exv10w1






Exhibit 10.1




Execution Copy




FIRST AMENDMENT TO SECOND RESTATED CREDIT AGREEMENT




     THIS FIRST AMENDMENT TO SECOND RESTATED CREDIT AGREEMENT (this “Amendment”) dated as of the
27th day of October, 2009, is by and among PLAINS MARKETING, L.P. (“Borrower”), BANK OF AMERICA,
N.A., as Administrative Agent, BNP Paribas, as Syndication Agent, SOCIETE GENERALE, as
Documentation Agent, Banc of America Securities LLC (“BAS”), BNP Paribas (“BNPP”) and Societe
Generale, as joint lead arrangers, BAS and BNPP, as joint bookrunners, and the Lenders party
hereto.



WITNESSETH:




     WHEREAS, Borrower, Administrative Agent and certain of the Lenders entered into that certain
Second Restated Credit Agreement dated as of November 6, 2008 (the “Original Agreement”) for the
purposes and consideration therein expressed; and



     WHEREAS, Borrower, Administrative Agent and Lenders desire to amend the Original Agreement for
the purposes described herein;



     NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements
contained herein and in the Original Agreement, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto do hereby agree as
follows:



ARTICLE I. — Definitions and References




     § 1.1. Terms Defined in the Original Agreement. Unless the context otherwise requires
or unless otherwise expressly defined herein, the terms defined in the Original Agreement shall
have the same meanings whenever used in this Amendment.



     § 1.2. Other Defined Terms. Unless the context otherwise requires, the following
terms when used in this Amendment shall have the meanings assigned to them in this § 1.2.




     “Amendment” means this First Amendment to Second Restated Credit Agreement.




     “Credit Agreement” means the Original Agreement as amended hereby.




     “Exiting Lender” means any Person that is a Lender to the Original Agreement
immediately prior to the execution of this Amendment and not a signatory hereto as a Lender.




     “New Lender” means each Lender a party hereto, other than any Person that is a
Lender to the Original Agreement immediately prior to the execution of this Amendment.



ARTICLE II. — Amendments




     § 2.1. Definitions. The definition of “Maturity Date” set forth in Section 1.1 of the
Original Agreement is hereby amended in its entirety to read as follows:



1









 






     “Maturity Date” means October 26, 2010, unless terminated earlier in accordance
with Section 8.1 or Section 10.10.



     § 2.2. Summary Collateral Report. The phrase “On the fifteenth (15th) day
of each month (or the next succeeding Business Day, if the 15th is not a Business Day) and together
with each Borrowing Notice” commencing in the first line of Section 6.2(d) of the Original
Agreement is hereby amended and restated as follows: “No earlier than the fifteenth
(15th) day of each month, and no later than the eighteenth (18th) day of each
month (or the next succeeding Business Day, if the 18th is not a Business Day), and
together with any Borrowing Notice or LC Application that, after the making of the Loans or the
issuance of the Letter of Credit requested thereby, would result in the Total Outstanding Amount
exceeding ninety percent (90%) of the Sale Value of Financed Hedged Eligible Inventory (or Hedged
Value, as to Financed Hedged Eligible Inventory not subject to sales contracts), described on the
most-recently delivered Summary Collateral Report,”.



     § 2.3. Amendments. Clause (v) of Section 10.1(a) of the Original Agreement is hereby
amended by inserting “or any other provision hereof that affects the pro rata treatment of Lenders”
after “required thereby”.



     § 2.4. Schedules and Exhibits. The Pricing Grid attached as Schedule I to the
Original Agreement is hereby amended in its entirety to read as set forth on Schedule I attached
hereto. The list of Currently Approved Persons and Facilities attached as Schedule V to the
Original Agreement is hereby amended in its entirety to read as set forth on Schedule V attached
hereto. The forms of Borrowing Notice and Summary Collateral Report attached as Exhibits B and G
to the Original Agreement are hereby amended in their entirety to read as set forth on Exhibits B
and G attached hereto.



