Document:

EX-4.3

 Exhibit 4.3 

Execution Version 
  

 
  

PLAINS ALL AMERICAN PIPELINE, L.P. 

PAA FINANCE CORP. 
 as Issuers 

$650,000,000 
 4.90% SENIOR NOTES
DUE 2045 
 TWENTY-EIGHTH 

SUPPLEMENTAL 
 INDENTURE 

Dated as of December 9, 2014 

U.S. BANK NATIONAL ASSOCIATION 
 as
Trustee 
  
  

 

 TABLE OF CONTENTS 

 

							
	 ARTICLE I
	  	 	2	  
	 Section 1.01
	 	Establishment	  	 	2	  
		
	 ARTICLE II DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	2	  
	 Section 2.01
	 	Definitions	  	 	2	  
	 Section 2.02
	 	Other Definitions	  	 	7	  
		
	 ARTICLE III THE NOTES
	  	 	7	  
	 Section 3.01
	 	Form	  	 	7	  
	 Section 3.02
	 	Issuance of Additional Notes	  	 	7	  
	 Section 3.03
	 	Global Security Legend	  	 	7	  
		
	 ARTICLE IV REDEMPTION AND PREPAYMENT
	  	 	8	  
	 Section 4.01
	 	Optional Redemption	  	 	8	  
		
	 ARTICLE V COVENANTS
	  	 	8	  
	 Section 5.01.
	 	Compliance Certificate	  	 	8	  
	 Section 5.02.
	 	Limitations on Liens	  	 	9	  
	 Section 5.03.
	 	Restriction of Sale-leaseback Transactions	  	 	10	  
	 Section 5.04.
	 	SEC Reports; Financial Statements	  	 	11	  
	 Section 5.05.
	 	Subsidiary Guarantees	  	 	11	  
		
	 ARTICLE VI SUCCESSORS
	  	 	11	  
	 Section 6.01.
	 	Consolidation and Mergers of the Issuers	  	 	11	  
	 Section 6.02.
	 	Rights and Duties of Successor	  	 	12	  
		
	 ARTICLE VII DEFAULTS AND REMEDIES
	  	 	12	  
	 Section 7.01.
	 	Events of Default	  	 	12	  
		
	 ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	14	  
	 Section 8.01.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	14	  
	 Section 8.02.
	 	Legal Defeasance and Discharge	  	 	14	  
	 Section 8.03.
	 	Covenant Defeasance	  	 	15	  
	 Section 8.04.
	 	Conditions to Legal or Covenant Defeasance	  	 	15	  
	 Section 8.05.
	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	  	 	16	  
	 Section 8.06.
	 	Repayment to Issuers	  	 	17	  
	 Section 8.07.
	 	Reinstatement	  	 	17	  
		
	 ARTICLE IX SUBSIDIARY GUARANTEES
	  	 	17	  
	 Section 9.01.
	 	Subsidiary Guarantees	  	 	17	  
	 Section 9.02.
	 	Limitation on Liability	  	 	19	  
	 Section 9.03.
	 	Successors and Assigns	  	 	19	  
	 Section 9.04.
	 	No Waiver	  	 	19	  

  
 -i- 

							
	 Section 9.05.
	 	Modification	  	 	19	  
	 Section 9.06.
	 	Execution of Supplemental Indenture for Future Subsidiary Guarantors	  	 	20	  
	 Section 9.07.
	 	Release of Guarantee	  	 	20	  
		
	 ARTICLE X MISCELLANEOUS
	  	 	20	  
	 Section 10.01.
	 	Additional Amendments	  	 	20	  
	 Section 10.02.
	 	Integral Part	  	 	20	  
	 Section 10.03.
	 	Adoption, Ratification and Confirmation	  	 	20	  
	 Section 10.04.
	 	Counterparts	  	 	20	  
	 Section 10.05.
	 	Governing Law	  	 	20	  

 EXHIBIT A:             Form of Note 

EXHIBIT B:             Form of Supplemental Indenture 

  
 -ii- 

 TWENTY-EIGHTH SUPPLEMENTAL INDENTURE dated as of December 9, 2014 (this “Supplemental
Indenture”) among PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership (the “Partnership”), PAA FINANCE CORP., a wholly owned subsidiary of the Partnership and a Delaware corporation (“PAA Finance” and,
together with the Partnership, the “Issuers”), and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”). 
 W I T N
E S S E T H: 
 WHEREAS, the Issuers have heretofore entered into an Indenture, dated as of September 25, 2002 (the “Original
Indenture”), with U.S. Bank National Association (successor to Wachovia Bank, National Association), as trustee; 
 WHEREAS, the
Original Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture;” 
 WHEREAS, under the
Original Indenture, a new series of Debt Securities may at any time be established by the Boards of Directors of the Managing General Partner and PAA Finance in accordance with the provisions of the Original Indenture and the form and terms of such
series may be established by a supplemental indenture executed by the Issuers and the Trustee; 
 WHEREAS, the Issuers propose to create
under the Indenture a new series of Debt Securities; 
 WHEREAS, additional Debt Securities of other series hereafter established, except as
may be limited in the Original Indenture as at the time supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented and modified; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding
obligation of the Issuers have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set forth
herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

 ARTICLE I 

Section 1.01 Establishment. There is hereby established a new series of Debt Securities to be issued under the Indenture, to be
designated as the Issuers’ 4.90% Senior Notes due 2045 (the “Notes”). Initially, there will be no Subsidiary Guarantors for the Notes. 

(a) There are to be authenticated and delivered $650,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter
there may be authenticated and delivered an unlimited principal amount of Additional Notes. 
 (b) The Notes shall be issued initially in the
form of one or more Global Securities in substantially the form set out in Exhibit A hereto. The Depositary with respect to the Notes shall be The Depository Trust Company. 

(c) Each Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from the
most recent date to which interest has been paid or duly provided for. 
 (d) If and to the extent that the provisions of the Original
Indenture are duplicative of, or in contradiction with, the provisions of this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern. 

ARTICLE II 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 2.01 Definitions. All capitalized terms used herein and not otherwise defined below shall
have the meanings ascribed thereto in the Original Indenture. The following are additional definitions used in this Supplemental Indenture: 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, shall mean the possession directly or indirectly of the power to direct or cause the direction of the
management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise; and the terms “controlling,” “controlled by” and “under common control with” shall have correlative
meanings. 
 “Attributable Indebtedness,” when used with respect to any Sale-leaseback Transaction, means, as at the time of
determination, the present value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of
property taxes, maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such Sale-leaseback
Transaction (including any period for which such lease has been extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty or other termination payment, such amount shall be the lesser of the amount
determined assuming termination upon the first date such lease may be terminated (in which case the amount shall also include the amount of the penalty or termination payment, but no rent shall be considered as required to be paid under such lease
subsequent to the first date upon which it may be so terminated) or the amount determined assuming no such termination. 

  
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 “Capital Interests” means any and all shares, interests, participations, rights or
other equivalents (however designated) of capital stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, such Person. 
 “Consolidated Net Tangible Assets”
means, at any date of determination, the total amount of assets after deducting therefrom: (1) all current liabilities (excluding (a) any current liabilities that by their terms are extendible or renewable at the option of the obligor
thereon to a time more than 12 months after the time as of which the amount thereof is being computed; and (b) current maturities of long-term debt); and (2) the amount, net of any applicable reserves, of all goodwill, trade names,
trademarks, patents and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership for its most recently completed fiscal quarter, prepared in accordance with GAAP. 

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money obligation
created or assumed by such Person, and any guarantee of the foregoing. 
 “Funded Debt” means all Debt maturing one year or more
from the date of the creation thereof, all Debt directly or indirectly renewable or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a date one year or more from the date of
the creation thereof, and all Debt under a revolving credit or similar agreement obligating the lender or lenders to extend credit over a period of one year or more. 

“Guarantee” means a guarantee of the Notes given by a Subsidiary Guarantor pursuant to the Indenture, including any future
obligations under Article IX hereof. 
 “General Partner” means PAA GP LLC, a Delaware limited liability company, and its
successors and permitted assigns as general partner of the Partnership. 
 “Issue Date” means, with respect to the Notes, the date
on which the Notes are initially issued. 
 “Managing General Partner” means (i) Plains All American GP LLC, a Delaware
limited liability company, and its successors and permitted assigns as the general partner of the sole member of the General Partner or (ii) the business entity with the ultimate authority to manage the business and operations of the
Partnership. 
 “Notes” has the meaning assigned to it in Section 1.01(a) hereof, and includes both the Notes issued on the
Issue Date and any Additional Notes issued thereafter. 

  
 3 

 “Obligations” means any principal, interest, liquidated damages, penalties, fees,
indemnifications, reimbursement obligations, damages and other liabilities payable under the documentation governing any Debt. 
 “Pari
Passu Debt” means any Funded Debt of either of the Issuers, whether outstanding on the Issue Date or thereafter created, incurred or assumed, unless, in the case of any particular Funded Debt, the instrument creating or evidencing the same or
pursuant to which the same is outstanding expressly provides that such Funded Debt shall be subordinated in right of payment to the Notes. 

“Partnership Agreement” means the Fourth Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline,
L.P., dated as of May 17, 2012, as amended by Amendment No. 1 thereto dated as of October 1, 2012 and Amendment No. 2 thereto dated as of December 31, 2013, and as such may be otherwise amended, modified or supplemented from
time to time. 
 “Permitted Liens” means: 

(1) Liens upon rights-of-way for pipeline purposes; 

(2) any statutory or governmental Lien or Lien arising by operation of law, or any mechanics’, repairmen’s,
materialmen’s, suppliers’, carriers’, landlords’, warehousemen’s or similar Lien incurred in the ordinary course of business which is not yet due or which is being contested in good faith by appropriate proceedings and any
undetermined Lien which is incidental to construction, development, improvement or repair; 
 (3) the right reserved to, or
vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license, permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property; 

(4) Liens of taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or
(C) delinquent but the validity of which is being contested at the time by an Issuer or any Restricted Subsidiary in good faith; 

(5) Liens of, or to secure performance of, leases, other than capital leases; 

(6) any Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining
indemnity or stay of judicial proceedings; 
 (7) any Lien upon property or assets acquired or sold by an Issuer or any
Restricted Subsidiary resulting from the exercise of any rights arising out of defaults on receivables; 
 (8) any Lien
incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance, temporary disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or
governmental regulations; 

  
 4 

 (9) any Lien in favor of an Issuer or any Restricted Subsidiary; 

(10) any Lien in favor of the United States of America or any state thereof, or any department, agency or instrumentality or
political subdivision of the United States of America or any state thereof, to secure partial, progress, advance, or other payments pursuant to any contract or statute, or any Debt incurred by an Issuer or any Restricted Subsidiary for the purpose
of financing all or any part of the purchase price of, or the cost of constructing, developing, repairing or improving, the property or assets subject to such Lien; 

(11) any Lien securing industrial development, pollution control or similar revenue bonds; 

(12) any Lien securing Debt of an Issuer or any Restricted Subsidiary, all or a portion of the net proceeds of which are used,
substantially concurrently with the funding thereof (and for purposes of determining such “substantial concurrence,” taking into consideration, among other things, required notices to be given to Holders of Outstanding Debt Securities
(including the Notes) in connection with such refunding, refinancing or repurchase, and the required corresponding durations thereof), to refinance, refund or repurchase all Outstanding Debt Securities (including the Notes), including the amount of
all accrued interest thereon and reasonable fees and expenses and premium, if any, incurred by the Issuers or any Restricted Subsidiary in connection therewith; 

(13) Liens in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees, bonds
or surety obligations required or requested by any governmental authority in connection with any contract or statute; 
 (14)
any Lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations; 

