their terms,
survive the termination of any of the Commitments and/or the repayment in full
of the Obligations.
 
For the avoidance of doubt, nothing contained in this Agreement shall have the
effect of increasing the amount of any Lender’s Commitment.

6.         Payment of Fees to Lehman Bank. This Agreement shall in no way be
deemed to waive, alter or otherwise modify the pro rata sharing provisions of
Section 2.14 of the Credit Agreement with respect to the fees payable to Lehman
Bank under Section 2.6(a), Section 2.6(b) or Section 3.3 of the Credit
Agreement. In that regard, any fees under Section 2.6(a), Section 2.6(b) or
Section 3.3 of the Credit Agreement owing to Lehman Bank with respect to its
Commitment through the Effective Date shall be paid on the next date on which
such fees and other amounts are paid to the other Lenders pursuant to the Credit
Agreement. Thereafter, the Borrower shall not be required to pay for the account
of Lehman Bank, and Lehman Bank shall not be entitled to receive, any fees under
Section 2.6(a), Section 2.6(b) or Section 3.3 of the Credit Agreement.
 
7.         Representations and Warranties.  In order to induce the Issuing
Lenders, the Lenders and the Administrative Agent to enter into this Agreement,
the Borrower represents and warrants to each Lender, each Issuing Lender and the
Administrative Agent that, as of the date hereof, (a) no Event of Default has
occurred and is continuing or, after giving effect to the consent set forth in
Section 2, would result from the effectiveness of this Agreement; and (b) the
representations and warranties of the Borrower contained in Section 4 of the
Credit Agreement are true and correct in all material respects as of the
Effective Date with the same effect as though such representations and
warranties had been made on and as of the Effective Date (except for such
representations and warranties made as of a specified date, which shall be true
and correct in all material respects as of such specified date).
 

 
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8.           Miscellaneous.

  (a)           Reference to and Effect on the Credit Agreement and the other
Loan Documents.
 
(i)             Except as specifically modified by this Agreement, the Credit
Agreement and the other Loan Documents shall remain in full force and effect and
are hereby ratified and confirmed by the Borrower in all respects.
 
(ii)             The execution and delivery of this Agreement shall not, except
as expressly provided herein, constitute a waiver of any provision of, or
operate as a waiver of any right, power or remedy of the Lenders, the Issuing
Lenders or the Administrative Agent under, the Credit Agreement or any of the
other Loan Documents.
 
(iii)             Upon the occurrence of the Effective Date, this Agreement
shall be construed as one with the Credit Agreement, and the Credit Agreement
shall, where the context requires, be read and construed throughout so as to
incorporate this Agreement.
 
(iv)             If there is any conflict between the terms and provisions of
this Agreement and the terms and provisions of the Credit Agreement or any other
Loan Document, the terms and provisions of this Agreement shall govern.
 
(b)           Headings.  Section and subsection headings in this Agreement are
included for convenience of reference only and shall not constitute a part of
this Agreement for any other purpose or be given any substantive effect.
 
(c)           Counterparts.  This Agreement may be executed by one or more of
the parties to this Agreement in any number of separate counterparts, and all of
said counterparts taken together shall be deemed to constitute one and the same
instrument.  Delivery of an executed signature page of this Agreement by
facsimile transmission shall be effective as delivery of a manually executed
counterpart hereof.  A set of the copies of this Agreement signed by all parties
shall be lodged with the Borrower and the Administrative Agent.
 
(d)GOVERNING LAW.  THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
 
9.Loan Documents.  This Agreement is a Loan Document as defined in the Credit
Agreement, and the provisions of the Credit Agreement generally applicable to
Loan Documents are applicable hereto and incorporated herein by this reference.
 

