Document:

exv10w1

Exhibit 10.1

 

Published Deal CUSIP Number: 726504AG8

Published Revolver CUSIP Number: 726504AH6

EXECUTION COPY

CREDIT AGREEMENT

Dated as of August 19, 2011

among

PLAINS ALL AMERICAN PIPELINE, L.P.,

and

CERTAIN SUBSIDIARIES OF

PLAINS ALL AMERICAN PIPELINE, L.P.

From Time to Time Party Hereto

as Borrowers,

BANK OF AMERICA, N.A.,

as Administrative Agent, Swing Line Lender and L/C Issuer,

BNP PARIBAS, DNB NOR BANK ASA, JPMORGAN CHASE BANK, N.A. and

WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Co-Syndication Agents,

and

The Other Lenders Party Hereto

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

BNP PARIBAS, DNB NOR MARKETS, INC., J.P. MORGAN SECURITIES LLC and

WELLS FARGO SECURITIES, LLC,

as

Joint Lead Arrangers and Joint Book Managers

Senior Unsecured

Revolving Credit Facility

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Other Interpretive Provisions
	 	 	30	 
	1.03 Accounting Terms
	 	 	31	 
	1.04 Rounding
	 	 	31	 
	1.05 Times of Day
	 	 	32	 
	1.06 Exchange Rates; Currency Equivalents
	 	 	32	 
	1.07 Letter of Credit Amounts
	 	 	32	 
	 
	 	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	 	 	32	 
	 
	2.01 Committed Loans
	 	 	32	 
	2.02 Borrowings, Conversions and Continuations of Committed Loans
	 	 	33	 
	2.03 Letters of Credit
	 	 	35	 
	2.04 Swing Line Loans
	 	 	45	 
	2.05 Prepayments
	 	 	49	 
	2.06 Termination or Reduction of Commitments
	 	 	50	 
	2.07 Repayment of Loans
	 	 	51	 
	2.08 Interest
	 	 	51	 
	2.09 Fees
	 	 	52	 
	2.10 Computation of Interest and Fees
	 	 	53	 
	2.11 Evidence of Debt
	 	 	53	 
	2.12 Payments Generally; Administrative Agent’s Clawback
	 	 	53	 
	2.13 Sharing of Payments by Lenders
	 	 	56	 
	2.14 Extension of Maturity Date
	 	 	56	 
	2.15 Designated Borrowers
	 	 	58	 
	2.16 Increase in Commitments
	 	 	59	 
	2.17 Cash Collateral
	 	 	60	 
	2.18 Defaulting Lenders
	 	 	62	 
	 
	 	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	64	 
	 
	3.01 Taxes
	 	 	64	 
	3.02 Illegality
	 	 	69	 
	3.03 Inability to Determine Rates
	 	 	70	 
	3.04 Increased Costs; Reserves on Eurocurrency Rate Loans
	 	 	70	 
	3.05 Compensation for Losses
	 	 	72	 
	3.06 Mitigation Obligations; Replacement of Lenders
	 	 	73	 
	3.07 Survival
	 	 	74	 
	 
	 	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	 	 	74	 
	 
	4.01 Conditions Precedent to Initial Credit Extension
	 	 	74	 
	4.02 Conditions to all Credit Extensions
	 	 	76	 

i 

 

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	 	77	 
	 
	5.01 Existence, Qualification and Power
	 	 	77	 
	5.02 Authorization; No Contravention
	 	 	77	 
	5.03 Governmental Authorization; Other Consents
	 	 	77	 
	5.04 Binding Effect
	 	 	77	 
	5.05 Financial Statements; No Material Adverse Effect
	 	 	78	 
	5.06 Litigation
	 	 	78	 
	5.07 Environmental Compliance
	 	 	78	 
	5.08 ERISA Compliance
	 	 	78	 
	5.09 Margin Regulations; Investment Company Act
	 	 	79	 
	5.10 Disclosure
	 	 	80	 
	5.11 Compliance with Laws
	 	 	80	 
	 
	 	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS
	 	 	80	 
	 
	6.01 Financial Statements
	 	 	80	 
	6.02 Certificates; Other Information
	 	 	81	 
	6.03 Notices
	 	 	82	 
	6.04 Payment of Taxes, Etc
	 	 	83	 
	6.05 Preservation of Existence, Etc
	 	 	83	 
	6.06 Maintenance of Properties
	 	 	83	 
	6.07 Maintenance of Insurance
	 	 	83	 
	6.08 Compliance with Laws
	 	 	83	 
	6.09 Books and Records
	 	 	84	 
	6.10 Inspection Rights
	 	 	84	 
	6.11 Use of Proceeds
	 	 	84	 
	 
	 	 	 	 
	ARTICLE VII. NEGATIVE COVENANTS
	 	 	84	 
	 
	7.01 Liens
	 	 	84	 
	7.02 Indebtedness
	 	 	87	 
	7.03 Fundamental Changes; Dispositions
	 	 	87	 
	7.04 Restricted Payments
	 	 	88	 
	7.05 Transactions with Affiliates
	 	 	88	 
	7.06 Burdensome Agreements
	 	 	88	 
	7.07 Use of Proceeds
	 	 	89	 
	7.08 Consolidated Leverage Ratio
	 	 	89	 
	7.09 Unrestricted Subsidiaries
	 	 	90	 
	 
	 	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES
	 	 	91	 
	 
	8.01 Events of Default
	 	 	91	 
	8.02 Remedies Upon Event of Default
	 	 	94	 
	8.03 Application of Funds
	 	 	94	 
	 
	 	 	 	 
	ARTICLE IX. ADMINISTRATIVE AGENT
	 	 	95	 
	 
	9.01 Appointment and Authority
	 	 	95	 
	9.02 Rights as a Lender
	 	 	95	 

ii 

 

	 	 	 	 	 
	Section	 	Page	 
	9.03 Exculpatory Provisions
	 	 	95	 
	9.04 Reliance by Administrative Agent
	 	 	96	 
	9.05 Delegation of Duties
	 	 	97	 
	9.06 Resignation or Removal of Administrative Agent
	 	 	97	 
	9.07 Non-Reliance on Administrative Agent and Other Lenders
	 	 	98	 
	9.08 No Other Duties, Etc
	 	 	98	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	98	 
	9.10 Collateral Matters
	 	 	99	 
	 
	 	 	 	 
	ARTICLE X. CONTINUING GUARANTY
	 	 	99	 
	 
	10.01 Company Guaranty
	 	 	99	 
	10.02 Rights of Lenders
	 	 	100	 
	10.03 Collateral Matters
	 	 	100	 
	10.04 Obligations Independent
	 	 	101	 
	10.05 Subrogation
	 	 	101	 
	10.06 Termination; Reinstatement
	 	 	101	 
	10.07 Subordination
	 	 	101	 
	10.08 Stay of Acceleration
	 	 	102	 
	10.09 Condition of Designated Borrowers
	 	 	102	 
	 
	 	 	 	 
	ARTICLE XI. MISCELLANEOUS
	 	 	102	 
	 
	11.01 Amendments, Etc
	 	 	102	 
	11.02 Notices; Effectiveness; Electronic Communication
	 	 	103	 
	11.03 No Waiver; Cumulative Remedies; Enforcement; Nature of Obligations
	 	 	106	 
	11.04 Expenses; Indemnity; Damage Waiver
	 	 	106	 
	11.05 Payments Set Aside
	 	 	109	 
	11.06 Successors and Assigns
	 	 	109	 
	11.07 Treatment of Certain Information; Confidentiality
	 	 	114	 
	11.08 Right of Setoff
	 	 	115	 
	11.09 Interest Rate Limitation
	 	 	116	 
	11.10 Counterparts; Integration; Effectiveness
	 	 	116	 
	11.11 Survival of Representations and Warranties
	 	 	117	 
	11.12 Severability
	 	 	117	 
	11.13 Replacement of Lenders
	 	 	117	 
	11.14 Governing Law; Jurisdiction; Etc
	 	 	118	 
	11.15 Waiver of Jury Trial
	 	 	119	 
	11.16 No Advisory or Fiduciary Responsibility
	 	 	119	 
	11.17 No Recourse to Other Persons
	 	 	120	 
	11.18 Electronic Execution of Assignments and Certain Other Documents
	 	 	120	 
	11.19 USA PATRIOT Act
	 	 	120	 
	11.20 Time of the Essence
	 	 	121	 
	11.21 Judgment Currency
	 	 	121	 
	11.22 ENTIRE AGREEMENT
	 	 	121	 
	11.23 Reallocation of Outstanding Loans under Existing Credit Agreement
	 	 	121	 

iii 

 

	 	 	 	 	 
	Section	 	Page	 
	SIGNATURES
	 	 	S-1	 
	 
	 	 	 	 
	SCHEDULES
	 	 	 	 
	 
	 	 	 	 

	 	 	 	 	 	 	 

	 

	 	 	2.01	 	 	Commitments and Applicable Percentages
	 

	 	 	2.01A	 	 	Canadian Bankers’ Acceptances
	 

	 	 	5.03	 	 	Governmental Authorization; Other Consents
	 

	 	 	5.06	 	 	Litigation
	 

	 	 	5.07	 	 	Environmental Matters
	 

	 	 	5.08	 	 	ERISA Matters
	 

	 	 	5.11	 	 	Compliance with Laws
	 

	 	 	11.02	 	 	Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS

	 	 	 	 	 

	 

	 	 	 	Form of
 
	 

	 	A
	 	Committed Loan Notice
	 

	 	B
	 	Swing Line Loan Notice
	 

	 	C-1
	 	Committed Loan Note
	 

	 	C-2
	 	Swing Line Note
	 

	 	D
	 	Compliance Certificate
	 

	 	E-1
	 	Assignment and Assumption
	 

	 	E-2
	 	Administrative Questionnaire
	 

	 	F-1
	 	Designated Borrower Request and Assumption Agreement
	 

	 	F-2
	 	Designated Borrower Notice

iv 

 

CREDIT AGREEMENT

     This CREDIT AGREEMENT (“Agreement”) is entered into as of August 19, 2011, among
PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership (the “Company”), each
Subsidiary of the Company from time to time and during the time it is a party hereto pursuant to
Section 2.15 (each such Subsidiary, a “Designated Borrower” and, together with the
Company, the “Borrowers”, and each, a “Borrower”), each lender from time to time
party hereto (collectively, the “Lenders” and individually, a “Lender”), BNP
PARIBAS, DNB NOR BANK ASA, JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Co-Syndication Agents, and BANK OF AMERICA, N.A., as Administrative Agent, Swing Line Lender and
L/C Issuer.

     The Company has requested that the Lenders provide a revolving credit facility, and the
Lenders are willing to do so on the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings
set forth below:

     “Acquired Indebtedness” means, as to any Person, Indebtedness of any other Person
existing at the time such other Person is merged with or becomes a Subsidiary of such specified
Person (regardless of the form of the applicable transaction by which such Person becomes a
Subsidiary), in each case, existing at the time of such acquisition and not incurred in
contemplation of such acquisition.

     “Acquisition Period” means the period beginning, at the election of the Company, with
the funding date of the purchase price for a Specified Acquisition and ending on the earliest of
(a) the third following fiscal quarter end, (b) the Company’s receipt of proceeds of a Specified
Equity Offering; and (c) the Company’s election in writing to terminate such Acquisition Period.

     “Additional Commitment Lender” has the meaning specified in Section 2.14(d).

     “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent appointed in accordance with
Section 9.06.

     “Administrative Agent’s Office” means, with respect to any currency, the
Administrative Agent’s address and, as appropriate, account as set forth on Schedule 11.02
with respect to such currency, or such other address or account with respect to such currency as
the Administrative Agent may from time to time notify to the Company and the Lenders pursuant to
Section 11.02.

     “Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit E-2 or any other form approved by the Administrative Agent.

1

 

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Aggregate Commitments” means the Commitments of all the Lenders. The initial
Aggregate Commitments as of the Closing Date are $1,600,000,000.

     “Agreement” means this Credit Agreement.

     “Applicable Percentage” means with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s
Commitment at such time, subject to adjustment as provided in Section 2.18. If the
commitment of each Lender to make Loans and purchase and accept Canadian BA’s and the obligation of
the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02
or if the Aggregate Commitments have expired, then the Applicable Percentage of each Lender shall
be determined based on the Applicable Percentage of such Lender most recently in effect, giving
effect to any subsequent assignments. The initial Applicable Percentage of each Lender is set
forth opposite the name of such Lender on Schedule 2.01 or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable.

     “Applicable Rate” means, from time to time, the following percentages per annum, based
upon the Debt Rating as set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate	 
	 	 	 	 	 	 	 	 	 	 	Eurocurrency Rate Loans,	 	 	Base Rate Loans and	 
	Pricing	 	Debt Ratings	 	 	Facility	 	 	Letters of Credit and	 	 	Canadian Prime	 
	Level	 	S&P/Moody’s	 	 	Fee	 	 	Canadian BA’s	 	 	Rate Loans	 
	1
	 	BBB+/Baa1 or higher	 	 	0.175	%	 	 	1.075	%	 	 	0.075	%
	2
	 	BBB/Baa2	 	 	0.200	%	 	 	1.300	%	 	 	0.300	%
	3
	 	BBB-/Baa3	 	 	0.250	%	 	 	1.375	%	 	 	0.375	%
	4
	 	BB+/Ba1	 	 	0.300	%	 	 	1.450	%	 	 	0.450	%
	5
	 	BB/Ba2 or lower	 	 	0.350	%	 	 	1.650	%	 	 	0.650	%

     “Debt Rating” means, as of any date of determination, the rating as determined by
either S&P or Moody’s (collectively, the “Debt Ratings”) of the Company’s
non-credit-enhanced, senior unsecured long-term debt; provided that (a) if the respective
Debt Ratings issued by the foregoing rating agencies differ by one Pricing Level, then the Pricing
Level for the higher of such Debt Ratings shall apply (with the Debt Rating for Pricing Level 1
being the highest and the Debt Rating for Pricing Level 5 being the lowest); (b) if the respective
Debt Ratings issued by the foregoing rating agencies differ by more than one Pricing Level, then
the Pricing Level that

2

 

is one Pricing Level lower than the Pricing Level of the higher Debt Rating shall apply; (c) if the
Company has only one Debt Rating, the Pricing Level equal to that of such Debt Rating shall apply;
and (d) if the Company does not have any Debt Rating, then the Administrative Agent and the Company
shall negotiate in good faith to amend the definition of Applicable Rate to reflect such change in
circumstances, and until such time as the Administrative Agent and the Company shall reach
agreement with respect thereto, Pricing Level 5 shall apply.

Initially, the Applicable Rate shall be determined based upon the Debt Rating specified in the
certificate delivered pursuant to Section 4.01(a)(vii). Thereafter, each change in the
Applicable Rate resulting from a publicly announced change in the Debt Rating shall be effective,
in the case of an upgrade, during the period commencing on the date of delivery by the Company to
the Administrative Agent of notice thereof pursuant to Section 6.02(d) and ending on the
date immediately preceding the effective date of the next such change and, in the case of a
downgrade, during the period commencing on the date of the public announcement thereof and ending
on the date immediately preceding the effective date of the next such change.

     “Applicable Time” means, with respect to any borrowings and payments in Canadian
Dollars, the local time in the place of settlement for Canadian Dollars as may be determined by the
Administrative Agent or the L/C Issuer, as the case may be, to be necessary for timely settlement
on the relevant date in accordance with normal banking procedures in the place of payment.

     “Applicant Borrower” has the meaning specified in Section 2.15.

     “Approved Fund” means any Fund that is solely administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender.

     “Arrangers” means each of Merrill Lynch, BNP Paribas, DnB NOR Markets, Inc., J.P.
Morgan Securities LLC and Wells Fargo Securities, LLC, in its capacity as co-lead arranger and
joint book manager.

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds solely managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit E-1 or any other form approved by the Administrative Agent.

     “Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a Capital Lease.

3

 

     “Audited Financial Statements” means the audited consolidated balance sheet of the
Company and its Subsidiaries for the fiscal year ended December 31, 2010, and the related
consolidated statements of income or operations and cash flows for such fiscal year and partners’
capital of the Company and its Subsidiaries, including the notes thereto.

     “Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments
pursuant to Section 2.06, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to
Section 8.02.

     “Bankruptcy and Insolvency Act (Canada)” means the Bankruptcy and Insolvency Act,
R.S.C. 1985, c. B-3, as amended, including the regulations made and, from time to time, in force
under that Act.

     “Bank of America” means Bank of America, N.A.

     “Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1%, (b) the rate of
interest in effect for such day as publicly announced from time to time by Bank of America as its
“prime rate,” and (c) the Eurocurrency Rate in effect on such day as determined pursuant to clause
(b) of the definition thereof plus 1.00%. The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of
America shall take effect at the opening of business on the day specified in the public
announcement of such change.

     “Base Rate Committed Loan” means a Committed Loan that is a Base Rate Loan.

     “Base Rate Loan” means (i) a Committed Loan that bears interest based on the Base Rate
or (ii) a Swing Line Loan that bears interest based on the Base Rate. All Base Rate Loans shall be
denominated in Dollars.

     “Board” shall have the meaning given that term in the last paragraph of the definition
of the term “Change of Control.”

     “Borrower” and “Borrowers” each has the meaning specified in the introductory
paragraph hereto.

     “Borrower Materials” has the meaning specified in Section 6.02.

     “Borrowing” means a Committed Borrowing or a Swing Line Borrowing, as the context may
require.

     “Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state

4

 

where the Administrative Agent’s Office with respect to Obligations denominated in Dollars is
located, and

     (a) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Dollars, any fundings, disbursements, settlements and payments in Dollars in respect
of any such Eurocurrency Rate Loan, or any other dealings in Dollars to be carried out pursuant to
this Agreement in respect of any such Eurocurrency Rate Loan, means any such day on which dealings
in deposits in Dollars are conducted by and between banks in the London interbank Eurocurrency
market;

     (b) if such day relates to any interest rate settings as to a Eurocurrency Rate Loan
denominated in Canadian Dollars, means any such day on which dealings in deposits in Canadian
Dollars are conducted by and between banks in the London or other applicable offshore interbank
market for Canadian Dollars; and

     (c) if such day relates to any fundings, disbursements, settlements and payments in Canadian
Dollars in respect of a Eurocurrency Rate Loan denominated in Canadian Dollars, or any other
dealings in Canadian Dollars to be carried out pursuant to this Agreement in respect of any such
Eurocurrency Rate Loan (other than any interest rate settings), or any other dealings in Canadian
Dollars to be carried out pursuant to this Agreement, including Canadian BA’s, means any such day
on which banks are open for foreign exchange business in Toronto, Canada.

     “Canadian BA Discount Proceeds” means, in respect of any Canadian Banker’s Acceptance,
an amount (rounded to the nearest full cent, with one half of one cent being rounded up) calculated
on the applicable funding date equal to the face amount of such Canadian Banker’s Acceptance
multiplied by the price, where the price is calculated by dividing one by the sum of one plus the
product of (a) the Canadian BA Discount Rate applicable thereto expressed as a decimal fraction
multiplied by (b) a fraction, the numerator of which is the term of such Canadian Banker’s
Acceptance and the denominator of which is 365, rounded to the nearest multiple of 0.001%.

     “Canadian BA Discount Rate” means, on the funding date for any Canadian BA, (a) for
any Lender named on Schedule I to the Bank Act (Canada), the CDOR on the applicable funding date;
or, if such rate is not available, the average of the rates advised by the Canadian Schedule I
Reference Lenders to the Administrative Agent, determined in accordance with normal market
practices, as being the discount rate of such Canadian Schedule I Reference Lenders on such funding
date for Canadian bankers’ acceptances having a comparable face amount and maturity date; and (b)
for any other Lender, the lesser of (i) the average of the rates advised by the Canadian
Non-Schedule I Reference Lenders to the Administrative Agent, determined in accordance with normal
market practices, as being the discount rate of such Canadian Non-Schedule I Reference Lenders on
such funding date for banker’s acceptances of such Canadian Non-Schedule I Reference Lenders having
a comparable face amount and maturity date, and (ii) the CDOR on the applicable funding date plus
0.10% per annum.

     “Canadian BA Equivalent Loan” has the meaning specified in Section 4(d) of
Schedule 2.01A.

5

 

     “Canadian BA Fee” means, with respect to any Canadian BA, the amount calculated by
multiplying the face amount of such Canadian BA by the then Applicable Rate applicable to Canadian
BA’s, and then multiplying the result by a fraction, the numerator of which is the duration of its
term on the basis of the actual number of days to elapse from the date of acceptance of such
Canadian BA by the accepting Lender to the maturity date of such Canadian BA and the denominator of
which is the number of days in the calendar year in question.

     “Canadian Bankers’ Acceptance” or “Canadian BA” means a non-interest bearing
bill of exchange on the Administrative Agent’s usual form (or a bill of exchange within the meaning
of the Bills of Exchange Act Canada), R.S.C. 1985, c. B-5, as amended, or a depository bill within
the meaning of the Depository Bills and Notes Act (Canada), denominated in Canadian Dollars, drawn
by or on behalf of a Designated Borrower, for a term selected by such Designated Borrower of either
one, two, three or six months (as reduced or extended by the Administrative Agent, acting
reasonably, to allow the maturity thereof to fall on a Business Day) payable in Canada, and
accepted by a Lender in accordance with this Agreement.

     “Canadian Dollars” and “C$” means the lawful currency of Canada.

     “Canadian Dollar Equivalent” means, at any time, with respect to any amount
denominated in Dollars, the equivalent amount thereof in Canadian Dollars as reasonably determined
by the Administrative Agent or the L/C Issuer, as the case may be, in each case, in accordance with
normal banking industry practice using the Spot Rate (determined in respect of the most recent
Revaluation Date) for the purchase of Canadian Dollars with Dollars.

     “Canadian Dollar Sublimit” means an amount equal to the lesser of the Aggregate
Commitments and $600,000,000. The Canadian Dollar Sublimit is part of, and not in addition to, the
Aggregate Commitments.

     “Canadian Non-Schedule I Reference Lender” means each of Bank of America, N.A., Canada
Branch, JPMorgan Chase Bank, N.A. (Toronto Branch) and Wells Fargo Capital Finance Corporation
(Canada) (or such other or additional Lenders as may be designated by the Administrative Agent and
reasonably acceptable to the Company).

     “Canadian Prime Rate” means, on any day, the greater of (a) the floating annual rate
of interest established from time to time by the Administrative Agent in its sole discretion as the
reference rate for determining interest rates that it will charge to customers of varying degrees
of credit worthiness on commercial loans made in Canada in the lawful currency of Canada and
designated as its prime rate and (b) the CDOR for one month Canadian BA’s that appears on the
Reuters Screen CDOR Page at 10:00 a.m. Toronto time on that day, plus 0.50% per annum.

     “Canadian Prime Rate Committed Loan” means any Committed Loan which bears interest at
a rate determined by reference to the Canadian Prime Rate.

     “Canadian Prime Rate Loan” means (i) a Canadian Prime Rate Committed Loan or (ii) a
Swing Line Loan that bears interest at a rate based on the Canadian Prime Rate.

6

 

     “Canadian Schedule I Reference Lenders” means The Bank of Nova Scotia, Bank of
Montreal and Royal Bank of Canada (or such other or additional Lenders as may be designated by the
Administrative Agent and reasonably acceptable to the Company).

     “Capital Lease” means a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in
accordance with GAAP, other than any Operating Lease.

     “Cash and Carry Purchases” means purchases of Petroleum Products for physical storage
or in storage or in transit in pipelines which has been hedged by either a NYMEX contract, an OTC
contract, an Intercontinental Exchange contract, or a contract for physical delivery.

     “Cash Collateralize” (i) with respect to Canadian BA’s, has the meaning specified in
Section 5(b) of Schedule 2.01A and (ii) otherwise means to pledge and deposit with
or deliver to the Administrative Agent, for the benefit of the L/C Issuer or Swing Line Lender (as
applicable) and the Lenders, as collateral for L/C Obligations, payment Obligations in respect of
Swing Line Loans, or obligations of Lenders to fund participations in respect of either thereof (as
the context may require), cash or deposit account balances or, if the L/C Issuer or Swing Line
Lender benefitting from such collateral shall agree in its sole discretion, other credit support,
in each case pursuant to documentation in form and substance reasonably satisfactory to (a) the
Administrative Agent and (b) the L/C Issuer or the Swing Line Lender (as applicable). “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of
such cash collateral and other credit support.

     “CDOR” means for any day, and relative to Canadian BA’s having any specified term and
face amount, the discount rate per annum, calculated on the basis of a year of 365 days equal to
(i) the average rate per annum (as determined by the Administrative Agent) for Canadian Dollar
bankers’ acceptances having the specified term and face amount (or a term and face amount as
closely as possible comparable to such specified term and face amount of the Canadian BA) that
appear on the Reuters Screen CDOR page “Canadian Interbank Bid BA Fee Rates” (or such other page as
the Administrative Agent shall nominate which replaces that page for the purpose of displaying
rates quoted for such Canadian BA’s) at 10:00 a.m. (Toronto time) on the first day of such term, as
reported by the Administrative Agent or (ii) if such rate does not appear on such CDOR page at
10:00 a.m. (Toronto time) on any such day, then CDOR will be determined by the Administrative Agent
as being the arithmetic average of the annual discount rates of interest (rounded upward to the
nearest whole multiple of 1/100 of 1%) as of 10:00 a.m. (Toronto time) on the date at which the
Lenders named on Schedule I to the Bank Act (Canada) are then offering to purchase bankers’
acceptances accepted by them having the specified term and face amount (or a term and face amount
as closely as possible comparable to such specified term and face amount) of the Canadian BA.

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and

7

 

Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued
in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the
Bank for International settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States regulatory authorities, in each case pursuant to Basel III,
shall, in each case, be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
issued.

     “Change of Control” means the occurrence of any of the following events:

     (i) the acquisition of more than 50% of the Equity Interest in the general partner of Plains
AAP by a Person that is not a Current Owner if (x) the Equity Interest held by such Person gives
such Person the right to elect more than half of the members of the Board, (y) such Person
exercises its right to elect more than half of the members of the Board and (z) giving effect to
such election, more than half of the members of the Board are not Continuing Directors;

     (ii) the general partner of Plains AAP shall cease to be, directly or indirectly, the
beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as
amended) of a majority of the general partner interests of Plains AAP;

     (iii) Plains AAP shall cease to be, directly or indirectly, the beneficial owner (as defined
above) of a majority of the limited liability company interests of General Partner; or

     (iv) General Partner shall cease to be, directly or indirectly, the beneficial owner (as
defined above) of a majority of the general partner interest of the Company.

As used herein, “Board” means the board of directors or equivalent body of the general
partner of Plains AAP; “Continuing Directors” means the members of the Board elected,
appointed or otherwise designated by a Current Owner or by the Current Owners; “Current
Owner” means (i) an owner, as of the effective date of this Agreement, of an Equity Interest in
the general partner of Plains AAP and (ii) any Affiliate of such owner.

     “Closing Date” means the first date on which all the conditions precedent in
Section 4.01 are satisfied or waived in accordance with Section 11.01.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Commitment” means, (a) as to each Lender other than the Swing Line Lender, such
Lender’s obligation to (i) make Committed Loans to the Borrowers and accept and purchase Canadian
BA’s from Designated Borrowers pursuant to Section 2.01, (ii) purchase participations in
L/C Obligations, and (iii) purchase participations in Swing Line Loans and (b) as to the Swing Line
Lender, its obligation to make Swing Line Loans to the Borrowers pursuant to Section 2.04;
in each case, in an aggregate principal amount the Dollar Equivalent of which at any one time
outstanding, does not exceed the Dollar amount set forth opposite such Lender’s name on
Schedule 2.01, as such amount may from time to time be increased pursuant to Section
2.16 or decreased pursuant to Section 2.06, or in the Assignment and Assumption
pursuant to which such Lender becomes a party hereto, as applicable, as such amount may be adjusted
from time to time in accordance with this Agreement.

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     “Committed Borrowing” means (i) a borrowing consisting of simultaneous Committed Loans
of the same Type, in the same currency and, in the case of Eurocurrency Rate Committed Loans,
having the same Interest Period made by each of the Lenders pursuant to Section 2.01, or
(ii) the acceptance or purchase by Lenders of Canadian Bankers’ Acceptances issued by a Designated
Borrower under Section 2.01.

     “Committed Loan” has the meaning specified in Section 2.01.

     “Committed Loan Note” means a promissory note made by the Borrowers in favor of a
Lender evidencing Committed Loans made by such Lender, substantially in the form of Exhibit
C-1.

     “Committed Loan Notice” means a notice of (a) a Committed Borrowing, (b) a conversion
of Committed Loans from one Type to the other, or (c) a continuation of Eurocurrency Rate Committed
Loans, pursuant to Section 2.02(a), which, if in writing, shall be substantially in the
form of Exhibit A.

     “Companies’ Creditors Arrangement Act (Canada)” means the Companies’ Creditors
Arrangement Act, R.S.C. 1985, c. C-36, as amended, including the regulations made and from time to
time in force under that Act.

     “Company” has the meaning specified in the introductory paragraph hereto.

     “Company Guaranty” means the Guaranty of the payment Obligations of the Designated
Borrowers made by the Company under Article X in favor of the Lender Parties.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
D.

     “Consolidated Assets” means, as of any date of determination, the total assets of the
Company and its Subsidiaries as set forth on a consolidated balance sheet of the Company and its
Subsidiaries for their most recently completed fiscal quarter, prepared in accordance with GAAP.

     “Consolidated EBITDA” means, for any period, an amount equal to Consolidated Net
Income for such period plus (a) the following to the extent deducted in calculating such
Consolidated Net Income for such period: (i) all interest charges and expenses, (ii) the provision
for Federal, state, local and foreign income taxes (or franchise taxes, to the extent based upon
net income) payable by the Company and its Subsidiaries (excluding, for the avoidance of doubt,
Unrestricted Subsidiaries), (iii) depreciation, depletion and amortization expense, (iv) costs or
expenses resulting from distributions or redemptions of the Company’s units issued pursuant to the
Company’s long-term incentive plan, (v) any acquisition-related expenses deducted from Consolidated
Net Income and associated with (A) closed acquisitions or (B) any other potential acquisitions that
have not been abandoned (minus any acquisition-related expenses covered by clause (B) that relate
to (x) potential acquisitions that have since been abandoned or (y) potential acquisitions that
have not been consummated within one year following the date such expense was incurred (except that
if the potential acquisition is the subject of a pending purchase and sale agreement as of such
one-year date, such one-year period of time shall be extended until the first to occur of the
termination of such purchase and sale agreement or the first day following the closing of the
acquisition contemplated by such purchase and sale agreement)), and (vi) other

9

 

non-recurring expenses of the Company and its Subsidiaries (excluding, for the avoidance of
doubt, Unrestricted Subsidiaries) reducing such Consolidated Net Income which do not represent a
cash item in such period or any future period and minus (b) the following to the extent
included in calculating such Consolidated Net Income: (i) Federal, state, local and foreign income
tax credits of the Company and its Subsidiaries (excluding, for the avoidance of doubt,
Unrestricted Subsidiaries) and (ii) all non-cash items increasing Consolidated Net Income;
provided, that, only for purposes of determining compliance with the financial covenants
set forth in Section 7.08, if, since the beginning of the period ending on the date for
which Consolidated EBITDA is determined, any Restricted Person shall have made any asset
disposition or acquisition, shall have consolidated or merged with or into any Person (other than
another Restricted Person), or shall have made any disposition or acquisition of a Restricted
Person or of any partial ownership interest in any other Person, Consolidated EBITDA shall be
calculated giving pro forma effect thereto as if the disposition, acquisition, consolidation or
merger had occurred on the first day of such period, and such calculation shall be determined in
good faith by a financial officer of the Company (and the Company will provide to the
Administrative Agent such supporting information as Administrative Agent may reasonably request),
without giving effect to any anticipated or proposed change in operations, revenues, expenses or
other items included in the computation of Consolidated EBITDA, except cost reductions specifically
identified at the time of disposition, acquisition, consolidation or merger that are attributable
to personnel reductions, non-recurring maintenance and environmental costs and allocated corporate
overhead; provided, further, Consolidated EBITDA may, as provided in Section
7.08, include Material Project EBITDA Adjustments and PNGS EBITDA Adjustments.

     “Consolidated Funded Indebtedness” means, as of any date of determination, the sum of
(without duplication): (i) the outstanding principal amount of all Indebtedness which is classified
as “long-term indebtedness” on a consolidated balance sheet of the Company and its Subsidiaries on
a consolidated basis (excluding, for the avoidance of doubt, Unrestricted Subsidiaries) prepared as
of such date in accordance with GAAP (subject to year-end audit adjustments with respect to
non-year end periods) and any current maturities and other principal amount in respect of such
Indebtedness due within one year but which was classified as “long-term indebtedness” at the
creation thereof; (ii) the outstanding principal amount of Indebtedness for borrowed money of the
Company and its Subsidiaries on a consolidated basis (excluding, for the avoidance of doubt,
Unrestricted Subsidiaries) outstanding under a revolving credit, term or similar agreement (and
renewals and extensions thereof); and (iii) the outstanding principal amount of Indebtedness in
respect of Capital Leases of the Company and its Subsidiaries on a consolidated basis (excluding,
for the avoidance of doubt, Unrestricted Subsidiaries); provided, however,
Consolidated Funded Indebtedness shall not, if otherwise applicable, include (x) Indebtedness in
respect of letters of credit, (y) Indebtedness incurred to finance Cash and Carry Purchases or (z)
margin deposits.

     “Consolidated Leverage Ratio” means, as of the end of any fiscal quarter, the ratio of
(a) Consolidated Funded Indebtedness as of such date to (b) Consolidated EBITDA for the trailing
four quarter period ending on such date, as Consolidated EBITDA may be adjusted pursuant to
Section 7.08.

     “Consolidated Net Income” means, for any period, for the Company and its Subsidiaries
on a consolidated basis (excluding, for the avoidance of doubt, Unrestricted Subsidiaries), the net

10

 

income of the Company and its Subsidiaries (excluding, for the avoidance of doubt,
Unrestricted Subsidiaries) for that period, including any cash dividends or distributions actually
received from any Unrestricted Subsidiaries or other Persons during such period, limiting net
income attributed to any non-wholly-owned consolidated Subsidiary to a proportional amount of such
Subsidiary’s net income equal to the Company’s direct or indirect ownership interest therein.
“Consolidated Net Income” shall not include (i) any gain or loss from the sale of assets other than
in the ordinary course of business, (ii) any non-cash gains or losses resulting from mark to market
activity as a result of the implementation of SFAS 133 or EITF 98-10 or (iii) any extraordinary
gains or losses. In addition, “Consolidated Net Income” shall not include the cost or proceeds of
purchasing or selling options which are used to hedge future activity, until the period in which
such hedged future activity occurs.

     “Consolidated Net Tangible Assets” means, as of any date of determination, the
Consolidated Assets of the Company and its Subsidiaries, after deducting therefrom: (a) all current
liabilities, excluding (i) any current liabilities that by their terms are extendable 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 (ii) current maturities of long-term debt; and (b) the book
value (net of any applicable reserves and accumulated amortization) of all goodwill, trade names,
trademarks, patents and other like intangible assets, excluding fifty percent (50%) of goodwill
attributed to the PPX Acquisition, all as set forth, or on a pro forma basis would be set forth, on
the consolidated balance sheet of the Company and its Subsidiaries for the Company’s most recently
completed fiscal quarter, prepared in accordance with GAAP.

     “Consolidated Net Worth” means, at any date of determination, the sum of (a) preferred
stock (if any), (b) par value of common stock, (c) capital in excess of par value of common stock,
(d) partners’ capital or equity and (e) retained earnings, less treasury stock (if any), of such
Person, all as determined on a consolidated basis.

     “Consolidated Total Capitalization” means the sum of (a) Consolidated Funded
Indebtedness and (b) the Company’s Consolidated Net Worth.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

     “Debt Rating” has the meaning specified in the definition of “Applicable Rate”.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, the Bankruptcy
and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors,

11

 

moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief
Laws of the United States, Canada or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

     “Default Rate” means, at any time during a Default Rate Period, (a) when used with
respect to Obligations other than Letter of Credit Fees and Canadian Prime Rate Loans, an interest
rate equal to (i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans
plus (iii) 2% per annum; provided, however, that with respect to a
Eurocurrency Rate Loan, the Default Rate shall be an interest rate equal to the interest rate
(including any Applicable Rate) otherwise applicable to such Eurocurrency Rate Loan plus 2% per
annum, (b) when used with respect to Canadian Prime Rate Loans, an interest rate equal to (i) the
Canadian Prime Rate plus (ii) the Applicable Rate applicable to Canadian Prime Rate Loans
plus (iii) 2% per annum, and (c) when used with respect to Letter of Credit Fees, a rate
equal to the Applicable Rate plus 2% per annum.

     “Default Rate Period” means (a) any period during which an Event of Default, other
than pursuant to Section 8.01(a), is continuing, provided that such period shall not begin
until notice of the commencement of the Default Rate has been given to the Company by the
Administrative Agent upon the instruction by the Required Lenders and (b) any period during which
any Event of Default pursuant to Sections 8.01(a) is continuing unless the Company has been
notified otherwise by the Administrative Agent upon the instruction by the Required Lenders.

     “Defaulting Lender” means, subject to Section 2.18(b), any Lender that, as
determined by the Administrative Agent, (a) has failed to fund any of its funding obligations
hereunder in respect of its Loans or participations in respect of Letters of Credit or Swing Line
Loans, within two Business Days of the date required to be funded by it hereunder, or has failed to
make any payment to the Administrative Agent required under Section 3.01(c)(ii) within the
time specified therein, and the Administrative Agent shall have exercised its indemnification right
against any Borrower pursuant to the second sentence of Section 3.01(c)(i), (b) has
notified the Company or the Administrative Agent that it does not intend to comply with its funding
obligations hereunder or has made a public statement to that effect with respect to its funding
obligations hereunder or under other agreements in which it commits to extend credit, (c) has
failed, within two Business Days after request by the Administrative Agent, to confirm in a manner
satisfactory to the Administrative Agent that it will comply with its funding obligations
hereunder, or (d) has, or has a direct or indirect parent company that has, (i) become the subject
of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee,
administrator, assignee for the benefit of creditors or similar Person charged with reorganization
or liquidation of its business or a custodian appointed for it, or (iii) taken any action in
furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or
appointment; provided that a Lender shall not be a Defaulting Lender solely by virtue of
the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent
company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from
the jurisdiction of courts within the United States or from the enforcement of judgments or writs

12

 

of attachment on its assets or permit such Lender (or Governmental Authority) to reject,
repudiate, disavow or disaffirm any contracts or agreements made by such Lender.

     “Depository Bills and Notes Act (Canada)” means the Depository Bills and Notes Act
(Canada), S.C. 1998, c. 13, as amended, including the regulations made and, from time to time, in
force under that Act.

     “Designated Borrower” has the meaning specified in the introductory paragraph hereto.

     “Designated Borrower Sublimit” means an amount equal to the lesser of the Aggregate
Commitments and $600,000,000. The Designated Borrower Sublimit is part of, and not in addition to,
the Aggregate Commitments.

     “Designated Borrower Notice” has the meaning specified in Section 2.15.

     “Designated Borrower Request and Assumption Agreement” has the meaning specified in
Section 2.15.

     “Dollar” and “$” mean lawful money of the United States.

     “Dollar Equivalent” means, at any time, (a) with respect to any amount denominated in
Dollars, such amount, and (b) with respect to any amount denominated in Canadian Dollars, the
equivalent amount thereof in Dollars as reasonably determined by the Administrative Agent or the
L/C Issuer, as the case may be, in accordance with normal banking industry practice using the Spot
Rate (determined in respect of the most recent Revaluation Date) for the purchase of Dollars with
Canadian Dollars.

     “Domestic Subsidiary” means any Subsidiary that is organized under the Laws of the
United States, a State thereof or the District of Columbia.

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 11.06(b)(iii), (v) and (vi) (subject to such consents, if
any, as may be required under Section 11.06(b)(iii)).

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Equity Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein), whether voting
or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination, excluding, however, all debt securities convertible into or exchangeable

13

 

for shares of capital stock of (or other ownership or profit interests in) such Person or
warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests).

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Company within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of the Company or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer” as defined in Section
4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by the Company or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a
termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered
or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304
and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Company or any ERISA
Affiliate.

     “Eurocurrency Rate” means:

	     (a) for any Interest Period with respect to a Eurocurrency Rate Loan, the rate per annum
equal to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by
Reuters (or such other commercially available source providing quotations of BBA LIBOR as may be
designated by the Administrative Agent from time to time) at approximately 12:00 p.m., London
time, two Business Days prior to the commencement of such Interest Period, for deposits in the
relevant currency (for delivery on the first day of such Interest Period) with a term equivalent
to such Interest Period or (ii) if such rate is not available at such time for any reason, the
rate per annum determined by the Administrative Agent to be the rate at which deposits in the
relevant currency for delivery on the first day of such Interest Period in Same Day Funds in the
approximate amount of the Eurocurrency Rate Loan being made, continued or converted and with a
term equivalent to such Interest Period would be offered by Bank of America’s London Branch (or
other Bank of America branch or Affiliate) to major banks in the London or other offshore
interbank market for such currency at their request at approximately 12:00 p.m. (London time) two
Business Days prior to the commencement of such Interest Period; and

	     (b) for any interest calculation with respect to a Base Rate Loan or a Swing Line Loan based
on the Eurocurrency Rate on any date, the rate per annum equal to (i) BBA LIBOR,

14

 

	at approximately 12:00 p.m., London time on such date for Dollar deposits being delivered in
the London interbank market for a term of seven days (or if a term of seven days is unavailable
then a term of one month) commencing that day or (ii) if such published rates are not available at
such time for any reason, the rate per annum determined by the Administrative Agent to be the rate
at which deposits in Dollars for delivery on the date of determination in same day funds in the
approximate amount of the Base Rate Loan being made, continued or converted and with a term equal
to one month would be offered by Bank of America’s London Branch to major banks in the London
interbank Eurodollar market at their request at the date and time of determination.

     “Eurocurrency Rate Committed Loan” means a Committed Loan that bears interest at a
rate based on clause (a) of the definition of “Eurocurrency Rate.” Eurocurrency Rate Loans may be
denominated in Dollars or in Canadian Dollars.

     “Eurocurrency Rate Loan” means (i) a Eurocurrency Rate Committed Loan or (ii) a Swing
Line Loan that bears interest at a rate based on the Eurocurrency Rate.

     “Event of Default” has the meaning specified in Section 8.01.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of any
Borrower hereunder, (a) taxes imposed on or measured by its overall net income or net profits
(however denominated), and franchise taxes or capital taxes imposed on it (in lieu of or in
addition to net income or net profits taxes), by the jurisdiction (or any political subdivision
thereof) under the Laws of which such recipient is organized or in which its principal office is
located or, in the case of any Lender, in which its applicable Lending Office is located, or
otherwise as a result of a present or former connection between the legal or beneficial recipient
and the jurisdiction imposing the Tax (other than a connection arising solely from such recipient
having executed, received a payment under, or enforced its rights under, this Agreement or any Loan
Document) (b) any branch profits taxes imposed by the United States or any similar tax imposed by
any other jurisdiction in which such Borrower is located, (c) any backup withholding tax that is
required by the Code to be withheld from amounts payable to a Lender, (d) in the case of a Foreign
Lender (other than an assignee pursuant to a request by such Borrower under Section 11.13),
any withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender
pursuant to the Laws in force at the time such Foreign Lender becomes a party hereto (or designates
a new Lending Office), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional
amounts from such Borrower with respect to such withholding tax pursuant to Section
3.01(a)(ii) or (c), or (ii) is attributable to such Foreign Lender’s failure or
inability (other than as a result of a Change in Law) to comply with Section 3.01(e), (e)
any Taxes under FATCA, and (f) any withholding tax that is imposed under the provisions of the
Income Tax Act (Canada) on amounts paid or payable to any Person that is attributable to such
Person not dealing at arm’s length (within the meaning of the Income Tax Act (Canada)) with the
person making the payment hereunder. Notwithstanding anything to the contrary contained in this
definition (except paragraph (f)), “Excluded Taxes” shall not include any withholding
tax imposed at any time on payments made by or on behalf of a Foreign Obligor to any Lender

15

 

hereunder or under any other Loan Document as a result of a Change in Law, provided that
such Lender shall have complied with Section 3.01(e)(i).

     “Existing Credit Agreement” means that certain Second Amended and Restated Credit
Agreement [US/Canada Facilities] dated July 31, 2006, as amended by First Amendment to Second
Amended and Restated Credit Agreement [US/Canada Facilities] dated July 31, 2007, among the
Company, PMC (Nova Scotia) Company, PMCULC (successor-by-amalgamation to Plains Marketing Canada,
L.P.), Bank of America, as administrative agent, Bank of America, acting through its Canada branch,
as Canadian administrative agent, and the lenders named therein.

     “Existing Letters of Credit” means the letters of credit issued and outstanding under
the Existing Credit Agreement as of the Closing Date.

     “Existing Maturity Date” has the meaning specified in Section 2.14(a).

     “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board.

     “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement
(and any amended or successor versions thereof that are substantively comparable and not materially
more onerous to comply with) and any current or future regulations or official interpretations
thereof.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

     “Fee Letters” means each of the letter agreements among the Company and the
Administrative Agent and/or the Arrangers and executed in relation to this Agreement and the
transactions contemplated thereby.

     “Foreign Lender” means, with respect to any Borrower, any Lender that is organized
under the Laws of a jurisdiction other than that in which such Borrower is resident for tax
purposes (including such a Lender when acting in the capacity of the L/C Issuer). For purposes of
this definition, the United States, each State thereof and the District of Columbia shall
constitute a single jurisdiction.

     “Foreign Obligor” means a Loan Party that is a Foreign Subsidiary.

16

 

     “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a
jurisdiction other than the United States, a State thereof or the District of Columbia.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect
to any L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C
Obligations other than L/C Obligations as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the
terms hereof, and (b) with respect to the Swing Line Lender, such Defaulting Lender’s Applicable
Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance
with the terms hereof.

     “Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business.

     “GAAP” means those generally accepted accounting principles and practices which are
recognized as such by the Financial Accounting Standards Board (or any generally recognized
successor) and which, in the case of the Company and its Subsidiaries on a consolidated basis, are
applied for all periods after the date hereof in a manner consistent with the manner in which such
principles and practices were applied to the Audited Financial Statements.

     “General Partner” means PAA GP LLC, a Delaware limited liability company, in its
capacity as the sole general partner of the Company.

     “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

     “GP LLC” means Plains All American GP LLC, a Delaware limited liability company.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hedged Inventory Credit Agreement” means that certain Third Restated Credit Agreement
of even date herewith among Plains Marketing, Bank of America, N.A., as administrative
agent, and the lenders named therein, as from time to time amended,
supplemented or restated.

17

 

     “Hybrid Securities” means any trust preferred securities, or deferrable interest
subordinated debt with a maturity of at least 20 years (and not less than one year after the
Maturity Date), which provides for the optional or mandatory deferral of interest or distributions,
issued by the Company, or any business trusts, limited liability companies, limited partnerships or
similar entities (a) substantially all of the common equity, general partner or similar interests
of which are owned (either directly or indirectly through one or more wholly owned Restricted
Subsidiaries) at all times by the Company or any other Restricted Person, (b) that have been formed
for the purpose of issuing trust preferred securities or deferrable interest subordinated debt, and
(c) substantially all the assets of which consist of (i) subordinated debt of the Company or
another Restricted Person and (ii) payments made from time to time on the subordinated debt.

     “Income Tax Act (Canada)” means the Income Tax Act, R.S.C. 1985 c. 1 (fifth
supplement), as amended, including the regulations made and, from time to time, in force under that
Act.

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) its obligations for the repayment of borrowed money,

     (b) its obligations to pay the deferred purchase price of property or services
(excluding trade account payables arising in the ordinary course of business), other than
contingent purchase price or similar obligations incurred in connection with an acquisition
and not yet earned or determinable,

     (c) its obligations evidenced by a bond, debenture, note or similar instrument, other
than surety, bid, performance, statutory and other similar bonds and instruments obtained in
the ordinary course of business,

     (d) its obligations, as lessee, constituting principal under Capital Leases,

     (e) its direct or contingent reimbursement obligations with respect to the face amount
of letters of credit pursuant to the applications or reimbursement agreements therefor,

     (f) its obligations for the repayment of outstanding banker’s acceptances, whether
matured or unmatured,

     (g) Synthetic Lease Obligations, or

     (h) its obligations under guaranties of any obligations of any other Person described
in the foregoing clauses (a) through (g).

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited liability
company) in which such Person is a general partner or a joint venturer, except to
the extent that such Indebtedness is expressly made non-recourse to such Person. The amount of any

18

 

Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitees” has the meaning specified in Section 11.04(b).

     “Information” has the meaning specified in Section 11.07.

     “Initial Pro Forma Forecasts” means the pro forma financial projections and forecasts
prepared by or at the direction of the Company and delivered by the Company to the Administrative
Agent for the second half of the fiscal year ending December 31, 2011 and for the fiscal years
ending December 31, 2012, December 31, 2013, December 31, 2014 and December 31, 2015.

     “Interest Act (Canada)” means the Interest Act, R.S.C. 1985, c. I-15, including the
regulations made and, from time to time, in force under that Act.

     “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan or a
Canadian Prime Rate Loan, the last day of each Interest Period applicable to such Loan and the
Maturity Date; provided, however, that if any Interest Period for a Eurocurrency
Rate Loan exceeds three months, the respective dates that fall every three months after the
beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate
Loan or Canadian Prime Rate Loan (including a Swing Line Loan), the last Business Day of each
March, June, September and December and the Maturity Date.

     “Interest Period” means as to each Eurocurrency Rate Loan, the period commencing on
the date of such Borrowing or the date such Eurocurrency Rate Loan is converted to or continued as
a Eurocurrency Rate Loan and ending on the date seven days, fourteen days, one month, two months,
three months or six months thereafter, as selected by the Company in its Committed Loan Notice or
such other period that is twelve months or less requested by the Company and consented to by all
the Lenders; provided that:

     (i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless, in the case of a Eurocurrency
Rate Loan, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;

     (ii) any Interest Period pertaining to a Eurocurrency Rate Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of the calendar month at the end of such Interest Period; and

     (iii) no Interest Period shall extend beyond the Maturity Date.

     “IRS” means the United States Internal Revenue Service.

19

 

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such
later version thereof as may be in effect at the time of issuance).

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Company (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date as required pursuant to Section 2.03(c)
or refinanced as a Committed Borrowing. Unless otherwise agreed by the applicable Borrower and the
L/C Issuer, all L/C Borrowings shall be denominated in the currency of the Letter of Credit that
was drawn upon that resulted in such L/C Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “L/C Issuer” means (i) Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder and (ii) any other Lender
appointed as a replacement or additional “L/C Issuer” pursuant to the immediately succeeding
sentence. The Administrative Agent may, with the consent of the Company and the Lender in
question, or the Company may, with the consent of the Lender in question and notice to the
Administrative Agent, appoint such Lender hereunder as an L/C Issuer in place of or in addition to
Bank of America.

     “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including (without duplication) all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of
Credit shall be determined in accordance with Section 1.07. For all purposes of this
Agreement, if on any date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such
Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be
drawn.

     “Lender” has the meaning specified in the introductory paragraph hereto and, as the
context requires, includes the Swing Line Lender.

20

 

     “Lender Parties” means the Administrative Agent, L/C Issuer and all Lenders.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Company and the Administrative Agent in accordance with
the terms hereof.

     “Letter of Credit” means any letter of credit issued at the request of the Company
hereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial
letter of credit or a standby letter of credit.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day).

     “Letter of Credit Fee” has the meaning specified in Section 2.03(h).

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest
or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or
other encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing).

     “Loan” means an extension of credit by a Lender to a Borrower under Article II
in the form of a Committed Loan or a Swing Line Loan.

     “Loan Documents” means this Agreement, each Designated Borrower Request and Assumption
Agreement, each Note, each Issuer Document, each Canadian BA, any agreement creating or perfecting
rights in Cash Collateral pursuant to the provisions of Section 2.17 of this Agreement, Fee
Letters and any guaranty of the Obligations delivered in connection herewith.

     “Loan Party” means each of (i) the Company and (ii) each Designated Borrower.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, properties or financial condition of the Company and its
Subsidiaries taken as a whole; (b) a material adverse effect on the ability of any Loan Party to
pay its obligations under any Loan Document to which it is a party; or (c) a material adverse
effect on the enforceability against any Loan Party of any material terms of any Loan Document to
which it is a party.

     “Maturity Date” means the later of (a) such date that is five years from the Closing
Date and (b) if the Maturity Date then in effect is extended pursuant to Section 2.14, such
extended Maturity Date; provided, however, that if such date does not satisfy
clause (a) of the definition of “Business Day,” the Maturity Date shall be the next preceding
Business Day.

21

 

     “Merrill Lynch” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

     “Moody’s” means Moody’s Investor Service, Inc. and any successor to the ratings agency
business thereof.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which the Company or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Multiple Employer Plan” means a Plan which has two or more contributing sponsors
(including the Company or any ERISA Affiliate) at least two of whom are not under common control at
such times and meeting the requirements of such a plan as described in Section 4064 of ERISA.

     “Non-Extending Lender” has the meaning specified in Section 2.14(b).

     “Notes” means, collectively, the Committed Loan Notes and the Swing Line Note.

     “Notice Date” has the meaning specified in Section 2.14(b).

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any
Loan, Letter of Credit or Canadian BA, whether direct or indirect (including those acquired by
assumption), absolute or contingent, due or to become due, now existing or hereafter arising and
including interest and fees that accrue after the commencement by or against any Loan Party or any
of its Affiliates of any proceeding under any Debtor Relief Laws naming such Person as the debtor
in such proceeding, regardless of whether such interest and fees are allowed claims in such
proceeding.

     “Operating Lease” means (i) an operating lease under GAAP, (ii) any lease that was
treated as an operating lease under GAAP at the time it was entered into that later becomes a
capital lease as a result of a change in GAAP during the life of such lease, including any
renewals, and (iii) any lease entered into after the date of this Agreement that would have been
considered an operating lease under the provisions of GAAP in effect as of December 31, 2010.

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement,
instrument, filing or notice with respect thereto filed in connection with its formation or
organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such
entity.

22

 

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (i) with respect to Committed Loans and Swing Line Loans on
any date, the Dollar Equivalent amount of the aggregate outstanding principal amount thereof after
giving effect to any borrowings and prepayments or repayments of Committed Loans and Swing Line
Loans, as the case may be, occurring on such date; (ii) with respect to any L/C Obligations on any
date, the Dollar Equivalent amount of the amount of such L/C Obligations on such date after giving
effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate
amount of the L/C Obligations as of such date, including as a result of any reimbursements by the
Company of Unreimbursed Amounts, and (iii) with respect to any Canadian BA on any date, the Dollar
Equivalent amount of the unpaid portion of the face amount thereof on such date.

     “Overnight Rate” means, for any day, (a) with respect to any amount denominated in
Dollars, the greater of (i) the Federal Funds Rate and (ii) an overnight rate determined by the
Administrative Agent, the L/C Issuer, or the Swing Line Lender, as the case may be, in accordance
with relevant banking industry rules on interbank compensation for major banks in the United States
interbank market, and (b) with respect to any amount denominated in Canadian Dollars, the rate of
interest per annum at which overnight deposits in Canadian Dollars, in an amount approximately
equal to the amount with respect to which such rate is being determined, would be offered for such
day by a branch or Affiliate of Bank of America in the applicable offshore interbank market for
such currency to major banks in such interbank market.

     “Participant” has the meaning specified in Section 11.06(d).

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Act” means the Pension Protection Act of 2006.

     “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth
in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Sections 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     “Pension Plan” means any employee pension benefit plan (including a Multiple Employer
Plan or a Multiemployer Plan) that is maintained or is contributed to by the Company
and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the
minimum funding standards under Section 412 of the Code.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Petroleum Products” means crude oil, condensate, natural gas, natural gas liquids
(NGL’s), liquefied petroleum gases (LPG’s), refined petroleum products or any blend thereof.

23

 

     “Pine Prairie Lease” means, collectively, that certain Agreement to Lease With Option
to Purchase, dated as of May 1, 2006, and that certain Conveyance and Lease Addendum No. 1, dated
as of November 12, 2007, each by and between Industrial Revenue Board No. 1 of the Parish of
Louisiana, Inc. and Pine Prairie Energy Center, LLC.

     “Plains AAP” means Plains AAP, L.P., a Delaware limited partnership.

     “Plains Marketing” means Plains Marketing, L.P., a Texas limited partnership.

     “Plains Pipeline” means Plains Pipeline, L.P., a Texas limited partnership.

     “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of the Company or any ERISA Affiliate or any
such Plan to which the Company or any ERISA Affiliate is required to contribute on behalf of any of
its employees.

     “Platform” has the meaning specified in Section 6.02.

     “PMCULC” means Plains Midstream Canada ULC, an Alberta unlimited liability
corporation.

     “PNGS” means PAA Natural Gas Storage, L.P., a Delaware limited partnership.

     “PNGS Credit Agreement” means that certain Credit Agreement of even date herewith
among PNGS, Bank of America, N.A., as administrative agent, and the lenders named therein, as from
time to time amended, supplemented or restated.

     “PPX Acquisition” means (a) the merger of Pacific Energy Partners, L.P.
(“PPX”) with and into the Company pursuant to that certain Agreement and Plan of Merger
dated as of June 11, 2006 by and among PPX and certain of its Affiliates and the Company and
certain of its Affiliates, (b) the purchase by the Company from LB Pacific, LP of certain equity
interests in PPX and in certain Affiliates of PPX, pursuant to that certain Purchase Agreement
dated as of June 11, 2006 by and among LB Pacific, LP and the Company, and (c) the acquisition of
other property and interests, in each case pursuant to the foregoing agreements and related
documents.

     “Principal Property” means, whether owned or leased on the date hereof or hereafter
acquired:

     (a) any pipeline assets of any Restricted Person, 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

     (b) any processing or manufacturing plant or terminal owned or leased by any Restricted
Person;

     (c) any storage facility of any Restricted Person, including all storage caverns and
reservoirs, injection, compression and production wells, injection and withdrawal sites and

24

 

facilities, transportation and gathering pipelines, treating and processing plants and facilities,
compressors and compression units, and other facilities, equipment and other assets owned or leased
by any Restricted Person employed in the injection, storage, withdrawal, transportation, gathering,
terminalling, treating, processing, distribution, transportation and marketing of natural gas,
natural gas liquids, crude oil and refined petroleum products;

     (d) all rights, titles, interests and estates in and to oil and gas leases, oil, gas and
mineral leases, or other liquid or gaseous Hydrocarbon leases, and mineral fee interests associated
with the foregoing; and

     (e) all volumes of natural gas stored at any storage facility required to remain in such
storage facility (“base gas”) in order to provide necessary pressurization sufficient to extract
(i) all third-party natural gas stored therein (“third-party gas”) and (ii) any other volumes of
natural gas owned by the Company and its Subsidiaries and stored in such storage facility (“working
gas”). For the avoidance of doubt, “Principal Property” shall not include third-party gas or
working gas;

except, in the case of any of clauses (a) through (e): (i) 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 (ii) any such asset, plant or
terminal which, in the good faith opinion of the Board, is not material in relation to the
activities of the Company and its Subsidiaries, taken as a whole.

     “Public Lender” has the meaning specified in Section 6.02.

     “Register” has the meaning specified in Section 11.06(c).

     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such
Person’s Affiliates.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30-day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing (including
Canadian BA’s), conversion or continuation of Committed Loans, a Committed Loan Notice, (b)
with respect to an L/C Credit Extension, a Letter of Credit Application, and (c) with respect
to a Swing Line Loan, a Swing Line Loan Notice.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations and Swing Line Loans being deemed “held” by such Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total Outstandings
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Required Lenders.

25

 

     “Responsible Officer” means the chief executive officer, president, vice president,
chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, or any
general partner thereof or any general partner of any such general partner or any sole member
thereof, as the case may be, solely for purposes of the delivery of incumbency certificates and
other certificates in respect of certain documents to be attached thereto pursuant to Sections
2.15, 2.16, 4.01 and 4.02, the secretary or any assistant secretary of
such Loan Party, or any general partner thereof or any general partner of any such general partner
or any sole member thereof, as the case may be, and solely for purposes of notices given pursuant
to Article II, any other officer or employee of the Company, or any general partner thereof
or any general partner of any such general partner or any sole member thereof, as the case may be,
designated by any of the foregoing officers in a notice to the Administrative Agent. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party, or any general partner
thereof or any general partner of any such general partner or any sole member thereof, as the case
may be, shall be conclusively presumed to have been authorized by all necessary corporate,
partnership or other equivalent action on the part of such Loan Party, and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash or
other property, but excluding dividends or other distributions payable in Equity Interests in the
Company) with respect to any Equity Interest of the Company, or any payment (whether in cash or
other property, but excluding dividends or other distributions payable in Equity Interests in the
Company), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination for value of any Equity Interest of the
Company, or on account of any return of capital to holders of any Equity Interests of the Company.

     “Restricted Person” means any of the Company and each Subsidiary of the Company, but
excluding, for the avoidance of doubt, Unrestricted Subsidiaries. As of the Closing Date, each of
Plains Marketing, Plains Pipeline, PMCULC and PNGS and each of their respective Subsidiaries are
Restricted Subsidiaries.

     “Restriction Exception” means (a) any applicable Law or any instrument governing
Indebtedness or Equity Interests, or any applicable Law or any other agreement relating to any
property, assets or operations of a Person whose Equity Interests are acquired, in whole or part,
by a Restricted Person pursuant to an acquisition (whether by merger, consolidation, amalgamation
or otherwise), as such instrument or agreement is in effect at the time of such acquisition (except
with respect to Indebtedness incurred in connection with, or in contemplation of, such
acquisition), or such applicable Law is then or thereafter in effect (as applicable), which is not
applicable to the acquiring Restricted Person, or the property, assets or operations of the
acquiring Restricted Person, other than the acquired Person, or the property, assets or operations
of such acquired Person or such acquired Person’s Subsidiaries; provided that in the case
of Indebtedness, the incurrence of such Indebtedness is not prohibited hereunder, (b) provisions
with respect to the disposition or distribution of assets in joint venture agreements or other
similar agreements entered into in the ordinary course of business, (c) (i) a lease, license or
similar contract, which restricts in a customary manner the subletting, assignment, encumbrance or
transfer of any property or asset that is subject thereto or the assignment, encumbrance or
transfer of any such lease, license or other contract, (ii) mortgages, deeds of trust, pledges or

26

 

other security instruments, the entry into which does not result in a Default, securing
Indebtedness of a Restricted Person, which restricts the transfer of the property subject to such
mortgages, deeds of trust, pledges or other security instruments, or (iii) customary provisions
restricting disposition of, or encumbrances on, real property interests set forth in any reciprocal
easements of any Restricted Person, (d) restrictions imposed pursuant to (i) this Agreement and the
other Loan Documents, (ii) the Hedged Inventory Credit Agreement and its related loan documents and
(iii) the PNGS Credit Agreement and its related loan documents, (e) restrictions on the transfer or
encumbrance of property or assets which are imposed by the holder of Liens on property or assets of
a Restricted Person, provided that neither the incurrence of such Lien nor any related
Indebtedness results in a Default, (f) any agreement to, directly or indirectly, sell or otherwise
dispose of assets or Equity Interests to any Person pending the closing of such sale,
provided that such sale is consummated in compliance with any applicable provisions of this
Agreement, (g) net worth provisions in leases and other agreements entered into by any Restricted
Person in the ordinary course of business, (h) an agreement governing Indebtedness incurred to
refinance the Indebtedness issued, assumed or incurred pursuant to an agreement referred to in
clauses (d) and (e) above; provided, however, that the provisions relating to such
encumbrance or restriction contained in any such Indebtedness are no less favorable to such
Restricted Person in any material respect as determined by the Board in its reasonable and good
faith judgment than the provisions relating to such encumbrance or restriction contained in
agreements referred to in such clauses (d) and (e); and (i) Hybrid Securities or an indenture,
document, agreement or security entered into or issued in connection with a Hybrid Security or
otherwise constituting a restriction or condition on the payment of dividends or distributions by
an issuer of a Hybrid Security.

     “Revaluation Date” means (a) with respect to any Loan, each of the following: (i)
each date of a Borrowing of a Eurocurrency Rate Loan denominated in Canadian Dollars, (ii) each
date of a continuation of a Eurocurrency Rate Loan denominated in Canadian Dollars pursuant to
Section 2.02, and (iii) such additional dates as the Administrative Agent shall determine
or the Required Lenders shall require; (b) with respect to any Letter of Credit, each of the
following: (i) each date of issuance of a Letter of Credit denominated in Canadian Dollars, (ii) each
date of an amendment of any such Letter of Credit having the effect of increasing the amount
thereof (solely with respect to the increased amount), (iii) each date of any payment by the L/C
Issuer under any Letter of Credit denominated in Canadian Dollars, (iv) in the case of the Existing
Letters of Credit, the Closing Date, and (v) such additional dates as the Administrative Agent or
the L/C Issuer shall determine or the Required Lenders shall require; (c) with respect to Loans and
Letters of Credit, each date on which a Borrower would otherwise be required to make a prepayment
or Cash Collateralize payment Obligations pursuant to Section 2.05(d); and (d) with respect
to any Canadian BA, each of the following: (i) each date of the funding of such Canadian BA and
(ii) such additional dates as the Administrative Agent shall determine or the Required Lenders
shall require.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor to the ratings agency business thereof.

     “Same Day Funds” means (a) with respect to disbursements and payments in Dollars,
immediately available funds, and (b) with respect to disbursements and payments in Canadian
Dollars, same day funds as may be determined by the Administrative Agent or the L/C Issuer, as

27

 

the case may be, to be customary in the place of disbursement or payment for the settlement of
international banking transactions in Canadian Dollars.

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Significant Restricted Persons” means the Company and, as of each relevant date of
determination, each Subsidiary of the Company (other than Unrestricted Subsidiaries) that owns five
percent (5%) or more of the Company’s Consolidated Net Tangible Assets.

     “Specified Acquisition” means one or more acquisitions of assets or entities or
operating lines or divisions or Equity Interests in any rolling 12-month period, excluding any
acquisitions included in a prior Specified Acquisition, for an aggregate purchase price of not less
than $150,000,000.

     “Specified Equity Offering” means one or more issuances of equity by the Company for
aggregate net cash proceeds of not less than fifty percent (50%) of the aggregate purchase price of
the Specified Acquisition.