(15) any Lien or privilege vested in any grantor, lessor or licensor or permittor for rent or other charges due or for any
other obligations or acts to be performed, the payment of which rent or other charges or performance of which other obligations or acts is required under leases, easements, rights-of-way, licenses, franchises, privileges, grants or permits, so long
as payment of such rent or the performance of such other obligations or acts is not delinquent or the requirement for such payment or performance is being contested in good faith by appropriate proceedings; 

(16) easements, exceptions or reservations in any property of the Partnership or any of the Restricted Subsidiaries granted or
reserved for the purpose of pipelines, roads, the removal of oil, gas, coal or other minerals, and other like purposes for the joint or common use of real property, facilities and equipment, which are incidental to, and do not materially interfere
with, the ordinary conduct of its business or the business of the Partnership and its Subsidiaries, taken as a whole; 

  
 5 

 (17) Liens arising under operating agreements, joint venture agreements,
partnership agreements, oil and gas leases, farmout agreements, division orders, contracts for sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and agreements, area of mutual interest agreements and other
agreements arising in the ordinary course of the Partnership’s or any Restricted Subsidiary’s business that are customary in the business of marketing, transportation and terminalling of crude oil and/or marketing of liquefied petroleum
gas; or 
 (18) any obligations or duties to any municipality or public authority with respect to any lease, easement,
right-of-way, license, franchise, privilege, permit or grant. 
 “Principal Property” means, whether owned or leased on the Issue
Date or thereafter acquired: (1) any of the pipeline assets of the Partnership or the pipeline assets of any Subsidiary of the Partnership, including any related facilities employed in the transportation, distribution, terminalling, gathering,
treating, processing, marketing or storage of crude oil or refined petroleum products, natural gas, natural gas liquids, fuel additives or petrochemicals, and (2) any processing or manufacturing plant or terminal owned or leased by the
Partnership or any Subsidiary of the Partnership; except, in the case of either clause (1) or (2), (a) any such assets consisting of inventories, furniture, office fixtures and equipment, including data processing equipment, vehicles and
equipment used on, or useful with, vehicles, and (b) any such assets, plant or terminal which, in the good faith opinion of the Board of Directors, is not material in relation to the activities of the Partnership or the activities of the
Partnership and its Subsidiaries, taken as a whole. 
 “Restricted Subsidiary” means any Subsidiary of the Partnership owning or
leasing, directly or indirectly through ownership in another Subsidiary, any Principal Property. 
 “Sale-leaseback Transaction”
means the sale or transfer by an Issuer or any Subsidiary of the Partnership of any Principal Property to a Person (other than an Issuer or a Subsidiary of the Partnership) and the taking back by an Issuer or any Subsidiary of the Partnership, as
the case may be, of a lease of such Principal Property. 
 “Subsidiary” means, with respect to any Person: (1) any other
Person of which more than 50% of the total voting power of shares or other Capital Interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers or trustees (or equivalent persons)
thereof is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof; or (2) in the case of a partnership, more than 50% of the partners’
Capital Interests, considering all partners’ Capital Interests as a single class, is at the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or a combination thereof. 

  
 6 

 “Subsidiary Guarantors” means each of: 

(1) any Subsidiary that executes a supplemental Indenture to provide a Guarantee in accordance with the provisions of the
Indenture; and 
 (2) their respective successors and assigns. 

Section 2.02 Other Definitions. 
  

					
	 	  	Defined in	 
	 Term
	  	Section	 
	 “Additional Notes”
	  	 	3.02	  
	 “Covenant Defeasance”
	  	 	8.03	  
	 “Event of Default”
	  	 	7.01	  
	 “Legal Defeasance”
	  	 	8.02	  
	 “Note Obligations”
	  	 	9.01	  
	 “Payment Default”
	  	 	7.01	  
	 “Required Filing Dates”
	  	 	5.04	  
	 “Successor Company”
	  	 	6.01	  

 ARTICLE III 

THE NOTES 
 Section 3.01
Form. The Notes shall be issued initially in the form of one or more Global Securities. The Notes and Trustee’s certificate of authentication shall be substantially in the form of Exhibit A hereto, the terms of which are incorporated in
and made a part of this Supplemental Indenture, and the Issuers and the Trustee, by their execution and delivery of this Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.02 Issuance of Additional Notes. The Issuers may, from time to time, issue an unlimited amount of additional Notes
(“Additional Notes”) under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have identical terms as the Notes issued on the Issue Date other than with respect to the issue date,
the date of first payment of interest, if applicable, and the payment of interest accruing prior to the issue date. The Notes issued on the Issue Date shall be limited in aggregate principal amount to $650,000,000. The Notes issued on the Issue
Date and any Additional Notes subsequently issued shall be treated as a single series for all purposes under the Indenture, including waivers, amendments, redemptions and offers to purchase. 

Section 3.03 Global Security Legend. Each of the Global Securities shall bear a legend in substantially the following form: 

THIS GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL
SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND
(D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 

  
 7 

 ARTICLE IV 

REDEMPTION AND PREPAYMENT 

Section 4.01 Optional Redemption. 

(a) At their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes, at once or from time to
time. 
 (b) To redeem the Notes, the Issuers must pay a redemption price in an amount determined in accordance with the provisions of
paragraph number 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the redemption date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment
date). 
 (c) Any redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through
3.03 of the Original Indenture. The actual redemption price shall be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to each redemption date. 

ARTICLE V 
 COVENANTS 

Section 5.01. Compliance Certificate. 

(a) In lieu of the Officers’ Certificate required by Section 4.05 of the Original Indenture, the Issuers and Subsidiary Guarantors
shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Partnership and its Subsidiaries during the preceding fiscal year has been made under the
supervision of the signing Officers (one of whom shall be the principal executive, financial or accounting officer of each Issuer and Subsidiary Guarantor) with a view to determining whether the Issuers have kept, observed, performed and fulfilled
their obligations under the Indenture, and further stating, as to each such person signing such certificate, that to the best of his or her knowledge the Issuers have kept, observed, performed and fulfilled each and every covenant contained in the
Indenture and are not in default in the performance or observance of any of the terms, provisions and conditions of the Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Issuers are taking or propose to take with respect thereto). 
 (b) The Issuers shall, so
long as any of the Notes are outstanding, deliver to the Trustee, forthwith and in any event within five days upon any officer of an Issuer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of time or
both, would constitute an Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuers are taking or propose to take with respect thereto. 

  
 8 

 Section 5.02. Limitations on Liens. The Issuers will not, nor will they permit any
Subsidiary of the Partnership to, create, assume, incur or suffer to exist any Lien upon any Principal Property or upon any Capital Interests of any Restricted Subsidiary, whether owned or leased on the Issue Date or thereafter acquired, to secure
any Debt of an Issuer or any other Person (other than Debt Securities), without in any such case making effective provision whereby all of the Notes shall be secured equally and ratably with, or prior to, such Debt so long as such Debt shall be so
secured. This restriction shall not apply to: 
 (a) Permitted Liens; 

(b) any Lien upon any property or assets created at the time of acquisition of such property or assets by an Issuer or any Restricted
Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property or assets or Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of or within one year
after the date of such acquisition; 
 (c) any Lien upon any property or assets to secure all or part of the cost of construction,
development, repair or improvements thereon or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair or improvements or the commencement of full operations thereof (whichever
is later), to provide funds for any such purpose; 
 (d) any Lien upon any property or assets existing thereon at the time of the acquisition
thereof by an Issuer or any Restricted Subsidiary (whether or not the obligations secured thereby are assumed by an Issuer or any Restricted Subsidiary); provided, however, that such Lien only encumbers the property or assets so acquired; 

(e) any Lien upon any property or assets of a Person existing thereon at the time such Person becomes a Restricted Subsidiary by acquisition,
merger or otherwise; provided, however, that such Lien only encumbers the property or assets of such Person at the time such Person becomes a Restricted Subsidiary; 

(f) any Lien upon any property or assets of an Issuer or any Restricted Subsidiary in existence on December 10, 2003 or provided for
pursuant to agreements existing on December 10, 2003; 
 (g) Liens imposed by law or order as a result of any proceeding before any
court or regulatory body that is being contested in good faith, and Liens which secure a judgment or other court-ordered award or settlement as to which an Issuer or the applicable Restricted Subsidiary, as the case may be, has not exhausted its
appellate rights; 
 (h) any extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancings,
refundings or replacements) of Liens, in whole or in part, referred to in clauses (a) through (g), inclusive, of this Section 5.02; provided, however, that any such extension, renewal, refinancing, refunding or replacement Lien shall be
limited to the property or assets covered by the Lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such extension, renewal, refinancing, refunding or replacement Lien shall be in an amount not greater
than the amount of the obligations secured by the Lien extended, renewed, refinanced, refunded or replaced and any expenses of the Issuers and the Restricted Subsidiaries (including any premium) incurred in connection with such extension, renewal,
refinancing, refunding or replacement; or 

  
 9 

 (i) any Lien resulting from the deposit of moneys or evidence of indebtedness in trust for the
purpose of defeasing Debt of an Issuer or any Restricted Subsidiary. 
 Notwithstanding the foregoing provisions of this Section 5.02,
the Issuers may, and may permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon any Principal Property or Capital Interests of a Restricted Subsidiary to secure Debt of an Issuer or any Person (other than Debt
Securities) that is not excepted by clauses (a) through (i), inclusive, of this Section 5.02 without securing the Notes, provided that the aggregate principal amount of all Debt then outstanding secured by such Lien and all other Liens not
excepted by clauses (a) through (i), inclusive, of this Section 5.02, together with all Attributable Indebtedness from Sale-leaseback Transactions (excluding Sale-leaseback Transactions permitted by clauses (a) through (d), inclusive,
of Section 5.03), does not exceed 10% of Consolidated Net Tangible Assets. 
 Section 5.03. Restriction of Sale-leaseback
Transactions. The Issuers will not, and will not permit any Subsidiary of the Partnership to, engage in a Sale-leaseback Transaction, unless: 

(a) such Sale-leaseback Transaction occurs within one year from the date of completion of the acquisition of the Principal Property subject
thereto or the date of the completion of construction, development or substantial repair or improvement, or commencement of full operations on such Principal Property, whichever is later; 

(b) the Sale-leaseback Transaction involves a lease for a period, including renewals, of not more than three years; 

(c) the Attributable Indebtedness from that Sale-leaseback Transaction is an amount equal to or less than the amount the Issuers or such
Subsidiary would be allowed to incur as Debt secured by a Lien on the Principal Property subject thereto without equally and ratably securing the Notes under Section 5.02; or 

(d) the Issuers or such Subsidiary, within a one-year period after such Sale-leaseback Transaction, applies or causes to be applied an amount
not less than the net sale proceeds from such Sale-leaseback Transaction to (A) the prepayment, repayment, redemption, reduction or retirement of any Pari Passu Debt of an Issuer or any Subsidiary of the Partnership, or (B) the expenditure
or expenditures for Principal Property used or to be used in the ordinary course of business of the Partnership or its Subsidiaries. 

Notwithstanding the foregoing provisions of this Section 5.03, the Issuers may, and may permit any Subsidiary of the Partnership to,
effect any Sale-leaseback Transaction that is not excepted by clauses (a) through (d), inclusive, of this Section 5.03, provided that the Attributable Indebtedness from such Sale-leaseback Transaction, together with the aggregate principal
amount of then outstanding Debt (other than Debt Securities) secured by Liens upon Principal Properties not excepted by clauses (a) through (i), inclusive, of Section 5.02, does not exceed 10% of Consolidated Net Tangible Assets. 

  
 10 

 Section 5.04. SEC Reports; Financial Statements. 

