Document:

Exhibit 4.1

 

 

 

PLAINS ALL
AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.

as Issuers

$750,000,000

 

 

3.800% SENIOR
NOTES DUE 2030

 

THIRTY-SECOND

 

SUPPLEMENTAL

 

INDENTURE

 

 

 

Dated as
of June 11, 2020

 

 

U.S. BANK
NATIONAL ASSOCIATION

as Trustee

 

 

     

     

    

 

 

 

TABLE
OF CONTENTS

 

 

	ARTICLE I	 	1
	Section 1.01.	Establishment	1
	 	 	 
	ARTICLE II
    DEFINITIONS AND INCORPORATION BY REFERENCE	2
	Section 2.01.	Definitions	2
	Section 2.02.	Other Definitions	6
	 	 	 
	ARTICLE III
    THE NOTES	7
	Section 3.01.	Form	7
	Section 3.02.	Issuance of Additional
    Notes	7
	Section 3.03.	Global Security Legend	7
	 	 	 
	ARTICLE IV
    REDEMPTION AND PREPAYMENT	7
	Section 4.01.	Optional Redemption.	7
	 	 	 
	ARTICLE V COVENANTS 	8
	Section 5.01.	Compliance Certificate	8
	Section 5.02.	Limitations on Liens	8
	Section 5.03.	Restriction of Sale-leaseback
    Transactions	10
	Section 5.04.	SEC Reports; Financial
    Statements	10
	Section 5.05.	Subsidiary Guarantees	11
	 	 	 
	ARTICLE VI
    SUCCESSORS	11
	Section 6.01.	Consolidation and Mergers
    of the Issuers	11
	Section 6.02.	Rights and Duties of
    Successor	12
	 	 	 
	ARTICLE VII
    DEFAULTS AND REMEDIES	12
	Section 7.01.	Events of Default	12
	 	 	 
	ARTICLE VIII
    LEGAL DEFEASANCE AND COVENANT DEFEASANCE	14
	Section 8.01.	Option to Effect Legal
    Defeasance or Covenant Defeasance	14
	Section 8.02.	Legal Defeasance and
    Discharge	14
	Section 8.03.	Covenant Defeasance	15
	Section 8.04.	Conditions to Legal or
    Covenant Defeasance	15
	Section 8.05.	Deposited Money and U.S.
    Government Obligations to be Held in Trust; Other Miscellaneous Provisions	16
	Section 8.06.	Repayment to Issuers	17
	Section 8.07.	Reinstatement	17
	 	 	 
	ARTICLE IX
    SUBSIDIARY GUARANTEES	17
	Section 9.01.	Subsidiary Guarantees	17
	Section 9.02.	Limitation on Liability	19
	Section 9.03.	Successors and Assigns	19
	Section 9.04.	No Waiver	19
	Section 9.05.	Modification	19

 

    	 	-i-	 

     

    

 

	Section 9.06.	Execution
    of Supplemental Indenture for Future Subsidiary Guarantors	20
	Section 9.07.	Release of Guarantee	20
	 	 	 
	ARTICLE X
    MISCELLANEOUS	20
	Section 10.01.	Additional Amendments	20
	Section 10.02.	Integral Part	21
	Section 10.03.	Adoption, Ratification
    and Confirmation	21
	Section 10.04.	Counterparts	21
	Section 10.05.	Governing Law	21
	Section 10.06.	Recitals; Trustee Makes
    No Representation; Trustee’s Rights and Duties	21

 

	EXHIBIT A:	 Form of Note

 

	EXHIBIT B:	Form of
    Supplemental Indenture

 

    	 	-ii-	 

     

    

 

THIRTY-SECOND
SUPPLEMENTAL INDENTURE dated as of June 11, 2020 (this “Supplemental Indenture”) among PLAINS ALL AMERICAN PIPELINE,
L.P., a Delaware limited partnership (the “Partnership”), PAA FINANCE CORP., a wholly owned subsidiary of the Partnership
and a Delaware corporation (“PAA Finance” and, together with the Partnership, the “Issuers”), and U.S.
BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).

 

W I T N E
S S E T H:

 

WHEREAS,
the Issuers have heretofore entered into an Indenture, dated as of September 25, 2002 (the “Original Indenture”),
with U.S. Bank National Association (successor to Wachovia Bank, National Association), as trustee;

 

WHEREAS,
the Original Indenture, as supplemented by this Supplemental Indenture, is herein called the “Indenture”;

 

WHEREAS,
under the Original Indenture, a new series of Debt Securities may at any time be established by the Boards of Directors of the
Managing General Partner and PAA Finance in accordance with the provisions of the Original Indenture and the form and terms of
such series may be established by a supplemental indenture executed by the Issuers and the Trustee;

 

WHEREAS,
the Issuers propose to create under the Indenture a new series of Debt Securities;

 

WHEREAS,
additional Debt Securities of other series hereafter established, except as may be limited in the Original Indenture as at the
time supplemented and modified, may be issued from time to time pursuant to the Original Indenture as at the time supplemented
and modified; and

 

WHEREAS,
all conditions necessary to authorize the execution and delivery of this Supplemental Indenture and to make it a valid and binding
obligation of the Issuers have been done or performed.

 

NOW,
THEREFORE, in consideration of the agreements and obligations set forth herein and for other good and valuable consideration,
the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

 

Section 1.01.           Establishment.  There is hereby established a new series of Debt Securities to be issued under the Indenture, to be designated as the Issuers’
3.800% Senior Notes due 2030 (the “Notes”). Initially, there will be no Subsidiary Guarantors for the Notes.

 

(a)            There
are to be authenticated and delivered $750,000,000 principal amount of Notes on the Issue Date, and from time to time thereafter
there may be authenticated and delivered an unlimited principal amount of Additional Notes.

 

    	 	1	 

     

    

 

(b)            The
Notes shall be issued initially in the form of one or more Global Securities in substantially the form set out in Exhibit A
hereto. The Depositary with respect to the Notes shall be The Depository Trust Company.

 

(c)            Each
Note shall be dated the date of authentication thereof and shall bear interest from the date of original issuance thereof or from
the most recent date to which interest has been paid or duly provided for.

 

(d)            If
and to the extent that the provisions of the Original Indenture are duplicative of, or in contradiction with, the provisions of
this Supplemental Indenture, the provisions of this Supplemental Indenture shall govern.

 

ARTICLE II

DEFINITIONS AND INCORPORATION BY REFERENCE

 

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

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect
common control with such specified Person. For purposes of this definition, “control,” as used with respect to any
Person, shall mean the possession directly or indirectly of the power to direct or cause the direction of the management or policies
of such Person, whether through the ownership of voting securities, by agreement or otherwise; and the terms “controlling,”
 “controlled by” and “under common control with” shall have correlative meanings.

 

“Attributable
Indebtedness,” when used with respect to any Sale-leaseback Transaction, means, as at the time of determination, the present
value (discounted at the rate set forth or implicit in the terms of the lease included in such transaction) of the total obligations
of the lessee for rental payments (other than amounts required to be paid on account of property taxes, maintenance, repairs,
insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights)
during the remaining term of the lease included in such Sale-leaseback Transaction (including any period for which such lease
has been extended). In the case of any lease that is terminable by the lessee upon the payment of a penalty or other termination
payment, such amount shall be the lesser of the amount determined assuming termination upon the first date such lease may be terminated
(in which case the amount shall also include the amount of the penalty or termination payment, but no rent shall be considered
as required to be paid under such lease subsequent to the first date upon which it may be so terminated) or the amount determined
assuming no such termination.

 

“Capital
Interests” means any and all shares, interests, participations, rights or other equivalents (however designated) of capital
stock, including, without limitation, with respect to partnerships, partnership interests (whether general or limited) and any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions
of assets of, such Person.

 

    	 	2	 

     

    

 

“Consolidated
Net Tangible Assets” means, at any date of determination, the total amount of assets after deducting therefrom: (1) all
current liabilities (excluding (a) any current liabilities that by their terms are extendible or renewable at the option
of the obligor thereon to a time more than 12 months after the time as of which the amount thereof is being computed; and (b) current
maturities of long-term debt); and (2) the amount, net of any applicable reserves, of all goodwill, trade names, trademarks,
patents and other like intangible assets, all as set forth on the consolidated balance sheet of the Partnership for its most recently
completed fiscal quarter, prepared in accordance with GAAP.

 

“Debt”
means any obligation created or assumed by any Person for the repayment of money borrowed, any purchase money obligation created
or assumed by such Person, and any guarantee of the foregoing.

 

“Funded
Debt” means all Debt maturing one year or more from the date of the creation thereof, all Debt directly or indirectly renewable
or extendible, at the option of the debtor, by its terms or by the terms of any instrument or agreement relating thereto, to a
date one year or more from the date of the creation thereof, and all Debt under a revolving credit or similar agreement obligating
the lender or lenders to extend credit over a period of one year or more.

 

“Guarantee”
means a guarantee of the Notes given by a Subsidiary Guarantor pursuant to the Indenture, including any future obligations under
Article IX hereof.

 

“General
Partner” means PAA GP LLC, a Delaware limited liability company, and its successors and permitted assigns as general partner
of the Partnership.

 

“Issue
Date” means the date on which the Notes are initially issued.

 

“Managing
General Partner” means (i) Plains All American GP LLC, a Delaware limited liability company (and its successors and
permitted assigns), as general partner of Plains AAP, L.P., a Delaware limited partnership (and its successors and permitted assigns),
as sole member of the General Partner or (ii) the business entity with the ultimate authority to manage the business and
operations of the Partnership.

 

“Notes”
has the meaning assigned to it in Section 1.01(a) hereof, and includes both the Notes issued on the Issue Date and any
Additional Notes issued thereafter.

 

“Obligations”
means any principal, interest, liquidated damages, penalties, fees, indemnifications, reimbursement obligations, damages and other
liabilities payable under the documentation governing any Debt.

 

“Pari
Passu Debt” means any Funded Debt of either of the Issuers, whether outstanding on the Issue Date or thereafter created,
incurred or assumed, unless, in the case of any particular Funded Debt, the instrument creating or evidencing the same or pursuant
to which the same is outstanding expressly provides that such Funded Debt shall be subordinated in right of payment to the Notes.