     “Spot Rate” for a currency means the rate determined by the Administrative Agent or
the L/C Issuer, as applicable, to be the rate quoted by the Person acting in such capacity as the
spot rate for the purchase by such Person of such currency with another currency through its
principal foreign exchange trading office at approximately 12:00 p.m. on the Business Day
immediately preceding the date as of which the foreign exchange computation is made;
provided that the Administrative Agent or the L/C Issuer, as the case may be, may obtain
such spot rate from another comparable and major financial institution reasonably designated by the
Administrative Agent or the L/C Issuer, as the case may be, if the Person acting in such capacity
does not have as of the date of determination a spot buying rate available to it for any such
currency; and provided further that the L/C Issuer may use such spot rate quoted on the date
as of which the foreign exchange computation is made in the case of any Letter of Credit
denominated in Canadian Dollars.

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company, unlimited liability company, unlimited liability corporation or other business
entity of which a majority of the shares of securities or other interests having ordinary voting
power for the election of directors or other governing body (other than securities or interests
having such power only by reason of the happening of a contingency) are at the time beneficially
owned, or the management of which is otherwise controlled, directly, or indirectly through one or
more intermediaries, or both, by such Person; provided, however, that no
Unrestricted Subsidiary shall be deemed to be a Subsidiary of any Restricted Person for purposes of
any Loan Document except as provided in Section 7.09 hereof. Unless otherwise specified,
all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Company.

     “Supermajority Lenders” means, as of any date of determination, Lenders (or as the
context may require, Lenders directly affected thereby) having more than 75% of the Aggregate
Commitments (or, with respect to Lenders directly affected thereby, the aggregate Commitments of
such Lenders) or, if the commitment of each Lender to make Loans and the obligation of the

28

 

L/C Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders
(or Lenders directly affected thereby) holding in the aggregate more than 75% of the Total
Outstandings (or, with respect to Lenders directly affected thereby, the aggregate Outstanding
Amount of such Lenders) (with the aggregate amount of each Lender’s risk participation and funded
participation in L/C Obligations and Swing Line Loans being deemed “held” by such Lender for
purposes of this definition); provided that the Commitment of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Supermajority Lenders.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement, or any other master agreement (any such master
agreement, together with any related schedules, a “Master Agreement”), including any such
obligations or liabilities under any Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Swing Line Borrowing” means a borrowing of a Swing Line Loan pursuant to Section
2.04.

     “Swing Line Lender” means Bank of America in its capacity as provider of Swing Line
Loans, or any successor swing line lender hereunder.

     “Swing Line Loan” has the meaning specified in Section 2.04(a).

     “Swing Line Loan Notice” means a notice of a Swing Line Borrowing pursuant to
Section 2.04(b), which, if in writing, shall be substantially in the form of Exhibit
B.

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     “Swing Line Note” means a promissory note made by the Company in favor of the Swing
Line Lender evidencing Swing Line Loans made by the Swing Line Lender, substantially in the form of
Exhibit C-2.

     “Swing Line Sublimit” means an amount equal to the lesser of (a) $150,000,000 and (b)
the Aggregate Commitments. The Swing Line Sublimit is part of, and not in addition to, the
Aggregate Commitments.

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment); provided,
however, to the extent included in the foregoing, Operating Leases entered into in the
ordinary course of business are excluded therefrom.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

     “Threshold Amount” means $50,000,000.

     “Total Outstandings” means the aggregate Outstanding Amount of all Loans, all L/C
Obligations and all Canadian BA’s.

     “Type” means with respect to a Committed Loan or a Swing Line Loan, its character as a
Base Rate Loan, a Canadian Prime Rate Loan or a Eurocurrency Rate Loan.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

     “Unrestricted Subsidiary” has the meaning specified in Section 7.09.

     “Working Capital Borrowing” has the meaning specified in Section 2.02(a).

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document:

     (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The word “or” is not exclusive and the words
“include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments,

30

 

supplements or modifications set forth herein or in any other Loan Document), (ii) any reference herein to any Person shall be construed to include such
Person’s successors and permitted assigns, (iii) the words “hereto,” “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and not to any
particular provision thereof, unless expressly so limited, (iv) all references in a Loan Document
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

     (b) In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and
“until” each mean “to but excluding;” and the word “through” means “to
and including.”

     (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms.

     (a) Generally. All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios and
other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

     (b) Changes in GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Company or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Company shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof
in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to
be computed in accordance with GAAP prior to such change therein and (ii) the Company shall
provide to the Administrative Agent financial statements and other documents required under this
Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations
of such ratio or requirement made before and after giving effect to such change in GAAP.

     1.04 Rounding. Any financial ratios required to be maintained by the Company pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such

31

 

ratio is expressed herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

     1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable).

     1.06 Exchange Rates; Currency Equivalents. (a) The Administrative Agent or the L/C Issuer, as
applicable, shall determine the Spot Rates as of each Revaluation Date to be used for calculating
Dollar Equivalent amounts of Credit Extensions and Outstanding Amounts denominated in Canadian
Dollars. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot
Rates employed in converting any amounts between the applicable currencies until the next
Revaluation Date to occur. The Administrative Agent or the L/C Issuer, as applicable, shall notify
the Company from time to time upon request of the Spot Rate in effect at such time and the
determination thereof. Except for purposes of financial statements delivered by Loan Parties
hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the
applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be
such Dollar Equivalent amount as so determined by the Administrative Agent or the L/C Issuer, as
applicable.

     (b) Wherever in this Agreement in connection with a Committed Borrowing, conversion,
continuation or prepayment of a Eurocurrency Rate Loan or the issuance,
amendment or extension of a Letter of Credit, an amount, such as a required minimum or
multiple amount, is expressed in Dollars, but such Committed Borrowing, Eurocurrency Rate Loan or
Letter of Credit is denominated in Canadian Dollars, such amount shall be the Canadian Dollar
Equivalent of such Dollar amount (rounded to the nearest unit of Canadian Dollars, with 0.5 of a
unit being rounded upward), as determined by the Administrative Agent or the L/C Issuer, as the
case may be.

     1.07 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of
Credit in effect at such time; provided, however, that with respect to any Letter of Credit that,
by its terms or the terms of any Issuer Document related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be
deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after
giving effect to all such increases, whether or not such maximum stated amount is in effect at such
time; provided, further, that with respect to any Letter of Credit that, by its
terms or the terms of any Issuer Document related thereto, provides for one or more automatic
reductions in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the Dollar Equivalent of the amount available to be drawn under such Letter of Credit at such time.

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 Committed Loans. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make loans (each such loan, a “Committed Loan”) to each requesting Borrower in
Dollars or in Canadian Dollars from time to time, and accept and purchase drafts of Canadian
Bankers’ Acceptances issued under this Agreement by each requesting Designated Borrower, in each
case, on a several basis, on any Business Day during the Availability Period,

32

 

in an aggregate principal amount not to exceed at any time outstanding the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Committed Borrowing, (i) the
Total Outstandings shall not exceed the Aggregate Commitments, (ii) the aggregate Outstanding
Amount of the Committed Loans of any Lender, plus such Lender’s Applicable Percentage of
the Outstanding Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of
the Outstanding Amount of all Swing Line Loans, plus such Lender’s Canadian BA’s (or
Canadian BA Equivalent Loans) accepted and purchased from the Designated Borrowers shall not exceed
such Lender’s Commitment, (iii) the aggregate Outstanding Amount of all Loans made to, Letters of
Credit issued at the request of, and Canadian BA’s accepted and purchased from, the Designated
Borrowers shall not exceed the Designated Borrower Sublimit, and (iv) the aggregate Outstanding
Amount of all Loans and Letters of Credit denominated in Canadian Dollars and Canadian BA’s shall
not exceed the Canadian Dollar Sublimit. Within the limits of each Lender’s Commitment, and
subject to the other terms and conditions hereof, each requesting Borrower may borrow under this
Section 2.01, prepay under Section 2.05, and reborrow under this Section
2.01. Committed Loans may be Base Rate Loans (with respect to Loans denominated in Dollars) or
Eurocurrency Rate Loans, as further provided herein.

     2.02 Borrowings, Conversions and Continuations of Committed Loans.

     (a) Each Committed Borrowing, each conversion of Committed Loans from one Type to the other,
and each continuation of Eurocurrency Rate Committed Loans shall be made upon a Borrower’s
irrevocable (subject to Section 3.03) notice to the Administrative Agent, which may be
given by telephone. Each such notice must be received by the Administrative Agent not later than
12:00 p.m. (i) three Business Days prior to the requested date of (A) any Borrowing of
Eurocurrency Rate Committed Loans (as to Canadian Dollars), (B) any continuation of Eurocurrency
Rate Committed Loans (as to Canadian Dollars) or (C) any Borrowing of Canadian BA’s, (ii) two
Business Days prior to the requested date of (A) any Borrowing of Eurocurrency Rate Committed
Loans (with respect to Loans denominated in Dollars), or (B) any conversion to or continuation of
Eurocurrency Rate Committed Loans (with respect to Loans denominated in Dollars) to Base Rate
Committed Loans, and (iii) on the requested date of any Borrowing of Base Rate Committed Loans;
provided, however, that if such Borrower wishes to request Eurocurrency Rate
Committed Loans (with respect to Loans denominated in Dollars) having an Interest Period other
than seven days, fourteen days, one month, two months, three months or six months in duration as
provided in the definition of “Interest Period,” the applicable notice must be received by the
Administrative Agent not later than 12:00 p.m. three Business Days prior to the requested date of
such Borrowing, conversion or continuation, whereupon the Administrative Agent (x) shall give
prompt notice to the Lenders of such request and determine whether the requested Interest Period
is acceptable to all such Lenders and (y) not later than 12:00 p.m., two Business Days before the
requested date of such Borrowing, conversion or continuation, shall notify such Borrower (which
notice may be by telephone) whether or not the requested Interest Period has been consented to by
all the Lenders; provided, further, if any requested Committed Borrowing or
portion thereof is to be utilized exclusively for working capital purposes (such Committed
Borrowing or such portion being called a “Working Capital Borrowing”), such Borrower shall
specify in the Committed Loan Notice that such Committed Borrowing or such portion is a Working
Capital Borrowing. In addition, any repayment of a Loan that is intended as a repayment of all or
any part of the outstanding amount of one or more Working Capital Borrowings shall be so
identified to the

33

 

Administrative Agent at the time of such repayment. Each telephonic notice by a
Borrower pursuant to this Section 2.02(a) must be confirmed promptly by delivery to the
Administrative Agent of a written Committed Loan Notice, appropriately completed and signed by a
Responsible Officer of such Borrower. Each Borrowing of, conversion to or continuation of
Eurocurrency Rate Committed Loans shall be (A) with respect to Loans denominated in Dollars, in a
principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof and (B) with
respect to Loans denominated in Canadian Dollars, in a principal amount of C$1,000,000 or a whole
multiple of C$100,000 in excess thereof. Except as provided in Sections 2.04(c) and
2.05(c), each Borrowing of or conversion to Base Rate Committed Loans shall be in a
principal amount of $1,000,000 or a whole multiple of $100,000 in excess thereof. Each Committed
Loan Notice (whether telephonic or written) shall specify (i) whether such Borrower is requesting
a Committed Borrowing, a conversion of Committed Loans from one Type to the other, or a
continuation of Eurocurrency Rate Committed Loans, (ii) the requested date of the Borrowing,
conversion or continuation, as the case may be (which shall be a Business Day), (iii) the
principal amount of Committed Loans to be borrowed, converted or continued (or the aggregate face
amount of the Canadian BA’s to be accepted, if applicable), (iv) the Type of Committed Loans to be
borrowed or to which existing Committed Loans are to be converted, (v) if applicable, the duration of the Interest Period with respect thereto (or
the maturity of the Canadian BA’s, if applicable), (vi) the currency of the Committed Loans to be
borrowed and (vii) if applicable, the Designated Borrower. If a Borrower fails to specify a
currency in a Committed Loan Notice requesting a Borrowing, then the Committed Loans so requested
shall be made in Dollars. If a Borrower fails to specify a Type of Committed Loan in a Committed
Loan Notice or if a Borrower fails to give a timely notice requesting a conversion or
continuation, then the applicable Committed Loans shall be made as, or converted to Base Rate
Loans (with respect to Loans denominated in Dollars); provided, however, that in
the case of a failure to timely request a continuation of Committed Loans denominated in Canadian
Dollars, such Loans shall be continued as Eurocurrency Rate Loans in their original currency with
an Interest Period of one month. Any such automatic conversion to Base Rate Loans shall be
effective as of the last day of the Interest Period then in effect with respect to the applicable
Eurocurrency Rate Committed Loans. If a Borrower requests a Borrowing of, conversion to, or
continuation of Eurocurrency Rate Committed Loans in any such Committed Loan Notice, but fails to
specify an Interest Period, it will be deemed to have specified an Interest Period of one month.
No Committed Loan may be converted into or continued as a Committed Loan denominated in a
different currency, but instead must be prepaid in the original currency of such Committed Loan
and reborrowed in the other currency.

     (b) Following receipt of a Committed Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount (and currency) of its Applicable Percentage of the applicable
Committed Loans or Canadian BA’s, and if no timely notice of a conversion or continuation is
provided by the Company, the Administrative Agent shall notify each Lender of the details of any
automatic conversion to Base Rate Loans described in the preceding subsection. In the case of a
Committed Borrowing, each Lender shall make the amount of its Committed Loan available to the
Administrative Agent in Same Day Funds at the Administrative Agent’s Office for the applicable
currency not later than 2:00 p.m., in the case of any Committed Loan denominated in Dollars, and
not later than the Applicable Time specified by the Administrative Agent in the case of any
Committed Loan in Canadian Dollars (or, in the case of Canadian BA’s, such amount with respect
thereto in accordance with Section

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4(b) of Schedule 2.01A), in each case on the Business Day specified in the applicable Committed Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 4.02 (and, if such Borrowing is the initial
Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the applicable Borrower in like funds as received by the Administrative Agent, at the
Company’s election, either by (i) crediting the account of such Borrower on the books of Bank of
America with the amount of such funds or (ii) wire transfer of such funds, in each case in
accordance with instructions provided to the Administrative Agent by the Company as set forth in
the Committed Loan Notice; provided, however, that if, immediately prior to
delivery by the applicable Borrower of the Committed Loan Notice with respect to such Borrowing,
there are L/C Borrowings in such currency outstanding, then the proceeds of such Borrowing,
first, shall be applied to the payment in full of any such L/C Borrowings, and
second, shall be made available to the applicable Borrower as provided above.

     (c) Except as otherwise provided herein, a Eurocurrency Rate Committed Loan may be continued
or converted only on the last day of an Interest Period for such Eurocurrency Rate Committed Loan.
Upon the occurrence and during the continuation of an Event of Default, no Loans may be requested
as, converted to or continued as Eurocurrency Rate Committed Loans (whether in Dollars or Canadian
Dollars) without the consent of the Required Lenders, and the Required Lenders may demand that any
or all of the then outstanding Eurocurrency Rate Loans denominated in Canadian Dollars be prepaid,
or redenominated into Dollars in the amount of the Dollar Equivalent thereof, in each case, on the
last day of the then current Interest Period with respect thereto.

     (d) The Administrative Agent shall promptly notify the Company and the Lenders of the
interest rate applicable to any Interest Period for Eurocurrency Rate Committed Loans upon
determination of such interest rate. At any time that Base Rate Loans are outstanding, the
Administrative Agent shall notify the Company and the Lenders of any change in Bank of America’s
prime rate used in determining the Base Rate and the effective date thereof promptly following the
public announcement of such change.

     (e) After giving effect to all Committed Borrowings, all conversions of Committed Loans from
one Type to the other, and all continuations of Committed Loans as the same Type, there shall not
be more than ten Interest Periods in effect at any one time with respect to Committed Loans.

     2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from
time to time on any Business Day during the period from the Closing Date until the Letter of
Credit Expiration Date, to issue Letters of Credit denominated in Dollars or in Canadian
Dollars (unless the L/C Issuer shall have notified the Company that the L/C Issuer does not
as of such requested issuance date issue Letters of Credit in Canadian Dollars) for the
account of the Company or a Designated Borrower, for its use and the

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use of any of its Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in
accordance with subsection (b) below, and (2) to honor drawings under the Letters of Credit;
and (B) the Lenders severally agree to participate in Letters of Credit issued for the
account of the Company or such Designated Borrower, for its use and the use of any of its
Subsidiaries and any drawings thereunder; provided that after giving effect to any
L/C Credit Extension with respect to any Letter of Credit, (w) the Total Outstandings shall
not exceed the Aggregate Commitments, (x) the aggregate Outstanding Amount of the Committed
Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding
Amount of all L/C Obligations, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all Swing Line Loans, plus such Lender’s Canadian BA’s (or
Canadian BA Equivalent Loans) accepted and purchased from the Designated Borrowers shall not
exceed such Lender’s Commitment, (y) the aggregate Outstanding Amount of all Loans made to, Letters of Credit issued at
the request of, and Canadian BA’s accepted and purchased from, the Designated Borrowers
shall not exceed the Designated Borrower Sublimit, and (z) the aggregate Outstanding Amount
of all Loans and Letters of Credit denominated in Canadian Dollars and Canadian BA’s shall
not exceed the Canadian Dollar Sublimit. Each request by a Borrower for the issuance or
amendment of a Letter of Credit shall be deemed to be a representation by the Company that
the L/C Credit Extension so requested complies with the conditions set forth in the proviso
to the preceding sentence, based on the Company’s reasonable determination of the Dollar
Equivalent of any such Obligations denominated in Canadian Dollars. Within the foregoing
limits, and subject to the terms and conditions hereof, the Borrowers’ ability to obtain
Letters of Credit shall be fully revolving, and accordingly a Borrower may, during the
foregoing period, obtain Letters of Credit to replace Letters of Credit that have expired or
that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to
have been issued pursuant hereto, and from and after the Closing Date shall be subject to
and governed by the terms and conditions hereof.

     (ii) The L/C Issuer shall not issue any Letter of Credit, if:

     (A) subject to Section 2.03(b)(iii), the expiry date of the requested
Letter of Credit would occur more than twelve months after the date of issuance or
last extension, unless the Required Lenders have approved such expiry date; or

     (B) the expiry date of the requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date.

     (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing the
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or

36

 

request that the L/C Issuer refrain from, the issuance of letters of credit generally or the Letter of Credit in
particular or shall impose upon the L/C Issuer with respect to the Letter of Credit
any restriction, reserve or capital requirement (for which the L/C Issuer is
entitled to be, but is not so, compensated hereunder) not in effect on the Closing
Date, or shall impose upon the L/C Issuer any loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it (for which the L/C Issuer is entitled to be, but is not so, reimbursed
hereunder);

     (B) the issuance of the Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally; provided that,
upon request of the applicable Borrower, the L/C Issuer shall provide to such
Borrower a reasonably detailed description thereof;

     (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
the Letter of Credit is in an initial stated amount less than $100,000;

     (D) the Letter of Credit is to be denominated in a currency other than Dollars
or Canadian Dollars;

     (E) the L/C Issuer does not as of the issuance date of such requested Letter of
Credit issue Letters of Credit in the requested currency;

     (F) any Lender is at that time a Defaulting Lender, unless either (1) the
requesting Borrower has delivered to the Administrative Agent Cash Collateral in an
amount equal to such L/C Issuer’s actual Fronting Exposure (after giving effect to
Section 2.18(a)(iv) and any other Cash Collateral provided by the Defaulting
Lender) with respect to the Defaulting Lender or (2) such L/C Issuer has otherwise
entered into arrangements satisfactory to such L/C Issuer (in its sole discretion)
with the Company or such Lender to eliminate such L/C Issuer’s Fronting Exposure
(after giving effect to Section 2.18(a)(iv)) with respect to the Defaulting
Lender, in either case, arising from either the Letter of Credit then proposed to be
issued or that Letter of Credit and all other L/C Obligations as to which such L/C
Issuer has Fronting Exposure, as it may elect in its sole discretion; or

     (G) the Letter of Credit contains any provisions for automatic reinstatement of
the stated amount after any drawing thereunder.

     (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue the Letter of Credit in its amended form under the terms
hereof.

     (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not
accept the proposed amendment to the Letter of Credit.

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     (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) to the extent provided to the Administrative Agent in
Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the L/C Issuer with respect to
such acts or omissions, and (B) as additionally provided herein with respect to the L/C
Issuer.

     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of a Borrower delivered to the L/C Issuer (with a copy to the Administrative Agent)
in the form of a Letter of Credit Application, appropriately completed and signed by a
Responsible Officer of such Borrower. Such Letter of Credit Application must be received by
the L/C Issuer and the Administrative Agent not later than 12:00 p.m. at least two Business
Days (or such later date and time as the Administrative Agent and the L/C Issuer may agree
in a particular instance in their sole discretion) prior to the proposed issuance date or
date of amendment, as the case may be. In the case of a request for an initial issuance of
a Letter of Credit, such Letter of Credit Application shall specify in form and detail
reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the requested
Letter of Credit (which shall be a Business Day); (B) the amount and currency thereof; (C)
the expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the
documents to be presented by such beneficiary in case of any drawing thereunder; (F) the
full text of any certificate to be presented by such beneficiary in case of any drawing
thereunder; (G) the purpose and nature of the requested Letter of Credit; and (H) such other
matters as the L/C Issuer may reasonably require. In the case of a request for an amendment
of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form
and detail reasonably satisfactory to the L/C Issuer (A) the Letter of Credit to be amended;
(B) the proposed date of amendment thereof (which shall be a Business Day); (C) the nature
of the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably
require. Additionally, the applicable Borrower shall furnish to the L/C Issuer and the
Administrative Agent such other documents and information pertaining to such requested
Letter of Credit issuance or amendment, including any Issuer Documents, as the L/C Issuer or
the Administrative Agent may reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from a Borrower and, if not,
the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the L/C
Issuer has received written notice from the Administrative Agent (who hereby agrees to
provide contemporaneous notice to such Borrower) or any Loan Party, at least one Business
Day prior to the requested date of issuance or amendment of the applicable Letter of Credit,
that one or more applicable conditions contained in

38

 

Section 4.02 shall not then be satisfied, specifying in reasonable detail the relevant condition or conditions not then
satisfied, and the basis for such assertion, and such condition or conditions, as
applicable, remain unsatisfied on such requested date of issuance or amendment, then,
subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the applicable
Borrower (or the applicable Subsidiary) or enter into the applicable amendment, as the
case may be, in each case in accordance with the L/C Issuer’s usual and customary business
practices. Immediately upon the issuance of each Letter of Credit, each Lender shall be
deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the L/C
Issuer a risk participation in such Letter of Credit in an amount equal to the product of
such Lender’s Applicable Percentage times the amount of such Letter of Credit.

     (iii) If a Borrower so requests in any applicable Letter of Credit Application, the L/C
Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that has
automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to
prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Letter of Credit) by giving written prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon between such Borrower and the L/C Issuer at the time
such Letter of Credit is issued. The L/C Issuer of any Auto-Extension Letter of Credit
hereby agrees to contemporaneously furnish to the applicable Borrower a copy of any denial
of the extension of such Auto-Extension Letter of Credit. Unless otherwise directed by the
L/C Issuer, the applicable Borrower shall not be required to make a specific request to the
L/C Issuer for any such extension. Once an Auto-Extension Letter of Credit has been issued,
the Lenders shall be deemed to have authorized (but may not require) the L/C Issuer to
permit the extension of such Letter of Credit at any time to an expiry date not later than
the Letter of Credit Expiration Date; provided, however, that the L/C Issuer
shall not permit any such extension if (A) the L/C Issuer has determined that it would not
be permitted, or would have no obligation, at such time to issue such Letter of Credit in
its revised form (as extended) under the terms hereof (by reason of the provisions of clause
(ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which
may be by telephone or in writing) on or before the day that is seven Business Days before
the Non-Extension Notice Date (1) from the Administrative Agent (who hereby agrees to
provide contemporaneous notice to the requesting Borrower) that the Required Lenders have
elected not to permit such extension or (2) from the Administrative Agent (who hereby agrees
to provide contemporaneous notice to such Borrower) or such Borrower that one or more of the
applicable conditions specified in Section 4.02 is not then satisfied, specifying in
reasonable detail the relevant condition or conditions not then satisfied, and such
condition or conditions, as applicable, are unsatisfied on such extension date, and the
basis for such assertion, and in each such case directing the L/C Issuer not to permit such
extension.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the

39

 

L/C Issuer will also deliver to the applicable Borrower and the Administrative Agent a true and
complete copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the applicable Borrower and
the Administrative Agent thereof. In the case of a Letter of Credit denominated in Canadian
Dollars, the applicable Borrower shall reimburse the L/C Issuer in Canadian Dollars, unless
such Borrower and the L/C Issuer agree that such Borrower will reimburse the L/C Issuer in
Dollars. In the case of any such reimbursement in Dollars of a drawing under a Letter of
Credit denominated in Canadian Dollars, the L/C Issuer shall notify the applicable Borrower
of the Dollar Equivalent of the amount of the drawing promptly following the determination
thereof. If the L/C Issuer shall give notice to the applicable Borrower prior to 12:00 p.m.
on the date of any payment by such L/C Issuer under a Letter of Credit to be reimbursed in
Dollars, or the Applicable Time on the date of any payment by the L/C Issuer under a Letter
of Credit to be reimbursed in Canadian Dollars (each such date, an “Honor Date”),
such Borrower shall reimburse the L/C Issuer through the Administrative Agent in an amount
equal to the amount of such drawing and in the applicable currency (and if the L/C Issuer
shall give notice to such Borrower at or after such time, such Borrower shall reimburse the
L/C Issuer by such time on the following Business Day). If the applicable Borrower fails to
so reimburse the L/C Issuer by such time, the Administrative Agent shall promptly notify
each Lender of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed
Amount”), and the amount of such Lender’s Applicable Percentage thereof. In such event,
the applicable Borrower shall be deemed to have requested a Committed Borrowing of Base Rate
Loans (with respect to Letters of Credit denominated in Dollars) or Canadian Prime Rate
Loans (with respect to Letters of Credit denominated in Canadian Dollars) to be disbursed on
the Honor Date in an amount equal to the Unreimbursed Amount, without regard to the minimum
and multiples specified in Section 2.02 for the principal amount of Base Rate Loans
or Canadian Prime Rate Loans, but subject to the amount of the unutilized portion of the
Aggregate Commitments and the conditions set forth in Section 4.02 (other than the
delivery of a Committed Loan Notice and without giving effect to such Borrower’s failure to
so reimburse the L/C Issuer as provided in this Section 2.03(c)(i)). Any notice
given by the L/C Issuer or the Administrative Agent pursuant to this Section
2.03(c)(i) may be given by telephone if immediately confirmed in writing;
provided that the lack of such an immediate confirmation shall not affect the
conclusiveness or binding effect of such notice.

     (ii) Each Lender shall, upon any notice pursuant to Section 2.03(c)(i) prior to
12:00 p.m., make funds available (and the Administrative Agent may apply Cash Collateral
provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later
than 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent
(and, if such notice pursuant to Section 2.03(c)(i) is at or after 12:00 p.m., each
such Lender shall make such funds available not later than 2:00 p.m. on the following
Business Day), whereupon, subject to the provisions of Section 

40

 

 2.03(c)(iii), each Lender that so makes funds available shall be deemed to have made a
Base Rate Committed Loan (with respect to any such Unreimbursed Amount denominated in
Dollars) or Canadian Prime Rate Loan (with respect to any such Unreimbursed Amount
denominated in Canadian Dollars) to the applicable Borrower in such amount. The
Administrative Agent shall remit the funds so received to the L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Committed Borrowing of Base Rate Loans or Canadian Prime Rate Loans because the conditions
set forth in Section 4.02 (other than the delivery of a Committed Loan Notice and
without giving effect to such Borrower’s failure to reimburse the L/C Issuer as provided in
Section 2.03(c)(i)) cannot be satisfied or because the L/C Issuer’s notice pursuant
to Section 2.03(c)(i) is at or after 12:00 p.m. or for any other reason, the
applicable Borrower shall be deemed to have incurred from the L/C Issuer an L/C Borrowing in
the amount of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall
be due and payable on the second Business Day following the corresponding Honor Date
(together with interest) and shall bear interest on the amount thereof from time to time
outstanding at the Base Rate or Canadian Prime Rate, as applicable, in effect from time to
time, and if not repaid by 12:00 p.m. on such second succeeding Business Day, shall
thereafter bear interest on the amount thereof from time to time outstanding at the Default
Rate. In such event, each Lender’s payment to the Administrative Agent for the account of
the L/C Issuer pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of
its participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender
to such Borrower in satisfaction of its participation obligation under this Section
2.03.

     (iv) Until each Lender funds its Committed Loan or L/C Advance pursuant to this
Section 2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of
Credit, interest in respect of such Lender’s Applicable Percentage of such amount shall be
solely for the account of the L/C Issuer.

     (v) Each Lender’s obligation to make Committed Loans or L/C Advances to reimburse the
L/C Issuer for amounts drawn under Letters of Credit, as contemplated by this Section
2.03(c), shall be absolute and unconditional and shall not be affected by any
circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right
which such Lender may have against the L/C Issuer, the Company, any Designated Borrower or
any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default,
or (C) any other occurrence, event or condition, whether or not similar to any of the
foregoing; provided, however, that each Lender’s obligation to make
Committed Loans pursuant to this Section 2.03(c) is subject to the conditions set
forth in Section 4.02 (other than delivery by the applicable Borrower of a Committed
Loan Notice and without giving effect to such Borrower’s failure to so reimburse the L/C
Issuer as provided in this Section 2.03(c)(i)). No such making of an L/C Advance
shall relieve or otherwise impair the obligation of the applicable Borrower to reimburse the
L/C Issuer for the amount of any payment made by the L/C Issuer under any Letter of Credit,
together with interest as provided herein.

41

 

     (vi) If any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C
Issuer shall be entitled to recover from such Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the L/C
Issuer at a rate per annum equal to the greater of the applicable Overnight Rate from time
to time in effect and a rate determined by the L/C Issuer in accordance with banking
industry rules on interbank compensation, plus any administrative, processing or similar
fees customarily charged by the L/C Issuer in connection with the foregoing. If such Lender
pays such amount (with interest and fees as aforesaid), the portion thereof equal to such
Lender’s Applicable Percentage of the Unreimbursed Amount shall constitute such Lender’s
Committed Loan included in the relevant Committed Borrowing or L/C Advance in respect of the
relevant L/C Borrowing, as the case may be. A certificate of the L/C Issuer submitted to
any Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (vi) shall be conclusive absent manifest error.

     (d) Repayment of Participations.

     (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the applicable Borrower or otherwise, including
proceeds of Cash Collateral applied thereto by the Administrative Agent), the Administrative
Agent will distribute to such Lender its Applicable Percentage thereof (appropriately
adjusted, in the case of interest payments, to reflect the period of time during which such
Lender’s L/C Advance was outstanding) in the same funds as those received by the
Administrative Agent.

     (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on
demand of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Lender, at a rate per annum equal to the applicable
Overnight Rate from time to time in effect. The obligations of the Lenders under this
clause shall survive the payment in full of the payment Obligations and the termination of
this Agreement.

     (e) Obligations Absolute. The obligation of the applicable Borrower to reimburse the
L/C Issuer for each drawing under each Letter of Credit and to repay each L/C Borrowing
shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance
with the terms of this Agreement under all circumstances, including the following:

42

 

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

     (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Company or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law;

     (v) any adverse change in the relevant exchange rates or in the availability of
Canadian Dollars to the Company or any Subsidiary or in the relevant currency markets
generally; or

     (vi) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Company or any Subsidiary.

     Each Borrower shall promptly examine a copy of each Letter of Credit requested by it and each
amendment thereto that is delivered to it and, in the event of any claim of noncompliance with such
Borrower’s instructions or other irregularity, such Borrower will promptly notify the L/C Issuer
and the L/C Issuer will correct such claim in conformity with such Borrower’s instructions or as
otherwise agreed between such Borrower and the L/C Issuer, subject to the terms hereof. Each
Borrower shall be conclusively deemed to have waived any such claim against the L/C Issuer and its
correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and each Borrower agree that, in paying any
drawing under a Letter of Credit requested by such Borrower, the L/C Issuer shall not have any
responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or
accuracy of any such document or the authority of the Person executing or delivering any such
document. None of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any

43

 

Lender for (i) any action taken or omitted in connection herewith at the request or with the
approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of
Credit or Issuer Document. Each Borrower hereby assumes all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Letter of Credit, requested by such
Borrower; provided, however, that this assumption is not intended to, and shall
not, preclude such Borrower’s pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the
Administrative Agent, any of their respective Related Parties nor any correspondent, participant
or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in
clauses (i) through (vi) of Section 2.03(e); provided, however, that
anything in such clauses to the contrary notwithstanding, a Borrower may have a claim against the
L/C Issuer, and the L/C Issuer may be liable to such Borrower, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by such Borrower
which such Borrower proves were caused by the L/C Issuer’s willful misconduct, gross negligence or
the material breach of any of its obligations hereunder or under any Issuer Document or under any
Letter of Credit issued on such Borrower’s behalf or the L/C Issuer’s willful failure to pay under
any Letter of Credit, requested by such Borrower after the presentation to it by the beneficiary
of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter
of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall
not be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason.

     (g) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C
Issuer and the applicable Borrower when a Letter of Credit is issued, including any such agreement
applicable to an Existing Letter of Credit, (i) the rules of the ISP shall apply to each standby
Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits,
as most recently published by the International Chamber of Commerce at the time of issuance shall
apply to each commercial Letter of Credit.

     (h) Letter of Credit Fees. The Company shall pay to the Administrative Agent for the
account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee (the
“Letter of Credit Fee”) for each commercial or standby Letter of Credit equal to the
Applicable Rate times the daily amount available to be drawn under such Letter of Credit;
provided, however, any Letter of Credit Fees otherwise payable for the account of a
Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender or the
Company has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this
Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the other Lenders in
accordance with the upward adjustments in their respective Applicable Percentages allocable to
such Letter of Credit pursuant to Section 2.18(a)(iv), with the balance of such fee, if
any, payable to the L/C Issuer for its own account. For purposes of computing the daily amount
available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.07. Such Letter of Credit Fees shall be (i) due
and

44

 

payable on the first Business Day after the end of each March, June, September and December,
commencing with the first such date to occur after the issuance of such Letter of Credit, on the
Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis
in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount
available to be drawn under each standby Letter of Credit shall be computed and multiplied by the
Applicable Rate separately for each period during such quarter that such Applicable Rate was in
effect.

     (i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Company shall pay directly to the L/C Issuer for its own account a fronting fee (i) with respect
to each commercial Letter of Credit, at the rate specified in the Fee Letter among the Company,
the Administrative Agent, and Merrill Lynch, computed on the Dollar Equivalent of the amount of
such Letter of Credit, and payable upon the issuance thereof, and (ii) with respect to each
standby Letter of Credit, at the rate per annum specified in the Fee Letter among the Company, the
Administrative Agent and Merrill Lynch, computed on the Dollar Equivalent of the daily amount
available to be drawn under such Letter of Credit on a quarterly basis in arrears. Such fronting
fee with respect to standby Letters of Credit shall be due and payable on the tenth Business Day
after the end of each March, June, September and December in respect of the most recently-ended
quarterly period (or portion thereof, in the case of the first payment), commencing with the first
such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration
Date and thereafter on demand. For purposes of computing the daily amount available to be drawn
under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance
with Section 1.07. In addition, the Company shall pay directly to the L/C Issuer for its
own account in Dollars the customary issuance, presentation, amendment and other processing fees,
and other standard costs and charges, of the L/C Issuer relating to letters of credit as from time
to time in effect, effective schedules of which will be provided to the Company upon its request.
Such customary fees and standard costs and charges are due and payable quarterly in arrears on the
first Business Day after the end of each March, June, September and December and are
nonrefundable.

     (j) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

     (k) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of
Credit is issued or outstanding hereunder is in support of any obligations of a Subsidiary, the
applicable Borrower (and not any such Subsidiary) that requested such Letter of Credit shall be
obligated to reimburse the L/C Issuer hereunder for any and all drawings under such Letter of
Credit requested by it. Each Borrower hereby acknowledges that the issuance of Letters of Credit
requested by it in support of the obligations of any of its Subsidiaries inures to the
benefit of such Borrower, and that such Borrower’s business derives benefits from the
business of such Subsidiary.

     2.04 Swing Line Loans.

     (a) The Swing Line. Subject to the terms and conditions set forth herein, the Swing
Line Lender agrees, in reliance upon the agreements of the other Lenders set forth in this
Section 2.04, to make loans in Dollars or in Canadian Dollars from time to time (each such

45

 

loan, a “Swing Line Loan”) to each requesting Borrower, in each case, on a several basis,
from time to time on any Business Day during the Availability Period in an aggregate amount not to
exceed at any time outstanding the amount of the Swing Line Sublimit, notwithstanding the fact
that such Swing Line Loans, when aggregated with the Applicable Percentage of the Outstanding
Amount of Committed Loans and L/C Obligations of the Lender acting as Swing Line Lender, may
exceed the amount of such Lender’s Commitment; provided, however, that after
giving effect to any Swing Line Loan, (i) the Total Outstandings shall not exceed the Aggregate
Commitments, and (ii) the aggregate Outstanding Amount of the Committed Loans of any Lender,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all L/C Obligations,
plus such Lender’s Applicable Percentage of the Outstanding Amount of all Swing Line
Loans, plus such Lender’s Canadian BA’s (or Canadian BA Equivalent Loans) accepted and
purchased from the Designated Borrowers shall not exceed such Lender’s Commitment, and
provided, further, that the Borrowers shall not use the proceeds of any Swing Line
Loan to refinance any outstanding Swing Line Loan. Within the foregoing limits, and subject to
the other terms and conditions hereof, each requesting Borrower may borrow under this Section
2.04, prepay under Section 2.05, and reborrow under this Section 2.04. Swing
Line Loans may be Base Rate Loans, Canadian Prime Rate Loans or Eurocurrency Rate Loans.
Immediately upon the making of a Swing Line Loan to a Borrower, each Lender shall be deemed to,
and hereby irrevocably and unconditionally agrees to, purchase from the Swing Line Lender a risk
participation in such Swing Line Loan in an amount equal to the product of such Lender’s
Applicable Percentage times the amount of such Swing Line Loan.

     (b) Borrowing Procedures. Each Swing Line Borrowing shall be made upon a Borrower’s
irrevocable notice to the Swing Line Lender and the Administrative Agent, which may be given by
telephone. Each such notice must be received by the Swing Line Lender and the Administrative
Agent not later than 1:00 p.m. on the requested borrowing date, and shall specify (i) the amount
to be borrowed, which shall be a minimum of $1,000,000 (with respect to Swing Line Loans
denominated in Dollars) or C$1,000,000 (with respect to Swing Line Loans denominated in Canadian
Dollars), (ii) whether such Swing Line Loan is a Base Rate Loan, a Canadian Prime Rate Loan or a
Eurocurrency Rate Loan (and if a Eurocurrency Rate Loan, either (x) the applicable Interest Period
thereof or (y) that the daily floating Eurocurrency Rate provided in clause (b) of the definition
thereof shall apply), (iii) the requested borrowing date, which shall be a Business Day and (iv)
the currency of the Swing Line Loan to be borrowed. Each such telephonic notice must be confirmed
promptly by delivery to the Swing Line Lender and the Administrative Agent of a written Swing Line
Loan Notice, appropriately completed and signed by a Responsible Officer of such Borrower.
Promptly after receipt by the Swing Line Lender of any telephonic Swing Line Loan Notice, the
Swing Line Lender will confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has also received such Swing Line Loan Notice and, if not, the Swing Line Lender will notify
the Administrative Agent (by telephone or in writing) of the contents thereof. Unless the Swing
Line Lender has received notice (by telephone or in writing) from the Administrative Agent prior
to 2:00 p.m. on the date of the proposed Swing Line Borrowing (A) directing the Swing Line Lender
not to make such Swing Line Loan as a result of the limitations set forth in the first proviso to
the first sentence of Section 2.04(a), or (B) that it believes in good faith that one or
more of the applicable conditions specified in Section 4.02 is not then satisfied,
specifying in reasonable detail the relevant condition or conditions not then satisfied and the
basis for such assertion, and such condition or conditions, as applicable, remain unsatisfied on

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such requested date of issuance or amendment, then, subject to the terms and conditions hereof,
the Swing Line Lender will, not later than 3:00 p.m., in the case of any Swing Line Loan
denominated in Dollars, and not later than the Applicable Time specified by the Administrative
Agent in the case of any Swing Line Loan in Canadian Dollars, in each case on the borrowing date
specified in such Swing Line Loan Notice, make the amount of its Swing Line Loan available to such
Borrower, at such Borrower’s election, either by (i) crediting the account of such Borrower on the
books of Bank of America with the amount of such funds or (ii) wire transfer of such funds, in
each case in accordance with instructions provided to the Administrative Agent by such Borrower as
set forth in the Swing Line Loan Notice.

     (c) Refinancing of Swing Line Loans.

     (i) The Swing Line Lender at any time in its sole discretion may request, on behalf of
the applicable Borrower (which hereby irrevocably authorizes the Swing Line Lender to so
request on its behalf), that each Lender make a Base Rate Committed Loan (with respect to
Swing Line Loans denominated in Dollars) or a Canadian Prime Rate Loan (with respect to
Swing Line Loans denominated in Canadian Dollars), in each case, in an amount equal to such
Lender’s Applicable Percentage of the amount of Swing Line Loans denominated in such
currency then outstanding. Such request shall be made in writing (which written request
shall be deemed to be a Committed Loan Notice for purposes hereof) and in accordance with
the requirements of Section 2.02, without regard to the minimum and multiples
specified therein for the principal amount of Base Rate Loans or Canadian Prime Rate Loans,
but subject to the unutilized portion of the Aggregate Commitments and the conditions set
forth in Section 4.02. The Swing Line Lender shall furnish the applicable Borrower
with a copy of the applicable Committed Loan Notice promptly after delivering such notice to
the Administrative Agent. Each Lender shall make an amount equal to its Applicable
Percentage of the amount specified in such Committed Loan Notice available to the
Administrative Agent in Same Day Funds (and the Administrative Agent may apply Cash
Collateral available with respect to the applicable Swing Line Loan) for the account of the
Swing Line Lender at the Administrative Agent’s Office not later than 2:00 p.m. on the day
specified in such Committed Loan Notice, whereupon, subject to Section 2.04(c)(ii),
each Lender that so makes funds available shall be deemed to have made a Base Rate Committed
Loan (with respect Swing Line Loans denominated in Dollars) or Canadian Prime Rate Loan
(with respect Swing Line Loans denominated in Canadian Dollars) to the applicable Borrower
in such amount. The Administrative Agent shall remit the funds so received to the
Swing Line Lender.

     (ii) If for any reason any Swing Line Loan cannot be refinanced by such a Committed
Borrowing in accordance with Section 2.04(c)(i) or pursuant to a Borrowing requested
in accordance with Section 2.02, as the case may be, the request for Base Rate
Committed Loans or Canadian Prime Rate Loans submitted by the Swing Line Lender as set forth
herein shall be deemed to be a request by the Swing Line Lender that each of the Lenders
fund its risk participation in the relevant Swing Line Loan and each Lender’s payment to the
Administrative Agent for the account of the Swing Line Lender pursuant to Section
2.04(c)(i) shall be deemed payment in respect of such participation.

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     (iii) If any Lender fails to make available to the Administrative Agent for the account
of the Swing Line Lender any amount required to be paid by such Lender pursuant to the
foregoing provisions of this Section 2.04(c) by the time specified in Section
2.04(c)(i), the Swing Line Lender shall be entitled to recover from such Lender (acting
through the Administrative Agent), on demand, such amount with interest thereon for the
period from the date such payment is required to the date on which such payment is
immediately available to the Swing Line Lender at a rate per annum equal to the greater of
the applicable Overnight Rate from time to time in effect and a rate determined by the Swing
Line Lender in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Swing Line Lender in
connection with the foregoing. If such Lender pays such amount (with interest and fees as
aforesaid), the portion thereof equal to such Lender’s Applicable Percentage of the
Outstanding Amount of all Swing Line Loans shall constitute such Lender’s Committed Loan
included in the relevant Committed Borrowing or funded participation in the relevant Swing
Line Loan, as the case may be. A certificate of the Swing Line Lender submitted to any
Lender (through the Administrative Agent) with respect to any amounts owing under this
clause (iii) shall be conclusive absent manifest error.

     (iv) Each Lender’s obligation to make Committed Loans or to purchase and fund risk
participations in Swing Line Loans pursuant to this Section 2.04(c) shall be
absolute and unconditional and shall not be affected by any circumstance, including (A) any
setoff, counterclaim, recoupment, defense or other right which such Lender may have against
the Swing Line Lender, the Company, any Designated Borrower or any other Person for any
reason whatsoever, (B) the occurrence or continuance of a Default, or (C) any other
occurrence, event or condition, whether or not similar to any of the foregoing;
provided, however, that each Lender’s obligation to make Committed Loans
pursuant to this Section 2.04(c) is subject to the conditions set forth in
Section 4.02. No such funding of risk participations shall relieve or otherwise
impair the obligation of the Company to repay Swing Line Loans, together with interest as
provided herein.

     (d) Repayment of Participations.

     (i) At any time after any Lender has purchased and funded a risk participation in a
Swing Line Loan, if the Swing Line Lender receives any payment on account of such Swing Line
Loan, the Swing Line Lender will distribute to such Lender its Applicable Percentage thereof
(appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s risk participation was funded) in the same funds as those
received by the Swing Line Lender.

     (ii) If any payment received by the Swing Line Lender in respect of principal or
interest on any Swing Line Loan is required to be returned by the Swing Line Lender under
any of the circumstances described in Section 11.05 (including pursuant to any
settlement entered into by the Swing Line Lender in its discretion), each Lender shall pay
to the Swing Line Lender its Applicable Percentage thereof on demand of the Administrative
Agent, plus interest thereon from the date of such demand to the date such amount is
returned, at a rate per annum equal to the applicable Overnight Rate. The

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Administrative Agent will make such demand upon the request of the Swing Line Lender. The obligations of
the Lenders under this clause shall survive the payment in full of the payment Obligations
and the termination of this Agreement.

     (e) Interest for Account of Swing Line Lender. The Swing Line Lender shall be
responsible for invoicing the applicable Borrower for interest on the Swing Line Loans. Until
each Lender funds its Base Rate Committed Loan or Canadian Prime Rate Committed Loan or risk
participation pursuant to this Section 2.04 to refinance such Lender’s Applicable
Percentage of any Swing Line Loan, interest in respect of such Applicable Percentage shall be
solely for the account of the Swing Line Lender.

     (f) Payments Directly to Swing Line Lender. The applicable Borrower shall make all
payments of principal and interest in respect of the Swing Line Loans directly to the Swing Line
Lender.

     2.05 Prepayments.

     (a) Each Borrower may, upon notice from such Borrower to the Administrative Agent, at any
time or from time to time voluntarily prepay Committed Loans in whole or in part without premium
or penalty; provided that (i) such notice must be received by the Administrative Agent not
later than 12:00 p.m. (A) three (with respect to Committed Loans denominated in Canadian Dollars)
or two (with respect to Committed Loans denominated in Dollars) Business Days prior to any date of
prepayment of Eurocurrency Rate Committed Loans and (B) on the date of prepayment of Base Rate
Committed Loans or Canadian Prime Rate Loans; (ii) any prepayment of Eurocurrency Rate Committed
Loans denominated in Dollars shall be in a principal amount of $2,500,000 or a whole multiple of
$250,000 in excess thereof; (iii) any prepayment of Eurocurrency Rate Loans denominated in
Canadian Dollars shall be in a minimum principal amount of C$2,500,000 or a whole multiple of
C$500,000 in excess thereof, (iv) any prepayment of Base Rate Committed Loans shall be in a
principal amount of $250,000 or a whole multiple of $50,000 in excess thereof and (v) any prepayment of
Canadian Prime Rate Loans shall be in a principal amount of C$250,000 or a whole multiple of
C$50,000 in excess thereof, or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the
Type(s) of Committed Loans to be prepaid and, if Eurocurrency Rate Committed Loans are to be
prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each
Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable
Percentage of such prepayment. If such notice is given by a Borrower, such Borrower shall make
such prepayment and the payment amount specified in such notice shall be due and payable on the
date specified therein; provided, that a notice of prepayment delivered by such Borrower
may state that such notice is conditioned upon the effectiveness of other credit facilities or the
closing of a securities offering, and the receipt of proceeds thereunder, in which case such
notice may be revoked by such Borrower (by notice to the Administrative Agent on or prior to the
specified effective date) if such conditions are not satisfied. Any prepayment of a Eurocurrency
Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any
additional amounts required pursuant to Section 3.05. Subject to Section 2.18,
each such prepayment shall be applied to the Committed Loans of the Lenders in accordance with
their respective Applicable Percentages. No Canadian

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BA may be prepaid except by depositing the full face amount of such Canadian BA with the Administrative Agent in accordance with Section
5(c) of Schedule 2.01A.

     (b) Each Borrower may, upon notice to the Swing Line Lender (with a copy to the
Administrative Agent), at any time or from time to time, voluntarily prepay Swing Line Loans in
whole or in part without premium or penalty; provided that (i) such notice must be
received by the Swing Line Lender and the Administrative Agent not later than 2:00 p.m. on the
date of the prepayment, and (ii) any such prepayment shall be in a minimum principal amount of
$100,000. Each such notice shall specify the date and amount of such prepayment. If such notice
is given by a Borrower, such Borrower shall make such prepayment and the payment amount specified
in such notice shall be due and payable on the date specified therein.

     (c) If for any reason the Total Outstandings at any time exceed the Aggregate Commitments
then in effect, the Borrowers shall immediately upon demand prepay Loans and/or Cash Collateralize
the L/C Obligations or Canadian BA’s in an aggregate amount equal to such excess;
provided, however, that the Borrowers shall not be required to Cash Collateralize
the L/C Obligations or Canadian BA’s pursuant to this Section 2.05(c) unless after the
prepayment in full of the Committed Loans and Swing Line Loans the Total Outstandings exceed the
Aggregate Commitments then in effect.

     (d) If for any reason the Outstanding Amount of all Loans and Letters of Credit denominated
in Canadian Dollars at such time exceeds an amount equal to 105% of the Canadian Dollar Sublimit
then in effect, then the Borrowers shall immediately upon demand prepay Loans and/or Cash
Collateralize the L/C Obligations and/or Canadian BA’s in an aggregate amount equal to such
excess; provided, however, that the Borrowers shall not be required to Cash
Collateralize the L/C Obligations or Canadian BA’s pursuant to this Section 2.05(d) unless
after the prepayment in full of the Committed Loans and Swing Line Loans in
Canadian Dollars the Outstanding Amount of all Letters of Credit denominated in Canadian
Dollars and Canadian BA’s exceeds the Canadian Dollar Sublimit.

     (e) For an economically meaningful period of time in each fiscal year of the Company, as
reasonably determined by General Partner, the aggregate outstanding principal balance of all
Working Capital Borrowings shall be reduced to a relatively small amount as may be reasonably
specified by General Partner.

     2.06 Termination or Reduction of Commitments. The Company may, upon notice to the Administrative
Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate
Commitments; provided that (i) any such notice shall be received by the Administrative Agent not
later than 12:00 p.m. two Business Days prior to the date of termination or reduction, (ii) any
such partial reduction shall be in an aggregate amount of $1,000,000 or any whole multiple of
$1,000,000 in excess thereof, (iii) the Company shall not terminate or reduce the Aggregate
Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total
Outstandings would exceed the Aggregate Commitments, and (iv) if, after giving effect to any
reduction of the Aggregate Commitments, the Canadian Dollar Sublimit, the Designated Borrower
Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Commitments, such Sublimit
shall be automatically reduced by the amount of such excess. The Administrative Agent will
promptly notify the

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Lenders of any such notice of termination or reduction of the Aggregate Commitments. The amount of any such Aggregate Commitment reduction shall not be applied to the
Canadian Dollar Sublimit, the Designated Borrower Sublimit or the Swing Line Sublimit unless
otherwise specified by the Company. Any reduction of the Aggregate Commitments shall be applied to
the Commitment of each Lender according to its Applicable Percentage. All fees accrued until the
effective date of any termination of the Aggregate Commitments shall be paid on the effective date
of such termination.

     2.07 Repayment of Loans.  (a) Each Borrower shall repay to the Lenders on the Maturity Date
the aggregate principal amount of Committed Loans made to such Borrower outstanding on such date.

     (b) Each Borrower shall repay each Swing Line Loan made to such Borrower on the earlier to
occur of (i) the date ten Business Days after such Loan is made and (ii) the Maturity Date.

     2.08 Interest. (a) Subject to the provisions of subsection (b) below, (i) each Eurocurrency
Rate Committed Loan shall bear interest on the outstanding principal amount thereof for each
Interest Period at a rate per annum equal to the Eurocurrency Rate for such Interest Period
plus the Applicable Rate; (ii) each Base Rate Committed Loan shall bear interest on the
outstanding principal amount thereof from the applicable borrowing date at a rate per annum equal
to the Base Rate plus the Applicable Rate; (iii) each Canadian Prime Rate Committed Loan
shall bear interest on the outstanding principal amount thereof from the applicable borrowing date
at a rate per annum equal to the Canadian Prime Rate plus the Applicable Rate; (iv) each
Eurocurrency Rate Swing Line Loan shall bear interest on the outstanding principal amount thereof
for each Interest Period at a rate per annum equal to the daily floating Eurocurrency Rate
provided in clause (b) of the definition thereof for such Interest Period plus the
Applicable Rate; (v) each Base Rate Swing Line Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the Base
Rate plus the Applicable Rate; and (vi) each Canadian Prime Rate Swing Line Loan shall
bear interest on the outstanding principal amount thereof from the applicable borrowing date at a
rate per annum equal to the Canadian Prime Rate plus the Applicable Rate.

     (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

     (ii) If any amount (other than principal of any Loan) payable by any Borrower under any
Loan Document is not paid when due, whether at stated maturity, by acceleration or
otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear
interest at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

     (iii) During any Default Rate Period, the Borrowers shall pay interest on the principal
amount of all outstanding Obligations hereunder at a fluctuating interest rate per

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annum at all times equal to the Default Rate to the fullest extent permitted by applicable Laws.

          (iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

	     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall
be due and payable in accordance with the terms hereof before and after judgment, and before and
after the commencement of any proceeding under any Debtor Relief Law.

	     (d) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee
rate hereunder is calculated on the basis of a year (the “deemed year”) that contains fewer days
than the actual number of days in the calendar year of calculation, such rate of interest or fee
rate shall be expressed as a yearly rate by multiplying such rate of interest or fee rate by the
actual number of days in the calendar year of calculation and dividing it by the number of days in
the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any
interest calculation hereunder and (iii) the rates of interest stipulated herein are intended to
be nominal rates and not effective rates or yields.

     2.09 Fees. In addition to certain fees described in subsections (h) and (i) of Section
2.03:

     (a) Facility Fee. The Company shall pay to the Administrative Agent for the account
of each Lender in accordance with its Applicable Percentage, a facility fee in Dollars equal to
the Applicable Rate times the actual daily amount of the Aggregate Commitments (or, if the
Aggregate Commitments have terminated, on the Outstanding Amount of all Committed Loans, Swing
Line Loans and L/C Obligations), regardless of usage, subject to adjustment as provided in
Section 2.18. The facility fee shall accrue at all times during the Availability Period
(and thereafter so long as any Committed Loans, Swing Line Loans or L/C Obligations remain
outstanding), including at any time during which one or more of the conditions in Section
4.02 is not met, and shall be due and payable quarterly in arrears on the last Business Day of
each March, June, September and December, commencing with the first such date to occur after the
Closing Date, and on the last day of the Availability Period (and, if applicable, thereafter on
demand). The facility fee shall be calculated quarterly in arrears, and if there is any change in
the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied
by the Applicable Rate separately for each period during such quarter that such Applicable Rate
was in effect.

     (b) Other Fees. (i) The Company shall pay to the Arrangers and the Administrative
Agent for their own respective accounts in Dollars fees in the amounts and at the times specified
in their respective Fee Letters. Such fees shall be fully earned when paid and shall not be
refundable for any reason whatsoever, except as expressly set forth therein.

     (ii) The Company shall pay to the Lenders such fees as shall have been separately agreed
upon between the Company and the Administrative Agent and/or

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Lenders, as the case may be, in writing in the amounts and at the times so specified. Such fees shall be fully earned when
paid and shall not be refundable for any reason whatsoever, except as expressly agreed to in
writing.

     2.10 Computation of Interest and Fees. All computations of interest for Base Rate Loans (including
Base Rate Loans determined by reference to the Eurocurrency Rate) and Canadian Prime Rate Loans
shall be made on the basis of a year of 365 or 366 days, as the case may be, and actual days
elapsed. All other computations of fees and interest shall be made on the basis of a 360-day year
and actual days elapsed (which results in more fees or interest, as applicable, being paid than if
computed on the basis of a 365-day year). Interest shall accrue on each Loan for the day on which
the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the
Loan or such portion is paid, provided that any Loan that is repaid on the same day on
which it is made shall, subject to Section 2.12(a), bear interest for one day. Each
determination by the Administrative Agent of an interest rate or fee hereunder shall be conclusive
and binding for all purposes, absent manifest error.

     2.11 Evidence of Debt.

     (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary
course of business. The accounts or records maintained by the Administrative Agent and each
Lender shall be conclusive absent manifest error of the amount of the Credit Extensions made by
the Lenders to each Borrower and the interest and payments thereon. Any failure to so record or
any error in doing so shall not, however, limit or otherwise affect the obligation of the
Borrowers hereunder to pay any amount owing on their respective payment Obligations. In the event
of any conflict between the accounts and records maintained by any Lender and the accounts and
records of the Administrative Agent in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error. Upon the request of any
Lender to a Borrower made through the Administrative Agent, such Borrower shall execute and
deliver to such Lender (through the Administrative Agent) a Committed Loan Note and/or a Swing
Line Note, as applicable, which shall evidence such Lender’s Loans to such Borrower in addition to
such accounts or records. Each Lender may attach schedules to a Note and endorse thereon the
date, Type (if applicable), amount, currency and maturity of its Loans and payments with respect
thereto.

     (b) In addition to the accounts and records referred to in subsection (a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit and Swing
Line Loans. In the event of any conflict between the accounts and records maintained by the
Administrative Agent and the accounts and records of any Lender in respect of such matters, the
accounts and records of the Administrative Agent shall control in the absence of manifest error.

     2.12 Payments Generally; Administrative Agent’s Clawback.

     (a) General. All payments to be made by the Borrowers shall be made without
condition or deduction for any counterclaim, defense, recoupment or setoff. Except as

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Otherwise expressly provided herein and except with respect to principal of and interest on Loans
denominated in Canadian Dollars, all payments by the Borrowers hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such payment is owed, at
the Administrative Agent’s Office in Dollars and in Same Day Funds not later than 2:00 p.m. on the
date specified herein. Except as otherwise expressly provided herein, all payments by the
Borrowers hereunder with respect to principal and interest on Loans denominated in Canadian
Dollars shall be made to the Administrative Agent, for the account of the respective Lenders to
which such payment is owed, at the applicable Administrative Agent’s Office in Canadian Dollars
and in Same Day Funds not later than the Applicable Time specified by the Administrative Agent on
the dates specified herein. If, for any reason, any Borrower is prohibited by any Law from making
any required payment hereunder in Canadian Dollars, such Borrower shall make such payment in
Dollars in the Dollar Equivalent of the Canadian Dollars payment amount. The Administrative Agent
will promptly distribute to each Lender its Applicable Percentage (or other applicable share as
provided herein) of such payment in like funds as received by wire transfer to such Lender’s
Lending Office. All payments received by the Administrative Agent (i) after 2:00 p.m., in the
case of payments in Dollars, or (ii) after the Applicable Time specified by the Administrative
Agent in the case of payments in Canadian Dollars, shall in each case be deemed received on the
next succeeding Business Day and any applicable interest or fee shall continue to accrue. If any payment to
be made by any Borrower shall come due on a day other than a Business Day, payment shall be made
on the next following Business Day, and such extension of time shall be reflected in computing
interest or fees, as the case may be.

     (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Committed Borrowing of Eurocurrency Rate Loans (or, in the case of any Committed Borrowing of Base
Rate Loans or Canadian Prime Rate Loans prior to 1:00 p.m. on the date of such Committed
Borrowing) that such Lender will not make available to the Administrative Agent such Lender’s
share of such Committed Borrowing, the Administrative Agent may assume that such Lender has made
such share available on such date in accordance with Section 2.02 (or, in the case of a
Committed Borrowing of Base Rate Loans or Canadian Prime Rate Loans, that such Lender has made
such share available in accordance with and at the time required by Section 2.02) and may,
in reliance upon such assumption, make available to the applicable Borrower a corresponding
amount. In such event, if a Lender has not in fact made its share of the applicable Committed
Borrowing available to the Administrative Agent, then the applicable Lender and the applicable
Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding
amount in Same Day Funds with interest thereon, for each day from and including the date such
amount is made available to such Borrower to but excluding the date of payment to the
Administrative Agent, at (A) in the case of a payment to be made by such Lender, the greater of
the applicable Overnight Rate from time to time in effect and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation, plus any
administrative, processing or similar fees customarily charged by the Administrative Agent in
connection with the foregoing, and (B) in the case of a payment to be made by such Borrower, the
interest rate applicable to Base Rate Loans or Canadian Prime Rate Loans, as applicable. If such
Borrower and such Lender shall pay such principal or interest to the Administrative Agent for the
same or an overlapping period, the Administrative Agent shall promptly remit to such Borrower the

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amount of such principal and interest paid by such Borrower for such period. If such Lender pays
its share of the applicable Committed Borrowing to the Administrative Agent, then the amount so
paid (excluding interest and fees as aforesaid) shall constitute such Lender’s Committed Loan
included in such Committed Borrowing. Any payment by such Borrower shall be without prejudice to
any claim such Borrower may have against a Lender that shall have failed to make such payment to
the Administrative Agent.

     (ii) Payments by Borrowers; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders or the L/C
Issuer hereunder that such Borrower will not make such payment, the Administrative Agent may
assume that such Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case
may be, the amount due. In such event, if such Borrower has not in fact made such payment,
then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to
the Administrative Agent forthwith on demand the amount so distributed to such Lender or the L/C Issuer, in Same Day Funds
with interest thereon, for each day from and including the date such amount is distributed
to it to but excluding the date of payment to the Administrative Agent, at the greater of
the applicable Overnight Rate from time to time in effect and a rate determined by the
Administrative Agent in accordance with banking industry rules on interbank compensation.

     A notice of the Administrative Agent to any Lender or Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

     (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender to any Borrower as provided in
the foregoing provisions of this Article II, and such funds are not made available to such
Borrower by the Administrative Agent because the conditions to the applicable Credit Extension set
forth in Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative Agent shall return such funds (in like funds as received from such Lender) to such
Lender, without interest.

     (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Committed Loans, to fund participations in Letters of Credit and Swing Line Loans and to make
payments pursuant to Section 11.04(d) are several and not joint. The failure of any
Lender to make any Committed Loan, to fund any such participation or to make any payment under
Section 11.04(d) on any date required hereunder shall not relieve any other Lender of its
corresponding obligation to do so on such date, and no Lender shall be responsible for the failure
of any other Lender to so make its Committed Loan, to purchase its participation or to make its
payment under Section 11.04(d).

     (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

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     2.13 Sharing of Payments by Lenders. Subject to Section 11.08 with respect to a
Defaulting Lender, if any Lender shall, by exercising any right of setoff or counterclaim or
otherwise, obtain payment in respect of any principal of or interest on any of the Committed Loans
made by it or Canadian BA’s accepted by it, or the participations in L/C Obligations or in Swing
Line Loans held by it resulting in such Lender’s receiving payment of a proportion of the aggregate
amount of such Committed Loans or participations and accrued interest thereon greater than its
Applicable Percentage thereof as provided herein, then the Lender receiving such greater proportion
shall (a) notify the Administrative Agent of such fact, and (b) purchase (for cash at face value)
participations in the Committed Loans and Canadian BA’s and subparticipations in L/C Obligations
and Swing Line Loans of the other Lenders, or make such other adjustments as shall be equitable, so
that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Committed Loans and other
amounts owing them, provided that:

     (i) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

     (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of a Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a
Defaulting Lender), (y) the application of Cash Collateral provided for in Section
2.17, or (z) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Committed Loans or Canadian BA’s or subparticipations
in L/C Obligations or Swing Line Loans to any permitted assignee or participant, other than
an assignment to the Company or any Subsidiary thereof (as to which the provisions of this
Section shall apply).

     Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Borrower in the amount
of such participation.

     2.14 Extension of Maturity Date.

     (a) Requests for Extension. The Company may once each calendar year during the
Availability Period, by notice to the Administrative Agent (who shall promptly notify the Lenders)
not earlier than 30 days prior to the first anniversary of the Closing Date and not later than 30
days prior to the Maturity Date then in effect hereunder (the “Existing Maturity Date”),
request that each Lender extend such Lender’s Maturity Date for one additional year from the
Existing Maturity Date.

     (b) Lender Elections to Extend. Each Lender, acting in its sole and individual
discretion, shall, by notice to the Administrative Agent given not later than the date (the
“Notice Date”) that is 15 days after the date of the Company’s notice to the
Administrative

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Agent under subsection (a) above, advise the Administrative Agent (and the
Administrative Agent shall upon the Company’s request prior to the Notice Date advise the Company
as to Lenders’ responses) whether or not such Lender agrees to such extension, and each Lender
that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify
the Administrative Agent of such fact promptly after such determination (but in any event no later
than the Notice Date); provided, that any Lender that does not so advise the
Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender.
The election of any Lender to agree to such extension shall not obligate any other Lender to so
agree.

     (c) Notification by the Administrative Agent. The Administrative Agent shall notify
the Company of each Lender’s determination under this Section on the Notice Date (or, if such date
is not a Business Day, on the next following Business Day).

     (d) Additional Commitment Lenders. The Company shall have the right, both before and
after the effectiveness of a requested extension under this Section 2.14, to replace any
Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more
Eligible Assignees (each such Eligible Assignee replacing a Non-Extending Lender on or before the
effectiveness of a requested extension under this Section 2.14, an “Additional
Commitment Lender”) as provided in Section 3.06(b) and Section 11.13;
provided that each such Additional Commitment Lender shall enter into an Assignment and
Assumption pursuant to which such Additional Commitment Lender shall, effective as of the
effectiveness of such requested extension, undertake a Commitment (and, if any such Additional
Commitment Lender is a Lender on the effective date referenced in the immediately succeeding
clause (e), its Commitment shall be in addition to such Lender’s Commitment hereunder on such
date). Any Eligible Assignee replacing a Non-Extending Lender after the effectiveness of a
requested extension shall enter into an Assignment and Assumption with such Non-Extending Lender
assuming such Non-Extending Lender’s Commitment with such extended Maturity Date.