(a) Whether or not the Partnership is then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Partnership shall electronically file with the Commission, so long as the Notes are Outstanding, the annual, quarterly and other periodic reports that the Partnership is required to file (or would otherwise be required to file) with the Commission
pursuant to Sections 13 and 15(d) of the Exchange Act, and such documents shall be filed with the Commission on or prior to the respective dates (the “Required Filing Dates”) by which the Partnership is required to file (or would otherwise
be required to file) such documents, unless, in each case, such filings are not then permitted by the Commission. 
 (b) If such filings are
not then permitted by the Commission, or such filings are not generally available on the Internet free of charge, the Issuers shall provide the Trustee with, and the Trustee will mail to any Holder of Notes requesting in writing to the Trustee
copies of, such annual, quarterly and other periodic reports specified in Sections 13 and 15(d) of the Exchange Act within 15 days after the respective Required Filing Dates. 

(c) [Intentionally omitted.] 
 (d)
The Partnership shall provide the Trustee with a sufficient number of copies of all reports and other documents and information that the Trustee may be required to deliver to Holders of Notes under clause (b) of this Section 5.04. 

(e) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Partnership’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 
 Section 5.05. Subsidiary Guarantees. If any Subsidiary (or its
successor) of the Partnership that is not then a Subsidiary Guarantor guarantees Debt of either of the Issuers, in either case after the Issue Date, then the Partnership shall cause such Subsidiary (or successor) to execute and deliver a
supplemental Indenture providing for the guarantee of the payment of the Notes pursuant to Article IX hereof. 
 ARTICLE VI 

SUCCESSORS 
 With respect to the
Notes, the provisions of this Article VI shall preempt the provisions of Article X of the Original Indenture in their entirety. 

Section 6.01. Consolidation and Mergers of the Issuers. Neither Issuer shall consolidate or amalgamate with or merge with or into any
Person, or sell, convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction or a series of related transactions, except (1) in accordance with the provisions of the
Partnership Agreement, and (2) unless: (a) either (i) such Issuer shall be the surviving Person in 

  
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the case of a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer (the “Successor Company”) shall be a partnership, limited liability company or
corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia (provided that PAA Finance may not merge, amalgamate or consolidate with or into another Person other than a corporation satisfying
such requirement for so long as the Partnership is not a corporation) and the Successor Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the
due and punctual payment of the principal of, premium, if any, and interest on all of the Notes, and the due and punctual performance or observance of all the other obligations under the Indenture to be performed or observed by such Issuer;
(b) immediately after giving effect to such transaction or series of transactions, no Default or Event of Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Subsidiary Guarantor, unless it has
become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Notes and the Indenture; and (d) such Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition and such supplemental Indenture (if any) comply with this Section 6.01 and any other applicable provisions of the
Indenture. 
 Section 6.02. Rights and Duties of Successor. In case of any consolidation, amalgamation or merger where an Issuer is
not the continuing Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 6.01, the Successor Company shall succeed to and be substituted for such Issuer with the same effect as if it had been
named herein as the respective party to the Indenture, and the predecessor entity shall be released from all liabilities and obligations under the Indenture and the Notes, except that no such release will occur in the case of a lease of all or
substantially all of an Issuer’s assets. In case of any such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition, such changes in phraseology and form (but not in substance) may be made in the Notes
thereafter to be issued as may be appropriate. 
 ARTICLE VII 

DEFAULTS AND REMEDIES 
 Section
7.01. Events of Default. With respect to the Notes, the provisions of this Section 7.01 shall preempt the provisions of the first and final paragraphs of Section 6.01 of the Original Indenture in their entirety. 

(a) An “Event of Default” occurs if: 

(i) the Issuers default for 60 days in the payment when due of interest on the Notes; 

(ii) the Issuers default in the payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption
or otherwise; 
 (iii) failure by an Issuer or any Subsidiary Guarantor for 90 days after receipt of notice by the Issuers
from the Trustee or to the Issuers and the Trustee by the Holders of at least 25% in principal amount of the Notes then Outstanding to comply with any other term, covenant or warranty in the Indenture or the Notes (provided that notice need
not be given, and an Event of Default shall occur, 90 days after any breach of the provisions of Section 6.01 hereof); 

  
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 (iv) default under any mortgage, indenture or instrument under which there may be
issued or by which there may be secured or evidenced any Debt of an Issuer or any of the Partnership’s Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its Subsidiaries), whether such Debt or guarantee now exists
or is created after the Issue Date, if that default (A) is caused by a failure to pay principal of or premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt (a “Payment
Default”) or (B) results in the acceleration of the maturity of such Debt to a date prior to its originally stated maturity, and, in each case described in clause (A) or (B), the principal amount of any such Debt, together with the
principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more; provided, further, that if any such default is cured
or waived or any such acceleration rescinded, or such Debt is repaid, within a period of 30 days from the continuation of such default beyond the applicable grace period or the occurrence of such acceleration, as the case may be, such Event of
Default and any consequential acceleration of the Notes shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 

(v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force and effect (except as
otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under the Indenture or its
Guarantee; 
 (vi) an Issuer or any Subsidiary Guarantor pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case, 

(B) consents to the entry of an order for relief against it in an involuntary case, 

(C) consents to the appointment of a custodian of it or for all or substantially all of its property, 

(D) makes a general assignment for the benefit of its creditors, or 

(E) generally is not paying its debts as they become due; or 

(vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against an Issuer or any Subsidiary Guarantor in an involuntary case; 

  
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 (B) appoints a custodian of an Issuer or any Subsidiary Guarantor or for all or
substantially all of the property of an Issuer or any Subsidiary Guarantor; or 
 (C) orders the liquidation of an Issuer or
any Subsidiary Guarantor; 
 and the order or decree remains unstayed and in effect for 60 consecutive days. 

(b) In the case of an Event of Default arising from Section 7.01(a)(vi) or 7.01(a)(vii) hereof involving an Issuer (and, for the avoidance
of doubt, excluding any such Event of Default that involves only one or more Subsidiary Guarantors), the principal amount of all Outstanding Notes and interest thereon shall become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then Outstanding Notes may declare the principal amount of all the Notes and interest thereon to be due and payable immediately by
a notice in writing to the Issuers (and to the Trustee if given by the Holders) and upon any such declaration such principal amount and interest thereon shall be due and payable immediately. 

ARTICLE VIII 
 LEGAL DEFEASANCE AND
COVENANT DEFEASANCE 
 Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Issuers may, at the option of the
Boards of Directors evidenced by a Board Resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes and Guarantees upon compliance with the conditions
set forth below in this Article VIII. 
 Section 8.02. Legal Defeasance and Discharge. Upon the Issuers’ exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, each of the Issuers and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been
discharged from its obligations with respect to all outstanding Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that each of the
Issuers shall be deemed to have paid and discharged the entire Debt represented by the outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other Sections of the
Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations under such Notes and the Indenture, and each of the Subsidiary Guarantors shall be deemed to have discharged its obligations under its Guarantee
(and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of Outstanding Notes to receive solely from the trust fund described in Section 8.04 hereof, and as more fully
set forth in such Section, payments in respect of the principal of, premium on, if any, and interest on such Notes when such payments are due, 

(b) the Issuers’ obligations with respect to such Notes under Sections 2.07, 2.08, 2.09 and 4.02 of the Original Indenture, 

  
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 (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuers’ obligations in connection therewith, 
 (d) this Article VIII, and 

(e) the Issuers’ rights of optional redemption under Section 4.01 hereof. 

Subject to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.02 notwithstanding the prior exercise of
their option under Section 8.03 hereof. 
 Section 8.03. Covenant Defeasance. Upon the Issuers’ exercise under
Section 8.01 hereof of the option applicable to this Section 8.03, each of the Issuers shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants
contained in Sections 5.02, 5.03, 5.04 and 5.05 hereof with respect to the Outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall
thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed
“Outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes, the
Issuers may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason
of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 7.01 hereof, but, except as specified above, the
remainder of the Indenture, the Guarantees and such Notes shall be unaffected thereby. 
 Section 8.04. Conditions to Legal or Covenant
Defeasance. The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the Outstanding Notes: 

In order to exercise either Legal Defeasance or Covenant Defeasance: 

(a) the Issuers must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in Dollars, U.S.
Government Obligations, or a combination thereof, in such amounts as shall be sufficient, in the written opinion of a nationally recognized firm of independent public accountants, to pay the principal of, premium on, if any, and interest on the
Outstanding Notes at the Stated Maturity thereof or on the applicable redemption date, as the case may be, and the Issuers must specify whether the Notes are being defeased to maturity or to a particular redemption date; 

(b) in the case of an election under Section 8.02 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel confirming
that (i) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (ii) since the date of the Indenture, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

  
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 (c) in the case of an election under Section 8.03 hereof, the Issuers shall have delivered
to the Trustee an Opinion of Counsel confirming that the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
 (d)
no Default or Event of Default shall have occurred and be continuing either (i) on the date of such deposit (other than a Default or Event of Default resulting from the incurrence of Debt all or a portion of the proceeds of which shall be
applied to such deposit) or (ii) insofar as Section 7.01(a)(vi) or 7.01(a)(vii) hereof is concerned, at any time in the period ending on the 91st day after the date of deposit; 

(e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any agreement or
instrument (other than the Notes and the Indenture) to which the Partnership or any of its Subsidiaries is a party or by which the Partnership or any of its Subsidiaries is bound; 

(f) the Issuers shall have delivered to the Trustee an Opinion of Counsel to the effect that after the 91st day following the deposit, the
trust funds shall not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 

(g) the Issuers shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuers with the
intent of preferring the Holders over any other creditors of the Issuers or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuers; and 

(h) the Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05. Deposited
Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and the Indenture, to the payment, either directly or through any paying agent (including an Issuer acting as paying agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon
in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

  
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 The Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the
Holders of the Outstanding Notes. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to
the Issuers from time to time upon the written request of the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent
Legal Defeasance or Covenant Defeasance. 
 Section 8.06. Repayment to Issuers. Any money deposited with the Trustee or any paying
agent, or then held by the Issuers, in trust for the payment of the principal of, premium on, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall
be paid to the Issuers on their written request or (if then held by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the Issuers for payment thereof, and all
liability of the Trustee or such paying agent with respect to such trust money, and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such paying agent, before being required
to make any such repayment, may at the expense of the Issuers cause to be published once, in The New York Times and The Wall Street Journal (U.S. edition), notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Issuers. 

Section 8.07. Reinstatement. If the Trustee or paying agent is unable to apply any Dollars or U.S. Government Obligations in accordance
with Section 8.02 or 8.03 hereof, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under the
Indenture and the Notes and the Subsidiary Guarantors’ obligations under the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or paying
agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Issuers make any payment of principal of, premium on, if any, or interest on any
Note following the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or paying agent. 

ARTICLE IX 
 SUBSIDIARY GUARANTEES

 Section 9.01. Subsidiary Guarantees. (a) Each Subsidiary Guarantor hereby jointly and severally unconditionally and
irrevocably guarantees on a senior basis to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal, premium, if any, and interest with respect to, the Notes when due, whether at maturity, by
acceleration, by redemption or otherwise, and all other monetary obligations of the Issuers under the Indenture (including obligations to the Trustee) and the Notes and (ii) the full and punctual performance within applicable grace periods of
all other obligations of the Issuers under the Indenture and the Notes (all the foregoing being hereinafter collectively called the “Note 

  
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Obligations”). Each Subsidiary Guarantor further agrees that the Note Obligations may be extended or renewed, in whole or in part, without notice or further assent from each such Subsidiary
Guarantor, and that each such Subsidiary Guarantor shall remain bound under this Article IX notwithstanding any extension or renewal of any Note Obligation. 