 

    	 	3	 

     

    

 

“Partnership
Agreement” means the Seventh Amended and Restated Agreement of Limited Partnership of Plains All American Pipeline, L.P.,
dated as of October 10, 2017, as such may be otherwise amended, modified or supplemented from time to time.

 

“Permitted
Liens” means:

 

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

 

(2)            any
statutory or governmental Lien or Lien arising by operation of law, or any mechanics’, repairmen’s, materialmen’s,
suppliers’, carriers’, landlords’, warehousemen’s or similar Lien incurred in the ordinary course of business
which is not yet due or which is being contested in good faith by appropriate proceedings and any undetermined Lien which is incidental
to construction, development, improvement or repair;

 

(3)            the
right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant, license,
permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property;

 

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

 

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

 

(6)            any
Lien upon, or deposits of, any assets in favor of any surety company or clerk of court for the purpose of obtaining indemnity
or stay of judicial proceedings;

 

(7)            any
Lien upon property or assets acquired or sold by an Issuer or any Restricted Subsidiary resulting from the exercise of any rights
arising out of defaults on receivables;

 

(8)            any
Lien incurred in the ordinary course of business in connection with worker’s compensation, unemployment insurance, temporary
disability, social security, retiree health or similar laws or regulations or to secure obligations imposed by statute or governmental
regulations;

 

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

 

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

 

    	 	4	 

     

    

 

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

 

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

 

(13)           Liens
in favor of any Person to secure obligations under the provisions of any letters of credit, bank guarantees, bonds or surety obligations
required or requested by any governmental authority in connection with any contract or statute;

 

(14)           any
Lien upon or deposits of any assets to secure performance of bids, trade contracts, leases or statutory obligations;

 

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

 

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

 

(17)           Liens
arising under operating agreements, joint venture agreements, partnership agreements, oil and gas leases, farmout agreements,
division orders, contracts for sale, transportation or exchange of oil and natural gas, unitization and pooling declarations and
agreements, area of mutual interest agreements and other agreements arising in the ordinary course of the Partnership’s
or any Restricted Subsidiary’s business that are customary in the business of marketing, transportation and terminalling
of crude oil and/or marketing of liquefied petroleum gas; or

 

(18)           any
obligations or duties to any municipality or public authority with respect to any lease, easement, right-of-way, license, franchise,
privilege, permit or grant.

 

    	 	5	 

     

    

 

“Principal
Property” means, whether owned or leased on the Issue Date or thereafter acquired: (1) any of the pipeline assets of
the Partnership or the pipeline assets of any Subsidiary of the Partnership, including any related facilities employed in the
transportation, distribution, terminalling, gathering, treating, processing, marketing or storage of crude oil or refined petroleum
products, natural gas, natural gas liquids, fuel additives or petrochemicals, and (2) any processing or manufacturing plant
or terminal owned or leased by the Partnership or any Subsidiary of the Partnership; except, in the case of either clause (1) or
(2), (a) any such assets consisting of inventories, furniture, office fixtures and equipment, including data processing equipment,
vehicles and equipment used on, or useful with, vehicles, and (b) any such assets, plant or terminal which, in the good faith
opinion of the Board of Directors, is not material in relation to the activities of the Partnership or the activities of the Partnership
and its Subsidiaries, taken as a whole.

 

“Restricted
Subsidiary” means any Subsidiary of the Partnership owning or leasing, directly or indirectly through ownership in another
Subsidiary, any Principal Property.

 

“Sale-leaseback
Transaction” means the sale or transfer by an Issuer or any Subsidiary of the Partnership of any Principal Property to a
Person (other than an Issuer or a Subsidiary of the Partnership) and the taking back by an Issuer or any Subsidiary of the Partnership,
as the case may be, of a lease of such Principal Property.

 

“Subsidiary”
means, with respect to any Person: (1) any other Person of which more than 50% of the total voting power of shares or other
Capital Interests entitled, without regard to the occurrence of any contingency, to vote in the election of directors, managers
or trustees (or equivalent persons) thereof is at the time owned or controlled, directly or indirectly, by such Person or
one or more of the other Subsidiaries of such Person or a combination thereof; or (2) in the case of a partnership, more
than 50% of the partners’ Capital Interests, considering all partners’ Capital Interests as a single class, is at
the time owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person or
a combination thereof.

 

“Subsidiary
Guarantors” means:

 

(1)            any
Subsidiary of the Partnership that executes a supplemental Indenture to provide a Guarantee in accordance with the provisions
of the Indenture; and

 

(2)            its
successors and assigns.

 

Section 2.02.           Other
Definitions.

  

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

 

    	 	6	 

     

    

 

ARTICLE III

THE NOTES

 

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

 

Section 3.02.           Issuance
of Additional Notes. The Issuers may, from time to time, issue an unlimited amount of additional Notes (“Additional Notes”)
under the Indenture, which shall be issued in the same form as the Notes issued on the Issue Date and which shall have identical
terms as the Notes issued on the Issue Date other than with respect to the issue date, the date of first payment of interest,
if applicable, and the payment of interest accruing prior to the issue date. The Notes issued on the Issue Date shall be
limited in aggregate principal amount to $750,000,000. The Notes issued on the Issue Date and any Additional Notes subsequently
issued shall be treated as a single series for all purposes under the Indenture, including waivers, amendments, redemptions and
offers to purchase.

 

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

 

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

 

ARTICLE IV

REDEMPTION AND PREPAYMENT

 

Section 4.01.           Optional
Redemption.

 

(a)            At
their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes, at once or from
time to time.

 

(b)            To
redeem the Notes, the Issuers must pay a redemption price in an amount determined in accordance with the provisions of paragraph
number 5 of the form of Note in Exhibit A hereto, plus accrued and unpaid interest, if any, to the redemption date (subject
to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date).

 

    7

     

    

 

(c)            Any
redemption pursuant to this Section 4.01 shall otherwise be made pursuant to the provisions of Sections 3.01 through 3.03
of the Original Indenture and paragraph number 6 of the form of Note in Exhibit A hereto. The actual redemption price shall
be set forth in an Officers’ Certificate delivered to the Trustee no later than two Business Days prior to each redemption
date.

 

ARTICLE V

COVENANTS

 

Section 5.01.     Compliance
Certificate.

 

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

 

(b)            The
Issuers shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith and in any event within five days
upon any officer of an Issuer becoming aware of any Default or Event of Default or an event which, with notice or the lapse of
time or both, would constitute an Event of Default, an Officers’ Certificate specifying such Default or Event of Default
and what action the Issuers are taking or propose to take with respect thereto.

 

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

 

(a)            Permitted
Liens;

 

(b)            any
Lien upon any property or assets created at the time of acquisition of such property or assets by an Issuer or any Restricted
Subsidiary or within one year after such time to secure all or a portion of the purchase price for such property or assets or
Debt incurred to finance such purchase price, whether such Debt was incurred prior to, at the time of or within one year after
the date of such acquisition;

 

    	 	8	 

     

    

 

(c)            any
Lien upon any property or assets to secure all or part of the cost of construction, development, repair or improvements thereon
or to secure Debt incurred prior to, at the time of, or within one year after completion of such construction, development, repair
or improvements or the commencement of full operations thereof (whichever is later), to provide funds for any such purpose;

 

(d)            any
Lien upon any property or assets existing thereon at the time of the acquisition thereof by an Issuer or any Restricted Subsidiary
(whether or not the obligations secured thereby are assumed by an Issuer or any Restricted Subsidiary); provided, however, that
such Lien only encumbers the property or assets so acquired;

 

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

 

(f)            any
Lien upon any property or assets of an Issuer or any Restricted Subsidiary in existence on December 10, 2003 or provided
for pursuant to agreements existing on December 10, 2003;

 

(g)            Liens
imposed by law or order as a result of any proceeding before any court or regulatory body that is being contested in good faith,
and Liens which secure a judgment or other court-ordered award or settlement as to which an Issuer or the applicable Restricted
Subsidiary, as the case may be, has not exhausted its appellate rights;

 

(h)            any
extension, renewal, refinancing, refunding or replacement (or successive extensions, renewals, refinancings, refundings or replacements)
of Liens, in whole or in part, referred to in clauses (a) through (g), inclusive, of this Section 5.02; provided, however,
that any such extension, renewal, refinancing, refunding or replacement Lien shall be limited to the property or assets covered
by the Lien extended, renewed, refinanced, refunded or replaced and that the obligations secured by any such extension, renewal,
refinancing, refunding or replacement Lien shall be in an amount not greater than the amount of the obligations secured by the
Lien extended, renewed, refinanced, refunded or replaced and any expenses of the Issuers and the Restricted Subsidiaries (including
any premium) incurred in connection with such extension, renewal, refinancing, refunding or replacement; or

 

(i)            any
Lien resulting from the deposit of moneys or evidence of indebtedness in trust for the purpose of defeasing Debt of an Issuer
or any Restricted Subsidiary.

 

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

 

    	 	9	 

     

    

 

Section 5.03.    Restriction
of Sale-leaseback Transactions. The Issuers will not, and will not permit any Subsidiary of the Partnership to, engage in
a Sale-leaseback Transaction, unless:

 

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

 

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

 

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

 

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

 

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

 

Section 5.04.     SEC
Reports; Financial Statements.

 

(a)            Whether
or not the Partnership is then subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the
Partnership shall electronically file with the Commission, so long as the Notes are Outstanding, the annual, quarterly and other
periodic reports that the Partnership is required to file (or would otherwise be required to file) with the Commission pursuant
to Sections 13 and 15(d) of the Exchange Act, and such documents shall be filed with the Commission on or prior to the respective
dates (the “Required Filing Dates”) by which the Partnership is required to file (or would otherwise be required to
file) such documents, unless, in each case, such filings are not then permitted by the Commission.