     (e) Minimum Extension Requirement. If (and only if) the total of the Commitments of
the Lenders that have agreed so to extend their Maturity Date (each an “Extending Lender”)
and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the
aggregate amount of the Commitments in effect on the Notice Date, then, subject to the conditions
set forth in Section 2.14(d), effective as of the Notice Date, or such later date as the
Administrative Agent and the Company shall agree, the Maturity Date of each Extending Lender and
of each Additional Commitment Lender shall be extended to the same date one year after the
Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so
extended shall be the next preceding Business Day) and each Additional Commitment Lender shall
thereupon become a “Lender” for all purposes of this Agreement. The Maturity Date of each
Non-Extending Lender remaining a Lender hereunder shall remain the Existing Maturity Date;
provided, the Company shall continue to have the right to replace
any such Non-Extending Lender following the effectiveness of any such extension as provided
in Section 2.14(d).

     (f) Conditions to Effectiveness of Extensions. As a condition precedent to such
extension, the Company shall deliver to the Administrative Agent a certificate dated as of the

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Notice Date signed by a Responsible Officer of the Company (i) certifying and attaching the
resolutions adopted by the Company approving or consenting to such extension and (ii) certifying
that, before and immediately after giving effect to such extension, (A) the representations and
warranties of (1) the Company contained in Article V and (2) any Loan Party in any other
Loan Document are true and correct in all material respects on and as of the Notice Date, except
to the extent that such representations and warranties specifically refer to an earlier date, in
which case they shall be true and correct in all material respects as of such earlier date, and
except that for purposes of this Section 2.14, the representations and warranties
contained in subsections (a) and (b) of Section 5.05 shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section
6.01, and (B) no Default or Event of Default exists. In addition, on the Maturity Date of
each Non-Extending Lender, each Borrower shall prepay the Loans made to such Borrower and
outstanding on such date (and pay any additional amounts required pursuant to Section
3.05) to the extent necessary to keep outstanding Loans ratable with any revised Applicable
Percentages of the Lenders effective as of such date.

     (g) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.13 or 11.01 to the contrary.

     2.15 Designated Borrowers. (a) The Company may at any time, upon not less than 10 Business
Days’ notice from the Company to the Administrative Agent (or such shorter period as may be agreed
by the Administrative Agent in its sole discretion), designate any wholly-owned Canadian
Subsidiary of the Company (an “Applicant Borrower”) as a Designated Borrower hereunder by
delivering to the Administrative Agent (which shall promptly deliver counterparts thereof to each
Lender) a duly executed notice and agreement in substantially the form of Exhibit F-1 (a
“Designated Borrower Request and Assumption Agreement”). The parties hereto acknowledge
and agree that prior to any Applicant Borrower becoming entitled to utilize the credit facilities
provided for herein the Administrative Agent shall have received such supporting resolutions,
incumbency certificates, certification as to Canadian corporate access number, opinions of counsel
and other documents or information, in form, content and scope reasonably satisfactory to the
Administrative Agent, as may be reasonably requested by the Administrative Agent or the Required
Lenders, and Notes signed by such new Borrowers to the extent any Lenders so request. Promptly
following receipt of all such requested resolutions, incumbency certificates, certification,
opinions of counsel and other documents or information, the Administrative Agent shall send a
notice in substantially the form of Exhibit F-2 (a “Designated Borrower Notice”)
to the Company and the Lenders specifying the date of such notice (or such later date as the
Company and the Administrative Agent may agree) as the effective date upon which the Applicant
Borrower shall constitute a
Designated Borrower for purposes hereof. From such effective date to the date on which such
Person’s status as a Designated Borrower is terminated pursuant to the immediately succeeding
clause (c), (y) each of the parties agrees that such Designated Borrower shall be a Borrower for
all purposes of this Agreement and the other Loan Documents and shall be entitled to request
extensions of credit hereunder and (z) each Lender and the L/C Issuer agree to extend credit to
such Designated Borrower, in each case, on the terms and subject to the conditions set forth
herein. Notwithstanding the foregoing procedure for designating a Person as a Designated
Borrower, effective as of the Closing Date, PMCULC shall be a “Designated Borrower” hereunder.

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     (b) Each Subsidiary of the Company that is or becomes a “Designated Borrower” pursuant to
this Section 2.15 hereby irrevocably appoints the Company as its agent for purposes of (i)
requesting Committed Borrowings, conversions of Committed Loans from one Type to the other, and
continuations of Eurocurrency Rate Committed Loans on its behalf pursuant to Section 2.02,
requesting Letters of Credit on its behalf pursuant to Section 2.03, and requesting Swing
Line Loans on its behalf pursuant to Section 2.04, which requests may also be made by such
Designated Borrower and (ii) receiving any notice, demand, consent, acknowledgement, direction,
certification or other communication to be delivered by the Administrative Agent, any L/C Issuer
or the Swingline Lender to any Designated Borrower under this Agreement or any other Loan
Document.

     (c) The Company may from time to time, upon not less than 5 Business Days’ notice from the
Company to the Administrative Agent and Lenders (or such shorter period as may be agreed by the
Administrative Agent in its sole discretion), terminate a Subsidiary’s status as a Designated
Borrower, provided that there are no outstanding Loans payable by such Designated
Borrower, or other amounts payable by such Designated Borrower on account of any Loans made to it,
any outstanding Canadian BA’s issued by such Designated Borrower that are not Cash Collateralized
pursuant to Section 5(b) of Schedule 2.01A or any outstanding Letters of Credit
for the account of such Designated Borrower as of the effective date of such termination, which in
any such event have not been assumed by the Company or one or more other Designated Borrowers.
From and after the date of such termination and until the date such Person is re-designated a
Designated Borrower, references to the term “Designated Borrower” shall exclude such Person.

     2.16 Increase in Commitments.

     (a) Request for Increase. Provided there exists no Default, upon (i) notice to the
Administrative Agent (which shall promptly notify the Lenders) and (ii) substantially
contemporaneous notice (with copy thereof to the Administrative Agent) to Eligible Assignees not
then Lenders (each such Eligible Assignee, a “Proposed Lender”), the Company shall have
the right promptly to effectuate from time to time and at any time, in accordance with the terms
hereof, an increase in the aggregate amount of the then Aggregate Commitments provided
that (y) the aggregate amount of the Aggregate Commitments as so increased shall not at any time
exceed $2,100,000,000, and (z) each such increase shall be in a minimum amount of $50,000,000. At
the time of sending such notices, the Company (in consultation with the
Administrative Agent) shall specify the time period within which each Lender and Proposed
Lender is requested to respond (which shall in no event be less than five Business Days from the
date of delivery of such notice to the Lenders, and which may be extended upon agreement by the
Company and the Administrative Agent).

     (b) Lender Elections to Increase. Each Lender shall promptly notify the
Administrative Agent and the Company within such time period whether or not it agrees to increase
the amount of its Commitment and, if so, whether by an amount equal to, greater than, or less than
its Applicable Percentage (as it existed immediately prior to such proposed increase) and the
amount of such proposed increase. Each Proposed Lender shall promptly notify the Administrative
Agent and the Company within such time period whether or not it agrees to participate in such
increased amount of the Aggregate Commitments, and at what

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amount it proposes to participate in
such increased amount. Any Lender or Proposed Lender not responding within such time period shall
be deemed to have declined to increase its Commitment, or participate in the increase in the
aggregate amount of the Aggregate Commitments, as the case may be.

     (c) Effective Date and Allocations. If the aggregate amount of Aggregate Commitments
are increased in accordance with this Section 2.16, the Administrative Agent and the
Company shall promptly thereafter determine the effective date thereof (the “Increase
Effective Date”) and the final allocation of such increase, and the Administrative Agent shall
promptly notify the Company and the Lenders (including Proposed Lenders that have agreed to
participate in such increase) of the final allocation of such increase and the Increase Effective
Date.

     (d) Conditions to Effectiveness of Increase. As conditions precedent to each
increase, (i) the Company shall deliver to the Administrative Agent a certificate of the Company
dated as of the applicable Increase Effective Date, signed by a Responsible Officer of the
Company, (y) certifying and attaching the resolutions adopted by the Company authorizing or
consenting to such increase, as the case may be, and (z) certifying that, immediately before and
after giving effect to such increase, (A) the representations and warranties of (1) the Company
contained in Article V of this Agreement and (2) any Loan Party in any other Loan Document
are true and correct in all material respects on and as of such applicable Increase Effective
Date, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct in all material respects as of such earlier
date, and except that for purposes of this Section 2.16, the representations and
warranties contained in Section 5.05(a) and (b) shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01, and (B) no Default or Event of Default exists, and (ii) each Proposed Lender
that is becoming a Lender shall (y) be subject to the reasonable approval of the Administrative
Agent, the L/C Issuer and the Swing Line Lender, which approvals shall not be unreasonably
withheld, delayed or conditioned, and (z) execute and deliver a joinder agreement in form and
substance reasonably satisfactory to the Administrative Agent, the L/C Issuer, the Swing Line
Lender and the Company. The Company shall prepay any Committed Loans outstanding on such
applicable Increase Effective Date (and pay any additional amounts required pursuant to
Section 3.05) to the extent necessary to keep
the outstanding Committed Loans ratable with the Applicable Percentages resulting from any
non-ratable increase in the amount of the Aggregate Commitments under this Section 2.16
and in effect after giving effect thereto.

     (e) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.13 or 11.01 to the contrary.

     2.17 Cash Collateral.

     (a) Certain Credit Support Events. Within one Business Day following the written
request of the Administrative Agent or the L/C Issuer (i) if the L/C Issuer has honored any full
or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C
Borrowing that remains outstanding for more than two Business Days, then the applicable Borrower
shall deliver (or cause to be delivered) to the Administrative Agent Cash Collateral in

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an amount
equal to such L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C
Obligation for any reason remains outstanding, then the Company shall deliver (or cause to be
delivered) to the Administrative Agent Cash Collateral in
an amount equal to the aggregate amount
of all such L/C Obligations. The Administrative Agent may, at any time and from time to time
after the initial deposit of Cash Collateral, request that the applicable Borrower provide
additional Cash Collateral in order to protect against the results of exchange rate fluctuations
in accordance with Section 2.05(d). At any time that there shall exist a Defaulting
Lender, within one Business Day following the written request of the L/C Issuer or the Swing Line
Lender, the applicable Borrower shall deliver (or cause to be delivered) to the Administrative
Agent Cash Collateral in an amount equal to the Fronting Exposure (after giving effect to
Section 2.18(a)(iv) and any Cash Collateral provided by the Defaulting Lender).

     (b) Grant of Security Interest. All Cash Collateral (other than credit support not
constituting funds subject to deposit) shall be maintained in blocked, interest bearing deposit
accounts at Bank of America. Each Borrower, and to the extent provided by any Lender, such
Lender, hereby grants to (and subjects to the control of) the Administrative Agent, for the
benefit of the Administrative Agent, the L/C Issuer and the Lenders (including the Swing Line
Lender), and agrees to maintain, a first priority security interest in all such cash, deposit
accounts and all balances therein, and all other property so provided as collateral pursuant
hereto, and in all proceeds of the foregoing, all as security for the obligations to which such
Cash Collateral may be applied pursuant to Section 2.17(c). If at any time the
Administrative Agent reasonably determines that (i) Cash Collateral is subject to any right or
claim of any Person (other than a claim of a nature residual to the claim of the Administrative
Agent) other than the Administrative Agent as herein provided, or (ii) the total amount of such
Cash Collateral is less than the applicable Fronting Exposure (and, following the Letter of Credit
Expiration Date, all outstanding L/C Obligations), the applicable Borrower or the relevant
Defaulting Lender will, promptly within one Business Day following written demand by the
Administrative Agent, remit or provide (or cause to be remitted or provided) to the Administrative
Agent additional Cash Collateral (x) not subject to any such right or claim or (y) in an amount
sufficient to eliminate such deficiency.

     (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, but subject to subsection (d) below, Cash Collateral provided under any of this
Section 2.17 or Sections 2.03, 2.05, 2.18 or 8.02 in
respect of Letters of Credit or Swing Line Loans or Canadian BA’s shall be held and applied to the
satisfaction of the specific L/C Obligations, Swing Line Loans and obligations to fund
participations therein and Canadian BA’s (including, as to Cash Collateral provided by a
Defaulting Lender, any interest accrued on such obligation), prior to any other application of
such property as may be provided for herein.

     (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure (and, following the Letter of Credit Expiration Date, to secure all outstanding
L/C Obligations) shall be released promptly following (i) the elimination of the applicable
Fronting Exposure (or, following the Letter of Credit Expiration Date, all secured L/C
Obligations) (including by the termination of Defaulting Lender status of the applicable Lender
(or, as appropriate, its assignee following compliance with Section 11.06(b)(vii))) or the
expiration of the applicable Letter of Credit, as the case may be, or (ii) the Administrative
Agent’s good faith determination that there exists excess Cash Collateral; provided,
however,

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(x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released
during the continuance of a Default or Event of Default (and following application as provided in
this Section 2.17 may, during the continuance of an Event of Default, be otherwise applied
in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C
Issuer or Swing Line Lender, as applicable, may agree that Cash Collateral shall not be released
but instead held to support future anticipated Fronting Exposure or other obligations, and any
such future Fronting Exposure shall be reduced by the amount so held.

     2.18 Defaulting Lenders.  (a) Adjustments. Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent not prohibited by applicable Law:

     (i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 11.01.

     (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 11.08), shall, following application by Administrative
Agent of any such payment by or on behalf of a Loan Party to the account of such Defaulting
Lender with respect to such Obligation paid (and in lieu of being distributed to such
Defaulting Lender pursuant to Section 2.12(a) or such other provision of this
Agreement applicable with respect to the distribution thereof), be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of
any amounts owing by that Defaulting Lender to the Administrative Agent
hereunder; second, to the payment on a pro rata basis of any amounts owing by that
Defaulting Lender to the L/C Issuer or Swing Line Lender hereunder; third, if so determined
by the Administrative Agent or requested by the L/C Issuer or Swing Line Lender (and after
giving effect to Section 2.18(a)(iv) and any Cash Collateral then held), to be held
as Cash Collateral for Fronting Exposure with respect to such Defaulting Lender; fourth, as
the Company may request (so long as no Default or Event of Default exists), to the funding
of any Loan in respect of which that Defaulting Lender has failed to fund its portion
thereof as required by this Agreement, or, so long as the amount of the Cash Collateral at
such time is equal to the actual Fronting Exposure at such time, to substitute for and
release to the applicable Borrower on a dollar-for-dollar basis, Cash Collateral previously
provided by the applicable Borrower with respect to the applicable Defaulting Lender
(subject to documentation in form and substance reasonably satisfactory to the
Administrative Agent and the applicable L/C Issuer or the Swing Line Lender, as applicable,
and such substituted amounts otherwise satisfying the requirements to constitute Cash
Collateral hereunder); fifth, if so determined by the Administrative Agent and the Company,
to be held in an interest bearing deposit account and released pro rata in order to (y)
satisfy obligations of that Defaulting Lender to fund Loans under this Agreement or (z) Cash
Collateralize the L/C Issuers’ future Fronting Exposure with respect to future Letters of
Credit issued under this Agreement in accordance with

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Section 2.17; sixth, to the
payment of any amounts owing to the Lenders, the L/C Issuer or Swing Line Lender hereunder
or as a result of any judgment of a court of competent jurisdiction obtained by any Lender,
the L/C Issuer or Swing Line Lender against that Defaulting Lender as a result of that
Defaulting Lender’s breach of its obligations under this Agreement; seventh, to the payment
of any amounts owing to any Loan Party hereunder or as a result of any judgment of a court
of competent jurisdiction obtained by such Loan Party against that Defaulting Lender as a
result of that Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to that Defaulting Lender or as otherwise directed by a court of competent
jurisdiction; provided that, with respect to this clause eighth, if (x) such payment
is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that
Defaulting Lender has not fully funded its appropriate share and (y) such Loans or L/C
Borrowings were made at a time when the conditions set forth in Section 4.02 were
satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C
Borrowings owed to, all respective non-Defaulting Lenders on a pro rata basis prior to being
applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Lender.
Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are
applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral
pursuant to this Section 2.18(a)(ii) shall be deemed paid to and redirected by that
Defaulting Lender, and each Lender irrevocably consents hereto.

     (iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any facility fee pursuant to Section 2.09(a) for any period during which
that Lender is a Defaulting Lender and (y) shall be limited in its rights to receive Letter
of Credit Fees as provided in Section 2.03(h) and, in each case, the Company shall
not be required to pay to the Administrative Agent for the account of the Defaulting Lender
or the Defaulting
Lender any such fee, and no such fees shall accrue for the account of the Defaulting
Lender, that otherwise would have been required to have been paid to that Defaulting Lender.

     (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, for purposes of computing the
amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit or Swing Line Loans pursuant to Sections 2.03
and 2.04, the “Applicable Percentage” of each non-Defaulting Lender shall be
computed without giving effect to the Commitment of that Defaulting Lender;
provided, that, (A) each such reallocation shall be given effect only if (x) on the
date the applicable Lender becomes a Defaulting Lender, no Default or Event of Default has
occurred and is continuing, or (y) if a Default or Event of Default occurred and was
continuing on such date, on a subsequent Business Day no Default or Event of Default has
occurred and is continuing, and (B) the aggregate obligation of each non-Defaulting Lender
to acquire, refinance or fund participations in Letters of Credit and Swing Line Loans shall
not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting
Lender minus (2) the aggregate Outstanding Amount of the Committed Loans of that
Lender.

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     (b) Defaulting Lender Cure. If the Company, the Administrative Agent, Swing Line
Lender and the L/C Issuer agree in writing in their sole discretion that a Defaulting Lender
should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the
parties hereto, whereupon as of the effective date specified in such notice and subject to any
conditions set forth therein (which may include arrangements with respect to any Cash Collateral
and reimbursement of costs and expenses to each Loan Party), that Lender will, to the extent
applicable, purchase that portion of outstanding Loans of the other Lenders or take such other
actions as the Administrative Agent may determine to be necessary to cause the Committed Loans and
funded and unfunded participations in Letters of Credit and Swing Line Loans to be held on a pro
rata basis by the Lenders in accordance with their Applicable Percentages (without giving effect
to Section 2.18(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender;
provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of any Loan Party while that Lender was a Defaulting Lender; and
provided, further, that except to the extent otherwise expressly agreed by the
affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or
release of any claim of any party hereunder arising from that Lender’s having been a Defaulting
Lender.

     (c) Rights and Remedies against a Defaulting Lender. The Company may replace any
Defaulting Lender in accordance with Section 11.13. The rights and remedies against, and
with respect to, a Defaulting Lender under this Section 2.18 are in addition to, and
cumulative and not in limitation of, all other rights and remedies that each of the Administrative
Agent, the L/C Issuers, the Lenders and the Loan Parties may, at any time, have against, or with
respect to, such Defaulting Lender.

ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(i) Any and all payments by or on account of any obligation of the respective Borrower hereunder
or under any other Loan Document shall to the extent permitted by applicable Laws be made free and
clear of and without reduction or withholding for any Taxes. If, however, applicable Laws require
any Borrower or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld
or deducted in accordance with such Laws as determined by such Borrower or the Administrative
Agent, as the case may be, upon the basis of the information and documentation to be delivered
pursuant to subsection (e) below.

     (ii) If any Borrower or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment by or on account of any obligation of such Borrower
hereunder or under any other Loan Document, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based
upon the information and documentation it has received pursuant to subsection (e) below, (B)
the Administrative Agent shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with the Code, and (C) to the extent that the
withholding or deduction is made

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on account of Indemnified Taxes or Other Taxes, the sum
payable by such Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer,
as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made.

     (iii) If any Borrower or the Administrative Agent shall be required by any applicable
Laws other than the Code to withhold or deduct any Taxes from any payment by or on account
of any obligation of such Borrower hereunder or under any other Loan Document, then (A) the
Administrative Agent shall withhold or make such deductions as are determined by the
Administrative Agent to be required based upon the information and documentation it has
received pursuant to subsection (e) below, (B) the Administrative Agent shall timely pay the
full amount withheld or deducted to the relevant Governmental Authority in accordance with
such Laws, and (C) to the extent that the withholding or deduction is made on account of
Indemnified Taxes or Other Taxes, the sum payable by such Borrower shall be increased as
necessary so that after any required withholding or the making of all required deductions
(including deductions applicable to additional sums payable under this Section) the
Administrative Agent, Lender or L/C Issuer, as the case may be, receives an amount equal to
the sum it would have received had no such withholding or deduction been made.

     (b) Payment of Other Taxes by Each of the Borrowers. Without limiting the provisions
of subsection (a) above, each Borrower shall timely pay any Other Taxes arising from payments
required to be made by it hereunder or from its execution and delivery of, or performance by it
of, or otherwise with respect to its obligations under, any Loan Document to which it is a party
and imposed thereon under applicable Law to the relevant Governmental Authority in accordance with
applicable Laws.

     (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, each Borrower shall, and does hereby, indemnify the Administrative Agent, each Lender
and the L/C Issuer, and shall make payment in respect thereof within 10 Business Days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid
by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. Each Borrower shall also, and does hereby, indemnify the Administrative
Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any
amount which a Lender or the L/C Issuer (other than a Lender or L/C Issuer that is an affiliate of
the Administrative Agent) for any reason fails to pay indefeasibly to the Administrative Agent as
required by clause (ii) of this subsection. A certificate as to the amount of any such payment or
liability delivered to a Borrower by a Lender or the L/C Issuer (with a copy to the Administrative
Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender or the L/C
Issuer, shall be conclusive absent manifest error. However, neither the Administrative Agent, any
Lender, nor the L/C Issuer shall be entitled to receive any payment with respect to Indemnified
Taxes or Other Taxes that

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are incurred or accrued more than 180 days prior to the date the
Administrative Agent, such Lender, or the L/C Issuer gives notice and demand thereof to such
Borrower.

     (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and
the L/C Issuer shall, and does hereby, indemnify each Borrower and the Administrative Agent,
and shall make payment in respect thereof within 10 days after demand therefor, against any
and all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the reasonable fees, charges and disbursements of any counsel for such
Borrower or the Administrative Agent) incurred by or asserted against such Borrower or the
Administrative Agent by any Governmental Authority as a result of the failure by such Lender
or the L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy,
inadequacy or deficiency of, any documentation required to be delivered by such Lender or
the L/C Issuer, as the case may be, to such Borrower or the Administrative Agent pursuant to
subsection (e). Each Lender and the L/C Issuer hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer,
as the case may be, under this Agreement or any other Loan Document against any amount due
to the Administrative Agent under this clause (ii). The agreements in this clause (ii)
shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all other payment
Obligations.

     (d) Evidence of Payments. As soon as reasonably practicable after request by a
Borrower or the Administrative Agent, as the case may be, and after any payment of Indemnified
Taxes or Other Taxes by such Borrower or by the Administrative Agent to a Governmental Authority
as provided in this Section 3.01, such Borrower shall deliver to the Administrative Agent
or the Administrative Agent shall deliver to such Borrower, as the case may be, the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of any return required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to such Borrower or the Administrative Agent, as the case may be.

     (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Company and to the Administrative Agent, at the time or times prescribed by applicable Laws or
when reasonably requested by the Company or the Administrative Agent, such properly completed and
executed documentation prescribed by applicable Laws or by the taxing authorities of any
jurisdiction and such other reasonably requested information as will permit the Company or the
Administrative Agent, as the case may be, (A) to determine (1) whether or not payments made by the
respective Borrowers to such Lender hereunder or under any other Loan Document are subject to
Taxes or information reporting, (2) if applicable, the required rate of withholding or deduction
with respect to such payments, and (3) such Lender’s entitlement to any available exemption from,
or reduction of, applicable Taxes in respect of all payments to be made to such Lender by the
respective Borrowers pursuant to this Agreement or any other Loan Document or (B) to establish
such Lender’s status for withholding tax purposes in the applicable jurisdictions.

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     (ii) Without limiting the generality of clause (i) above, if a Borrower is resident for
tax purposes in the United States,

     (A) any Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall deliver to the Company and the Administrative Agent
(in such number of copies as shall be requested by the recipient) executed originals
of Internal Revenue Service Form W-9 or such other documentation or information
prescribed by applicable Laws or reasonably requested by the Company on behalf of
such Borrower or the Administrative Agent as will enable such Borrower or the
Administrative Agent, as the case may be, to determine whether or not such Lender is
subject to backup withholding or information reporting requirements;

     (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Company and the
Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender
becomes a Lender (and from time to time thereafter upon the request of the
Company on behalf of such Borrower or the Administrative Agent, but only if such
Foreign Lender is legally entitled to do so, or at such times prescribed by
applicable Law), whichever of the following is applicable:

     (I) executed originals of Internal Revenue Service Form W-8BEN, or
successor applicable form, claiming eligibility for benefits of an income
tax treaty to which the United States is a party,

     (II) executed originals of Internal Revenue Service Form W-8ECI, or
successor applicable form,

     (III) executed originals of Internal Revenue Service Form W-8IMY, or
successor applicable form, and all required supporting documentation,

     (IV) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of such Borrower within the meaning of Section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section
881(c)(3)(C) of the Code and (y) executed originals of Internal Revenue
Service Form W-8BEN, or successor applicable form, or

     (V) executed originals of any other form prescribed by applicable Laws
as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as
may be prescribed by applicable Laws to permit such

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Borrower or the
Administrative Agent to determine the withholding or deduction required to
be made; and

     (C) if a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender, L/C Issuer or
Administrative Agent were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender, L/C Issuer or Administrative Agent shall
deliver to the applicable Borrower and the Administrative Agent at the time or times
prescribed by law and at such time or times reasonably requested by the applicable
Borrower or the Administrative Agent such documentation prescribed by applicable law
(including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the applicable Borrower or the
Administrative Agent as may be necessary for such Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such
Lender, L/C Issuer or
Administrative Agent has complied with such Lender’s, L/C Issuer’s or
Administrative Agent’s obligations under FATCA or to determine the amount to deduct
and withhold from such payment. Solely for purposes of this clause (C), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

     (iii) Each Lender shall promptly (A) notify the Company and the Administrative Agent of
any change in circumstances which would modify or render invalid any claimed exemption or
reduction in withholding taxes, (B) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably
necessary (including the re-designation of its Lending Office) to avoid any requirement of
applicable Laws of any jurisdiction that any Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender, and (C) deliver to
the applicable Borrower and the Administrative Agent (1) such other documentation or
information prescribed by applicable Law following the occurrence of any event requiring a
change in the most recent documentation previously delivered pursuant to this subsection (e)
so as to maintain compliance with such Lender’s obligations thereunder, and (2) prior to the
date on which any documentation delivered pursuant to this subsection (e) expires or becomes
obsolete, such documentation as may be necessary to maintain compliance with such Lender’s
obligations thereunder.

     (iv) Each of the Borrowers shall promptly deliver to the Administrative Agent or any
Lender, as the Administrative Agent or such Lender shall reasonably request, such documents
and forms reasonably requested as are required by any relevant taxing authorities under the
Laws of any jurisdiction, duly executed and completed by such Borrower, to be furnished by
such Lender or the Administrative Agent under such Laws in connection with any payment by
the Administrative Agent or any Lender of Taxes or Other Taxes, or otherwise in connection
with the Loan Documents, with respect to such jurisdiction.

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     (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a
Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any
refund of Taxes withheld or deducted from funds paid for the account of such Lender or the L/C
Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer determines,
in its sole discretion, that it has received a refund of any Taxes or Other Taxes as to which it
has been indemnified by any Borrower or with respect to which any Borrower has paid additional
amounts pursuant to this Section 3.01, it shall pay to such Borrower an amount equal to
such refund (but only to the extent of indemnity payments made, or additional amounts paid, by
such Borrower under this Section 3.01with respect to the Taxes or Other Taxes giving rise
to such refund), net of all out-of-pocket expenses and net of any loss or gain realized in the
conversion of such funds from or to another currency incurred by the Administrative Agent, such
Lender or the L/C Issuer, as the case may be, and without interest (other than any interest paid
by the relevant Governmental Authority with respect to such refund), provided that such
Borrower, upon the request of the Administrative Agent, such Lender or the L/C Issuer, agrees
to repay the amount paid over to such Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent, such Lender or the
L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer is required to
repay such refund to such Governmental Authority. This subsection shall not be construed to
require the Administrative Agent, any Lender or the L/C Issuer to make available its tax returns
(or any other information relating to its taxes that it deems confidential) to such Borrower or
any other Person.

     3.02 Illegality. If any Lender determines that any Change in Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Loans whose interest is determined by reference to the
Eurocurrency Rate (whether denominated in Dollars or Canadian Dollars) or to accept Canadian BA’s,
or to determine or charge interest rates based upon the Eurocurrency Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars or Canadian Dollars in the applicable interbank market, then, on
notice thereof by such Lender to the Company through the Administrative Agent, (i) any obligation
of such Lender to make or continue Eurocurrency Rate Loans in the affected currency or currencies
or, in the case of Eurocurrency Rate Loans in Dollars or to convert Base Rate Committed Loans to
Eurocurrency Rate Committed Loans or accept Canadian BA’s, as the case may be, shall be suspended,
and (ii) if such notice asserts the illegality of such Lender making or maintaining Base Rate Loans
the interest rate on which is determined by reference to the Eurocurrency Rate component of the
Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to avoid
such illegality, be determined by the Administrative Agent without reference to the Eurocurrency
Rate component of the Base Rate, in each case until such Lender notifies the Administrative Agent
and the Company that the circumstances giving rise to such determination no longer exist. Upon
receipt of such notice, (x) the Borrowers shall, upon demand from such Lender (with a copy to the
Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans of such Lender
to Base Rate Loans (with respect to Loans denominated in Dollars) or Canadian Prime Rate Loans
(with respect to Committed Loans denominated in Canadian Dollars) (the interest rate on which Base
Rate Loans or Canadian Prime Rate Loans of such Lender shall, if necessary to avoid such
illegality, be determined by the Administrative Agent without reference to the

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Eurocurrency Rate or
CDOR component of the Base Rate or Canadian Prime Rate, respectively), either on the last day of
the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency
Rate Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurocurrency Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurocurrency Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurocurrency Rate component thereof until the Administrative Agent is advised in writing by such
Lender that it is no longer illegal for such Lender to determine or charge interest rates based
upon the Eurocurrency Rate. Upon any such prepayment or conversion, the Borrowers shall also pay
accrued interest on the amount so prepaid or converted.

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for (a) a Eurocurrency Rate Loan or a conversion to or continuation
thereof that (i) deposits (whether in Dollars or Canadian Dollars) are not being offered to banks
in the applicable offshore interbank Eurocurrency market for such currency for the applicable
amount and Interest Period of such Eurocurrency Rate Loan, (ii) adequate and reasonable means do
not exist for determining the Eurocurrency Rate for any requested Interest Period with respect to a
proposed Eurocurrency Rate Committed Loan (whether denominated in Dollars or Canadian Dollars) or
in connection with an existing or proposed Base Rate Loan, or (iii) the Eurocurrency Rate for any
requested Interest Period with respect to a proposed Eurocurrency Rate Committed Loan does not
adequately and fairly reflect the cost to such Lenders of funding such Loan, or (b) Canadian BA’s
that adequate and reasonable means do not exist for determining pricing with respect to such
Canadian BA’s, the Administrative Agent will promptly so notify the Company and each Lender.
Thereafter, (x) the obligation of the Lenders to make or maintain Eurocurrency Rate Loans in the
affected currency or currencies or to issue Canadian BA’s shall be suspended (i) in respect to the
applicable amount and Interest Period referred to in the preceding clause (a)(i), or (ii) in the
circumstances referred to in the preceding clauses (a)(ii) and (iii) and (b), shall be suspended,
and (y) in the event of a determination described in the preceding sentence with respect to the
Eurocurrency Rate component of the Base Rate, the utilization of the Eurocurrency Rate component in
determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the Company
may revoke any pending request for a Borrowing of, conversion to or continuation of Eurocurrency
Rate Committed Loans in the affected currency or currencies or for Canadian BA’s, as applicable,
or, failing that, will be deemed to have converted such request into a request for a Committed
Borrowing of Base Rate Loans in the amount specified therein or, in the case of a request for
Eurocurrency Loans denominated in Canadian Dollars or Canadian BA’s, a request for a Committed
Borrowing of Canadian Prime Rate Loans.

     3.04 Increased Costs; Reserves on Eurocurrency Rate Loans.

     (a) Increased Costs Generally. If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with

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or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or L/C Issuer;

     (ii) subject any Lender or L/C Issuer to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or any
Eurocurrency Rate Loan made by it or any Canadian BA accepted by it, or change the basis of
taxation of payments to such Lender or L/C Issuer in respect thereof (except for Indemnified
Taxes or Other Taxes covered by Section 3.01 and the imposition of, or any change in
the rate of, any Excluded Tax payable by such Lender or L/C Issuer); or

     (iii) impose on any Lender or L/C Issuer or the London interbank market or the market
for Canadian BA’s or any other condition, cost or expense affecting this Agreement or
Eurocurrency Rate Loans made by such Lender or any Letter of Credit or participation
therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Loan the interest on which is determined by reference to the Eurocurrency Rate (or
of maintaining its obligation to make any such Eurocurrency Rate Loan), of accepting any Canadian
BA’s or to increase the cost to such Lender or L/C Issuer of participating in, issuing or
maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue
any Letter of Credit), or to reduce the amount of any sum received or receivable by such Lender or
L/C Issuer hereunder (whether of principal, interest or any other amount), in each case, by an
amount deemed in good faith by such Lender or L/C Issuer to be material, then, within five Business
Days after written demand therefor by such Lender or L/C Issuer, the Company will pay (or cause the
applicable Designated Borrower to pay) to such Lender or L/C Issuer, as the case may be, such
additional amount or amounts as will compensate such Lender or L/C Issuer, as the case may be, for
such additional costs incurred or reduction suffered.

     (b) Capital Requirements. If any Lender or L/C Issuer determines that any Change in
Law affecting such Lender or L/C Issuer or any Lending Office of such Lender or such Lender’s or
L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect
of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such
Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by
such Lender, or the Letters of Credit issued by L/C Issuer, or the acceptance by such Lender of
any Canadian BA, by an amount deemed in good faith by such Lender or L/C Issuer to be material
based on that which such Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company
could have achieved but for such Change in Law (taking into consideration such Lender’s or L/C
Issuer’s policies and the policies of such Lender’s or L/C Issuer’s holding company with respect
to capital adequacy), then from time to time within five Business Days after written demand
therefor, the Company will pay (or cause the applicable Designated Borrower to pay) to such Lender
or L/C Issuer, as the case may be, such additional amount or amounts as will compensate such
Lender or L/C Issuer or such Lender’s or L/C Issuer’s holding company, if any, for any such
reduction suffered.

     (c) Certificates for Reimbursement. A certificate of a Lender or L/C Issuer setting
forth the amount or amounts necessary to compensate such Lender or L/C Issuer or its holding

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company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered
to the Company shall be conclusive absent manifest error. The Company shall pay (or cause the
applicable Designated Borrower to pay) such Lender or L/C Issuer, as the case may be, the amount
shown as due on any such certificate within 10 days after receipt thereof. Upon request by the
Company, a Lender or L/C Issuer, as the case may be, shall also provide a certificate that such
Lender or L/C Issuer is generally requesting such compensation from its other borrowers.

     (d) Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to
demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or L/C Issuer’s right to demand such compensation, provided that
no Borrower shall be required to compensate a Lender or L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than 180
days prior to the date that such Lender or L/C Issuer, as the case may be, notifies the Company of
the Change in Law giving rise to such increased costs or reductions and of such Lender’s or L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof).

     (e) Reserves on Eurocurrency Rate Loans. The Company shall pay (or cause the
applicable Designated Borrower to pay) to each Lender, (i) as long as such Lender shall be
required to maintain reserves with respect to liabilities or assets consisting of or including
Eurocurrency funds or deposits (currently known as “Eurocurrency liabilities”), additional
interest on the unpaid principal amount of each Eurocurrency Rate Loan equal to the actual costs
of such reserves allocated to such Loan by such Lender (as determined by such Lender in good
faith, which determination shall be conclusive absent manifest error), and (ii) as long as such
Lender shall be required to comply with any reserve ratio requirement or analogous requirement of
any other central banking or financial regulatory authority imposed in respect of the maintenance
of the Commitments or the funding of the Eurocurrency Rate Loans, such additional costs (expressed
as a percentage per annum and rounded upwards, if necessary, to the nearest five decimal places)
equal to the actual costs allocated to such Commitment or Loan by such Lender (as determined by
such Lender in good faith, which determination shall be conclusive absent manifest error), which
in each case shall be due and payable on each date on which interest is payable on such Loan,
provided the Company shall have received at least 10 days’ prior notice (with a copy to
the Administrative Agent) of such additional interest or costs from such Lender. If a Lender
fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest
or costs shall be due and payable 10 days from receipt of such notice.

     3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent)
from time to time, the Company shall promptly compensate (or cause the applicable Designated
Borrower to compensate) such Lender for and hold such Lender harmless from any loss, cost or
expense incurred by it as a result of:

     (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan or a Canadian Prime Rate Loan on a day other than the last day of the Interest Period for
such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise);

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     (b) any failure by any Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan or a Canadian
Prime Rate Loan on the date or in the amount notified by the Company or the applicable Designated
Borrower; or

     (c) any failure by any Borrower to make payment of any Loan or drawing under any Letter of
Credit (or interest due thereon) denominated in Canadian Dollars on its scheduled due date or any
payment thereof in a different currency, or

     (d) any assignment of a Eurocurrency Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the Company pursuant to Section
11.13;

excluding any loss of anticipated profits but including any loss (other than loss of anticipated
profits) or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were
obtained. The Company shall also pay (or cause the applicable Designated Borrower to pay) any
customary administrative fees charged by such Lender in connection with the foregoing.

A certificate of such Lender setting forth the amount of any such loss, cost or expense, including
reasonably detailed calculations thereof, shall be delivered to the Company and the Administrative
Agent and be conclusive absent manifest error. For purposes of calculating amounts payable by the
Company (or the applicable Borrower) to the Lenders under this Section 3.05, each Lender
shall be deemed to have funded each Eurocurrency Rate Committed Loan made by it at the Eurocurrency
Rate for such Loan by a matching deposit or other borrowing in the offshore interbank eurocurrency
market for such currency for a comparable amount and for a comparable period, whether or not such
Eurocurrency Rate Committed Loan was in fact so funded.

     3.06 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or any Borrower is required to pay any additional amount to any
Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C
Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section
3.02, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to
designate a different Lending Office for funding or booking its Loans or accepting Canadian BA’s
hereunder or to assign its rights and obligations hereunder to another of its offices, branches or
affiliates, if, in the judgment of such Lender or the L/C Issuer, such designation or assignment
(i) would eliminate or reduce amounts payable pursuant to Section 3.01 or 3.04, as
the case may be, in the future, or eliminate the need for the notice pursuant to Section
3.02, as applicable, and (ii) in each case, would not subject such Lender or the L/C Issuer,
as the case may be, to any unreimbursed cost or expense and would not otherwise be disadvantageous
to such Lender or the L/C Issuer, as the case may be. The Company hereby agrees to pay (or to
cause the applicable Designated Borrower to pay) all reasonable costs and expenses incurred by any
Lender or the L/C Issuer in connection with any such designation or assignment.

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     (b) Replacement of Lenders. If (i) any Lender requests compensation under
Section 3.04, or gives a notice pursuant to Section 3.02 and does not subsequently
designate a different Lending Office or assign its rights and obligations hereunder to another of
its offices, branches or affiliates as provided above, (ii) any Borrower is required to pay any
additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, (iii) any Lender becomes a Defaulting Lender, (iv) other than as set forth
in the immediately succeeding clause (v), any Lender fails to consent to an election, consent,
amendment, waiver or other modification to this Agreement or any other Loan Document that requires
the consent of (A) the Required Lenders, and such election, consent, amendment, waiver or other
modification is otherwise consented to by the Required Lenders, or (B) all Lenders (or all Lenders
directly affected thereby), and such election, consent, amendment, waiver or other modification is
otherwise consented to by Supermajority Lenders, or (v) any Lender becomes a Non-Extending Lender,
then in each case, the Company may replace such Lender in accordance with Section 11.13.

     3.07 Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and
resignation of the Administrative Agent.

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     4.01 Conditions Precedent to Initial Credit Extension. The obligation of the L/C Issuer and each
Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following
conditions precedent:

     (a) The Administrative Agent’s receipt of the following, each of which shall be originals,
telecopies or other electronic copies (followed promptly by originals) unless otherwise specified,
each properly executed by a Responsible Officer of the signing Loan Party, if applicable, each
dated the Closing Date (or, in the case of certificates of governmental officials, a recent date
before the Closing Date and in the case of financial statements, the date or period of such
financial statements) and each in form and substance reasonably satisfactory to the Administrative
Agent:

     (i) executed counterparts of this Agreement, sufficient in number for distribution to
the Administrative Agent, each Lender and the Company;

     (ii) if so requested within three Business Days of the Closing Date, Swing Line Notes
executed by each Borrower in favor of the Swing Line Lender and a Committed Loan Note
executed by each Borrower in favor of each requesting Lender;

     (iii) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agent
may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement
and the other Loan Documents to which such Loan Party is a party;

     (iv) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party and General Partner is duly

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organized or formed,
and that each of the Company and each Designated Borrower is
validly existing and in good standing in its jurisdiction of organization, issued by
the appropriate authorities of such jurisdiction;

     (v) favorable opinions of Tim Moore, Esq., General Counsel for the Company and PMCULC,
Fulbright & Jaworski L.L.P., special Texas and New York counsel to the Company and PMCULC,
and Bennett Jones LLP, special Canadian counsel for PMCULC, addressed to the Administrative
Agent and each Lender;

     (vi) the Audited Financial Statements and the Initial Pro Forma Forecasts;

     (vii) a certificate signed by a Responsible Officer of the Company certifying (A) that
the conditions specified in Section 4.02(a) and (b) have been satisfied, (B)
the Initial Pro Forma Forecasts were prepared in good faith upon assumptions deemed
reasonable by the Company at the time made, (C) that there has been no event or circumstance
since the date of the most recent Audited Financial Statements that has had or could be
reasonably expected to have, either individually or in the aggregate, a Material Adverse
Effect, (D) the current Debt Ratings, and (E) the Company’s true and correct U.S. taxpayer
identification number and PMCULC’s true and correct Canadian corporate access number;

     (viii) (A) evidence that the commitments under that certain 364-Day Credit Agreement
dated January 3, 2011 among the Company, Bank of America, as administrative agent, and the
lenders named therein, have been terminated, and (B) confirmation from the Administrative
Agent under the Existing Credit Agreement that the Existing Credit Agreement has been
replaced hereby, and, in each case, that all Subsidiary guaranties under such agreements are
of no further force and effect;

     (ix) evidence that substantially contemporaneously with the effectiveness hereof, all
subsidiary guaranties by any Subsidiaries of the Company delivered pursuant to that certain
Indenture dated September 25, 2002 among the Company, PAA Finance Corp. and U.S. Bank,
National Association, as trustee guaranteeing the obligations and indebtedness under such
Indenture and the notes issued thereunder shall be terminated and released; and

     (x) such other assurances, certificates, documents, consents or opinions as the
Administrative Agent may reasonably require.

     (b) All consents, licenses and approvals required in connection with the execution, delivery
and performance by each Loan Party and the validity against each Loan Party of the Loan Documents
to which it is a party shall have been obtained and shall be in full force and effect.

     (c) There shall not have occurred during the period from the date of the most recent Audited
Financial Statements through and including the Closing Date any event or condition that has had or
could reasonably be expected, either individually or in the aggregate, to have a Material Adverse
Effect, and there shall be no actions, suits, investigations, proceedings, claims
or disputes pending or, to the knowledge of the Company, threatened in writing, at law, in

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equity, in arbitration or before any Governmental Authority, by or against the Company or any of
its Subsidiaries or against any of their properties or revenues that either individually or in the
aggregate could reasonably be expected to have a Material Adverse Effect.

     (d) Any fees, including any arrangement fees, agency fees and upfront fees, and any expenses
of the Arrangers and Administrative Agent, in each case, as agreed in writing by the Company,
required to be paid on or before the Closing Date shall have been paid.

     (e) The Company shall have paid all reasonable fees, charges and disbursements of counsel to
the Administrative Agent to the extent invoiced prior to or on the Closing Date.

     Without limiting the generality of the provisions of the last paragraph of Section
9.03, for purposes of determining compliance with the conditions specified in this Section
4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto and the Administrative Agent hereby agrees to promptly provide the Company with a
copy of any such notice received by the Administrative Agent.

     4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for
Credit Extension (other than a Committed Loan Notice requesting only a conversion of Committed
Loans to the other Type, or a continuation of Eurocurrency Rate Committed Loans) is subject to the
following conditions precedent:

     (a) The representations and warranties of (i) the Company contained in Article V and
(ii) each Loan Party in any other Loan Document shall be true and correct in all material respects
on and as of the date of such Credit Extension, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date, and except that for purposes of this Section
4.02, the representations and warranties contained in subsections (a) and (b) of Section
5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a)
and (b), respectively, of Section 6.01.

     (b) No Default shall have occurred and be continuing, or would immediately result from such
proposed Credit Extension or from the application of the proceeds thereof.

     (c) The Administrative Agent and, if applicable, the L/C Issuer or the Swing Line Lender
shall have received a Request for Credit Extension in accordance with the requirements hereof.

     (d) If the applicable Borrower is a Designated Borrower (other than PMCULC), then the
conditions of Section 2.15 to the designation of such Borrower as a Designated Borrower
shall have been met to the reasonable satisfaction of the Administrative Agent.

     (e) In the case of a Credit Extension to be denominated in Canadian Dollars, there shall not
have occurred, and the effect thereof be then continuing, any change in national or international
financial, political or economic conditions or currency exchange rates or exchange

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controls which
in the reasonable opinion of the Required Lenders (in the case of any Loans denominated in
Canadian Dollars) or the L/C Issuer (in the case of any Letters of Credit to be denominated in
Canadian Dollars) would make it impracticable for such Credit Extension to be denominated in
Canadian Dollars.

ARTICLE V. REPRESENTATIONS AND WARRANTIES

     The Company represents and warrants to the Administrative Agent and the Lenders that:

     5.01 Existence, Qualification and Power. Each Loan Party and each Significant Restricted Person
(a) is duly organized or formed, validly existing and, as applicable, in good standing under the
Laws of the jurisdiction of its incorporation or organization, (b) has all requisite corporate or
equivalent power and authority to (i) own or lease its assets and carry on its business and (ii)
execute, deliver and perform its obligations under the Loan Documents to which it is a party, and
(c) is duly qualified and, as applicable, in good standing under the Laws of each jurisdiction
where its ownership, lease or operation of properties or the conduct of its business requires such
qualification, except in each case referred to in clause (b)(i) or (c), to the extent that failure
to do so could not reasonably be expected to have a Material Adverse Effect.

     5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party
of each Loan Document to which such Person is party have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (a) violate (i) the terms of such
Person’s Organization Documents, (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject, or (iii) any
provision of Law applicable to it, (b) result in the acceleration of any Indebtedness owed by it,
(c) result in any breach of, or a default under, any material Contractual Obligation to which such
Person is a party or to which its properties are bound or (d) result in the creation of any
consensual Lien upon any of its material assets except as expressly contemplated in, or permitted
by, the Loan Documents.

     5.03 Governmental Authorization; Other Consents. Except as expressly contemplated in or permitted
by the Loan Documents, disclosed in Schedule 5.03 or disclosed pursuant to Section
6.03, no approval, consent, exemption or authorization of, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is required to be made or obtained by
any Restricted Person a party thereto pursuant to the provisions of any material Law applicable to
it as a condition to its execution, delivery or performance of this Agreement or any other Loan
Document.

     5.04 Binding Effect. This Agreement has been, and each other Loan Document to which a Loan Party
is a party, when delivered hereunder, will have been, duly executed and delivered by such Loan
Party. This Agreement constitutes, and each other such Loan Document when so executed and
delivered will constitute, a legal, valid and binding obligation of the Loan
Party a party hereto or thereto, as the case may be, enforceable against such Loan Party that
is party hereto or thereto in accordance with its terms, except, in each case (a) as may be limited
by bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws
relating to or affecting the enforcement of creditors’ rights generally, and by general principles
of equity which may limit the right to obtain equitable remedies (regardless of whether such

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enforceability is a proceeding in equity or at law) and (b) as to the enforceability of provisions
for indemnification and the limitations thereon arising as a matter of law or public policy.

     5.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted therein and
(ii) fairly present the financial condition of the Company and its Subsidiaries on a consolidated
basis as of the respective dates thereof and their results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein.

     (b) The unaudited consolidated balance sheets of the Company and its Subsidiaries dated June
30, 2011, and the related consolidated statements of income or operations, shareholders’ equity
and cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of the Company and its Subsidiaries on a
consolidated basis as of the date thereof and their results of operations for the period covered
thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.

     (c) As of the Closing Date, for the period from December 31, 2010 through the Closing Date,
there exists no event or circumstance with respect to the Company and its Subsidiaries taken as a
whole, either individually or in the aggregate, that has then resulted in a Material Adverse
Effect.

     5.06 Litigation. Except as disclosed in the Audited Financial Statements, in Schedule 5.06
or pursuant to Section 6.03, there are no actions, suits, proceedings, claims or disputes
pending or, to the knowledge of the Company, overtly threatened in writing, at law, in equity, in
arbitration or before any Governmental Authority, by or against the Company or any of its
Subsidiaries or against any of their properties or revenues that either individually or in the
aggregate could reasonably be expected to have a Material Adverse Effect.

     5.07 Environmental Compliance. Except as disclosed in Schedule 5.07 or pursuant to
Section 6.03, the Company and its Subsidiaries conduct their businesses in material
compliance with applicable Environmental Laws and in the ordinary course of business, review claims
received by, and made against, them which overtly allege liability or responsibility on any of them
for violation by any of them of any material Environmental Law on their respective businesses,
operations and material properties, which could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

     5.08 ERISA Compliance.

     (a) Except as disclosed in the Audited Financial Statements, in Schedule 5.08 or
pursuant to Section 6.03, each Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other applicable Federal or state laws, to the extent
that any non-compliance therewith could reasonably be expected to result in a Material Adverse
Effect. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the
Code has

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received a favorable determination or opinion letter from the IRS to the effect that the
form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has
been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code,
or an application for such a letter has been submitted to the IRS. To the knowledge of the
Company, nothing has occurred with respect to the Company or any ERISA Affiliate that would
prevent or cause the loss of such tax-qualified status.

     (b) Except as disclosed in the Audited Financial Statements, in Schedule 5.08 or
pursuant to Section 6.03, there are no pending or, to the knowledge of the Company,
overtly threatened in writing, claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse
Effect. Except as disclosed in the Audited Financial Statements, in Schedule 5.08 or
pursuant to Section 6.03, there has been no prohibited transaction or violation of the
fiduciary responsibility rules with respect to any Plan that has resulted or, actually known to
the Company, could reasonably be expected to result in a Material Adverse Effect.

     (c) Except as disclosed in the Audited Financial Statements, in Schedule 5.08 or
pursuant to Section 6.03, (i) no ERISA Event has occurred, and neither the Company nor any
ERISA Affiliate has actual knowledge of any fact, event or circumstance that could reasonably be
expected to constitute or result in an ERISA Event with respect to any Pension Plan, (ii) the
Company and each ERISA Affiliate has met, in all material respects, all applicable requirements
under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum
funding standards under the Pension Funding Rules has been applied for or obtained, (iii) as of
the most recent valuation date for any Pension Plan, the funding target attainment percentage (as
defined in Section 430(d)(2) of the Code) is 60% or higher, and neither the Company nor any ERISA
Affiliate has actual knowledge of any facts or circumstances that could reasonably be expected to
cause the funding target attainment percentage for any such plan to drop below 60% as of the most
recent valuation date, (iv) neither the Company nor any ERISA Affiliate has incurred any liability
to the PBGC other than for the payment of premiums or obligations of immaterial amounts, and there
are no premium payments which have become due that are delinquent or are being contested in good
faith, (v) neither the Company nor any ERISA Affiliate has, to its actual knowledge, engaged in a
transaction that could be subject to Section 4069 or Section 4212(c) of ERISA, and (vi) to the
Company’s actual knowledge, no Pension Plan has been terminated by the plan administrator thereof
nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably be
expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any
Pension Plan, in each case with respect to each of the foregoing clauses (i)
through (vi) of this Section 5.08(c), except as disclosed in the Audited Financial
Statements, in Schedule 5.08 or pursuant to Section 6.03.

     5.09 Margin Regulations; Investment Company Act.

     (a) No Borrower is engaged or will engage, principally, or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

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     (b) Neither the Company nor any other Loan Party is regulated under the Investment Company
Act of 1940.

     5.10 Disclosure. There is no fact known to any Restricted Person that has not been disclosed to
the Administrative Agent and the Lenders in writing which, individually or in the aggregate, would
reasonably be expected to result in a Material Adverse Effect. No report, financial statement,
certificate or other information furnished by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of
this Agreement (including those delivered hereunder or under any other Loan Document (in each case,
as modified or supplemented by other information so furnished, when so modified or supplemented))
contains any untrue statement of a material fact or omits to state any material fact necessary to
make the statements contained herein or therein, in the light of the circumstances under which they
were made, not misleading as of the date made or deemed made (or if such information expressly
relates or refers to an earlier date, as of such earlier date); provided that, with respect
to projected and forecast financial information, the Company represents only that such projections
and forecasts were prepared in good faith based upon assumptions deemed reasonable by it at the
time.

     5.11 Compliance with Laws. Except as set forth in Schedule 5.11 or in accordance with
Section 6.03, each Loan Party and each Subsidiary thereof is in compliance in all material
respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith, and if necessary, by
appropriate proceedings diligently conducted or (b) the failure to comply therewith, either
individually or in the aggregate, could not reasonably be expected to have a Material Adverse
Effect.

ARTICLE VI. AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or (unless a collateral arrangement satisfactory to
the L/C Issuer has been entered into) any Letter of Credit shall remain outstanding, the Company
shall, and shall (except in the case of the covenants set forth in Sections 6.01,
6.02, and 6.03, and except in the case of the covenants set forth in Sections
6.04, 6.05, 6.06, 6.07, and 6.08, which shall be limited to
Significant Restricted Persons) cause each Subsidiary to:

     6.01 Financial Statements. Deliver to the Administrative Agent the following statements and
reports, at the Company’s expense:

     (a) promptly upon the filing thereof, and in any event within ninety (90) days after the end
of each fiscal year, a copy of the Company’s Form 10-K, which report shall include the Company’s
complete consolidated financial statements together with all notes thereto, prepared in reasonable
detail in accordance with GAAP, together with an opinion, without material qualification, based on
an audit using generally accepted auditing standards, by PricewaterhouseCoopers LLP, or other
independent certified public accountants selected by General Partner, stating that such
consolidated financial statements have been so prepared, and

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these financial statements shall
contain a consolidated balance sheet as of the end of such fiscal year and consolidated statements
of earnings for such fiscal year, and such consolidated financial statements shall set forth in
comparative form the corresponding figures for the preceding fiscal year; and

     (b) promptly upon the filing thereof, and in any event within sixty (60) days after the end
of each of the first three fiscal quarters of each fiscal year, a copy of the Company’s Form 10-Q,
which report shall include the Company’s unaudited consolidated balance sheet as of the end of
such fiscal quarter and consolidated statements of the Company’s earnings and cash flows for such
fiscal quarter and for the period from the beginning of the then current fiscal year to the end of
such fiscal quarter.

As to any information contained in materials furnished pursuant to Section 6.02(b), the
Company shall not be separately required to furnish such information under clause (a) or (b) above,
but the foregoing shall not be in derogation of the obligation of the Company to furnish the
information and materials described in clauses (a) and (b) above at the times specified therein.

     6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender (except
as otherwise provided in subsection (c) below), in form and detail reasonably satisfactory to the
Administrative Agent:

     (a) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a duly completed Compliance Certificate signed by the chief financial
officer, principal accounting officer or treasurer of General Partner (i) stating that such
Consolidated financial statements are accurate and complete in all material respects (subject to
normal year-end adjustments), (ii) stating that such Person has reviewed the Loan Documents, (iii)
containing calculations showing compliance (or non compliance) at the end of such fiscal quarter
with the requirements of Section 7.08, (iv) stating that, to the best of such Person’s
knowledge, no Default exists at the end of such fiscal quarter or at the time of such certificate
or specifying the nature and period of existence of any such Default, and (v) identifying any
Subsidiary designated as an Unrestricted Subsidiary since the date of the most-recently delivered
prior certificate under this Section 6.02(a) (which delivery may, unless the
Administrative Agent requests executed originals, be by electronic communication including fax or
email and shall be deemed to be an original authentic counterpart thereof for all purposes);

     (b) promptly after the same are publicly available, copies of each annual report, proxy or
financial statement or other report or communication sent to the unit holders of the Company, and
copies of all annual, regular, periodic and special reports and registration statements which the
Company filed with the SEC under Section 13 or 15(d) of the Securities Exchange Act of 1934, and
not otherwise required to be delivered to the Administrative Agent pursuant hereto;

     (c) promptly, to the Administrative Agent, upon written request, such additional information
regarding the business, financial or corporate affairs of the Company or any Subsidiary, or
compliance with the terms of the Loan Documents, in each case which are

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reasonably requested by
the Administrative Agent or any Lender and not subject to confidentiality restrictions or
attorney-client privilege; and

     (d) notice of any public announcement by Moody’s or S&P of any downgrade in a Debt Rating.

     Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(b) or (c) (to the extent any such documents are included in materials
otherwise filed with the SEC) may be delivered electronically and if so delivered, shall be deemed
to have been delivered on the date (i) on which the Company posts such documents, or provides a
link thereto on the Company’s website on the Internet at the website address listed on Schedule
11.02, (ii) on which such documents are delivered to the Administrative Agent for posting to
the Platform or (iii) on which such documents are posted on the Company’s behalf on any other
Internet or intranet website, if any, to which each Lender and the Administrative Agent have access
(whether a commercial, third-party website or whether sponsored by the Administrative Agent), and
in either case, the Company notifies the Administrative Agent of such posting or link. The
Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Company with any such request by a Lender for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents.

     Each Borrower hereby acknowledges that (a) the Administrative Agent or its authorized
Affiliates will make available to the Lenders and the L/C Issuer materials and/or information
provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by
posting the Borrower Materials on IntraLinks or another similar electronic system (the
“Platform”) and (b) certain of the Lenders (each, a “Public Lender”) do not wish to
receive material non-public information with respect to any of the Borrowers or their respective
Affiliates, or the respective securities of any of the foregoing, and who may be engaged in
investment and other market-related activities with respect to such Persons’ securities. Each
Borrower hereby agrees that (w) all Borrower Materials that it instructs to be made available to
Public Lenders shall be clearly and conspicuously marked “PUBLIC” prominently on the first page
thereof, (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have
authorized the Administrative Agent or its authorized Affiliates, the L/C Issuer and the Lenders to
treat such Borrower Materials as not containing any material non-public information
with respect to the Borrowers or their respective securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such
Borrower Materials constitute Information, they shall be treated as set forth in Section
11.07), (y) all Borrower Materials so marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information” and (z) the Administrative
Agent or its authorized Affiliates shall be entitled to treat any Borrower Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated
“Public Side Information.”

     6.03 Notices. Promptly notify the Administrative Agent and each Lender not later than five
Business Days after any executive officer of the Company has knowledge:

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     (a) of the occurrence of any Default; and

     (b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect.

     Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a
Responsible Officer of the Company setting forth details of the occurrence referred to therein and
stating what action the Company has taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of
this Agreement and any other Loan Document that have been breached.

     6.04 Payment of Taxes, Etc. (a) Timely file all required tax returns (including any extensions),
(b) timely pay all taxes, assessments, and other governmental charges or levies imposed upon it or
upon its income, profits or property, and (c) maintain appropriate accruals and reserves for all of
the foregoing as required by GAAP, except to the extent that (i) it is in good faith contesting the
validity thereof by appropriate proceedings, if necessary, diligently conducted and has set aside
on its books adequate reserves therefor which are required by GAAP or (ii) such non-filing,
non-payment or non-maintenance would not reasonably be expected to result in a Material Adverse
Effect.

     6.05 Preservation of Existence, Etc. (a) Preserve and maintain its legal existence and good
standing under the Laws of the jurisdiction of its organization and (b) take all reasonable action
to maintain all rights, privileges, permits, licenses and franchises necessary in the normal
conduct of its business, except, in each case (i) where the failure so to maintain or preserve (as
the case may be) would not reasonably be expected to cause a Material Adverse Effect or (ii) as
permitted in Section 7.03 or as a result of statutory conversions.

     6.06 Maintenance of Properties. Maintain all of its material properties and equipment that are
necessary in the operation of its business in good working order and condition, ordinary wear and
tear and obsoleteness excepted, except where the failure to do so could not reasonably be expected
to have a Material Adverse Effect.

     6.07 Maintenance of Insurance. Maintain, with financially sound and reputable insurance companies,
insurance or, at its option, self-insure in such amounts (after giving effect
to any self-insurance compatible with the following standards) and against such risks as are
customarily insured by other Persons engaged in the same or similar businesses and owning similar
properties; provided, however, that notwithstanding the foregoing provisions of
this Section 6.07, the Company or any Subsidiary may effect workers’ compensation or
similar insurance in respect of operations in any state or other jurisdiction through any insurance
fund operated by such state or other jurisdiction or by causing to be maintained a system or
systems of self-insurance in accord with applicable laws. The insurance coverages and amounts will
be reasonably determined by the Company, based on coverages carried by prudent owners of similar
property, and with respect to each other Significant Restricted Person, may be maintained by the
Company.

     6.08 Compliance with Laws. Comply in all material respects with the requirements of all Laws and
all orders, writs, injunctions and decrees applicable to it or to its business or

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property, except
in such instances in which (a) such requirement of Law or order, writ, injunction or decree is
being contested in good faith by appropriate proceedings, if necessary, diligently conducted, or
(b) the failure to comply therewith could not reasonably be expected to have a Material Adverse
Effect.

     6.09 Books and Records. Maintain full and accurate books of record and account in conformity with
GAAP consistently applied.

     6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative
Agent to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and to make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its officers and independent public accountants, all at such reasonable times
during normal business hours, upon reasonable advance notice to the Company. Each of the foregoing
inspections and examinations shall be made subject to compliance with applicable safety standards
and the same conditions applicable to any Restricted Person in respect of property of that
Restricted Person on the premises of Persons other than a Restricted Person or an Affiliate of a
Restricted Person, and all information, books and records furnished or requested to be made, all
information to be investigated or verified, all copies and abstracts of all information, books and
records and all discussion conducted with any officer, employee or representative of any Restricted
Person, in each case, shall be subject to any applicable attorney-client privilege exceptions which
the Company or such Restricted Person determines is reasonably necessary and compliance with
conditions to disclosures under non-disclosure agreements between any Restricted Person and Persons
other than a Restricted Person or an Affiliate of a Restricted Person and the express undertaking
of each Person acting at the direction of or on behalf of any Lender Party to be bound by the
confidentiality provisions of Section 11.07 of this Agreement.

     6.11 Use of Proceeds. Use the proceeds of the Credit Extensions for refinancing outstanding
indebtedness under the Existing Credit Facility, working capital, capital expenditures, repayment
of intercompany debt, acquisitions and other general corporate purposes not in violation of any Law
applicable to it and not resulting in a Default or Event of Default.

ARTICLE VII. NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or (unless a collateral arrangement satisfactory to
the L/C Issuer has been entered into) any Letter of Credit shall remain outstanding, the Company
shall not (except in the case of the covenant set forth in Section 7.02, which shall be
limited to Subsidiaries), nor shall it permit any Subsidiary (except in the case of the covenants
set forth in Sections 7.03 and 7.06, which shall be limited to Significant
Restricted Persons, and in the case of the covenant in Section 7.04, which shall be limited
to the Company) to:

     7.01 Liens. Create, incur, assume or permit to exist any Lien upon any of its Principal Property
or upon the Equity Interests of any Subsidiary to secure Indebtedness (other than, for the
avoidance of doubt, Unrestricted Subsidiaries), whether now owned or hereafter acquired, other than
the following:

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     (a) Liens pursuant to any Loan Document or securing any of the Obligations (which Liens may,
if required as a condition to the granting or acceptance thereof, also secure, on a pari-passu
basis, any Swap Contracts with Lenders or their Affiliates);

     (b) Liens for taxes, assessments, charges and levies not yet delinquent or which are being
contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves
with respect thereto are maintained on the books of the applicable Person in accordance with GAAP;

     (c) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s or other like Liens
(including Liens on property of any Restricted Person in the possession of storage facilities,
pipelines or barges) arising in the ordinary course of business for amounts which are not overdue
for a period of more than 60 days or which are being contested in good faith and by appropriate
proceedings, if necessary, diligently conducted, if adequate reserves with respect thereto are
maintained on the books of the applicable Person in accordance with GAAP;

     (d) Liens on cash and Cash Equivalents under or with respect to accounts with brokers or
counterparties with respect to hedging contracts consisting of cash, commodities or futures
contracts, options, securities, instruments and other like assets securing only hedging contracts;

     (e) pledges or deposits in the ordinary course of business in connection with workers’
compensation, unemployment insurance and other social security legislation (other than any Lien
imposed by ERISA), or to secure letters of credit issued with respect thereto;

     (f) deposits to secure the performance of bids, trade contracts, leases (other than for
borrowed money), statutory obligations, surety and appeal bonds, performance bonds and other
obligations of a like nature incurred in the ordinary course of business (or to secure letters of
credit issued in connection therewith);

     (g) easements, rights-of-way, restrictions and other similar encumbrances affecting real
property or minor imperfections in title thereto which, in the aggregate, are not material in
amount, and which do not in any case materially detract from the value of the property subject
thereto or materially interfere with the ordinary conduct of the business of the applicable
Person;

     (h) inchoate Liens in respect of pending litigation, or Liens securing judgments for the
payment of money (or securing letters of credit, appeal or other surety bonds related to such
judgments) not constituting an Event of Default under Section 8.01(h);

     (i) Liens arising solely by virtue of any statutory or common law provision relating to
banker’s liens, rights of set-off or similar rights and remedies as to deposit accounts or other
funds maintained with a creditor depository institution; provided, that (i) such deposit account
is not a dedicated cash collateral account and is not subject to restrictions against access by
the Company or any Subsidiary in excess of those set forth by regulations promulgated by the Board
of Governors of the Federal Reserve System or pursuant to the Security Documents, and (ii) such
deposit account is not intended by the Company or any Subsidiary to provide collateral to the
depository institution;

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     (j) Liens arising out of all presently existing and future division and transfer orders,
advance payment agreements, processing contracts, gas processing plant agreements, operating
agreements, gas balancing or deferred production agreements, pooling, unitization or
communitization agreements, pipeline, gathering or transportation agreements, platform agreements,
drilling contracts, injection or repressuring agreements, cycling agreements, construction
agreements, salt water or other disposal agreements, leases or rental agreements, farm-out and
farm-in agreements, exploration and development agreements, and any and all other contracts or
agreements covering, arising out, used or useful in connection with or pertaining to the
exploration, development, operation, production, sale, use, purchase, exchange, storage,
separation, dehydration, treatment, compression, gathering, transportation, processing,
improvement, marketing, disposal, or handling of any oil and gas property of any Loan Party;

     (k) Liens in respect of Operating Leases;

     (l) Liens securing Acquired Indebtedness, provided that (i) each such Lien (A)
existed at the time of its acquisition and was not created in anticipation thereof, or (B) was
created solely for the purpose of securing Indebtedness representing, or incurred to finance,
refinance or refund, the cost (including the cost of construction) of such property or asset, (ii)
no such Lien shall extend to or cover any property or asset of a Restricted Person other than the
property or asset so acquired (or constructed), and any extension, renewal, refinancing, refunding
or replacement (or successive extensions, renewals, refinancings, refundings or replacements), in
whole or part, of the foregoing, and (iii) such Lien shall not secure any additional Indebtedness
and obligations;

     (m) rights reserved to or vested in any Governmental Authority by the terms of any right,
power, franchise, grant, license or permit, or by any provision of Law, to revoke or terminate any
such right, power, franchise, grant, license or permit or to condemn or acquire by eminent domain
or similar process;

     (n) rights reserved to or vested by Law in any Governmental Authority to in any manner,
control or regulate in any manner any of the properties of any Restricted Person or the use
thereof or the rights and interests of any Restricted Person therein, in any manner under any and
all Laws;

     (o) rights reserved to the grantors of any properties of any Restricted Person, and the
restrictions, conditions, restrictive covenants and limitations, in respect thereto, pursuant to
the terms, conditions and provisions of any rights-of-way agreements, contracts or other
agreements therewith;

     (p) Liens pursuant to the Pine Prairie Lease and extensions, renewals and replacement
thereof; and

     (q) Liens otherwise not permitted herein which secure obligations in an aggregate principal
amount not to exceed at any time outstanding 10% of the Company’s Consolidated Net Tangible
Assets.