(b) Each Subsidiary Guarantor waives presentation to, demand of, payment from and protest to the Issuers of any of the Note Obligations and
also waives notice of protest for nonpayment. Each Subsidiary Guarantor waives notice of any Default or Event of Default under the Notes or the Note Obligations. The obligations of each Subsidiary Guarantor hereunder shall not be affected by
(i) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or remedy against the Issuers or any other Person under the Indenture, the Notes or any other agreement or otherwise; (ii) any extension or
renewal of any thereof; (iii) any rescission, waiver, amendment or modification of any of the terms or provisions of the Indenture, the Notes or any other agreement; (iv) the release of any security held by any Holder or the Trustee for
the Note Obligations or any of them; (v) the failure of any Holder or Trustee to exercise any right or remedy against any other guarantor of the Note Obligations; or (vi) any change in the ownership of such Subsidiary Guarantor, except as
provided in Section 9.02 hereof. 
 (c) Each Subsidiary Guarantor further agrees that its Guarantee herein constitutes a guarantee of
payment, performance and compliance when due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Note Obligations. 

(d) The obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any
reason other than indefeasible payment in full of the Note Obligations, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of the Note Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired
or otherwise affected by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture, the Notes or any other agreement, by any waiver or modification of any thereof, by any default, failure or
delay, willful or otherwise, in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would
otherwise operate as a discharge of any Subsidiary Guarantor as a matter of law or equity. 
 (e) Each Subsidiary Guarantor further agrees
that its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal, premium, if any, or interest with respect to any Note Obligation is rescinded or must otherwise
be restored by any Holder or the Trustee upon the bankruptcy or reorganization of either of the Issuers or otherwise. 

  
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 (f) In furtherance of the foregoing and not in limitation of any other right which any Holder or
the Trustee has at law or in equity against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal, premium, if any, or interest with respect to any Note Obligation when and as the same shall become due,
whether at maturity, by acceleration, by redemption or otherwise, or to perform or comply with any other Note Obligation, each Subsidiary Guarantor hereby promises to and shall forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (i) the unpaid principal amount of such Note Obligations, (ii) accrued and unpaid interest on such Note Obligations (but only to the extent not prohibited by law) and (iii) all other monetary Note
Obligations of the Issuers to the Holders and the Trustee. 
 (g) Each Subsidiary Guarantor agrees that it shall not be entitled to any right
of subrogation in relation to the Holders in respect of any Note Obligations guaranteed hereby until payment in full of all Note Obligations. Each Subsidiary Guarantor further agrees that, as between it, on the one hand, and the Holders and the
Trustee, on the other hand, (i) the maturity of the Note Obligations guaranteed hereby may be accelerated as provided in Article VII hereof for the purposes of any Subsidiary Guarantor’s Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Note Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article VII hereof, such Note
Obligations (whether or not due and payable) shall forthwith become due and payable by such Subsidiary Guarantor for the purposes of this Section 9.01. 

(h) Each Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by the
Trustee or any Holder in enforcing any rights under this Section 9.01. 
 Section 9.02. Limitation on Liability. Any term or
provision of the Indenture to the contrary notwithstanding, the maximum, aggregate amount of the Note Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that, after giving effect to all other contingent
and fixed liabilities of such Subsidiary Guarantor and to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of its obligations under its Guarantee, can be hereby guaranteed without rendering the
Indenture, as it relates to any Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer. 

Section 9.03. Successors and Assigns. This Article IX shall be binding upon each Subsidiary Guarantor and, except as provided in
Section 9.07, its successors and assigns and shall inure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and
privileges conferred upon that party in the Indenture and in the Notes shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of the Indenture. 

Section 9.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right, power
or privilege under this Article IX shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article IX at law, in equity, by statute or otherwise. 

Section 9.05. Modification. No modification, amendment or waiver of any provision of this Article IX, nor the consent to any
departure by any Subsidiary Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the Trustee, and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. No notice to or demand on any Subsidiary Guarantor in any case shall entitle such Subsidiary Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

  
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 Section 9.06. Execution of Supplemental Indenture for Future Subsidiary Guarantors. Each
Subsidiary which is required to become a Subsidiary Guarantor pursuant to Section 5.05 hereof shall promptly execute and deliver to the Trustee a supplemental Indenture in substantially the form of Exhibit B hereto pursuant to which such
Subsidiary shall become a Subsidiary Guarantor under this Article IX and shall guarantee the Note Obligations. Concurrently with the execution and delivery of such supplemental Indenture, the Issuers shall deliver to the Trustee an Opinion of
Counsel to the effect that such supplemental Indenture has been duly authorized, executed and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance or transfer and other
similar laws relating to creditors’ rights generally and to the principles of equity, whether considered in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a legal, valid and binding obligation of such Subsidiary
Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms. 
 Section 9.07. Release of Guarantee.
Provided that no Default shall have occurred and shall be continuing under the Indenture, the Guarantee of a Subsidiary Guarantor under this Article IX shall terminate and be of no further force and effect, and such Subsidiary Guarantor shall be
released from the Indenture and all Note Obligations, upon the following events: 
 (a) upon any sale or other disposition of all or
substantially all of the assets of such Subsidiary Guarantor (including by way of merger, consolidation or otherwise) to any Person that is not an Affiliate of either of the Issuers (provided such sale or other disposition is not prohibited by the
Indenture); 
 (b) upon any sale or other disposition of all of the Equity Interests of a Subsidiary Guarantor, to any Person that is not an
Affiliate of either of the Issuers; or 
 (c) following the release or discharge of all guarantees by such Subsidiary Guarantor of any Debt
of the Issuers (other than any Debt Securities), upon delivery by the Issuers to the Trustee of a written notice of such release or discharge from the guarantees. 

ARTICLE X 
 MISCELLANEOUS 

Section 10.01. Additional Amendments. With respect to the Notes, references to (A) “Section 6.01” in the Original
Indenture shall be deemed to be references to “Section 7.01 of this Supplemental Indenture; (B) “Section 11.02” in the Original Indenture shall be deemed to be references to “Section 8.06” of this
Supplemental Indenture; (C) “Section 6.01(g) or (h)” in the Original Indenture shall be deemed to be references to Section 7.01(a)(vi) or (a)(vii) of this Supplemental Indenture; and (D) “Article X” in
the Original Indenture shall be deemed to be a reference to Article VI of this Supplemental Indenture. 
 Section 10.02. Integral
Part. This Supplemental Indenture constitutes an integral part of the Indenture. 
 Section 10.03. Adoption, Ratification and
Confirmation. The Original Indenture, as supplemented and amended by this Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. 

Section 10.04. Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed
shall be deemed an original; and all such counterparts shall together constitute but one and the same instrument. 
 Section 10.05.
Governing Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

[Signatures on following pages] 

  
 20 

 SIGNATURES 

 

			
	ISSUERS:
	
	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:	 	 /s/ Sharon Spurlin

		 	Name:	 	Sharon Spurlin
		 	Title:	 	Vice President and Treasurer

  

					
	PAA FINANCE CORP.
			
		 	By:	 	 /s/ Sharon Spurlin

		 	Name:	 	Sharon Spurlin
		 	Title:	 	Vice President and Treasurer

 Signature Page to Twenty-Eighth Supplemental Indenture 

 
			
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 /s/ Shazia Flores

		 	Name: Shazia Flores
		 	Title: Assistant Vice President

 Signature Page to Twenty-Eighth Supplemental Indenture 

 EXHIBIT A 

(Form of Face of Note) 
  

			
	CUSIP 72650R BH4	  	No.     
	ISIN US72650R BH49	  	$             

 PLAINS ALL AMERICAN PIPELINE, L.P. 

PAA FINANCE CORP. 
 4.90% Senior
Notes due 2045 
 Plains All American Pipeline, L.P., a Delaware limited partnership, and PAA Finance Corp., a Delaware corporation, jointly and severally
promise to pay to                     , or registered assigns, the principal sum of
                    Dollars [or such greater or lesser amount as may be endorsed on the Schedule attached hereto]1 on February 15, 2045. 
 Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 
  

			
	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:

  

			
	 PAA FINANCE CORP.

		
	By:	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Debt Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

	
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
	
	By:                                     
                                       
	     Authorized Signatory

	
	Dated:
                                         
                             

  

	1 	To be included only if the Note is issued in global form. 

  
 A-1 

 (Form of Back of Note) 

4.90% Senior Notes due 2045 
 [THIS GLOBAL
SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS
GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT OF THE
ISSUERS.]2 
 Capitalized terms used herein shall have the meanings assigned to
them in the Indenture referred to below unless otherwise indicated. 
 1. Interest. Plains All American Pipeline, L.P., a Delaware
limited partnership (the “Partnership”), and PAA Finance Corp., a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”), jointly and severally promise to pay interest on the principal
amount of this Note at 4.90% per annum from December 9, 2014 until maturity. The Issuers shall pay interest semi-annually on February 15 and August 15 of each such year, or if any such day is not a Business Day, on the next
succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance. The first Interest Payment
Date shall be August 15, 2015. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per
annum in excess of the rate then in effect; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to
time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the February 1 or August 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.17 of the Original Indenture with respect to defaulted interest, and the Issuers shall pay principal (and premium, if any) of the Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof.
The Notes shall be payable as to principal, 
  

	2 	To be included only if the Note is issued in global form. 

  
 A-2 

 
premium, if any, and interest at the office or agency of the Trustee maintained for such purpose within or without The City and State of New York, or, at the option of the Issuers, payment of
interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be required with respect to principal of and interest
and premium, if any, on, each Global Security and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the paying agent on or prior to the applicable record date. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 3. Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as paying agent and Registrar. The Issuers may change any paying agent or Registrar without notice to any Holder. The Issuers or
any of their Subsidiaries may act in any such capacity. 
 4. Indenture. The Issuers issued the Notes under an Indenture dated as of
September 25, 2002 (the “Original Indenture”), as supplemented by the Twenty-Eighth Supplemental Indenture dated as of December 9, 2014 (the “Supplemental Indenture” and, together with the Original Indenture, the
“Indenture”) among the Issuers and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§
77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are joint and several obligations of the Issuers initially in aggregate principal amount of $650 million. The Issuers may issue an unlimited aggregate principal amount of
Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued and outstanding Notes (and as the same series (with identical terms other than with respect to the issue date, the date of first
payment of interest, if applicable, and the payment of interest accruing prior to the issue date) as the initial Notes) for all purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase. To secure the due and
punctual payment of the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to
the terms of the Notes and the Indenture, the Subsidiary Guarantors have unconditionally guaranteed the Note Obligations under the Indenture and the Notes on a senior basis pursuant to the terms of the Indenture. 

5. Optional Redemption. 

(a) At their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes at once or from time to
time. 
 (b) To redeem the Notes before August 15, 2044, the Issuers must pay a redemption price equal to the greater of (i) 100%
of the principal amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent (as defined below), the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be

  
 A-3 

 
redeemed (not including any portion of those payments of interest accrued as of the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate (as defined below) plus 30 basis points, plus, in either case, accrued and unpaid interest to the date of redemption (subject to the right of Holders on the relevant record date to
receive interest due on the relevant interest payment date). 
 (c) To redeem the Notes on or after August 15, 2044, the Issuers must
pay a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date). 
 For purposes of determining any redemption price, the following definitions shall apply: 

“Adjusted Treasury Rate” means, with respect to any date of redemption, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the date of redemption. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to any date of redemption, (a) the average of
the Reference Treasury Dealer Quotations for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Trustee obtains fewer than five Reference Treasury Dealer Quotations, the average of
all such Reference Treasury Dealer Quotations. 
 “Quotation Agent” means a Primary Treasury Dealer (as defined below) appointed
by the Issuers. 
 “Reference Treasury Dealer” means Barclays Capital Inc., a primary U.S. Government securities dealer in the
United States (a “Primary Treasury Dealer”) selected by SunTrust Robinson Humphrey, Inc. and a Primary Treasury Dealer selected by Wells Fargo Securities, LLC, or their respective successors; provided, however, that if any of the foregoing
shall cease to be a Primary Treasury Dealer, the Issuers shall substitute another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding that date of redemption. 