     § 2.5. Commitments. The Lender Schedule attached as Schedule II to the Original
Agreement is hereby amended in its entirety to read as set forth on Schedule II attached hereto.
In connection therewith, Borrower, Administrative Agent and Lenders shall make adjustments to the
Outstanding Amount of Loans and LC Obligations owing to each Lender (but not any interest accrued
thereon prior to the date hereof or any accrued commitment or letter of credit fees under the
Credit Agreement prior to the date hereof), including the borrowing of additional Loans and the
repayment of Loans plus all applicable accrued interest, fees and expenses as shall be necessary to
repay in full all Exiting Lenders, and to provide for Loans and LC Obligations owing to each Lender
in the amount of its Percentage Share of all Loans and LC Obligations as of the date hereof, and
each Lender shall be deemed to have made an assignment of its Commitment and outstanding Loans and
LC Obligations owing to such Lender, and assumed Commitments and outstanding Loans and LC
Obligations owing to other Lenders, as may be necessary to effect the foregoing, but in no event
shall any such adjustment of any Eurodollar Loans (i) constitute a payment or prepayment of all or
a portion of any Eurodollar Loans or (ii) entitle any Lender to any reimbursement under Section 3.7
of the Credit Agreement. Borrower, Administrative Agent and each Lender hereby (x) consents to all
reallocations and assignments of the Commitments and Loans and LC Obligations effected pursuant to
the foregoing, (y) acknowledges and agrees that such reallocations and assignments shall be deemed
effective as if such reallocations and assignments were evidenced by Assignments and Assumptions
among Lenders delivered pursuant to Section 10.5(b) of the Credit Agreement, and (z) agrees that
Lenders shall make full cash settlement of such reallocations and assignments through the
Administrative Agent, as the Administrative Agent may direct or approve, such that after giving



2









 







effect to such settlement, each Lender’s Commitment and Outstanding Amount of Loans and LC
Obligations shall be as set forth above.



     § 2.6. New Lenders; Exiting Lenders. Upon their execution and as of the effectiveness
hereof, each New Lender shall be a party to the Credit Agreement and shall have the rights and
obligations of a Lender thereunder and each Exiting Lender shall cease to be a Lender and shall be
released from its obligations under the Credit Agreement.



ARTICLE III. — Conditions of Effectiveness




     § 3.1. Effective Date. This Amendment shall become effective as of the date first
written above, when and only when




     (i) Administrative Agent shall have received, at Administrative Agent’s office a
counterpart of this Amendment executed and delivered by Borrower and Lenders;




     (ii) Borrower shall have paid all commitment, facility, agency and other fees and
expenses required to be paid to Administrative Agent or any Lender pursuant to any Loan
Documents or any commitment agreement heretofore entered into by Borrower and any of them;
and




     (iii) Administrative Agent shall have additionally received all of the following
documents, each document (unless otherwise indicated) being dated the date of receipt
thereof by Administrative Agent, duly authorized, executed and delivered, and in form and
substance satisfactory to Administrative Agent:




New Notes. New Notes, payable to each New Lender and each existing Lender
that is increasing its Commitment, in the amount of such Lender’s Commitment.




Borrowing Notice/Summary Collateral Report. A Borrowing Notice in the form
of Exhibit B attached hereto, with Summary Collateral Report in the form of Exhibit
G attached hereto.




Supporting Documents. Such supporting documents as Administrative Agent may
reasonably request.



ARTICLE IV. — Representations and Warranties




     § 4.1. Representations and Warranties of Borrower. In order to induce Administrative
Agent and Lenders to enter into this Amendment, Borrower represents and warrants to Administrative
Agent and each Lender that:




     (a) The representations and warranties made by Borrower or PAA in any Loan Document are
true and correct at and as of the time of the effectiveness hereof, except to the extent
that such representation and warranty was made as of a specific date or updated, modified or
supplemented as of a subsequent date with the consent of Majority Lenders, then in each
case, such other date.




     (b) No Default or “Default” (as such term is used and defined in the PAA Credit
Agreement) exists as of the date hereof.



3









 






     (c) Borrower is duly authorized to execute and deliver this Amendment, and Borrower is
and will continue to be duly authorized to borrow and perform its obligations under the
Credit Agreement. Borrower has duly taken all action necessary to authorize the execution
and delivery of this Amendment and to authorize the performance of its obligations
hereunder.




     (d) The execution and delivery by Borrower of this Amendment (and PAA of the Consent
and Agreement attached hereto), the performance by it of its obligations hereunder (or
thereunder), and the consummation of the transactions contemplated hereby (or thereby), do
not and will not (i) violate any provision of (1) Law applicable to it, (2) its
organizational documents, or (3) any judgment, order or material license or permit
applicable to or binding upon it, (ii) result in the acceleration of any Indebtedness owed
by it, or (iii) result in or require the creation of any consensual Lien upon any of its
material assets or properties, except as expressly contemplated in, or permitted by, the
Loan Documents. Except as expressly contemplated in, or permitted by, the Loan Documents,
disclosed in the Disclosure Schedule or disclosed pursuant to Section 6.4 of the Credit
Agreement, no permit, consent, approval, authorization or order of, and no notice to or
filing, registration or qualification with, any Governmental Authority is required on the
part of Borrower pursuant to the provisions of any material Law applicable to it as a
condition to its execution, delivery or performance of this Amendment, or to consummate the
transactions contemplated hereby.