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     7.02 Indebtedness. Create, incur, assume or permit to exist any Indebtedness, except:

     (a) Indebtedness under the Loan Documents;

     (b) Indebtedness of any Restricted Person owing to another Restricted Person;

     (c) Acquired Indebtedness;

     (d) Indebtedness of (i) Plains Marketing (and guarantees thereof by its Subsidiaries) under
the Hedged Inventory Credit Agreement and (ii) PNGS (and guarantees thereof by its Subsidiaries)
(w) under the PNGS Credit Agreement, including “GO Bond Term Loans” thereunder, (x) owing to the
“GO Bond Issuer” as defined in the PNGS Credit Agreement pursuant to the “GO Bond Documents” as
defined in the PNGS Credit Agreement, (y) under other unsecured bank credit facilities or (z)
under any unsecured notes, bonds or debentures;

     (e) Indebtedness under the Pine Prairie Lease and extensions, renewals and replacements of
any such Indebtedness that do not increase the outstanding principal amount thereof except by an
amount equal to a reasonable premium or other reasonable amount paid, and fees and expenses
reasonably incurred, in connection with such extensions, renewals and replacements; and

     (f) other Indebtedness not otherwise permitted pursuant to the foregoing clauses (a), (b),
(c), (d) and (e) in an aggregate principal amount at any time outstanding not to exceed 15% of the
Company’s Consolidated Net Tangible Assets.

     7.03 Fundamental Changes; Dispositions. Merge, dissolve, liquidate, consolidate with or into
another Person, or sell, transfer, lease, exchange or otherwise dispose of (whether in one
transaction or in a series of related transactions) all or substantially all of its assets (whether
now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default
exists or, upon giving pro forma effect thereto, would immediately result therefrom:

     (a) any Significant Restricted Person may merge, consolidate or amalgamate with another
Person, provided that (i) if such Significant Restricted Person is the Company, the
Company shall be the acquiring, surviving or continuing entity, (ii) if such Significant
Restricted Person is a Designated Borrower, (A) the Company or a Designated Borrower shall be the
acquiring, surviving or continuing entity, or (B) the Obligations of such Designated Borrower are
assumed by the Company or a Designated Borrower pursuant to Section 2.15(c) and
Section 11.06(a) and (iii) as to any other Significant Restricted Person, (x) the Company
or such Significant Restricted Person is the acquiring, surviving or continuing entity (or, with
respect to any merger, consolidation or amalgamation involving such Significant Restricted Person,
the surviving or continuing entity becomes a Significant Restricted Person in the transaction) or
(y) such merger, consolidation or amalgamation is in connection with the sale, transfer, lease,
exchange or other disposition of all or substantially all of such Significant Restricted Person’s
Equity Interests;

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     (b) any Significant Restricted Person other than a Borrower may sell, transfer, lease
exchange or otherwise dispose of all or substantially all of its assets (upon voluntary
liquidation or otherwise); and

     (c) any Significant Restricted Person other than a Borrower may dissolve or liquidate if such
dissolution or liquidation results from dispositions not prohibited by this Agreement.

     7.04 Restricted Payments. Declare or make any Restricted Payment unless no Default or Event of
Default has occurred and is continuing or, immediately after giving effect thereto, would result
therefrom.

     7.05 Transactions with Affiliates. Enter into any material transaction of any kind with any
Affiliate of the Company, whether or not in the ordinary course of business, other than on terms
that are no less favorable to the Company or such Restricted Person as would be obtainable by the
Company or such Restricted Person at the time in an arm’s length transaction with a Person other
than an Affiliate, provided that the foregoing restriction shall not apply to any of the
following transactions: (a) transactions between or among the Company and any of its Subsidiaries
or between and among any Subsidiaries; (b) if and to the extent any of them constitute transactions
with Affiliates, transactions governed by the Amended and Restated Omnibus Agreement between Plains
Resources Inc., the Company, Plains Marketing, GP LLC,
Plains Marketing GP, Inc. and Plains Pipeline (and successors of each) dated July 23, 2004, as
amended and in effect; or the Amended and Restated Crude Oil Marketing Agreement among Plains
Resources Inc., Calumet Florida, LLC and Plains Marketing dated as of July 23, 2004, as amended and
in effect, (c) any employment, equity award, equity option or equity appreciation agreement or plan
entered into by the Company or any of its Subsidiaries in the ordinary course of business of the
Company or such Subsidiary; (d) transactions effected in accordance with the terms of agreements as
in effect on the Closing Date; (e) customary compensation, indemnification and other benefits made
available to officers, directors or employees of the Company, any of its Subsidiaries or the
General Partner, including reimbursement or advancement of out-of-pocket expenses and provisions of
officers’ and directors’ liability insurance; and (f) transactions as contemplated by the Company’s
agreement of limited partnership.

     7.06 Burdensome Agreements. Except as expressly provided for in the Loan Documents, as described
in any Schedule hereto or pursuant to a Restriction Exception, the substance of which, in detail
reasonably satisfactory to the Administrative Agent, is promptly reported to Administrative Agent,
enter into any Contractual Obligation that limits the ability (a) of any Significant Restricted
Person to make Restricted Payments to the Company or otherwise to transfer property to the Company,
(b) of any Significant Restricted Person to redeem Equity Interests held in it by the Company, (c)
of any Significant Restricted Person to repay loans and other Indebtedness owing by it to the
Company, or (d) of any Significant Restricted Person to guarantee the payment of Indebtedness of
the Company (excluding in each such case any restrictions with respect to PNGS and its Subsidiaries
contained in (i) documents governing Indebtedness of PNGS and its Subsidiaries permitted under
Section 7.02(d)(ii) or (ii) the organizational and governance documents of PNGS as in
effect on the Closing Date).

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     7.07 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly,
and whether immediately, incidentally or ultimately, to purchase or carry margin stock or to extend
credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose (within the meaning of Regulation U of the FRB).

     7.08 Consolidated Leverage Ratio. Permit the Consolidated Leverage Ratio as of the end of any
fiscal quarter of the Company to be greater than the ratio set forth below opposite such period,
calculated, with respect to Consolidated EBITDA, on a trailing four-quarter basis:

	 	 	 
	 	 	Maximum
	 	 	Consolidated
	Applicable Period	 	Leverage Ratio
	(i)       During an Acquisition Period

	 	5.50:1.0
	(ii)      Other than during an Acquisition Period

	 	5.00:1.0

provided; for purposes of this Section 7.08, Consolidated EBITDA may include,
at the Company’s option (a) any Material Project EBITDA Adjustments as provided below, limited in
each case with respect to any non-wholly-owned Subsidiaries to a proportional amount of such
adjustments equal to the Company’s direct or indirect ownership interest therein, and (b) any “New
Cavern EBITDA Adjustments” and “Material Project EBITDA Adjustments” (as such terms are defined in
Section 7.09 of the PNGS Credit Agreement) (collectively, “PNGS EBITDA
Adjustments”), limited to a proportional amount of such adjustments equal to the Company’s
direct or indirect ownership interest in PNGS.

     As used herein, “Material Project EBITDA Adjustments” means, with respect to the
construction or expansion of any capital project of the Company or any of its Subsidiaries (other
than PNGS) (excluding, for the avoidance of doubt, Unrestricted Subsidiaries), the aggregate
capital cost of which (inclusive of capital costs expended prior to the acquisition thereof) is
reasonably expected by Company to exceed, or exceeds, $50,000,000 (a “Material Project”):

     (A) prior to the date on which a Material Project has achieved commercial operation
(the “Commercial Operation Date”) (but including the fiscal quarter in which such
Commercial Operation Date occurs), a percentage (based on the then-current
completion percentage of such Material Project) of an amount to be approved by the
Administrative Agent as the projected Consolidated EBITDA attributable to such Material
Project for the first 12-month period following the scheduled Commercial Operation Date of
such Material Project, such amount based only on (i) projected revenues from firm fixed-fee
contracts (subject to adjustments for customer creditworthiness) and tariffs relating to
such Material Project, less expenses, (ii) projected Commercial Operations Date (to be no
more than 18 months from the fiscal quarter in which such Material Project EBITDA Adjustment
is initially proposed), and (iii) other factors reasonably deemed appropriate by the
Administrative Agent, which may, at Company’s option, be added to actual Consolidated EBITDA
for the fiscal quarter in which construction or expansion of such Material Project commences
and for each fiscal quarter thereafter until the Commercial Operation Date of such Material Project

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(including the fiscal quarter in which such Commercial Operation Date occurs, but
net of any actual Consolidated EBITDA attributable to such Material Project following such
Commercial Operation Date); provided that if the actual Commercial Operation Date
does not occur by the scheduled Commercial Operation Date, then the foregoing amount shall
be reduced, for quarters ending after the scheduled Commercial Operation Date to (but
excluding) the first full quarter after its Commercial Operation Date, by the following
percentage amounts depending on the period of delay (based on the period of actual delay or
then-estimated delay, whichever is longer): (i) 90 days or less, 0%, (ii) longer than 90
days, but not more than 180 days, 25%, (iii) longer than 180 days but not more than 270
days, 50%, (iv) longer than 270 days but not more than 365 days, 75%, and (v) longer than
365 days, 100%;

     (B) beginning with the first full fiscal quarter following the Commercial Operation
Date of a Material Project and for the two immediately succeeding fiscal quarters, an amount
to be approved by the Administrative Agent as the projected Consolidated EBITDA attributable
to such Material Project for the balance of the four full fiscal quarter period following
such Commercial Operation Date, which may, at Company’s option, be added to actual
Consolidated EBITDA for such fiscal quarters; and

     (C) the aggregate amount of all Material Project EBITDA Adjustments and PNGS EBITDA
Adjustments during any period shall be limited to 15% of the total actual Consolidated
EBITDA for such period (which total actual Consolidated EBITDA shall be determined without
including any Material Project EBITDA Adjustments or PNGS EBITDA Adjustments).

     In addition, for purposes of this Section 7.08, Hybrid Securities up to an aggregate
principal amount of 15% of Consolidated Total Capitalization shall be excluded from Consolidated
Funded Indebtedness.

     Deliverables for Material Project EBITDA Adjustments and PNGS EBITDA Adjustments

     The Company shall, no later than three Business Days prior to its delivery of a Compliance
Certificate for any fiscal quarter for which the Company desires to include Material Project EBITDA
Adjustments or PNGS EBITDA Adjustments, deliver to Administrative Agent, in form and substance
reasonably satisfactory to Administrative Agent and certified by a
financial officer of the Company, written pro forma projections of Consolidated EBITDA
attributable to such Material Project EBITDA Adjustments or PNGS EBITDA Adjustments, and such other
related information and documentation reasonably requested by and reasonably satisfactory to
Administrative Agent in all respects, including with respect to Material Project EBITDA
Adjustments, certification as to Material Project completion percentage, expected Commercial
Operations Date and no material delays with respect thereto and with respect to PNGS EBITDA
Adjustments such information with respect to the calculation thereof pursuant to the PNGS Credit
Agreement.

     7.09 Unrestricted Subsidiaries. So long as no Default or Event of Default has occurred and is
continuing, and immediately after giving effect to such designation on a pro forma basis, no
Default or Event of Default would result therefrom, the Company or any wholly-

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owned Subsidiary of
the Company may designate one or more Subsidiaries as Unrestricted Subsidiaries (each such
Subsidiary, and each of its Subsidiaries, an “Unrestricted Subsidiary”), which Unrestricted
Subsidiaries shall be subject to the following:

     (a) No Unrestricted Subsidiary shall be deemed to be a “Restricted Person” or a “Subsidiary”
of the Company for purposes of this Agreement or any other Loan Document, and no Unrestricted
Subsidiary shall be subject to or included within the scope of any provision herein or in any other
Loan Document, including without limitation any representation, warranty, covenant or Event of
Default herein or in any other Loan Document, except as set forth in this Section 7.09.

     (b) No Restricted Person shall guarantee or otherwise become liable in respect of any
Indebtedness of, grant any Lien on any of its property (other than its Equity Interests in an
Unrestricted Subsidiary) to secure any Indebtedness of or other obligation of, or provide any other
form of credit support to, any Unrestricted Subsidiary, and no Restricted Person shall enter into
any contract or agreement with any Unrestricted Subsidiary, except on terms no less favorable to
such Restricted Person, as applicable, than could be obtained in a comparable arm’s length
transaction with a non-Affiliate of such Restricted Person; provided, Restricted Persons
may guarantee trade accounts payable of Unrestricted Subsidiaries that arise in the ordinary course
of business in an amount not to exceed five percent (5%) of the Company’s Consolidated Net Tangible
Assets.

     (c) The Company shall at all times maintain, as between Restricted Persons and Unrestricted
Subsidiaries, the separate existence of each Unrestricted Subsidiary.

     (d) Restricted Persons shall notify each Lender Party, not later than five (5) Business Days
after any executive officer of Restricted Persons has knowledge of, any claim, including any claim
under any Environmental Law, or any notice of potential liability under any Environmental Law,
asserted against any Unrestricted Subsidiary or with respect to any Unrestricted Subsidiary’s
properties that would reasonably be expected to result in a Material Adverse Effect, stating that
such notice is being given pursuant to this Section 7.09.

     The Company may designate any Unrestricted Subsidiary to become a Restricted Person if a
Default or Event of Default is not continuing, such designation would not, immediately after giving
effect thereto, result in a Default or an Event of Default, and immediately thereafter such
Subsidiary has no outstanding Indebtedness. Immediately thereafter, Company shall promptly
notify Administrative Agent of such designation and provide to it an officer’s certificate that
such designation was made in compliance with this Section 7.09.

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES

     8.01 Events of Default. Any of the following shall constitute an Event of Default:

	     (a) Non-Payment. Any Borrower or any other Loan Party fails to pay (i) when due and
payable, any amount of principal of any Loan or any L/C Obligation, or (ii) within three Business
Days after the same becomes due and payable, any interest on any Loan or on any L/C Obligation, or
any fee due hereunder pursuant to Section 2.09, or (iii) within five Business Days

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after the same becomes due, any other amount payable hereunder or under any other Loan Document; or

     (b) Specific Covenants. The Company fails to perform or observe any term, covenant
or agreement contained in any of Section 6.03 or Article VII; or

     (c) Other Defaults. Any Loan Party fails to perform or comply with any of its
obligations under any other covenant or agreement (not specified in subsection (a) or (b) above)
contained in any Loan Document to which it is a party on its part to be performed or complied with
and such failure continues for 30 days after notice of such failure is given by the Administrative
Agent to the Company; or

     (d) Representations and Warranties. Any representation or warranty made or deemed
made by or on behalf of the Company or any other Loan Party herein or in any other Loan Document
shall be incorrect when made or deemed made in any material respect; or

     (e) Cross-Default. (i) The Company or any Restricted Person (A) fails to make any
payment when due and payable (whether by scheduled maturity, required prepayment, acceleration,
demand, or otherwise) of any principal of or interest on any Indebtedness (other than Indebtedness
hereunder and Indebtedness under Swap Contracts) in an aggregate principal amount, the Dollar
Equivalent of which exceeds the Threshold Amount, and such failure continues after the passing of
the applicable notice and grace periods, (other than such Indebtedness the validity of which is
being contested in good faith, by appropriate proceedings (if necessary) and for which adequate
reserves with respect thereto are maintained on the books of such Restricted Person as required by
GAAP) or (B) fails to observe or perform any other agreement or condition relating to any such
Indebtedness or contained in any instrument or agreement evidencing, securing or relating thereto,
or any other event occurs, in each case, beyond the applicable grace, cure, extension, forbearance
or similar period, if the effect of which failure or other event is to cause, or to permit the
holder or holders of such Indebtedness (or a trustee or agent on behalf of such holder or holders)
to cause, with the giving of notice if required, such Indebtedness to be demanded or to become due
or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise), or an offer to
repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its stated maturity;
or (ii) there occurs under any Swap Contract an Early Termination Date (as defined in such Swap
Contract) resulting from (A) any event of default under such Swap Contract as to which the Company
or any Subsidiary
is the Defaulting Party (as defined in such Swap Contract) or (B) any Termination Event (as
so defined) under such Swap Contract as to which the Company or any Subsidiary is an Affected
Party (as so defined) and, in either event, (1) the Swap Termination Value owed by the Company or
such Subsidiary as a result thereof is greater than the Threshold Amount (other than amounts under
such Swap Contract, the validity of which are being contested in good faith, by appropriate
proceedings (if necessary) and for which adequate reserves with respect thereto are maintained on
the books of such Restricted Person as required by GAAP), (2) after giving effect to any
applicable grace, cure, extension, forbearance or similar period, the effect of such Early
Termination Date is to cause such Swap Termination Value to become due, and (3) such Swap
Termination Value has not been paid when due; or

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     (f) Insolvency Proceedings, Etc. Any Loan Party, any other Significant Restricted
Person, GP LLC, Plains AAP or the General Partner institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for all or any material part of its
property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar
officer is appointed without the application or consent of such Person and the appointment
continues undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief
Law relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for 60 calendar days, or
an order for relief is entered in any such proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) The Company or any other Significant
Restricted Person becomes unable or admits in writing its inability or fails generally to pay its
debts as they become due, or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of any such Person
and is not stayed, released, vacated or fully bonded within 60 days (or such longer period for
which a stay of enforcement is allowed by applicable Law) after its issue or levy; or

     (h) Judgments. There is entered against any Significant Restricted Person a final
judgment for the payment of money in an aggregate amount (as to all such judgments or orders), the
Dollar Equivalent of which exceeds $50,000,000 (to the extent not covered by independent
third-party insurance as to which such insurer has not disputed coverage, or self-insurance
reasonably acceptable to the Administrative Agent) at any one time outstanding and prior to the
discharge thereof, (i) enforcement proceedings are lawfully commenced by any creditor upon such
judgment, or (ii) there is a period of 30 consecutive days after the entry of such judgment during
which a discharge, stay of enforcement of such judgment, by reason of a pending appeal or
otherwise, is not in effect; or

     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of the Company
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate
amount, in excess of the Threshold Amount, or (ii) the Company or any ERISA Affiliate fails to pay
when due, after the expiration of any applicable grace period, any installment payment with
respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an
aggregate amount in excess of the Threshold Amount; or

     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the payment Obligations, ceases to be in full force and effect; or any
Loan Party contests in any manner the validity or enforceability of any Loan Document; or any Loan
Party denies that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any Loan Document; or

     (k) Change of Control. There occurs any Change of Control.

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     8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated or suspended (as the case may be), whereupon such
commitments and obligation shall be terminated or suspended (as the case may be);

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrowers;

     (c) require that the Company Cash Collateralize the L/C Obligations and Canadian BA’s (in an
amount equal to the then Outstanding Amount thereof); and

     (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to any Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions shall automatically terminate, the unpaid principal amount of all outstanding Loans and
all interest and other amounts that have accrued and are owing as aforesaid shall automatically
become due and payable, and the obligation of the Company to Cash Collateralize the L/C Obligations
as aforesaid shall automatically become effective, in each case without further act of the
Administrative Agent or any Lender.

     8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or
after the Loans have automatically become immediately due and payable and the L/C Obligations have
automatically been required to be Cash Collateralized as set forth in the proviso to Section
8.02), any amounts received on account of the Obligations shall, subject to the provisions of
Sections 2.17 and 2.18, be applied by the Administrative Agent in the following
order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the
Administrative Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders
and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuer (including fees and time charges for attorneys who may be employees of any
Lender or the L/C Issuer) and amounts payable under Article III), ratably among them in
proportion to the respective amounts described in this clause Second payable to them;

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     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuer in proportion to the respective amounts described in this
clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the
respective amounts described in this clause Fourth held by them;

     Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized by the Company pursuant to Sections
2.04 and 2.18; and

     Last, the balance, if any, after all of the payment Obligations have been indefeasibly
paid in full, to the Company or as otherwise required by Law.

Subject to Sections 2.04(c) and 2.18, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to
satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as
Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining
amount shall be applied to the other payment Obligations, if any, in the order set forth above.

ARTICLE IX. ADMINISTRATIVE AGENT

     9.01 Appointment and Authority. Each of the Lenders and the L/C Issuer hereby irrevocably appoints
Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan
Documents and authorizes the Administrative Agent to take such actions on its behalf and to
exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof,
together with such actions and powers as are reasonably incidental thereto. The provisions of this
Article are solely for the benefit of the Administrative Agent, the Lenders and the L/C Issuer, and
no Borrower shall have rights as a third party beneficiary of any of such provisions (other than
the right to reasonably approve a successor Administrative Agent pursuant to Section 9.06).

     9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender”
or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires,
include the Person serving as the Administrative Agent hereunder in its individual capacity. Such
Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or
in any other advisory capacity for and generally engage in any kind of business with the Borrowers
or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent
hereunder and without any duty to account therefor to the Lenders.

     9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

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     (a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to any of the Borrowers or any of their respective Affiliates that is
communicated to or obtained by the Person serving as the Administrative Agent or any of its
Affiliates in any capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Company, a Lender or the L/C Issuer.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV
or elsewhere herein, other than to confirm receipt of items expressly required to be delivered
to the Administrative Agent.

     9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is

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satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Company),
independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

     9.06 Resignation or Removal of Administrative Agent. (a) The Administrative Agent may at any time
give notice of its resignation to the Lenders, the L/C Issuer and the Company, which notice shall
set forth the proposed date of resignation, which shall be not less than 30 days after the date of
such notice, during which time the Administrative Agent shall continue to act as the Administrative
Agent hereunder, unless sooner replaced or removed in accordance with the provisions hereof. In
addition, at any time the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by
applicable law, by notice in writing to the Company and such Person, remove such Person as
Administrative Agent. Upon receipt of any such notice of resignation or issuance of notice of
removal, the Required Lenders shall have the right to appoint a successor (subject to consultation
with the Company, unless an Event of Default has occurred and is continuing), which shall be a bank
with an office in the United States, or an Affiliate of any such bank with an office in the United
States. If no such successor shall have been so appointed by the Required Lenders and shall have
accepted such appointment within 30 days after the retiring Administrative Agent gives notice of
its resignation or the Required Lenders issue such notice of removal, then the retiring or removed
Administrative Agent may on behalf of the Lenders and the L/C Issuer, appoint a successor
Administrative Agent meeting the qualifications set forth above (subject to consultation with the
Company,
unless an Event of Default has occurred and is continuing); provided that if the
Administrative Agent shall notify the Company and the Lenders that no qualifying Person has
accepted such appointment, then such resignation or removal shall nonetheless become effective in
accordance with such notice and (1) the retiring or removed Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the
Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative
Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (2) all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender and the L/C
Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent
as provided for above in this Section. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all

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of the
rights, powers, privileges and duties of the retiring (or retired or removed) Administrative Agent,
and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as
provided above in this Section). The fees payable by the Company to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Company and such successor. After the retiring Administrative Agent’s resignation or removal
hereunder and under the other Loan Documents, the provisions of this Article and Section
11.04 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as
Administrative Agent.

     (b) Any resignation by, or removal of, Bank of America as Administrative Agent pursuant to
this Section shall also constitute its resignation or removal as L/C Issuer and Swing Line Lender.
Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such
successor may succeed to and become vested with all of the rights, powers, privileges and duties of
the retiring or removed L/C Issuer and Swing Line Lender, (b) the retiring or removed L/C Issuer
and Swing Line Lender shall be discharged from all of their respective duties and obligations
hereunder or under the other Loan Documents, and (c) the successor L/C Issuer shall issue letters
of credit in substitution for or in support of the Letters of Credit, if any, outstanding at the
time of such succession or make other arrangements satisfactory to the retiring L/C Issuer to
effectively assume the obligations of the retiring L/C Issuer with respect to such Letters of
Credit.

     9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer
acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Arrangers or Syndication Agents listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

     9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on any Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

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     (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing
and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders,
the L/C Issuer and the Administrative Agent and their respective agents and counsel and all
other amounts due the Lenders, the L/C Issuer and the Administrative Agent under
Sections 2.04(h) and (i), 2.10 and 11.04) allowed in such
judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same in accordance with Section 8.03;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.10 and 11.04, in each case, in accordance
with Section 8.03.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the L/C Issuer in any such proceeding.

     9.10 Collateral Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative
Agent, at its option and in its discretion, to release any Lien on any property granted to or held
by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full of all payment Obligations (other than contingent indemnification
obligations) and the expiration or termination of all Letters of Credit (other than Letters of
Credit as to which other arrangements satisfactory to the Administrative
Agent and the L/C Issuer shall have been made), (ii) that is sold or to be sold as part of or
in connection with any sale not prohibited hereunder or under any other Loan Document, or (iii)
subject to Section 11.01, if approved, authorized or ratified in writing by the Required
Lenders. Upon request by the Administrative Agent at any time, the Required Lenders will confirm
in writing the Administrative Agent’s authority to release or subordinate its interest in
particular types or items of property pursuant to this Section 9.10.

ARTICLE X. CONTINUING GUARANTY

     10.01 Company Guaranty. The Company hereby absolutely and unconditionally guarantees, as a guaranty
of payment and not merely as a guaranty of collection, prompt payment when due, whether at stated
maturity, by required prepayment, upon acceleration, demand or otherwise, and at all times
thereafter, of any and all of the payment Obligations, whether for

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principal, interest, premiums,
fees, indemnities, damages, costs, expenses or otherwise, of the Designated Borrowers to the Lender
Parties, and whether arising hereunder or under any other Loan Document (including all renewals,
extensions, amendments, refinancings and other modifications thereof and all costs, attorneys’ fees
and expenses incurred by the Lender Parties in connection with the collection or enforcement
thereof). The Administrative Agent’s books and records showing the amount of the payment
Obligations of the Designated Borrowers shall be admissible in evidence in any action or
proceeding, and shall be binding upon the Company, and conclusive absent manifest error for the
purpose of establishing the amount of the payment Obligations of the Designated Borrowers. This
Company Guaranty shall not be affected by the genuineness, validity, regularity or enforceability
of the Obligations of the Designated Borrowers or any instrument or agreement evidencing any
Obligations of the Designated Borrowers, or by the existence, validity, enforceability, perfection,
non-perfection or extent of any collateral therefor, or by any fact or circumstance relating to the
Obligations of the Designated Borrowers which might otherwise constitute a defense to the
obligations of the Company under this Company Guaranty, and the Company hereby irrevocably waives
any defenses it may now have or hereafter acquire in any way relating to any or all of the
foregoing.

     10.02 Rights of Lenders. The Company consents and agrees that the Lender Parties may, at any time
and from time to time, without notice or demand, and without affecting the enforceability or
continuing effectiveness hereof, in each case, unless otherwise set forth herein, including in
respect of Section 11.01: (a) amend, extend, renew, compromise, discharge, accelerate or
otherwise change the time for payment or the terms of the Obligations of the Designated Borrowers
or any part thereof; (b) take, hold, exchange, enforce, waive, release, fail to perfect, sell, or
otherwise dispose of any security for the payment of this Company Guaranty or any Obligations of
the Designated Borrowers; (c) apply such security and direct the order or manner of sale thereof as
the Administrative Agent, the L/C Issuer and the Lenders in their sole discretion may determine;
and (d) release or substitute one or more of any endorsers or other guarantors of any of the
Obligations of the Designated Borrowers. Without limiting the generality of the foregoing, the
Company consents to the taking of, or failure to take, any action by the Lender Parties which might
in any manner or to any extent vary the risks of the Company under this Company Guaranty or which,
but for this provision, might operate as a discharge of the Company.

     10.03 Collateral Matters. The Company waives (a) any defense arising by reason of any disability or
other defense of any Designated Borrower or any other guarantor, or the cessation from any cause
whatsoever (including any act or omission of any Lender Party) of the liability of the Borrowers;
(b) any defense based on any claim that the Company’s obligations exceed or are more burdensome
than those of any Designated Borrower; (c) the benefit of any statute of limitations affecting the
Company’s liability hereunder; (d) any right to proceed against any Designated Borrower, proceed
against or exhaust any security for the Obligations of the Designated Borrowers, or pursue any
other remedy in the power of any Lender Party whatsoever; (e) any benefit of and any right to
participate in any security now or hereafter held by any Lender Party; and (f) to the fullest
extent permitted by law, any and all other defenses or benefits that may be derived from or
afforded by applicable law limiting the liability of or exonerating guarantors or sureties. The
Company expressly waives all setoffs and counterclaims and all presentments, demands for payment or
performance, notices of nonpayment or nonperformance, protests, notices of protest, notices of
dishonor and all other notices or demands

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of any kind or nature whatsoever with respect to the
Obligations of any Designated Borrower, and all notices of acceptance of this Company Guaranty or
of the existence, creation or incurrence of new or additional Obligations of any Designated
Borrower.

     10.04 Obligations Independent. The obligations of the Company hereunder are those of primary
obligor, and not merely as surety, and are independent of the Obligations of the Designated
Borrowers and the obligations of any other guarantor, and a separate action may be brought against
the Company to enforce this Company Guaranty whether or not any Designated Borrower or any other
person or entity is joined as a party.

     10.05 Subrogation. The Company shall not exercise any right of subrogation, contribution,
indemnity, reimbursement or similar rights with respect to any payments it makes under this Company
Guaranty until all of the Obligations of the Designated Borrowers and any amounts payable under
this Company Guaranty have been indefeasibly paid in full and the Commitments are terminated. If
any amounts are paid to the Company in violation of the foregoing limitation, then such amounts
shall be held in trust for the benefit of the Lender Parties and shall forthwith be paid to the
Lender Parties to reduce the amount of the Obligations of the Designated Borrowers, whether matured
or unmatured.

     10.06 Termination; Reinstatement. This Company Guaranty is a continuing and irrevocable guaranty of
all payment Obligations of the Designated Borrowers now or hereafter existing and shall remain in
full force and effect until all payment Obligations of the Designated Borrowers are indefeasibly
paid in full in cash and the Commitments with respect to the Designated Borrowers are terminated.
Notwithstanding the foregoing, this Company Guaranty shall continue in full force and effect or be
revived, as the case may be, if any payment by or on behalf of any Designated Borrower or the
Company is made, or any of the Lender Parties exercises its right of setoff, in respect of the
payment Obligations of the Designated Borrowers and such payment or the proceeds of such setoff or
any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside
or required (including pursuant to any settlement entered into by any of the Lender Parties in
their discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or
such setoff had not occurred and whether or not the Lender Parties are in possession of or have
released this Company Guaranty and
regardless of any prior revocation, rescission, termination or reduction. The obligations of
the Company under this paragraph shall survive termination of this Company Guaranty.

     10.07 Subordination. The Company agrees that, upon the occurrence and during the continuation of an
Event of Default, the payment of all Indebtedness of the Designated Borrowers owing to the Company,
whether now existing or hereafter arising, including but not limited to any obligation of any
Designated Borrower to the Company as subrogee of the Lender Parties or resulting from the
Company’s performance under this Company Guaranty, shall be subordinated to the indefeasible
payment in full in cash of all payment Obligations of the Designated Borrowers. Upon the
occurrence and during the continuation of an Event of Default, any such obligation or indebtedness
of any Designated Borrower to the Company shall be enforced and performance received by the Company
as trustee for the Lenders and, upon the written request of the Required Lenders, the proceeds
thereof shall be paid over to the Administrative Agent, for the benefit of the Lenders, on account
of the payment Obligations of

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the Designated Borrowers, to be applied in accordance with
Section 8.03, but without reducing or affecting in any manner the liability of the Company
under this Company Guaranty.

     10.08 Stay of Acceleration. If acceleration of the time for payment of any of the Obligations of
the Designated Borrowers is stayed, in connection with any case commenced by or against the Company
or any Designated Borrower under any Debtor Relief Laws, or otherwise, all such amounts shall
nonetheless be payable by the Company upon demand by the Lender Parties.

     10.09 Condition of Designated Borrowers. The Company acknowledges and agrees that it has the sole
responsibility for, and has adequate means of, obtaining from each Designated Borrower such
information concerning the financial condition, business and operations of the Designated Borrowers
and any such other guarantor as the Company requires, and that none of the Lender Parties has any
duty, and the Company is not relying on the Lender Parties at any time, to disclose to the Company
any information relating to the business, operations or financial condition of any Designated
Borrower (the Company waiving any duty on the part of the Lender Parties to disclose such
information and any defense relating to the failure to provide the same).

ARTICLE XI. MISCELLANEOUS

     11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Company or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders and the Company or the applicable
Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

     (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders
(or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 11.01) any
fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; provided, however, that only the
consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate”
or to waive any obligation of any Borrower to pay interest at the Default Rate, except with
respect to interest on past-due principal of any Loan, which shall require the written consent of
each Lender, or (ii) to amend any financial covenant hereunder (or any defined term used therein)

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even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C
Borrowing or to reduce any fee payable hereunder;

     (e) change Section 2.13 or Section 8.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender;

     (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender; or

     (g) release the Company from the Company Guaranty without the written consent of each Lender.

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Swing Line Lender in addition to the Lenders required above, affect the rights or
duties of the Swing Line Lender under this Agreement; (iii) no amendment, waiver or consent shall,
unless in writing and signed by the Administrative Agent in addition to the Lenders required above,
affect the rights or duties of the Administrative Agent under this Agreement or any other Loan
Document; and (iv) the Fee Letters may be amended, or rights or privileges thereunder waived, in a
writing executed only by the parties thereto. Notwithstanding anything to the contrary herein, no
Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent
hereunder (and any amendment, waiver or consent which by its terms requires the consent of all
Lenders or each affected Lender may be effected with the consent of the applicable Lenders other
than Defaulting Lenders), except that (x) the Commitment of any Defaulting Lender may not be
increased or extended without the consent of such Lender and (y) any waiver, amendment or
modification requiring the consent of all Lenders or each affected Lender that by its terms affects
any Defaulting Lender more adversely than other affected Lenders shall require the consent of such
Defaulting Lender.

     11.02 Notices; Effectiveness; Electronic Communication.

	     (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or
other electronic transmission as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:

     (i) if to the Company or any Designated Borrower, the Administrative Agent, the L/C
Issuer or the Swing Line Lender, to the address, telecopier number, electronic mail address
or telephone number specified for such Person on Schedule 11.02; and

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     (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire (including, as
appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain
material non-public information relating to the Company and its Affiliates), if such
questionnaire has been received by the Person sending such notice or communication, or if
such questionnaire has not been received by such sending Person, to such address as may be
reasonably believed to be correct by such sending Person.

Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in subsection (b) below, shall
be effective as provided in such subsection (b). The Company and each Designated Borrower hereby
agrees that any notice, demand, consent, acknowledgement, direction, certification or other
communication delivered to the Company in accordance with the terms of this Agreement shall
constitute delivery to, and shall be deemed to have been delivered to, each Designated Borrower.

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has
notified the Administrative Agent and the Company that it is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Company may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided that
if such notice or other communication is not sent during the normal business hours of the
recipient, such notice or communication shall be deemed to have been sent at the opening of
business on the next business day for the recipient, and (ii) notices or communications posted to
an Internet or intranet website shall be deemed received upon the deemed receipt by the intended
recipient at its e-mail address as described in the foregoing clause (i) of notification that such
notice or communication is available and identifying the website address therefor.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS
OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR

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ERRORS IN OR OMISSIONS FROM
THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION
WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to any
Borrower, any Lender, the L/C Issuer or any other Person for losses, claims, damages, liabilities
or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or
the Administrative Agent’s transmission of Borrower Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses have resulted from such Agent
Party’s gross negligence, willful misconduct or material breach of any of its obligations under
any Loan Document; provided, however, that in no event shall any party hereto,
Related Party of any party hereto or Agent Party have any liability to each other party hereto,
its Related Parties, any Agent Party or any other Person for indirect, special, incidental,
consequential or punitive damages (as opposed to direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrowers, the Administrative Agent, the L/C
Issuer and the Swing Line Lender may change its address, telecopier or telephone number for
notices and other communications hereunder by notice to the other parties hereto. Each other
Lender may change its address, telecopier or telephone number for notices and other communications
hereunder by notice to the Company, the Administrative Agent, the L/C Issuer and the Swing Line
Lender. In addition, each Lender agrees to notify the Administrative Agent from time to time to
ensure that the Administrative Agent has on record (i) an effective address, contact name,
telephone number, telecopier number and electronic mail address to which notices and other
communications may be sent and (ii) accurate wire instructions for such Lender. Furthermore, each
Public Lender agrees to cause at least one individual at or on behalf of such Public Lender to at
all times have selected the “Private Side Information” or similar designation on the content
declaration screen of the Platform in order to enable such Public Lender or its delegate, in
accordance with such Public Lender’s compliance procedures and applicable Law, including United
States Federal and state securities Laws, to make reference to Borrower Materials that are not
made available through the “Public Side Information” portion of the Platform and that may contain
material non-public information with respect to the Company or its Subsidiaries or their
respective securities for purposes of United States Federal or state securities laws.

	     (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Committed Loan Notices and Swing Line Loan Notices) purportedly given by or
on behalf of any Borrower even if (i) such notices were not made in a manner specified herein,
were incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. The
Company shall indemnify the Administrative Agent, the L/C Issuer, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of any Borrower, as
provided in Section 11.04(b). All telephone notices to and other

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telephonic communications with the Administrative Agent may be recorded by any person a party thereto, and
each of the parties hereto consent to such recording.

     11.03 No Waiver; Cumulative Remedies; Enforcement; Nature of Obligations. No failure by any Lender,
the L/C Issuer or the Administrative Agent to exercise, and no delay by any such Person in
exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor
shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude
any other or further exercise thereof or the exercise of any other right, remedy, power or
privilege. The rights, remedies, powers and privileges herein provided are cumulative and not
exclusive of any rights, remedies, powers and privileges provided by law.

     Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained exclusively by, the
Administrative Agent in accordance with Section 8.02 for the benefit of all the Lenders and
the L/C Issuer; provided, however, that the foregoing shall not prohibit (a) the
Administrative Agent from exercising on its own behalf the rights and remedies that inure to its
benefit (solely in its capacity as Administrative Agent) hereunder and under the other Loan
Documents, (b) the L/C Issuer or the Swing Line Lender from exercising the rights and remedies that
inure to its benefit (solely in its capacity as L/C Issuer or Swing Line Lender, as the case may
be) hereunder and under the other Loan Documents, (c) any Lender from exercising setoff rights in
accordance with Section 11.08 (subject to the terms of Section 2.13), or (d) any
Lender from filing proofs of claim or appearing and filing pleadings on its own behalf during the
pendency of a proceeding relative to any Loan Party under any Debtor Relief Law; and
provided, further, that if at any time there is no Person acting as Administrative
Agent hereunder and under the other Loan Documents, then (i) the Required Lenders shall have the
rights otherwise ascribed to the Administrative Agent pursuant to Section 8.02 and (ii) in
addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject
to Section 2.13, any Lender may, with the consent of the Required Lenders, enforce any
rights and remedies available to it and as authorized by the Required Lenders.

     All Obligations which are incurred by two or more Loan Parties shall be their joint and
several obligations and liabilities of such Loan Parties; provided, the Lender Parties
acknowledge and agree that as of the Closing Date (i) Borrowings and requests for Credit Extensions
made or to be made hereunder by any requesting Borrower, including any Designated Borrower joining
this Agreement after the Closing Date pursuant to Section 2.15, are to be made
by such requesting Borrower severally and not jointly and severally by the Borrowers, and (ii)
Loans and L/C Obligations of any Borrower, including any Designated Borrower joining this Agreement
after the Closing Date pursuant to Section 2.15, are to be such Borrower’s several
Obligations, and not joint and several Obligations among all Borrowers.

     11.04 Expenses; Indemnity; Damage Waiver.

     (a) Costs and Expenses. The Company shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the

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preparation, negotiation, execution, delivery and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C
Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent,
any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A)
in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit, other than expenses of a Defaulting Lender proximately
caused by conduct, acts or omissions described in clauses (a), (b) or (c)
of the definition of “Defaulting Lender”.

     (b) Indemnification by the Company. The Company shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender and the L/C Issuer (each such Person being called
an “Indemnitee”) against any and all liabilities, obligations, claims, losses, damages,
penalties, fines, actions, judgments, suits, settlements, costs, expenses or disbursements
(including reasonable fees of attorneys, accountants, experts and advisors) of any kind or nature
whatsoever (in this section collectively called “liabilities and costs”) which to any extent (in
whole or in part) may be imposed on, incurred by, or asserted against such Lender Party growing
out of, resulting from or in any other way associated with the Loan Documents and the transactions
and events (including the enforcement or defense thereof) at any time associated therewith or
contemplated therein and the Borrowers’ use of Loan proceeds (whether arising in contract or in
tort or otherwise and including any violation or noncompliance with any Environmental Laws by any
Indemnitee or any other Person or any liabilities or duties of any Indemnitee or any other Person
with respect to Hazardous Materials found in or released into the environment). In the case of an
investigation, litigation or proceeding to which the indemnity in this Section 11.04
applies, such indemnity shall be effective whether or not such investigation, litigation or
proceeding is brought by the Company, any of its equity holders, Affiliates or creditors or an
Indemnitee or any third party and whether or not an Indemnitee is otherwise a party thereto.

     (c) THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE
IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT
LIABILITY OR CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY
INDEMNITEE, provided only that no Indemnitee shall be entitled under this section to receive
indemnification for that portion, if any, of any liabilities and costs which (i) is proximately
caused by its own (A) individual gross negligence or willful misconduct, as determined by a court
of competent jurisdiction in a final judgment, or (B) material breach of any of its obligations
hereunder or under any other Loan Documents, as determined by a court of competent jurisdiction in
a final judgment, (ii) arises by reason of a claim (A) by any one or more Indemnitees against any
one or more other Indemnitees or (B) by an equity-interest owner of any Indemnitee against any one
or more Indemnitees, so long as in either such case, such claim is not proximately caused solely
by the breach hereunder or under

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any other Loan Document by the Company or its Affiliates or (iii)
are incurred by an Indemnitee that is a Defaulting Lender, and such liabilities or costs are
proximately caused by conduct, acts or omissions described in clauses (a), (b) or
(c) of the definition of “Defaulting Lender”. If any Person (including the Company or any
of its Affiliates) ever alleges gross negligence or willful misconduct pursuant to the preceding
clause (i)(A) (but, for the avoidance of doubt, not with respect to an allegation of a material
breach pursuant to the preceding clause (i)(B)) by any Indemnitee, the indemnification provided
for in this section shall nonetheless be paid upon demand, subject to later adjustment or
reimbursement, until such time as a court of competent jurisdiction enters a final judgment as to
the extent and effect of the alleged gross negligence or willful misconduct. As used in this
section the term “Indemnitee” shall refer not only to each Person designated as a Lender Party in
Section 1.01 but also to each director, officer, trustee, agent, attorney, employee,
representative and Affiliate of such Persons. So long as no Default has occurred and is
continuing and the Company is financially solvent, no Indemnitee may settle any claim to be
indemnified without the consent of the Company, such consent not to be unreasonably withheld;
provided that the Company may not reasonably withhold consent to any settlement that an Indemnitee
proposes, if the Company does not have the financial ability to pay all its obligations
outstanding and asserted against the Company at that time, including the maximum potential claims
against the Indemnitee to be indemnified pursuant to this Section 11.04.

     (d) Reimbursement by Lenders. To the extent that the Company for any reason fails to
indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by it
to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any applicable Related
Party of any of the foregoing, without affecting the Company’s payment obligations with respect
thereto, each Lender severally agrees to pay to the Administrative Agent (or any such sub-agent),
the L/C Issuer or such Related Party, as the case may be, such Lender’s Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is
sought) of such unpaid amount, provided that the unreimbursed expense or indemnified loss,
claim, damage, liability or related expense, as the case may be, was incurred by or asserted
against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its capacity as
such, or against any Related Party of any of the foregoing acting for the Administrative Agent (or
any such sub-agent) or L/C Issuer in connection with such capacity. The obligations of the
Lenders under this subsection (d) are subject to the provisions of Section 2.12(d).

     (e) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, no party hereto or Related Party of any party hereto shall assert, and hereby
waives, any claim against each other party hereto and its Related Parties (including, as
applicable, each Indemnitee), on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be
liable for any damages arising from the use by unintended recipients of any information or other
materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than as a result of such Indemnitee’s gross

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negligence, willful misconduct or material breach of any of its obligations under any Loan
Document.

     (f) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor and the Company’s receipt of reasonably detailed invoices or
statements related thereto.

     (g) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent, the L/C Issuer and the Swing Line Lender, the replacement of any Lender, the
termination of the Aggregate Commitments and the repayment, satisfaction or discharge of all the
other Obligations.

     11.05 Payments Set Aside. To the extent that any payment by or on behalf of any Borrower is made to
the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by the Administrative Agent, the L/C
Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative
Agent upon demand its applicable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the applicable Overnight Rate from time to time
in effect, in the applicable currency of such recovery or payment. The obligations of the Lenders
and the L/C Issuer under clause (b) of the preceding sentence shall survive the payment in full of
the Obligations and the termination of this Agreement.

     11.06 Successors and Assigns.

	     (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except neither the Company nor any Designated Borrower may assign or
otherwise transfer any of its rights or obligations hereunder (other than assignments by a
Designated Borrower to, and corresponding assumptions by, the Company or one or more
Designated Borrowers) without the prior written consent of the Administrative Agent and each
Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder
except (i) to an assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this Section,
or (iii) by way of pledge or assignment of a security interest subject to the restrictions of
subsection (f) of this Section (and any other attempted assignment or transfer by any party hereto
shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to
confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided in subsection (d) of this Section and, to
the extent expressly contemplated hereby, the Related Parties of each of the

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Administrative Agent,
the L/C Issuer and the Lenders) any legal or equitable right, remedy or claim under or by reason
of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations and in Swing Line Loans, and Canadian BA’s) at the time owing to
it); provided that any such assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

     (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

     (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000 unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Company otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee Group) will be
treated as a single assignment for purposes of determining whether such minimum
amount has been met.

     (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned, except that this
clause (ii) shall not apply to rights in respect of the Swing Line Lender’s rights and
obligations in respect of Swing Line Loans;

     (iii) Required Consents. No consent shall be required for any such assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in
addition:

     (A) the consent of the Company (such consent not to be unreasonably withheld)
shall be required unless (1) an Event of Default has occurred and is continuing at
the time of such assignment or (2) such assignment is to a Lender;
provided that the Company shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative
Agent within five (5) Business Days after having received notice thereof;

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     (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with
respect to such Lender;

     (C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation of
such assignee to participate in exposure under one or more Letters of Credit
(whether or not then outstanding); and

     (D) the consent of the Swing Line Lender (such consent not to be unreasonably
withheld or delayed) shall be required for any assignment.

     (iv) Assignment and Assumption. The parties to each assignment permitted by
Section 11.06(b) shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500;
provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire.

     (v) No Assignment to Certain Persons. No such assignment shall be made (A) to
the Company or any of the Company’s Affiliates or Subsidiaries, or (B) to any Defaulting
Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a
natural person.

     (vi) No Assignment Resulting in Additional Indemnified Taxes. No such
assignment shall be made to any Person that, through its Lending Offices, is not capable of
lending Canadian Dollars to the relevant Borrowers without the imposition of any additional
Indemnified Taxes.

     (vii) Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent
of the Company and the Administrative Agent, the applicable pro rata share of Loans
previously requested but not funded by the Defaulting Lender, to each of which the
applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full
all payment liabilities then owed by such Defaulting Lender to the Administrative Agent or
any Lender hereunder (and interest accrued thereon) and (y) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit
and Swing Line Loans in accordance with its Applicable Percentage. Notwithstanding the
foregoing, in the event that any assignment of rights and obligations of any

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Defaulting
Lender hereunder shall become effective under applicable Law without compliance with the
provisions of this paragraph, then the assignee of such interest shall be deemed to be a
Defaulting Lender for all purposes of this Agreement until such compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05, and 11.04
with respect to facts and circumstances occurring prior to the effective date of such assignment.
Upon request, each Borrower (at its expense) shall execute and deliver a Note to the assignee
Lender against receipt by such Borrower of the cancelled original Note of the assignor, if its
entire Commitment was assigned, or evidence that such assignor’s Note is marked to reflect its
reduction. Any assignment or transfer by a Lender of rights or obligations under this Agreement
that does not comply with this subsection shall be treated for purposes of this Agreement as a sale
by such Lender of a participation in such rights and obligations in accordance with subsection (d)
of this Section.

	     (c) Register. The Administrative Agent, acting solely for this purpose as an agent
of the Borrowers (and such agency being solely for tax purposes), shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time and recordation of Assignments and Assumptions (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrowers, the Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. In addition, the Administrative Agent
shall maintain on the Register information regarding the designation, and revocation of
designation, of any Lender as a Defaulting Lender. The Register shall be available for
inspection by the Borrowers and any Lender, at any reasonable time and from time to time upon
reasonable prior notice, and the Administrative Agent shall provide any information therein as any
Borrower shall reasonably request from time to time.

	     (d) Participations. Any Lender may at any time, without the consent of, or notice
to, any Borrower or the Administrative Agent, sell participations to any Person (other than a
natural person, a Defaulting Lender or the Company or any of the Company’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans
(including such Lender’s participations in L/C Obligations and/or Swing Line Loans owing to it)
and Canadian BA’s); provided that (i) such Lender’s obligations under this Agreement shall
remain unchanged, (ii) such Lender shall remain solely responsible to the other

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parties hereto for
the performance of such obligations and (iii) the Borrowers, the Administrative Agent, the Lenders
and the L/C Issuer shall continue to deal solely and directly with such Lender in connection with
such Lender’s rights and obligations under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 11.01 that affects such Participant. Subject to subsection (e) of this Section,
each Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 (subject to the requirements and limitations therein,
including the requirements under Section 3.01 (it being understood that the documentation
required under Section 3.01 shall be delivered to the participating Lender) and the
obligations imposed by such Sections and shall be subject to replacement pursuant to Section
3.06 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section. Each Lender that sells a participation agrees, at such
Lender’s request and expense, to use reasonable efforts to cooperate with the Company to effectuate
the provisions of Section 3.06 with respect to any Participant. To the extent permitted by
law, each Participant also shall be entitled to the benefits of Section 11.08 as though it
were a Lender, provided such Participant agrees to be subject to Section 2.13 as
though it were a Lender. Each Lender that sells a participation shall, solely for tax purposes,
maintain a register on which it enters the name and address of each Participant in such Lender’s
Loans and the principal amounts (and stated interest) of each such Participant’s interest in such
Lender’s Loans or other obligations under the Loan Documents (the “Participant Register”);
provided that no Lender shall have any obligation to disclose all or any portion of its
Participant Register to any Person (including the identity of any Participant or any information
relating to a Participant’s interest in such Lender’s commitments, loans, letters of credit or its
other obligations under any Loan Document) except to the extent that such disclosure is necessary
to establish that such commitment, loan, letter of credit or other obligation is in registered form
under Section 5f.103-1(c) of the Treasury regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is
recorded in such Lender’s Participant Register as the owner of such participation for all purposes
of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the
Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for
maintaining a Participant Register.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01, 3.04 or 3.05 than the
applicable Lender would
have been entitled to receive with respect to the participation sold to such Participant,
unless the sale of the participation to such Participant is made with the Company’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled
to the benefits of Section 3.01 unless the Company is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply and
complies with Section 3.01(e) as though it were a Lender.

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     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note(s), if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank or any central bank having jurisdiction over such Lender; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

     (g) Resignation as L/C Issuer or Swing Line Lender after Assignment. Notwithstanding
anything to the contrary contained herein, if at any time Bank of America assigns all of its
Commitment and Loans pursuant to subsection (b) above, Bank of America may, (i) upon 30 days’
notice to the Company and the Lenders, resign as L/C Issuer and/or (ii) upon 30 days’ notice to
the Company, resign as Swing Line Lender. In the event of any such resignation as L/C Issuer or
Swing Line Lender, the Company shall be entitled to appoint from among the Lenders a successor L/C
Issuer (subject to such successor’s acceptance) or Swing Line Lender (subject to such successor’s
acceptance) hereunder; provided, however, that no failure by the Company to
appoint any such successor shall affect the resignation of Bank of America as L/C Issuer or Swing
Line Lender, as the case may be. If Bank of America resigns as L/C Issuer, it shall retain all
the rights, powers, privileges and duties of the L/C Issuer hereunder with respect to all Letters
of Credit outstanding as of the effective date of its resignation as L/C Issuer and all L/C
Obligations with respect thereto (including the right to require the Lenders to make Base Rate
Committed Loans or Canadian Prime Rate Committed Loans or fund risk participations in Unreimbursed
Amounts pursuant to Section 2.03(c)). If Bank of America resigns as Swing Line Lender, it
shall retain all the rights of the Swing Line Lender provided for hereunder with respect to Swing
Line Loans made by it and outstanding as of the effective date of such resignation, including the
right to require the Lenders to make Base Rate Committed Loans or Canadian Prime Rate Committed
Loans or fund risk participations in outstanding Swing Line Loans pursuant to Section
2.04(c). Upon the appointment of a successor L/C Issuer and/or Swing Line Lender, (a) such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring L/C Issuer or Swing Line Lender, as the case may be, and (b) the successor L/C
Issuer shall issue letters of credit in substitution for the Letters of Credit, if any,
outstanding at the time of such succession or make other arrangements satisfactory to Bank of
America to effectively assume the obligations of Bank of America with respect to such Letters of
Credit.

     (h) Lost Notes. Upon receipt of an affidavit reasonably satisfactory to the Company
of an officer of any Lender as to the loss, theft, destruction or mutilation of its Note which is
not of public record, and, in the case of any such loss, theft, destruction or mutilation, upon
cancellation of such Note, the applicable Borrower will execute and deliver, in lieu thereof, a
replacement Note in the principal amount of such Lender’s then Commitment or if no
Commitment is in effect, the outstanding principal amount owed to such Lender and otherwise
of like tenor.

     11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the
Lenders and the L/C Issuer (for itself and each of its Related Parties) agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a)
to its Affiliates and to its and its Affiliates’ respective partners,

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directors, officers,
employees, agents, trustees, advisors and representatives (it being understood that the Persons to
whom such disclosure is made will be informed of the confidential nature of such Information and
instructed to keep such Information confidential and will maintain such confidences), (b) to the
extent requested or required by applicable laws or regulations or by any subpoena or similar legal
process, including in connection with any pledge or assignment made pursuant to Section
11.06(f), (c) subject to this Section 11.07, to any other party hereto, (d) in
connection with the exercise of any remedies hereunder or under any other Loan Document or any
action or proceeding relating to this Agreement or any other Loan Document or in connection with
any Default or anticipated Default, the enforcement of rights hereunder or thereunder, (e) subject
to an agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or any Proposed Lender invited to be a Lender pursuant to
Section 2.16(c) or (ii) any actual or prospective counterparty (or its advisors) to any
swap or derivative transaction relating to, and requested by, a Borrower and its obligations, (f)
with the consent of the Company or (g) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section or (y) becomes available to the
Administrative Agent, any Lender, the L/C Issuer or any of their respective Affiliates on a
nonconfidential basis from a source other than the Company.

     For purposes of this Section, “Information” means all information received from the Company or
any Subsidiary relating to the Company or any Subsidiary or any Affiliate of any of them, or any of
their respective businesses, other than any such information that is available to the
Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to disclosure
by the Company or any Subsidiary, provided that, in the case of information received from the
Company or any Subsidiary after the date hereof, such information is clearly identified at the time
of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such
Person has exercised the same degree of care to maintain the confidentiality of such Information as
such Person would accord to its own confidential information.

     Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the
Information may include material non-public information concerning the Company or a Subsidiary, as
the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance
with applicable Law, including United States Federal and state securities Laws.

     11.08 Right of Setoff. At any time and from time to time during the continuance of any Event of
Default, each Lender and the L/C Issuer is hereby authorized, to the fullest extent permitted by
applicable law, to set off and apply against the payment Obligations then due and payable (without
notice to any Restricted Person), any and all deposits (general or special, time
or demand, provisional or final, in whatever currency) at any time held and other obligations
(in whatever currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or
for the credit or the account of a Borrower; provided, that in the event that any Defaulting Lender
shall exercise any such right of setoff, (x) all amounts so set off shall be paid over immediately
to the Administrative Agent for further application in accordance with the provisions of
Section 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from
its other funds and deemed held in trust for the benefit of the Administrative Agent and the
Lenders, and

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(y) the Defaulting Lender shall provide promptly to the Administrative Agent a
statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to
which it exercised such right of setoff. The rights of each Lender, the L/C Issuer and their
respective Affiliates under this Section are in addition to other rights and remedies (including
other rights of setoff) that such Lender, the L/C Issuer or their respective Affiliates may have.
Each Lender and the L/C Issuer agrees to notify the Company and the Administrative Agent promptly
after any such setoff and application, provided that the failure to give such notice shall
not affect the validity of such setoff and application.

     11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Company. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations hereunder. In no
event shall the aggregate “interest” (as defined in section 347 of the Criminal Code (Canada))
payable by any Designated Borrower under the Loan Documents exceed the maximum effective annual
rate of interest on the “credit advanced” (as defined in that section) permitted under that section
and, if any payment, collection or demand pursuant to this Agreement in respect of “interest” (as
defined in that section) is determined to be contrary to the provisions of that section, such
payment, collection or demand shall be deemed to have been made by mutual mistake of Borrowers,
Administrative Agent and Lenders and the amount of such excess payment or collection shall be
refunded to the relevant Designated Borrower. For purposes of any Notes made by any Designated
Borrower, the effective annual rate of interest shall be determined in accordance with generally
accepted actuarial practices and principles over the term applicable thereto on the basis of annual
compounding of the lawfully permitted rate of interest and, in the event of dispute, a certificate
of a Fellow of the Canadian Institute of Actuaries appointed by Administrative Agent shall be prima
facie evidence, for the purposes of such determination.

     11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Agreement and the
other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and
understandings, oral or written, relating to the subject matter hereof. Except as provided in
Section 4.01, this Agreement shall become effective when it shall have been executed by the
Administrative Agent and when the Administrative Agent shall have received counterparts hereof
that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an
executed counterpart of a signature page of this Agreement by telecopy or other electronic imaging
means shall be effective as delivery of a manually executed counterpart of this Agreement.

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     11.11 Survival of Representations and Warranties. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the Administrative Agent and
each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding.

     11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section
11.12, if and to the extent that the enforceability of any provisions in this Agreement
relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith
by the Administrative Agent, the L/C Issuer or the Swing Line Lender, as applicable, then such
provisions shall be deemed to be in effect only to the extent not so limited.

     11.13 Replacement of Lenders. If (i) any Lender requests compensation under Section 3.04 or
gives a notice pursuant to Section 3.02 and does not subsequently designate a different
Lending Office or assign its rights and obligations hereunder to another of its offices, branches
or affiliates as provided in Section 3.06(a), (ii) any Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 3.01, (iii) any Lender is a Defaulting Lender, (iv) other than as set
forth in the immediately succeeding clause (v), any Lender fails to consent to an election,
consent, amendment, waiver or other modification to this Agreement or any other Loan Document that
requires the consent of (A) the Required Lenders, and such election, consent, amendment, waiver or
other modification is otherwise consented to by the Required Lenders, or (B) all Lenders (or all
Lenders directly affected thereby), and such election, consent, amendment, waiver or other
modification is otherwise consented to by Supermajority Lenders, or (v) any Lender is a
Non-Extending Lender or (vi) any other circumstance exists hereunder that gives the Company the
right to replace a Lender as a party hereto, then the Company may, at its sole expense and effort,
upon notice to such Lender and the Administrative Agent, require such Lender to assign and
delegate, without recourse (in accordance with and subject to the restrictions contained in,
and consents required by, Section 11.06), all of its interests, rights and obligations
under this Agreement and the related Loan Documents to an assignee that shall assume such
obligations (which assignee may be another Lender, if a Lender accepts such assignment), provided
that:

     (a) unless paid by the assignee or waived by the Administrative Agent in its sole discretion,
the Company shall have paid (or caused a Designated Borrower to pay) to the Administrative Agent
the assignment fee specified in Section 11.06(b);

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     (b) such Lender shall have received payment of an amount equal to 100% of the outstanding
principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05 and subject to Section 2.18) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Company or applicable Designated
Borrower (in the case of all other amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

     (d) such assignment does not violate applicable Laws.

     Notwithstanding the foregoing rights of the Company under this Section, the Company may not
replace any Lender which seeks compensation under Section 3.04 or reimbursement under
Section 3.01 unless the Company is replacing all Lenders which are then seeking such
compensation or reimbursement.

     11.14 Governing Law; Jurisdiction; Etc.

     (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

     (b) SUBMISSION TO JURISDICTION. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

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     (c) WAIVER OF VENUE. EACH BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

     (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE
LAW.

     11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document), each Borrower acknowledges and agrees, and acknowledges its
Affiliates’ understanding, that: (a) (i) the arranging and other services regarding this Agreement
provided by the Administrative Agent, the Arrangers, the Co-Syndication Agents and the Lenders are
arm’s-length commercial transactions between such Borrower and its Affiliates, on the one hand, and
the Administrative Agent, the Arrangers, the Co-Syndication Agents and the Lenders, on the other
hand, (ii) such Borrower has consulted its own legal, accounting, regulatory and tax advisors to
the extent it has deemed appropriate, and
(iii) such Borrower is capable of evaluating, and understands and accepts, the terms, risks
and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) the
Administrative Agent, the Co-Syndication Agents and the Arrangers each is and has been acting
solely as a principal and, except as expressly agreed in writing by the relevant parties, has not
been, is not, and will not be acting as an advisor, agent or fiduciary for such Borrower or any of
their respective Affiliates, or any other Person and (ii) none of the Administrative Agent, any
Arranger, any Co-Syndication Agent nor any Lender has any obligation to such Borrower or any

119

 

of
their respective Affiliates with respect to the transactions contemplated hereby except those
obligations expressly set forth herein and in the other Loan Documents; and (c) the Administrative
Agent, the Arrangers, the Co-Syndication Agents, the Lenders and their respective Affiliates may be
engaged in a broad range of transactions that involve interests that differ from those of the
Company and its Affiliates, and none of the Administrative Agent, any Arranger, any Co-Syndication
Agent nor any Lender has any obligation to disclose any of such interests to such Borrower or its
Affiliates. To the fullest extent permitted by law, each Borrower hereby waives and releases any
claims that it may have against the Administrative Agent, the Co-Syndication Agents and the
Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

     11.17 No Recourse to Other Persons. No past, present or future director, officer, partner,
employee, incorporator, manager, stockholder, unitholder or member of the Company, General Partner,
Plains AAP, or GP LLC, and no past, present or future director, officer, partner, employee,
incorporator, manager, stockholder, unitholder or member of any Subsidiary of the Company that is
from time to time a Borrower shall have any liability for any Obligations or for any claim based
on, in respect of, or by reason of, the Obligations or their creation as such. Each party hereto,
for itself and each of its Related Parties, waives and releases all such liability. The waiver and
release are part of the consideration for the incurrence of Indebtedness by the Borrowers hereunder
and, as applicable, the making of the Notes.

     11.18 Electronic Execution of Assignments and Certain Other Documents. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any
amendment or other modification hereof (including waivers and consents) shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     11.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrowers
that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Borrowers, which information includes the name and address of each Borrower and
other information that will allow such Lender or the Administrative Agent, as applicable, to
identify the Borrowers in accordance with the Act. Each Borrower shall, promptly following a
request by the Administrative Agent or any Lender,
provide all information that is in its or any of its Subsidiary’s possession or control and
not subject to confidentiality arrangements with third parties or counsel which the Administrative
Agent or such Lender reasonably requests to comply with its ongoing obligations under applicable
“know your customer” and anti-money laundering rules and regulations, including the Act (and if any
of such information is not in the Company’s or any of its Subsidiary’s possession or control, will
use its commercially reasonable efforts to obtain such information and other documentation).

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     11.20 Time of the Essence. Time is of the essence of the Loan Documents.

     11.21 Judgment Currency. If, for the purposes of obtaining judgment in any court, it is necessary
to convert a sum due hereunder or any other Loan Document in one currency into another currency,
the rate of exchange used shall be that at which in accordance with normal banking procedures the
Administrative Agent could purchase the first currency with such other currency on the Business Day
preceding that on which final judgment is given. The obligation of each Borrower in respect of any
such sum due from it to the Administrative Agent or any Lender hereunder or under the other Loan
Documents shall, notwithstanding any judgment in a currency (the “Judgment Currency”) other
than that in which such sum is denominated in accordance with the applicable provisions of this
Agreement (the “Agreement Currency”), be discharged only to the extent that on the Business
Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum
adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the
case may be, may in accordance with normal banking procedures purchase the Agreement Currency with
the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum
originally due to the Administrative Agent or any Lender from any Borrower in the Agreement
Currency, such Borrower agrees, as a separate obligation and notwithstanding any such judgment, to
indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the
amount of the Agreement Currency so purchased is greater than the sum originally due to the
Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as
the case may be, agrees to return the amount of any excess to such Borrower (or to any other Person
who may be entitled thereto under applicable law).