  
 A-4 

 6. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. Unless the Issuers default in payment of the redemption price, on and after the redemption date interest ceases to accrue on Notes or portions thereof called for redemption. 

7. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer
documents and the Issuers may require a Holder to pay any taxes or other governmental charges required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a Note selected for
redemption or repurchase, except for the unredeemed or unrepurchased portion of any Note being redeemed or repurchased in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or repurchased or during the period between a record date and the corresponding Interest Payment Date. 
 8.
Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes. 
 9. Amendment, Supplement
and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or
compliance with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the
Notes may be amended or supplemented for any of the purposes set forth in Section 9.01 of the Original Indenture (as amended by the Supplemental Indenture), including to cure any ambiguity, defect or inconsistency, to provide for the assumption
of an Issuer’s obligations to Holders of the Notes in case of a merger or consolidation of such Issuer or sale of all or substantially all of such Issuer’s assets, to add or release Subsidiary Guarantors (or their successors) pursuant to
the terms of the Indenture, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any Holder of the Notes, to comply with the
requirements of the Commission to permit the qualification of the Indenture under the Trust Indenture Act, to evidence or provide for the acceptance of appointment under the Indenture of a successor Trustee, to add any additional Events of Default,
to secure the Notes or the Guarantees or to establish the form or terms of any other series of Debt Securities. 

  
 A-5 

 10. Defaults and Remedies. Events of Default with respect to the Notes include:
(i) default for 60 days in the payment when due of interest on the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption or otherwise, (iii) failure by an Issuer or any
Subsidiary Guarantor for 90 days after notice to comply with any of the other agreements in the Indenture (provided that notice need not be given, and an Event of Default shall occur, 90 days after any breach of the provisions of
Section 6.01 of the Supplemental Indenture); (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Debt of an Issuer or any of the Partnership’s
Subsidiaries (or the payment of which is guaranteed by the Partnership or any of its Subsidiaries), whether such Debt or guarantee now exists or is created after the Issue Date, if that default (a) is caused by a failure to pay principal of or
premium, if any, or interest on such Debt prior to the expiration of the grace period provided in such Debt (a “Payment Default”) or (b) results in the acceleration of the maturity of such Debt to a date prior to its original stated
maturity, and, in each case described in clause (a) or (b), the principal amount of any such Debt, together with the principal amount of any other such Debt under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $25.0 million or more, subject to the proviso set forth in Section 7.01(a)(iv) of the Supplemental Indenture; (v) except as permitted by the Indenture, any Guarantee shall cease for any reason to be in full force
and effect (except as otherwise provided in the Indenture) or is declared null and void in a judicial proceeding or any Subsidiary Guarantor, or any Person acting on behalf of any Subsidiary Guarantor, shall deny or disaffirm its obligations under
the Indenture or its Guarantee and (vi) certain events of bankruptcy or insolvency with respect to an Issuer or any of the Subsidiary Guarantors. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the then Outstanding Notes may declare all the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency involving an Issuer,
but not any Subsidiary Guarantor, all Outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of
a majority in aggregate principal amount of the then Outstanding Notes may direct the Trustee in its exercise of any trust or power. If and so long as the board of directors, an executive committee of the board of directors or trust committee of
Responsible Officers of the Trustee in good faith so determines, the Trustee may withhold from Holders of the Notes notice of any continuing Default (except a Default relating to the payment of principal, premium, if any, or interest) if it
determines that withholding notice is in their interests. The Holders of a majority in aggregate principal amount of the Notes then Outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any past Default or Event
of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest on, the principal of, or premium, if any, on the Notes or any other Default specified in Section 6.06 of the Original
Indenture. The Issuers and the Subsidiary Guarantors are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default, to deliver
to the Trustee a statement specifying such Default or Event of Default. 
 11. Trustee Dealings with Issuers. The Trustee, in its
individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were not the Trustee. 

  
 A-6 

 12. No Recourse Against Others. The General Partner and its directors, officers, employees
and members (in their capacities as such) shall not have any liability for any obligations of the Issuers under the Notes. In addition, the Managing General Partner and its directors, officers, employees and members shall not have any liability for
any obligations of the Issuers under the Notes. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

13. Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 14. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

15. CUSIP and ISIN Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuers have caused CUSIP and corresponding ISIN numbers to be printed on the Notes, and the Trustee may use CUSIP and corresponding ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

The Issuers shall furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Plains All American Pipeline, L.P. 

333 Clay Street, Suite 1600 

Houston, Texas 77002 
 Attention:
Investor Relations 

  
 A-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name, address and zip
code) 

and irrevocably appoint                    
                                         
                                         
                                         
                                   

agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

 
  

Date:                         

 Your
Signature:                                       
                                         
                  
 (Sign exactly as your name appears
on the face of this Note) 
  

			
	Signature Guarantee:	 	  

(Signature must be guaranteed by a financial institution that is a member of the Securities Transfer Agent Medallion Program (“STAMP”), the Stock
Exchange Medallion Program (“SEMP”), the New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other signature guarantee program as may be determined by the Registrar in addition to, or in substitution for,
STAMP, SEMP or MSP, all in accordance with the Securities Exchange Act of 1934, as amended.)

  
 A-8 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE3 
 The original principal amount of this Global Note is
$        . The following increases or decreases in this Global Note have been made: 
  

									
	 Date of
Exchange
	  	Amount of
decrease in
Principal
Amount
of
this Global Note	  	Amount of
increase in
Principal Amount
of
this Global Note	  	Principal
Amount of
this Global Note
following such
decrease
(or increase)	  	Signature of
authorized
signatory of
Trustee or Note
Custodian

 
  

	3 	To be included only if the Note is issued in global form. 

  
 A-9 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                        , among Plains All American Pipeline, L.P., a Delaware limited partnership (the “Partnership”),
PAA Finance Corp., a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”),
                            (the “Subsidiary Guarantor”), a direct or indirect subsidiary of Plains
All American Pipeline, L.P. (or its successor), a Delaware limited partnership (the “Partnership”), and U.S. Bank National Association, as trustee under the indenture referred to below (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as of September 25, 2002, as supplemented by the Twenty-Eighth Supplemental Indenture (the “Twenty-Eighth
Supplemental Indenture” and, together with the Original Indenture, the “Indenture”) dated as of December 9, 2014, among the Issuers and the Trustee, providing for the issuance of the Issuers’ 4.90% Senior Notes due 2045 (the
“Notes”); 
 WHEREAS, Section 5.05 of the Twenty-Eighth Supplemental Indenture provides that under certain circumstances the
Partnership is required to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary Guarantor shall unconditionally guarantee all of the Issuers’ obligations under the Notes
pursuant to a Guarantee on the terms and conditions set forth herein; and 
 WHEREAS, pursuant to Section 9.01 of the Original
Indenture, the Issuers and the Trustee are authorized to execute and deliver this Supplemental Indenture; 
 NOW THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuers, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders of the
Notes as follows: 
 1. Definitions. 

(a) Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

(b) For all purposes of this Supplemental Indenture, except as otherwise herein expressly provided or unless the context otherwise requires:
(i) the terms and expressions used herein shall have the same meanings as corresponding terms and expressions used in the Indenture; and (ii) the words “herein,” “hereof” and “hereby” and other words of
similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

  
 B-1 

 2. Agreement to Guarantee. The Subsidiary Guarantor hereby agrees, jointly and severally
with all other Subsidiary Guarantors under the Indenture, if any, to guarantee the Issuers’ obligations under the Notes on the terms and subject to the conditions set forth in Article IX of the Twenty-Eighth Supplemental Indenture and to
be bound by all other applicable provisions of the Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect.
This Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

3. GOVERNING LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 4. Trustee Makes No Representation. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture. 
 5. Counterparts. The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 6.
Effect of Headings. The Section headings herein are for convenience only and shall not effect the construction thereof. 

  
 B-2 

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

					
	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:

  

			
	PAA FINANCE CORP.
		
	By:	 	  

		 	Name:
		 	Title:
	
	[SUBSIDIARY GUARANTOR],
		
	By:	 	  

		 	Name:
		 	Title:
	
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 B-3Filed by OTC Filings Inc. - www.otcedgar.com - 1-866-832-FILE(3453) -GENUFOOD ENERGY ENZYMES CORP. - Exhibit 10.1

 

  SETTLEMENT AGREEMENT AND STIPULATION 
  
 THIS SETTLEMENT AGREEMENT and STIPULATION is dated as of December 4, 2014 by and between Genufood Energy Enzymes Corp. (“Genufood” or the “Company”), a corporation formed under the laws of the State of Nevada, and IBC Funds, LLC (“IBC”), a Nevada Limited Liability Company. 
  
 BACKGROUND: 
  WHEREAS, there are bona fide outstanding liabilities of the Company in the principal amount of not less than $71,452.66; and 
  
 WHEREAS, these liabilities are past due; and 
  
 WHEREAS, IBC acquired such liabilities on the terms and conditions set forth in the annexed Claim Purchase Agreement(s), subject however to the agreement of the Company and compliance with the provisions hereof; and 
  
 WHEREAS, IBC and Genufood desire to resolve, settle, and compromise among other things the liabilities as more particularly set forth on Schedule A annexed hereto (hereinafter collectively referred to as the “Claims”). 
  
 NOW, THEREFORE, the parties hereto agree as follows: 

 1. Defined Terms. As used in this Agreement, the following terms shall have the following meanings specified or indicated (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
  "AGREEMENT" shall have the meaning specified in the preamble hereof. 
  
 “CLAIM AMOUNT” shall mean $71,452.66. 
  
 "COMMON STOCK" shall mean the Company's common stock, $.001 par value per share, and any shares of any other class of common stock whether now or hereafter authorized, having the right to participate in the distribution of dividends (as and when declared) and assets (upon liquidation of the Company). 

  
  	 1              

	              

  
“COURT” shall mean Circuit Court within Sarasota County, Florida. 

"DISCOUNT" shall mean forty-five (45%) percent. 

“SALE PRICE” shall mean the Sale Price of the Common Stock on the Principal Market. 

"MARKET PRICE" on any given date shall mean the lowest Sale Price during the Valuation Period. 

"PRINCIPAL MARKET" shall mean the Nasdaq National Market, the Nasdaq SmallCap Market, the Over the Counter Bulletin Board, QB marketplace, the American Stock Exchange or the New York Stock Exchange, whichever is at the time the principal trading exchange or market for the Common Stock. 

"PURCHASE PRICE" shall mean the Market Price during the Valuation Period (or such other date on which the Purchase Price is calculated in accordance with the terms and conditions of this Agreement) less the product of the Discount and the Market Price. 

“SELLER” shall mean any individual or entity listed on Schedule A, who originally owned the Claims. 

"TRADING DAY" shall mean any day during which the Principal Market shall be open for business. 

“TRADING PERIOD” shall mean Trading Days during the Valuation Period. 

"TRANSFER AGENT" shall mean the transfer agent for the Common Stock (and to any substitute or replacement transfer agent for the Common Stock upon the Company's appointment of any such substitute or replacement transfer agent). 