 

(b)            If
such filings are not then permitted by the Commission, or such filings are not generally available on the Internet free of charge,
the Issuers shall provide the Trustee with, and the Trustee will mail to any Holder of Notes requesting in writing to the Trustee
copies of, such annual, quarterly and other periodic reports specified in Sections 13 and 15(d) of the Exchange Act within
15 days after the respective Required Filing Dates.

 

    	 	10	 

     

    

 

(c)            [Intentionally
omitted.]

 

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

 

(e)            Delivery
of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive notice of any information contained therein or determinable from information contained
therein, including the Partnership’s compliance with any of its covenants hereunder (as to which the Trustee is entitled
to rely exclusively on Officers’ Certificates).

 

Section 5.05.     Subsidiary
Guarantees. If any Subsidiary (or its successor) of the Partnership that is not then a Subsidiary Guarantor guarantees Debt
of either of the Issuers, in either case after the Issue Date, then the Partnership shall cause such Subsidiary (or successor)
to execute and deliver a supplemental Indenture providing for the guarantee of the payment of the Notes pursuant to Article IX
hereof.

 

ARTICLE VI

SUCCESSORS

 

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

 

Section 6.01.     Consolidation
and Mergers of the Issuers. Neither Issuer shall consolidate or amalgamate with or merge with or into any Person, or sell,
convey, transfer, lease or otherwise dispose of all or substantially all its assets to any Person, whether in a single transaction
or a series of related transactions, except (1) with respect to the Partnership, in accordance with the provisions of the
Partnership Agreement, and (2) unless: (a) either (i) such Issuer shall be the surviving Person in the case of
a merger or (ii) the resulting, surviving or transferee Person if other than such Issuer (the “Successor Company”)
shall be a partnership, limited liability company or corporation organized and existing under the laws of the United States, any
state thereof or the District of Columbia (provided that PAA Finance may not merge, amalgamate or consolidate with or into another
Person other than a corporation satisfying such requirement for so long as the Partnership is not a corporation) and the Successor
Company shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form reasonably
satisfactory to the Trustee, the due and punctual payment of the principal of, premium, if any, and interest on all of the Notes,
and the due and punctual performance or observance of all the other obligations under the Indenture to be performed or observed
by such Issuer; (b) immediately after giving effect to such transaction or series of transactions, no Default or Event of
Default would occur or be continuing; (c) if such Issuer is not the continuing Person, then each Subsidiary Guarantor, unless
it has become the Successor Company, shall confirm that its Guarantee shall continue to apply to the obligations under the Notes
and the Indenture; and (d) such Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition
and such supplemental Indenture (if any) comply with this Section 6.01 and any other applicable provisions of the Indenture.

 

    	 	11	 

     

    

 

 

 

 

Section 6.02.     Rights
and Duties of Successor. In case of any consolidation, amalgamation or merger where an Issuer is not the continuing
Person, or disposition of all or substantially all of the assets of an Issuer in accordance with Section 6.01, the Successor
Company shall succeed to and be substituted for such Issuer with the same effect as if it had been named herein as the respective
party to the Indenture, and the predecessor entity shall be released from all liabilities and obligations under the Indenture
and the Notes, except that no such release will occur in the case of a lease of all or substantially all of an Issuer’s
assets. In case of any such consolidation, amalgamation, merger, sale, conveyance, transfer, lease or other disposition, such
changes in phraseology and form (but not in substance) may be made in the Notes thereafter to be issued as may be appropriate.

 

ARTICLE VII

DEFAULTS
AND REMEDIES

 

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

 

(a)          An
 “Event of Default” occurs if:

 

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

 

(ii)           the
Issuers default in the payment when due of principal of or premium, if any, on the Notes at maturity, upon redemption or otherwise;

 

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

 

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

 

    	 	12	 

     

    

 

 

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

 

(vi)         an
Issuer or any Subsidiary Guarantor pursuant to or within the meaning of any Bankruptcy Law:

 

(A)           commences
a voluntary case,

 

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

 

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

 

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

 

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

 

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

 

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

 

(B)            appoints
a custodian of an Issuer or any Subsidiary Guarantor or for all or substantially all of the property of an Issuer or any Subsidiary
Guarantor; or

 

(C)            orders
the liquidation of an Issuer or any Subsidiary Guarantor;

 

and
the order or decree remains unstayed and in effect for 60 consecutive days.

 

    13

     

    

 

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

 

ARTICLE VIII

LEGAL
DEFEASANCE AND COVENANT DEFEASANCE

 

Section 8.01.     Option
to Effect Legal Defeasance or Covenant Defeasance. The Issuers may, at the option of the Boards of Directors evidenced
by a Board Resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03
hereof be applied to all outstanding Notes and Guarantees upon compliance with the conditions set forth below in this Article VIII.

 

Section 8.02.     Legal
Defeasance and Discharge. Upon the Issuers’ exercise under Section 8.01 hereof of the option applicable
to this Section 8.02, each of the Issuers and the Subsidiary Guarantors shall, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Notes and Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For
this purpose, Legal Defeasance means that each of the Issuers shall be deemed to have paid and discharged the entire Debt represented
by the outstanding Notes, which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05
hereof and the other Sections of the Indenture referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Notes and the Indenture, and each of the Subsidiary Guarantors shall be deemed to have discharged its obligations
under its Guarantee (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder:

 

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

 

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

 

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

 

(d)          this
Article VIII, and

 

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

 

    	 	14	 

     

    

 

Subject
to compliance with this Article VIII, the Issuers may exercise their option under this Section 8.02 notwithstanding
the prior exercise of their option under Section 8.03 hereof.

 

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

 

Section 8.04.     Conditions
to Legal or Covenant Defeasance. The following shall be the conditions to the application of either Section 8.02
or 8.03 hereof to the Outstanding Notes:

 

In
order to exercise either Legal Defeasance or Covenant Defeasance:

 

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

 

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

 

(c)          in
the case of an election under Section 8.03 hereof, the Issuers shall have delivered to the Trustee an Opinion of Counsel
confirming that the Holders of the Outstanding Notes shall not recognize income, gain or loss for federal income tax purposes
as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and
at the same times as would have been the case if such Covenant Defeasance had not occurred;

 

    	 	15	 

     

    

 

(d)          no
Default or Event of Default shall have occurred and be continuing either (i) on the date of such deposit (other than a Default
or Event of Default resulting from the incurrence of Debt all or a portion of the proceeds of which shall be applied to such deposit)
or (ii) insofar as Section 7.01(a)(vi) or 7.01(a)(vii) hereof is concerned, at any time in the period ending
on the 91st day after the date of deposit;

 

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

 

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

 

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

 

(h)          the
Issuers shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

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

 

The
Issuers shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S.
Government Obligations deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof
other than any such tax, fee or other charge which by law is for the account of the Holders of the Outstanding Notes.

 

Anything
in this Article VIII to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon
the written request of the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.04 hereof
which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee (which may be the opinion delivered under Section 8.04(a) hereof), are in excess of the amount
thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

    	 	16	 

     

    

 

Section 8.06.     Repayment
to Issuers. Any money deposited with the Trustee or any paying agent, or then held by the Issuers, in trust for the
payment of the principal of, premium on, if any, or interest on any Note and remaining unclaimed for two years after such principal,
premium, if any, or interest has become due and payable shall be paid to the Issuers on their written request or (if then held
by the Issuers) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look
only to the Issuers for payment thereof, and all liability of the Trustee or such paying agent with respect to such trust money,
and all liability of the Issuers as trustee thereof, shall thereupon cease; provided, however, that the Trustee
or such paying agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published
once, in The New York Times and The Wall Street Journal (U.S. edition), notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such notification or publication,
any unclaimed balance of such money then remaining shall be repaid to the Issuers.

 

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

 

ARTICLE IX

SUBSIDIARY
GUARANTEES

 

Section 9.01.     Subsidiary
Guarantees. (a)  Each Subsidiary Guarantor hereby jointly and severally unconditionally and irrevocably guarantees
on a senior basis to each Holder and to the Trustee and its successors and assigns (i) the full and punctual payment of principal,
premium, if any, and interest with respect to, the Notes when due, whether at maturity, by acceleration, by redemption or otherwise,
and all other monetary obligations of the Issuers under the Indenture (including obligations to the Trustee) and the Notes and
(ii) the full and punctual performance within applicable grace periods of all other obligations of the Issuers under the
Indenture and the Notes (all the foregoing being hereinafter collectively called the “Note Obligations”). Each Subsidiary
Guarantor further agrees that the Note Obligations may be extended or renewed, in whole or in part, without notice or further
assent from each such Subsidiary Guarantor, and that each such Subsidiary Guarantor shall remain bound under this Article IX
notwithstanding any extension or renewal of any Note Obligation.

 

    	 	17	 

     

    

 

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

 

(c)          Each
Subsidiary Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when
due (and not a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to
any security held for payment of the Note Obligations.

 

(d)          The
obligations of each Subsidiary Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination
for any reason other than indefeasible payment in full of the Note Obligations, including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever
or by reason of the invalidity, illegality or unenforceability of the Note Obligations or otherwise. Without limiting the generality
of the foregoing, the obligations of each Subsidiary Guarantor herein shall not be discharged or impaired or otherwise affected
by the failure of any Holder or the Trustee to assert any claim or demand or to enforce any remedy under the Indenture, the Notes
or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise,
in the performance of the obligations, or by any other act or thing or omission or delay to do any other act or thing which may
or might in any manner or to any extent vary the risk of any Subsidiary Guarantor or would otherwise operate as a discharge of
any Subsidiary Guarantor as a matter of law or equity.

 

(e)          Each
Subsidiary Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as the case may
be, if at any time payment, or any part thereof, of principal, premium, if any, or interest with respect to any Note Obligation
is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of either of the
Issuers or otherwise.

 

(f)           In
furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in equity
against any Subsidiary Guarantor by virtue hereof, upon the failure of the Issuers to pay the principal, premium, if any, or interest
with respect to any Note Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption
or otherwise, or to perform or comply with any other Note Obligation, each Subsidiary Guarantor hereby promises to and shall forthwith
pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of (i) the unpaid principal amount
of such Note Obligations, (ii) accrued and unpaid interest on such Note Obligations (but only to the extent not prohibited
by law) and (iii) all other monetary Note Obligations of the Issuers to the Holders and the Trustee.

