Document:

Exhibit

Exhibit 10.1

FIRST AMENDMENT 
TO  
AMENDED AND RESTATED SENIOR UNSECURED REVOLVING CREDIT AGREEMENT

This FIRST AMENDMENT TO AMENDED AND RESTATED SENIOR UNSECURED REVOLVING CREDIT AGREEMENT (this “Amendment”) is made and entered into as of September 25, 2018, by and among WESTLAKE CHEMICAL OPCO LP, a Delaware limited partnership (“Borrower”), as borrower, WESTLAKE POLYMERS LLC, a Delaware limited liability as administrative agent (the “Agent”), and the lenders party thereto (the “Lenders”).
W I T N E S S E T H
WHEREAS, the Borrower, the Agent and the Lenders entered into that certain Amended and Restated Senior Unsecured Revolving Credit Agreement, dated as of June 1, 2017 (the “Credit Agreement”), pursuant to which the Lenders have made certain financial accommodations available to the Borrower;  and   
WHEREAS, the Lenders desires to make certain modifications to the Credit Agreement to extend the maturity date thereof as more fully set forth herein;
NOW, THEREFORE, in consideration of the mutual covenants and the payment contained herein, and subject to the terms and conditions herein set forth, the parties hereby agree as follows:
SECTION 1.DEFINITIONS
1.1    Unless otherwise defined herein, including in the text of the preamble and recitals hereto, all capitalized terms used herein shall have the respective meanings given to such terms in Section 1.1 of the Credit Agreement, as amended hereby.  
1.2    The rules of interpretation set forth in Sections 1.2 and 1.3 of the Credit Agreement shall apply to this Amendment in all respects.
SECTION 2.    AMENDMENT
2.1    The defined term “Applicable Margin” is hereby deleted in its entirety and replaced with the following:
“Applicable Margin” shall mean 2.0% per annum.
2.2    The defined term “Maturity Date” is hereby deleted in its entirety and replaced with the following:
“‘Maturity Date” shall mean September 25, 2023.

Exhibit 10.1

SECTION 3.    EFFECTIVENESS
3.1    This Amendment shall become effective upon the execution and delivery of this Amendment by the Borrower and the Lenders.
SECTION 4.    MISCELLANEOUS
4.1    Full Force and Effect.  Except as specifically amended hereby, all of the terms and conditions of the Credit Agreement are unaffected and shall continue to be in full force and effect and shall be binding on the parties hereto in accordance with their respective terms.  Each reference to the Credit Agreement therein or in any other agreement, document or instrument executed and delivered pursuant to the Credit Agreement shall mean and constitute a reference to the Credit Agreement as amended hereby.  Except as specifically set forth in this Amendment, nothing in this Amendment shall be construed as modifying any other term or condition of the Credit Agreement or operate as a waiver of, or in prejudice to, any right, power or remedy of the Lender under the Credit Agreement, any applicable law or any existing or future Default or Event of Default.  
4.2    Headings.  Section headings used herein are for convenience of reference only, are not part of this Amendment and shall not affect the construction of, or be taken into consideration in interpreting, this Amendment.
4.3    Counterparts.  This Amendment may be executed in any number of counterparts, each of which shall be enforceable against the party executing such counterpart, and all of which together shall constitute one instrument.  Each counterpart may be delivered in original, facsimile or electronic (e.g., “.pdf”) form.
4.4    Governing Law.  This Amendment shall be construed in accordance with and governed by the law of the State of New York.
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Exhibit 10.1

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed as of the day and year first above written.