  "VALUATION PERIOD" shall mean the fifteen (15) day trading period preceding the share request inclusive of the day of any Share Request pursuant to this agreement (the “trading period”); provided that the Valuation Period shall be extended as necessary in the event that (1) the Initial Issuance is delivered in more than one tranche pursuant to Sections 3(a) and 3(e), and/or (2) one or more Additional Issuances is required to be made pursuant to Section 3(d) below, in which case the Valuation Period for each issuance shall be extended to include additional trading days pursuant to such issuance. The Valuation Period shall begin on the date of any Share Request pursuant to this Agreement, but shall be suspended to the extent that any subsequent Initial Issuance tranche and/or Additional Issuance is due to be made until such date as such Initial Issuance tranche and/or Additional Issuance is delivered to IBC pursuant to Section 3(b)(iii). Any period of suspension of the Valuation Period shall be established by means of a written notice from IBC to the Company. 

  	 2              

	              

  
 2. Fairness Hearing. Upon the execution hereof, Company and IBC agree, pursuant to Section 3(a)(10) of the Securities Act of 1933 (the “Act”), to immediately submit the terms and conditions of this Agreement to the Court for a hearing on the fairness of such terms and conditions, and the issuance exempt from registration of the Settlement Shares. This Agreement shall become binding upon the parties only upon entry of an order by the Court substantially in the form annexed hereto as Exhibit A (the “Order”). 
  
 3. Settlement Shares. Following entry of an Order by the Court in accordance with Paragraph 2 herein and the execution by IBC and Company of the Stipulation and Order of Dismissal (as defined below) subject to paragraph 7 herein, Company shall issue and deliver to IBC shares of its Common Stock (the “Settlement Shares”) as follows: 
  a. In settlement of the Claims, Company shall initially issue and deliver to IBC, in one or more tranches as necessary subject to paragraph 3(f) herein, shares of Common Stock (the “Initial Issuance”), subject to adjustment and ownership limitations as set forth below, sufficient to satisfy the compromised amount at a forty-five percent (45%) discount to market (the total amount of the claims divided by 55%) based on the market price during the valuation period as defined herein through the issuance of freely trading securities issued pursuant to Section 3(a)(10) of the Securities Act (the “settlement shares”). The Company shall also issue to IBC, on the issuance date(s), Seven Million Five Hundred Thousand (7,500,000) freely trading shares pursuant to Section 3(a)(10) of the Securities Act in accordance herewith as a settlement fee. 
  
 b. No later than the first business day following the date that the Court enters the Order, time being of the essence, Company shall: (i) cause its legal counsel to issue an opinion to Company’s transfer agent, in form and substance reasonably acceptable to IBC and such transfer agent, that the shares of Common Stock to be issued as the Initial Issuance and Additional Issuance (as defined below) and shares issued as a settlement fee are legally issued, fully paid and non-assessable, are exempt from registration under the Securities Act, may be issued without restrictive legend, and may be resold by IBC without restriction; (ii) transmit via email, facsimile and overnight delivery an irrevocable and unconditional instruction to Company’s stock transfer agent in the form annexed hereto as Exhibit B; and (iii) within three (3) days thereof, issue and deliver to IBC Settlement Shares and settlement fee shares in one or more tranches as necessary, without any legends or restrictions on transfer, sufficient to satisfy the compromised amount along with settlement fee shares, through the issuance of freely trading securities issued pursuant to Section 3(a)10 of the Securities Act. Pursuant to this agreement, IBC Funds, LLC may deliver a request to Genufood which states the dollar amount (designated in U.S. dollars) of Common Stock to be issued to IBC Funds, LLC (the “Share Request”). The date upon which the first tranche of the Initial Issuance shares along with any shares issued as a settlement fee have been received into IBC’s account and are available for sale by IBC shall be referred to as the “Issuance Date”. In the event that Company is delinquent on issuance of shares of stock to IBC pursuant to the terms and conditions of this Section 3 within five (5) business days of a request for issuance of shares pursuant to Court Order Granting Approval of this Settlement Agreement, then the Discount shall be increased by five percent (5%), as well as an additional five percent (5%) for each additional delinquency of five (5) Trading Days up to a maximum Discount of ninety percent (90%) until all Settlement Shares and settlement fee shares have been received by IBC and Company has fully complied with all terms and conditions and obligations pursuant to this Settlement Agreement and Stipulation. 
  
 c. During the Valuation Period, the Company shall deliver to IBC, through the Initial Issuance and any required Additional Issuance subject to paragraph 3(f) herein that number of shares (the “Final Amount”) with an aggregate value equal to (A) the sum of the Claim Amount, divided by (B) the Purchase Price. The parties acknowledge that the number of Settlement Shares along with any settlement fee shares to be issued pursuant to this Agreement is indeterminable as of the date of its execution, and could well exceed the current existing number of shares outstanding as of the date of its execution. 
  
 d. If at any time during the Valuation Period the Market Price is below 90% of the Market Price on the day before the Issuance Date, Company will immediately cause to be issued and delivered to IBC in accordance with the provisions of Section 3(b) herein, such additional shares as may be required to effect the purposes of this Settlement Agreement (each, an “Additional Issuance”), subject to the limitation in the paragraph below. At the end of the Valuation Period, if the sum of the Initial Issuance and any Additional Issuance is greater than the Final Amount, IBC shall promptly deliver any remaining shares to Company or its transfer agent for cancellation. 
  
 e. Notwithstanding anything to the contrary contained herein, it is the intention of the parties that the Settlement Shares along with settlement fee shares beneficially owned by IBC at any given time shall not exceed the number of such shares that, when aggregated with all other shares of Company then beneficially owned by IBC, or deemed beneficially owned by IBC, would result in IBC owning more than 4.99% of all of such Common Stock as would be outstanding on such date, as determined in accordance with Section 16 of the Exchange Act and the regulations promulgated thereunder. In compliance therewith, the Company agrees to deliver the Initial Issuance and any Additional Issuances in one or more tranches. 
  
 f. For the avoidance of doubt, the price used to determine the number of shares of Common Stock to be delivered pursuant to any Share Request shall be rounded up to the nearest decimal place of .00001.

  	 3              

	              

  
 4. Necessary Action. At all times after the execution of this Agreement and entry of the Order by the Court, each party hereto agrees to take or cause to be taken all such necessary action including, without limitation, the execution and delivery of such further instruments and documents, as may be reasonably requested by any party for such purposes or otherwise necessary to effect and complete the transactions contemplated hereby. 
  
 5. Releases. Upon receipt of all of the Settlement Shares and settlement fee shares for and in consideration of the terms and conditions of this Agreement, and except for the obligations, representations and covenants arising or made hereunder or a breach hereof, the parties hereby release, acquit and forever discharge the other and each, every and all of their current and past officers, directors, shareholders, affiliated corporations, subsidiaries, agents, employees, representatives, attorneys, predecessors, successors and assigns (the “Released Parties”), of and from any and all claims, damages, cause of action, suits and costs, of whatever nature, character or description, whether known or unknown, anticipated or unanticipated, which the parties may now have or may hereafter have or claim to have against each other with respect to the Claims. Nothing contained herein shall be deemed to negate or affect IBC’s right and title to any securities heretofore issued to it by Company or any subsidiary of Company. 
  
 6. Representations. Company here by represents, warrants and covenants to IBC as follows:
  a. There are Three Billion (3,000,000,000) shares of Common Stock of the Company authorized, of which approximately One Billion Seven Hundred Fifty Eight Million Nine Hundred Twenty Seven Thousand Three Hundred Seventy Nine (1,758,927,379) Shares of Common Stock are issued and outstanding; and approximately One Billion Two Hundred Forty One Million Seventy Two Thousand Six Hundred Twenty One (1,241,072,621) Shares of Common Stock are available for issuance pursuant hereto; 
  
 b. The shares of Common Stock to be issued pursuant to the Order are duly authorized, and when issued will be duly and validly issued, fully paid and non-assessable, free and clear of all liens, encumbrances and preemptive and similar rights to subscribe for or purchase securities; 
  
 c. The shares will be exempt from registration under the Securities Act and issuable without any restrictive legend; 
  
 d. The Company shall reserve from its duly authorized capital stock a number of shares of Common Stock at least equal to the greater of the number of shares that could be issued pursuant to the terms of the Order and that Company shall reserve at its transfer agent, at a minimum, Five Hundred Million (500,000,000) shares during the Valuation Period in order to ensure that it can properly carry out the terms of this agreement, which may only be released to Company once all of the Settlement Shares and settlement fee shares have been delivered and converted pursuant to this agreement and Company’s obligations are otherwise fully satisfied or there has otherwise been a default pursuant to the terms of this agreement; 
  
 e. If at any time it appears reasonably likely that there may be insufficient authorized shares to fully comply with the Order, Company shall promptly increase its authorized shares to ensure its ability to timely comply with the Order; 
  
 f. The execution of this Agreement and performance of the Order by Company and IBC will not (1) conflict with, violate or cause a breach or default under any agreements between Company and any creditor (or any affiliate thereof) related to the account receivables comprising the Claims, or (2) require any waiver, consent, or other action of the Company or any creditor, or their respective affiliates, that has not already been obtained; 
  
 g. Without limitation, the Company hereby waives any provision in any agreement related to the account receivables comprising the Claims requiring payments to be applied in a certain order, manner, or fashion, or providing for exclusive jurisdiction in any court other than this Court; 
  
 h. The Company has all necessary power and authority to execute, deliver and perform all of its obligations under this Agreement; 
  
 i. The execution, delivery and performance of this Agreement by Company has been duly authorized by all requisite action on the part of Company and its Board of Directors (including a majority of its independent directors), and this Agreement has been duly executed and delivered by Company; 
  
 j. Company did not enter into the transaction giving rise to the Claims in contemplation of any sale or distribution of Company’s common stock or other securities; 
  

  	 4              

	              

  k. There has been no modification, compromise, forbearance, or waiver entered into or given with respect to the Claims. There is no action based on the Claims that is currently pending in any court or other legal venue, and no judgments based upon the Claims have been previously entered in any legal proceeding; 

  l. There are no taxes due, payable or withholdable as an incident of Seller’s provision of goods and services, and no taxes will be due, payable or withholdable as a result of settlement of the Claims; 
  
 m. Seller was not and within the past ninety (90) days has not been directly or indirectly through one or more intermediaries in control, controlled by, or under common control with, the Company and is not an affiliate of the Company as defined in Rule 144 promulgated under the Act; 
  
 n. To the best of the Company’s knowledge, Seller is not, directly or indirectly, utilizing any of the proceeds received from IBC for selling the Claims to provide any consideration to or invest in any manner in the Company or any affiliate of the Company; 
  
 o. Company has not received any notice (oral or written) from the SEC or Principal Market regarding a halt, limitation or suspension of trading in the Common Stock; and 
  
 p. Seller will not, directly or indirectly, receive any consideration from or be compensated in any manner by, the Company, or any affiliate of the Company, in exchange for or in consideration of selling the Claims; 
  
 q. Company represents that none of the services provided or to be provided which gave rise to the Claims were or are services related to promoting the Company’s Securities or that may be considered investor relations services; 
  
 r. Company represents that each Claim being purchased pursuant hereto is a bona-fide Claim against the Company and that the invoices or written contract(s)/promissory notes underlying each Claim are accurate representations of the nature of the debt and the amounts owed by the Company to Seller and that the goods or services which are the subject of the Claims being purchased have been received or rendered; 
  
 s. Company acknowledges that IBC or its affiliates may from time to time, hold outstanding securities of the Company which may be convertible in shares of the Company’s common stock at a floating conversion rate tied to the current market price for the stock. The number of shares of Common Stock issuable pursuant to this Agreement may increase substantially in certain circumstances, including, but not necessarily limited to the circumstance wherein the trading price of the Common Stock declines during the Valuation Period. The Company’s executive officers and directors have studied and fully understand the nature of the transaction contemplated by this Agreement and recognize that they have a potential dilutive effect. The board of directors of the Company has concluded in its good faith business judgment that such transaction is in the best interests of the Company. The Company specifically acknowledges that its obligation to issue the Settlement Shares along with settlement fee shares is binding upon the Company and enforceable regardless of the dilution such issuance may have on the ownership interests of other shareholders of the Company. The Board of Directors of the Company has further given its consent for each conversion of shares of stock pursuant to this agreement and agrees and consents that same may occur below the par value of the Company’s Common Stock. 
  
 t. None of the transactions agreements or proceedings described above is party of a plan or scheme to evade the registration requirements of the Securities Act and Genufood and IBC are acting and has acted in an arms length capacity. 