     11.22 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     11.23 Reallocation of Outstanding Loans under Existing Credit Agreement. In connection with the
refinancing of the outstanding obligations and indebtedness under the Existing Credit Agreement
pursuant hereto, the Company, Administrative Agent and Lenders shall as of the Closing Date make
adjustments to the outstanding principal amount of “Loans” under the Existing Credit Agreement (as
such term is defined therein) (but not any interest accrued thereon prior to the Closing Date),
including the borrowing of additional Loans hereunder and the repayment of Loans thereunder plus
all applicable accrued interest, fees and expenses as shall be necessary to provide for Loans
hereunder by each Lender in the amount of its Applicable Percentage of all Loans as of the Closing
Date, but in no event shall such
adjustment of any “Eurodollar Loans” (as such term is defined therein) (i) constitute a
payment or prepayment of all or a portion of any such Eurodollar Loans or (ii) entitle any Lender
to any reimbursement under Section 3.05 hereof, and each Lender shall be deemed to have
made an assignment of its outstanding Loans under the Existing Credit Agreement, and assumed
outstanding Loans of other Lenders under the Existing Credit Agreement as may be necessary to
effect the foregoing.

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

	 	 	 	 	 
	 	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:  	
 	 
	 	 	Charles Kingswell-Smith 	 
	 	 	Vice President and Treasurer 	 
	 

	 	 	 	 	 
	 	PLAINS MIDSTREAM CANADA ULC

 	 
	 	By:  	
 	 
	 	 	Charles Kingswell-Smith 	 
	 	 	Vice President and Treasurer 	 
	 

Plains All American Credit Facility

S-1

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as

Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-2

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as a Lender, L/C 

Issuer and Swing Line Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-3

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL 

ASSOCIATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-4

 

	 	 	 	 	 

	 	 	 	 	 
	 	BNP PARIBAS, as a Lender

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

Plains All American Credit Facility

S-5

 

	 	 	 	 	 

	 	 	 	 	 
	 	DNB NOR BANK ASA, as a Lender

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

Plains All American Credit Facility

S-6

 

	 	 	 	 	 

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

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-7

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUNTRUST BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-8

 

	 	 	 	 	 

	 	 	 	 	 
	 	SOCIÉTÉ GENERALÉ, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-9

 

	 	 	 	 	 

	 	 	 	 	 
	 	BARCLAYS BANK PLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-10

 

	 	 	 	 	 

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-11

 

	 	 	 	 	 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK, LTD., as a 

Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-12

 

	 	 	 	 	 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-13

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-14

 

	 	 	 	 	 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-15

 

	 	 	 	 	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	Justin Alexander 	 
	 	 	Title:  	Vice President 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	Joseph Rauhala 	 
	 	 	Title:  	Principal Officer 	 

Plains All American Credit Facility

S-16

 

	 	 	 	 	 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, 

LTD., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-17

 

	 	 	 	 	 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING 

CORPORATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-18

 

	 	 	 	 	 

	 	 	 	 	 
	 	ING CAPITAL LLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-19

 

	 	 	 	 	 

	 	 	 	 	 
	 	PNC BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-20

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-21

 

	 	 	 	 	 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-22

 

	 	 	 	 	 

	 	 	 	 	 
	 	REGIONS BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-23

 

	 	 	 	 	 

	 	 	 	 	 
	 	BANK OF MONTREAL, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-24

 

	 	 	 	 	 

	 	 	 	 	 
	 	AMEGY BANK NATIONAL ASSOCIATION, as a 

Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-25

 

	 	 	 	 	 

	 	 	 	 	 
	 	COMERICA BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

Plains All American Credit Facility

S-26

 

	 	 	 	 	 

	 	 	 	 	 
	 	RAYMOND JAMES BANK, FSB, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains All American Credit Facility

S-27

 

SCHEDULE 2.01

COMMITMENTS

AND APPLICABLE PERCENTAGES

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable
	Lender	 	Commitment	 	Percentage
	Bank of America, N.A.

	 	$	95,000,000.00	 	 	 	5.937500000	%
	Wells Fargo Bank, National Association

	 	$	95,000,000.00	 	 	 	5.937500000	%
	BNP Paribas

	 	$	95,000,000.00	 	 	 	5.937500000	%
	DnB NOR Bank ASA

	 	$	95,000,000.00	 	 	 	5.937500000	%
	JPMorgan Chase Bank, N.A.

	 	$	95,000,000.00	 	 	 	5.937500000	%
	SunTrust Bank

	 	$	80,000,000.00	 	 	 	5.000000000	%
	Société Generalé

	 	$	75,000,000.00	 	 	 	4.687500000	%
	Barclays Bank PLC

	 	$	85,000,000.00	 	 	 	5.312500000	%
	Citibank, N.A.

	 	$	85,000,000.00	 	 	 	5.312500000	%
	Mizuho Corporate Bank, Ltd.

	 	$	85,000,000.00	 	 	 	5.312500000	%
	UBS Loan Finance LLC

	 	$	85,000,000.00	 	 	 	5.312500000	%
	The Bank of Nova Scotia
	 	$	75,000,000.00	 	 	 	4.687500000	%
	Royal Bank of Canada

	 	$	60,000,000.00	 	 	 	3.750000000	%
	U.S. Bank National Association

	 	$	40,000,000.00	 	 	 	2.500000000	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.

	 	$	60,000,000.00	 	 	 	3.750000000	%
	Sumitomo Mitsui Banking Corporation

	 	$	60,000,000.00	 	 	 	3.750000000	%
	ING Capital LLC

	 	$	40,000,000.00	 	 	 	2.500000000	%
	PNC Bank National Association

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Compass Bank

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Fifth Third Bank

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Regions Bank

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Bank of Montreal

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Amegy Bank National Association

	 	$	25,000,000.00	 	 	 	1.562500000	%
	Comerica Bank

	 	$	40,000,000.00	 	 	 	2.500000000	%
	Raymond James Bank, FSB

	 	$	30,000,000.00	 	 	 	1.875000000	%
	Total

	 	$	1,600,000,000	 	 	 	100.000000000	%

 

 

SCHEDULE 2.01A

CANADIAN BANKERS’ ACCEPTANCES

     1. Execution of Canadian BA’s. (a) To facilitate the acceptance of Canadian BA’s
hereunder, each Designated Borrower hereby appoints each Lender as its attorney to sign and endorse
on its behalf, as and when considered necessary by such Lender, an appropriate number of Canadian
BA’s in the form prescribed by such Lender.

     (b) Each Lender may, at its option, execute any Canadian BA in handwriting or by the facsimile
or mechanical signature of any of its authorized officers, and each Lender is hereby authorized to
accept or pay, as the case may be, any Canadian BA of a Designated Borrower that purports to bear
such a signature, notwithstanding that any such individual has ceased to be an authorized officer
of such Lender. Any such Canadian BA shall be as valid as if such individual were an authorized
officer at the date of issue of the Canadian BA.

     (c) Any Canadian BA signed by a Lender as attorney for a Designated Borrower, whether signed
in handwriting or by the facsimile or mechanical signature of an authorized officer of a Lender,
may be dealt with by such Lender for all intents and purposes, and shall bind such Designated
Borrower, as if duly signed and issued by such Designated Borrower.

     (d) The receipt by a Lender of a request for a Borrowing by way of Canadian BA’s shall be such
Lender’s sufficient authority to execute, and each Lender shall, subject to the terms and
conditions of this Agreement, execute Canadian BA’s in accordance with such request and the advice
of the Administrative Agent given pursuant to Section 4 of this Schedule, and the Canadian BA’s so
executed shall thereupon be deemed to have been presented for acceptance.

     2. Sale of Canadian BA’s. (a) It shall be the responsibility of each Lender to
arrange, in accordance with normal market practice, for the sale on each funding date of a Canadian
BA to be accepted by such Lender, failing which such Lender shall purchase such Canadian BA.

     (b) In accordance with the procedures set forth in Section 4 of this Schedule, each Lender
will make the net proceeds of the applicable Borrowing by way of Canadian BA’s available to the
Designated Borrower on the funding date.

     (c) The parties agree that in the administering of Canadian BA’s, each Lender may avail itself
of the debt clearing services offered by a clearing house for depository notes pursuant to the
Depository Bills and Notes Act (Canada) and that the procedures set forth in Article II of the
Credit Agreement be deemed amended to the extent necessary to comply with the requirements of such
debt clearing services.

     3. Size and Maturity of Canadian BA’s and Rollovers. Each Borrowing by means of
Canadian BA’s shall be in a minimum amount of CDN$500,000, and no more than seven Borrowings of
Canadian BA’s shall be outstanding at any time. Each Canadian BA shall have a term of 30, 60, 90
or 180 days (or such other period as may be agreed to by the Designated Borrower requesting such
Borrowing and the Lenders) after the date of acceptance of the

 

 

Canadian BA by a Lender, but no Canadian BA may mature on a date which is not a Business Day
or after the Maturity Date. The face amount at maturity of a Canadian BA may be rolled over as a
Canadian BA (by repayment and reissue) or repaid.

     4. Coordination of Canadian BA Advances. Each Lender shall advance its Applicable
Percentage of each Borrowing by way of Canadian BA’s in accordance with Section 2.02(b) and
the provisions set forth below.

     (a) The Administrative Agent, promptly following receipt of a notice from a Designated
Borrower pursuant to Section 2.01 requesting a Borrowing by way of Canadian BA’s, shall
advise each Lender of the aggregate face amount and term(s) of the Canadian BA’s to be accepted by
it, which term(s) shall be identical for all Lenders. The aggregate face amount of Canadian BA’s
to be accepted by a Lender shall be determined by the Administrative Agent by reference to the
respective Commitments of the Lenders. In the event it is not practicable to allocate Canadian
BA’s to each Lender such that the aggregate amount of Canadian BA’s required to be purchased by
such Lender hereunder is in a whole multiple of C$100,000, Administrative Agent is authorized by
each Designated Borrower and each Lender to make such allocation as Administrative Agent determines
in its sole and unfettered discretion may be equitable in the circumstances and, if the aggregate
amount of such Canadian BA’s is not a whole multiple of C$100,000, then the Administrative Agent
may allocate (on a basis considered by it to be equitable) the excess of such amount over the next
lowest whole multiple of C$100,000 to one Lender, which shall purchase a Canadian BA with a face
amount equal to the excess and having the same term as the corresponding Canadian BA’s. In no
event shall the portion of the outstanding Borrowings by way of Canadian BA’s of a Lender exceed
such Lender’s Percentage Share of the aggregate Borrowings by way of Canadian BA’s by more than
C$100,000 as a result of such exercise of discretion by Administrative Agent.

     (b) Each Lender shall transfer to the Administrative Agent by not later than 2:00 p.m.
(Toronto time) on each funding date for Canadian BA’s, immediately available Canadian Dollars in an
aggregate amount equal to the Canadian BA Discount Proceeds of all Canadian BA’s accepted and sold
or purchased by such Lender on such funding date net of the applicable Canadian BA Fee and net of
the amount required to pay any of its previously accepted Canadian BA’s that are maturing on the
funding date or any of its other Borrowing that are being converted to Canadian BA’s on the funding
date. In the case of a conversion from a Borrowing of Canadian Prime Rate Loans to a Designated
Borrower into a Borrowing by way of Bankers’ Acceptances to be accepted by a Lender pursuant
hereto, such Lender, in order to satisfy the continuing liability of such Designated Borrower to it
for the principal amount of the Canadian Prime Rate Loans being converted, shall retain for its own
account the Canadian BA Discount Proceeds of each new Canadian BA issued by it in connection with
such conversion; and such Designated Borrower shall, on the date of issuance of the Canadian BA’s,
pay to the Administrative Agent for the benefit of Lenders an amount equal to the difference
between the aggregate principal amount of the Canadian Prime Rate Loans being converted owing to
the Lenders and the aggregate Canadian BA Discount Proceeds of such Canadian BA’s net of the
applicable Canadian BA Fee.

     (c) Notwithstanding any other provision hereof, for the purpose of determining the amount to
be transferred by a Lender to the Designated Borrower requesting such Borrowing in

 

 

respect of the sale of any Canadian BA accepted by such Lender and sold or purchased by it,
the proceeds of sale thereof shall be deemed to be an amount equal to the Canadian BA Discount
Proceeds calculated with respect thereto. Accordingly, in respect of any particular Canadian BA
accepted by it, a Lender (in addition to its entitlement to retain the applicable Canadian BA Fee
for its own account) (i) shall be entitled to retain for its own account the amount, if any, by
which the actual proceeds of sale thereof exceed the Canadian BA Discount Proceeds calculated with
respect thereto; and (ii) shall be required to pay out of its own funds the amount, if any, by
which the actual proceeds of sale thereof are less than the Canadian BA Discount Proceeds
calculated with respect thereto.

     (d) Whenever a Designated Borrower requests a Borrowing that includes Canadian BA’s, each
Lender that is not permitted by applicable law, by its internal policies to accept Canadian BA’s or
by customary market practice to accept a Canadian BA (a “Non BA Lender”) shall, in lieu of
accepting its pro rata amount of such Canadian BA’s, make available to the applicable Designated
Borrower on the funding date a non-interest bearing loan (a “Canadian BA Equivalent Loan”)
in Canadian Dollars in an amount equal to the amount of Canadian BA Discount Proceeds that would
constitute its pro rata amount of the applicable Canadian BA’s based on the Canadian BA Discount
Rate set forth in clause (b) of the definition of “Canadian BA Discount Rate”. Each Non BA
Lender also shall be entitled to deduct from each Canadian BA Equivalent Loan an amount equal to
the Canadian BA Fee that would have been applicable had it been able to accept Canadian BA’s. Each
Canadian BA Equivalent Loan shall have a term equal to the term of the Canadian BA’s that the Non
BA Lender would otherwise have accepted and the Designated Borrower requesting such Borrowing
shall, at the end of that term, be obligated to pay the Non BA Lender an amount equal to the
aggregate face amount of the Canadian BA’s that it would otherwise have accepted. All provisions
of this Agreement applicable to Canadian BA’s and Lenders that accept Canadian BA’s shall apply
mutatis mutandis to Canadian BA Equivalent Loans and Non BA Lenders and, without limiting the
foregoing, Borrowings shall include Canadian BA Equivalent Loans.

     5. Payment of Canadian BA’s; Cash Collateral; Prepayments; Taxes, Yield Protection and
Illegality. (a) Each Designated Borrower shall provide for the payment to each Lender of the
full face amount of each Canadian BA accepted for its account on the earlier of (i) the date of
maturity of such Canadian BA; and (ii) the date on which any Obligations become due and payable
pursuant to Section 8.02. Any amount owing by a Designated Borrower in respect of any
Canadian BA which is not paid in accordance with the foregoing, shall, as and from the date on
which such Canadian BA matures, be deemed to be outstanding hereunder as a Canadian Prime Rate
Loan. Each Lender shall be entitled to recover interest from such Designated Borrower, at the
Default Rate, on any amount that is not paid when due by such Designated Borrower, from the date of
maturity of each applicable Canadian BA to the date such payment, and all interest thereon, is
provided for by such Designated Borrower, both before and after demand, default and judgment.

     (b) For purposes of this Schedule 2.01A, Section 2.05(d) and Section
8.02(c), “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the Lenders, as collateral for the Obligations in respect of Canadian
BA’s, cash or deposit account balances pursuant to documentation in form and substance satisfactory
to the Administrative Agent and the Lenders (which documents are hereby consented to by the

 

 

Lenders). Derivatives of such term have corresponding meanings. Each Designated Borrower
hereby grants to the Administrative Agent, for the benefit of the Lenders, a security interest in
all such cash and deposit account balances and all proceeds of the foregoing. Cash Collateral
shall be maintained in blocked accounts at Bank of America.

     (c) Any amounts received by the Administrative Agent to be applied to outstanding Canadian
BA’s, whether pursuant to an Event of Default and acceleration of the Obligations under Section
8.02 or a prepayment as permitted or required under Section 2.05, shall be deposited
into an escrow account maintained by and in the name of the Administrative Agent for the benefit of
Lenders for set-off against such outstanding Canadian BA’s as they mature, and pending such
application shall bear interest at the rate declared by the Administrative Agent from time to time
as that customarily paid by it in respect of similar deposits for such amount and for such period
relative to the maturity date of such Canadian BA’s, as applicable. Upon the repayment of all such
outstanding Canadian BA’s, any amounts remaining (including accrued interest) will (i) during the
continuance of an Event of Default, be subject to such remedies as each Lender Party may have
hereunder or under applicable Law, or (ii) otherwise, be released to the appropriate Designated
Borrower.

     (d) The provisions of Article II applicable to Loans, Letters of Credit and the
Commitments and Obligations in respect thereof apply to Canadian BA’s and the Commitments and
Obligations in respect thereof, mutatis mutandis.

     6. Deemed Advance — Canadian BA’s. Except for amounts that are paid from the
proceeds of a rollover of a Canadian BA or for which payment has otherwise been funded by a
Designated Borrower, any amount that a Lender pays to any third party on or after the date of
maturity of a Canadian BA in satisfaction thereof, or that is owing to a Lender in respect of a
Canadian BA on or after the date of maturity of such a Canadian BA, shall be deemed to be a
Canadian Prime Rate Loan to such Designated Borrower under this Agreement. Each Lender shall
forthwith give notice of the making of such a Loan to such Designated Borrower, the Administrative
Agent and the other Lenders. Interest shall be payable on such Loans in accordance with the terms
applicable to Canadian Prime Rate Loans.

     7. Waiver. Each Designated Borrower waives presentment for payment of Canadian BA’s
by Lenders. No Designated Borrower shall claim from a Lender any days of grace for the payment at
maturity of any Canadian BA presented and accepted by such Lender pursuant to this Agreement. Each
Designated Borrower waives any defence to payment that might otherwise exist if for any reason a
Canadian BA shall be held by a Lender in its own right at the maturity thereof, and the doctrine of
merger shall not apply to any Canadian BA that is at any time held by a Lender in its own right.

     8. Degree of Care. Any executed Canadian BA’s shall be held in safekeeping with the
same degree of care as if they were the applicable Lender’s own property, and shall be kept at the
place at which such Canadian BA’s are ordinarily held by such Lender. The Administrative Agent and
Lenders shall not be liable for any damage, loss or improper use of any bankers’ acceptance draft
endorsed in blank except for any loss arising by reason of the Administrative Agent or a Lender
failing to use the same standard of care in the custody of such

 

 

bankers’ acceptance drafts as the Administrative Agent or such Lender use in the custody of
their own property of a similar nature.

     9. Obligations Absolute. The obligations of each Designated Borrower with respect to
Canadian BA’s under this Agreement shall be unconditional and irrevocable, and shall be paid
strictly in accordance with the terms of this Agreement under all circumstances, including the
following circumstances:

     (i) any lack of validity or enforceability of any bankers’ acceptance, bill or note
accepted by a Lender as a Canadian BA; or

     (ii) the existence of any claim, set off, defense or other right that any Designated
Borrower may have at any time against the holder of a Canadian BA, a Lender or any other
Person, whether in connection with this Agreement or otherwise.

     10. Shortfall on Drawdowns, Rollovers and Conversions. Each Designated Borrower
agrees that:

     (i) the difference between the amount of a Borrowing requested by such Designated
Borrower by way of Canadian BA’s and the actual proceeds of the Canadian BA’s;

     (ii) the difference between the actual proceeds of a Canadian BA and the amount
required to pay a maturing Canadian BA, if a Canadian BA is being rolled over; and

     (iii) the difference between the actual proceeds of a Canadian BA and the amount
required to repay any Borrowing that is being converted to a Canadian BA;

shall be funded and paid by such Designated Borrower from its own resources, by 12:00 p.m. (Toronto
time) on the day of the applicable Borrowing or may be advanced as a Canadian Prime Rate Loan under
the Commitments if such Designated Borrower is otherwise entitled to a Borrowing under this
Agreement.exv10w2

Exhibit 10.2

 

Published Deal CUSIP Number: 72651JAE9

Published Revolver CUSIP Number: 72651JAF6

Execution Copy

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

Dated as of August 19, 2011

among

PLAINS MARKETING, L.P.,

as the Borrower,

PLAINS ALL AMERICAN PIPELINE, L.P.,

as Guarantor

BANK OF AMERICA, N.A.,

as Administrative Agent and L/C Issuer,

BNP PARIBAS and SOCIETE GENERALE,

as Co-Syndication Agents,

and

The Other Lenders Party Hereto

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED,

BNP PARIBAS and SOCIETE GENERALE,

as

Joint Lead Arrangers and Joint Book Managers

Senior Secured

Hedged Inventory Facility

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Section	 	Page	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 	1	 
	 
	 	 	 	 
	1.01 Defined Terms
	 	 	1	 
	1.02 Other Interpretive Provisions
	 	 	23	 
	1.03 Accounting Terms
	 	 	24	 
	1.04 Rounding
	 	 	25	 
	1.05 Times of Day
	 	 	25	 
	1.06 Letter of Credit Amounts
	 	 	25	 
	 
	 	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS
	 	 	25	 
	 
	 	 	 	 
	2.01 Loans
	 	 	25	 
	2.02 Borrowings, Conversions and Continuations of Loans
	 	 	26	 
	2.03 Letters of Credit
	 	 	27	 
	2.04 Prepayments
	 	 	37	 
	2.05 Termination or Reduction of Commitments
	 	 	37	 
	2.06 Repayment of Loans
	 	 	38	 
	2.07 Interest
	 	 	38	 
	2.08 Fees
	 	 	39	 
	2.09 Computation of Interest and Fees
	 	 	39	 
	2.10 Evidence of Debt
	 	 	39	 
	2.11 Payments Generally; Administrative Agent’s Clawback
	 	 	40	 
	2.12 Sharing of Payments by Lenders
	 	 	42	 
	2.13 Increase in Commitments
	 	 	43	 
	2.14 Cash Collateral
	 	 	44	 
	2.15 Defaulting Lenders
	 	 	45	 
	 
	 	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY
	 	 	48	 
	 
	 	 	 	 
	3.01 Taxes
	 	 	48	 
	3.02 Illegality
	 	 	52	 
	3.03 Inability to Determine Rates
	 	 	53	 
	3.04 Increased Costs; Reserves on Eurodollar Rate Loans
	 	 	53	 
	3.05 Compensation for Losses
	 	 	55	 
	3.06 Mitigation Obligations; Replacement of Lenders
	 	 	55	 
	3.07 Survival
	 	 	56	 
	 
	 	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS
	 	 	56	 
	 
	 	 	 	 
	4.01 Conditions Precedent to Initial Credit Extension
	 	 	56	 
	4.02 Conditions to all Credit Extensions
	 	 	58	 
	 
	 	 	 	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES
	 	 	58	 
	 
	 	 	 	 
	5.01 Existence, Qualification and Power
	 	 	58	 
	5.02 Authorization; No Contravention
	 	 	59	 

i

 

	 	 	 	 	 
	Section	 	Page	 
	5.03 Governmental Authorization; Other Consents
	 	 	59	 
	5.04 Binding Effect
	 	 	59	 
	5.05 Financial Statements; No Material Adverse Effect
	 	 	59	 
	5.06 Litigation
	 	 	60	 
	5.07 Ownership of Property; Liens; Receivables
	 	 	60	 
	5.08 Environmental Compliance
	 	 	60	 
	5.09 ERISA Compliance
	 	 	61	 
	5.10 Margin Regulations; Investment Company Act
	 	 	62	 
	5.11 Disclosure
	 	 	62	 
	5.12 Compliance with Laws
	 	 	62	 
	5.13 Collateral Documents
	 	 	62	 
	 
	 	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS
	 	 	62	 
	 
	 	 	 	 
	6.01 Financial Statements
	 	 	63	 
	6.02 Certificates; Other Information
	 	 	63	 
	6.03 Notices
	 	 	65	 
	6.04 Payment of Taxes, Etc
	 	 	65	 
	6.05 Preservation of Existence, Etc
	 	 	65	 
	6.06 Maintenance of Properties
	 	 	65	 
	6.07 Maintenance of Insurance
	 	 	65	 
	6.08 Compliance with Laws; Compliance with Contracts for Sale of Hedged
Eligible Inventory
	 	 	66	 
	6.09 Books and Records
	 	 	66	 
	6.10 Inspection Rights
	 	 	66	 
	6.11 Use of Proceeds
	 	 	66	 
	6.12 Covenant to Give Security
	 	 	66	 
	6.13 Further Assurances
	 	 	67	 
	 
	 	 	 	 
	ARTICLE VII.NEGATIVE COVENANTS
	 	 	67	 
	 
	 	 	 	 
	7.01 Liens
	 	 	67	 
	7.02 Fundamental Changes; Dispositions
	 	 	67	 
	7.03 Dispositions
	 	 	68	 
	7.04 Transactions with Affiliates
	 	 	68	 
	7.05 Burdensome Agreements
	 	 	68	 
	7.06 Use of Proceeds
	 	 	68	 
	7.07 PAA Consolidated Leverage Ratio
	 	 	68	 
	 
	 	 	 	 
	ARTICLE VIII.EVENTS OF DEFAULT AND REMEDIES
	 	 	69	 
	 
	 	 	 	 
	8.01 Events of Default
	 	 	69	 
	8.02 Remedies Upon Event of Default
	 	 	71	 
	8.03 Application of Funds
	 	 	72	 
	 
	 	 	 	 
	ARTICLE IX. ADMINISTRATIVE AGENT
	 	 	73	 
	 
	 	 	 	 
	9.01 Appointment and Authority
	 	 	73	 
	9.02 Rights as a Lender
	 	 	73	 

ii

 

	 	 	 	 	 
	Section	 	Page	 
	9.03 Exculpatory Provisions
	 	 	73	 
	9.04 Reliance by Administrative Agent
	 	 	74	 
	9.05 Delegation of Duties
	 	 	75	 
	9.06 Resignation or Removal of Administrative Agent
	 	 	75	 
	9.07 Non-Reliance on Administrative Agent and Other Lenders
	 	 	76	 
	9.08 No Other Duties, Etc
	 	 	76	 
	9.09 Administrative Agent May File Proofs of Claim
	 	 	76	 
	9.10 Collateral Matters
	 	 	77	 
	 
	 	 	 	 
	ARTICLE X. CONTINUING GUARANTY
	 	 	77	 
	 
	 	 	 	 
	10.01 PAA Guaranty
	 	 	77	 
	10.02 Rights of Lenders
	 	 	78	 
	10.03 Collateral Matters
	 	 	78	 
	10.04 Obligations Independent
	 	 	78	 
	10.05 Subrogation
	 	 	79	 
	10.06 Termination; Reinstatement
	 	 	79	 
	10.07 Subordination
	 	 	79	 
	10.08 Stay of Acceleration
	 	 	79	 
	10.09 Condition of Borrower
	 	 	79	 
	 
	 	 	 	 
	ARTICLE XI. MISCELLANEOUS
	 	 	80	 
	 
	 	 	 	 
	11.01 Amendments, Etc
	 	 	80	 
	11.02 Notices; Effectiveness; Electronic Communication
	 	 	81	 
	11.03 No Waiver; Cumulative Remedies; Enforcement
	 	 	83	 
	11.04 Expenses; Indemnity; Damage Waiver
	 	 	84	 
	11.05 Payments Set Aside
	 	 	86	 
	11.06 Successors and Assigns
	 	 	87	 
	11.07 Treatment of Certain Information; Confidentiality
	 	 	91	 
	11.08 Right of Setoff
	 	 	92	 
	11.09 Interest Rate Limitation
	 	 	93	 
	11.10 Counterparts; Integration; Effectiveness
	 	 	93	 
	11.11 Survival of Representations and Warranties
	 	 	93	 
	11.12 Severability
	 	 	94	 
	11.13 Replacement of Lenders
	 	 	94	 
	11.14 Governing Law; Jurisdiction; Etc
	 	 	95	 
	11.15 Waiver of Jury Trial
	 	 	96	 
	11.16 No Advisory or Fiduciary Responsibility
	 	 	96	 
	11.17 No Recourse to Other Persons
	 	 	97	 
	11.18 Electronic Execution of Assignments and Certain Other Documents
	 	 	97	 
	11.19 USA PATRIOT Act
	 	 	97	 
	11.20 Time of the Essence
	 	 	97	 
	11.21 ENTIRE AGREEMENT
	 	 	97	 
	11.22 Restated Agreement
	 	 	97	 
	 
	 	 	 	 
	SIGNATURES
	 	 	S-1	 

iii

 

SCHEDULES

	 	 	 	 	 	 	 

	 

	 	 	1.01	 	 	Currently Approved by Required Lenders
	 

	 	 	2.01	 	 	Commitments and Applicable Percentages
	 

	 	 	5.03	 	 	Governmental Authorization; Other Consents
	 

	 	 	5.06	 	 	Litigation
	 

	 	 	5.08	 	 	Environmental Matters
	 

	 	 	5.09	 	 	ERISA Matters
	 

	 	 	5.12	 	 	Compliance with Laws
	 

	 	 	11.02	 	 	Administrative Agent’s Office; Certain Addresses for Notices

EXHIBITS

	 	 	 	 	 

	 

	 	 	 	Form of
	 
	 	 	 	 
	 

	 	A
	 	Loan Notice
	 

	 	B
	 	Note
	 

	 	C
	 	Compliance Certificate
	 

	 	D-1
	 	Assignment and Assumption
	 

	 	D-2
	 	Administrative Questionnaire

iv

 

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

     This THIRD AMENDED AND RESTATED CREDIT AGREEMENT (“Agreement”) is entered into as of
August __, 2011, among PLAINS MARKETING, L.P., a Texas limited partnership (the
“Borrower”), PLAINS ALL AMERICAN PIPELINE, L.P., a Delaware limited partnership
(“PAA”), as guarantor, each lender from time to time party hereto (collectively, the
“Lenders” and individually, a “Lender”), BNP PARIBAS AND SOCIETE GENERALE, as
Co-Syndication Agents, and BANK OF AMERICA, N.A., as Administrative Agent and L/C Issuer.

     The Borrower, the Administrative Agent and certain Lenders entered into that certain Second
Restated Credit Agreement dated November 6, 2008 (as amended prior to the Closing Date (as
hereinafter defined), the “Existing Credit Agreement”) and, together with the other Lenders
a party hereto, desire to amend and restate the Existing Credit Agreement as set forth herein.

     The Borrower has requested that the Lenders provide a revolving credit facility, and the
Lenders are willing to do so on the terms and conditions set forth herein.

     In consideration of the mutual covenants and agreements herein contained, the parties hereto
covenant and agree as follows:

ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS

     1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set
forth below:

     “Account Debtor” means any Person who is or who may become obligated under, with
respect to, or on account of, a Receivable.

     “Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent appointed in accordance with
Section 9.06.

     “Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 11.02, or such other address or account as
the Administrative Agent may from time to time notify to the Borrower and the Lenders pursuant to
Section 11.02.

     “Administrative Questionnaire” means an Administrative Questionnaire in substantially
the form of Exhibit D-2 or any other form approved by the Administrative Agent.

     “Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Aggregate Commitments” means the Commitments of all the Lenders. The initial
Aggregate Commitments as of the Closing Date are $850,000,000.

1

 

     “Agreement” means this Third Amended and Restated Credit Agreement.

     “Applicable Percentage” means with respect to any Lender at any time, the percentage
(carried out to the ninth decimal place) of the Aggregate Commitments represented by such Lender’s
Commitment at such time, subject to adjustment as provided in Section 2.15. If the
commitment of each Lender to make Loans and the obligation of the L/C Issuer to make L/C Credit
Extensions have been terminated pursuant to Section 8.02 or if the Aggregate Commitments
have expired, then the Applicable Percentage of each Lender shall be determined based on the
Applicable Percentage of such Lender most recently in effect, giving effect to any subsequent
assignments. The initial Applicable Percentage of each Lender is set forth opposite the name of
such Lender on Schedule 2.01 or in the Assignment and Assumption pursuant to which such
Lender becomes a party hereto, as applicable.

     “Applicable Rate” means, from time to time, the following percentages per annum, based
upon the PAA Debt Rating as set forth below:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate	 
	 	 	 	 	 	 	 	 	 	 	Eurodollar Rate	 	 	 	 
	 	 	PAA Debt Ratings	 	 	 	 	 	 	Loans and	 	 	 	 
	Pricing Level	 	S&P/Moody’s	 	 	Commitment Fee	 	 	Letters of Credit	 	 	Base Rate Loans	 
	1
	 	BBB+/Baa1 or higher	 	 	0.125	%	 	 	1.000	%	 	 	0.000	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	2
	 	BBB/Baa2	 	 	0.150	%	 	 	1.125	%	 	 	0.125	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	3
	 	BBB-/Baa3	 	 	0.175	%	 	 	1.250	%	 	 	0.250	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	4
	 	BB+/Ba1	 	 	0.200	%	 	 	1.500	%	 	 	0.500	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	5
	 	BB/Ba2 or lower	 	 	0.250	%	 	 	1.625	%	 	 	0.625	%

     “PAA Debt Rating” means, as of any date of determination, the rating as determined by
either S&P or Moody’s (collectively, the “PAA Debt Ratings”) of PAA’s non-credit-enhanced,
senior unsecured long-term debt; provided that (a) if the respective PAA Debt Ratings
issued by the foregoing rating agencies differ by one Pricing Level, then the Pricing Level for the
higher of such PAA Debt Ratings shall apply (with the PAA Debt Rating for Pricing Level 1 being the
highest and the PAA Debt Rating for Pricing Level 5 being the lowest); (b) if the respective PAA
Debt Ratings issued by the foregoing rating agencies differ by more than one Pricing Level, then
the Pricing Level that is one Pricing Level lower than the Pricing Level of the higher PAA Debt
Rating shall apply; (c) if PAA has only one PAA Debt Rating, the Pricing Level equal to that of
such PAA Debt Rating shall apply; and (d) if PAA does not have any PAA Debt Rating, then the
Administrative Agent and the Borrower shall negotiate in good faith to amend the definition of
Applicable Rate to reflect such change in circumstances, and until such time as the Administrative
Agent and the Borrower shall reach agreement with respect thereto, Pricing Level 5 shall apply.

2

 

Initially, the Applicable Rate shall be determined based upon the PAA Debt Rating specified in the
certificate delivered pursuant to Section 4.01(a)(viii). Thereafter, each change in the
Applicable Rate resulting from a publicly announced change in the PAA Debt Rating shall be
effective, in the case of an upgrade, during the period commencing on the date of delivery by the
Borrower to the Administrative Agent of notice thereof pursuant to Section 6.02(d) and
ending on the date immediately preceding the effective date of the next such change and, in the
case of a downgrade, during the period commencing on the date of the public announcement thereof
and ending on the date immediately preceding the effective date of the next such change.

     “Approved Eligible Receivables” means an Eligible Receivable (a) from a Person whose
Debt Rating is either at least Baa3 by Moody’s or at least BBB- by S&P; (b) fully and
unconditionally guaranteed as to payment by a Person whose Debt Rating is either at least Baa3 by
Moody’s or at least BBB- by S&P; (c) from any other Person that is Currently Approved by Required
Lenders; or (d) fully covered by a letter of credit from any national or state bank or trust
company which is organized under the laws of the United States of America or any state thereof or
any branch licensed to operate under the laws of the United States of America or any state thereof,
which is a branch of a bank organized under any country which is a member of the Organization for
Economic Cooperation and Development, in each case which has capital, surplus and undivided profits
of at least $500,000,000 and whose commercial paper is rated either at least P-1 by Moody’s or at
least A-1 by S&P.

     “Approved Fund” means any Fund that is solely administered or managed by (a) a Lender,
(b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or
manages a Lender.

     “Approved Location” means (i) a Plains Terminal, (ii) storage locations or pipelines
Currently Approved by Required Lenders for which Administrative Agent has received a bailee letter
in form and substance reasonably acceptable to Administrative Agent with respect to any Collateral
stored at such locations or pipelines, or (iii) storage locations or pipelines Currently Approved
by Required Lenders storing Financed Hedged Eligible Inventory not in excess of five percent (5%)
of all Financed Hedged Eligible Inventory.

     “Arrangers” means each of Merrill Lynch, BNP Paribas and Société Générale, in its
capacity as co-lead arranger and joint book manager.

     “Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds solely managed by the same investment advisor.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by
Section 11.06(b)), and accepted by the Administrative Agent, in substantially the form of
Exhibit D-1 or any other form approved by the Administrative Agent.

     “Attributable Indebtedness” means, on any date, (a) in respect of any Capital Lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that

3

 

would appear on a balance sheet of such Person prepared as of such date in accordance with
GAAP if such lease were accounted for as a Capital Lease.

     “Audited Financial Statements” means the audited consolidated balance sheet of PAA and
its Subsidiaries for the fiscal year ended December 31, 2010, and the related consolidated
statements of income or operations and cash flows for such fiscal year and partners’ capital of PAA
and its Subsidiaries, including the notes thereto.

     “Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments
pursuant to Section 2.05, and (c) the date of termination of the commitment of each Lender
to make Loans and of the obligation of the L/C Issuer to make L/C Credit Extensions pursuant to
Section 8.02.

     “Bank of America” means Bank of America, N.A.

     “Base Rate” means for any day a fluctuating rate per annum equal to the
highest of (a) the Federal Funds Rate in effect on such day plus 1/2 of 1%, (b) the rate of
interest in effect for such day as publicly announced from time to time by Bank of America as its
“prime rate,” and (c) the Eurodollar Rate in effect on such day as determined pursuant to clause
(b) of the definition thereof plus 1.00%. The “prime rate” is a rate set by Bank of America based
upon various factors including Bank of America’s costs and desired return, general economic
conditions and other factors, and is used as a reference point for pricing some loans, which may be
priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of
America shall take effect at the opening of business on the day specified in the public
announcement of such change.

     “Base Rate Loan” means a Loan that bears interest based on the Base Rate.

     “Borrower” has the meaning specified in the introductory paragraph hereto.

     “Borrower Materials” has the meaning specified in Section 6.02.

     “Borrowing” means a borrowing consisting of simultaneous Loans of the same Type and,
in the case of Eurodollar Rate Loans, having the same Interest Period made by each of the Lenders
pursuant to Section 2.01.

     “Broker Liens” means any Liens under or with respect to accounts with brokers or
counterparties with respect to Swap Contracts in favor of such brokers or counterparties, securing
only obligations under such Swap Contracts.

     “Business Day” means (a) any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and the State of Texas, and (b) if such day
relates to any Eurodollar Rate Loan, means any such day that satisfies clause (a) hereof that is
also a London Banking Day.

4

 

     “Capital Lease” means a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in
accordance with GAAP, other than any Operating Lease.

     “Cash and Carry Purchases” means purchases of Petroleum Products for physical storage
at an Approved Location which qualify as Hedged Eligible Inventory or in transit in pipelines which
has been hedged by either a NYMEX contract, an OTC contract, an Intercontinental Exchange contract,
or a contract for physical delivery.

     “Cash Collateralize” means to pledge and deposit with or deliver to the Administrative
Agent, for the benefit of the L/C Issuer and the Lenders, as collateral for L/C Obligations or
obligations of Lenders to fund participations in respect thereof, cash or deposit account balances
or, if the L/C Issuer benefitting from such collateral shall agree in its sole discretion, other
credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to (a) the Administrative Agent and (b) the L/C Issuer. “Cash Collateral” shall have a
meaning correlative to the foregoing and shall include the proceeds of such cash collateral and
other credit support.

     “Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and
Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in
connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank
for International settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States regulatory authorities, in each case pursuant to Basel III,
shall, in each case, be deemed to be a “Change in Law”, regardless of the date enacted, adopted or
issued.

     “Change of Control” means an event or series of events by which PAA ceases to be,
directly or indirectly, the beneficial owner (within the meaning of Rule 13d-3 under the Securities
Exchange Act of 1934, as amended) of a majority of the outstanding general partnership interests
and the outstanding limited partnership interests of the Borrower.

     “Closing Date” means the first date on which all the conditions precedent in
Section 4.01 are satisfied or waived in accordance with Section 11.01.

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Collateral” means all of the “Collateral” referred to in the Collateral
Documents and all of the other property that is or is purported under the terms of the Collateral
Documents to be subject to Liens in favor of the Administrative Agent for the benefit of the
Secured Parties, in each case, to secure all or part of the Obligations of the Borrower.

     “Collateral Documents” means, collectively, the Security Agreement, each Tri-Party
Agreement, each of the security agreements, pledge agreements or other similar agreements

5

 

delivered by the Borrower to the Administrative Agent pursuant to Section 6.12, and
each of the other agreements, instruments or documents that creates or purports to create a Lien in
favor of the Administrative Agent for the benefit of the Secured Parties, in each case, to secure
all or part of the Obligations of the Borrower.

     “Commitment” means, as to each Lender, such Lender’s obligation to (i) make Loans to
the Borrower pursuant to Section 2.01, and (ii) purchase participations in L/C Obligations,
in each case, in an aggregate principal amount at any one time outstanding, does not exceed the
amount set forth opposite such Lender’s name on Schedule 2.01, as such amount may from time
to time be increased pursuant to Section 2.13 or decreased pursuant to Section
2.05, or in the Assignment and Assumption pursuant to which such Lender becomes a party hereto,
as applicable, as such amount may be adjusted from time to time in accordance with this Agreement.

     “Compliance Certificate” means a certificate substantially in the form of Exhibit
C.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management and policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Extension” means each of the following: (a) a Borrowing and (b) an L/C Credit
Extension.

     “Currently Approved by Required Lenders” means such Person (including a limit on the
maximum Hedged Eligible Inventory sold to any such Person), storage location, pipeline, form of
Letter of Credit or other matter as the case may be, as reflected in Schedule 1.01 attached
hereto and as amended from time to time by the most recent written notice given by the
Administrative Agent to the Borrower as being approved by Required Lenders. Each such amended
Schedule 1.01 will supersede and revoke each prior Schedule 1.01.

     “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

     “Debt Rating” means, as to any Account Debtor, the rating then in effect by Moody’s or
S&P with respect to long-term senior unsecured non-credit enhanced, or similar debt of such Account
Debtor.

     “Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

6

 

     “Default Rate” means, at any time during a Default Rate Period, (a) when used with
respect to Obligations of the Borrower other than Letter of Credit Fees, an interest rate equal to
(i) the Base Rate plus (ii) the Applicable Rate applicable to Base Rate Loans plus
(iii) 2% per annum; provided, however, that with respect to a Eurodollar Rate Loan,
the Default Rate shall be an interest rate equal to the interest rate (including any Applicable
Rate) otherwise applicable to such Eurodollar Rate Loan plus 2% per annum, and (b) when used with
respect to Letter of Credit Fees, a rate equal to the Applicable Rate plus 2% per annum.

     “Default Rate Period” means (a) any period during which an Event of Default, other
than pursuant to Section 8.01(a), is continuing, provided that such period shall not begin
until notice of the commencement of the Default Rate has been given to the Borrower by the
Administrative Agent upon the instruction by the Required Lenders and (b) any period during which
any Event of Default pursuant to Sections 8.01(a) is continuing unless the Borrower has
been notified otherwise by the Administrative Agent upon the instruction by the Required Lenders.

     “Defaulting Lender” means, subject to Section 2.15(b), any Lender that, as
determined by the Administrative Agent, (a) has failed to fund any of its funding obligations
hereunder in respect of its Loans or participations in respect of Letters of Credit, within two
Business Days of the date required to be funded by it hereunder, or has failed to make any payment
to the Administrative Agent required under Section 3.01(c)(ii) within the time specified
therein, and the Administrative Agent shall have exercised its indemnification right against any
Borrower pursuant to the second sentence of Section 3.01(c)(i), (b) has notified the
Borrower or the Administrative Agent that it does not intend to comply with its funding obligations
hereunder or has made a public statement to that effect with respect to its funding obligations
hereunder or under other agreements in which it commits to extend credit, (c) has failed, within
two Business Days after request by the Administrative Agent, to confirm in a manner satisfactory to
the Administrative Agent that it will comply with its funding obligations hereunder, or (d) has, or
has a direct or indirect parent company that has, (i) become the subject of a proceeding under any
Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the
benefit of creditors or similar Person charged with reorganization or liquidation of its business
or a custodian appointed for it, or (iii) taken any action in furtherance of, or indicated its
consent to, approval of or acquiescence in any such proceeding or appointment; provided
that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of
any equity interest in that Lender or any direct or indirect parent company thereof by a
Governmental Authority so long as such ownership interest does not result in or provide such Lender
with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or Governmental Authority) to
reject, repudiate, disavow or disaffirm any contracts or agreements made by such Lender.

     “Dollar” and “$” mean lawful money of the United States.

     “Domestic Subsidiary” means any Subsidiary that is organized under the Laws of the
United States, a State thereof or the District of Columbia.

     “Eligible Assignee” means any Person that meets the requirements to be an assignee
under Section 11.06(b)(iii), (v) and (vi) (subject to such consents, if
any, as may be required under Section 11.06(b)(iii)).

7

 

     “Eligible Inventory” means inventories of Petroleum Products in which the Borrower has
lawful and absolute title (specifically excluding, however, tank bottoms and pipeline linefill of
Borrower classified as a long-term asset), which are not subject to any Lien in favor of any Person
(other than Permitted Inventory Liens), which are subject to a fully perfected first priority
security interest (subject only to Permitted Inventory Liens) in favor of Administrative Agent
pursuant to the Loan Documents prior to the rights of, and enforceable as such against, any other
Person, which are otherwise satisfactory to Required Lenders in their reasonable business judgment
and located at Approved Locations, minus without duplication the amount of any Permitted Inventory
Lien on any such inventory.

     “Eligible Receivables” means, at the time of any determination thereof (and without
duplication), each Account and, with respect to each determination made on or after the 20th day of
each calendar month and prior to the first day of the next calendar month, each amount which will
be, in the good faith estimate reasonably determined by the Borrower, a Receivable of the Borrower
with respect to sales and deliveries of Hedged Eligible Inventory during such calendar month or
deliveries of Hedged Eligible Inventory during the next calendar month under firm written purchase
and sale agreements, in either event as to which the following requirements have been fulfilled (or
as to future Receivables, will be fulfilled as of the date of such sales and deliveries of Hedged
Eligible Inventory), to the reasonable satisfaction of Administrative Agent:

     (i) The Borrower has lawful and absolute title to such Receivable;

     (ii) such Receivable is a valid, legally enforceable obligation of an Account Debtor
payable in Dollars, arising from the sale and delivery of Hedged Eligible Inventory to such
Person in the United States of America in the ordinary course of business of the Borrower,
to the extent of the volumes of Hedged Eligible Inventory delivered to such Person prior to
the date of determination;

     (iii) there has been excluded from such Receivable (A) any portion that is subject to
any dispute, rejection, loss, non-conformance, counterclaim or other claim or defense on the
part of any Account Debtor or to any claim on the part of any Account Debtor denying
liability under such Receivable, and (B) the amount of any account payable or other
liability owed by the Borrower to the Account Debtor on such Receivable, whether or not a
specific netting agreement may exist, excluding, however, any portion of any such account
payable or other liability which is at the time in question covered by a Letter of Credit;

     (iv) the Borrower has the full and unqualified right to assign and grant a security
interest in such Receivable to Administrative Agent as security for its Obligation;

     (v) such Receivable (A) is evidenced by an invoice rendered to the Account Debtor, or
(B) represents the uninvoiced amount in respect of volumes of Hedged Eligible Inventory
scheduled to be delivered by the Borrower in the current or next-following calendar month,
is governed by a purchase and sale agreement, exchange agreement or other written agreement,
and in either event such Receivable is not evidenced by any promissory note or other
instrument;

8

 

     (vi) such Receivable is not subject to any Lien in favor of any Person and is subject
to a fully perfected first priority security interest in favor of Administrative Agent
pursuant to the Loan Documents, prior to the rights of, and enforceable as such against, any
other Person except for a Lien in respect of First Purchase Crude Payables;

     (vii) such Receivable is due not more than 30 days following the last day of the
calendar month in which the Hedged Eligible Inventory delivery occurred and is not more than
30 days past due;

     (viii) such Receivable is not payable by an Account Debtor with more than twenty
percent (20%) of its Receivables to the Borrower that are outstanding more than 60 days from
the invoice date;

     (ix) the Account Debtor in respect of such Receivable (A) is located, is conducting
significant business or has significant assets in the United States of America or is a
Person that is Currently Approved by Required Lenders, (B) is not an Affiliate of the
Borrower, and (C) is not the subject of any event of the type described in Section 8.01(f);
and

     (x) the Account Debtor in respect of such Receivable is not a governmental authority,
domestic or foreign.

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

     “Equity Interests” means, with respect to any Person, all of the shares of capital
stock of (or other ownership or profit interests in) such Person, all of the warrants, options or
other rights for the purchase or acquisition from such Person of shares of capital stock of (or
other ownership or profit interests in) such Person, and all of the other ownership or profit
interests in such Person (including partnership, member or trust interests therein), whether voting
or nonvoting, and whether or not such shares, warrants, options, rights or other interests are
outstanding on any date of determination, excluding, however, all debt securities convertible into
or exchangeable for shares of capital stock of (or other ownership or profit interests in) such
Person or warrants, rights or options for the purchase or acquisition from such Person of such
shares (or such other interests).

     “ERISA” means the Employee Retirement Income Security Act of 1974.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrower within the meaning of Section 414(b) or (c) of the Code (and
Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the
Code).

9

 

     “ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) the
withdrawal of the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which such entity was a “substantial employer” as defined in Section
4001(a)(2) of ERISA or a cessation of operations that is treated as such a withdrawal under Section
4062(e) of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from
a Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate a Pension Plan or the treatment of a Pension Plan amendment as a
termination under Section 4041 or 4041A of ERISA; (e) the institution by the PBGC of proceedings to
terminate a Pension Plan; (f) any event or condition which constitutes grounds under Section 4042
of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan;
(g) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered
or critical status within the meaning of Sections 430, 431 and 432 of the Code or Sections 303, 304
and 305 of ERISA; or (h) the imposition of any liability under Title IV of ERISA, other than for
PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower or any ERISA
Affiliate.

     “Eurodollar Rate” means:

     (a) for any Interest Period with respect to a Eurodollar Rate Loan, the rate per annum equal
to (i) the British Bankers Association LIBOR Rate (“BBA LIBOR”), as published by Reuters
(or such other commercially available source providing quotations of BBA LIBOR as may be
designated by the Administrative Agent from time to time) at approximately 12:00 p.m., London
time, two London Banking Days prior to the commencement of such Interest Period, for Dollar
deposits (for delivery on the first day of such Interest Period) with a term equivalent to such
Interest Period or, (ii) if such rate is not available at such time for any reason, the rate per
annum determined by the Administrative Agent to be the rate at which deposits in Dollars for
delivery on the first day of such Interest Period in same day funds in the approximate amount of
the Eurodollar Rate Loan being made, continued or converted and with a term equivalent to such
Interest Period would be offered by Bank of America’s London Branch to major banks in the London
interbank eurodollar market at their request at approximately 12:00 p.m. (London time) two London
Banking Days prior to the commencement of such Interest Period; and

     (b) for any interest calculation with respect to a Base Rate Loan on any date, the rate per
annum equal to (i) BBA LIBOR, at approximately 12:00 p.m., London time on such date for Dollar
deposits being delivered in the London interbank market for a term of seven days (or if a term of
seven days is unavailable then a term of one month) commencing that day or (ii) if such published
rates are not available at such time for any reason, the rate per annum determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on the date of
determination in same day funds in the approximate amount of the Base Rate Loan being made,
continued or converted and with a term equal to one month would be offered by Bank of America’s
London Branch to major banks in the London interbank Eurodollar market at their request at the
date and time of determination.

     “Eurodollar Rate Loan” means a Loan that bears interest at a rate based on clause (a)
of the definition of “Eurodollar Rate.”

10

 

     “Event of Default” has the meaning specified in Section 8.01.

     “Excluded Taxes” means, with respect to the Administrative Agent, any Lender, the L/C
Issuer or any other recipient of any payment to be made by or on account of any obligation of the
Borrower hereunder, (a) taxes imposed on or measured by its overall net income or net profits
(however denominated), and franchise taxes or capital taxes imposed on it (in lieu of or in
addition to net income or net profits taxes), by the jurisdiction (or any political subdivision
thereof) under the Laws of which such recipient is organized or in which its principal office is
located or, in the case of any Lender, in which its applicable Lending Office is located, (b) any
branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located, (c) any backup withholding tax that is required by
the Code to be withheld from amounts payable to a Lender, (d) in the case of a Foreign Lender
(other than an assignee pursuant to a request by the Borrower under Section 11.13), any
withholding tax that (i) is required to be imposed on amounts payable to such Foreign Lender
pursuant to the Laws in force at the time such Foreign Lender becomes a party hereto (or designates
a new Lending Office), except to the extent that such Foreign Lender (or its assignor, if any) was
entitled, at the time of designation of a new Lending Office (or assignment), to receive additional
amounts from the Borrower with respect to such withholding tax pursuant to Section 3.01(a)(ii)
or (c), or (ii) is attributable to such Foreign Lender’s failure or inability (other than as a
result of a Change in Law) to comply with Section 3.01(e), and (e) any Taxes under FATCA.

     “Existing Credit Agreement” has the meaning specified in the introductory paragraph
hereto.

     “Existing Letters of Credit” means the letters of credit issued and outstanding under
the Existing Credit Agreement as of the Closing Date.

     “FASB ASC” means the Accounting Standards Codification of the Financial Accounting
Standards Board.

     “FATCA” means Sections 1471 through 1474 of the Code, as of the date of this Agreement
(and any amended or successor versions thereof that are substantively comparable and not materially
more onerous to comply with) and any current or future regulations or official interpretations
thereof.

     “Federal Funds Rate” means, for any day, the rate per annum equal to the
weighted average of the rates on overnight Federal funds transactions with members of the Federal
Reserve System arranged by Federal funds brokers on such day, as published by the Federal Reserve
Bank of New York on the Business Day next succeeding such day; provided that (a) if such
day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such
transactions on the next preceding Business Day as so published on the next succeeding Business
Day, and (b) if no such rate is so published on such next succeeding Business Day, the Federal
Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole
multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined
by the Administrative Agent.

11

 

     “Fee Letters” means each of the letter agreements among the Borrower, the
Administrative Agent, and/or the Arrangers and executed in relation to this Agreement and the
transactions contemplated thereby.

     “Financed Hedged Eligible Inventory” means all Hedged Eligible Inventory (i) the Cash
and Carry Purchase of which is to be or has been secured by Letters of Credit issued hereunder,
and/or (ii) the purchase of which pursuant to Cash and Carry Purchases, or the storage thereof at
Approved Locations, has been financed pursuant to Loans hereunder.

     “First Purchase Crude Payables” means the unpaid amount of any payable obligation
related to the purchase of Petroleum Products by Borrower secured by a valid statutory Lien,
including but not limited to valid statutory Liens, if any, created under the laws of Texas, New
Mexico, Wyoming, Kansas, Oklahoma or any other state to the extent such payable obligation is not
at the time in question covered by a Letter of Credit.

     “Foreign Lender” means any Lender that is organized under the Laws of a jurisdiction
other than the United States (including such a Lender when acting in the capacity of the L/C
Issuer). For purposes of this definition, the United States, each State thereof and the District
of Columbia shall constitute a single jurisdiction.

     “FRB” means the Board of Governors of the Federal Reserve System of the United States.

     “Fronting Exposure” means, at any time there is a Defaulting Lender, with respect to
any L/C Issuer, such Defaulting Lender’s Applicable Percentage of the outstanding L/C Obligations
other than L/C Obligations as to which such Defaulting Lender’s participation obligation has been
reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof.

     “Fund” means any Person (other than a natural person) that is engaged in making,
purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in
the ordinary course of its business.

     “GAAP” means those generally accepted accounting principles and practices which are
recognized as such by the Financial Accounting Standards Board (or any generally recognized
successor) and which, in the case of the Borrower and its Subsidiaries on a consolidated basis, are
applied for all periods after the date hereof in a manner consistent with the manner in which such
principles and practices were applied to the Audited Financial Statements.

     “General Partner” means Plains Marketing GP Inc., a Delaware corporation, in its
capacity as the sole general partner of the Borrower.

     “Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

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     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hedged Eligible Inventory” means Petroleum Products purchased or stored, or scheduled
to be purchased or stored in the following month, by Borrower, specified by Borrower as Hedged
Eligible Inventory in the corresponding Loan Notice, which have been hedged by either (i) a NYMEX
contract or an Intercontinental Exchange contract which constitutes a Swap Contract, which Swap
Contract is pursuant to a segregated account subject to a Tri-Party Agreement and not subject to
any setoff, counterclaim or netting, or (ii) an over-the-counter contract or contract for physical
delivery to an investment-grade counterparty or other Person that is Currently Approved by Required
Lenders, and which Petroleum Products, in either such case, upon such purchase or storage by
Borrower, shall qualify as Eligible Inventory.

     “Hedged Value” means, as to Hedged Eligible Inventory and such corresponding Swap
Contracts with respect thereto, an amount equal to the volume of such Hedged Eligible Inventory
times the prices fixed in such corresponding Swap Contract, minus (i) all related
storage, transportation and other applicable costs of such Hedged Eligible Inventory, as set forth
therein and (ii) the amount secured by any Broker Liens, other than Broker Liens on margin deposits
with respect to such corresponding Swap Contracts.

     “Hybrid Securities” means any trust preferred securities, or deferrable interest
subordinated debt with a maturity of at least 20 years (and not less than one year after the
Maturity Date), which provides for the optional or mandatory deferral of interest or distributions,
issued by the Borrower, or any business trusts, limited liability companies, limited partnerships
or similar entities (a) substantially all of the common equity, general partner or similar
interests of which are owned (either directly or indirectly through one or more wholly owned
Restricted Subsidiaries) at all times by the Borrower or any of its Subsidiaries, (b) that have
been formed for the purpose of issuing trust preferred securities or deferrable interest
subordinated debt, and (c) substantially all the assets of which consist of (A) subordinated debt
of the Borrower or another Subsidiary and (B) payments made from time to time on the subordinated
debt.

     “Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:

     (a) its obligations for the repayment of borrowed money,

     (b) its obligations to pay the deferred purchase price of property or services
(excluding trade account payables arising in the ordinary course of business), other than
contingent purchase price or similar obligations incurred in connection with an acquisition
and not yet earned or determinable,

     (c) its obligations evidenced by a bond, debenture, note or similar instrument, other
than surety, bid, performance, statutory and other similar bonds and instruments obtained in
the ordinary course of business,

13

 

     (d) its obligations, as lessee, constituting principal under Capital Leases,

     (e) its direct or contingent reimbursement obligations with respect to the face amount
of letters of credit pursuant to the applications or reimbursement agreements therefor,

     (f) its obligations for the repayment of outstanding banker’s acceptances, whether
matured or unmatured,

     (g) Synthetic Lease Obligations, or

     (h) its obligations under guaranties of any obligations of any other Person described
in the foregoing clauses (a) through (g).

     For all purposes hereof, the Indebtedness of any Person shall include the Indebtedness of any
partnership or joint venture (other than a joint venture that is itself a corporation or limited
liability company) in which such Person is a general partner or a joint venturer, except to the
extent that such Indebtedness is expressly made non-recourse to such Person. The amount of any
Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of
Attributable Indebtedness in respect thereof as of such date.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Indemnitees” has the meaning specified in Section 11.04(b).

     “Information” has the meaning specified in Section 11.07.

     “Initial Pro Forma Forecasts” means the pro forma financial projections and forecasts
prepared by or at the direction of PAA and delivered by the Borrower to the Administrative Agent
for the second half of the fiscal year ending December 31, 2011 and for the fiscal years ending
December 31, 2012, and December 31, 2013.

     “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the
last day of each Interest Period applicable to such Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each
March, June, September and December and the Maturity Date.

     “Interest Period” means as to each Eurodollar Rate Loan, the period commencing on the
date of such Borrowing or the date such Eurodollar Rate Loan is converted to or continued as a
Eurodollar Rate Loan and ending on the date one month (or seven or fourteen days) thereafter, as
selected by the Borrower in its Loan Notice; provided that:

     (i) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar
Rate Loan, such Business Day falls in another calendar month, in which case such Interest
Period shall end on the next preceding Business Day;

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     (ii) any Interest Period pertaining to a Eurodollar Rate Loan that begins on the last
Business Day of a calendar month (or on a day for which there is no numerically
corresponding day in the calendar month at the end of such Interest Period) shall end on the
last Business Day of the calendar month at the end of such Interest Period; and

     (iii) no Interest Period shall extend beyond the Maturity Date.

     “IRS” means the United States Internal Revenue Service.

     “ISP” means, with respect to any Letter of Credit, the “International Standby
Practices 1998” published by the Institute of International Banking Law & Practice, Inc. (or such
later version thereof as may be in effect at the time of issuance).

     “Issuer Documents” means with respect to any Letter of Credit, the Letter of Credit
Application, and any other document, agreement and instrument entered into by the L/C Issuer and
the Borrower (or any Subsidiary) or in favor of the L/C Issuer and relating to such Letter of
Credit.

     “Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and
permits of, and agreements with, any Governmental Authority, in each case whether or not having the
force of law.

     “L/C Advance” means, with respect to each Lender, such Lender’s funding of its
participation in any L/C Borrowing in accordance with its Applicable Percentage.

     “L/C Borrowing” means an extension of credit resulting from a drawing under any Letter
of Credit which has not been reimbursed on the date as required pursuant to Section 2.03(c)
or refinanced as a Borrowing.

     “L/C Credit Extension” means, with respect to any Letter of Credit, the issuance
thereof or extension of the expiry date thereof, or the increase of the amount thereof.

     “L/C Issuer” means (i) Bank of America in its capacity as issuer of Letters of Credit
hereunder, or any successor issuer of Letters of Credit hereunder and (ii) any other Lender
appointed as a replacement or additional “L/C Issuer” pursuant to the immediately succeeding
sentence. The Administrative Agent may, with the consent of the Borrower and the Lender in
question, or the Borrower may, with the consent of the Lender in question and notice to the
Administrative Agent, appoint such Lender hereunder as an L/C Issuer in place of or in addition to
Bank of America.

     “L/C Obligations” means, as at any date of determination, the aggregate amount
available to be drawn under all outstanding Letters of Credit plus the aggregate of all
Unreimbursed Amounts, including (without duplication) all L/C Borrowings. For purposes of
computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of
Credit

15

 

shall be determined in accordance with Section 1.06. For all purposes of this
Agreement, if on any date of determination a Letter of Credit has expired by its terms but any
amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such
Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be
drawn.

     “Lender” has the meaning specified in the introductory paragraph hereto.

     “Lender Parties” means the Administrative Agent, L/C Issuer and all Lenders.

     “Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent in accordance with
the terms hereof.

     “Letter of Credit” means any letter of credit issued at the request of the Borrower
hereunder and shall include the Existing Letters of Credit. A Letter of Credit may be a commercial
letter of credit or a standby letter of credit.

     “Letter of Credit Application” means an application and agreement for the issuance or
amendment of a Letter of Credit in the form from time to time in use by the L/C Issuer.

     “Letter of Credit Expiration Date” means the day that is seven days prior to the
Maturity Date then in effect (or, if such day is not a Business Day, the next preceding Business
Day).

     “Letter of Credit Fee” has the meaning specified in Section 2.03(h).

     “Letter of Credit Sublimit” means an amount equal to $250,000,000. The Letter of
Credit Sublimit is part of, and not in addition to, the Aggregate Commitments.

     “Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest
or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or
other encumbrance on title to real property, and any financing lease having substantially the same
economic effect as any of the foregoing).

     “Loan” has the meaning specified in Section 2.01.

     “Loan Documents” means this Agreement, each Note, each Issuer Document, each
Collateral Document, any agreement creating or perfecting rights in Cash Collateral pursuant to the
provisions of Section 2.14 of this Agreement, Fee Letters and any guaranty of the
Obligations delivered in connection herewith.

     “Loan Notice” means a notice of (a) a Borrowing, (b) a conversion of Loans from one
Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to Section
2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

     “Loan Party” means each of the Borrower and PAA.

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     “London Banking Day” means any day on which dealings in Dollar deposits are conducted
by and between banks in the London interbank eurodollar market.

     “Master Agreement” has the meaning specified in the definition of “Swap Contract”.

     “Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, properties or financial condition of the Borrower and its
Subsidiaries taken as a whole; (b) a material adverse effect on the ability of any Loan Party to
pay its obligations under any Loan Document to which it is a party; or (c) a material adverse
effect on the enforceability against any Loan Party of any material terms of any Loan Document to
which it is a party.

     “Maturity Date” means such date that is two years from the Closing Date;
provided, however, that if such date does not satisfy clause (a) of the definition
of “Business Day,” the Maturity Date shall be the next preceding Business Day.

     “Merrill Lynch” means Merrill Lynch, Pierce, Fenner & Smith Incorporated.

     “Moody’s” means Moody’s Investor Service, Inc. and any successor to the ratings agency
business thereof.

     “Multiemployer Plan” means any employee benefit plan of the type described in Section
4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to make
contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

     “Multiple Employer Plan” means a Plan which has two or more contributing sponsors
(including the Borrower or any ERISA Affiliate) at least two of whom are not under common control
at such times and meeting the requirements of such a plan as described in Section 4064 of ERISA.

     “Note” means a promissory note made by the Borrower in favor of a Lender evidencing
Loans made by such Lender, substantially in the form of Exhibit B.

     “NYMEX” means the New York Mercantile Exchange.

     “Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Loan
or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute
or contingent, due or to become due, now existing or hereafter arising and including interest and
fees that accrue after the commencement by or against any Loan Party or any of its Affiliates of
any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding,
regardless of whether such interest and fees are allowed claims in such proceeding.

     “Operating Lease” means (i) an operating lease under GAAP, (ii) any lease that was
treated as an operating lease under GAAP at the time it was entered into that later becomes a
capital lease as a result of a change in GAAP during the life of such lease, including any

17

 

renewals, and (iii) any lease entered into after the date of this Agreement that would have
been considered an operating lease under the provisions of GAAP in effect as of December 31, 2010,

     “Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

     “Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

     “Outstanding Amount” means (i) with respect to Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of Loans, as the case may be, occurring on such date; and (ii) with respect to any L/C
Obligations on any date, the amount of such L/C Obligations on such date after giving effect to any
L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the
L/C Obligations as of such date, including as a result of any reimbursements by the Borrower of
Unreimbursed Amounts.

     “PAA” has the meaning specified in the introductory paragraph hereto.

     “PAA Credit Agreement” means that certain Credit Agreement dated of even date herewith
among PAA, Plains Marketing Canada ULC, Bank of America, N.A., as administrative agent, and the
lenders named therein, as from time to time amended, supplemented or restated.