 

    	 	18	 

     

    

 

(g)          Each
Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of
any Note Obligations guaranteed hereby until payment in full of all Note Obligations. Each Subsidiary Guarantor further agrees
that, as between it, on the one hand, and the Holders and the Trustee, on the other hand, (i) the maturity of the Note Obligations
guaranteed hereby may be accelerated as provided in Article VII hereof for the purposes of any Subsidiary Guarantor’s
Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Note
Obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in
Article VII hereof, such Note Obligations (whether or not due and payable) shall forthwith become due and payable by such
Subsidiary Guarantor for the purposes of this Section 9.01.

 

(h)          Each
Subsidiary Guarantor also agrees to pay any and all costs and expenses (including reasonable attorneys’ fees) incurred by
the Trustee or any Holder in enforcing any rights under this Section 9.01.

 

Section 9.02.     Limitation
on Liability. Any term or provision of the Indenture to the contrary notwithstanding, the maximum, aggregate amount
of the Note Obligations guaranteed hereunder by any Subsidiary Guarantor shall not exceed the maximum amount that, after giving
effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and to any collections from or payments made
by or on behalf of any other Subsidiary Guarantor in respect of its obligations under its Guarantee, can be hereby guaranteed
without rendering the Indenture, as it relates to any Subsidiary Guarantor, voidable under applicable law relating to fraudulent
conveyance or fraudulent transfer.

 

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

 

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

 

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

 

    	 	19	 

     

    

 

Section 9.06.     Execution
of Supplemental Indenture for Future Subsidiary Guarantors. Each Subsidiary which is required to become a Subsidiary
Guarantor pursuant to Section 5.05 hereof shall promptly execute and deliver to the Trustee a supplemental Indenture in substantially
the form of Exhibit B hereto pursuant to which such Subsidiary shall become a Subsidiary Guarantor under this Article IX
and shall guarantee the Note Obligations. Concurrently with the execution and delivery of such supplemental Indenture, the Issuers
shall deliver to the Trustee an Opinion of Counsel to the effect that such supplemental Indenture has been duly authorized, executed
and delivered by such Subsidiary and that, subject to the application of bankruptcy, insolvency, moratorium, fraudulent conveyance
or transfer and other similar laws relating to creditors’ rights generally and to the principles of equity, whether considered
in a proceeding at law or in equity, the Guarantee of such Subsidiary Guarantor is a legal, valid and binding obligation of such
Subsidiary Guarantor, enforceable against such Subsidiary Guarantor in accordance with its terms.

 

Section 9.07.     Release
of Guarantee. Provided that no Default shall have occurred and shall be continuing under the Indenture, the Guarantee
of a Subsidiary Guarantor under this Article IX shall terminate and be of no further force and effect, and such Subsidiary
Guarantor shall be released from the Indenture and all Note Obligations, upon the following events:

 

(a)          upon
any sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor (including by way of merger,
consolidation or otherwise) to any Person that is not an Affiliate of either of the Issuers (provided such sale or other disposition
is not prohibited by the Indenture);

 

(b)          upon
any sale or other disposition of all of the Equity Interests of a Subsidiary Guarantor, to any Person that is not an Affiliate
of either of the Issuers; or

 

(c)          following
the release or discharge of all guarantees by such Subsidiary Guarantor of any Debt of the Issuers (other than any Debt Securities),
upon delivery by the Issuers to the Trustee of a written notice of such release or discharge from the guarantees.

 

ARTICLE X

MISCELLANEOUS

 

Section 10.01.     Additional
Amendments. With respect to the Notes, references to (A) “Section 6.01” in the Original Indenture
shall be deemed to be references to “Section 7.01” of this Supplemental Indenture; (B) “Section 11.02”
in the Original Indenture shall be deemed to be references to “Section 8.06” of this Supplemental Indenture;
(C) “Section 6.01(g) or (h)” in the Original Indenture shall be deemed to be references to “Section 7.01(a)(vi) or
(a)(vii)” of this Supplemental Indenture; and (D) “Article X” in the Original Indenture shall be deemed
to be references to “Article VI” of this Supplemental Indenture.

 

    	 	20	 

     

    

 

Section 10.02.     Integral
Part. This Supplemental Indenture constitutes an integral part of the Indenture.

 

Section 10.03.     Adoption,
Ratification and Confirmation. The Original Indenture, as supplemented and amended by this Supplemental Indenture,
is in all respects hereby adopted, ratified and confirmed.

 

Section 10.04.     Counterparts.
This Supplemental Indenture may be executed in any number of counterparts, each of which when so executed shall be deemed an original;
and all such counterparts shall together constitute but one and the same instrument.

 

Section 10.05.     Governing
Law. THIS SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF NEW YORK.

 

Section 10.06.     Recitals;
Trustee Makes No Representation; Trustee’s Rights and Duties. The recitals contained herein shall be taken as
the statements of the Issuers, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representation as to the validity or sufficiency of this Supplemental Indenture and shall not be liable in connection therewith.
The rights and duties of the Trustee shall be determined by the express provisions of the Original Indenture, and nothing in this
Supplemental Indenture shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder.

 

[Signatures
on following pages]

 

    	 	21	 

     

    

 

SIGNATURES

 

	 	ISSUERS:
	 	 	 	 
	 	PLAINS ALL AMERICAN PIPELINE,
    L.P.
	 	 	 	 
	 	By:	PAA GP LLC
	 	 	 its General Partner
	 	 	 	 
	 	By:	Plains AAP, L.P.
	 	 	its Sole Member
	 	 	 	 
	 	By:	Plains All American GP LLC
	 	 	its General Partner
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Sharon
    Spurlin
	 	 	Name:	Sharon Spurlin
	 	 	Title:	Senior Vice President and Treasurer
	 	 	 	 
	 	PAA FINANCE CORP.
	 	 	 	 
	 	 	 	 
	 	 	By:	/s/ Sharon
    Spurlin
	 	 	Name:	Sharon Spurlin
	 	 	Title:	Senior Vice President and Treasurer

  

Signature
Page to Thirty-First Supplemental Indenture

  

     

     

    

 

	 	TRUSTEE:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	By:	/s/ Alejandro
    Hoyos
	 	Name: 	Alejandro Hoyos
	 	Title: 	Vice President

 

Signature
Page to Thirty-First Supplemental Indenture

  

     

     

    

 

 EXHIBIT A

 

(Form of
Face of Note)

 

	CUSIP
    72650R BN1	No. __

 

	ISIN
    US72650RBN17	$__________

 

PLAINS
ALL AMERICAN PIPELINE, L.P.

PAA FINANCE CORP.

 

3.800%
Senior Notes due 2030

 

Plains
All American Pipeline, L.P., a Delaware limited partnership, and PAA Finance Corp., a Delaware corporation, jointly and severally
promise to pay to __________, or registered assigns, the principal sum of _______________ Dollars [or such greater or lesser amount
as may be endorsed on the Schedule attached hereto]1 on September 15, 2030.

 

Interest
Payment Dates: March 15 and September 15

 

Record
Dates: March 1 and September 1

 

	 	PLAINS
    ALL AMERICAN PIPELINE, L.P.
	 	By:	PAA
    GP LLC, its General Partner
	 	By:	Plains
    AAP, L.P., its Sole Member
	 	By:	Plains
    All American GP LLC, its General Partner
	 	 
	 	 	By:	                                 
	 	 	Name:
	 	 	Title:
	 	 
	 	PAA
    FINANCE CORP.
	 	 
	 	By:	                                                 
	 	Name:	 
	 	Title:	 

 

TRUSTEE’S
CERTIFICATE OF AUTHENTICATION

 

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

 

U.S.
BANK NATIONAL ASSOCIATION,

as
Trustee

 

	By:	     	 
	 	Authorized
    Signatory	 
	 	 	 
	Dated:	 	 

 

 

 

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

 

    	 	A-1	 

     

    

 

(Form of
Back of Note)

 

3.800%
Senior Notes due 2030

 

[THIS
GLOBAL SECURITY IS HELD BY OR ON BEHALF OF THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) IN CUSTODY FOR THE
BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.08 OF THE ORIGINAL INDENTURE, (B) THIS
GLOBAL SECURITY MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15 OF THE ORIGINAL INDENTURE, (C) THIS
GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.10 OF THE ORIGINAL INDENTURE
AND (D) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE WITH THE PRIOR WRITTEN CONSENT
OF THE ISSUERS.]2

 

Capitalized
terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.            Interest.
Plains All American Pipeline, L.P., a Delaware limited partnership (the “Partnership”), and PAA Finance Corp., a Delaware
corporation (“PAA Finance” and, together with the Partnership, the “Issuers”), jointly and severally promise
to pay interest on the principal amount of this Note at 3.800% per annum from June 11, 2020 until maturity. The Issuers shall
pay interest semi-annually on March 15 and September 15 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the date of issuance. The first Interest Payment Date
shall be September 15, 2020. The Issuers shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 1% per annum in excess
of the rate then in effect; and they shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same
rate to the extent lawful.  Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

 

2.            Method
of Payment. The Issuers shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the March 1 or September 1 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.17
of the Original Indenture with respect to defaulted interest, and the Issuers shall pay principal (and premium, if any) of the
Notes upon surrender thereof to the Trustee or a paying agent on or after the Stated Maturity thereof. The Notes shall be payable
as to principal, premium, if any, and interest at the office or agency of the Trustee maintained for such purpose within or without
The City and State of New York, or, at the option of the Issuers, payment of interest may be made by check mailed to the Holders
at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available
funds shall be required with respect to principal of and interest and premium, if any, on, each Global Security and all other
Notes the Holders of which shall have provided wire transfer instructions to the Issuers or the paying agent on or prior to the
applicable record date. Such payment shall be in such coin or currency of the United States of America as at the time of payment
is legal tender for payment of public and private debts.

 

 

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

 

    	 	A-2	 

     

    

 

3.            Paying
Agent and Registrar. Initially, U.S. Bank National Association, the Trustee under the Indenture, shall act as paying agent
and Registrar.  The Issuers may change any paying agent or Registrar without notice to any Holder.  The Issuers or any
of their Subsidiaries may act in any such capacity.