     (e) When duly executed and delivered, this Amendment and each of the Loan Documents, as
amended hereby, will be a legal and binding obligation of Borrower, enforceable in
accordance with its terms, except as such enforcement may be limited by bankruptcy,
insolvency or similar Laws of general application relating to the enforcement of creditors’
rights and general principles of equity.



ARTICLE V. — Miscellaneous




     § 5.1. Ratification of Agreements. The Original Agreement, as hereby amended, is
hereby ratified and confirmed in all respects. The Loan Documents, as they may be amended or
affected by this Amendment, are hereby ratified and confirmed in all respects by Borrower. Any
reference to the Credit Agreement in any Loan Document shall be deemed to refer to this Amendment
also. The execution, delivery and effectiveness of this Amendment shall not, except as expressly
provided herein, operate as a waiver of any right, power or remedy of Administrative Agent or any
Lender under the Credit Agreement or any other Loan Document nor constitute a waiver of any
provision of the Credit Agreement or any other Loan Document.



     § 5.2. Ratification of Security Documents. Borrower, Administrative Agent, and
Lenders each acknowledges and agrees that any and all indebtedness, liabilities or obligations,
arising under or in connection with the LC Obligations or the Notes, are Obligations and are
secured indebtedness under, and are secured by, each and every Security Document. Borrower hereby
re-pledges, re-grants and re-assigns a security interest in and lien on every asset of Borrower
described as Collateral in any Security Document.



     § 5.3. Survival of Agreements. All representations, warranties, covenants and
agreements of Borrower shall survive the execution and delivery of this Amendment and the
performance hereof, including without limitation the making or granting of each Loan, and shall



4









 







further survive until all of the Obligations under the Credit Agreement are paid in full. All
statements and agreements contained in any certificate or instrument delivered by Borrower
hereunder or under the Credit Agreement to Administrative Agent or any Lender shall be deemed to
constitute representations and warranties by, or agreements and covenants of, Borrower under this
Amendment and under the Credit Agreement.



     § 5.4. Loan Documents. This Amendment is a Loan Document, and all provisions in the
Credit Agreement pertaining to Loan Documents apply hereto.



     § 5.5. GOVERNING LAW. THIS AMENDMENT SHALL BE DEEMED A CONTRACT AND
INSTRUMENT MADE UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN
ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES
OF AMERICA, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.



     § 5.6. Counterparts. This Amendment may be separately executed in counterparts and by
the different parties hereto in separate counterparts, each of which when so executed shall be
deemed to constitute one and the same Amendment. Delivery of an executed signature page by
facsimile or other electronic transmission shall be effective as delivery of a manual executed
counterpart.



5









 





     IN WITNESS WHEREOF, this Amendment is executed as of the date first above written.



	 	 	 	 	 
	BORROWER: 	 PLAINS MARKETING, L.P.



By: Plains Marketing GP Inc., its General Partner

 	 
	 	By:  	

 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	LENDER PARTIES: 	 BANK OF AMERICA, N.A.,

Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF AMERICA, N.A.,

a Lender and LC Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



6









 






	 	 	 	 	 



	 	 	 	 	 
	 	BNP PARIBAS, Syndication Agent and a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SOCIETE GENERALE,

Documentation Agent and a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BARCLAYS BANK PLC, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	WELLS FARGO BANK, N.A., Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	JPMORGAN CHASE BANK, N.A., Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



7









 






	 	 	 	 	 



	 	 	 	 	 
	 	DNB NOR BANK ASA, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	COMPASS BANK, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MIZUHO CORPORATE BANK, LTD., Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	NATIXIS, NEW YORK BRANCH, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	CITIBANK, N.A., Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	SUNTRUST BANK, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



8









 






	 	 	 	 	 



	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORPORATION, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	ING CAPITAL LLC, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	BANK OF MONTREAL, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK NATIONAL ASSOCIATION, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	FIFTH THIRD BANK, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	RAYMOND JAMES BANK, FSB, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



9









 






	 	 	 	 	 



	 	 	 	 	 
	 	BAYERISCHE LANDESBANK, NEW YORK BRANCH, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	REGIONS BANK, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	MORGAN STANLEY BANK, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	UBS AG, Stamford Branch, Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 



10









 