     “PAA Consolidated Leverage Ratio” means the “Consolidated Leverage Ratio” as defined
in the PAA Credit Agreement.

     “PAA Debt Rating” has the meaning specified in the definition of “Applicable Rate”.

     “PAA Guaranty” means the Guaranty of the payment Obligations of the Borrower made by
PAA under Article X in favor of the Lender Parties.

     “Participant” has the meaning specified in Section 11.06(d).

     “PBGC” means the Pension Benefit Guaranty Corporation.

     “Pension Act” means the Pension Protection Act of 2006.

18

 

     “Pension Funding Rules” means the rules of the Code and ERISA regarding minimum
required contributions (including any installment payment thereof) to Pension Plans and set forth
in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412
of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act and, thereafter,
Section 412, 430, 431, 432 and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA.

     “Pension Plan” means any employee pension benefit plan (including a Multiple Employer
Plan or a Multiemployer Plan) that is maintained or is contributed to by the Borrower and any ERISA
Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards
under Section 412 of the Code.

     “Permitted Inventory Liens” means (i) any Lien, and the amount of any liability
secured thereby, on Petroleum Products inventory imposed by any governmental authority for taxes,
assessments or charges not yet due or the validity of which is being contested in good faith and by
appropriate proceedings, if necessary, for which adequate reserves are maintained on the books of
Borrower in accordance with GAAP (so long as such Lien is inchoate) or (ii) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, landlord’s, or other like Liens (including,
without limitation, Liens on property of Borrower in the possession of storage facilities,
pipelines or barges) arising in the ordinary course of business for amounts which are not more than
60 days past due or the validity of which is being contested in good faith and by appropriate
proceedings, if necessary, and for which adequate reserves are maintained on the books of Borrower
in accordance with GAAP.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

     “Petroleum Products” means crude oil, condensate, natural gas, natural gas liquids
(NGL’s), liquefied petroleum gases (LPG’s), refined petroleum products or any blend thereof.

     “Plains Terminal” means any storage terminal, tankage or facility owned by (i)
Borrower or PAA, or (ii) by any Affiliate of Borrower or PAA that has executed and delivered a
bailee letter in form and substance reasonably acceptable to Administrative Agent with respect to
any Collateral stored at such terminal, tankage or facility.

     “Plan” means any employee benefit plan within the meaning of Section 3(3) of ERISA
(including a Pension Plan), maintained for employees of the Borrower or any ERISA Affiliate or any
such Plan to which the Borrower or any ERISA Affiliate is required to contribute on behalf of any
of its employees.

     “Platform” has the meaning specified in Section 6.02.

     “Public Lender” has the meaning specified in Section 6.02.

     “Receivables” has the meaning specified in Section 1.1 of the Security
Agreement.

     “Register” has the meaning specified in Section 11.06(c).

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     “Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents, trustees and advisors of such Person and of such
Person’s Affiliates.

     “Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30 day notice period has been waived.

     “Request for Credit Extension” means (a) with respect to a Borrowing, conversion or
continuation of Loans, a Loan Notice, and (b) with respect to an L/C Credit Extension, a Letter of
Credit Application.

     “Required Lenders” means, as of any date of determination, Lenders having more than
50% of the Aggregate Commitments or, if the commitment of each Lender to make Loans and the
obligation of the L/C Issuer to make L/C Credit Extensions have been terminated pursuant to
Section 8.02, Lenders holding in the aggregate more than 50% of the Total Outstandings
(with the aggregate amount of each Lender’s risk participation and funded participation in L/C
Obligations being deemed “held” by such Lender for purposes of this definition); provided
that the Commitment of, and the portion of the Total Outstandings held or deemed held by, any
Defaulting Lender shall be excluded for purposes of making a determination of Required Lenders.

     “Responsible Officer” means the chief executive officer, president, vice president,
chief financial officer, treasurer, assistant treasurer or controller of a Loan Party, or any
general partner thereof or any general partner of any such general partner or any sole member
thereof, as the case may be, solely for purposes of the delivery of incumbency certificates and
other certificates in respect of certain documents to be attached thereto pursuant to Sections
2.13, 4.01 and 4.02, the secretary or any assistant secretary of such Loan
Party, or any general partner thereof or any general partner of any such general partner or any
sole member thereof, as the case may be, and solely for purposes of notices given pursuant to
Article II, any other officer or employee of the Borrower, or any general partner thereof
or any general partner of any such general partner or any sole member thereof, as the case may be,
designated by any of the foregoing officers in a notice to the Administrative Agent. Any document
delivered hereunder that is signed by a Responsible Officer of a Loan Party, or any general partner
thereof or any general partner of any such general partner or any sole member thereof, as the case
may be, shall be conclusively presumed to have been authorized by all necessary corporate,
partnership or other equivalent action on the part of such Loan Party, and such Responsible Officer
shall be conclusively presumed to have acted on behalf of such Loan Party.

     “Restricted Payment” means any dividend or other distribution (whether in cash or
other property, but excluding dividends or other distributions payable in Equity Interests in the
Borrower) with respect to any Equity Interest of the Borrower, or any payment (whether in cash or
other property, but excluding dividends or other distributions payable in Equity Interests in the
Borrower), including any sinking fund or similar deposit, on account of the purchase, redemption,
retirement, acquisition, cancellation or termination for value of any Equity Interest of the
Borrower, or on account of any return of capital to holders of any Equity Interests of the
Borrower.

20

 

     “Restriction Exception” means (a) any applicable Law or any instrument governing
Indebtedness or Equity Interests, or any applicable Law or any other agreement relating to any
property, assets or operations of a Person whose Equity Interests are acquired, in whole or part,
by the Borrower pursuant to an acquisition (whether by merger, consolidation, amalgamation or
otherwise), as such instrument or agreement is in effect at the time of such acquisition (except
with respect to Indebtedness incurred in connection with, or in contemplation of, such
acquisition), or such applicable Law is then or thereafter in effect (as applicable), which is not
applicable to the Borrower, or the property, assets or operations of the Borrower, other than the
acquired Person, or the property, assets or operations of such acquired Person or such acquired
Person’s Subsidiaries; provided that in the case of Indebtedness, the incurrence of such
Indebtedness is not prohibited hereunder, (b) provisions with respect to the disposition or
distribution of assets in joint venture agreements or other similar agreements entered into in the
ordinary course of business, (c) (i) a lease, license or similar contract, which restricts in a
customary manner the subletting, assignment, encumbrance or transfer of any property or asset that
is subject thereto or the assignment, encumbrance or transfer of any such lease, license or other
contract, (ii) mortgages, deeds of trust, pledges or other security instruments, the entry into
which does not result in a Default, securing Indebtedness of the Borrower, which restricts the
transfer of the property subject to such mortgages, deeds of trust, pledges or other security
instruments, or (iii) customary provisions restricting disposition of, or encumbrances on, real
property interests set forth in any reciprocal easements of the Borrower, (d) restrictions imposed
pursuant to this Agreement and the other Loan Documents, (e) restrictions on the transfer or
encumbrance of property or assets which are imposed by the holder of Liens on property or assets of
the Borrower, provided that neither the incurrence of such Lien nor any related
Indebtedness results in a Default, (f) any agreement to, directly or indirectly, sell or otherwise
dispose of assets or Equity Interests to any Person pending the closing of such sale,
provided that such sale is consummated in compliance with any applicable provisions of this
Agreement, (g) net worth provisions in leases and other agreements entered into by the Borrower in
the ordinary course of business, (h) an agreement governing Indebtedness incurred to refinance the
Indebtedness issued, assumed or incurred pursuant to an agreement referred to in clauses (d) and
(e) above; provided, however, that the provisions relating to such encumbrance or
restriction contained in any such Indebtedness are no less favorable to the Borrower in any
material respect as determined by the board of directors of the General Partner in its reasonable
and good faith judgment than the provisions relating to such encumbrance or restriction contained
in agreements referred to in such clauses (d) and (e); and (i) Hybrid Securities or an indenture,
document, agreement or security entered into or issued in connection with a Hybrid Security or
otherwise constituting a restriction or condition on the payment of dividends or distributions by
an issuer of a Hybrid Security.

     “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor to the ratings agency business thereof.

     “Sale Value” means, as to Hedged Eligible Inventory subject to sales contracts and
such corresponding sales contracts with respect thereto, an amount equal to the volumes of such
Hedged Eligible Inventory times the sale price with respect to which Lenders are financing
the Cash and Carry Purchase (or refinancing the storage) thereof, minus all related storage,
transportation and other applicable costs, as set forth therein.

21

 

     “SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

     “Secured Parties” means, collectively, the Administrative Agent, the Lenders, the L/C
Issuer, each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant
to Section 9.05, and the other Persons the Borrower’s Obligations owing to which are or are
purported to be secured by the Collateral under the terms of the Collateral Documents.

     “Security Agreement” has the meaning specified in Section 4.01(a)(iii).

     “Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.

     “Summary Collateral Report” means a summary report with respect to the Collateral, as
described in Section 6.02(b).

     “Supermajority Lenders” means, as of any date of determination, Lenders (or as the
context may require, Lenders directly affected thereby) having more than 75% of the Aggregate
Commitments (or, with respect to Lenders directly affected thereby, the aggregate Commitments of
such Lenders) or, if the commitment of each Lender to make Loans and the obligation of the L/C
Issuer to make L/C Credit Extensions have been terminated pursuant to Section 8.02, Lenders
(or Lenders directly affected thereby) holding in the aggregate more than 75% of the Total
Outstandings (or, with respect to Lenders directly affected thereby, the aggregate Outstanding
Amount of such Lenders) (with the aggregate amount of each Lender’s risk participation and funded
participation in L/C Obligations being deemed “held” by such Lender for purposes of this
definition); provided that the Commitment of, and the portion of the Total Outstandings
held or deemed held by, any Defaulting Lender shall be excluded for purposes of making a
determination of Supermajority Lenders.

     “Swap Contract” means (a) any and all rate swap transactions, basis swaps, credit
derivative transactions, forward rate transactions, commodity swaps, commodity options, forward
commodity contracts, equity or equity index swaps or options, bond or bond price or bond index
swaps or options or forward bond or forward bond price or forward bond index transactions, interest
rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar
transactions, currency swap transactions, cross-currency rate swap transactions, currency options,
spot contracts, or any other similar transactions or any combination of any of the foregoing
(including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement, and (b) any and all transactions of any kind, and
the related confirmations, which are subject to the terms and conditions of, or governed by, any
form of master agreement published by the International Swaps and Derivatives Association, Inc.,
any International Foreign Exchange Master Agreement,

22

 

or any other master agreement (any such master agreement, together with any related schedules,
a “Master Agreement”), including any such obligations or liabilities under any Master
Agreement; provided, however, that “Swap Contract” shall not include any physical sales or purchase
contract.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

     “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or
possession of property creating obligations that do not appear on the balance sheet of such Person
but which, upon the insolvency or bankruptcy of such Person, would be characterized as the
indebtedness of such Person (without regard to accounting treatment); provided,
however, to the extent included in the foregoing, Operating Leases entered into in the
ordinary course of business are excluded therefrom.

     “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any
Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

     “Threshold Amount” means $50,000,000.

     “Total Outstandings” means the aggregate Outstanding Amount of all Loans and all L/C
Obligations.

     “Tri-Party Agreement” means (i) that certain Security Agreement and Assignment of
Hedging Account and Agency Agreement dated April 20, 2004 among Borrower, Administrative Agent (fka
Fleet National Bank), and BNP Paribas Commodity Futures, Inc., (ii) that certain Security Agreement
and Assignment of Hedging Account and Agency Agreement dated September 3, 2009 among Borrower,
Administrative Agent and Barclays Capital Inc., and (iii) each other security agreement and
assignment of hedging account and agency agreement with and satisfactory to Administrative Agent.

     “Type” means with respect to a Loan, its character as a Base Rate Loan or a Eurodollar
Rate Loan.

     “United States” and “U.S.” mean the United States of America.

     “Unreimbursed Amount” has the meaning specified in Section 2.03(c)(i).

     1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document:

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     (a) The definitions of terms herein shall apply equally to the singular and plural forms of
the terms defined. Whenever the context may require, any pronoun shall include the corresponding
masculine, feminine and neuter forms. The word “or” is not exclusive and the words
“include,” “includes” and “including” shall be deemed to be followed by
the phrase “without limitation.” The word “will” shall be construed to have the same
meaning and effect as the word “shall.” Unless the context requires otherwise, (i) any
definition of or reference to any agreement, instrument or other document (including any
Organization Document) shall be construed as referring to such agreement, instrument or other
document as from time to time amended, supplemented or otherwise modified (subject to any
restrictions on such amendments, supplements or modifications set forth herein or in any other
Loan Document), (ii) any reference herein to any Person shall be construed to include such
Person’s successors and permitted assigns, (iii) the words “hereto,” “herein,”
“hereof” and “hereunder,” and words of similar import when used in any Loan
Document, shall be construed to refer to such Loan Document in its entirety and not to any
particular provision thereof, unless expressly so limited, (iv) all references in a Loan Document
to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections
of, and Exhibits and Schedules to, the Loan Document in which such references appear, (v) any
reference to any law shall include all statutory and regulatory provisions consolidating,
amending, replacing or interpreting such law and any reference to any law or regulation shall,
unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time, and (vi) the words “asset” and “property” shall be construed to
have the same meaning and effect and to refer to any and all tangible and intangible assets and
properties, including cash, securities, accounts and contract rights.

     (b) In the computation of periods of time from a specified date to a later specified date,
the word “from” means “from and including;” the words “to” and
“until” each mean “to but excluding;” and the word “through” means “to
and including.”

     (c) Section headings herein and in the other Loan Documents are included for convenience of
reference only and shall not affect the interpretation of this Agreement or any other Loan
Document.

     1.03 Accounting Terms.

     (a) Generally. All accounting terms not specifically or completely defined herein
shall be construed in conformity with, and all financial data (including financial ratios and
other financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the Audited Financial Statements,
except as otherwise specifically prescribed herein.

     (b) Changes in GAAP. If at any time any change in GAAP would affect the computation
of any financial ratio or requirement set forth in any Loan Document, and either the Borrower or
the Required Lenders shall so request, the Administrative Agent, the Lenders and the Borrower
shall negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue

24

 

to be computed in accordance with GAAP prior to such change therein and (ii) the Borrower
shall provide to the Administrative Agent financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a reconciliation between
calculations of such ratio or requirement made before and after giving effect to such change in
GAAP.

     1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

     1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Eastern time (daylight or standard, as applicable).

     1.06 Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit
at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such
time; provided, however, that with respect to any Letter of Credit that, by its terms or the terms
of any Issuer Document related thereto, provides for one or more automatic increases in the stated
amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount
of such Letter of Credit after giving effect to all such increases, whether or not such maximum
stated amount is in effect at such time; provided, further, that with respect to
any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto,
provides for one or more automatic reductions in the stated amount thereof, the amount of such
Letter of Credit shall be deemed to be the amount available to be drawn under such Letter of Credit
at such time.

ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS

     2.01 Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to
make loans to finance Hedged Eligible Inventory (each such loan, a “Loan”) to the Borrower
from time to time, on any Business Day during the Availability Period, in an aggregate principal
amount not to exceed at any time outstanding the amount of such Lender’s Commitment;
provided, however, that after giving effect to any Borrowing, (i) the Total
Outstandings shall not exceed the Aggregate Commitments, (ii) immediately after giving effect to
such Loans, the Total Outstandings do not exceed the lesser of (x) ninety percent (90%) of the Sale
Value of Financed Hedged Eligible Inventory (or Hedged Value, as to Financed Hedged Eligible
Inventory not subject to sales contracts), and (y) the Aggregate Commitments determined as of the
date on which the requested Loans are to be made, and (iii) the aggregate Outstanding Amount of the
Loans of any Lender, plus such Lender’s Applicable Percentage of the Outstanding Amount of
all L/C Obligations shall not exceed such Lender’s Commitment. Within the limits of each Lender’s
Commitment, and subject to the other terms and conditions hereof, the Borrower may borrow under
this Section 2.01, prepay under Section 2.04, and reborrow under this Section
2.01. Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein.

25

 

     2.02 Borrowings, Conversions and Continuations of Loans.

     (a) Each Borrowing, each conversion of Loans from one Type to the other, and each
continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable (subject to
Section 3.03) notice to the Administrative Agent, which may be given by telephone,
specifying (i) volumes of Hedged Eligible Inventory to be subject to Cash and Carry Purchases or
to be stored at or to remain stored at Approved Locations, including hedged price, Hedged Value
and Approved Locations where such Hedged Eligible Inventory is stored or to be delivered and/or
stored, (ii) any corresponding Swap Contracts (including Master Agreements, counterparties and
confirmations thereunder) covering such Hedged Eligible Inventory, and (iii) any corresponding
sale contracts (with purchaser, date, volumes, prices and such other identifying information as
the Administrative Agent may reasonably request) pursuant to which the Borrower has contracted to
sell such Hedged Eligible Inventory, including specifying volumes, sale price and Sale Value,
accompanied by a Summary Collateral Report. Each such notice must be received by the
Administrative Agent not later than 12:00 p.m. (i) two Business Days prior to the requested date
of any Borrowing of, conversion to or continuation of Eurodollar Rate Loans or of any conversion
of Eurodollar Rate Loans to Base Rate Loans, and (ii) on the requested date of any Borrowing of
Base Rate Loans; provided, however, that if the Borrower wishes to request
Eurodollar Rate Loans having an Interest Period other than seven days, fourteen days or one month
in duration as provided in the definition of “Interest Period,” the applicable notice must be
received by the Administrative Agent not later than 12:00 p.m. three Business Days prior to the
requested date of such Borrowing, conversion or continuation, whereupon the Administrative Agent
(x) shall give prompt notice to the Lenders of such request and determine whether the requested
Interest Period is acceptable to such Lenders and (y) not later than 12:00 p.m., two Business Days
before the requested date of such Borrowing, conversion or continuation, shall notify the Borrower
(which notice may be by telephone) whether or not the requested Interest Period has been consented
to by all the Lenders. Each telephonic notice by the Borrower pursuant to this Section
2.02(a) must be confirmed promptly by delivery to the Administrative Agent of a written Loan
Notice, appropriately completed and signed by a Responsible Officer of the Borrower. Each
Borrowing of, conversion to or continuation of Eurodollar Rate Loans shall be in a principal
amount of $2,000,000 or a whole multiple of $250,000 in excess thereof. Except as provided in
Section 2.03(c), each Borrowing of or conversion to Base Rate Loans shall be in a
principal amount of $2,000,000 or a whole multiple of $250,000 in excess thereof. Each Loan
Notice (whether telephonic or written) shall specify (i) whether the Borrower is requesting a
Borrowing, a conversion of Loans from one Type to the other, or a continuation of Eurodollar Rate
Loans, (ii) the requested date of the Borrowing, conversion or continuation, as the case may be
(which shall be a Business Day), (iii) the principal amount of Loans to be borrowed, converted or
continued, (iv) the Type of Loans to be borrowed or to which existing Loans are to be converted,
and (v) if applicable, the duration of the Interest Period with respect thereto. If the Borrower
fails to specify a Type of Loan in a Loan Notice or if the Borrower fails to give a timely notice
requesting a conversion or continuation, then the applicable Loans shall be made as, or converted
to, Base Rate Loans. Any such automatic conversion to Base Rate Loans shall be effective as of
the last day of the Interest Period then in effect with respect to the applicable Eurodollar Rate
Loans. If the Borrower requests a Borrowing of, conversion to, or continuation of Eurodollar Rate
Loans in any such Loan Notice, but fails to specify an Interest Period, it will be deemed to have
specified an Interest Period of one month.

26

 

     (b) Following receipt of a Loan Notice, the Administrative Agent shall promptly notify each
Lender of the amount of its Applicable Percentage of the applicable Loans, and if no timely notice
of a conversion or continuation is provided by the Borrower, the Administrative Agent shall notify
each Lender of the details of any automatic conversion to Base Rate Loans described in the
preceding subsection. In the case of a Borrowing, each Lender shall make the amount of its Loan
available to the Administrative Agent in immediately available funds at the Administrative Agent’s
Office not later than 2:00 p.m. on the Business Day specified in the applicable Loan Notice. Upon
satisfaction of the applicable conditions set forth in Section 4.02 (and, if such
Borrowing is the initial Credit Extension, Section 4.01), the Administrative Agent shall
make all funds so received available to the Borrower in like funds as received by the
Administrative Agent, at the Borrower’s election, either by (i) crediting the account of the
Borrower on the books of Bank of America with the amount of such funds or (ii) wire transfer of
such funds, in each case in accordance with instructions provided to the Administrative Agent by
the Borrower as set forth in the Loan Notice; provided, however, that if,
immediately prior to delivery by the Borrower of the Loan Notice with respect to such Borrowing,
there are L/C Borrowings outstanding, then the proceeds of such Borrowing, first, shall be
applied to the payment in full of any such L/C Borrowings, and second, shall be made
available to the Borrower as provided above.

     (c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or converted
only on the last day of an Interest Period for such Eurodollar Rate Loan. Upon the occurrence and
during the continuation of an Event of Default, no Loans may be requested as, converted to or
continued as Eurodollar Rate Loans without the consent of the Required Lenders.

     (d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination of
such interest rate. At any time that Base Rate Loans are outstanding, the Administrative Agent
shall notify the Borrower and the Lenders of any change in Bank of America’s prime rate used in
determining the Base Rate and the effective date thereof promptly following the public
announcement of such change.

     (e) After giving effect to all Borrowings, all conversions of Loans from one Type to the
other, and all continuations of Loans as the same Type, there shall not be more than ten Interest
Periods in effect at any one time with respect to Loans.

     2.03 Letters of Credit.

     (a) The Letter of Credit Commitment.

     (i) Subject to the terms and conditions set forth herein, (A) the L/C Issuer agrees, in
reliance upon the agreements of the Lenders set forth in this Section 2.03, (1) from
time to time on any Business Day during the period from the Closing Date until the Letter of
Credit Expiration Date, to issue Letters of Credit for the account of the Borrower in favor
of sellers of Financed Hedged Eligible Inventory, as beneficiaries, to secure purchases of
Financed Hedged Eligible Inventory, and to amend or extend Letters of Credit previously
issued by it, in accordance with subsection (b) below, and (2) to

27

 

honor drawings under the Letters of Credit; and (B) the Lenders severally agree to
participate in Letters of Credit issued for the account of the Borrower, for its use and the
use of any of its Subsidiaries and any drawings thereunder; provided that after
giving effect to any L/C Credit Extension with respect to any Letter of Credit, (x) the
Total Outstandings shall not exceed the Aggregate Commitments, (y) the aggregate Outstanding
Amount of the Loans of any Lender, plus such Lender’s Applicable Percentage of the
Outstanding Amount of all L/C Obligations shall not exceed such Lender’s Commitment, and (z)
the Outstanding Amount of the L/C Obligations shall not exceed the Letter of Credit
Sublimit. Each request by the Borrower for the issuance or amendment of a Letter of Credit
shall be deemed to be a representation by the Borrower that the L/C Credit Extension so
requested complies with the conditions set forth in the proviso to the preceding sentence.
Within the foregoing limits, and subject to the terms and conditions hereof, the Borrower’s
ability to obtain Letters of Credit shall be fully revolving, and accordingly the Borrower
may, during the foregoing period, obtain Letters of Credit to replace Letters of Credit that
have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit
shall be deemed to have been issued pursuant hereto, and from and after the Closing Date
shall be subject to and governed by the terms and conditions hereof.

     (ii) The L/C Issuer shall not issue any Letter of Credit, if:

     (A) subject to Section 2.03(b)(iii), the expiry date of the requested
Letter of Credit would occur more than 70 days after the date of issuance or last
extension, unless the Required Lenders have approved such expiry date; or

     (B) the expiry date of the requested Letter of Credit would occur after the
Letter of Credit Expiration Date, unless all the Lenders have approved such expiry
date.

     (iii) The L/C Issuer shall not be under any obligation to issue any Letter of Credit
if:

     (A) any order, judgment or decree of any Governmental Authority or arbitrator
shall by its terms purport to enjoin or restrain the L/C Issuer from issuing the
Letter of Credit, or any Law applicable to the L/C Issuer or any request or
directive (whether or not having the force of law) from any Governmental Authority
with jurisdiction over the L/C Issuer shall prohibit, or request that the L/C Issuer
refrain from, the issuance of letters of credit generally or the Letter of Credit in
particular or shall impose upon the L/C Issuer with respect to the Letter of Credit
any restriction, reserve or capital requirement (for which the L/C Issuer is
entitled to be, but is not so, compensated hereunder) not in effect on the Closing
Date, or shall impose upon the L/C Issuer any loss, cost or expense which was not
applicable on the Closing Date and which the L/C Issuer in good faith deems material
to it (for which the L/C Issuer is entitled to be, but is not so, reimbursed
hereunder);

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     (B) the issuance of the Letter of Credit would violate one or more policies of
the L/C Issuer applicable to letters of credit generally; provided that,
upon request of the Borrower, the L/C Issuer shall provide to the Borrower a
reasonably detailed description thereof;

     (C) except as otherwise agreed by the Administrative Agent and the L/C Issuer,
the Letter of Credit is in an initial stated amount less than $100,000;

     (D) the Letter of Credit is to be denominated in a currency other than Dollars;

     (E) any Lender is at that time a Defaulting Lender, unless either (1) the
Borrower has delivered to the Administrative Agent Cash Collateral in an amount
equal to such L/C Issuer’s actual Fronting Exposure (after giving effect to
Section 2.15(a)(iv) and any other Cash Collateral provided by the Defaulting
Lender) with respect to the Defaulting Lender or (2) such L/C Issuer has otherwise
entered into arrangements satisfactory to such L/C Issuer (in its sole discretion)
with the Borrower or such Lender to eliminate such L/C Issuer’s Fronting Exposure
(after giving effect to Section 2.15(a)(iv)) with respect to the Defaulting
Lender, in either case, arising from either the Letter of Credit then proposed to be
issued or that Letter of Credit and all other L/C Obligations as to which such L/C
Issuer has Fronting Exposure, as it may elect in its sole discretion; or

     (F) the Letter of Credit contains any provisions for automatic reinstatement of
the stated amount after any drawing thereunder.

     (iv) The L/C Issuer shall not amend any Letter of Credit if the L/C Issuer would not be
permitted at such time to issue the Letter of Credit in its amended form under the terms
hereof.

     (v) The L/C Issuer shall be under no obligation to amend any Letter of Credit if (A)
the L/C Issuer would have no obligation at such time to issue the Letter of Credit in its
amended form under the terms hereof, or (B) the beneficiary of the Letter of Credit does not
accept the proposed amendment to the Letter of Credit.

     (vi) The L/C Issuer shall act on behalf of the Lenders with respect to any Letters of
Credit issued by it and the documents associated therewith, and the L/C Issuer shall have
all of the benefits and immunities (A) to the extent provided to the Administrative Agent in
Article IX with respect to any acts taken or omissions suffered by the L/C Issuer in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer
Documents pertaining to such Letters of Credit as fully as if the term “Administrative
Agent” as used in Article IX included the L/C Issuer with respect to such acts or
omissions, and (B) as additionally provided herein with respect to the L/C Issuer.

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     (b) Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of
Credit.

     (i) Each Letter of Credit shall be issued or amended, as the case may be, upon the
request of the Borrower delivered to the L/C Issuer (with a copy to the Administrative
Agent) in the form of a Letter of Credit Application, appropriately completed and signed by
a Responsible Officer of the Borrower. Such Letter of Credit Application must be received
by the L/C Issuer and the Administrative Agent not later than 12:00 p.m. at least two
Business Days (or such later date and time as the Administrative Agent and the L/C Issuer
may agree in a particular instance in their sole discretion) prior to the proposed issuance
date or date of amendment, as the case may be. In the case of a request for an initial
issuance of a Letter of Credit, such Letter of Credit Application shall specify in form and
detail reasonably satisfactory to the L/C Issuer: (A) the proposed issuance date of the
requested Letter of Credit (which shall be a Business Day); (B) the amount thereof; (C) the
expiry date thereof; (D) the name and address of the beneficiary thereof; (E) the documents
to be presented by such beneficiary in case of any drawing thereunder; (F) the full text of
any certificate to be presented by such beneficiary in case of any drawing thereunder; (G)
the purpose and nature of the requested Letter of Credit; and (H) such other matters as the
L/C Issuer may reasonably require. In the case of a request for an amendment of any
outstanding Letter of Credit, such Letter of Credit Application shall specify in form and
detail reasonably satisfactory to the L/C Issuer (A) the Letter of Credit to be amended; (B)
the proposed date of amendment thereof (which shall be a Business Day); (C) the nature of
the proposed amendment; and (D) such other matters as the L/C Issuer may reasonably require.
Additionally, the Borrower shall furnish to the L/C Issuer and the Administrative Agent
such other documents and information pertaining to such requested Letter of Credit issuance
or amendment, including any Issuer Documents, as the L/C Issuer or the Administrative Agent
may reasonably require.

     (ii) Promptly after receipt of any Letter of Credit Application, the L/C Issuer will
confirm with the Administrative Agent (by telephone or in writing) that the Administrative
Agent has received a copy of such Letter of Credit Application from the Borrower and, if
not, the L/C Issuer will provide the Administrative Agent with a copy thereof. Unless the
L/C Issuer has received written notice from the Administrative Agent (who hereby agrees to
provide contemporaneous notice to the Borrower) or any Loan Party, at least one Business Day
prior to the requested date of issuance or amendment of the applicable Letter of Credit,
that one or more applicable conditions contained in Section 4.02 shall not then be
satisfied, specifying in reasonable detail the relevant condition or conditions not then
satisfied, and the basis for such assertion, and such condition or conditions, as
applicable, remain unsatisfied on such requested date of issuance or amendment, then,
subject to the terms and conditions hereof, the L/C Issuer shall, on the requested date,
issue a Letter of Credit for the account of the Borrower (or the applicable Subsidiary) or
enter into the applicable amendment, as the case may be, in each case in accordance with the
L/C Issuer’s usual and customary business practices. Immediately upon the issuance of each
Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the L/C Issuer a risk participation in such Letter of Credit in an
amount equal to the product of such Lender’s Applicable Percentage times the amount
of such Letter of Credit.

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     (iii) If the Borrower so requests in any applicable Letter of Credit Application, the
L/C Issuer may, in its sole and absolute discretion, agree to issue a Letter of Credit that
has automatic extension provisions (each, an “Auto-Extension Letter of Credit”);
provided that any such Auto-Extension Letter of Credit must permit the L/C Issuer to
prevent any such extension at least once in each twelve-month period (commencing with the
date of issuance of such Letter of Credit) by giving written prior notice to the beneficiary
thereof not later than a day (the “Non-Extension Notice Date”) in each such
twelve-month period to be agreed upon between the Borrower and the L/C Issuer at the time
such Letter of Credit is issued. The L/C Issuer of any Auto-Extension Letter of Credit
hereby agrees to contemporaneously furnish to the Borrower a copy of any denial of the
extension of such Auto-Extension Letter of Credit. Unless otherwise directed by the L/C
Issuer, the Borrower shall not be required to make a specific request to the L/C Issuer for
any such extension. Once an Auto-Extension Letter of Credit has been issued, the Lenders
shall be deemed to have authorized (but may not require) the L/C Issuer to permit the
extension of such Letter of Credit at any time to an expiry date not later than the Letter
of Credit Expiration Date; provided, however, that the L/C Issuer shall not
permit any such extension if (A) the L/C Issuer has determined that it would not be
permitted, or would have no obligation, at such time to issue such Letter of Credit in its
revised form (as extended) under the terms hereof (by reason of the provisions of clause
(ii) or (iii) of Section 2.03(a) or otherwise), or (B) it has received notice (which
may be by telephone or in writing) on or before the day that is seven Business Days before
the Non-Extension Notice Date (1) from the Administrative Agent (who hereby agrees to
provide contemporaneous notice to the Borrower) that the Required Lenders have elected not
to permit such extension or (2) from the Administrative Agent (who hereby agrees to provide
contemporaneous notice to the Borrower) or the Borrower that one or more of the applicable
conditions specified in Section 4.02 is not then satisfied, specifying in reasonable
detail the relevant condition or conditions not then satisfied, and such condition or
conditions, as applicable, are unsatisfied on such extension date, and the basis for such
assertion, and in each such case directing the L/C Issuer not to permit such extension.

     (iv) Promptly after its delivery of any Letter of Credit or any amendment to a Letter
of Credit to an advising bank with respect thereto or to the beneficiary thereof, the L/C
Issuer will also deliver to the Borrower and the Administrative Agent a true and complete
copy of such Letter of Credit or amendment.

     (c) Drawings and Reimbursements; Funding of Participations.

     (i) Upon receipt from the beneficiary of any Letter of Credit of any notice of a
drawing under such Letter of Credit, the L/C Issuer shall notify the Borrower and the
Administrative Agent thereof. If the L/C Issuer shall give notice to the Borrower prior to
12:00 p.m. on the date of any payment by such L/C Issuer under a Letter of Credit (each such
date, an “Honor Date”), the Borrower shall reimburse the L/C Issuer through the
Administrative Agent in an amount equal to the amount of such drawing (and if the L/C Issuer
shall give notice to the Borrower at or after such time, the Borrower shall reimburse the
L/C Issuer by such time on the following Business Day). If the Borrower fails to so
reimburse the L/C Issuer by such time, the Administrative Agent shall

31

 

promptly notify each Lender of the Honor Date, the amount of the unreimbursed drawing
(the “Unreimbursed Amount”), and the amount of such Lender’s Applicable Percentage
thereof. In such event, the Borrower shall be deemed to have requested a Borrowing of Base
Rate Loans to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount,
without regard to the minimum and multiples specified in Section 2.02 for the
principal amount of Base Rate Loans, but subject to the amount of the unutilized portion of
the Aggregate Commitments and the conditions set forth in Section 4.02 (other than
the delivery of a Loan Notice and without giving effect to the Borrower’s failure to so
reimburse the L/C Issuer as provided in this Section 2.03(c)(i)). Any notice given
by the L/C Issuer or the Administrative Agent pursuant to this Section 2.03(c)(i)
may be given by telephone if immediately confirmed in writing; provided that the
lack of such an immediate confirmation shall not affect the conclusiveness or binding effect
of such notice.

     (ii) Each Lender shall, upon any notice pursuant to Section 2.03(c)(i) prior to
12:00 p.m., make funds available (and the Administrative Agent may apply Cash Collateral
provided for this purpose) for the account of the L/C Issuer at the Administrative Agent’s
Office in an amount equal to its Applicable Percentage of the Unreimbursed Amount not later
than 2:00 p.m. on the Business Day specified in such notice by the Administrative Agent
(and, if such notice pursuant to Section 2.03(c)(i) is at or after 12:00 p.m., each
such Lender shall make such funds available not later than 2:00 p.m. on the following
Business Day), whereupon, subject to the provisions of Section 2.03(c)(iii), each
Lender that so makes funds available shall be deemed to have made a Base Rate Loan to the
Borrower in such amount. The Administrative Agent shall remit the funds so received to the
L/C Issuer.

     (iii) With respect to any Unreimbursed Amount that is not fully refinanced by a
Borrowing of Base Rate Loans because the conditions set forth in Section 4.02 (other
than the delivery of a Loan Notice and without giving effect to the Borrower’s failure to
reimburse the L/C Issuer as provided in Section 2.03(c)(i)) cannot be satisfied or
because the L/C Issuer’s notice pursuant to Section 2.03(c)(i) is at or after 12:00
p.m. or for any other reason, the Borrower shall be deemed to have incurred from the L/C
Issuer an L/C Borrowing in the amount of the Unreimbursed Amount that is not so refinanced,
which L/C Borrowing shall be due and payable on the second Business Day following the
corresponding Honor Date (together with interest) and shall bear interest on the amount
thereof from time to time outstanding at the Base Rate in effect from time to time, and if
not repaid by 12:00 p.m. on such second succeeding Business Day, shall thereafter bear
interest on the amount thereof from time to time outstanding at the Default Rate. In such
event, each Lender’s payment to the Administrative Agent for the account of the L/C Issuer
pursuant to Section 2.03(c)(ii) shall be deemed payment in respect of its
participation in such L/C Borrowing and shall constitute an L/C Advance from such Lender in
satisfaction of its participation obligation under this Section 2.03.

     (iv) Until each Lender funds its Loan or L/C Advance pursuant to this Section
2.03(c) to reimburse the L/C Issuer for any amount drawn under any Letter of Credit,
interest in respect of such Lender’s Applicable Percentage of such amount shall be solely
for the account of the L/C Issuer.

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     (v) Each Lender’s obligation to make Loans or L/C Advances to reimburse the L/C Issuer
for amounts drawn under Letters of Credit, as contemplated by this Section 2.03(c),
shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any setoff, counterclaim, recoupment, defense or other right which such Lender may have
against the L/C Issuer, the Borrower or any other Person for any reason whatsoever; (B) the
occurrence or continuance of a Default, or (C) any other occurrence, event or condition,
whether or not similar to any of the foregoing; provided, however, that each
Lender’s obligation to make Loans pursuant to this Section 2.03(c) is subject to the
conditions set forth in Section 4.02 (other than delivery by the Borrower of a Loan
Notice and without giving effect to the Borrower’s failure to so reimburse the L/C Issuer as
provided in this Section 2.03(c)(i)). No such making of an L/C Advance shall
relieve or otherwise impair the obligation of the Borrower to reimburse the L/C Issuer for
the amount of any payment made by the L/C Issuer under any Letter of Credit, together with
interest as provided herein.

     (vi) If any Lender fails to make available to the Administrative Agent for the account
of the L/C Issuer any amount required to be paid by such Lender pursuant to the foregoing
provisions of this Section 2.03(c) by the time specified in Section
2.03(c)(ii), then, without limiting the other provisions of this Agreement, the L/C
Issuer shall be entitled to recover from such Lender (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such
payment is required to the date on which such payment is immediately available to the L/C
Issuer at a rate per annum equal to the greater of the Federal Funds Rate and a rate
determined by the L/C Issuer in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the
L/C Issuer in connection with the foregoing. If such Lender pays such amount (with interest
and fees as aforesaid), the portion thereof equal to such Lender’s Applicable Percentage of
the Unreimbursed Amount shall constitute such Lender’s Loan included in the relevant
Borrowing or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A
certificate of the L/C Issuer submitted to any Lender (through the Administrative Agent)
with respect to any amounts owing under this clause (vi) shall be conclusive absent manifest
error.

     (d) Repayment of Participations.

     (i) At any time after the L/C Issuer has made a payment under any Letter of Credit and
has received from any Lender such Lender’s L/C Advance in respect of such payment in
accordance with Section 2.03(c), if the Administrative Agent receives for the
account of the L/C Issuer any payment in respect of the related Unreimbursed Amount or
interest thereon (whether directly from the Borrower or otherwise, including proceeds of
Cash Collateral applied thereto by the Administrative Agent), the Administrative Agent will
distribute to such Lender its Applicable Percentage thereof (appropriately adjusted, in the
case of interest payments, to reflect the period of time during which such Lender’s L/C
Advance was outstanding) in the same funds as those received by the Administrative Agent.

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     (ii) If any payment received by the Administrative Agent for the account of the L/C
Issuer pursuant to Section 2.03(c)(i) is required to be returned under any of the
circumstances described in Section 11.05 (including pursuant to any settlement
entered into by the L/C Issuer in its discretion), each Lender shall pay to the
Administrative Agent for the account of the L/C Issuer its Applicable Percentage thereof on
demand of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Lender, at a rate per annum equal to the Federal
Funds Rate from time to time in effect. The obligations of the Lenders under this clause
shall survive the payment in full of the payment Obligations and the termination of this
Agreement.

     (e) Obligations Absolute. The obligation of the Borrower to reimburse the L/C Issuer
for each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute,
unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this
Agreement under all circumstances, including the following:

     (i) any lack of validity or enforceability of such Letter of Credit, this Agreement, or
any other Loan Document;

     (ii) the existence of any claim, counterclaim, setoff, defense or other right that the
Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of
such Letter of Credit (or any Person for whom any such beneficiary or any such transferee
may be acting), the L/C Issuer or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement
or instrument relating thereto, or any unrelated transaction;

     (iii) any draft, demand, certificate or other document presented under such Letter of
Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any
statement therein being untrue or inaccurate in any respect; or any loss or delay in the
transmission or otherwise of any document required in order to make a drawing under such
Letter of Credit;

     (iv) any payment by the L/C Issuer under such Letter of Credit against presentation of
a draft or certificate that does not strictly comply with the terms of such Letter of
Credit; or any payment made by the L/C Issuer under such Letter of Credit to any Person
purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of
creditors, liquidator, receiver or other representative of or successor to any beneficiary
or any transferee of such Letter of Credit, including any arising in connection with any
proceeding under any Debtor Relief Law; or

     (v) any other circumstance or happening whatsoever, whether or not similar to any of
the foregoing, including any other circumstance that might otherwise constitute a defense
available to, or a discharge of, the Borrower or any Subsidiary.

     The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto
that is delivered to it and, in the event of any claim of noncompliance with the Borrower’s
instructions or other irregularity, the Borrower will promptly notify the L/C

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Issuer and the L/C Issuer will correct such claim in conformity with the Borrower’s
instructions or as otherwise agreed between the Borrower and the L/C Issuer, subject to the terms
hereof. The Borrower shall be conclusively deemed to have waived any such claim against the L/C
Issuer and its correspondents unless such notice is given as aforesaid.

     (f) Role of L/C Issuer. Each Lender and the Borrower agree that, in paying any
drawing under a Letter of Credit requested by the Borrower, the L/C Issuer shall not have any
responsibility to obtain any document (other than any sight draft, certificates and documents
expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or
accuracy of any such document or the authority of the Person executing or delivering any such
document. None of the L/C Issuer, the Administrative Agent, any of their respective Related
Parties nor any correspondent, participant or assignee of the L/C Issuer shall be liable to any
Lender for (i) any action taken or omitted in connection herewith at the request or with the
approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted
in the absence of gross negligence or willful misconduct; or (iii) the due execution,
effectiveness, validity or enforceability of any document or instrument related to any Letter of
Credit or Issuer Document. The Borrower hereby assumes all risks of the acts or omissions of any
beneficiary or transferee with respect to its use of any Letter of Credit, requested by the
Borrower; provided, however, that this assumption is not intended to, and shall
not, preclude the Borrower’s pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None of the L/C Issuer, the
Administrative Agent, any of their respective Related Parties nor any correspondent, participant
or assignee of the L/C Issuer shall be liable or responsible for any of the matters described in
clauses (i) through (v) of Section 2.03(e); provided, however, that
anything in such clauses to the contrary notwithstanding, the Borrower may have a claim against
the L/C Issuer, and the L/C Issuer may be liable to the Borrower, to the extent, but only to the
extent, of any direct, as opposed to consequential or exemplary, damages suffered by the Borrower
which the Borrower proves were caused by the L/C Issuer’s willful misconduct, gross negligence or
the material breach of any of its obligations hereunder or under any Issuer Document or under any
Letter of Credit issued on the Borrower’s behalf or the L/C Issuer’s willful failure to pay under
any Letter of Credit, requested by the Borrower, after the presentation to it by the beneficiary
of a sight draft and certificate(s) strictly complying with the terms and conditions of a Letter
of Credit. In furtherance and not in limitation of the foregoing, the L/C Issuer may accept
documents that appear on their face to be in order, without responsibility for further
investigation, regardless of any notice or information to the contrary, and the L/C Issuer shall
not be responsible for the validity or sufficiency of any instrument transferring or assigning or
purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or
proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any
reason.

     (g) Applicability of ISP and UCP. Unless otherwise expressly agreed by the L/C
Issuer and the Borrower when a Letter of Credit is issued, including any such agreement applicable
to an Existing Letter of Credit, (i) the rules of the ISP shall apply to each standby Letter of
Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary Credits, as most
recently published by the International Chamber of Commerce at the time of issuance shall apply to
each commercial Letter of Credit.

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     (h) Letter of Credit Fees. The Borrower shall pay to the Administrative Agent for
the account of each Lender in accordance with its Applicable Percentage a Letter of Credit fee
(the “Letter of Credit Fee”) for each commercial or standby Letter of Credit equal to the
Applicable Rate times the daily amount available to be drawn under such Letter of Credit;
provided, however, any Letter of Credit Fees otherwise payable for the account of a
Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender or the
Borrower has not provided Cash Collateral satisfactory to the L/C Issuer pursuant to this
Section 2.03 shall be payable, to the maximum extent permitted by applicable Law, to the
other Lenders in accordance with the upward adjustments in their respective Applicable Percentages
allocable to such Letter of Credit pursuant to Section 2.15(a)(iv), with the balance of
such fee, if any, payable to the L/C Issuer for its own account. For purposes of computing the
daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit
shall be determined in accordance with Section 1.06. Such Letter of Credit Fees shall be
(i) due and payable on the first Business Day after the end of each March, June, September and
December, commencing with the first such date to occur after the issuance of such Letter of
Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a
quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the
daily amount available to be drawn under each standby Letter of Credit shall be computed and
multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect.

     (i) Fronting Fee and Documentary and Processing Charges Payable to L/C Issuer. The
Borrower shall pay directly to the L/C Issuer for its own account a fronting fee (i) with respect
to each commercial Letter of Credit, at the rate specified in the Fee Letter among the Borrower,
the Administrative Agent, and Merrill Lynch, computed on the amount of such Letter of Credit, and
payable upon the issuance thereof, and (ii) with respect to each standby Letter of Credit, at the
rate per annum specified in the Fee Letter among the Borrower, the Administrative Agent, and
Merrill Lynch, computed on the daily amount available to be drawn under such Letter of Credit on a
quarterly basis in arrears. Such fronting fee with respect to standby Letters of Credit shall be
due and payable on the tenth Business Day after the end of each March, June, September and
December in respect of the most recently-ended quarterly period (or portion thereof, in the case
of the first payment), commencing with the first such date to occur after the issuance of such
Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. For purposes
of computing the daily amount available to be drawn under any Letter of Credit, the amount of such
Letter of Credit shall be determined in accordance with Section 1.06. In addition, the
Borrower shall pay directly to the L/C Issuer for its own account the customary issuance,
presentation, amendment and other processing fees, and other standard costs and charges, of the
L/C Issuer relating to letters of credit as from time to time in effect, effective schedules of
which will be provided to the Borrower upon its request. Such customary fees and standard costs
and charges are due and payable quarterly in arrears on the first Business Day after the end of
each March, June, September and December and are nonrefundable.

     (j) Conflict with Issuer Documents. In the event of any conflict between the terms
hereof and the terms of any Issuer Document, the terms hereof shall control.

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     (k) Letters of Credit Issued for Subsidiaries. Notwithstanding that a Letter of
Credit is issued or outstanding hereunder is in support of any obligations of a Subsidiary, the
Borrower (and not any such Subsidiary) that requested such Letter of Credit shall be obligated to
reimburse the L/C Issuer hereunder for any and all drawings under such Letter of Credit requested
by it. The Borrower hereby acknowledges that the issuance of Letters of Credit requested by it in
support of the obligations of any of its Subsidiaries inures to the benefit of the Borrower, and
that the Borrower’s business derives benefits from the business of such Subsidiary.

     2.04 Prepayments.

     (a) The Borrower may, upon notice to the Administrative Agent, at any time or from time to
time voluntarily prepay Loans in whole or in part without premium or penalty; provided
that (i) such notice must be received by the Administrative Agent not later than 12:00 p.m. (A)
two Business Days prior to any date of prepayment of Eurodollar Rate Loans and (B) on the date of
prepayment of Base Rate Loans; (ii) any prepayment of Eurodollar Rate Loans shall be in a
principal amount of $2,500,000 or a whole multiple of $250,000 in excess thereof; and (iii) any
prepayment of Base Rate Loans shall be in a principal amount of $250,000 or a whole multiple of
$50,000 in excess thereof or, in each case, if less, the entire principal amount thereof then
outstanding. Each such notice shall specify the date and amount of such prepayment and the
Type(s) of Loans to be prepaid and, if Eurodollar Rate Loans are to be prepaid, the Interest
Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt
of each such notice, and of the amount of such Lender’s Applicable Percentage of such prepayment.
If such notice is given by the Borrower, the Borrower shall make such prepayment and the payment
amount specified in such notice shall be due and payable on the date specified therein;
provided, that a notice of prepayment delivered by the Borrower may state that such notice
is conditioned upon the effectiveness of other credit facilities or the closing of a securities
offering, and the receipt of proceeds thereunder, in which case such notice may be revoked by the
Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if
such conditions are not satisfied. Any prepayment of a Eurodollar Rate Loan shall be accompanied
by all accrued interest on the amount prepaid, together with any additional amounts required
pursuant to Section 3.05. Subject to Section 2.15, each such prepayment shall be
applied to the Loans of the Lenders in accordance with their respective Applicable Percentages.

     (b) If for any reason the Total Outstandings at any time exceed the lesser of (x) ninety
percent (90%) of the Sale Value of Financed Hedged Eligible Inventory (or Hedged Value, as to
Financed Hedged Eligible Inventory not subject to sales contracts), and (y) the Aggregate
Commitments then in effect, the Borrower shall within one Business Day prepay Loans and/or Cash
Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrower shall not be required to Cash Collateralize the L/C Obligations
pursuant to this Section 2.04(b) unless after the prepayment in full of the Loans the
Total Outstandings exceed the Aggregate Commitments then in effect.

     2.05 Termination or Reduction of Commitments. The Borrower may, upon notice to the Administrative
Agent, terminate the Aggregate Commitments, or from time to time permanently reduce the Aggregate
Commitments; provided that (i) any such notice shall be

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received by the Administrative Agent not later than 12:00 p.m. two Business Days prior to the
date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount
of $1,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Borrower shall not
terminate or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the Total Outstandings would exceed the Aggregate Commitments, and (iv) if,
after giving effect to any reduction of the Aggregate Commitments, the Letter of Credit Sublimit
exceeds the amount of the Aggregate Commitments, such Sublimit shall be automatically reduced by
the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such
notice of termination or reduction of the Aggregate Commitments. Any reduction of the Aggregate
Commitments shall be applied to the Commitment of each Lender according to its Applicable
Percentage. All fees accrued until the effective date of any termination of the Aggregate
Commitments shall be paid on the effective date of such termination.

     2.06 Repayment of Loans. The Borrower shall repay to the Lenders on the Maturity Date the
aggregate principal amount of Loans outstanding on such date.

     2.07 Interest. (a) Subject to the provisions of subsection (b) below, (i) each Eurodollar
Rate Loan shall bear interest on the outstanding principal amount thereof for each Interest Period
at a rate per annum equal to the Eurodollar Rate for such Interest Period plus the
Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding principal
amount thereof from the applicable borrowing date at a rate per annum equal to the Base Rate
plus the Applicable Rate.

     (b) (i) If any amount of principal of any Loan is not paid when due (without regard to any
applicable grace periods), whether at stated maturity, by acceleration or otherwise, such amount
shall thereafter bear interest at a fluctuating interest rate per annum at all times equal to the
Default Rate to the fullest extent permitted by applicable Laws.

     (ii) If any amount (other than principal of any Loan) payable by the Borrower under any
Loan Document is not paid when due, whether at stated maturity, by acceleration or
otherwise, then upon the request of the Required Lenders, such amount shall thereafter bear
interest at a fluctuating interest rate per annum at all times equal to the Default Rate to
the fullest extent permitted by applicable Laws.

     (ii) During any Default Rate Period, the Borrower shall pay interest on the principal
amount of all of its outstanding Obligations hereunder at a fluctuating interest rate per
annum at all times equal to the Default Rate to the fullest extent permitted by applicable
Laws.

     (iv) Accrued and unpaid interest on past due amounts (including interest on past due
interest) shall be due and payable upon demand.

     (c) Interest on each Loan shall be due and payable in arrears on each Interest Payment Date
applicable thereto and at such other times as may be specified herein. Interest hereunder shall
be due and payable in accordance with the terms hereof before and after

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judgment, and before and
after the commencement of any proceeding under any Debtor Relief Law.

     2.08 Fees. In addition to certain fees described in subsections (h) and (i) of Section
2.03:

     (a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Applicable Percentage, a commitment fee equal to the
Applicable Rate times the actual daily amount by which the Aggregate Commitments exceed
the sum of (i) the Outstanding Amount of Loans and (ii) the Outstanding Amount of L/C Obligations,
subject to adjustment as provided in Section 2.15. The commitment fee shall accrue at all
times during the Availability Period, including at any time during the Availability Period during
which one or more of the conditions in Section 4.02 is not met, and shall be due and
payable quarterly in arrears on the last Business Day of each March, June, September and December,
commencing with the first such date to occur after the Closing Date, and on the last day of the
Availability Period. The commitment fee shall be calculated quarterly in arrears, and if there is
any change in the Applicable Rate during any quarter, the actual daily amount shall be computed
and multiplied by the Applicable Rate separately for each period during such quarter that such
Applicable Rate was in effect.

     (b) Other Fees. (i) The Borrower shall pay to the Arrangers and the Administrative
Agent for their own respective accounts fees in the amounts and at the times specified in their
respective Fee Letters. Such fees shall be fully earned when paid and shall not be refundable for
any reason whatsoever, except as expressly set forth therein.

     (ii) The Borrower shall pay to the Lenders such fees as shall have been separately
agreed upon between the Borrower and the Administrative Agent and/or Lenders, as the case
may be, in writing in the amounts and at the times so specified. Such fees shall be fully
earned when paid and shall not be refundable for any reason whatsoever, except as expressly
agreed to in writing.

     2.09 Computation of Interest and Fees. All computations of interest for Base Rate Loans (including
Base Rate Loans determined by reference to the Eurodollar Rate) shall be made on the basis of a
year of 365 or 366 days, as the case may be, and actual days elapsed. All other computations of
fees and interest shall be made on the basis of a 360-day year and actual days elapsed (which
results in more fees or interest, as applicable, being paid than if computed on the basis of a
365-day year). Interest shall accrue on each Loan for the day on which the Loan is made, and shall
not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is
paid, provided that any Loan that is repaid on the same day on which it is made shall,
subject to Section 2.11(a), bear interest for one day. Each determination by the
Administrative Agent of an interest rate or fee hereunder shall be conclusive and binding for all
purposes, absent manifest error.

     2.10 Evidence of Debt.

     (a) The Credit Extensions made by each Lender shall be evidenced by one or more accounts or
records maintained by such Lender and by the Administrative Agent in the ordinary

39

 

course of
business. The accounts or records maintained by the Administrative Agent and each Lender shall be
conclusive absent manifest error of the amount of the Credit Extensions made by the Lenders to the
Borrower and the interest and payments thereon. Any failure to so record or any error in doing so
shall not, however, limit or otherwise affect the obligation of the Borrower hereunder to pay any
amount owing on its payment Obligations. In the event of any conflict between the accounts and
records maintained by any Lender and the accounts and records of the Administrative Agent in
respect of such matters, the accounts and records of the Administrative Agent shall control in the
absence of manifest error. Upon the request of any Lender to the Borrower made through the
Administrative Agent, the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Loans in addition to such
accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date,
Type (if applicable), amount and maturity of its Loans and payments with respect thereto.

     (b) In addition to the accounts and records referred to in subsection (a), each Lender and
the Administrative Agent shall maintain in accordance with its usual practice accounts or records
evidencing the purchases and sales by such Lender of participations in Letters of Credit. In the
event of any conflict between the accounts and records maintained by the Administrative Agent and
the accounts and records of any Lender in respect of such matters, the accounts and records of the
Administrative Agent shall control in the absence of manifest error.

     2.11 Payments Generally; Administrative Agent’s Clawback.

     (a) General. All payments to be made by the Borrower shall be made without condition
or deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise expressly
provided herein, all payments by the Borrower hereunder shall be made to the Administrative Agent,
for the account of the respective Lenders to which such payment is owed, at the Administrative
Agent’s Office in Dollars and in immediately available funds not later than 2:00 p.m. on the date
specified herein. The Administrative Agent will promptly distribute to each Lender its Applicable
Percentage (or other applicable share as provided herein) of such payment in like funds as
received by wire transfer to such Lender’s Lending Office. All payments received by the
Administrative Agent after 2:00 p.m. shall be deemed received on the next succeeding Business Day
and any applicable interest or fee shall continue to accrue. If any payment to be made by the
Borrower shall come due on a day other than a Business Day, payment shall be made on the next
following Business Day, and such extension of time shall be reflected in computing interest or
fees, as the case may be.

     (b) (i) Funding by Lenders; Presumption by Administrative Agent. Unless the
Administrative Agent shall have received notice from a Lender prior to the proposed date of any
Borrowing of Eurodollar Rate Loans (or, in the case of any Borrowing of Base Rate Loans, prior to
1:00 p.m. on the date of such Borrowing) that such Lender will not make available to the
Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with
Section 2.02 (or, in the case of a Borrowing of Base Rate Loans, that such Lender has
made such share available in accordance with and at the time required by Section 2.02) and
may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In
such event, if a Lender has not in fact made its share of the applicable Borrowing available to

40

 

the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to
the Administrative Agent forthwith on demand such corresponding amount in immediately available
funds with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent, at (A)
in the case of a payment to be made by such Lender, the greater of the Federal Funds Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation, plus any administrative, processing or similar fees customarily charged by the
Administrative Agent in connection with the foregoing, and (B) in the case of a payment to be made
by the Borrower, the interest rate applicable to Base Rate Loans. If the Borrower and such Lender
shall pay such principal or interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such principal
and interest paid by the Borrower for such period. If such Lender pays its share of the
applicable Borrowing to the Administrative Agent, then the amount so paid (excluding interest and
fees as aforesaid) shall constitute such Lender’s Loan included in such Borrowing. Any payment by
the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that
shall have failed to make such payment to the Administrative Agent.

     (i) Payments by Borrower; Presumptions by Administrative Agent. Unless the
Administrative Agent shall have received notice from the Borrower prior to the date on which
any payment is due to the Administrative Agent for the account of the Lenders or the L/C
Issuer hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders or the L/C Issuer, as the case
may be, the amount due. In such event, if the Borrower has not in fact made such payment,
then each of the Lenders or the L/C Issuer, as the case may be, severally agrees to repay to
the Administrative Agent forthwith on demand the amount so distributed to such Lender or the
L/C Issuer, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank
compensation.

     A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (b) shall be conclusive, absent manifest error.

     (c) Failure to Satisfy Conditions Precedent. If any Lender makes available to the
Administrative Agent funds for any Loan to be made by such Lender as provided in the foregoing
provisions of this Article II, and such funds are not made available to the Borrower by
the Administrative Agent because the conditions to the applicable Credit Extension set forth in
Article IV are not satisfied or waived in accordance with the terms hereof, the
Administrative
Agent shall return such funds (in like funds as received from such Lender) to such Lender,
without interest.

     (d) Obligations of Lenders Several. The obligations of the Lenders hereunder to make
Loans, to fund participations in Letters of Credit and to make payments pursuant to

41

 

Section
11.04(d) are several and not joint. The failure of any Lender to make any Loan, to fund any
such participation or to make any payment under Section 11.04(d) on any date required
hereunder shall not relieve any other Lender of its corresponding obligation to do so on such
date, and no Lender shall be responsible for the failure of any other Lender to so make its Loan,
to purchase its participation or to make its payment under Section 11.04(d).

     (e) Funding Source. Nothing herein shall be deemed to obligate any Lender to obtain
the funds for any Loan in any particular place or manner or to constitute a representation by any
Lender that it has obtained or will obtain the funds for any Loan in any particular place or
manner.

     2.12 Sharing of Payments by Lenders. Subject to Section 11.08 with respect to a Defaulting
Lender, if any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Loans made by it, or the
participations in L/C Obligations held by it resulting in such Lender’s receiving payment of a
proportion of the aggregate amount of such Loans or participations and accrued interest thereon
greater than its Applicable Percentage thereof as provided herein, then the Lender receiving such
greater proportion shall (a) notify the Administrative Agent of such fact, and (b) purchase (for
cash at face value) participations in the Loans and subparticipations in L/C Obligations of the
other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all
such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of
principal of and accrued interest on their respective Loans and other amounts owing them,
provided that:

     (i) if any such participations or subparticipations are purchased and all or any
portion of the payment giving rise thereto is recovered, such participations or
subparticipations shall be rescinded and the purchase price restored to the extent of such
recovery, without interest; and

     (ii) the provisions of this Section shall not be construed to apply to (x) any payment
made by or on behalf of the Borrower pursuant to and in accordance with the express terms of
this Agreement (including the application of funds arising from the existence of a
Defaulting Lender), (y) the application of Cash Collateral provided for in Section
2.14, or (z) any payment obtained by a Lender as consideration for the assignment of or
sale of a participation in any of its Loans or subparticipations in L/C Obligations to any
permitted assignee or participant, other than an assignment to the Borrower or any
Subsidiary thereof (as to which the provisions of this Section shall apply).

     The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the
amount of such participation.

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     2.13 Increase in Commitments.

     (a) Request for Increase. Provided there exists no Default, upon (i) notice to the
Administrative Agent (which shall promptly notify the Lenders) and (ii) substantially
contemporaneous notice (with copy thereof to the Administrative Agent) to Eligible Assignees not
then Lenders (each such Eligible Assignee, a “Proposed Lender”), the Borrower shall have
the right promptly to effectuate from time to time and at any time, in accordance with the terms
hereof, an increase in the aggregate amount of the then Aggregate Commitments provided
that (y) the aggregate amount of the Aggregate Commitments as so increased shall not at any time
exceed $1,350,000,000, and (z) each such increase shall be in a minimum amount of $50,000,000. At
the time of sending such notices, the Borrower (in consultation with the Administrative Agent)
shall specify the time period within which each Lender and Proposed Lender is requested to respond
(which shall in no event be less than five Business Days from the date of delivery of such notice
to the Lenders, and which may be extended upon agreement by the Borrower and the Administrative
Agent).

     (b) Lender Elections to Increase. Each Lender shall promptly notify the
Administrative Agent and the Borrower within such time period whether or not it agrees to increase
the amount of its Commitment and, if so, whether by an amount equal to, greater than, or less than
its Applicable Percentage (as it existed immediately prior to such proposed increase) and the
amount of such proposed increase. Each Proposed Lender shall promptly notify the Administrative
Agent and the Borrower within such time period whether or not it agrees to participate in such
increased amount of the Aggregate Commitments, and at what amount it proposes to participate in
such increased amount. Any Lender or Proposed Lender not responding within such time period shall
be deemed to have declined to increase its Commitment, or participate in the increase in the
aggregate amount of the Aggregate Commitments, as the case may be.

     (c) Effective Date and Allocations. If the aggregate amount of Aggregate Commitments
are increased in accordance with this Section 2.13, the Administrative Agent and the
Borrower shall promptly thereafter determine the effective date thereof (the “Increase
Effective Date”) and the final allocation of such increase, and the Administrative Agent shall
promptly notify the Borrower and the Lenders (including Proposed Lenders that have agreed to
participate in such increase) of the final allocation of such increase and the Increase Effective
Date.

     (d) Conditions to Effectiveness of Increase. As conditions precedent to each
increase, (i) the Borrower shall deliver to the Administrative Agent a certificate of the Borrower
dated as of the applicable Increase Effective Date, signed by a Responsible Officer of the
Borrower, (y) certifying and attaching the resolutions adopted by the Borrower authorizing or
consenting to such increase, as the case may be, and (z) certifying that, immediately before and
after giving effect to such increase, (A) the representations and warranties of (1) the Borrower
contained in Article V of this Agreement and (2) each Loan Party in any other Loan
Document are true and correct in all material respects on and as of such applicable Increase
Effective Date, except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct in all material respects as of such
earlier date, and except that for purposes of this Section 2.13, the representations and
warranties contained in Section

43

 

5.05(a) and (b) shall be deemed to refer to the
most recent statements furnished pursuant to clauses (a) and (b), respectively, of
Section 6.01, and (B) no Default or Event of Default exists, and (ii) each Proposed Lender
that is becoming a Lender shall (y) be subject to the reasonable approval of the Administrative
Agent and the L/C Issuer, which approvals shall not be unreasonably withheld, delayed or
conditioned, and (z) execute and deliver a joinder agreement in form and substance reasonably
satisfactory to the Administrative Agent, the L/C Issuer and the Borrower. The Borrower shall
prepay any Loans outstanding on such applicable Increase Effective Date (and pay any additional
amounts required pursuant to Section 3.05) to the extent necessary to keep the outstanding
Loans ratable with the Applicable Percentages resulting from any non-ratable increase in the
amount of the Aggregate Commitments under this Section 2.13 and in effect after giving
effect thereto.

     (e) Conflicting Provisions. This Section shall supersede any provisions in
Section 2.12 or 11.01 to the contrary.

     2.14 Cash Collateral.

     (a) Certain Credit Support Events. Within one Business Day following the written
request of the Administrative Agent or the L/C Issuer (i) if the L/C Issuer has honored any full
or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C
Borrowing that remains outstanding for more than two Business Days, then the Borrower shall
deliver (or cause to be delivered) to the Administrative Agent Cash Collateral in an amount equal
to such L/C Borrowing, or (ii) if, as of the Letter of Credit Expiration Date, any L/C Obligation
for any reason remains outstanding, then the Borrower shall deliver (or cause to be delivered) to
the Administrative Agent Cash Collateral in an amount equal to the aggregate amount of all such
L/C Obligations. At any time that there shall exist a Defaulting Lender, within one Business Day
following the written request of the L/C Issuer, the Borrower shall deliver (or cause to be
delivered) to the Administrative Agent Cash Collateral in an amount equal to the Fronting Exposure
(after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by the
Defaulting Lender).

     (b) Grant of Security Interest. All Cash Collateral (other than credit support not
constituting funds subject to deposit) shall be maintained in blocked, interest bearing deposit
accounts at Bank of America. The Borrower, and to the extent provided by any Lender, such Lender,
hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the
Administrative Agent, the L/C Issuer and the Lenders, and agrees to maintain, a first priority
security interest in all such cash, deposit accounts and all balances therein, and all other
property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as
security for the obligations to which such Cash Collateral may be applied pursuant to Section
2.14(c). If at any time the Administrative Agent reasonably determines that (i) Cash
Collateral is subject to any right or claim of any Person (other than a claim of a nature residual
to the claim of the Administrative Agent) other than the Administrative Agent as herein provided,
or (ii) the total amount of such Cash Collateral is less than the applicable Fronting Exposure
(and, following the Letter of Credit Expiration Date, all outstanding L/C Obligations), the
Borrower or the relevant Defaulting Lender will, promptly within one Business Day following
written demand by the Administrative Agent, remit or provide (or cause to be remitted or provided)
to

44

 

the Administrative Agent additional Cash Collateral (x) not subject to any such right or claim
or (y) in an amount sufficient to eliminate such deficiency.