 

4.            Indenture.
The Issuers issued the Notes under an Indenture dated as of September 25, 2002 (the “Original Indenture”), as
supplemented by the Thirty-Second Supplemental Indenture dated as of June 11, 2020 (the “Supplemental Indenture”
and, together with the Original Indenture, the “Indenture”) among the Issuers and the Trustee. The terms of the Notes
include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as
amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture
and such Act for a statement of such terms.  To the extent any provision of this Note conflicts with the express provisions
of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are joint and several obligations
of the Issuers initially in aggregate principal amount of $750 million. The Issuers may issue an unlimited aggregate principal
amount of Additional Notes under the Indenture. Any such Additional Notes that are actually issued shall be treated as issued
and outstanding Notes (and as the same series (with identical terms other than with respect to the issue date, the date of first
payment of interest, if applicable, and the payment of interest accruing prior to the issue date) as the initial Notes) for all
purposes of the Indenture, including waivers, amendments, redemptions and offers to purchase. To secure the due and punctual payment
of the principal and interest on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when
and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Notes
and the Indenture, the Subsidiary Guarantors have unconditionally guaranteed the Note Obligations under the Indenture and the
Notes on a senior basis pursuant to the terms of the Indenture.

 

5.            Optional
Redemption.

 

(a)            At
their option at any time prior to maturity, the Issuers may choose to redeem all or any portion of the Notes at once or from time
to time.

 

(b)            To
redeem the Notes before the Par Call Date, the Issuers must pay a redemption price equal to the greater of (i) 100% of the
principal amount of the Notes to be redeemed, and (ii) as determined by the Quotation Agent (as defined below), the sum of
the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would have been
due if the Notes matured on the Par Call Date (not including any portion of those payments of interest accrued as of the date
of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate (as defined below) plus 45 basis points, plus, in either case, accrued and unpaid interest
to the date of redemption (subject to the right of Holders on the relevant record date to receive interest due on the relevant
interest payment date).

 

    	 	A-3	 

     

    

 

(c)            To
redeem the Notes on or after the Par Call Date, the Issuers must pay a redemption price equal to 100% of the principal amount
of the Notes to be redeemed plus accrued and unpaid interest to the date of redemption (subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment date).

 

For
purposes of determining any redemption price, the following definitions shall apply:

 

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

 

“Comparable
Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable
to the remaining term of the Notes to be redeemed, calculated as if the maturity date of the Notes were the Par Call Date (the
 “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial practice,
in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of the Notes.

 

“Comparable
Treasury Price” means, with respect to any date of redemption, (a) the average of the Reference Treasury Dealer Quotations
for the date of redemption, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Trustee
obtains fewer than four Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations.

 

“Par
Call Date” means June 15, 2030 (three months prior to the maturity date).

 

“Quotation
Agent” means a Primary Treasury Dealer (as defined below) appointed by the Issuers.

 

“Reference
Treasury Dealer” means J.P. Morgan Securities LLC, Barclays Capital Inc., BofA Securities, Inc. and RBC Capital Markets,
LLC or their respective successors and affiliates; provided, however, if any of the foregoing shall cease to be a primary U.S.
Government securities dealer in the United States (a “Primary Treasury Dealer”), the Issuers shall substitute therefor
another Primary Treasury Dealer.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any date of redemption, the average,
as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by that Reference Treasury Dealer at 5:00 p.m., New York City time,
on the third business day preceding that date of redemption.

 

    	 	A-4	 

     

    

 

6.            Notice
of Redemption; Selection of Notes. Notice of redemption shall be mailed at least 10 days but not more than 60 days before
the redemption date to each Holder whose Notes are to be redeemed at its registered address.  Notes in denominations larger
than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. Unless the Issuers default in payment of the redemption price, on and after the redemption date interest ceases to accrue
on Notes or portions thereof called for redemption. Notwithstanding anything to the contrary in the Original Indenture, if less
than all the Notes are to be redeemed, the Trustee shall select the Notes or portions thereof (in multiples of $1,000) to be redeemed
(i) if the Notes are listed on an exchange, in compliance with the requirements of the principal national securities exchange
on which the Notes are listed, or (ii) if the Notes are not listed on an exchange or such exchange has no selection requirements,
on a pro rata basis, by lot or, if the Notes are in the form of one or more Global Securities, by such method as the Depositary
shall require.

 

7.            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples
of $1,000.  The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture.  The Registrar
and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Issuers
may require a Holder to pay any taxes or other governmental charges required by law or permitted by the Indenture.  The Issuers
need not exchange or register the transfer of any Note or portion of a Note selected for redemption or repurchase, except for
the unredeemed or unrepurchased portion of any Note being redeemed or repurchased in part.  Also, the Issuers need not exchange
or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or repurchased or during
the period between a record date and the corresponding Interest Payment Date.

 

8.            Persons
Deemed Owners. The registered Holder of a Note shall be treated as its owner for all purposes.

 

9.            Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent
of the Holders of a majority in aggregate principal amount of the then Outstanding Notes, and any existing default or compliance
with any provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then Outstanding Notes. Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or
supplemented for any of the purposes set forth in Section 9.01 of the Original Indenture (as amended by the Supplemental
Indenture).

 

    	 	A-5	 

     

    

 

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

 

    	 	A-6	 

     

    

 

11.            Trustee
Dealings with Issuers. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were
not the Trustee.

 

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

 

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

 

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

 

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

 

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

 

Plains
All American Pipeline, L.P.

333
Clay Street, Suite 1600

Houston,
Texas 77002

Attention:
Investor Relations

 

    	 	A-7	 

     

    

 

Assignment
Form

 

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

 

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

 

 

  

 

 

 

 

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

 

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

 

Date:
_____________

 

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

 

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

 

    	 	A-8	 

     

    

 

SCHEDULE
OF INCREASES OR DECREASES IN THE GLOBAL NOTE3

 

The
original principal amount of this Global Note is $          .
The following increases or decreases in this Global Note have been made:

 

	Date
    of
 Exchange	 	Amount
    of
 decrease in
 Principal Amount
 of
 this Global Note	 	Amount
    of
 increase in
 Principal Amount
 of
 this Global Note	 	Principal

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

 

 

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

 

    	 	A-9	 

     

    

 

EXHIBIT B

 

FORM OF
SUPPLEMENTAL INDENTURE

 

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

 

W
I T N E S S E T H

 

WHEREAS,
the Issuers have heretofore executed and delivered to the Trustee an indenture (the “Original Indenture”), dated as
of September 25, 2002, as supplemented by the Thirty-Second Supplemental Indenture (the “Thirty-Second Supplemental
Indenture” and, together with the Original Indenture, the “Indenture”) dated as of June 11, 2020, among
the Issuers and the Trustee, providing for the issuance of the Issuers’ 3.800% Senior Notes due 2030 (the “Notes”);

 

WHEREAS,
Section 5.05 of the Thirty-Second Supplemental Indenture provides that under certain circumstances the Partnership is required
to cause the Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary
Guarantor shall unconditionally guarantee all of the Issuers’ obligations under the Notes pursuant to a Guarantee on the
terms and conditions set forth herein; and

 

WHEREAS,
pursuant to Section 9.01 of the Original Indenture, the Issuers and the Trustee are authorized to execute and deliver this
Supplemental Indenture;

 

NOW
THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Issuers, the Subsidiary Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the holders
of the Notes as follows:

 

1.
Definitions.

 

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

 

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

 

    	 	B-1	 

     

    

 

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

 

3.            GOVERNING
LAW. THIS SUPPLEMENTAL INDENTURE SHALL BE DEEMED TO BE A NEW YORK CONTRACT, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

 

4.            Recitals;
Trustee Makes No Representation; Trustee’s Rights and Duties. The recitals contained herein shall be taken as the statements
of the Issuers, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representation
as to the validity or sufficiency of this Supplemental Indenture and shall not be liable in connection therewith. The rights and
duties of the Trustee shall be determined by the express provisions of the Original Indenture, and nothing in this Supplemental
Indenture shall in any way modify or otherwise affect the Trustee’s rights and duties thereunder.

 

5.            Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of
them together represent the same agreement.

 

6.            Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

 

    	 	B-2	 

     

    

 

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

 

	 	PLAINS
    ALL AMERICAN PIPELINE, L.P.
	 	 
	 	By:	PAA
    GP LLC, its General Partner
	 	 
	 	By:	Plains
    AAP, L.P., its Sole Member
	 	 
	 	By:	Plains
    All American GP LLC, its General     Partner
	 	 
	 	 	By:	 
	 	 	 	Name:
	 	 	 	Title:
	 	 
	 	 
	 	PAA
    FINANCE CORP.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[SUBSIDIARY
    GUARANTOR],
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	 
	 	U.S.
    BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

    	 	B-3EX-10.22a

 Exhibit 10.22a 

AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of June 11,
2020, is entered into by and among MONRO, INC., a New York Corporation (“Borrower”), the several financial institutions party hereto as Lenders, CITIZENS BANK, N.A., as Administrative Agent for itself and the other Lenders
(the “Administrative Agent”), Bank of America, N.A., JPMorgan Chase Bank, N.A., and Keybank National Association, as Co-Syndication Agents and Truist Bank (formerly known as Branch
Banking and Trust Company), TD Bank, N.A. and Wells Fargo Bank, National Association, as Co-Documentation Agents, as well as MNRO Service Holdings, LLC, a Delaware limited liability company, MNRO Holdings,
LLC, a Delaware limited liability company, CAR-X, LLC, a Delaware limited liability company, and MONRO SERVICE CORPORATION, a Delaware corporation (each a “Guarantor” and collectively
the “Guarantors”). Unless otherwise defined herein, all capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement. 

RECITALS 
 WHEREAS,
Borrower, Lenders, Administrative Agent, as well as the Co-Syndication Agents and Co-Documentation Agents referred to above are parties to that certain Amended and
Restated Credit Agreement dated as of April 25, 2019 (as amended or modified from time to time, the “Credit Agreement”). 