	
			
	 
	WESTLAKE CHEMICAL OPCO LP
By: Westlake Chemical OpCo GP LLC, its general partner
as Borrower

	 
	By:
	 /S/ M. STEVEN BENDER

	 
	 
	Name: Mark Steven Bender

	 
	 
	Title: Senior Vice President, Chief Financial Officer and Treasurer

	 
	

WESTLAKE POLYMERS LLC
By: Westlake Chemical Investments, Inc., its manager
as Lender

	 
	By:
	/S/ JEFFREY HOLY

	 
	 
	Name: Jeffrey Holy

	 
	 
	Title: Vice President and Treasurer

	 
	

WESTLAKE LONGVIEW CORPORATION
as Lender

	 
	By:
	/S/ M. STEVEN BENDER

	 
	 
	Name: Mark Steven Bender

	 
	

	Title: Executive Vice President and Chief Financial OfficerExhibit

Exhibit 10.2

SECOND AMENDMENT
TO 
ETHYLENE SALES AGREEMENT

This SECOND AMENDMENT (this “Amendment”), dated as of November 1, 2018, and effective as of January 1, 2018, to the ETHYLENE SALES AGREEMENT, dated as of August 4, 2014, as amended by that certain First Amendment dated as of August 4, 2016 and effective as of January 1, 2016 (as amended, the “Agreement”), is entered into by and among WESTLAKE CHEMICAL OPCO LP, a Delaware limited partnership (“Seller”), and WPT LLC, a Delaware limited liability company, WESTLAKE VINYLS, INC., a Delaware corporation, and WESTLAKE PETROCHEMICALS LLC, a Delaware limited liability company (each, a “Buyer Party,” and collectively, “Buyer”).  Seller and Buyer hereinafter are referred to each individually as a “Party” and collectively as the “Parties.”
W I T N E S S E T H: 
WHEREAS, the Parties entered into the Agreement in 2014 in order to provide for the purchase by Buyer and the sale by Seller of certain Ethylene produced by Seller at its Plants; and 
WHEREAS, the Parties entered into the First Amendment to the Agreement in 2016 to reflect certain modifications and clarifications to better reflect the original intent of the Parties, including amendments to reflect the interplay of the obligations of the Parties under the Agreement and the obligations under the Services Agreement with respect to Poly Purge of Buyer or its affiliates reprocessed by Seller at its Plants; and
WHEREAS, Section 17.8 of the Agreement provides that the Agreement may be amended only by a written agreement of all the Parties, designated on its face an “Amendment” or “Addendum” to the Agreement; and
WHEREAS, the Parties have determined to amend the Agreement to reflect certain modifications to the Agreement;
NOW THEREFORE, in consideration of the foregoing and the mutual representations, warranties, covenants and agreements herein contained, and intending to be legally bound hereby, the Parties hereby agrees as follows:
Article 1 
GENERAL
1.1    Defined Terms.  Capitalized terms not otherwise defined herein shall have the meanings set forth therefor in the Agreement.

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Exhibit 10.2

ARTICLE 2     
AMENDMENTS OF AGREEMENT
2.1    Section 1.1 of the Agreement is hereby amended to add or restate the following definitions therein:
“Annual Minimum Quantity” shall have the meaning set forth in Section 4.1(b). 
“Annual Production” shall mean for any Contract Year the sum of (x) the aggregate quantities of Production during such Contract Year, regardless of whether purchased by Buyer, and (y) any amount of Ethylene not produced as a result of Curtailed Production during such Contract Year. 
“Curtailed Production” shall mean for any Month up to the amount of production of Ethylene that Seller elects to curtail for such Month by prompt written notice to Buyer based on Seller’s reasonable determination that its sales of Ethylene to Third Parties for such Month would be uneconomic during such Month because the marginal variable cost of producing such amount of Ethylene is expected to exceed the sales revenue that would be received by Seller for such amount of production; provided, however, that Curtailed Production for any Month shall not exceed approximately 5% of the pro rata amount of Annual Planned Output for the applicable Contract Year. For the avoidance of doubt, the amount of Curtailed Production for any Month in a Contract Year shall not be adjusted based on the amount of Ethylene subsequently produced by Seller during any other Month in such Contract Year. 
2.2    Section 4.1(a)(i) of the Agreement is hereby amended and restated in its entirety as follows:
		