     (c) Application. Notwithstanding anything to the contrary contained in this
Agreement, but subject to subsection (d) below, Cash Collateral provided under any of this
Section 2.14 or Sections 2.03, 2.04, 2.15 or 8.02 in
respect of Letters of Credit shall be held and applied to the satisfaction of the specific L/C
Obligations and obligations to fund participations therein (including, as to Cash Collateral
provided by a Defaulting Lender, any interest accrued on such obligation), prior to any other
application of such property as may be provided for herein.

     (d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce
Fronting Exposure (and, following the Letter of Credit Expiration Date, to secure all outstanding
L/C Obligations) shall be released promptly following (i) the elimination of the applicable
Fronting Exposure (or, following the Letter of Credit Expiration Date, all secured L/C
Obligations) (including by the termination of Defaulting Lender status of the applicable Lender
(or, as appropriate, its assignee following compliance with Section 11.06(b)(vii))) or the
expiration of the applicable Letter of Credit, as the case may be, or (ii) the Administrative
Agent’s good faith determination that there exists excess Cash Collateral; provided,
however, (x) that Cash Collateral furnished by or on behalf of a Loan Party shall not be released
during the continuance of a Default or Event of Default (and following application as provided in
this Section 2.14 may, during the continuance of an Event of Default, be otherwise applied
in accordance with Section 8.03), and (y) the Person providing Cash Collateral and the L/C
Issuer may agree that Cash Collateral shall not be released but instead held to support future
anticipated Fronting Exposure or other obligations, and any such future Fronting Exposure shall be
reduced by the amount so held.

     2.15 Defaulting Lenders. (a) Adjustments. Notwithstanding anything to the contrary
contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
that Lender is no longer a Defaulting Lender, to the extent not prohibited by applicable Law:

     (i) Waivers and Amendments. That Defaulting Lender’s right to approve or
disapprove any amendment, waiver or consent with respect to this Agreement shall be
restricted as set forth in Section 11.01.

     (ii) Reallocation of Payments. Any payment of principal, interest, fees or
other amounts received by the Administrative Agent for the account of that Defaulting Lender
(whether voluntary or mandatory, at maturity, pursuant to Article VIII or otherwise,
and including any amounts made available to the Administrative Agent by that Defaulting
Lender pursuant to Section 11.08), shall, following application by Administrative
Agent of any such payment by or on behalf of a Loan Party to the account
of such Defaulting Lender with respect to such Obligation paid (and in lieu of being
distributed to such Defaulting Lender pursuant to Section 2.11(a) or such other
provision of this Agreement applicable with respect to the distribution thereof), be applied
at such time or times as may be determined by the Administrative Agent as follows: first, to
the payment of any amounts owing by that Defaulting Lender to the Administrative Agent

45

 

hereunder; second, to the payment on a pro rata basis of any amounts owing by that
Defaulting Lender to the L/C Issuer hereunder; third, if so determined by the Administrative
Agent or requested by the L/C Issuer (and after giving effect to Section 2.15(a)(iv)
and any Cash Collateral then held), to be held as Cash Collateral for Fronting Exposure with
respect to such Defaulting Lender; fourth, as the Borrower may request (so long as no
Default or Event of Default exists), to the funding of any Loan in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, or,
so long as the amount of the Cash Collateral at such time is equal to the actual Fronting
Exposure at such time, to substitute for and release to the Borrower on a dollar-for-dollar
basis, Cash Collateral previously provided by the Borrower with respect to the applicable
Defaulting Lender (subject to documentation in form and substance reasonably satisfactory to
the Administrative Agent and the L/C Issuer and such substituted amounts otherwise
satisfying the requirements to constitute Cash Collateral hereunder); fifth, if so
determined by the Administrative Agent and the Borrower, to be held in an interest bearing
deposit account and released pro rata in order to (y) satisfy obligations of that Defaulting
Lender to fund Loans under this Agreement or (z) Cash Collateralize the L/C Issuers’ future
Fronting Exposure with respect to future Letters of Credit issued under the Agreement in
accordance with Section 2.14; sixth, to the payment of any amounts owing to the
Lenders or the L/C Issuer hereunder or as a result of any judgment of a court of competent
jurisdiction obtained by any Lender or the L/C Issuer against that Defaulting Lender as a
result of that Defaulting Lender’s breach of its obligations under this Agreement; seventh,
to the payment of any amounts owing to any Loan Party hereunder or as a result of any
judgment of a court of competent jurisdiction obtained by such Loan Party against that
Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under
this Agreement; and eighth, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that, with respect to this clause eighth, if (x)
such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect
of which that Defaulting Lender has not fully funded its appropriate share and (y) such
Loans or L/C Borrowings were made at a time when the conditions set forth in Section
4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of,
and L/C Borrowings owed to, all respective non-Defaulting Lenders on a pro rata basis prior
to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting
Lender. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender
that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash
Collateral pursuant to this Section 2.15 shall be deemed paid to and redirected by
that Defaulting Lender, and each Lender irrevocably consents hereto.

     (iii) Certain Fees. That Defaulting Lender (x) shall not be entitled to
receive any commitment fee pursuant to Section 2.08(a) for any period during which
that Lender is a Defaulting Lender and (y) shall be limited in its rights to receive Letter
of Credit Fees as provided in Section 2.03(h) and, in each case, the Borrower shall
not be required to pay to the Administrative Agent for the account of the Defaulting Lender or the
Defaulting Lender any such fee, and no such fees shall accrue for the account of the
Defaulting Lender, that otherwise would have been required to have been paid to that
Defaulting Lender.

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     (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure.
During any period in which there is a Defaulting Lender, for purposes of computing the
amount of the obligation of each non-Defaulting Lender to acquire, refinance or fund
participations in Letters of Credit pursuant to Section 2.03, the “Applicable
Percentage” of each non-Defaulting Lender shall be computed without giving effect to the
Commitment of that Defaulting Lender; provided, that, (A) each such reallocation
shall be given effect only if (x) on the date the applicable Lender becomes a Defaulting
Lender, no Default or Event of Default has occurred and is continuing, or (y) if a Default
or Event of Default occurred and was continuing on such date, on a subsequent Business Day
no Default or Event of Default has occurred and is continuing, and (B) the aggregate
obligation of each non-Defaulting Lender to acquire, refinance or fund participations in
Letters of Credit shall not exceed the positive difference, if any, of (1) the Commitment of
that non-Defaulting Lender minus (2) the aggregate Outstanding Amount of the Loans
of that Lender.

     (v) Replacement of Defaulting Lender. The Borrower may replace any Defaulting
Lender in accordance with Section 11.13.

     (b) Defaulting Lender Cure. If the Borrower, the Administrative Agent and the L/C
Issuer agree in writing in their sole discretion that a Defaulting Lender should no longer be
deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto,
whereupon as of the effective date specified in such notice and subject to any conditions set
forth therein (which may include arrangements with respect to any Cash Collateral and
reimbursement of costs and expenses to each Loan Party), that Lender will, to the extent
applicable, purchase that portion of outstanding Loans of the other Lenders or take such other
actions as the Administrative Agent may determine to be necessary to cause the Loans and funded
and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in
accordance with their Applicable Percentages (without giving effect to Section
2.15(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided
that no adjustments will be made retroactively with respect to fees accrued or payments made by or
on behalf of any Loan Party while that Lender was a Defaulting Lender; and provided,
further, that except to the extent otherwise expressly agreed by the affected parties, no
change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

     (c) Rights and Remedies against a Defaulting Lender. The Borrower may replace any
Defaulting Lender in accordance with Section 11.13. The rights and remedies against, and
with respect to, a Defaulting Lender under this Section 2.15 are in addition to, and
cumulative and not in limitation of, all other rights and remedies that each of the Administrative
Agent, the L/C Issuers, the Lenders and the Loan Parties may, at any time, have against, or with
respect to, such Defaulting Lender.

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ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY

     3.01 Taxes.

     (a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes.
(i) Any and all payments by or on account of any obligation of the Borrower hereunder or under any
other Loan Document shall to the extent permitted by applicable Laws be made free and clear of and
without reduction or withholding for any Taxes. If, however, applicable Laws require the Borrower
or the Administrative Agent to withhold or deduct any Tax, such Tax shall be withheld or deducted
in accordance with such Laws as determined by the Borrower or the Administrative Agent, as the
case may be, upon the basis of the information and documentation to be delivered pursuant to
subsection (e) below.

     (ii) If the Borrower or the Administrative Agent shall be required by the Code to
withhold or deduct any Taxes, including both United States Federal backup withholding and
withholding taxes, from any payment by or on account of any obligation of the Borrower
hereunder or under any other Loan Document, then (A) the Administrative Agent shall withhold
or make such deductions as are determined by the Administrative Agent to be required based
upon the information and documentation it has received pursuant to subsection (e) below, (B)
the Administrative Agent shall timely pay the full amount withheld or deducted to the
relevant Governmental Authority in accordance with the Code, and (C) to the extent that the
withholding or deduction is made on account of Indemnified Taxes or Other Taxes, the sum
payable by the Borrower shall be increased as necessary so that after any required
withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section) the Administrative Agent, Lender or L/C Issuer,
as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made.

     (b) Payment of Other Taxes by the Borrower. Without limiting the provisions of
subsection (a) above, the Borrower shall timely pay any Other Taxes arising from payments required
to be made by it hereunder or from its execution and delivery of, or performance by it of, or
otherwise with respect to its obligations under, any Loan Document to which it is party and
imposed thereon under applicable Law to the relevant Governmental Authority in accordance with
applicable Laws.

     (c) Tax Indemnifications. (i) Without limiting the provisions of subsection (a) or
(b) above, the Borrower shall and does hereby indemnify the Administrative Agent, each Lender and
the L/C Issuer, and shall make payment in respect thereof within 10 Business Days after demand
therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes
or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid
by the Administrative Agent, such Lender or the L/C Issuer, as the case may be, and any penalties,
interest and reasonable expenses arising therefrom or with respect thereto, whether or not such
Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant
Governmental Authority. The Borrower shall also, and does hereby, indemnify the Administrative
Agent, and shall make payment in respect thereof within 10 days after demand therefor, for any
amount which a Lender or the L/C Issuer (other

48

 

than a Lender or L/C Issuer that is an affiliate of the Administrative Agent) for any reason
fails to pay indefeasibly to the Administrative Agent as required by clause (ii) of this
subsection. A certificate as to the amount of any such payment or liability delivered to the
Borrower by a Lender or the L/C Issuer (with a copy to the Administrative Agent), or by the
Administrative Agent on its own behalf or on behalf of a Lender or the L/C Issuer, shall be
conclusive absent manifest error. However, neither the Administrative Agent, any Lender, nor the
L/C Issuer shall be entitled to receive any payment with respect to Indemnified Taxes or Other
Taxes that are incurred or accrued more than 180 days prior to the date the Administrative Agent,
such Lender, or the L/C Issuer gives notice and demand thereof to the Borrower.

     (ii) Without limiting the provisions of subsection (a) or (b) above, each Lender and the
L/C Issuer shall, and does hereby, indemnify the Borrower and the Administrative Agent, and
shall make payment in respect thereof within 10 days after demand therefor, against any and
all Taxes and any and all related losses, claims, liabilities, penalties, interest and
expenses (including the reasonable fees, charges and disbursements of any counsel for the
Borrower or the Administrative Agent) incurred by or asserted against the Borrower or the
Administrative Agent by any Governmental Authority as a result of the failure by such Lender
or the L/C Issuer, as the case may be, to deliver, or as a result of the inaccuracy,
inadequacy or deficiency of, any documentation required to be delivered by such Lender or
the L/C Issuer, as the case may be, to the Borrower or the Administrative Agent pursuant to
subsection (e). Each Lender and the L/C Issuer hereby authorizes the Administrative Agent
to set off and apply any and all amounts at any time owing to such Lender or the L/C Issuer,
as the case may be, under this Agreement or any other Loan Document against any amount due
to the Administrative Agent under this clause (ii). The agreements in this clause (ii)
shall survive the resignation and/or replacement of the Administrative Agent, any assignment
of rights by, or the replacement of, a Lender or the L/C Issuer, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all other payment
Obligations.

     (d) Evidence of Payments. As soon as reasonably practicable after request by the
Borrower or the Administrative Agent, as the case may be, and after any payment of Indemnified
Taxes or Other Taxes by the Borrower or by the Administrative Agent to a Governmental Authority as
provided in this Section 3.01, the Borrower shall deliver to the Administrative Agent or
the Administrative Agent shall deliver to the Borrower, as the case may be, the original or a
certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy
of any return required by Laws to report such payment or other evidence of such payment reasonably
satisfactory to the Borrower or the Administrative Agent, as the case may be.

     (e) Status of Lenders; Tax Documentation. (i) Each Lender shall deliver to the
Borrower and to the Administrative Agent, at the time or times prescribed by applicable Laws or
when reasonably requested by the Borrower or the Administrative Agent, such properly completed and
executed documentation prescribed by applicable Laws or by the taxing authorities of any
jurisdiction and such other reasonably requested information as will permit the Borrower or the
Administrative Agent, as the case may be, (A) to determine (1) whether or not payments made to
such Lender hereunder or under any other Loan Document are subject to

49

 

Taxes or information reporting, (2) if applicable, the required rate of withholding or
deduction with respect to such payments, and (3) such Lender’s entitlement to any available
exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such
Lender by the Borrower pursuant to this Agreement or any other Loan Document or (B) to establish
such Lender’s status for withholding tax purposes in the applicable jurisdiction.

     (ii) Without limiting the generality of clause (i) above, if the Borrower is resident
for tax purposes in the United States,

     (A) any Lender that is a “United States person” within the meaning of Section
7701(a)(30) of the Code shall deliver to the Borrower and the Administrative Agent
(in such number of copies as shall be requested by the recipient) executed originals
of Internal Revenue Service Form W-9 or such other documentation or information
prescribed by applicable Laws or reasonably requested by the Borrower or the
Administrative Agent as will enable the Borrower or the Administrative Agent, as the
case may be, to determine whether or not such Lender is subject to backup
withholding or information reporting requirements;

     (B) each Foreign Lender that is entitled under the Code or any applicable
treaty to an exemption from or reduction of withholding tax with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the
recipient) on or prior to the date on which such Foreign Lender becomes a Lender
(and from time to time thereafter upon the request of the Borrower or the
Administrative Agent, but only if such Foreign Lender is legally entitled to do so,
or at such times prescribed by applicable Law), whichever of the following is
applicable:

     (I) executed originals of Internal Revenue Service Form W-8BEN, or
successor applicable form, claiming eligibility for benefits of an income
tax treaty to which the United States is a party,

     (II) executed originals of Internal Revenue Service Form W-8ECI, or
successor applicable form,

     (III) executed originals of Internal Revenue Service Form W-8IMY, or
successor applicable form, and all required supporting documentation,

     (IV) in the case of a Foreign Lender claiming the benefits of the
exemption for portfolio interest under Section 881(c) of the Code, (x) a
certificate to the effect that such Foreign Lender is not (A) a “bank”
within the meaning of Section 881(c)(3)(A) of the Code, (B) a “10 percent
shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of
the Code, or (C) a “controlled foreign corporation” described in section

50

 

881(c)(3)(C) of the Code and (y) executed originals of Internal
Revenue Service Form W-8BEN, or successor applicable form, or

     (V) executed originals of any other form prescribed by applicable Laws
as a basis for claiming exemption from or a reduction in United States
Federal withholding tax together with such supplementary documentation as
may be prescribed by applicable Laws to permit the Borrower or the
Administrative Agent to determine the withholding or deduction required to
be made; and

     (C) if a payment made to a Lender under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Lender, L/C Issuer or
Administrative Agent were to fail to comply with the applicable reporting
requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of
the Code, as applicable), such Lender, L/C Issuer or Administrative Agent shall
deliver to the Borrower and the Administrative Agent at the time or times prescribed
by law and at such time or times reasonably requested by the Borrower or the
Administrative Agent such documentation prescribed by applicable law (including as
prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as
may be necessary for the Borrower and the Administrative Agent to comply with their
obligations under FATCA and to determine that such Lender, L/C Issuer or
Administrative Agent has complied with such Lender’s, L/C Issuer’s or Administrative
Agent’s obligations under FATCA or to determine the amount to deduct and withhold
from such payment. Solely for purposes of this clause (C), “FATCA” shall include
any amendments made to FATCA after the date of this Agreement.

     (iii) Each Lender shall promptly (A) notify the Borrower and the Administrative Agent of
any change in circumstances which would modify or render invalid any claimed exemption or
reduction in withholding taxes, (B) take such steps as shall not be materially
disadvantageous to it, in the reasonable judgment of such Lender, and as may be reasonably
necessary (including the re-designation of its Lending Office) to avoid any requirement of
applicable Laws of any jurisdiction that the Borrower or the Administrative Agent make any
withholding or deduction for taxes from amounts payable to such Lender, and (C) deliver to
the Borrower and the Administrative Agent (1) such other documentation or information
prescribed by applicable Law following the occurrence of any event requiring a change in the
most recent documentation previously delivered pursuant to this subsection (e) so as to
maintain compliance with such Lender’s obligations thereunder, and (2) prior to the date on
which any documentation delivered pursuant to this subsection (e) expires or becomes
obsolete, such documentation as may be necessary to maintain compliance with such Lender’s
obligations thereunder.

     (f) Treatment of Certain Refunds. Unless required by applicable Laws, at no time
shall the Administrative Agent have any obligation to file for or otherwise pursue on behalf of a
Lender or the L/C Issuer, or have any obligation to pay to any Lender or the L/C Issuer, any
refund of Taxes withheld or deducted from funds paid for the account of such Lender or the

51

 

L/C Issuer, as the case may be. If the Administrative Agent, any Lender or the L/C Issuer
determines, in its sole discretion, that it has received a refund of any Taxes or Other Taxes as
to which it has been indemnified by the Borrower, or with respect to which the Borrower has paid
additional amounts pursuant to this Section 3.01, it shall pay to the Borrower an amount
equal to such refund (but only to the extent of indemnity payments made, or additional amounts
paid, by the Borrower under this Section 3.01with respect to the Taxes or Other Taxes
giving rise to such refund), net of all out-of-pocket expenses incurred by the Administrative
Agent, such Lender or the L/C Issuer, as the case may be, and without interest (other than any
interest paid by the relevant Governmental Authority with respect to such refund),
provided that the Borrower, upon the request of the Administrative Agent, such Lender or
the L/C Issuer, agrees to repay the amount paid over to the Borrower (plus any penalties, interest
or other charges imposed by the relevant Governmental Authority), to the Administrative Agent,
such Lender or the L/C Issuer in the event the Administrative Agent, such Lender or the L/C Issuer
is required to repay such refund to such Governmental Authority. This subsection shall not be
construed to require the Administrative Agent, any Lender or the L/C Issuer to make available its
tax returns (or any other information relating to its taxes that it deems confidential) to the
Borrower or any other Person.

     3.02 Illegality. If any Lender determines that any Change in Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Loans whose interest is determined by reference to the Eurodollar
Rate, or to determine or charge interest rates based upon the Eurodollar Rate, or any Governmental
Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or
to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender
to the Borrower through the Administrative Agent, (i) any obligation of such Lender to make or
continue Eurodollar Rate Loans or to convert Base Rate Loans to Eurodollar Rate Loans shall be
suspended, and (ii) if such notice asserts the illegality of such Lender making or maintaining Base
Rate Loans the interest rate on which is determined by reference to the Eurodollar Rate component
of the Base Rate, the interest rate on which Base Rate Loans of such Lender shall, if necessary to
avoid such illegality, be determined by the Administrative Agent without reference to the
Eurodollar Rate component of the Base Rate, in each case until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender
(with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate
Loans of such Lender to Base Rate Loans (the interest rate on which Base Rate Loans of such Lender
shall, if necessary to avoid such illegality, be determined by the Administrative Agent without
reference to the Eurodollar Rate component of the Base Rate), either on the last day of the
Interest Period therefor, if such Lender may lawfully continue to maintain such Eurodollar Rate
Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such
Eurodollar Rate Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the Eurodollar Rate, the Administrative Agent shall during the
period of such suspension compute the Base Rate applicable to such Lender without reference to the
Eurodollar Rate component thereof until the Administrative Agent is advised in writing by such
Lender that it is no longer illegal for such Lender to determine or charge interest rates based
upon the Eurodollar Rate. Upon any such prepayment or conversion, the Borrower shall also pay
accrued interest on the amount so prepaid or converted.

52

 

     3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Rate for any requested Interest Period
with respect to a proposed Eurodollar Rate Loan or in connection with an existing or proposed Base
Rate Loan, or (c) the Eurodollar Rate for any requested Interest Period with respect to a proposed
Eurodollar Rate Loan does not adequately and fairly reflect the cost to such Lenders of funding
such Loan, the Administrative Agent will promptly so notify the Borrower and each Lender.
Thereafter, (x) the obligation of the Lenders to make or maintain Eurodollar Rate Loans (i) in
respect to the applicable amount and Interest Period referred to in the preceding clause (a), or
(ii) in the circumstances referred to in the preceding clauses (b) and (c), shall be suspended, and
(y) in the event of a determination described in the preceding sentence with respect to the
Eurodollar Rate component of the Base Rate, the utilization of the Eurodollar Rate component in
determining the Base Rate shall be suspended, in each case until the Administrative Agent (upon the
instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, the
Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of
Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Borrowing of Base Rate Loans in the amount specified therein.

     3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

     (a) Increased Costs Generally. If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit, compulsory loan,
insurance charge or similar requirement against assets of, deposits with or for the account
of, or credit extended or participated in by, any Lender (except any reserve requirement
contemplated by Section 3.04(e)) or L/C Issuer;

     (ii) subject any Lender or L/C Issuer to any tax of any kind whatsoever with respect to
this Agreement, any Letter of Credit, any participation in a Letter of Credit or any
Eurodollar Rate Loan made by it, or change the basis of taxation of payments to such Lender
or L/C Issuer in respect thereof (except for Indemnified Taxes or Other Taxes covered by
Section 3.01 and the imposition of, or any change in the rate of, any Excluded Tax
payable by such Lender or L/C Issuer); or

     (iii) impose on any Lender or L/C Issuer or the London interbank market any other
condition, cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Loan the interest on which is determined by reference to the Eurodollar Rate (or of
maintaining its obligation to make any such Eurodollar Rate Loan), or to increase the cost to such
Lender or L/C Issuer of participating in, issuing or maintaining any Letter of Credit (or of
maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the
amount of any sum received or receivable by such Lender or L/C Issuer hereunder (whether of

53

 

principal, interest or any other amount), in each case, by an amount deemed in good faith by such
Lender or L/C Issuer to be material, then, within five Business Days after written demand therefor
by such Lender or L/C Issuer, the Borrower will pay to such Lender or L/C Issuer, as the case may
be, such additional amount or amounts as will compensate such Lender or L/C Issuer, as the case may
be, for such additional costs incurred or reduction suffered.

     (b) Capital Requirements. If any Lender or L/C Issuer determines that any Change in
Law affecting such Lender or L/C Issuer or any Lending Office of such Lender or such Lender’s or
L/C Issuer’s holding company, if any, regarding capital requirements has or would have the effect
of reducing the rate of return on such Lender’s or L/C Issuer’s capital or on the capital of such
Lender’s or L/C Issuer’s holding company, if any, as a consequence of this Agreement, the
Commitments of such Lender or the Loans made by, or participations in Letters of Credit held by,
such Lender, or the Letters of Credit issued by L/C Issuer, by an amount deemed in good faith by
such Lender or L/C Issuer to be material based on that which such Lender or L/C Issuer or such
Lender’s or L/C Issuer’s holding company could have achieved but for such Change in Law (taking
into consideration such Lender’s or L/C Issuer’s policies and the policies of such Lender’s or L/C
Issuer’s holding company with respect to capital adequacy), then from time to time within five
Business Days after written demand therefor, the Borrower will pay to such Lender or L/C Issuer,
as the case may be, such additional amount or amounts as will compensate such Lender or L/C Issuer
or such Lender’s or L/C Issuer’s holding company, if any, for any such reduction suffered.

     (c) Certificates for Reimbursement. A certificate of a Lender or L/C Issuer setting
forth the amount or amounts necessary to compensate such Lender or L/C Issuer or its holding
company, as the case may be, as specified in subsection (a) or (b) of this Section and delivered
to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or
L/C Issuer, as the case may be, the amount shown as due on any such certificate within 10 days
after receipt thereof. Upon request by the Borrower, a Lender or L/C Issuer, as the case may be,
shall also provide a certificate that such Lender or L/C Issuer is generally requesting such
compensation from its other borrowers.

     (d) Delay in Requests. Failure or delay on the part of any Lender or L/C Issuer to
demand compensation pursuant to the foregoing provisions of this Section shall not constitute a
waiver of such Lender’s or L/C Issuer’s right to demand such compensation, provided that
the Borrower shall not be required to compensate a Lender or L/C Issuer pursuant to the foregoing
provisions of this Section for any increased costs incurred or reductions suffered more than 180
days prior to the date that such Lender or L/C Issuer, as the case may be, notifies the Borrower
of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or L/C
Issuer’s intention to claim compensation therefor (except that, if the Change in Law giving rise
to such increased costs or reductions is retroactive, then the 180-day period referred to above
shall be extended to include the period of retroactive effect thereof).

     (e) Reserves on Eurodollar Rate Loans. The Borrower shall pay to each Lender, as
long as such Lender shall be required to maintain reserves with respect to liabilities or assets
consisting of or including Eiurodollar funds or deposits (currently known as “Eiurodollar
liabilities”), additional interest on the unpaid principal amount of each Eurodollar Rate Loan
equal to the actual costs of such reserves allocated to such Loan by such Lender (as determined

54

 

by such Lender in good faith, which determination shall be conclusive absent manifest error),
which shall be due and payable on each date on which interest is payable on such Loan,
provided the Borrower shall have received at least 10 days’ prior notice (with a copy to
the Administrative Agent) of such additional interest or costs from such Lender. If a Lender
fails to give notice 10 days prior to the relevant Interest Payment Date, such additional interest
shall be due and payable 10 days from receipt of such notice.

     3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative Agent)
from time to time, the Borrower shall promptly compensate such Lender for and hold such Lender
harmless from any loss, cost or expense incurred by it as a result of:

     (a) any continuation, conversion, payment or prepayment of any Loan other than a Base Rate
Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

     (b) any failure by the Borrower (for a reason other than the failure of such Lender to make a
Loan) to prepay, borrow, continue or convert any Loan other than a Base Rate Loan on the date or
in the amount notified by the Borrower; or

     (c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the Interest
Period therefor as a result of a request by the Borrower pursuant to Section 11.13;

excluding any loss of anticipated profits but including any loss (other than loss of anticipated
profits) or expense arising from the liquidation or reemployment of funds obtained by it to
maintain such Loan or from fees payable to terminate the deposits from which such funds were
obtained. The Borrower shall also pay any customary administrative fees charged by such Lender in
connection with the foregoing.

A certificate of such Lender setting forth the amount of any such loss, cost or expense, including
reasonably detailed calculations thereof, shall be delivered to the Borrower and the Administrative
Agent and be conclusive absent manifest error. For purposes of calculating amounts payable by the
Borrower to the Lenders under this Section 3.05, each Lender shall be deemed to have funded
each Eurodollar Rate Loan made by it at the Eurodollar Rate for such Loan by a matching deposit or
other borrowing in the London interbank eurodollar market for a comparable amount and for a
comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

     3.06 Mitigation Obligations; Replacement of Lenders.

     (a) Designation of a Different Lending Office. If any Lender requests compensation
under Section 3.04, or the Borrower is required to pay any additional amount to any
Lender, the L/C Issuer, or any Governmental Authority for the account of any Lender or the L/C
Issuer pursuant to Section 3.01, or if any Lender gives a notice pursuant to Section
3.02, then such Lender or the L/C Issuer shall, as applicable, use reasonable efforts to
designate a different Lending Office for funding or booking its Loans hereunder or to assign its
rights and obligations hereunder to another of its offices, branches or affiliates, if, in the
judgment of such Lender or the L/C Issuer, such designation or assignment (i) would eliminate or
reduce amounts payable pursuant to Section 3.01 or 3.04, as the case may be, in
the future, or eliminate the need

55

 

for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would
not subject such Lender or the L/C Issuer, as the case may be, to any unreimbursed cost or expense
and would not otherwise be disadvantageous to such Lender or the L/C Issuer, as the case may be.
The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender or the
L/C Issuer in connection with any such designation or assignment.

     (b) Replacement of Lenders. If (i) any Lender requests compensation under
Section 3.04, or gives a notice pursuant to Section 3.02 and does not subsequently
designate a different Lending Office or assign its rights and obligations hereunder to another of
its offices, branches or affiliates as provided above, (ii) the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 3.01, (iii) any Lender becomes a Defaulting Lender, or (iv) any Lender
fails to consent to an election, consent, amendment, waiver or other modification to this
Agreement or any other Loan Document that requires the consent of (A) the Required Lenders, and
such election, consent, amendment, waiver or other modification is otherwise consented to by the
Required Lenders, or (B) all Lenders (or all Lenders directly affected thereby), and such
election, consent, amendment, waiver or other modification is otherwise consented to by
Supermajority Lenders, then in each case, the Borrower may replace such Lender in accordance with
Section 11.13.

     3.07 Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Commitments, repayment of all other Obligations hereunder, and
resignation of the Administrative Agent.

ARTICLE IV. CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

     4.01 Conditions Precedent to Initial Credit Extension. The obligation of the L/C Issuer and each
Lender to make its initial Credit Extension hereunder is subject to satisfaction of the following
conditions precedent:

     (a) The Administrative Agent’s receipt of the following, each of which shall be originals,
telecopies or other electronic copies (followed promptly by originals) unless otherwise specified,
each properly executed by a Responsible Officer of the Borrower, if applicable, each dated the
Closing Date (or, in the case of certificates of governmental officials, a recent date before the
Closing Date) and each in form and substance reasonably satisfactory to the Administrative Agent:

     (i) executed counterparts of this Agreement, sufficient in number for distribution to
the Administrative Agent, each Lender and the Borrower;

     (ii) if so requested within three Business Days of the Closing Date, a Note executed by
the Borrower in favor of each requesting Lender;

     (iii) a security agreement (the “Security Agreement”), duly executed by the
Borrower, covering Financed Hedged Eligible Inventory, and related Swap Contracts, Petroleum
Product sales contracts and Receivables therefrom and proceeds thereof as from time to time
specified by the Borrower, together with financing statements that the Administrative Agent,
in its reasonable opinion, may deem necessary to perfect the Liens

56

 

created under the Security Agreement, covering the Collateral described in the Security
Agreement, recent financing statement searches in the State of Texas that name the Borrower
as debtor, and such other Collateral Documents as the Administrative Agent, in its
reasonable opinion, may deem necessary to perfect the Liens created thereby;

     (iv) such certificates of resolutions or other action, incumbency certificates and/or
other certificates of Responsible Officers of each Loan Party as the Administrative Agent
may reasonably require evidencing the identity, authority and capacity of each Responsible
Officer thereof authorized to act as a Responsible Officer in connection with this Agreement
and the other Loan Documents to which such Loan Party is a party;

     (v) such documents and certifications as the Administrative Agent may reasonably
require to evidence that each Loan Party and General Partner is duly organized or formed,
and that the Borrower is validly existing and in good standing in its jurisdiction of
organization, issued by the appropriate authorities of such jurisdiction;

     (vi) favorable opinions of Tim Moore, Esq., General Counsel for the Borrower and PAA,
and Fulbright & Jaworski L.L.P., special Texas and New York counsel to the Borrower and PAA,
addressed to the Administrative Agent and each Lender; 

     (vii) the Audited Financial Statements and the Initial Pro Forma Forecasts;

     (viii) a certificate signed by a Responsible Officer of the Borrower certifying (A)
that the conditions specified in Section 4.02(a) and (b) have been
satisfied, (B) the Initial Pro Forma Forecasts were prepared in good faith upon assumptions
deemed reasonable by the Borrower at the time made, (C) that there has been no event or
circumstance since the date of the most recent Audited Financial Statements that has had or
could be reasonably expected to have, either individually or in the aggregate, a Material
Adverse Effect, (D) the current PAA Debt Ratings, and (E) the Borrower’s true and correct
U.S. taxpayer identification number; and

     (ix) such other assurances, certificates, documents, consents or opinions as the
Administrative Agent may reasonably require.

     (b) All consents, licenses and approvals required in connection with the execution, delivery
and performance by each Loan Party and the validity against each Loan Party of the Loan Documents
to which it is a party shall have been obtained and shall be in full force and effect.

     (c) There shall not have occurred during the period from the date of the most recent Audited
Financial Statements through and including the Closing Date any event or condition that has had or
could reasonably be expected, either individually or in the aggregate, to have a Material Adverse
Effect, and there shall be no actions, suits, investigations, proceedings, claims or disputes
pending or, to the knowledge of the Borrower, threatened in writing, at law, in equity, in
arbitration or before any Governmental Authority, by or against the Borrower or any of its
Subsidiaries or against any of their properties or revenues that either individually or in the
aggregate, could reasonably be expected to have a Material Adverse Effect.

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     (d) Any fees, including any arrangement fees, agency fees and upfront fees, and any expenses
of the Arrangers and Administrative Agent, in each case, as agreed in writing by the Borrower,
required to be paid on or before the Closing Date shall have been paid.

     (e) The Borrower shall have paid all reasonable fees, charges and disbursements of counsel to
the Administrative Agent to the extent invoiced prior to or on the Closing Date.

     Without limiting the generality of the provisions of the last paragraph of Section
9.03, for purposes of determining compliance with the conditions specified in this Section
4.01, each Lender that has signed this Agreement shall be deemed to have consented to, approved
or accepted or to be satisfied with, each document or other matter required thereunder to be
consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative
Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its
objection thereto and the Administrative Agent hereby agrees to promptly provide the Borrower with
a copy of any such notice received by the Administrative Agent.

     4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request for
Credit Extension (other than a Loan Notice requesting only a conversion of Loans to the other Type,
or a continuation of Eurodollar Rate Loans) is subject to the following conditions precedent:

     (a) The representations and warranties of (i) the Borrower contained in Article V and
(ii) each Loan Party in any other Loan Document shall be true and correct in all material respects
on and as of the date of such Credit Extension, except to the extent that such representations and
warranties specifically refer to an earlier date, in which case they shall be true and correct in
all material respects as of such earlier date, and except that for purposes of this Section
4.02, the representations and warranties contained in subsections (a) and (b) of Section
5.05 shall be deemed to refer to the most recent statements furnished pursuant to clauses (a)
and (b), respectively, of Section 6.01.

     (b) No Default shall have occurred and be continuing, or would immediately result from such
proposed Credit Extension or from the application of the proceeds thereof.

     (c) The Administrative Agent and, if applicable, the L/C Issuer shall have received a Request
for Credit Extension in accordance with the requirements hereof.

     (d) Ninety percent (90%) of the Sale Value of Financed Hedged Eligible Inventory (or Hedged
Value, as to Financed Hedged Eligible Inventory not subject to sales contracts) exceeds the
Outstanding Amount of the Loans and L/C Obligations at such time, after giving effect to such
Credit Extension.

ARTICLE V. REPRESENTATIONS AND WARRANTIES

     The Borrower represents and warrants to the Administrative Agent and the Lenders that:

     5.01 Existence, Qualification and Power. Each Loan Party (a) is duly organized or formed, validly
existing and, as applicable, in good standing under the Laws of the jurisdiction of its
incorporation or organization, (b) has all requisite corporate or equivalent power and authority

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to (i) own or lease its assets and carry on its business and (ii) execute, deliver and perform
its obligations under the Loan Documents to which it is a party, and (c) is duly qualified and, as
applicable, in good standing under the Laws of each jurisdiction where its ownership, lease or
operation of properties or the conduct of its business requires such qualification, except in each
case referred to in clause (b)(i) or (c), to the extent that failure to do so could not reasonably
be expected to have a Material Adverse Effect.

     5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party
of each Loan Document to which such Person is party have been duly authorized by all necessary
corporate or other organizational action, and do not and will not (a) violate (i) the terms of such
Person’s Organization Documents, (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject, or (iii) any
provision of Law applicable to it, (b) result in the acceleration of any Indebtedness owed by it,
(c) result in any breach of, or a default under, any material Contractual Obligation to which such
Person is a party or to which its properties are bound or (d) result in the creation of any
consensual Lien upon any of its material assets except as expressly contemplated in, or permitted
by, the Loan Documents.

     5.03 Governmental Authorization; Other Consents. Except as expressly contemplated in or permitted
by the Loan Documents, disclosed in Schedule 5.03 or disclosed pursuant to Section
6.03, no approval, consent, exemption or authorization of, or other action by, or notice to, or
filing with, any Governmental Authority or any other Person is required to be made or obtained by
the Borrower or, with respect only to clause (a), PAA, pursuant to the provisions of any material
Law applicable to it as a condition to (a) its execution, delivery or performance of this Agreement
or any other Loan Document to which it is a party, (b) the grant by the Borrower of the Liens
granted by it pursuant to the Collateral Documents, (c) the perfection or maintenance of the Liens
created under the Collateral Documents (including the first priority nature thereof), or (d) the
exercise by the Administrative Agent or any Lender of its rights under the Collateral Documents or
remedies in respect of the Collateral pursuant to the Collateral Documents.

     5.04 Binding Effect. This Agreement has been, and each other Loan Document to which a Loan Party
is a party, when delivered hereunder, will have been, duly executed and delivered by such Loan
Party. This Agreement constitutes, and each other such Loan Document when so executed and
delivered will constitute, a legal, valid and binding obligation of the Loan Party a party hereto
or thereto, as the case may be, enforceable against such Loan Party that is party hereto or thereto
in accordance with its terms, except, in each case (a) as may be limited by bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or other similar laws relating to or affecting the
enforcement of creditors’ rights generally, and by general principles of equity which may limit the
right to obtain equitable remedies (regardless of whether such enforceability is a proceeding in
equity or at law) and (b) as to the enforceability of provisions for indemnification and the
limitations thereon arising as a matter of law or public policy.

     5.05 Financial Statements; No Material Adverse Effect.

     (a) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently
applied throughout the period covered thereby, except as otherwise expressly noted

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therein and (ii) fairly present the financial condition of PAA and its Subsidiaries on a
consolidated basis as of the respective dates thereof and their results of operations for the
period covered thereby in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein.

     (b) The unaudited consolidated balance sheets of PAA and its Subsidiaries dated June 30,
2011, and the related consolidated statements of income or operations, shareholders’ equity and
cash flows for the fiscal quarter ended on that date (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly noted
therein, and (ii) fairly present the financial condition of PAA and its Subsidiaries on a
consolidated basis as of the date thereof and their results of operations for the period covered
thereby, subject, in the case of clauses (i) and (ii), to the absence of footnotes and to normal
year-end audit adjustments.

     (c) As of the Closing Date, for the period from December 31, 2010 through the Closing Date,
there exists no event or circumstance with respect to the Borrower and its Subsidiaries taken as a
whole, either individually or in the aggregate, that has then resulted in a Material Adverse
Effect.

     5.06 Litigation. Except as disclosed in the Audited Financial Statements, in Schedule 5.06
or pursuant to Section 6.03, there are no actions, suits, proceedings, claims or disputes
pending or, to the knowledge of the Borrower, overtly threatened in writing, at law, in equity, in
arbitration or before any Governmental Authority, by or against the Borrower or any of its
Subsidiaries or against any Collateral (including, without limitation, any which challenge or
otherwise pertain to Borrower’s title to any Collateral) that either individually or in the
aggregate could reasonably be expected to have a Material Adverse Effect.

     5.07 Ownership of Property; Liens; Receivables. The Borrower has good and defensible title to all
of its material property necessary or used in the ordinary conduct of its business, free and clear
of any (a) impediments in the use of such property except for such impediments that could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect and (b)
Liens, other than Liens permitted by Section 7.01. All Receivables arising from or with
respect to contracts for the sale of Eligible Hedged Inventory shall qualify as Approved Eligible
Receivables, and Borrower has complied in all respects with the terms of each related contract for
sale.

     5.08 Environmental Compliance. Except as disclosed in Schedule 5.08 or pursuant to
Section 6.03, the Borrower and its Subsidiaries conduct their businesses in material
compliance with applicable Environmental Laws and in the ordinary course of business, review claims
received by, and made against, them which overtly allege liability or responsibility on any of them
for violation by any of them of any material Environmental Law on their respective businesses,
operations and material properties, which could not, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect.

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     5.09 ERISA Compliance.

     (a) Except as disclosed in the Audited Financial Statements, in Schedule 5.09 or
pursuant to Section 6.03, each Plan is in compliance in all material respects with the
applicable provisions of ERISA, the Code and other applicable Federal or state laws, to the extent
that any non-compliance therewith could reasonably be expected to result in a Material Adverse
Effect. Each Pension Plan that is intended to be a qualified plan under Section 401(a) of the
Code has received a favorable determination or opinion letter from the IRS to the effect that the
form of such Plan is qualified under Section 401(a) of the Code and the trust related thereto has
been determined by the IRS to be exempt from federal income tax under Section 501(a) of the Code,
or an application for such a letter has been submitted to the IRS. To the knowledge of the
Borrower, nothing has occurred with respect to the Borrower or any ERISA Affiliate that would
prevent or cause the loss of such tax-qualified status.

     (b) Except as disclosed in the Audited Financial Statements, in Schedule 5.09 or
pursuant to Section 6.03, there are no pending or, to the knowledge of the Borrower,
overtly threatened in writing, claims, actions or lawsuits, or action by any Governmental
Authority, with respect to any Plan that could reasonably be expected to have a Material Adverse
Effect. Except as disclosed in the Audited Financial Statements, in Schedule 5.09 or
pursuant to Section 6.03, there has been no prohibited transaction or violation of the
fiduciary responsibility rules with respect to any Plan that has resulted or, actually known to
the Borrower, could reasonably be expected to result in a Material Adverse Effect.

     (c) Except as disclosed in the Audited Financial Statements, in Schedule 5.09 or
pursuant to Section 6.03, (i) no ERISA Event has occurred, and neither the Borrower nor
any ERISA Affiliate has actual knowledge of any fact, event or circumstance that could reasonably
be expected to constitute or result in an ERISA Event with respect to any Pension Plan, (ii) the
Borrower and each ERISA Affiliate has met, in all material respects, all applicable requirements
under the Pension Funding Rules in respect of each Pension Plan, and no waiver of the minimum
funding standards under the Pension Funding Rules has been applied for or obtained, (iii) as of
the most recent valuation date for any Pension Plan, the funding target attainment percentage (as
defined in Section 430(d)(2) of the Code) is 60% or higher, and neither the Borrower nor any ERISA
Affiliate has actual knowledge of any facts or circumstances that could reasonably be expected to
cause the funding target attainment percentage for any such plan to drop below 60% as of the most
recent valuation date, (iv) neither the Borrower nor any ERISA Affiliate has incurred any
liability to the PBGC other than for the payment of premiums or obligations of immaterial amounts,
and there are no premium payments which have become due that are delinquent or are being contested
in good faith, (v) neither the Borrower nor any ERISA Affiliate has, to its actual knowledge,
engaged in a transaction that could be subject to Section 4069 or Section 4212(c) of ERISA, and
(vi) to Borrower’s actual knowledge, no Pension Plan has been terminated by the plan administrator
thereof nor by the PBGC, and no event or circumstance has occurred or exists that could reasonably
be expected to cause the PBGC to institute proceedings under Title IV of ERISA to terminate any
Pension Plan, in each case with respect to each of the foregoing clauses (i) through (vi) of this
Section 5.09(c), except as disclosed in the Audited Financial Statements, in Schedule
5.09 or pursuant to Section 6.03.

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     5.10 Margin Regulations; Investment Company Act.

     (a) The Borrower is not engaged and will not engage, principally, or as one of its important
activities, in the business of purchasing or carrying margin stock (within the meaning of
Regulation U issued by the FRB), or extending credit for the purpose of purchasing or carrying
margin stock.

     (b) Neither the Borrower nor any other Loan Party is regulated under the Investment Company
Act of 1940.

     5.11 Disclosure. There is no fact known to the Borrower that has not been disclosed to the
Administrative Agent and the Lenders in writing which, individually or in the aggregate, would
reasonably be expected to result in a Material Adverse Effect. No report, financial statement,
certificate or other information furnished by or on behalf of any Loan Party to the Administrative
Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of
this Agreement (including those delivered hereunder or under any other Loan Document (in each case,
as modified or supplemented by other information so furnished, when so modified or supplemented))
contains any untrue statement of a material fact or omits to state any material fact necessary to
make the statements contained herein or therein, in the light of the circumstances under which they
were made, not misleading as of the date made or deemed made (or if such information expressly
relates or refers to an earlier date, as of such earlier date); provided that, with respect
to projected and forecast financial information, the Borrower represents only that such projections
and forecasts were prepared in good faith based upon assumptions deemed reasonable by the Borrower
or PAA at the time.

     5.12 Compliance with Laws. Except as set forth in Schedule 5.12 or in accordance with
Section 6.03, the Borrower is in compliance in all material respects with the requirements
of all Laws and all orders, writs, injunctions and decrees applicable to it or to its properties,
except in such instances in which (a) such requirement of Law or order, writ, injunction or decree
is being contested in good faith, and if necessary, by appropriate proceedings diligently conducted
or (b) the failure to comply therewith, either individually or in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

     5.13 Collateral Documents. The provisions of the Collateral Documents are effective to create in
favor of the Administrative Agent for the benefit of the Secured Parties a legal, valid and
enforceable first priority Lien (subject to Liens permitted by Section 7.01) on all right,
title and interest of the Borrower in the Collateral described therein. Except for filings
completed prior to the Closing Date and as contemplated hereby and by the Collateral Documents, no
filing or other action will be necessary to perfect or protect such Liens.

ARTICLE VI. AFFIRMATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or (unless a collateral arrangement satisfactory to
the L/C Issuer has been entered into) any Letter of Credit shall remain outstanding, the Borrower
shall:

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     6.01 Financial Statements. Deliver to the Administrative Agent and each Lender the following
statements and reports, at the Borrower’s expense:

     (a) promptly upon the filing thereof, and in any event within ninety (90) days after the end
of each fiscal year, a copy of PAA’s Form 10-K, which report shall include PAA’s complete
consolidated financial statements together with all notes thereto, prepared in reasonable detail
in accordance with GAAP, together with an opinion, without material qualification, based on an
audit using generally accepted auditing standards, by PricewaterhouseCoopers LLP, or other
independent certified public accountants selected by the general partner of PAA, stating that such
consolidated financial statements have been so prepared, and these financial statements shall
contain a consolidated balance sheet as of the end of such fiscal year and consolidated statements
of earnings for such fiscal year, and such consolidated financial statements shall set forth in
comparative form the corresponding figures for the preceding fiscal year (and, following the
termination or release of the PAA Guaranty and within the time periods specified herein,
Borrower’s complete audited annual consolidated financial statements, prepared in reasonable
detail in accordance with GAAP); and

     (b) promptly upon the filing thereof, and in any event within sixty (60) days after the end
of each of the first three fiscal quarters of each fiscal year, a copy of PAA’s Form 10-Q, which
report shall include PAA’s unaudited consolidated balance sheet as of the end of such fiscal
quarter and consolidated statements of PAA’s earnings and cash flows for such fiscal quarter and
for the period from the beginning of the then current fiscal year to the end of such fiscal
quarter (and, following the termination or release of the PAA Guaranty and within the time periods
specified herein, Borrower’s unaudited consolidated balance sheet as of the end of such fiscal
quarter and consolidated statements of Borrower’s earnings and cash flows for such fiscal quarter
and for the period from the beginning of the then current fiscal year to the end of such fiscal
quarter).

     6.02 Certificates; Other Information. Deliver to the Administrative Agent and each Lender (except
as otherwise provided in subsection (c) below), in form and detail reasonably satisfactory to the
Administrative Agent:

     (a) concurrently with the delivery of the financial statements referred to in Sections
6.01(a) and (b), a copy of the certificate delivered to the administrative agent and
the lenders under the PAA Credit Agreement pursuant to Section 6.02(a) thereof;

     (b) on the fifteenth (15th) day of each month (or the next succeeding Business
Day, if the 15th is not a Business Day), and together with each Borrowing Notice, a Summary
Collateral Report (which, if delivered with a Borrowing Notice, shall include the Hedged Eligible
Inventory and related Swap Contracts and sale contracts requested to be financed thereby),
specifying (i) volumes of Financed Hedged Eligible Inventory, identified by type of Petroleum
Product, to be subject to Cash and Carry Purchases or to be stored at or remain stored at Approved
Locations, including hedged price, Hedged Value and Approved Locations where such Financed Hedged
Eligible Inventory is to be delivered and/or stored, (ii) any corresponding Swap Contracts
(including Master Agreements, counterparties, confirmations thereunder) covering such Financed
Hedged Eligible Inventory, with hedging account information with respect thereto, including
volumes and pricing listed by counterparty, date and

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confirmation number, and (iii) any corresponding sale contracts (with purchaser, date,
volumes, prices and such other identifying information as Administrative Agent may reasonably
request) pursuant to which Borrower has contracted to sell such Financed Hedged Eligible
Inventory, including specifying volumes, sale price and Sale Value;

     (c) promptly, to the Administrative Agent, upon written request, such additional information
regarding the business, financial or corporate affairs of the Borrower or any Subsidiary, or
compliance with the terms of the Loan Documents, in each case which are reasonably requested by
the Administrative Agent or any Lender and not subject to confidentiality restrictions or
attorney-client privilege; and

     (d) notice of any public announcement by Moody’s or S&P of any downgrade in a PAA Debt
Rating.

     Documents required to be delivered pursuant to Section 6.01(a) or (b) or
Section 6.02(c) (to the extent any such documents are included in materials otherwise filed
with the SEC) may be delivered electronically and if so delivered, shall be deemed to have been
delivered on the date (i) on which the Borrower or PAA posts such documents, or provides a link
thereto on PAA’s website on the Internet at the website address listed on Schedule 11.02,
(ii) on which such documents are delivered to the Administrative Agent for posting to the Platform
or (iii) on which such documents are posted on the Borrower’s or PAA’s behalf on any other Internet
or intranet website, if any, to which each Lender and the Administrative Agent have access (whether
a commercial, third-party website or whether sponsored by the Administrative Agent), and in either
case, the Borrower or PAA notifies the Administrative Agent of such posting or link. The
Administrative Agent shall have no obligation to request the delivery of or to maintain paper
copies of the documents referred to above, and in any event shall have no responsibility to monitor
compliance by the Borrower with any such request by a Lender for delivery, and each Lender shall be
solely responsible for requesting delivery to it or maintaining its copies of such documents.

     Each of the Borrower and PAA hereby acknowledges that (a) the Administrative Agent or its
authorized Affiliates will make available to the Lenders and the L/C Issuer materials and/or
information provided by or on behalf of the Borrower and PAA hereunder (collectively, “Borrower
Materials”) by posting the Borrower Materials on IntraLinks or another similar electronic
system (the “Platform”) and (b) certain of the Lenders (each, a “Public Lender”) do
not wish to receive material non-public information with respect to the Borrower, PAA or their
respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged
in investment and other market-related activities with respect to such Persons’ securities. Each
of the Borrower and PAA hereby agrees that (w) all Borrower Materials that it instructs to be made
available to Public Lenders shall be clearly and conspicuously marked “PUBLIC” prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower and PAA shall be
deemed to have authorized the Administrative Agent or its authorized Affiliates, the L/C Issuer and
the Lenders to treat such Borrower Materials as not containing any material non-public information
with respect to the Borrower or PAA or their respective securities for purposes of United States
Federal and state securities laws (provided, however, that to the extent such
Borrower Materials constitute Information, they shall be treated as set forth in Section
11.07); (y) all Borrower Materials so marked “PUBLIC” are permitted to

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be made available through a portion of the Platform designated “Public Side Information;” and
(z) the Administrative Agent or its authorized Affiliates shall be entitled to treat any Borrower
Materials that are not marked “PUBLIC” as being suitable only for posting on a portion of the
Platform not designated “Public Side Information.”

     6.03 Notices. Promptly notify the Administrative Agent and each Lender not later than five
Business Days after any executive officer of the Borrower has knowledge:

     (a) of the occurrence of any Default; and

     (b) of any matter that has resulted or could reasonably be expected to result in a Material
Adverse Effect.

     Each notice pursuant to this Section 6.03 shall be accompanied by a statement of a
Responsible Officer of the Borrower setting forth details of the occurrence referred to therein and
stating what action the Borrower has taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of
this Agreement and any other Loan Document that have been breached.

     6.04 Payment of Taxes, Etc. (a) Timely file all required tax returns (including any extensions),
(b) timely pay all taxes, assessments, and other governmental charges or levies imposed upon it or
upon its income, profits or property, and (c) maintain appropriate accruals and reserves for all of
the foregoing as required by GAAP, except to the extent that (i) it is in good faith contesting the
validity thereof by appropriate proceedings, if necessary, diligently conducted and has set aside
on its books adequate reserves therefor which are required by GAAP or (ii) such non-filing,
non-payment or non-maintenance would not reasonably be expected to result in a Material Adverse
Effect.

     6.05 Preservation of Existence, Etc. (a) Preserve and maintain its legal existence and good
standing under the Laws of the jurisdiction of its organization, (b) take all reasonable action to
maintain all rights, privileges, permits, licenses and franchises necessary in the normal conduct
of its business, except, in each case (i) where the failure so to maintain or preserve (as the case
may be) would not reasonably be expected to cause a Material Adverse Effect or (ii) as permitted in
Section 7.02 or as a result of statutory conversions, and (c) PAA will preserve and
maintain its legal existence and good standing under the Laws of the jurisdiction of its
organization; except (i) where the failure so to maintain or preserve (as the case may be) would
not reasonably be expected to cause a Material Adverse Effect (as defined in the PAA Credit
Agreement) or (ii) as a result of statutory conversions.

     6.06 Maintenance of Properties. Maintain, preserve and protect all Collateral and maintain all of
its other material properties and equipment that are necessary in the operation of its business in
good working order and condition, ordinary wear and tear and obsoleteness excepted, in each case
(a) except where the failure to do so could not reasonably be expected to have a Material Adverse
Effect or (b) as permitted in Section 7.03 or as a result of statutory conversions.

     6.07 Maintenance of Insurance. Maintain, with financially sound and reputable insurance companies,
insurance or, at its option, self-insure in such amounts (after giving effect

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to any self-insurance compatible with the following standards) and against such risks as are
customarily insured by other Persons engaged in the same or similar businesses and owning similar
properties provided, however, that notwithstanding the foregoing provisions of this
Section 6.07, the Borrower or any Subsidiary may effect workers’ compensation or similar
insurance in respect of operations in any state or other jurisdiction through any insurance fund
operated by such state or other jurisdiction or by causing to be maintained a system or systems of
self-insurance in accord with applicable laws. The insurance coverages and amounts will be
reasonably determined by the Borrower, based on coverages carried by prudent owners of similar
property, and may be maintained by PAA.

     6.08 Compliance with Laws; Compliance with Contracts for Sale of Hedged Eligible Inventory. Comply
in all material respects with the requirements of all Laws and all orders, writs, injunctions and
decrees applicable to it or to its business or property, except in such instances in which (a) such
requirement of Law or order, writ, injunction or decree is being contested in good faith by
appropriate proceedings, if necessary, diligently conducted, or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect. Borrower will strictly perform
and observe all the terms and provisions of each contract for the sale of Hedged Eligible Inventory
to be performed or observed by it.

     6.09 Books and Records. Maintain full and accurate books of record and account in conformity with
GAAP consistently applied.

     6.10 Inspection Rights. Permit representatives and independent contractors of the Administrative
Agent to visit and inspect any of its properties, to examine its corporate, financial and operating
records, and to make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its officers and independent public accountants, all at such reasonable times
during normal business hours, upon reasonable advance notice to the Borrower. Each of the
foregoing inspections and examinations shall be made subject to compliance with applicable safety
standards and the same conditions applicable to the Borrower in respect of property of the Borrower
on the premises of Persons other than the Borrower or an Affiliate of the Borrower, and all
information, books and records furnished or requested to be made, all information to be
investigated or verified, all copies and abstracts of all information, books and records and all
discussion conducted with any officer, employee or representative of the Borrower, in each case,
shall be subject to any applicable attorney-client privilege exceptions which the Borrower
determines is reasonably necessary and compliance with conditions to disclosures under
non-disclosure agreements between the Borrower and Persons other than the Borrower or an Affiliate
of the Borrower and the express undertaking of each Person acting at the direction of or on behalf
of any Lender Party to be bound by the confidentiality provisions of Section 11.07 of this
Agreement.

     6.11 Use of Proceeds. Use the proceeds of the Borrowings to refinance outstanding Indebtedness
under the Existing Credit Agreement, finance purchases and storage of Hedged Eligible Inventory and
refinance Unreimbursed Amounts, and use all Letters of Credit solely to secure purchases of Hedged
Eligible Inventory.

     6.12 Covenant to Give Security. Borrower, at the Borrower’s expense, will deliver, to further
secure its Obligations whenever requested by Administrative Agent in its sole

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and absolute discretion, chattel mortgages, security agreements, financing statements and
other Collateral Documents in form and substance satisfactory to Administrative Agent for the
purpose of granting, confirming, and perfecting first and prior liens or security interests in
favor of the Administrative Agent for the benefit of the Lender Parties, subject to applicable
Liens permitted pursuant to Section 7.01, in (i) all Financed Hedged Eligible Inventory,
(ii) all Hedging Contracts covering Financed Hedged Eligible Inventory, (iii) all contracts for the
sale of Financed Hedged Eligible Inventory and Accounts arising thereunder, and (iv) all proceeds
of the foregoing.

     6.13 Further Assurances. Promptly upon request by the Administrative Agent, deliver such
Collateral Documents, in form and substance reasonably satisfactory to the Administrative Agent, as
the Administrative Agent may reasonably request from time to time, to (i) the fullest extent
permitted by applicable law, subject all Collateral to the Liens now or hereafter intended to be
covered by any of the Collateral Documents, (ii) perfect and maintain the validity, effectiveness
and priority of any of the Collateral Documents and any of the Liens intended to be created
thereunder, subject to applicable Liens permitted pursuant to Section 7.01, and (iii)
assure, convey, grant, assign, transfer, preserve, protect and confirm unto the Secured Parties the
rights granted or now or hereafter intended to be granted to the Secured Parties under any
Collateral Document.

ARTICLE VII. NEGATIVE COVENANTS

     So long as any Lender shall have any Commitment hereunder, any Loan or other Obligation
hereunder shall remain unpaid or unsatisfied, or (unless a collateral arrangement satisfactory to
the L/C Issuer has been entered into) any Letter of Credit shall remain outstanding, the Borrower
shall not:

     7.01 Liens. Create, incur, assume or permit to exist any Lien upon

     (a) any Collateral except (i) Liens created pursuant to the Collateral Documents, (ii)
Permitted Inventory Liens, (iii) statutory Liens in respect of First Purchase Crude Payables, (iv)
Broker Liens on margin deposits with respect to Swap Contracts, and (v) any other Liens expressly
permitted to encumber such Collateral under any Collateral Document; or

     (b) any Petroleum Products commingled with Financed Hedged Eligible Inventory, or on any sales
contracts (and Receivables therefrom and proceeds thereof) covering Petroleum Products in addition
to Financed Hedged Eligible Inventory, or with respect to any Swap Contracts covering Financed
Hedged Eligible Inventory, other than Broker Liens on margin deposits with respect thereto, unless
such lien creditor has agreed in writing that Administrative Agent’s and Lenders’ rights with
respect to such Petroleum Products, sales contracts, Swap Contracts and collateral rights related
thereto are first and prior to such lien creditor’s rights therein;

     7.02 Fundamental Changes; Dispositions. Merge, dissolve, liquidate, consolidate with or into
another Person, or sell, transfer, lease, exchange or otherwise dispose of (whether in one
transaction or in a series of related transactions) all or substantially all of its assets (whether
now owned or hereafter acquired) to or in favor of any Person, except that, so long as no Default

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exists or, upon giving pro forma effect thereto, would immediately result therefrom the
Borrower may merge or consolidate with another Subsidiary of PAA, provided that the
Borrower is the acquiring or surviving entity and immediately after giving effect thereto, no
Default exists.

     7.03 Dispositions. Make any sale, transfer, lease, exchange or disposition of any Collateral except in
the ordinary course of business on ordinary trade terms.

     7.04 Transactions with Affiliates. Enter into any material transaction of any kind with any
Affiliate of the Borrower, whether or not in the ordinary course of business, other than on terms
that are no less favorable to the Borrower as would be obtainable by the Borrower at the time in an
arm’s length transaction with a Person other than an Affiliate, provided that the foregoing
restriction shall not apply to any of the following transactions: (a) transactions between or among
the Borrower and any of its Subsidiaries; (b) any employment, equity award, equity option or equity
appreciation agreement or plan entered into by the Borrower in the ordinary course of business of
the Borrower; (c) transactions effected in accordance with the terms of tax sharing, management
services, indemnification, omnibus and other agreements with PAA and its Affiliates; (d) customary
compensation, indemnification and other benefits made available to officers, directors or employees
of the Borrower, any of its Subsidiaries or the General Partner, including reimbursement or
advancement of out-of-pocket expenses and provisions of officers’ and directors’ liability
insurance; and (e) transactions as contemplated by the Borrower’s agreement of limited partnership.

     7.05 Burdensome Agreements. Except as expressly provided for in the Loan Documents, as described
in any Schedule hereto or pursuant to a Restriction Exception, the substance of which, in detail
reasonably satisfactory to the Administrative Agent, is promptly reported to Administrative Agent,
enter into any Contractual Obligation that limits the ability of the Borrower to create, incur,
assume or permit to exist Liens on any Collateral.

     7.06 Use of Proceeds. Use the proceeds of any Credit Extension, whether directly or indirectly,
and whether immediately, incidentally or ultimately, to purchase or carry margin stock or to extend
credit to others for the purpose of purchasing or carrying margin stock or to refund indebtedness
originally incurred for such purpose (within the meaning of Regulation U of the FRB).

     7.07 PAA Consolidated Leverage Ratio. Permit the PAA Consolidated Leverage Ratio as of the end of
any fiscal quarter of PAA to be greater than the ratio set forth below opposite such period,
calculated, with respect to Consolidated EBITDA (as defined in the PAA Credit Agreement and after
giving effect to the provisos set forth therein), on a trailing four-quarter basis:

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	 	 	Maximum Consolidated	 
	Applicable Period	 	Leverage Ratio	 
	(i) During an Acquisition Period
	 	 	5.50:1.0	 
	(as defined in the PAA Credit Agreement)
	 	 	 	 
	 
	 	 	 	 
	(ii) Other than during an Acquisition Period
	 	 	5.00:1.0	 
	(as defined in the PAA Credit Agreement)
	 	 	 	 

ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES

     8.01 Events of Default. Any of the following shall constitute an Event of Default:

     (a) Non-Payment. (i) The Borrower fails to pay (A) when due and payable, any amount
of principal of any Loan or any L/C Obligation, (B) within three Business Days after the same
becomes due and payable, any interest on any Loan or on any L/C Obligation, or any fee due
hereunder pursuant to Section 2.08, or (C) within five Business Days after the same
becomes due, any other amount payable hereunder or under any other Loan Document, or (ii) PAA
fails to pay within three Business Days after the same becomes due and payable, any amount payable
under the PAA Guaranty or any other Loan Document; or

     (b) Specific Covenants. The Borrower fails to perform or observe any term, covenant
or agreement contained in any of Section 6.03 or Article VII; or

     (c) Other Defaults. Any Loan Party fails to perform or comply with any of its
obligations under any other covenant or agreement (not specified in subsection (a) or (b) above)
contained in any Loan Document to which it is a party on its part to be performed or complied with
and such failure continues for 30 days after notice of such failure is given by the Administrative
Agent to the Borrower; or

     (d) Representations and Warranties. Any representation or warranty made or deemed
made by or on behalf of the Borrower herein or by any Loan Party in any other Loan Document shall
be incorrect when made or deemed made in any material respect; or

     (e) Cross-Default. (i) The Borrower or any Subsidiary (A) fails to make any payment
when due and payable (whether by scheduled maturity, required prepayment, acceleration, demand, or
otherwise) of any principal of or interest on any Indebtedness (other than Indebtedness hereunder
and Indebtedness under Swap Contracts) in an aggregate principal amount exceeding the Threshold
Amount, and such failure continues after the passing of the applicable notice and grace periods,
(other than such Indebtedness the validity of which is being contested in good faith, by
appropriate proceedings (if necessary) and for which adequate reserves with respect thereto are
maintained on the books of the Borrower as required by GAAP) or (B) fails to observe or perform
any other agreement or condition relating to any such Indebtedness or contained in any instrument
or agreement evidencing, securing or relating thereto, or any other event occurs, in each case,
beyond the applicable grace, cure, extension, forbearance or similar period, if the effect of
which failure or other event is to cause, or to permit the holder or holders of such Indebtedness
(or a trustee or agent on behalf of such holder

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or holders) to cause, with the giving of notice if required, such Indebtedness to be demanded
or to become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise),
or an offer to repurchase, prepay, defease or redeem such Indebtedness to be made, prior to its
stated maturity; or (ii) there occurs under any Swap Contract an Early Termination Date (as
defined in such Swap Contract) resulting from (A) any event of default under such Swap Contract as
to which the Borrower or any Subsidiary is the Defaulting Party (as defined in such Swap Contract)
or (B) any Termination Event (as so defined) under such Swap Contract as to which the Borrower or
any Subsidiary is an Affected Party (as so defined) and, in either event, (1) the Swap Termination
Value owed by the Borrower or such Subsidiary as a result thereof is greater than the Threshold
Amount (other than amounts under such Swap Contract, the validity of which are being contested in
good faith, by appropriate proceedings (if necessary) and for which adequate reserves with respect
thereto are maintained on the books of the Borrower as required by GAAP), (2) the effect of such
Early Termination Date is to cause such Swap Termination Value to be demanded or to become due,
and (3) such Swap Termination Value has not been paid when due; or

     (f) Insolvency Proceedings, Etc. The Borrower, any Subsidiary of the Borrower, the
operations, properties or financial condition of which is significant to the Borrower as of the
most recently ended fiscal quarter of the Borrower, PAA, any other Significant Restricted Person
(as such term is defined in the PAA Credit Agreement), Plains All American GP LLC, Plains AAP,
L.P., PAA GP LLC or the General Partner institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian, conservator,
liquidator, rehabilitator or similar officer for it or for any Collateral or all or any material
part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator
or similar officer is appointed without the application or consent of such Person and the
appointment continues undischarged or unstayed for 60 calendar days; or any proceeding under any
Debtor Relief Law relating to any such Person or to all or any material part of its property is
instituted without the consent of such Person and continues undismissed or unstayed for 60
calendar days, or an order for relief is entered in any such proceeding; or

     (g) Inability to Pay Debts; Attachment. (i) The Borrower becomes unable or admits in
writing its inability or fails generally to pay its debts as they become due, or (ii) any writ or
warrant of attachment or execution or similar process is issued or levied against all or any
material part of the property of any such Person and is not stayed, released, vacated or fully
bonded within 60 days (or such longer period for which a stay or enforcement is allowed by
applicable Law) after its issue or levy; or

     (h) Judgments. There is entered against the Borrower a final judgment for the
payment of money in an aggregate amount (as to all such judgments or orders) exceeding the
Threshold Amount (to the extent not covered by independent third-party insurance as to which such
insurer has not disputed coverage, or self-insurance reasonably acceptable to the Administrative
Agent) at any one time outstanding and prior to the discharge thereof, (i) enforcement proceedings
are lawfully commenced by any creditor upon such judgment, or (ii) there is a period of 30
consecutive days after the entry of such judgment during which a discharge, stay of enforcement of
such judgment, by reason of a pending appeal or otherwise, is not in effect; or

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     (i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or Multiemployer
Plan which has resulted or could reasonably be expected to result in liability of the Borrower
under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount
in excess of the Threshold Amount, or (ii) the Borrower or any ERISA Affiliate fails to pay when
due, after the expiration of any applicable grace period, any installment payment with respect to
its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate
amount in excess of the Threshold Amount; or

     (j) Invalidity of Loan Documents. Any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or thereunder or
satisfaction in full of all the payment Obligations, ceases to be in full force and effect; or any
Loan Party contests in any manner the validity or enforceability of any Loan Document; or any Loan
Party denies that it has any or further liability or obligation under any Loan Document, or
purports to revoke, terminate or rescind any Loan Document; or

     (k) Change of Control. There occurs any Change of Control; or

     (l) Collateral Documents. Any Collateral Document after delivery thereof pursuant to
Section 4.01 or Section 6.12 shall for any reason (other than pursuant to the
terms hereof or thereof) cease to create a valid and perfected first priority Lien (subject to
Liens permitted by Section 7.01) on the Collateral purported to be covered thereby; or

     (m) PAA Event of Default. Any “Event of Default” shall occur, as such term is
defined in the PAA Credit Agreement.