WHEREAS, Borrower has requested that the Credit Agreement be modified as provided herein. 

WHEREAS, Administrative Agent has advised Borrower that the requisite Lenders are willing to agree to its request on the terms and subject to
the conditions set forth in this Amendment. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is
hereby acknowledged, the parties hereto hereby agree as follows: 
 1.    Amendments to Credit Agreement.

 (a)    Section 1.1. The existing definition of “Leverage Covenant Cushion Condition”
is deleted, and the definitions of “ABR Borrowing,” “Acquisition,” “Adjusted One-Month LIBOR Rate,” “Bail-In
Action,” “Bail-In Legislation,” “Disposition,” “LIBOR Rate,” “LIBOR Rate Borrowing,” and “Write-Down and Conversion
Powers” as set forth in Section 1.1 are hereby respectively restated as follows: 
 “ABR
Borrowing” means a Borrowing bearing interest at the sum of the ABR plus the Applicable Margin plus the Applicable Additional Margin. 

“Acquisition” means any transaction or series of related transactions for the purpose of or resulting,
directly or indirectly, in (i) the acquisition or purchase by Borrower of assets, including without limitation, stock, partnership, securities, or other interest in any other Person; excluding however, assets purchased in the ordinary course of
business which are budgeted as part of the Borrower’s annual capital expenditure budget, (ii) the acquisition or ownership of in excess of 50% of the Equity Interests of any Person, or (iii) the acquisition of another Person by a
merger, consolidation, amalgamation, Division or any other combination with such Person. 

 “Adjusted One-Month LIBOR
Rate” means an interest rate per annum equal to the greater of (I) the sum of (a) 1.00% per annum plus (b) the quotient of (i) the interest rate determined by Administrative Agent by reference to the Reuters Screen
LIBOR01 Page (or on any successor or substitute page) to be the rate at approximately 11:00 a.m. London time, on such date or, if such date is not a Business Day, on the immediately preceding Business Day, for dollar deposits with a maturity equal
to one (1) month divided by (ii) one (1) minus the LIBOR Reserve Percentage (expressed as a decimal) applicable to dollar deposits in the London interbank market with a maturity equal to one (1) month, and (II) 0.75%. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by
the applicable Resolution Authority in respect of any liability of an Affected Financial Institution. 
 “Bail-In Legislation” means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the
implementing law for such EEA Member Country from time to time that is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom
Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates
(other than through liquidation, administration or other insolvency proceedings). 
 “Disposition”
means, with respect to any Person, the sale, transfer, license, lease or other disposition (including by way of Division, any sale leaseback and any sale or issuance of Equity Interests including by way of a merger) by such Person to any other
Person, with or without recourse, of (a) any notes or accounts receivable or any rights and claims associated therewith, (b) any Equity Interests of any Subsidiary (other than directors’ qualifying shares), or (c) any other
assets, provided, however, that none of the following shall constitute a Disposition: (i) any sale, transfer, license, lease or other disposition by (A) a Borrower or Guarantor to another Borrower or Guarantor or (B) a
Subsidiary that is not a Borrower or Guarantor to another Subsidiary that is not a Borrower or Guarantor, in each case, on terms which are no less favorable than are obtainable from any Person which is not one of its Affiliates, (ii) the
collection of accounts receivable and other obligations in the ordinary course of business, (iii) sales of inventory in the ordinary course of business, and (iv) dispositions of substantially worn out, damaged, uneconomical, surplus or
obsolete equipment, equipment that is no longer useful in the business of the Borrower or its Subsidiaries. Each of the terms “Dispose” and “Disposed” when used as a verb
shall have an analogous meaning. 
 “LIBOR Rate” means, relative to a LIBOR Rate Borrowing for any
Interest Period, a rate per annum equal to the greater of (a) the rate determined by dividing (i) LIBOR for such Interest Period by (ii) a percentage equal to one hundred percent (100%) minus the LIBOR Reserve Percentage, and (b)
0.75%. 

  
 - 2 - 

 “LIBOR Rate Borrowing” means a Borrowing bearing
interest at the sum of the LIBOR Rate plus the Applicable Margin plus the Applicable Additional Margin. 
 “Write-Down and
Conversion Powers” means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In
Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of
the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that
liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to
suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers. 

(b)     Section 1.1. The following definitions are hereby added to
Section 1.1 in the proper alphabetical order: 
 “Affected Financial Institution” means
(a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Applicable Additional
Margin” means, at all times during the period (i) from the First Amendment Effective Date through and including the date of receipt by the Administrative Agent of the Compliance Certificate applicable to the Four Quarter
Period ended June 26, 2021: (a) with respect to all LIBOR Rate Borrowings, the applicable percentage set forth below in the column entitled “Applicable Additional Margin for LIBOR Rate Borrowings”; (b) with respect to all ABR
Borrowings, the applicable percentage set forth below in the column entitled “Applicable Additional Margin for ABR Borrowings”; and (c) with respect to the Commitment Fee, the applicable percentage set forth below in the column
entitled “Applicable Additional Margin for Commitment Fee and (ii) immediately after the date of receipt by the Administrative Agent of the Compliance Certificate applicable to the Four Quarter Period ended June 26, 2021, the
Applicable Additional Margin shall be zero. Notwithstanding any contrary provision hereof, during the period from the First Amendment Effective Date through and including June 30, 2021, at no time shall the relevant Applicable Additional Margin
be lower than (i) as to LIBOR Rate Borrowings, the percentage required to ensure that the sum of the Applicable Margin plus the Applicable Additional Margin equals or exceeds 2.25% and (ii) as to the Commitment Fee, the percentage required
to ensure that the sum of the Applicable Margin plus the Applicable Additional Margin equals or exceeds 0.40%. 

  
 - 3 - 

																			
	Period	 	 	Applicable Additional Margin for	 
	 When AD Is

greater than
	 	 	And less than or
equal to	 	 	LIBOR Rate
Borrowings	 	 	ABR
Borrowings	 	 	Commitment
Fee	 
	 	5.00:1.00	 	 	 	5.50:1.00	 	 	 	0.25	% 	 	 	0.00	% 	 	 	0.05	% 
	 	5.50:1.00	 	 				 	 	0.75	% 	 	 	0.00	% 	 	 	0.15	% 

 Definition: “AD” is the abbreviation for Adjusted Debt/EBITDAR Ratio. 

Adjusted Debt and EBITDAR are calculated for the most recently-completed Four Quarter Period and the ratio of Adjusted Debt to EBITDAR is
calculated as of the last day of such Four Quarter Period. The Applicable Additional Margin, as adjusted to reflect such calculations, shall become effective on the date of receipt by the Administrative Agent of the Compliance Certificate applicable
to such Four Quarter Period. If Borrower fails to timely furnish to Administrative Agent the Current Financials and any related Compliance Certificate or, if for some other reason, a new Applicable Additional Margin for a current period cannot be
calculated, then the Applicable Additional Margin in effect on the last day of the last Four Quarter Period for which the ratio of Adjusted Debt to EBITDAR was calculated shall remain in effect until a new Applicable Additional Margin can be
calculated, which new Applicable Additional Margin shall become effective as provided in the immediately preceding sentence. 

“Availability” means, as of any date of determination, the amount that Borrower is entitled to borrow as
Borrowings under Section 2.1 of this Agreement (after giving effect to the then outstanding the Facility Commitment Usage). 

“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate (which may include Term
SOFR or another rate based on SOFR) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the
Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to the LIBOR Rate for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark
Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.75%, the Benchmark Replacement will be deemed to be 0.75% for the purposes of this Agreement. 

“Benchmark Replacement Adjustment” means, with respect to any replacement of the LIBOR Rate with an
Unadjusted Benchmark Replacement for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the
Administrative Agent and the Borrower giving due consideration to: (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of the LIBOR Rate with the
applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for
the replacement of the LIBOR Rate with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities at such time. 

  
 - 4 - 

 “Benchmark Replacement Conforming Changes” means, with
respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “ABR,” the definition of “Interest Period,” timing and frequency of determining rates and making
payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative
Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market
practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement). 

“Benchmark Replacement Date” means the earlier to occur of the following events with respect to the LIBOR
Rate: 
 (1) in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of
(a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBOR Rate permanently or indefinitely ceases to provide the LIBOR Rate; or 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public
statement or publication of information referenced therein. 
 “Benchmark Transition Event” means the
occurrence of one or more of the following events with respect to the LIBOR Rate: 
 (1) a public statement or publication of
information by or on behalf of the administrator of the LIBOR Rate announcing that such administrator has ceased or will cease to provide the LIBOR Rate, permanently or indefinitely, provided that, at the time of such statement or publication, there
is no successor administrator that will continue to provide the LIBOR Rate; 
 (2) a public statement or publication of
information by the regulatory supervisor for the administrator of the LIBOR Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for the LIBOR Rate, a resolution authority with jurisdiction over the
administrator for the LIBOR Rate or a court or an entity with similar insolvency or resolution authority over the administrator for the LIBOR Rate, which states that the administrator of the LIBOR Rate has ceased or will cease to provide the LIBOR
Rate permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the LIBOR Rate; or 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the LIBOR Rate or a
governmental authority having jurisdiction over the Administrative Agent in effect announcing that the LIBOR Rate is no longer representative. 

  
 - 5 - 

 “Benchmark Transition Start Date” means (a) in
the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement
or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the Majority Lenders, as applicable, by notice
to the Borrower, the Administrative Agent (in the case of such notice by the Majority Lenders) and the Lenders. 

“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to the LIBOR Rate and solely to the extent that the LIBOR Rate has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced the LIBOR Rate for all purposes hereunder in accordance with Section 3.15(b) and (y) ending at the time that a Benchmark Replacement
has replaced the LIBOR Rate for all purposes hereunder pursuant to Section 3.15(b). 

“Division” means the division of the assets, liabilities and/or obligations of a Person (the “Dividing
Person”) among two or more Persons, whether pursuant to a “plan of division” or similar arrangement pursuant to Section 18-217 of the Delaware Limited Liability Company Act or
any similar provision under the laws of any other applicable jurisdiction and pursuant to which the Dividing Person may or may not survive. 