 7. Continuing Jurisdiction. Simultaneously with the execution of this Agreement, the attorneys representing the parties hereto will execute a stipulation of dismissal substantially in the form annexed hereto as Exhibit C (the “Stipulation of Dismissal”). The parties hereto expressly agree that said Stipulation of Dismissal shall not be filed, but shall be held in escrow by counsel for IBC Funds, LLC, until such time that Company has fully complied with all of its obligations pursuant to this Settlement Agreement and Stipulation. In order to enable the Court to grant specific enforcement or other equitable relief in connection with this Agreement, (a) the parties consent to the jurisdiction of the Court for purposes of enforcing this Agreement, and (b) each party to this Agreement expressly waives any contention that there is an adequate remedy at law or any like doctrine that might otherwise preclude injunctive relief to enforce this Agreement. 
  
  	 5              

	              

  
 8. Conditions Precedent/ Default. 
  a. If Company shall default in promptly delivering the Settlement Shares to IBC in the form and mode of delivery as required by Paragraphs 2, 3, 4 and 6 herein or otherwise fail in any way to fully comply with the provisions thereof; 
  
 b. If the Order shall not have been entered by the Court on or prior to ninety (90) days after execution of this agreement; 
  
 c. If the Company shall fail to comply with the Covenants set forth in Paragraph 14 hereof; 
  
 d. If Bankruptcy, dissolution, receivership, reorganization, insolvency or liquidation proceedings or other proceedings for relief under any bankruptcy law or any law for the relief of debtors or other legal proceedings for any reason shall be instituted by or against the Company; or if the trading of the Common Stock shall have been halted, limited, or suspended by the SEC or on the Principal Market; or trading in securities generally on the Principal Market shall have been suspended or limited; or, minimum prices shall been established for securities traded on the Principal Market; or the Common Stock is not eligible or unable to be deposited for trade on the Principal Market; or the Company is delinquent or has not made its required Securities and Exchange Commission filings; or there shall have been any material adverse change (i) in the Company’s finances or operations, or (ii) in the financial markets such that, in the reasonable judgment of the IBC, makes it impracticable or inadvisable to trade the Settlement Shares along with any settlement fee shares; and such suspension, limitation or other action is not cured within ten (10) trading days; then the Company shall be deemed in default of the Agreement and Order and this Agreement and/or any remaining obligations of IBC pursuant to this Agreement shall be voidable in the sole discretion of IBC, unless otherwise agreed by written agreement of the parties; 
  
 e. In the event that the Company fails to fully comply with the conditions precedent as specified in paragraph 8 a. through d. herein, then the Company shall be deemed in default of the agreement and IBC, at its option and in its sole discretion, may declare Company to be in default of the Agreement and Order, and this Agreement and/or any remaining obligations of IBC pursuant to this Agreement shall be voidable in the sole discretion of IBC, unless otherwise agreed by written agreement of the parties. In said event, IBC shall have no further obligation to comply with the terms of this agreement and can thus opt out of making any remaining payments, if applicable, not previously made to creditors as contemplated by the Claims Purchase Agreement as referenced in schedule A. In the event Company is declared to be in default, Company shall remain fully obligated to comply with the terms of this Settlement Agreement and Stipulation for issuance of shares of stock to IBC for any amount of debt previously purchased and paid for by IBC pursuant to the terms of this Settlement Agreement and Stipulation, Schedule A, as well as Order Approving same. 

 9. Information. Company and IBC each represent that prior to the execution of this Agreement, they have fully informed themselves of its terms, contents, conditions and effects, and that no promise or representation of any kind has been made to them except as expressly stated in this Agreement. 
  
 10. Ownership and Authority. Company and IBC represent and warrant that they have not sold, assigned, transferred, conveyed or otherwise disposed of any or all of any claim, demand, right, or cause of action, relating to any matter which is covered by this Agreement, that each is the sole owner of such claim, demand, right or cause of action, and each has the power and authority and has been duly authorized to enter into and perform this Agreement and that this Agreement is the binding obligation of each, enforceable in accordance with its terms. 
  
 11. No Admission. This Agreement is contractual and it has been entered into in order to compromise disputed claims and to avoid the uncertainty and expense of the litigation. This Agreement and each of its provisions in any orders of the Court relating to it shall not be offered or received in evidence in any action, proceeding or otherwise used as an admission or concession as to the merits of the Action or the liability of any nature on the part of any of the parties hereto except to enforce its terms. 
  
  	 6              

	              

  
 12. Binding Nature. This Agreement shall be binding on all parties executing this Agreement and their respective successors, assigns and heirs. 
  
 13. Authority to Bind. Each party to this Agreement represents and warrants that the execution, delivery and performance of this Agreement and the consummation of the transactions provided in this Agreement have been duly authorized by all necessary action of the respective entity and that the person executing this Agreement on its behalf has the full capacity to bind that entity. Each party further represents and warrants that it has been represented by independent counsel of its choice in connection with the negotiation and execution of this Agreement, and that counsel has reviewed this Agreement. 
  
 14. Covenants.  
  a. For so long as IBC or any of its affiliates holds any shares of Common Stock, neither Company nor any of its affiliates shall vote any shares of Common Stock owned or controlled by it (unless voting in favor of a proposal approved by a majority of Company’s Board of Directors), or solicit any proxies or seek to advise or influence any person with respect to any voting securities of Company; in favor of (1) an extraordinary corporate transaction, such as a reorganization or liquidation, involving Company or any of its subsidiaries, (2) a sale or transfer of a material amount of assets of Company or any of its subsidiaries, (3) any material change in the present capitalization or dividend policy of Company, (4) any other material change in Company’s business or corporate structure, (5) a change in Company’s charter, bylaws or instruments corresponding thereto (6) causing a class of securities of Defendant to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association, (7) causing a class of equity securities of Company to become eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934, as amended, (8) terminating its Transfer Agent (9) taking any action which would impede the purposes and objects of this Settlement Agreement or (10) taking any action, intention, plan or arrangement similar to any of those enumerated above. Nothing in this section shall be deemed to exclude strategic decisions by Company made in an effort to expand the Company except as expressly stated herein. The provisions of this paragraph may not be modified or waived without further order of the Court. 
  
 b. Immediately upon the signing of the Settlement Order by the Court, the Company shall cause to be filed a Form 8-K with the Securities and Exchange Commission disclosing the settlement. Furthermore, in the event that the Company raises their issued and outstanding Common Stock by an additional ten percent (10%), Company shall file a form 8k with the Securities and Exchange Commission each and every time. The Company shall further immediately file such additional SEC filings as may be or are required in respect of the transactions. In the event that the Company fails to fully comply with this provision, then the Discount pursuant to this agreement shall be increased by five percent (5%), as well as an additional five percent (5%) for each additional delinquency of five (5) Trading Days up to a maximum Discount of ninety percent (90%) until all Settlement Shares and settlement fee shares have been received by IBC and Company has fully complied with all terms and conditions and obligations pursuant to this Settlement Agreement and Stipulation. 
  
 c. IBC hereby covenants that they have not provided any funds or other consideration to the Company and have no intent to do so. In no event shall any of the funds received from the sale of shares of the Company in reliance upon the Court Order be used to provide any consideration to the Company or any affiliate of the Company. 

  	 7              

	              

  
 15. Indemnification. Company shall indemnify, defend and hold IBC and its affiliates harmless with respect to all obligations of Company arising from or incident or related to this Agreement, including, without limitation, any claim or action brought derivatively or by the Seller or shareholders of Company. 
  
 16. Legal Effect. The parties to this Agreement represent that each of them has been advised as to the terms and legal effect of this Agreement and the Order provided for herein, and that the settlement and compromise stated herein is final and conclusive forthwith, subject to the conditions stated herein, and each attorney represents that his or her client has freely consented to and authorized this Agreement after have been so advised. 
  
 17. Waiver of Defense. Each party hereto waives a statement of decision, and the right to appeal from the Order after its entry. Company further waives any defense based on the rule against splitting causes of action. The prevailing party in any motion to enforce the Order shall be awarded its reasonably attorney fees and expenses in connection with such motion. Except as expressly set forth herein, each party shall bear its own attorneys’ fees, expenses and costs. 
  
 18. Signatures. This Agreement may be signed in counterparts and the Agreement, together with its counterpart signature pages, shall be deemed valid and binding on each party when duly executed by all parties. Facsimile and electronically scanned signatures shall be deemed valid and binding for all purposes. This Agreement may be amended only by an instrument in writing signed by the party to be charged with enforcement thereof. This Agreement supersedes all prior agreements and understandings among the parties hereto with respect to the subject matter hereof. 
  
 19. Choice of Law, Etc. Notwithstanding the place where this Agreement may be executed by either of the parties, or any other factor, all terms and provisions hereof shall be governed by and construed in accordance with the laws of the State of Florida, applicable to agreements made and to be fully performed in that State and without regard to the principles of conflicts of laws thereof. Any action brought to enforce, or otherwise arising out of this Agreement shall be brought only in State Court sitting in Sarasota County, Florida. 
  
 20. Exclusivity. For a period of the later of one hundred eighty (180) days from the date of the execution of this Agreement or upon IBC’s final sale of all shares of stock issued pursuant hereto subsequent to final adjustment; (a) Company and its representatives shall not enter into any exchange transaction under Section 3(a)(10) of the Securities Act nor directly or indirectly discuss, negotiate or consider any proposal, plan or offer from any other party relating to any liabilities, or any financial transaction having an effect or result similar to the transactions contemplated hereby, and (b) IBC shall have the exclusive right to negotiate and execute definitive documentation embodying the terms set forth herein and other mutually acceptable terms. 
  
 21. Inconsistency. In the event of any inconsistency between the terms of this Agreement and any other document executed in connection herewith, the terms of this Agreement shall control to the extent necessary to resolve such inconsistency. 
  
 22. NOTICES. Any notice required or permitted hereunder shall be given in writing (unless otherwise specified herein) and shall be deemed effectively given on the earliest of 
  (a) the date delivered, if delivered by personal delivery as against written receipt therefore or by confirmed facsimile transmission, 
  
 (b) the seventh business day after deposit, postage prepaid, in the United States Postal Service by registered or certified mail, or 
  
 (c) the second business day after mailing by domestic or international express courier, with delivery costs and fees prepaid,

  in each case, addressed to each of the other parties thereunto entitled at the following addresses (or at such other addresses as such party may designate by ten (10) days’ advance written notice similarly given to each of the other parties hereto): 
  
  	 8              

	              

  
 Company:   
  Genufood Energy Enzymes Corp. 
 601 South Figueroa Street, Suite 4050
Los Angeles, California 90017
 Tel: 213-330-4275
Fax:213-330-4222

 with a copy to: 
  Michael G. Brown, Esquire
P.O. Box 19702
Sarasota, Florida 34237 
941-780-1300 (phone) 
941-296-7500 (fax) 
Florida Bar No. 0148709 
  
 IBC Funds, LLC 
Attn: Samuel Oshana 
1221 Brickell Avenue, Suite 1160 
Miami, Florida 33131 
Telephone: 786-218-4651 
Email: sam@ibcfunds.com 
  
                And 
  
 Charles N. Cleland, Jr., P.A.
2127 Ringling Boulevard, Suite 104 
Sarasota, Florida 34237 
(941) 955-1595 phone 
(941) 953-7185 facsimile 
Florida Bar No. 0896195 
ccleland@clelandpa.com email 

 

  	 9              

	              

  
 IN WITNESS WHEREOF, the parties have duly executed this Settlement Agreement and 
  
 Stipulation as of the date first indicated above. 
  