     8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

     (a) declare the commitment of each Lender to make Loans and any obligation of the L/C Issuer
to make L/C Credit Extensions to be terminated or suspended (as the case may be), whereupon such
commitments and obligation shall be terminated or suspended (as the case may be);

     (b) declare the unpaid principal amount of all outstanding Loans, all interest accrued and
unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan Document
to be immediately due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby expressly waived by the Borrower;

     (c) require that the Borrower Cash Collateralize the L/C Obligations (in an amount equal to
the then Outstanding Amount thereof); and

     (d) exercise on behalf of itself, the Lenders and the L/C Issuer all rights and remedies
available to it, the Lenders and the L/C Issuer under the Loan Documents;

provided, however, that upon the occurrence of an actual or deemed entry of an
order for relief with respect to the Borrower under the Bankruptcy Code of the United States, the
obligation of each Lender to make Loans and any obligation of the L/C Issuer to make L/C Credit
Extensions

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shall automatically terminate, the unpaid principal amount of all outstanding Loans and all
interest and other amounts that have accrued and are owing as aforesaid shall automatically become
due and payable, and the obligation of the Borrower to Cash Collateralize the L/C Obligations as
aforesaid shall automatically become effective, in each case without further act of the
Administrative Agent or any Lender.

     8.03 Application of Funds. After the exercise of remedies provided for in Section 8.02 (or
after the Loans have automatically become immediately due and payable and the L/C Obligations have
automatically been required to be Cash Collateralized as set forth in the proviso to Section
8.02), any amounts received on account of the Obligations shall, subject to the provisions of
Sections 2.14 and 2.15, be applied by the Administrative Agent in the following order:

     First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including fees, charges and disbursements of counsel to the
Administrative Agent and amounts payable under Article III) payable to the Administrative
Agent in its capacity as such;

     Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders
and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders
and the L/C Issuer (including fees and time charges for attorneys who may be employees of any
Lender or the L/C Issuer) and amounts payable under Article III), ratably among them in
proportion to the respective amounts described in this clause Second payable to them;

     Third, to payment of that portion of the Obligations constituting accrued and unpaid
Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably
among the Lenders and the L/C Issuer in proportion to the respective amounts described in this
clause Third payable to them;

     Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the
respective amounts described in this clause Fourth held by them;

     Fifth, to the Administrative Agent for the account of the L/C Issuer, to Cash
Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters
of Credit to the extent not otherwise Cash Collateralized by the Borrower pursuant to Sections
2.03 and 2.14; and

     Last, the balance, if any, after all of the payment Obligations have been indefeasibly
paid in full, to the Borrower or as otherwise required by Law.

Subject to Sections 2.03(c) and 2.14, amounts used to Cash Collateralize the aggregate
undrawn amount of Letters of Credit pursuant to clause Fifth above shall be applied to
satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as
Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining
amount shall be applied to the other payment Obligations, if any, in the order set forth above.

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ARTICLE IX. ADMINISTRATIVE AGENT

     9.01 Appointment and Authority. (a) Each of the Lenders and the L/C Issuer hereby irrevocably
appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the
other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent, the Lenders and
the L/C Issuer, and the Borrower shall not have rights as a third party beneficiary of any of such
provisions (other than the right to reasonably approve a successor Administrative Agent pursuant to
Section 9.06).

     (b) The Administrative Agent shall also act as the “collateral agent” under the Loan
Documents, and each of the Lenders and the L/C Issuer hereby irrevocably appoints and authorizes
the Administrative Agent to act as the agent of such Lender and the L/C Issuer for purposes of
acquiring, holding and enforcing any and all Liens on Collateral granted by the Borrower to secure
any of the Obligations, together with such powers and discretion as are reasonably incidental
thereto. In this connection, the Administrative Agent, as “collateral agent” and any co-agents,
sub-agents and attorneys-in-fact appointed by the Administrative Agent pursuant to Section
9.05 for purposes of holding or enforcing any Lien on the Collateral (or any portion thereof)
granted under the Collateral Documents, or for exercising any rights and remedies thereunder at the
direction of the Administrative Agent), shall be entitled to the benefits of all provisions of this
Article IX and Article XI (including Section 11.04(c), as though such
co-agents, sub-agents and attorneys-in-fact were the “collateral agent” under the Loan Documents)
as if set forth in full herein with respect thereto.

     9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as
though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or
other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

     9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

     (a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

     (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or

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percentage of the Lenders as shall be expressly provided for herein or in the other
Loan Documents), provided that the Administrative Agent shall not be required to
take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable
law; and

     (c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent or any of its Affiliates in any
capacity.

     The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 11.01 and 8.02) or (ii)
in the absence of its own gross negligence or willful misconduct. The Administrative Agent shall
be deemed not to have knowledge of any Default unless and until notice describing such Default is
given to the Administrative Agent by the Borrower, a Lender or the L/C Issuer.

     The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document, or the creation,
perfection or priority of any Lien purported to be created by the Collateral Documents, (v) the
value or sufficiency of any Collateral, or (vi) the satisfaction of any condition set forth in
Article IV or elsewhere herein, other than to confirm receipt of items expressly required
to be delivered to the Administrative Agent.

     9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Loan, or the issuance of a Letter of
Credit, that by its terms must be fulfilled to the satisfaction of a Lender or the L/C Issuer, the
Administrative Agent may presume that such condition is satisfactory to such Lender or the L/C
Issuer unless the Administrative Agent shall have received notice to the contrary from such Lender
or the L/C Issuer prior to the making of such Loan or the issuance of such Letter of Credit. The
Administrative Agent may consult with legal counsel (who may be counsel for the Borrower),
independent accountants and other experts selected by it, and shall not be liable for any action
taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

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     9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

     9.06 Resignation or Removal of Administrative Agent. (a) The Administrative Agent may at any time
give notice of its resignation to the Lenders, the L/C Issuer and the Borrower, which notice shall
set forth the proposed date of resignation, which shall be not less than 30 days after the date of
such notice, during which time the Administrative Agent shall continue to act as the Administrative
Agent hereunder, unless sooner replaced or removed in accordance with the provisions hereof. In
addition, at any time the Person serving as Administrative Agent is a Defaulting Lender pursuant to
clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by
applicable law, by notice in writing to the Borrower and such Person, remove such Person as
Administrative Agent. Upon receipt of any such notice of resignation or issuance of notice of
removal, the Required Lenders shall have the right to appoint a successor (subject to the approval
of the Borrower, unless an Event of Default has occurred and is continuing, which approval shall
not be unreasonably withheld), which shall be a bank with an office in the United States, or an
Affiliate of any such bank with an office in the United States. If no such successor shall have
been so appointed by the Required Lenders and shall have accepted such appointment within 30 days
after the retiring Administrative Agent gives notice of its resignation or the Required Lenders
issue such notice of removal, then the retiring or removed Administrative Agent may on behalf of
the Lenders and the L/C Issuer, appoint a successor Administrative Agent meeting the qualifications
set forth above (subject to the approval of the Borrower, unless an Event of Default has occurred
and is continuing, which approval shall not be unreasonably withheld); provided that if the
Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has
accepted such appointment, then such resignation or removal shall nonetheless become effective in
accordance with such notice and (1) the retiring or removed Administrative Agent shall be
discharged from its duties and obligations hereunder and under the other Loan Documents (except
that in the case of any collateral security held by the Administrative Agent on behalf of the
Lenders or the L/C Issuer under any of the Loan Documents, the retiring or removed Administrative
Agent shall continue to hold such collateral security until such time as a successor Administrative
Agent is appointed) and (2) all payments, communications and determinations provided to be made by,
to or through the Administrative Agent shall instead be made by or to each Lender and the L/C
Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent
as provided for above in this Section. Upon the acceptance of a successor’s appointment as
Administrative Agent hereunder, such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring (or retired or removed) Administrative Agent,
and the retiring or removed Administrative Agent shall be discharged from all of its duties and
obligations hereunder or under the other Loan Documents (if not already discharged therefrom as
provided above in this Section). The fees payable by the Borrower to a successor Administrative
Agent shall be the same as those payable to its predecessor unless otherwise agreed between the
Borrower and such successor. After the retiring Administrative Agent’s resignation or removal

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hereunder and under the other Loan Documents, the provisions of this Article and Section
11.04 shall continue in effect for the benefit of such retiring or removed Administrative
Agent, its sub-agents and their respective Related Parties in respect of any actions taken or
omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as
Administrative Agent.

     (b) Any resignation by, or removal of, Bank of America as Administrative Agent pursuant to
this Section shall also constitute its resignation or removal as L/C Issuer. Upon the acceptance
of a successor’s appointment as Administrative Agent hereunder, (a) such successor may succeed to
and become vested with all of the rights, powers, privileges and duties of the retiring or removed
L/C Issuer, (b) the retiring or removed L/C Issuer shall be discharged from all of their respective
duties and obligations hereunder or under the other Loan Documents, and (c) the successor L/C
Issuer shall issue letters of credit in substitution for or in support of the Letters of Credit, if
any, outstanding at the time of such succession or make other arrangements satisfactory to the
retiring L/C Issuer to effectively assume the obligations of the retiring L/C Issuer with respect
to such Letters of Credit.

     9.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender and the L/C Issuer
acknowledges that it has, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it has
deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender and the L/C Issuer also acknowledges that it will, independently and without reliance upon
the Administrative Agent or any other Lender or any of their Related Parties and based on such
documents and information as it shall from time to time deem appropriate, continue to make its own
decisions in taking or not taking action under or based upon this Agreement, any other Loan
Document or any related agreement or any document furnished hereunder or thereunder.

     9.08 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Arrangers or Syndication Agents listed on the cover page hereof shall have any powers,
duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, a Lender or the L/C Issuer hereunder.

     9.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding
under any Debtor Relief Law or any other judicial proceeding relative to any Loan Party, the
Administrative Agent (irrespective of whether the principal of any Loan or L/C Obligation shall
then be due and payable as herein expressed or by declaration or otherwise and irrespective of
whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and
empowered, by intervention in such proceeding or otherwise

     (a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Loans, L/C Obligations and all other Obligations that are owing
and unpaid and to file such other documents as may be necessary or advisable in order to
have the claims of the Lenders, the L/C Issuer and the Administrative Agent (including any
claim for the reasonable compensation, expenses, disbursements and advances of the Lenders,
the L/C Issuer and the Administrative Agent and their

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respective agents and counsel and all other amounts due the Lenders, the L/C Issuer and
the Administrative Agent under Sections 2.03(h) and (i), 2.08 and
11.04) allowed in such judicial proceeding; and

     (b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same in accordance with Section 8.03;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender and the L/C Issuer to make such
payments to the Administrative Agent and, in the event that the Administrative Agent shall consent
to the making of such payments directly to the Lenders and the L/C Issuer, to pay to the
Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and
advances of the Administrative Agent and its agents and counsel, and any other amounts due the
Administrative Agent under Sections 2.08 and 11.04, in each case, in accordance
with Section 8.03.

     Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender or the L/C Issuer any plan of reorganization,
arrangement, adjustment or composition affecting the Obligations or the rights of any Lender or the
L/C Issuer to authorize the Administrative Agent to vote in respect of the claim of any Lender or
the L/C Issuer in any such proceeding.

     9.10 Collateral Matters. The Lenders and the L/C Issuer irrevocably authorize the Administrative
Agent, at its option and in its discretion, to release any Lien on any property granted to or held
by the Administrative Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full of all payment Obligations (other than contingent indemnification
obligations) and the expiration or termination of all Letters of Credit (other than Letters of
Credit as to which other arrangements satisfactory to the Administrative Agent and the L/C Issuer
shall have been made), (ii) that is sold or to be sold as part of or in connection with any sale
not prohibited hereunder or under any other Loan Document, or (iii) subject to Section
11.01, if approved, authorized or ratified in writing by the Required Lenders. Upon request by
the Administrative Agent at any time, the Required Lenders will confirm in writing the
Administrative Agent’s authority to release or subordinate its interest in particular types or
items of property pursuant to this Section 9.10. In each case as specified in this
Section 9.10, the Administrative Agent will, at the Borrower’s expense, execute and deliver
to the Borrower such documents as the Borrower may reasonably request to evidence the release of
such item of Collateral from the assignment and security interest granted under the Collateral
Documents or to subordinate its interest in such item, in each case in accordance with the terms of
the Loan Documents and this Section 9.10.

ARTICLE X. CONTINUING GUARANTY

     10.01 PAA Guaranty. PAA hereby absolutely and unconditionally guarantees, as a guaranty of payment
and not merely as a guaranty of collection, prompt payment when due, whether at stated maturity, by
required prepayment, upon acceleration, demand or otherwise, and at all times thereafter, of any
and all of the payment Obligations, whether for principal, interest, premiums, fees, indemnities,
damages, costs, expenses or otherwise, of the Borrower to the

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Lender Parties, and whether arising hereunder or under any other Loan Document (including all
renewals, extensions, amendments, refinancings and other modifications thereof and all costs,
attorneys’ fees and expenses incurred by the Lender Parties in connection with the collection or
enforcement thereof). The Administrative Agent’s books and records showing the amount of the
payment Obligations shall be admissible in evidence in any action or proceeding, and shall be
binding upon PAA, and conclusive absent manifest error for the purpose of establishing the amount
of the payment Obligations. This PAA Guaranty shall not be affected by the genuineness, validity,
regularity or enforceability of the Obligations or any instrument or agreement evidencing any
Obligations, or by the existence, validity, enforceability, perfection, non-perfection or extent of
any collateral therefor, or by any fact or circumstance relating to the Obligations which might
otherwise constitute a defense to the obligations of PAA under this PAA Guaranty, and PAA hereby
irrevocably waives any defenses it may now have or hereafter acquire in any way relating to any or
all of the foregoing.

     10.02 Rights of Lenders. PAA consents and agrees that the Lender Parties may, at any time and from
time to time, without notice or demand, and without affecting the enforceability or continuing
effectiveness hereof, in each case, unless otherwise set forth herein, including in respect of
Section 11.01: (a) amend, extend, renew, compromise, discharge, accelerate or otherwise
change the time for payment or the terms of the Obligations or any part thereof; (b) take, hold,
exchange, enforce, waive, release, fail to perfect, sell, or otherwise dispose of any security for
the payment of this PAA Guaranty or any Obligations; (c) apply such security and direct the order
or manner of sale thereof as the Administrative Agent, the L/C Issuer and the Lenders in their sole
discretion may determine; and (d) release or substitute one or more of any endorsers or other
guarantors of any of the Obligations. Without limiting the generality of the foregoing, PAA
consents to the taking of, or failure to take, any action by the Lender Parties which might in any
manner or to any extent vary the risks of PAA under this PAA Guaranty or which, but for this
provision, might operate as a discharge of PAA.

     10.03 Collateral Matters. PAA waives (a) any defense arising by reason of any disability or other
defense of the Borrower or any other guarantor, or the cessation from any cause whatsoever
(including any act or omission of any Lender Party) of the liability of the Borrower; (b) any
defense based on any claim that PAA’s obligations exceed or are more burdensome than those of the
Borrower; (c) the benefit of any statute of limitations affecting PAA’s liability hereunder; (d)
any right to proceed against the Borrower, proceed against or exhaust any security for the
Obligations, or pursue any other remedy in the power of any Lender Party whatsoever; (e) any
benefit of and any right to participate in any security now or hereafter held by any Lender Party;
and (f) to the fullest extent permitted by law, any and all other defenses or benefits that may be
derived from or afforded by applicable law limiting the liability of or exonerating guarantors or
sureties. PAA expressly waives all setoffs and counterclaims and all presentments, demands for
payment or performance, notices of nonpayment or nonperformance, protests, notices of protest,
notices of dishonor and all other notices or demands of any kind or nature whatsoever with respect
to the Obligations, and all notices of acceptance of this PAA Guaranty or of the existence,
creation or incurrence of new or additional Obligations.

     10.04 Obligations Independent. The obligations of PAA hereunder are those of primary obligor, and
not merely as surety, and are independent of the Obligations and the

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obligations of any other guarantor, and a separate action may be brought against PAA to
enforce this PAA Guaranty whether or not the Borrower or any other person or entity is joined as a
party.

     10.05 Subrogation. PAA shall not exercise any right of subrogation, contribution, indemnity,
reimbursement or similar rights with respect to any payments it makes under this PAA Guaranty until
all of the Obligations and any amounts payable under this PAA Guaranty have been indefeasibly paid
in full and the Commitments are terminated. If any amounts are paid to PAA in violation of the
foregoing limitation, then such amounts shall be held in trust for the benefit of the Lender
Parties and shall forthwith be paid to the Lender Parties to reduce the amount of the Obligations,
whether matured or unmatured.

     10.06 Termination; Reinstatement. This PAA Guaranty is a continuing and irrevocable guaranty of all
payment Obligations now or hereafter existing and shall remain in full force and effect until all
payment Obligations are indefeasibly paid in full in cash and the Commitments with respect to the
Borrower are terminated. Notwithstanding the foregoing, this PAA Guaranty shall continue in full
force and effect or be revived, as the case may be, if any payment by or on behalf of the Borrower
or PAA is made, or any of the Lender Parties exercises its right of setoff, in respect of the
payment Obligations and such payment or the proceeds of such setoff or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by any of the Lender Parties in their
discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Laws or otherwise, all as if such payment had not been made or
such setoff had not occurred and whether or not the Lender Parties are in possession of or have
released this PAA Guaranty and regardless of any prior revocation, rescission, termination or
reduction. The obligations of PAA under this paragraph shall survive termination of this PAA
Guaranty.

     10.07 Subordination. PAA agrees that, upon the occurrence and during the continuation of an Event
of Default, the payment of all Indebtedness of the Borrower owing to PAA, whether now existing or
hereafter arising, including but not limited to any obligation of the Borrower to PAA as subrogee
of the Lender Parties or resulting from PAA’s performance under this PAA Guaranty, shall be
subordinated to the indefeasible payment in full in cash of all payment Obligations. Upon the
occurrence and during the continuation of an Event of Default, any such obligation or indebtedness
of the Borrower to PAA shall be enforced and performance received by PAA as trustee for the Lender
Parties and, upon the written request of the Required Lenders, the proceeds thereof shall be paid
over to the Administrative Agent, for the benefit of the Lender Parties, on account of the payment
Obligations, to be applied in accordance with Section 8.03, but without reducing or
affecting in any manner the liability of PAA under this PAA Guaranty.

     10.08 Stay of Acceleration. If acceleration of the time for payment of any of the Obligations is
stayed, in connection with any case commenced by or against PAA or the Borrower under any Debtor
Relief Laws, or otherwise, all such amounts shall nonetheless be payable by PAA upon demand by the
Lender Parties.

     10.09 Condition of Borrower. PAA acknowledges and agrees that it has the sole responsibility for,
and has adequate means of, obtaining from the Borrower such information

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concerning the financial condition, business and operations of the Borrower and any such other
guarantor as PAA requires, and that none of the Lender Parties has any duty, and PAA is not relying
on the Lender Parties at any time, to disclose to PAA any information relating to the business,
operations or financial condition of the Borrower (PAA waiving any duty on the part of the Lender
Parties to disclose such information and any defense relating to the failure to provide the same).

ARTICLE XI. MISCELLANEOUS

     11.01 Amendments, Etc. No amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders and the Borrower or the applicable
Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

     (a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

     (b) extend or increase the Commitment of any Lender (or reinstate any Commitment terminated
pursuant to Section 8.02) without the written consent of such Lender;

     (c) postpone any date fixed by this Agreement or any other Loan Document for any payment
(excluding mandatory prepayments) of principal, interest, fees or other amounts due to the Lenders
(or any of them) hereunder or under any other Loan Document without the written consent of each
Lender directly affected thereby;

     (d) reduce the principal of, or the rate of interest specified herein on, any Loan or L/C
Borrowing, or (subject to clause (iv) of the second proviso to this Section 11.01) any
fees or other amounts payable hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby; provided, however, that only the
consent of the Required Lenders shall be necessary (i) to amend the definition of “Default Rate”
or to waive any obligation of the Borrower to pay interest at the Default Rate, except with
respect to interest on past-due principal of any Loan, which shall require the written consent of
each Lender, or (ii) to amend any financial covenant hereunder (or any defined term used therein)
even if the effect of such amendment would be to reduce the rate of interest on any Loan or L/C
Borrowing or to reduce any fee payable hereunder;

     (e) change Section 2.12 or Section 8.03 in a manner that would alter the pro
rata sharing of payments required thereby without the written consent of each Lender;

     (f) change any provision of this Section or the definition of “Required Lenders” or any other
provision hereof specifying the number or percentage of Lenders required to amend, waive or
otherwise modify any rights hereunder or make any determination or grant any consent hereunder,
without the written consent of each Lender;

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     (g) release all or substantially all of the Collateral in any transaction or series of
related transactions, or release the Borrower from the negative pledge covenant set forth in
Section 7.05, without the written consent of each Lender; or

     (h) release all or substantially all of the value of the PAA Guaranty, without the written
consent of each Lender;

and, provided further, that (i) no amendment, waiver or consent shall, unless in
writing and signed by the L/C Issuer in addition to the Lenders required above, affect the rights
or duties of the L/C Issuer under this Agreement or any Issuer Document relating to any Letter of
Credit issued or to be issued by it; (ii) no amendment, waiver or consent shall, unless in writing
and signed by the Administrative Agent in addition to the Lenders required above, affect the rights
or duties of the Administrative Agent under this Agreement or any other Loan Document; and (iii)
the Fee Letters may be amended, or rights or privileges thereunder waived, in a writing executed
only by the parties thereto. Notwithstanding anything to the contrary herein, no Defaulting Lender
shall have any right to approve or disapprove any amendment, waiver or consent hereunder (and any
amendment, waiver or consent which by its terms requires the consent of all Lenders or each
affected Lender may be effected with the consent of the applicable Lenders other than Defaulting
Lenders), except that (x) the Commitment of any Defaulting Lender may not be increased or extended
without the consent of such Lender and (y) any waiver, amendment or modification requiring the
consent of all Lenders or each affected Lender that by its terms affects any Defaulting Lender more
adversely than other affected Lenders shall require the consent of such Defaulting Lender.

     11.02 Notices; Effectiveness; Electronic Communication.

     (a) Notices Generally. Except in the case of notices and other communications
expressly permitted to be given by telephone (and except as provided in subsection (b) below), all
notices and other communications provided for herein shall be in writing and shall be delivered by
hand or overnight courier service, mailed by certified or registered mail or sent by telecopier or
other electronic transmission as follows, and all notices and other communications expressly
permitted hereunder to be given by telephone shall be made to the applicable telephone number, as
follows:

     (i) if to the Borrower, PAA, the Administrative Agent or the L/C Issuer, to the
address, telecopier number, electronic mail address or telephone number specified for such
Person on Schedule 11.02; and

     (ii) if to any other Lender, to the address, telecopier number, electronic mail address
or telephone number specified in its Administrative Questionnaire (including, as
appropriate, notices delivered solely to the Person designated by a Lender on its
Administrative Questionnaire then in effect for the delivery of notices that may contain
material non-public information relating to the Borrower, PAA or their respective
Affiliates), if such questionnaire has been received by the Person sending such notice or
communication, or if such questionnaire has not been received by such sending Person, to
such address as may be reasonably believed to be correct by such sending Person.

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Notices and other communications sent by hand or overnight courier service, or mailed by certified
or registered mail, shall be deemed to have been given when received; notices and other
communications sent by telecopier shall be deemed to have been given when sent (except that, if not
given during normal business hours for the recipient, shall be deemed to have been given at the
opening of business on the next business day for the recipient). Notices and other communications
delivered through electronic communications to the extent provided in subsection (b) below, shall
be effective as provided in such subsection (b).

     (b) Electronic Communications. Notices and other communications to the Lenders and
the L/C Issuer hereunder may be delivered or furnished by electronic communication (including
e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative
Agent, provided that the foregoing shall not apply to notices to any Lender or the L/C
Issuer pursuant to Article II if such Lender or the L/C Issuer, as applicable, has
notified the Administrative Agent and the Borrower that it is incapable of receiving notices under
such Article by electronic communication. The Administrative Agent or the Borrower may, in its
discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it, provided that approval of such
procedures may be limited to particular notices or communications.

     Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

     (c) The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS
OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM
THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY
RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN CONNECTION
WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Administrative Agent or any of
its Related Parties (collectively, the “Agent Parties”) have any liability to the
Borrower, PAA, any Lender, the L/C Issuer or any other Person for losses, claims, damages,
liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the
Borrower’s or the Administrative Agent’s transmission of Borrower Materials through the Internet,
except to the extent that such losses, claims, damages, liabilities or expenses have resulted from
such Agent Party’s gross negligence, willful misconduct or material breach of any of its
obligations under any Loan Document; provided, however, that in no event shall any

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party hereto, Related Party of any party hereto or Agent Party have any liability to each
other party hereto, its Related Parties, any Agent Party or any other Person for indirect,
special, incidental, consequential or punitive damages (as opposed to direct or actual damages).

     (d) Change of Address, Etc. Each of the Borrower, PAA, the Administrative Agent and
the L/C Issuer may change its address, telecopier or telephone number for notices and other
communications hereunder by notice to the other parties hereto. Each other Lender may change its
address, telecopier or telephone number for notices and other communications hereunder by notice
to the Borrower, the Administrative Agent and the L/C Issuer. In addition, each Lender agrees to
notify the Administrative Agent from time to time to ensure that the Administrative Agent has on
record (i) an effective address, contact name, telephone number, telecopier number and electronic
mail address to which notices and other communications may be sent and (ii) accurate wire
instructions for such Lender. Furthermore, each Public Lender agrees to cause at least one
individual at or on behalf of such Public Lender to at all times have selected the “Private Side
Information” or similar designation on the content declaration screen of the Platform in order to
enable such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to make
reference to Borrower Materials that are not made available through the “Public Side Information”
portion of the Platform and that may contain material non-public information with respect to the
Borrower or its Subsidiaries or their respective securities for purposes of United States Federal
or state securities laws.

     (e) Reliance by Administrative Agent, L/C Issuer and Lenders. The Administrative
Agent, the L/C Issuer and the Lenders shall be entitled to rely and act upon any notices
(including telephonic Loan Notices) purportedly given by or on behalf of the Borrower even if (i)
such notices were not made in a manner specified herein, were incomplete or were not preceded or
followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by
the recipient, varied from any confirmation thereof. The Borrower shall indemnify the
Administrative Agent, the L/C Issuer, each Lender and the Related Parties of each of them from all
losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
purportedly given by or on behalf of the Borrower, as provided in Section 11.04(b). All
telephone notices to and other telephonic communications with the Administrative Agent may be
recorded by any person a party thereto, and each of the parties hereto consent to such recording.

     11.03 No Waiver; Cumulative Remedies; Enforcement. No failure by any Lender, the L/C Issuer or the
Administrative Agent to exercise, and no delay by any such Person in exercising, any right, remedy,
power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise
thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies,
powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law.

     Notwithstanding anything to the contrary contained herein or in any other Loan Document, the
authority to enforce rights and remedies hereunder and under the other Loan Documents against the
Loan Parties or any of them shall be vested exclusively in, and all actions and proceedings at law
in connection with such enforcement shall be instituted and maintained

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exclusively by, the Administrative Agent in accordance with Section 8.02 for the
benefit of all the Lenders and the L/C Issuer; provided, however, that the
foregoing shall not prohibit (a) the Administrative Agent from exercising on its own behalf the
rights and remedies that inure to its benefit (solely in its capacity as Administrative Agent)
hereunder and under the other Loan Documents, (b) the L/C Issuer from exercising the rights and
remedies that inure to its benefit (solely in its capacity as L/C Issuer) hereunder and under the
other Loan Documents, (c) any Lender from exercising setoff rights in accordance with Section
11.08 (subject to the terms of Section 2.12), or (d) any Lender from filing proofs of
claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding
relative to any Loan Party under any Debtor Relief Law; and provided, further, that
if at any time there is no Person acting as Administrative Agent hereunder and under the other Loan
Documents, then (i) the Required Lenders shall have the rights otherwise ascribed to the
Administrative Agent pursuant to Section 8.02 and (ii) in addition to the matters set forth
in clauses (b), (c) and (d) of the preceding proviso and subject to Section 2.12, any
Lender may, with the consent of the Required Lenders, enforce any rights and remedies available to
it and as authorized by the Required Lenders.

     11.04 Expenses; Indemnity; Damage Waiver.  

     (a) Costs and Expenses. The Borrower shall pay (i) all reasonable out-of-pocket
expenses incurred by the Administrative Agent and its Affiliates (including the reasonable fees,
charges and disbursements of counsel for the Administrative Agent), in connection with the
preparation, negotiation, execution, delivery and administration of this Agreement and the other
Loan Documents or any amendments, modifications or waivers of the provisions hereof or thereof
(whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all
reasonable out-of-pocket expenses incurred by the L/C Issuer in connection with the issuance,
amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and
(iii) all out-of-pocket expenses incurred by the Administrative Agent, any Lender or the L/C
Issuer (including the fees, charges and disbursements of any counsel for the Administrative Agent,
any Lender or the L/C Issuer), in connection with the enforcement or protection of its rights (A)
in connection with this Agreement and the other Loan Documents, including its rights under this
Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including
all such out-of-pocket expenses incurred during any workout, restructuring or negotiations in
respect of such Loans or Letters of Credit, other than expenses of a Defaulting Lender proximately
caused by conduct, acts or omissions described in clauses (a), (b) or (c)
of the definition of “Defaulting Lender”.

     (b) Indemnification by the Borrower. The Borrower shall indemnify the Administrative
Agent (and any sub-agent thereof), each Lender and the L/C Issuer (each such Person being called
an “Indemnitee”) against any and all liabilities, obligations, claims, losses, damages,
penalties, fines, actions, judgments, suits, settlements, costs, expenses or disbursements
(including reasonable fees of attorneys, accountants, experts and advisors) of any kind or nature
whatsoever (in this section collectively called “liabilities and costs”) which to any extent (in
whole or in part) may be imposed on, incurred by, or asserted against such Lender Party growing
out of, resulting from or in any other way associated with the Loan Documents and the transactions
and events (including the enforcement or defense thereof) at any time associated therewith or
contemplated therein and the Borrower’s use of Loan proceeds (whether arising in contract or in
tort or otherwise and including any violation or

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noncompliance with any Environmental Laws by any Indemnitee or any other Person or any
liabilities or duties of any Indemnitee or any other Person with respect to Hazardous Materials
found in or released into the environment). In the case of an investigation, litigation or
proceeding to which the indemnity in this Section 11.04 applies, such indemnity shall be
effective whether or not such investigation, litigation or proceeding is brought by the Borrower,
any of its equity holders, Affiliates or creditors or an Indemnitee or any third party and whether
or not an Indemnitee is otherwise a party thereto.

     (c) THE FOREGOING INDEMNIFICATION SHALL APPLY WHETHER OR NOT SUCH LIABILITIES AND COSTS ARE
IN ANY WAY OR TO ANY EXTENT OWED, IN WHOLE OR IN PART, UNDER ANY CLAIM OR THEORY OF STRICT
LIABILITY OR CAUSED, IN WHOLE OR IN PART, BY ANY NEGLIGENT ACT OR OMISSION OF ANY KIND BY ANY
INDEMNITEE, provided only that no Indemnitee shall be entitled under this section to receive
indemnification for that portion, if any, of any liabilities and costs which (i) is proximately
caused by its own (A) individual gross negligence or willful misconduct, as determined by a court
of competent jurisdiction in a final judgment, or (B) material breach of any of its obligations
hereunder or under any other Loan Documents, as determined by a court of competent jurisdiction in
a final judgment or (ii) arises by reason of a claim (A) by any one or more Indemnitees against
any one or more other Indemnitees or (B) by an equity-interest owner of any Indemnitee against any
one or more Indemnitees, so long as in either such case, such claim is not proximately caused
solely by the breach hereunder or under any other Loan Document by the Borrower or its Affiliates
or (iii) are incurred by an Indemnitee that is a Defaulting Lender, and such liabilities or costs
are proximately caused by conduct, acts or omissions described in clauses (a), (b)
or (c) of the definition of “Defaulting Lender”. If any Person (including the Borrower or
any of its Affiliates) ever alleges gross negligence or willful misconduct pursuant to the
preceding clause (i)(A) (but, for the avoidance of doubt, not with respect to an allegation of a
material breach pursuant to the preceding clause (i)(B)) by any Indemnitee, the indemnification
provided for in this section shall nonetheless be paid upon demand, subject to later adjustment or
reimbursement, until such time as a court of competent jurisdiction enters a final judgment as to
the extent and effect of the alleged gross negligence or willful misconduct. As used in this
section the term “Indemnitee” shall refer not only to each Person designated as a Lender Party in
Section 1.01 but also to each director, officer, trustee, agent, attorney, employee,
representative and Affiliate of such Persons. So long as no Default has occurred and is
continuing and the Borrower is financially solvent, no Indemnitee may settle any claim to be
indemnified without the consent of the Borrower, such consent not to be unreasonably withheld;
provided that the Borrower may not reasonably withhold consent to any settlement that an
Indemnitee proposes, if the Borrower does not have the financial ability to pay all its
obligations outstanding and asserted against the Borrower at that time, including the maximum
potential claims against the Indemnitee to be indemnified pursuant to this Section 11.04.

     (d) Reimbursement by Lenders. To the extent that the Borrower for any reason fails
to indefeasibly pay any amount required under subsection (a) or (b) of this Section to be paid by
it to the Administrative Agent (or any sub-agent thereof), the L/C Issuer or any applicable
Related Party of any of the foregoing, without affecting the Borrower’s payment obligations with
respect thereto, each Lender severally agrees to pay to the Administrative Agent (or any such
sub-agent), the L/C Issuer or such Related Party, as the case may be, such Lender’s

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Applicable Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount, provided that the unreimbursed expense
or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred
by or asserted against the Administrative Agent (or any such sub-agent) or the L/C Issuer in its
capacity as such, or against any Related Party of any of the foregoing acting for the
Administrative Agent (or any such sub-agent) or L/C Issuer in connection with such capacity. The
obligations of the Lenders under this subsection (d) are subject to the provisions of Section
2.11(d).

     (e) Waiver of Consequential Damages, Etc. To the fullest extent permitted by
applicable law, no party hereto or Related Party of any party hereto shall assert, and hereby
waives, any claim against each other party hereto and its Related Parties (including, as
applicable, each Indemnitee), on any theory of liability, for special, indirect, consequential or
punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or
as a result of, this Agreement, any other Loan Document or any agreement or instrument
contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit
or the use of the proceeds thereof. No Indemnitee referred to in subsection (b) above shall be
liable for any damages arising from the use by unintended recipients of any information or other
materials distributed by it through telecommunications, electronic or other information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than as a result of such Indemnitee’s gross
negligence, willful misconduct or material breach of any of its obligations under any Loan
Document.

     (f) Payments. All amounts due under this Section shall be payable not later than ten
Business Days after demand therefor and the Borrower’s receipt of reasonably detailed invoices or
statements related thereto.

     (g) Survival. The agreements in this Section shall survive the resignation of the
Administrative Agent and the L/C Issuer, the replacement of any Lender, the termination of the
Aggregate Commitments and the repayment, satisfaction or discharge of all the other Obligations.

     11.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made to
the Administrative Agent, the L/C Issuer or any Lender, or the Administrative Agent, the L/C Issuer
or any Lender exercises its right of setoff, and such payment or the proceeds of such setoff or any
part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required (including pursuant to any settlement entered into by the Administrative Agent, the L/C
Issuer or such Lender in its discretion) to be repaid to a trustee, receiver or any other party, in
connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of
such recovery, the obligation or part thereof originally intended to be satisfied shall be revived
and continued in full force and effect as if such payment had not been made or such setoff had not
occurred, and (b) each Lender and the L/C Issuer severally agrees to pay to the Administrative
Agent upon demand its applicable share (without duplication) of any amount so recovered from or
repaid by the Administrative Agent, plus interest thereon from the date of such demand to the date
such payment is made at a rate per annum equal to the Federal Funds Rate from time to time in
effect. The obligations of

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the Lenders and the L/C Issuer under clause (b) of the preceding sentence shall survive the
payment in full of the Obligations and the termination of this Agreement.

     11.06 Successors and Assigns.

     (a) Successors and Assigns Generally. The provisions of this Agreement shall be
binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender and no Lender may assign or otherwise transfer any of its rights or obligations
hereunder except (i) to an assignee in accordance with the provisions of subsection (b) of this
Section, (ii) by way of participation in accordance with the provisions of subsection (d) of this
Section, or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of subsection (f) of this Section (and any other attempted assignment or transfer by
any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall
be construed to confer upon any Person (other than the parties hereto, their respective successors
and assigns permitted hereby, Participants to the extent provided in subsection (d) of this
Section and, to the extent expressly contemplated hereby, the Related Parties of each of the
Administrative Agent, the L/C Issuer and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement.

     (b) Assignments by Lenders. Any Lender may at any time assign to one or more
Eligible Assignees all or a portion of its rights and obligations under this Agreement (including
all or a portion of its Commitment and the Loans (including for purposes of this subsection (b),
participations in L/C Obligations) at the time owing to it); provided that any such
assignment shall be subject to the following conditions:

     (i) Minimum Amounts.

          (A) in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Loans at the time owing to it or in the case
of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no
minimum amount need be assigned; and

          (B) in any case not described in subsection (b)(i)(A) of this Section, the
aggregate amount of the Commitment (which for this purpose includes Loans
outstanding thereunder) or, if the Commitment is not then in effect, the principal
outstanding balance of the Loans of the assigning Lender subject to each such
assignment, determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Assumption, as of the Trade Date, shall not be less
than $5,000,000 unless each of the Administrative Agent and, so long as no Event of
Default has occurred and is continuing, the Borrower otherwise consents (each such
consent not to be unreasonably withheld or delayed); provided,
however, that concurrent assignments to members of an Assignee Group and
concurrent assignments from members of an Assignee Group to a single Eligible
Assignee (or to an Eligible Assignee and members of its Assignee

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          Group) will be treated as a single assignment for purposes of determining
whether such minimum amount has been met.

          (ii) Proportionate Amounts. Each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Lender’s rights and obligations
under this Agreement with respect to the Loans or the Commitment assigned;

          (iii) Required Consents. No consent shall be required for any such assignment
except to the extent required by subsection (b)(i)(B) of this Section and, in
addition:

          (A) the consent of the Borrower (such consent not to be unreasonably withheld)
shall be required unless (1) an Event of Default has occurred and is continuing at
the time of such assignment or (2) such assignment is to a Lender;
provided that the Borrower shall be deemed to have consented to any
such assignment unless it shall object thereto by written notice to the
Administrative Agent within five (5) Business Days after having received notice
thereof;

          (B) the consent of the Administrative Agent (such consent not to be
unreasonably withheld or delayed) shall be required if such assignment is to a
Person that is not a Lender, an Affiliate of such Lender or an Approved Fund with
respect to such Lender; and

          (C) the consent of the L/C Issuer (such consent not to be unreasonably withheld
or delayed) shall be required for any assignment that increases the obligation of
such assignee to participate in exposure under one or more Letters of Credit
(whether or not then outstanding).

     (iv) Assignment and Assumption. The parties to each assignment permitted by
Section 11.06(b) shall execute and deliver to the Administrative Agent an Assignment
and Assumption, together with a processing and recordation fee in the amount of $3,500;
provided, however, that the Administrative Agent may, in its sole
discretion, elect to waive such processing and recordation fee in the case of any
assignment. The assignee, if it is not a Lender, shall deliver to the Administrative Agent
an Administrative Questionnaire.

     (v) No Assignment to Certain Persons. No such assignment shall be made (A) to
the Borrower or any of the Borrower’s Affiliates or Subsidiaries, or (B) to any Defaulting
Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder,
would constitute any of the foregoing Persons described in this clause (B), or (C) to a
natural person.

     (vi) No Assignment Resulting in Additional Indemnified Taxes. No such
assignment shall be made to any Person that, through its Lending Office, is not capable of
lending to the Borrower without the imposition of any withholding taxes on interest or
principal owed to such Person, and Loans by such Person shall be made through such Lending
Office.

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     (vii) Certain Additional Payments. In connection with any assignment of rights
and obligations of any Defaulting Lender hereunder, no such assignment shall be effective
unless and until, in addition to the other conditions thereto set forth herein, the parties
to the assignment shall make such additional payments to the Administrative Agent in an
aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright
payment, purchases by the assignee of participations or subparticipations, or other
compensating actions, including funding, with the consent of the Borrower and the
Administrative Agent, the applicable pro rata share of Loans previously requested but not
funded by the Defaulting Lender, to each of which the applicable assignee and assignor
hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then
owed by such Defaulting Lender to the Administrative Agent or any Lender hereunder (and
interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share
of all Loans and participations in Letters of Credit in accordance with its Applicable
Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and
obligations of any Defaulting Lender hereunder shall become effective under applicable Law
without compliance with the provisions of this paragraph, then the assignee of such interest
shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such
compliance occurs.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection (c)
of this Section, from and after the effective date specified in each Assignment and Assumption, the
assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned
by such Assignment and Assumption, have the rights and obligations of a Lender under this
Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by
such Assignment and Assumption, be released from its obligations under this Agreement (and, in the
case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations
under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be
entitled to the benefits of Sections 3.01, 3.04, 3.05, and 11.04
with respect to facts and circumstances occurring prior to the effective date of such assignment.
Upon request, the Borrower (at its expense) shall execute and deliver a Note to the assignee Lender
against receipt by the Borrower of the cancelled original Note of the assignor, if its entire
Commitment was assigned, or evidence that such assignor’s Note is marked to reflect its reduction.
Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not
comply with this subsection shall be treated for purposes of this Agreement as a sale by such
Lender of a participation in such rights and obligations in accordance with subsection (d) of this
Section.

     (c) Register. The Administrative Agent, acting solely for this purpose as an agent
of the Borrower (and such agency being solely for tax purposes), shall maintain at the
Administrative Agent’s Office a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Commitments of,
and principal amounts (and stated interest) of the Loans and L/C Obligations owing to, each Lender
pursuant to the terms hereof from time to time and recordation of Assignments and Assumptions (the
“Register”). The entries in the Register shall be conclusive absent manifest error, and
the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of
this Agreement, notwithstanding notice to the contrary. In addition, the

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Administrative Agent shall maintain on the Register information regarding the designation,
and revocation of designation, of any Lender as a Defaulting Lender. The Register shall be
available for inspection by the Borrower and any Lender, at any reasonable time and from time to
time upon reasonable prior notice, and the Administrative Agent shall provide a copy of the
Register upon the Borrower’s or such Lender’s request.

     (d) Participations. Any Lender may at any time, without the consent of, or notice
to, the Borrower or the Administrative Agent, sell participations to any Person (other than a
natural person, a Defaulting Lender or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or
obligations under this Agreement (including all or a portion of its Commitment and/or the Loans
(including such Lender’s participations in L/C Obligations) owing to it); provided that
(i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall
remain solely responsible to the other parties hereto for the performance of such obligations and
(iii) the Borrower, the Administrative Agent, the Lenders and the L/C Issuer shall continue to
deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement.

     Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 11.01 that affects such Participant. Subject to subsection (e) of this Section,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections
3.01, 3.04 and 3.05 (subject to the requirements and limitations therein,
including the requirements under Section 3.01 (it being understood that the documentation
required under Section 3.01 shall be delivered to the participating Lender) and the
obligations imposed by such Sections and shall be subject to replacement pursuant to Section
3.06 to the same extent as if it were a Lender and had acquired its interest by assignment
pursuant to subsection (b) of this Section. Each Lender that sells a participation agrees, at such
Lender’s request and expense, to use reasonable efforts to cooperate with the Borrower to
effectuate the provisions of Section 3.06 with respect to any Participant. To the extent
permitted by law, each Participant also shall be entitled to the benefits of Section 11.08
as though it were a Lender, provided such Participant agrees to be subject to Section
2.12 as though it were a Lender. Each Lender that sells a participation shall, solely for tax
purposes, maintain a register on which it enters the name and address of each Participant in such
Lender’s Loans and the principal amounts (and stated interest) of each such Participant’s interest
in such Lender’s Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any
portion of its Participant Register to any Person (including the identity of any Participant or any
information relating to a Participant’s interest in such Lender’s commitments, loans, letters of
credit or its other obligations under any Loan Document) except to the extent that such disclosure
is necessary to establish that such commitment, loan, letter of credit or other obligation is in
registered form under Section 5f.103-1(c) of the Treasury regulations. The entries in the
Participant Register shall be conclusive absent manifest error, and such Lender shall treat each
Person whose name is recorded in such Lender’s Participant Register as the owner of such
participation for all purposes of this Agreement notwithstanding any notice to the contrary. For

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the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent)
shall have no responsibility for maintaining a Participant Register.

     (e) Limitations upon Participant Rights. A Participant shall not be entitled to
receive any greater payment under Section 3.01, 3.04 or 3.05 than the
applicable Lender would have been entitled to receive with respect to the participation sold to
such Participant, unless the sale of the participation to such Participant is made with the
Borrower’s prior written consent. A Participant that would be a Foreign Lender if it were a
Lender shall not be entitled to the benefits of Section 3.01 unless the Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply and complies with Section 3.01(e) as though it were a
Lender.

     (f) Certain Pledges. Any Lender may at any time pledge or assign a security interest
in all or any portion of its rights under this Agreement (including under its Note, if any) to
secure obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank or any central bank having jurisdiction over such Lender; provided
that no such pledge or assignment shall release such Lender from any of its obligations hereunder
or substitute any such pledgee or assignee for such Lender as a party hereto.

     (g) Resignation as L/C Issuer after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time Bank of America assigns all of its Commitment and Loans
pursuant to subsection (b) above, Bank of America may, upon 30 days’ notice to the Borrower and
the Lenders, resign as L/C Issuer. In the event of any such resignation as L/C Issuer, the
Borrower shall be entitled to appoint from among the Lenders a successor L/C Issuer (subject to
such successor’s acceptance) hereunder; provided, however, that no failure by the
Borrower to appoint any such successor shall affect the resignation of Bank of America as L/C
Issuer. If Bank of America resigns as L/C Issuer, it shall retain all the rights, powers,
privileges and duties of the L/C Issuer hereunder with respect to all Letters of Credit
outstanding as of the effective date of its resignation as L/C Issuer and all L/C Obligations with
respect thereto (including the right to require the Lenders to make Base Rate Loans or fund risk
participations in Unreimbursed Amounts pursuant to Section 2.03(c)). Upon the appointment
of a successor L/C Issuer, (a) such successor shall succeed to and become vested with all of the
rights, powers, privileges and duties of the retiring L/C Issuer, and (b) the successor L/C Issuer
shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at
the time of such succession or make other arrangements satisfactory to Bank of America to
effectively assume the obligations of Bank of America with respect to such Letters of Credit.

     (h) Lost Notes. Upon receipt of an affidavit reasonably satisfactory to the Borrower
of an officer of any Lender as to the loss, theft, destruction or mutilation of its Note which is
not of public record, and, in the case of any such loss, theft, destruction or mutilation, upon
cancellation of such Note, the Borrower will execute and deliver, in lieu thereof, a replacement
Note in the principal amount of such Lender’s then Commitment or if no Commitment is in effect,
the outstanding principal amount owed to such Lender and otherwise of like tenor.

     11.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent, the
Lenders and the L/C Issuer (for itself and each of its Related Parties) agrees to maintain the
confidentiality of the Information (as defined below), except that

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Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors, officers, employees, agents, trustees, advisors and representatives (it being
understood that the Persons to whom such disclosure is made will be informed of the confidential
nature of such Information and instructed to keep such Information confidential and will maintain
such confidences), (b) to the extent requested or required by applicable laws or regulations or by
any subpoena or similar legal process, including in connection with any pledge or assignment made
pursuant to Section 11.06(f), (c) subject to this Section 11.07, to any other party
hereto, (d) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or in
connection with any Default or anticipated Default, the enforcement of rights hereunder or
thereunder, (e) subject to an agreement containing provisions substantially the same as those of
this Section, to (i) any assignee of or Participant in, or any prospective assignee of or
Participant in, any of its rights or obligations under this Agreement or any Proposed Lender
invited to be a Lender pursuant to Section 2.13(c) or (ii) any actual or prospective
counterparty (or its advisors) to any swap or derivative transaction relating to, and requested by,
the Borrower and its obligations, (f) with the consent of the Borrower or (g) to the extent such
Information (x) becomes publicly available other than as a result of a breach of this Section or
(y) becomes available to the Administrative Agent, any Lender, the L/C Issuer or any of their
respective Affiliates on a nonconfidential basis from a source other than the Borrower.

     For purposes of this Section, “Information” means all information received from the Borrower,
PAA or any Subsidiary relating to the Borrower, PAA or any Subsidiary, or any Affiliate of any of
them, or any of their respective businesses, other than any such information that is available to
the Administrative Agent, any Lender or the L/C Issuer on a nonconfidential basis prior to
disclosure by the Borrower or any Subsidiary, provided that, in the case of information received
from the Borrower or any Subsidiary after the date hereof, such information is clearly identified
at the time of delivery as confidential. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to
do so if such Person has exercised the same degree of care to maintain the confidentiality of such
Information as such Person would accord to its own confidential information.

     Each of the Administrative Agent, the Lenders and the L/C Issuer acknowledges that (a) the
Information may include material non-public information concerning the Borrower or a Subsidiary, as
the case may be, (b) it has developed compliance procedures regarding the use of material
non-public information and (c) it will handle such material non-public information in accordance
with applicable Law, including United States Federal and state securities Laws.

     11.08 Right of Setoff. At any time and from time to time during the continuance of any Event of
Default, each Lender and the L/C Issuer is hereby authorized, to the fullest extent permitted by
applicable law, to set off and apply against the payment Obligations then due and payable (without
notice to the Borrower or PAA) any and all deposits (general or special, time or demand,
provisional or final, in whatever currency) at any time held and other obligations (in whatever
currency) at any time owing by such Lender, the L/C Issuer or any such Affiliate to or for the
credit or the account of the Borrower or PAA; provided, that in the event that any Defaulting
Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over
immediately to the Administrative Agent for further application in accordance with the

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provisions of Section 2.15 and, pending such payment, shall be segregated by such
Defaulting Lender from its other funds and deemed held in trust for the benefit of the
Administrative Agent and the Lenders, and (y) the Defaulting Lender shall provide promptly to the
Administrative Agent a statement describing in reasonable detail the Obligations owing to such
Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, the
L/C Issuer and their respective Affiliates under this Section are in addition to other rights and
remedies (including other rights of setoff) that such Lender, the L/C Issuer or their respective
Affiliates may have. Each Lender and the L/C Issuer agrees to notify the Borrower and the
Administrative Agent promptly after any such setoff and application, provided that the
failure to give such notice shall not affect the validity of such setoff and application.

     11.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such
unpaid principal, refunded to the Borrower. In determining whether the interest contracted for,
charged, or received by the Administrative Agent or a Lender exceeds the Maximum Rate, such Person
may, to the extent permitted by applicable Law, (a) characterize any payment that is not principal
as an expense, fee, or premium rather than interest, (b) exclude voluntary prepayments and the
effects thereof, and (c) amortize, prorate, allocate, and spread in equal or unequal parts the
total amount of interest throughout the contemplated term of the Obligations hereunder.

     11.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and
by different parties hereto in different counterparts), each of which shall constitute an original,
but all of which when taken together shall constitute a single contract. This Agreement and the
other Loan Documents constitute the entire contract among the parties relating to the subject
matter hereof and supersede any and all previous agreements and understandings, oral or written,
relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery
of a manually executed counterpart of this Agreement.

     11.11 Survival of Representations and Warranties. All representations and warranties made hereunder
and in any other Loan Document or other document delivered pursuant hereto or thereto or in
connection herewith or therewith shall survive the execution and delivery hereof and thereof. Such
representations and warranties have been or will be relied upon by the Administrative Agent and
each Lender, regardless of any investigation made by the Administrative Agent or any Lender or on
their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or
knowledge of any Default at the time of any Credit Extension, and shall continue in full force and
effect as long as any Loan or any other Obligation hereunder shall remain unpaid or unsatisfied or
any Letter of Credit shall remain outstanding.

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     11.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction. Without limiting the foregoing provisions of this Section
11.12, if and to the extent that the enforceability of any provisions in this Agreement
relating to Defaulting Lenders shall be limited by Debtor Relief Laws, as determined in good faith
by the Administrative Agent, the L/C Issuer, then such provisions shall be deemed to be in effect
only to the extent not so limited.

     11.13 Replacement of Lenders. If (i) any Lender requests compensation under Section 3.04 or
gives a notice pursuant to Section 3.02 and does not subsequently designate a different
Lending Office or assign its rights and obligations hereunder to another of its offices, branches
or affiliates as provided in Section 3.06(a), (ii) the Borrower is required to pay any
additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 3.01, (iii) any Lender is a Defaulting Lender, (iv) any Lender fails to
consent to an election, consent, amendment, waiver or other modification to this Agreement or any
other Loan Document that requires the consent of (A) the Required Lenders, and such election,
consent, amendment, waiver or other modification is otherwise consented to by the Required Lenders,
or (B) all Lenders (or all Lenders directly affected thereby), and such election, consent,
amendment, waiver or other modification is otherwise consented to by Supermajority Lenders, or (v)
any other circumstance exists hereunder that gives the Borrower the right to replace a Lender as a
party hereto, then the Borrower may, at its sole expense and effort, upon notice to such Lender and
the Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in, and consents required by, Section
11.06), all of its interests, rights and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Lender,
if a Lender accepts such assignment), provided that:

     (a) unless paid by the assignee or waived by the Administrative Agent in its sole discretion,
the Borrower shall have paid to the Administrative Agent the assignment fee specified in
Section 11.06(b);

     (b) such Lender shall have received payment of an amount equal to 100% of the outstanding
principal of its Loans and L/C Advances, accrued interest thereon, accrued fees and all other
amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05 and subject to Section 2.15) from the assignee (to the extent of such
outstanding principal and accrued interest and fees) or the Borrower (in the case of all other
amounts);

     (c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such
assignment will result in a reduction in such compensation or payments thereafter; and

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     (d) such assignment does not violate applicable Laws.

     Notwithstanding the foregoing rights of the Borrower under this Section, the Borrower may not
replace any Lender which seeks compensation under Section 3.04 or reimbursement under
Section 3.01 unless the Borrower is replacing all Lenders which are then seeking such
compensation or reimbursement.

     11.14 Governing Law; Jurisdiction; Etc.

     (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.

     (b) SUBMISSION TO JURISDICTION. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY
SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE
OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN
DISTRICT OF NEW YORK, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR
ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH
NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT.
EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE
CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER
MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY
RIGHT THAT THE ADMINISTRATIVE AGENT, ANY LENDER OR THE L/C ISSUER MAY OTHERWISE HAVE TO BRING ANY
ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST THE BORROWER OR
ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

     (c) WAIVER OF VENUE. THE BORROWER IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE
LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY
OTHER LOAN DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE
DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH
COURT.

     (d) SERVICE OF PROCESS. EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS
IN THE MANNER PROVIDED FOR NOTICES

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IN SECTION 11.02. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY
HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     11.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

     11.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document), each of the Borrower and PAA acknowledges and agrees, and
acknowledges its Affiliates’ understanding, that: (a) (i) the arranging and other services
regarding this Agreement provided by the Administrative Agent, the Arrangers, the Co-Syndication
Agents and the Lenders are arm’s-length commercial transactions between the Borrower, PAA and their
respective Affiliates, on the one hand, and the Administrative Agent, the Arrangers, the
Co-Syndication Agents and the Lenders, on the other hand, (ii) each of the Borrower and PAA has
consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed
appropriate, and (iii) each of the Borrower and PAA is capable of evaluating, and understands and
accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other
Loan Documents; (b) (i) the Administrative Agent, the Co-Syndication Agents and the Arrangers each
is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary
for the Borrower, PAA or any of their respective Affiliates, or any other Person and (ii) none of
the Administrative Agent, any Arranger, any Co-Syndication Agent nor any Lender has any obligation
to the Borrower or any of its Affiliates with respect to the transactions contemplated hereby
except those obligations expressly set forth herein and in the other Loan Documents; and (c) the
Administrative Agent, the Arrangers, the Co-Syndication Agents, the Lenders and their respective
Affiliates may be engaged in a broad range of transactions that involve interests that differ from
those of the Borrower, PAA and their respective Affiliates, and none of the Administrative Agent,
any Arranger, any Co-Syndication Agent nor any Lender has any obligation to disclose any of such
interests to the Borrower, PAA or any of their respective Affiliates. To the fullest extent
permitted by law, each of the Borrower and PAA hereby waives and releases any claims that it may
have against the Administrative Agent, the Co-Syndication Agents and the Arrangers with respect to
any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any
transaction contemplated hereby.

96

 

     11.17 No Recourse to Other Persons. No past, present or future director, officer, partner,
employee, incorporator, manager, stockholder, unitholder or member of the Borrower, General
Partner, PAA, PAA GP LLC, a Delaware limited liability company, Plains AAP, L.P., a Delaware
limited partnership, or Plains All American GP LLC, a Delaware limited liability company, and no
past, present or future director, officer, partner, employee, incorporator, manager, stockholder,
unitholder or member of any Subsidiary of the Borrower shall have any liability for any Obligations
or for any claim based on, in respect of, or by reason of, the Obligations or their creation as
such. Each party hereto, for itself and each of its Related Parties, waives and releases all such
liability. The waiver and release are part of the consideration for the incurrence of Indebtedness
by the Borrower hereunder and, as applicable, the making of the Notes.

     11.18 Electronic Execution of Assignments and Certain Other Documents. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption or in any
amendment or other modification hereof (including waivers and consents) shall be deemed to include
electronic signatures or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature or the use of a
paper-based recordkeeping system, as the case may be, to the extent and as provided for in any
applicable law, including the Federal Electronic Signatures in Global and National Commerce Act,
the New York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

     11.19 USA PATRIOT Act. Each Lender that is subject to the Act (as hereinafter defined) and the
Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that
pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Borrower in accordance with the Act. The Borrower shall, promptly following a request by the
Administrative Agent or any Lender, provide all information that is in its or any of its
Subsidiary’s possession or control and not subject to confidentiality arrangements with third
parties or counsel which the Administrative Agent or such Lender reasonably requests in order to
comply with its ongoing obligations under applicable “know your customer” and anti-money laundering
rules and regulations, including the Act (and if any of such information is not in the Borrower’s
or any of its Subsidiary’s possession or control, will use its commercially reasonable efforts to
obtain such information and other documentation).

     11.20 Time of the Essence. Time is of the essence of the Loan Documents.

     11.21 ENTIRE AGREEMENT. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT
AMONG THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG THE PARTIES.

     11.22 Restated Agreement. In connection with the amendment and restatement of the Existing Credit
Agreement pursuant hereto, the Borrower, Administrative Agent and Lenders

97

 

shall as of the Closing Date make adjustments to the outstanding principal amount of “Loans”
under the Existing Credit Agreement (as such term is defined therein) (but not any interest accrued
thereon prior to the Closing Date), including the borrowing of additional Loans hereunder and the
repayment of loans thereunder plus all applicable accrued interest, fees and expenses as shall be
necessary to provide for Loans hereunder by each Lender in the amount of its Applicable Percentage
of all Loans as of the Closing Date, but in no event shall such adjustment of any “Eurodollar
Loans” as such term is defined therein) (i) constitute a payment or prepayment of all or a portion
of any such Eurodollar Loans or (ii) entitle any Lender to any reimbursement under Section
3.05 hereof, and each Lender shall be deemed to have made an assignment of its outstanding
Loans under the Existing Credit Agreement, and assumed outstanding Loans of other Lenders under the
Existing Credit Agreement as may be necessary to effect the foregoing. The Borrower states and
acknowledges that this Agreement is entered into by it in amendment and restatement of the Existing
Credit Agreement. The Borrower further states, acknowledges and agrees that the preceding sentence
does not and shall not alter or otherwise modify in any regard, directly or indirectly, expressly
or impliedly or otherwise, the terms, provisions and conditions expressly set forth in, and
contemplated by, this Agreement, or the transactions contemplated hereby, which in each case shall
be governed solely by the terms, provisions and conditions of this Agreement and the other Loan
Documents without regard to this Section 11.22.

98

 

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

	 	 	 	 	 
	 	PLAINS MARKETING, INC., as Borrower

By:    PLAINS MARKETING GP INC.,

          its general partner

 	 
	 	By:  	 	 
	 	 	Charles Kingswell-Smith 	 
	 	 	Vice President and Treasurer 	 
	 
	 	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:  	 	 
	 	 	Charles Kingswell-Smith 	 
	 	 	Vice President and Treasurer 	 
	 

Plains Marketing Hedged Inventory Facility

S-1

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-2

 

	 	 	 	 	 
	 	BANK OF AMERICA, N.A.,

as a Lender and L/C Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-3

 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-4

 

	 	 	 	 	 
	 	BNP PARIBAS, as a Lender

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

Plains Marketing Hedged Inventory Facility

S-5

 

	 	 	 	 	 
	 	DNB NOR BANK ASA, as a Lender

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

Plains Marketing Hedged Inventory Facility

S-6

 

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

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-7

 

	 	 	 	 	 
	 	SUNTRUST BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-8

 

	 	 	 	 	 
	 	SOCIÉTÉ GENERALÉ, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-9

 

	 	 	 	 	 
	 	BARCLAYS BANK PLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-10

 

	 	 	 	 	 
	 	CITIBANK, N.A., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-11

 

	 	 	 	 	 
	 	MIZUHO CORPORATE BANK (USA), as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-12

 

	 	 	 	 	 
	 	UBS LOAN FINANCE LLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-13

 

	 	 	 	 	 
	 	THE BANK OF NOVA SCOTIA, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-14

 

	 	 	 	 	 
	 	ROYAL BANK OF CANADA, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-15

 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	Justin Alexander 	 
	 	 	Title:  	Vice President 	 
	 

Plains Marketing Hedged Inventory Facility

S-16

 

	 	 	 	 	 
	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-17

 

	 	 	 	 	 
	 	SUMITOMO MITSUI BANKING CORP., NEW YORK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-18

 

	 	 	 	 	 
	 	ING CAPITAL LLC, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-19

 

	 	 	 	 	 
	 	COMPASS BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-20

 

	 	 	 	 	 
	 	FIFTH THIRD BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-21

 

	 	 	 	 	 
	 	REGIONS BANK, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-22

 

	 	 	 	 	 
	 	BANK OF MONTREAL, as a Lender

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Plains Marketing Hedged Inventory Facility

S-23

 

SCHEDULE 2.01

COMMITMENTS

AND APPLICABLE PERCENTAGES

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Applicable	 
	Lender	 	Commitment	 	 	Percentage	 
	Bank of America, N.A.
	 	$	60,000,000.00	 	 	 	7.058823529	%
	Wells Fargo Bank, National Association
	 	$	50,000,000.00	 	 	 	5.882352941	%
	BNP Paribas
	 	$	60,000,000.00	 	 	 	7.058823529	%
	DnB NOR Bank ASA
	 	$	50,000,000.00	 	 	 	5.882352941	%
	JPMorgan Chase Bank, N.A.
	 	$	50,000,000.00	 	 	 	5.882352941	%
	SunTrust Bank
	 	$	40,000,000.00	 	 	 	4.705882353	%
	Société Generalé
	 	$	60,000,000.00	 	 	 	7.058823529	%
	Barclays Bank PLC
	 	$	45,000,000.00	 	 	 	5.294117647	%
	Citibank, N.A.
	 	$	45,000,000.00	 	 	 	5.294117647	%
	Mizuho Corporate Bank (USA)
	 	$	45,000,000.00	 	 	 	5.294117647	%
	UBS Loan Finance LLC
	 	$	45,000,000.00	 	 	 	5.294117647	%
	The Bank of Nova Scotia
	 	$	45,000,000.00	 	 	 	5.294117647	%
	Royal Bank of Canada
	 	$	35,000,000.00	 	 	 	4.117647059	%
	U.S. Bank National Association
	 	$	35,000,000.00	 	 	 	4.117647059	%
	The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	 	$	40,000,000.00	 	 	 	4.705882353	%
	Sumitomo Mitsui Banking Corp., New
York
	 	$	30,000,000.00	 	 	 	3.529411765	%
	ING Capital LLC
	 	$	35,000,000.00	 	 	 	4.117647059	%
	Compass Bank
	 	$	20,000,000.00	 	 	 	2.352941176	%
	Fifth Third Bank
	 	$	20,000,000.00	 	 	 	2.352941176	%
	Regions Bank
	 	$	20,000,000.00	 	 	 	2.352941176	%
	Bank of Montreal
	 	$	20,000,000.00	 	 	 	2.352941176	%
	Total
	 	$	850,000,000.00	 	 	 	100.000000000	%

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00193-of-00352.parquet"}]]