“Early Opt-in Election” means the occurrence of: 

(1)(a) a determination by the Administrative Agent or (b) a notification by the Majority Lenders to the Administrative
Agent (with a copy to the Borrower) that the Majority Lenders have determined that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in
Section 3.15(b), are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace the LIBOR Rate, and 

(2)(a) the election by the Administrative Agent or (b) the election by the Majority Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Majority Lenders of written notice of such
election to the Administrative Agent. 
 “Federal Reserve Bank of New York’s Website” means the
website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or any successor source. 
 “First
Amendment Effective Date” means the effective date of that certain Amendment No. 1 to Amended and Restated Credit Agreement which amended this Agreement. 

“Leverage Covenant Cushion Condition” means, as of any date of determination with respect to any
Distribution or acquisition permitted under this Agreement, the ratio of Borrower’s Adjusted Debt to EBITDAR (calculated as of the last day of the fiscal quarter of the Borrower ending immediately prior to such date of determination as adjusted
to give effect to such acquisition or Distribution as provided in Sections 9.8 and 9.9 respectively) shall be less than or equal to a ratio that is 0.50x inside the applicable threshold required under
Section 10(b) hereof with respect to the last day of the fiscal quarter of the Borrower ending immediately prior to such date of determination. 

  
 - 6 - 

 “Liquidity” means, as of any date of determination,
the sum of Availability and Qualified Cash. 
 “Qualified Cash” means, as of any date of determination,
the amount of unrestricted cash and Cash Equivalents of Borrower and its Subsidiaries that is in deposit accounts or in securities accounts (each as defined in the Uniform Commercial Code as in effect from time to time in New York), or any
combination thereof, and which such deposit account or securities account is maintained by a branch office of the bank or securities intermediary located within the United States. 

“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York,
or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial
Institution, a UK Resolution Authority. 
 “SOFR” with respect to any day means the secured overnight
financing rate published for such day by the Federal Reserve Bank of New York, as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website. 

“Term SOFR” means the forward-looking term rate based on SOFR that has been selected or recommended by
the Relevant Governmental Body. 
 “UK Financial Institution” means any BRRD Undertaking (as such term
is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United
Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms. 

“UK Resolution Authority” means the Bank of England or any other public administrative authority having
responsibility for the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the Benchmark Replacement Adjustment. 

(c)    Section 1.5. The following new Section 1.5 is hereby added to the Credit Agreement: 

1.5    Divisions. For all purposes under the Loan Papers, in connection with Division: (a) if any asset, right,
obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person as a result of such Division, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and
(b) if any new Person comes into existence as a result of such Division, such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity Interests at such time. 

  
 - 7 - 

 (d)    Sections 2.3, 3.3 and 4.2. Sections 2.3, 3.3 and 4.2
are each amended to insert “plus the Applicable Additional Margin” after each reference to “Applicable Margin”. 

(e)    Section 3.15. Section 3.15 is hereby restated as follows: 

3.15    Alternate Rate of Interest. 

(a)    Temporary Unavailability of LIBOR Rate. If, on or before any date when LIBOR Rate is to be
determined for a Borrowing, Administrative Agent, or any Lender determines (and Majority Lenders agree with that determination) that the (i) basis for determining the applicable rate is not available or (ii) that the resulting rate does
not accurately reflect the cost to Lenders of making or converting Borrowings at that rate for the applicable Interest Period, then Administrative Agent shall promptly notify Borrower and Lenders of that determination (which is conclusive and
binding on Borrower absent manifest error) and the applicable Borrowing shall bear interest at the sum of the ABR plus the Applicable Margin plus the Applicable Additional Margin. Until Administrative Agent notifies Borrower that those
circumstances no longer exist, Lenders’ commitments under this Agreement to make, or to convert to, LIBOR Rate Borrowings (as the case may be) will be suspended. 

(b)    Successor LIBOR Rate. 

(i)    Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Loan
Paper, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBOR Rate with a
Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders and the
Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such proposed amendment from Lenders comprising the Majority Lenders. Any such amendment with respect to an Early Opt-in Election will become effective on the date that Lenders comprising the Majority Lenders have delivered to the Administrative Agent written notice that such Majority Lenders accept such amendment. No
replacement of the LIBOR Rate with a Benchmark Replacement pursuant to this Section 3.15(b) will occur prior to the applicable Benchmark Transition Start Date. 

(ii)    Benchmark Replacement Conforming Changes. In connection with the implementation of a
Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Paper, any amendments implementing such
Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 

  
 - 8 - 

 (iii)    Notices; Standards for Decisions and
Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its
related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement or
conclusion of any Benchmark Unavailability Period, provided that the failure to give such notice under this clause (iv) shall not affect the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision
or election that may be made by the Administrative Agent or Lenders pursuant to this Section 3.15(b), including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.15(b). 

(iv)    Benchmark Unavailability Period. Upon the commencement of a Benchmark Unavailability Period,
the Borrower may revoke any pending request for a Borrowing of, conversion to or continuation of LIBOR Rate Borrowings to be made, converted or continued during such Benchmark Unavailability Period and, failing that, the Borrower will be deemed to
have converted any such request into a request for a Borrowing of or conversion to ABR Borrowings. During any Benchmark Unavailability Period, (i) the obligation of the Lenders to make or maintain LIBOR Rate Borrowings shall be suspended,
(ii) any request for a Borrowing of, conversion to or continuation of LIBOR Rate Borrowings shall be ineffective and will be deemed to have been a request for a Borrowing of or conversion to ABR Borrowings, and (iii) the component of the
ABR based upon the LIBOR Rate will not be used in any determination of the ABR. 
 (f)    Section 3.17.
Section 3.17 is hereby restated as follows: 
 3.17    Change in Laws. If any Change in Law makes it
unlawful for any Lender to make or maintain any Borrowing based on the LIBOR Rate Borrowings, then that Lender shall promptly notify Borrower and Administrative Agent, and (a) as to undisbursed funds, that requested Borrowing shall be made as
an ABR Borrowing subject to the higher of (i) the Prime Rate, (ii) the Federal Funds Effective Rate plus 1% and (iii) zero percent (0.0%), and (b), as to any outstanding Borrowing, (i) if maintaining the Borrowing until the last
day of the applicable Interest Period is unlawful, the Borrowing shall be converted to an ABR Borrowing as of the date of notice, and Borrower shall pay any related Funding Loss, or (ii) if not prohibited by Law, the Borrowing shall be
converted to an ABR Borrowing as of the last day of the applicable Interest Period, or (iii) if any conversion will not resolve the unlawfulness, Borrower shall promptly prepay the Borrowing, without penalty, together with any related Funding
Loss. 
 (g)    Section 4.3. Section 4.3 is hereby restated as follows: 

4.3    Facility Commitment Fee. Borrower shall pay to Administrative Agent for the account of each Lender a
commitment fee (“Commitment Fee”), payable as it accrues on each March 31, June 30, September 30, and December 31, and on the Facility Maturity Date, equal to the sum of the Applicable Margin plus the
Applicable Additional Margin, times the amount by which (a) such Lender’s Facility Committed Sum exceeds (b) such Lender’s average daily Facility Commitment Usage, in each case during the calendar quarter ending on such date. If
there is any change in the Applicable Margin and/or the Applicable Additional Margin during any quarter, the average daily amount shall be computed and multiplied by the Applicable Margin plus the Applicable Additional Margin, separately for each
period that such Applicable Margin and Applicable Additional Margin were in effect during such quarter. 

  
 - 9 - 

 (h)    Section 8.1. The following new subsection (j) is
hereby added to Section 8.1 of the Credit Agreement: 
 (j)    No later than fifteen (15) days after the
last day of each fiscal month for which Section 10(c) is applicable, a compliance certification executed by a Responsible Officer of the Borrower, substantially in the form of the attached Exhibit
F-2, certifying as to, and providing, the Liquidity as of the end of the prior fiscal month and related calculations. 

(i)    Section 9.8. Section 9.8 is hereby restated as follows: 

9.8    Loans, Advances, Acquisitions and Investments. Except as permitted by
Section 9.9 or Section 9.11, Borrower may not and may not permit any Company to (i) make or otherwise effect any Acquisition, or (ii) make any loan,
advance, extension of credit or capital contribution to, make any investment in, or purchase or commit to purchase any stock or other securities or evidences of Debt of, or interests in, any other Person; provided, however, Borrower or a Company may
make an Acquisition or advance to, investment in or purchase from another Person if: 
 (1)    (a) such
action results in the acquisition of such Person (or all or substantially all the assets of such Person, or any business or division of such Person) by Borrower or such Company, (b) such Person is in a line of business which is substantially
the same as or complementary to the Borrower’s principal line of business, (c) the executive offices of such Person are located in either the United States or Canada, (d) immediately after giving Pro Forma Effect to such acquisition,
and, if applicable, the making of any loan or advance hereunder in connection with such acquisition, the Companies shall be in compliance with all covenants under Section 10 on a Pro Forma Basis and
shall not be in Default or Potential Default under this Agreement, and (e) solely in the event such acquisition is consummated during the period from and including June 30, 2020 through and including June 30, 2021, (i) the aggregate
amount of cash consideration which may become due or payable with respect to such acquisitions does not exceed $100,000,000 (when combined with acquisitions consummated during such period in accordance with clause (5) below), (ii) immediately
after giving effect to the consummation of any such acquisition, the Leverage Covenant Cushion Condition is satisfied, and (iii) immediately after giving effect to the consummation of any such acquisition, Liquidity is no less than
$275,000,000; provided that if any acquisition described in this clause (1) is in excess of an aggregate cost to Borrower or such Company of more than $85,000,000 (excluding any loans, advances or other extensions of credit or capital
contributions made or to be made by Borrower or such Company in connection with the consummation of such acquisition), Borrower shall deliver to Administrative Agent, prior to the consummation of such acquisition, a certificate of a Responsible
Officer of Borrower in form and substance reasonably satisfactory to Administrative Agent demonstrating, on a Pro Forma Basis after giving effect to such acquisition that the Companies shall be in compliance with all covenants in this Agreement, or