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

 
PG&E CORPORATION
 

     
  
By:
NICHOLAS BIJUR
  
Name:
NICHOLAS BIJUR
  
Title:
Assistant Treasurer

 

 

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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BNP PARIBAS, as Administrative Agent, Issuing Lender and as a Lender
 

  
By:
FRANCES J. DELANEY
  
Name:
FRANCES J. DELANEY
  
Title:
Managing Director

  
By:
MANOJ KHATRI
  
Name:
MANOJ KHATRI
  
Title:
Director

 
 

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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JPMORGAN CHASE BANK, N.A.,
as a Lender
 

  
By:
JUAN JAVELLANA
  
Name:
JUAN JAVELLANA
  
Title:
Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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DEUTSCHE BANK AG, New York Branch,
as a Lender
 

  
By:
MARCUS TARKINGTON
  
Name:
MARCUS TARKINGTON
  
Title:
Director

  
By:
RAINER MEIER
  
Name:
RAINER MEIER
  
Title:
Director

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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CITICORP NORTH AMERICA, INC.,
as a Lender
 
 

  
By:
NIETZSCHE RODRICKS
  
Name:
NIETZSCHE RODRICKS
  
Title:
Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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BARCLAYS BANK Plc,
as a Lender
 

  
By:
DAVID BARTON
  
Name:
DAVID BARTON
  
Title:
Director

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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BANK OF AMERICA, N.A.,
as a Lender
 

  
By:
PATRICK MARTIN
  
Name:
PATRICK MARTIN
  
Title:
Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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UBS LOAN FINANCE LLC,
as a Lender
 

  
By:
MARIE HADDAD
  
Name:
MARIE HADDAD
  
Title:
Associate Director

  
By:
MARY E. EVANS
  
Name:
MARY E. EVANS
  
Title:
Associate Director

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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THE BANK OF NEW YORK MELLON,
as a Lender
 

  
By:
MARK W. ROGERS
  
Name:
MARK W. ROGERS
  
Title:
Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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WILLIAM STREET COMMITMENT CORPORATION (Recourse only to the assets of William
Street Commitment Corporation),
as a Lender
 

  
By:
MARK WALTON
  
Name:
MARK WALTON
  
Title:
Assistant Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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UNION BANK OF CALIFORNIA, N.A.,
as a Lender
 

  
By:
DENNIS G. BLANK
  
Name:
DENNIS G. BLANK
  
Title:
Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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ABN AMRO BANK N.V.,
as a Lender
 

  
By:
R. SCOTT DONALDSON
  
Name:
R. SCOTT DONALDSON
  
Title:
Director

  
By:
TODD VAUBEL
  
Name:
TODD VAUBEL
  
Title:
Vice President

.

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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MORGAN STANLEY BANK,
as a Lender
 

  
By:
MELISSA JAMES
  
Name:
MELISSA JAMES
  
Title:
Authorized Signatory

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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MIZUHO CORPORATE BANK, LTD.,
as a Lender
 

  
By:
RAYMOND VENTURA
  
Name:
RAYMOND VENTURA
  
Title:
Deputy General Manager

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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LEHMAN BROTHERS BANK, FSB,
as a Lender
 

  
By:
THEODORE JANULIS
  
Name:
THEODORE JANULIS
  
Title:
Chairman

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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U.S. BANK NATIONAL ASSOCIATION,
as a Lender
 

  
By:
RAYMOND J. PALMER
  
Name:
RAYMOND J. PALMER
  
Title:
Senior Vice President

-Signature Page-
Amendment and Limited Consent Agreement
PG&E Corporation
 
 

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Schedule 1 to Amendment and Limited Consent Agreement
 
Post-Consent Percentages
 

   
JPMorgan Chase Bank, N.A.
11.36245778%
Citicorp North America, Inc.
11.36245778%
BNP Paribas
9.139902688%
Deutsche Bank AG, NY Branch
9.139902688%
Barclays Bank PLC
9.139902688%
Bank of America, N.A.
9.139902688%
The Bank of New York, Mellon
6.817474665%
UBS Loan Finance LLC
6.817474665%
ABN AMRO Bank N.V.
5.113105999%
Morgan Stanley Bank
5.113105999%
Union Bank of California, N.A.
5.113105999%
Williams Street Commitment Corporation
5.113105999%
Mizuho Corporate Bank, Ltd.
4.734357404%
US Bank National Association
1.893742964%
   
TOTAL
100.000000000%

 

 

 

 
 

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