	 “(i)
	the Annual Minimum Quantity (as defined below); and”

2.3    Section 4.1(a)(ii) of the Agreement is hereby amended to (a) delete the words “the limit of 95% of any Excess Quantity pursuant to” and (b) replace the language “(such Production, regardless of whether purchased by Buyer, the “Annual Production”), not to exceed 3.8 billion pounds in a given Contract Year” with the following text: “; provided, that Annual Production shall not exceed 3.8 billion pounds in a given Contract Year”. 
2.4    Section 4.1(b) of the Agreement is hereby amended and restated in its entirety as follows:
		
	“(b)
	The Annual Minimum Quantity for any Contract Year shall be equal to (i) the quantity of the Annual Planned Production notified to Buyer under Section 3.1 in respect of the relevant Contract Year, plus or minus, as applicable, (ii) the following adjustments: (A) upward or downward if it determines, in its reasonable discretion, that any such adjustment is appropriate in order to account for operating conditions, (B) downward by the amount of any Curtailed Production during such Contract Year, and (C) 

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Exhibit 10.2

downward by the aggregate quantities of Ethylene sold by Seller to Third Parties during such Contract Year (such amount, as adjusted pursuant to clauses (A)-(C), the “Annual Minimum Quantity”); provided that the aggregate amount of any Curtailed Production and the aggregate quantities of Ethylene sold by Seller to Third Parties under clauses (B) and (C) in any Contract Year shall not be less than approximately 5% of Annual Output for such Contract Year.”
2.5    The first sentence of Section 4.1(d) of the Agreement is hereby amended and restated as follows: “During any Contract Year, Seller shall be entitled (but not obligated) to produce Ethylene in excess of (i) the Annual Planned Production applicable to such Contract Year less (ii) the aggregate amount of any Curtailed Production during such Contract Year, if applicable (such excess amount, the “Excess Quantity”).”
2.6    Section 5.3(a)(i) of the Agreement is amended to insert the following text after the words “due to reasons other than”:
“Curtailed Production or”
ARTICLE 3     
MISCELLANEOUS
3.1    This Amendment shall be subject to and governed by the laws of the State of Texas, excluding any conflicts-of-law rule or principle that might refer the construction or interpretation of this Amendment to the laws of another state.
3.2    Except as hereby amended, the Agreement shall remain in full force and effect.
3.3    This Amendment, the Agreement and the Related Agreements (including any exhibits or schedules hereto or thereto) constitute the entire agreement of the Parties relating to the matters contained herein and therein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein and therein. 
3.4    This Amendment may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document.  All counterparts shall be construed together and shall constitute one and the same instrument.
 
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Exhibit 10.2

IN WITNESS WHEREOF, each of the Parties hereto has caused this Amendment to be signed as of the date first written above.
	
			
	 
	SELLER:

	 
	WESTLAKE CHEMICAL OPCO LP
By: Westlake Chemical OpCo GP LLC, 
        its general partner

	 
	By:
	 /S/ LAWRENCE E. TEEL

	 
	Name:
	Lawrence E. Teel

	 
	Title:
	Principal Operating Officer

	 
	 
	 

	 
	BUYER:

	 
	WPT LLC
By: Westlake Chemical Investments, Inc.,
        its Manager

	 
	By:
	/S/ M. STEVEN BENDER

	 
	Name:
	Mark Steven Bender

	 
	Title:
	EVP & CFO

	 
	WESTLAKE VINYLS, INC.

	 
	By:
	/S/ M. STEVEN BENDER

	 
	Name:
	Mark Steven Bender

	 
	Title:
	EVP & CFO

	 
	WESTLAKE PETROCHEMICALS LLC
By: Westlake Chemical Investments, Inc., 
        its Manager

	 
	By:
	/S/ M. STEVEN BENDER

	 
	Name:
	Mark Steven Bender

	 
	Title:
	EVP & CFO

      

Signature Page to Second Amendment to Ethylene Sales Agreement

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