	 	 	 	 	 



CONSENT AND AGREEMENT





     Plains All American Pipeline, L.P. (“Guarantor”) hereby consents to the provisions of
this Amendment and the transactions contemplated herein and hereby (i) acknowledges and agrees that
any and all indebtedness, liabilities or obligations of Borrower arising under or in connection
with the Credit Agreement and the Notes are Obligations and are guarantied indebtedness under that
certain Restated Guaranty dated November 6, 2008 (the “PAA Guaranty”) by Guarantor in favor
of Administrative Agent for the benefit of Lenders, (ii) ratifies and confirms the PAA Guaranty,
and (iii) expressly acknowledges and agrees that Guarantor guarantees all indebtedness, liabilities
and obligations of Borrower, arising under or in connection with the Credit Agreement and the
Notes, pursuant to the terms of the PAA Guaranty, and agrees that its obligations and covenants
thereunder are unimpaired hereby and shall remain in full force and effect.



PLAINS ALL AMERICAN PIPELINE, L.P.




By: PAA GP LLC, its general partner

By: PLAINS AAP, L.P., its sole member

By: PLAINS ALL AMERICAN GP LLC,

       its general partner




	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 




11











 





SCHEDULE I




COMMITMENT FEES AND APPLICABLE MARGIN




	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable Margin	 	 
	Applicable	 	Applicable Margin	 	Eurodollar Loans	 	Commitment
	Rating Level	 	Base Rate Loans	 	and LC Fee Rate	 	Fee
	Level I
	 	 	0.750	%	 	 	1.750	%	 	 	0.200	%
	Level II
	 	 	1.000	%	 	 	2.000	%	 	 	0.250	%
	Level III
	 	 	1.250	%	 	 	2.250	%	 	 	0.300	%
	Level IV
	 	 	1.750	%	 	 	2.750	%	 	 	0.350	%
	Level V
	 	 	2.250	%	 	 	3.250	%	 	 	0.400	%






 









 






SCHEDULE II




COMMITMENTS AND PERCENTAGE SHARES




	 	 	 	 	 	 	 	 	 
	Lender	 	Commitment	 	 	Percentage Share1	 
	Bank of America, N.A.
	 	$	30,000,000.00	 	 	 	6.000000	%
	BNP Paribas
	 	$	30,000,000.00	 	 	 	6.000000	%
	Societe Generale
	 	$	30,000,000.00	 	 	 	6.000000	%
	Barclays Bank PLC
	 	$	24,000,000.00	 	 	 	4.800000	%
	Wells Fargo Bank, N.A.
	 	$	24,000,000.00	 	 	 	4.800000	%
	JPMorgan Chase Bank, N.A.
	 	$	24,000,000.00	 	 	 	4.800000	%
	DnB NOR Bank ASA
	 	$	24,000,000.00	 	 	 	4.800000	%
	Compass Bank
	 	$	24,000,000.00	 	 	 	4.800000	%
	Mizuho Corporate Bank, Ltd.
	 	$	24,000,000.00	 	 	 	4.800000	%
	Natixis, New York Branch
	 	$	19,000,000.00	 	 	 	3.800000	%
	Citibank, N.A.
	 	$	19,000,000.00	 	 	 	3.800000	%
	SunTrust Bank
	 	$	19,000,000.00	 	 	 	3.800000	%
	Sumitomo Mitsui Banking Corporation
	 	$	19,000,000.00	 	 	 	3.800000	%
	ING Capital LLC
	 	$	19,000,000.00	 	 	 	3.800000	%
	Bank of Montreal
	 	$	19,000,000.00	 	 	 	3.800000	%
	U.S. Bank National Association
	 	$	19,000,000.00	 	 	 	3.800000	%
	Fifth Third Bank
	 	$	19,000,000.00	 	 	 	3.800000	%
	Raymond James Bank, FSB
	 	$	19,000,000.00	 	 	 	3.800000	%
	Bayerische Landesbank, New York Branch
	 	$	19,000,000.00	 	 	 	3.800000	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	$	19,000,000.00	 	 	 	3.800000	%
	Regions Bank
	 	$	19,000,000.00	 	 	 	3.800000	%
	Morgan Stanley Bank, N.A.
	 	$	19,000,000.00	 	 	 	3.800000	%
	UBS AG, Stamford Branch
	 	$	19,000,000.00	 	 	 	3.800000	%
	 
	 	 	 	 	 	 
	TOTALS
	 	$	500,000,000.00	 	 	 	100.000000	%








 




			
	1	 	Rounded to six decimal places