  IBC Funds, LLC 
 By: /s/ Samuel Oshana                
Name: Samuel Oshana            
Title: ___________________ 
  
 Genufood Energy Enzymes Corp. 
 By: /s/ Yi Lung Lin                     
Name: Yi Lung Lin                    
Title: President                           

  
  
  	 10              

	              

  
 Affiliates 
 SUBSIDIARY COMPANIES
 Genufood Enzymes (S) Pte Ltd, Singapore
Genufood Enzymes Lanka (Pvt) Ltd, Sri Lanka
Genufood Enzymes (Thailand) Co., Ltd, Thailand
 AFFILIATES
 Yi Lung Lin
Huei Ling Wang
Access Management Consulting and Marketing Pte Ltd, Singapore
Access Equity Capital Management Corp, U.S.A.
Access Finance and Securities (NZ) Ltd, New Zealand
  
 
  	 11              

	              

 

 
 EXHIBIT A 
  
 IN THE CIRCUIT COURT OF THE TWELFTH JUDICIAL CIRCUIT 
 IN AND FOR SARASOTA COUNTY, FLORIDA 
  
 IBC Funds, LLC, 
  a Nevada Limited Liability Company, 
 Plaintiff, 
  
 v.                                                                                                                                                 Case No. 
  
 Genufood Energy Enzymes Corp., 
 a Nevada Corporation, Defendant.
  _______________________________/ 
  
  
  
 ORDER GRANTING APPROVAL OF 
 SETTLEMENT AGREEMENT AND STIPULATION 
  
 This matter having come on for a hearing on the ___ day of _________, 2014, to approve the Settlement Agreement entered into as of ________ ___, 2014 between Plaintiff, IBC Funds, LLC (“Plaintiff”) and Defendant, Genufood Energy Enzymes Corp. (“Defendant” and collectively with Plaintiff, the “Parties”), and the Court having held a hearing as to the fairness of the terms and conditions of the Settlement Agreement and Stipulation and being otherwise fully advised in the premises, the Court hereby finds as follows: 
  
  1. The Court has been advised that the Parties intend that the sale of the Shares (as defined by the Settlement Agreement and, hereinafter, the “Shares”) to and the resale of the Shares by Plaintiff in the United States, assuming satisfaction of all other applicable securities laws and regulations, will be exempt from registration under the Securities Act of 1933 (the “Securities Act”) in reliance upon Section 3(a)(10) of the Securities Act based upon this Court’s finding herein that the terms and conditions of the issuance of the Shares by Defendant to Plaintiff are fair to Plaintiff; 
  
 2. The hearing having been scheduled upon the consent of Plaintiff and Defendant, Plaintiff has had adequate notice of the hearing and Plaintiff is the only party to whom Shares will be issued pursuant to the Settlement Agreement; 
  
 3. The terms and conditions of the issuance of the Shares in exchange for the release of certain claims as set forth in the Settlement Agreement are fair to Plaintiff, the only party to whom the Shares will be issued; 
  
 4. The fairness hearing was open to Plaintiff. Plaintiff was represented by counsel at the hearing who acknowledged that adequate notice of the hearing was given and consented to the entry of this Order. 

 

 It is hereby ORDERED AND ADJUDGED that the Settlement Agreement and Stipulation is hereby approved as fair to the party to whom the Shares will be issued, within the meaning of Section 3(a)(10) of the Securities Act and that the sale of the Shares to Plaintiff and the resale of the Shares in the United States by Plaintiff, assuming satisfaction of all other applicable securities laws and regulations, will be exempt from registration under the Securities Act of 1933. The Settlement Agreement and Stipulation entered into between the parties is hereby approved and the parties are ordered to comply with same. The Circuit Court of the Twelfth Judicial Circuit in and for Sarasota County, Florida reserves jurisdiction over the parties to this action as well as the subject matter herein for purposes of contempt and enforcement of the Settlement Agreement and Stipulation as well as for such other purposes as allowed by law. 
 SO ORDERED, this ___ day of ___________, 2014. 
  
  
  
  	 12              

	              

  
  
  _________________ 
The Honorable_________________
  
  
 Conformed copies to: 
  
 Charles N. Cleland, Jr., Esq. 
 Michael G. Brown, Esq. 
 

  
  
  	 13              

	              

  
 EXHIBIT B 
 [To be reprinted on Company letterhead] 
 DATE 
 VStock Transfer 
 18 Lafayette Place 
 Woodmere, NY 11598 
  
 Ladies and Gentlemen: 
  Genufood Energy Enzymes Corp. (the "Company") and IBC Funds LLC. (the "Investor") have entered into a 3(a)(10) Settlement dated as of DATE (the "Agreement") in the principal amount of $71,452.66 (the "Settlement"). 
  
 A copy of the settlement is attached hereto. You should familiarize yourself with your issuance and delivery obligations, as Transfer Agent, contained therein. The shares to be issued are to be registered in the names of the registered holder of the securities submitted for conversion or exercise. 
  
 You are hereby irrevocably authorized and instructed to reserve a sufficient number of shares of common stock (“Common Stock”) of the Company (initially, 500,000,000 Shares for this specific transaction) for issuance upon full conversion of the Settlement in accordance with the terms thereof. The amount of Common Stock so reserved may be increased, from time to time, by written instructions of the Company and the Investor. 
  
 The ability to convert the Settlement in a timely manner is a material obligation of the Company pursuant to the Settlement. Your firm is hereby irrevocably authorized and instructed to issue shares of Common Stock of the Company (without any restrictive legend) to the Investor (from the reserve, but in the event there are insufficient reserve shares of Common Stock to accommodate a Conversion Notice (defined below) your firm and the Company agree that the Conversion Notice should be completed using authorized but unissued shares of Common Stock that the Company has available) without any further action or confirmation by the Company: (A) upon your receipt from the Investor of: (i) a notice of conversion ("Conversion Notice") executed by the Investor; and (ii) an opinion of counsel of the Investor, in form, substance and scope customary for opinions of counsel in comparable transactions (and satisfactory to the transfer agent), to the effect that the shares of Common Stock of the Company issued to the Investor pursuant to the Conversion Notice are not "restricted securities" as defined in Rule 144 and should be issued to the Investor without any restrictive legend; and (B) the number of shares to be issued is less than 4.99% of the total issued common stock of the Company confirmed by a representation letter from IBC Funds stating that the shares issued will keep IBC's ownership below 4.99% and no other confirmation will be necessary. The representation letter signed by IBC stating they are below 4.99% ownership will be sufficient to issue the requested shares. 
  
 The Company hereby requests that your firm act immediately, without delay and without the need for any action or confirmation by the Company with respect to the issuance of Common Stock pursuant to any Conversion Notices received from the Investor. The Investor understands and acknowledges that in the event that the Company is delinquent in billing with VStock Transfer, they will honor conversion requests with the additional payment of $200.00 per request. 
  
 The Company shall indemnify you and your officers, directors, principals, partners, agents and representatives, and hold each of them harmless from and against any and all loss, liability, damage, claim or expense (including the reasonable fees and disbursements of its attorneys) incurred by or asserted against you or any of them arising out of or in connection the instructions set forth herein, the performance of your duties hereunder and otherwise in respect hereof, including the costs and expenses of defending yourself or themselves against any claim or liability hereunder, except that the Company shall not be liable hereunder as to matters in respect of which it is determined that you have acted with gross negligence or in bad faith. You shall have no liability to the Company in respect to any action taken or any failure to act in respect of this if such action was taken or omitted to be taken in good faith, and you shall be entitled to rely in this regard on the advice of counsel. 
  
 The Board of Directors of the Company has approved the foregoing (irrevocable instructions) and does hereby extend the Company’s irrevocable agreement to indemnify your firm for all loss, liability or expense in carrying out the authority and direction herein contained on the terms herein set forth. 
  
 The Company agrees that in the event that the Transfer Agent resigns as the Company’s transfer agent, the Company shall engage a suitable replacement transfer agent that will agree to serve as transfer agent for the Company and be bound by the terms and conditions of these Irrevocable Instructions within five (5) business days. Furthermore, if the company decides to switch or terminate the current Transfer Agent, 30 day notice of termination must be given, and the fee for the irrevocable agreement transfer will be $350.00 per irrevocable agreement payable to the current transfer agent prior to termination. 
  
 The Investor is intended to be and are third party beneficiaries hereof, and no amendment or modification to the instructions set forth herein may be made without the consent of the Investor. 

 Very truly yours,                                                     
 ________________________________              
 ________________________________              
 Chief Executive Officer                                          
 Acknowledged and Agreed: 
  
 VStock Transfer 
  
 By:________________________________ 
Name: 
 Title: 
  
  
  	 14              

	              

  
  
  
 EXHIBIT C 
  
  
 IN THE CIRCUIT COURT OF THE TWELFTH JUDICIAL CIRCUIT 
 IN AND FOR SARASOTA COUNTY, FLORIDA 
  
 IBC Funds, LLC, 
 a Nevada Limited Liability Company, 
 Plaintiff, 
  
 v.                                                                                                                             Case No. 
  
 Genufood Energy Enzymes Corp., 
 a Nevada Corporation, 
 Defendant.
 _______________________________/ 
 

 STIPULATION AND ORDER OF DISMISSAL 
  
 IT IS HEREBY STIPULATED AND AGREED, by and between the undersigned, the attorneys of record for all the parties to the above-entitled action, pursuant to the Florida Rules of Civil Procedure, that whereas no party hereto is an infant or incompetent person for whom a committee has been appointed or conservatee and no person not a party has an interest in the subject matter of the action, the above-entitled action be, and the same hereby is, dismissed, each party to bear its own costs. 
  
 Dated: _______________________, 2014 
  
  	 	 	 	 	 	
	 ___________________________________ 	 ___________________________________ 	 	 	 	 
	Charles N. Cleland, Jr., Esq.	Michael G. Brown, Esquire 	 	                                                                                                                             	 	
	CHARLES N. CLELAND, JR., P.A.	P.O. Box 19702	 	 	 	 
	Florida Bar No. 0896195 	Sarasota, Florida 34237 	 	 	 	
	2127 Ringling Blvd., Suite 104 	941-780-1300 (phone)	 	 	 	 
	Sarasota, Florida 34237	941-296-7500 (fax) 	 	 	 	
	(941) 955-1595 phone	Florida Bar No. 0148709 	 	 	 	 
	(941) 953-7185 facsimile 	Attorney for Defendant 	 	 	 	
	Attorney for Plaintiff	 	 	 	 	 
	 	 	 	 	 	

 

 SO ORDERED:                            ___________________________________ 
                                                     The Honorable _______________________ 
  
  
  
  
  	 15              

	              

  
 SCHEDULE A 
 

 

  
	 Company
 	 Nature of Claim
 	  
 First Payment to be paid within five (5) days after 
 Court order granting approval of settlement 
 agreement pursuant to Claims 
 Purchase Agreements annexed hereto. 
  
  
 	 Total Amount of Debt Purchased

	 Dean Law Group 
	 Invoice 
	 $14,754.58               
	 $14,754.58 

	 Nature's Farm Pte Ltd 
	 Invoice 
	 $39,663.29               
	 $39,663.29 

	 Access Management Consulting 
	 Invoice 
	 $17,034.79               
	 $17,034.79 

	 TOTALS 
	  
	 $71,452.66               
	 $71,452.66 

  
  
  
  	 16

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