  
 - 10 - 

 (2)    such action is used to provide financial
assistance to third parties that may be purchasing or subleasing certain facilities owned or leased by Borrower or any other Company and the cumulative principal amount of such financing is not greater than $25,000,000 (provided that such third
party loans shall be assigned to Lenders and shall not exceed a term of five (5) years), or 

(3)    such action is for investments in Cash Equivalents, or 

(4)    such action is for investments in marketable securities traded on a national securities exchange for
which there can be obtained a publicly quoted fair market value and the aggregate fair market value of such marketable securities is not greater than $10,000,000 at any time, or 

(5)    (a) such action results in the acquisition of a minority ownership interest in such Person by
Borrower or such Company, (b) such Person is in a line of business which is substantially the same as or complementary to the Borrower’s principal line of business, (c) the executive offices of such Person are located in either the
United States or Canada, (d) immediately after giving Pro Forma Effect to such acquisition and, if applicable, the making of any loan or advance hereunder in connection with such acquisition, the Companies shall be in compliance with all
covenants under Section 10 on a Pro Forma Basis and shall not be in Default or Potential Default under this Agreement, and (e) solely in the event such acquisition is consummated between during the
period from and including June 30, 2020 through and including June 30, 2021, (i) the aggregate amount of cash consideration which may become due or payable with respect to such acquisitions does not exceed $100,000,000 (when combined with
acquisitions consummated during such period in accordance with clause (1) above), (ii) immediately after giving effect to the consummation of any such acquisition, the Leverage Covenant Cushion Condition is satisfied, and (iii) immediately
after giving effect to the consummation of any such acquisition, Liquidity is no less than $275,000,000; provided that if any acquisition described in this clause (5) is in excess of an aggregate cost to Borrower or such Company of more than
$55,000,000 (excluding any loans, advances or other extensions of credit or capital contributions made or to be made by Borrower or such Company in connection with the consummation of such acquisition), Borrower shall deliver to Administrative
Agent, prior to the consummation of such acquisition, a certificate of a Responsible Officer of Borrower in form and substance satisfactory to Administrative Agent demonstrating, on a Pro Forma Basis after giving effect to such acquisition that the
Companies shall be in compliance with all covenants in this Agreement, or 
 (6)    such action is for
investments consisting of extensions of credit or capital contributions by any Company to or in any other Company, or 

(7)    so long as not prohibited by applicable laws, such action is for loans and advances to employees in
the ordinary course of business not to exceed $300,000 in the aggregate at any time outstanding, or 

(8)    such action is for investments in securities or assets not constituting cash or Cash Equivalents
received as part of the consideration in connection with transactions permitted pursuant to Section 9.10, or 

  
 - 11 - 

 (9)    such action is for investments acquired in
connection with the settlement of delinquent accounts in the ordinary course of business or in connection with the bankruptcy or reorganization of suppliers or customers, or 

(10)    such action is for other investments and/or loans not to exceed $15,000,000 in the aggregate at any
one time outstanding. 
 (j)    Section 9.9. Section 9.9 is hereby restated as follows: 

9.9    Dividends and Distributions. Borrower may not, and may not permit any Company to, declare, make, or pay any
Distribution, other than Distributions declared, made, or paid by (a) Borrower wholly in the form of its capital stock; (b) any other Company to Borrower; (c) Borrower in cash in respect of the retirement, redemption, purchase or
other acquisition of its Equity Interests or other equity securities, provided that, before and after giving effect to any such retirement, redemption, purchase or other acquisition, the Companies shall be in compliance with all covenants under
Section 10 and shall not be in Default or Potential Default under this Agreement; (d) with respect to Distributions made at all times other than from and including June 30, 2020 through and
including June 30, 2021, Borrower in cash in respect of Distributions on its Equity Interests or other equity securities so long as (i) the Companies are in compliance with all covenants under
Section 10, (ii) no Default exists under this Agreement, and (iii) immediately after giving effect to any such Distributions, the Leverage Covenant Cushion Condition is satisfied, (e) with
respect to Distributions made at all times other than from and including June 30, 2020 through and including June 30, 2021, to the extent the Leverage Covenant Cushion Condition is not satisfied, Borrower in cash in respect of
Distributions on its Equity Interests or other equity securities in an aggregate amount, in any Four Quarter Period, not to exceed an amount equal to 50% of the Net Income of Borrower and its Subsidiaries for the immediately preceding Four Quarter
Period, provided that, before and after giving effect to any such cash Distribution, the Companies shall be in compliance with all covenants under Section 10 and shall not be in Default under this
Agreement, and (f) solely with respect to Distributions made from and including June 30, 2020 through and including June 30, 2021, Borrower in cash in respect of Distributions on its Equity Interests or other equity securities so long
as (i) the aggregate amount of such Distributions during such period does not exceed $38,500,000, (ii) the Companies are in compliance with all covenants under Section 10, (iii) no Default exists
under this Agreement, (iv) immediately after giving effect to the making of any such Distributions, the Leverage Covenant Cushion Condition is satisfied, and (v) immediately after giving effect to the making of any such Distributions,
Liquidity is no less than $275,000,000. Borrower may not and may not permit any Company to enter into or permit to exist any arrangement or agreement (other than the Loan Papers) that prohibits it from paying dividends or other distributions to its
shareholders other than (i) any agreement in effect on the date of this Agreement, or any extension, replacement or continuation of any such agreement, (ii) any applicable law, rule or regulation (including, without limitation, applicable
state corporate statutes restricting the payment of dividends in certain circumstances), (iii) customary restrictions in agreements for the sale of assets on the transfer or encumbrance of such assets during an interim period prior to the closing of
the sale of such assets and (iv) customary restrictions in contracts that prohibit the assignment of such contract. 

  
 - 12 - 

 (k)    Section 9.11. Section 9.11 is hereby amended to
add “Division or other” prior to “statutory plan of division”. 
 (l)    Section 10.
Section 10 is hereby restated as follows: 
 SECTION 10.    FINANCIAL COVENANTS. So long as
Lenders are committed to fund Borrowings and Administrative Agent is committed to issue LCs under this Agreement, and thereafter until the Obligation (other than unasserted contingent obligations) is paid and performed in full, Borrower covenants
and agrees to comply with the following financial covenants as calculated on the last day of each fiscal quarter or month period as applicable and certified by Borrower in the most recent Compliance Certificate (or other compliance certificate
required hereunder as to Section 10(c)) delivered to Administrative Agent, on behalf of the Lenders, from time to time in accordance with the terms of this Agreement: 

(a) Interest Coverage Ratio. At all times following June 26, 2021, Borrower shall not permit the Interest Coverage
Ratio to be less than 1.55 to 1.00. 
 (b) Adjusted Debt to EBITDAR. Borrower shall not permit Adjusted Debt to
EBITDAR to exceed (i) 5.50 to 1.00 as of the last day of the fiscal quarter ending June 27, 2020, (ii) 6.00 to 1.00 as of the last day of the fiscal quarter ending September 26, 2020, (iii) 6.25 to 1.00 as of the last day of the fiscal
quarter ending December 26, 2020, (iv) 5.50 to 1.00 as of the last day of the fiscal quarter ending March 27, 2021, (v) 5.00 to 1.00 as of the last day of the fiscal quarter ending June 26, 2021, and (vi) 4.75 to 1.00 as of the last
day of any fiscal quarter ending after June 26, 2021, provided that following June 26, 2021, the Borrower may, in its sole discretion, upon the consummation of a Qualified Acquisition, elect to have the covenant for fiscal quarters ending
after June 26, 2021, step up to a maximum of 5.00 to 1.00. Such election must be made by Borrower within the 12 full months following the consummation of the applicable Qualified Acquisition. The covenant will be measured beginning with the
first fiscal quarter end following such election and continue for the next three fiscal quarter ends thereafter (e.g., if a Qualified Acquisition closed in January 2022 and the Borrower selected September 2022 as the testing commencement month, the
5.00 to 1.00 covenant requirement would apply and be measured from and including the fiscal quarter ending on September 2022 through and including the fiscal quarter ending on June 2023). Such step up option may only be elected two times over the
life of this Agreement (each of which must be elected with respect to different Qualified Acquisitions). 
 (c)
Liquidity. Borrower shall not permit Liquidity, as of the end of each fiscal month from and including June 2020 through and including June 2021, to be less than $275,000,000. 

(m)    Section 11.2(a). Subsection (a) of Section 11.2 is hereby restated as follows: 

(a) Any covenant or agreement contained in Sections 8.2, 9.2, 9.9, 9.10, 9.11, 9.12,
9.16, or 10; 

  
 - 13 - 

 (n)    Section 14.10(a). Subsection (a) of
Section 14.10 is hereby restated as follows: 
 (a) Unless otherwise specifically provided herein (including without
limitation, as to any amendment contemplated by Section 3.15(b) of this Agreement in connection with a Benchmark Transition Event or an Early Opt-in Election
shall be effective as contemplated by such Section 3.15(b) hereof), (i) this Agreement may be amended only by an instrument in writing executed by Borrower, Administrative Agent and Majority Lenders and
supplemented only by documents delivered or to be delivered in accordance with the express terms of this Agreement and (ii) the other Loan Papers may only be the subject of an amendment, modification, or waiver that has been approved by
Majority Lenders and Borrower. 
 (o)    Section 14.19. Section 14.19 is hereby restated as follows:

 14.19    Acknowledgement and Consent to Bail-In of
Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Paper or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected
Financial Institution arising under any Loan Paper, to the extent such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to
be bound by: 
 (a) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any Lender that is an Affected Financial Institution; and 
 (b) the effects of any Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction in full or in part or
cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into shares or other instruments of
ownership in such Affected Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any
rights with respect to any such liability under this Agreement or any other Loan Paper; or 
 (iii) the variation of the terms of such
liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

(p)    Section 14.21. The following new Section 14.21 is hereby added to the Credit Agreement: 

14.21    Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Papers provide support, through a
guarantee or otherwise, for Financial Hedge or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported QFC”), the parties acknowledge and agree as follows with respect to
the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the
“U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Papers and any Supported QFC may in fact be stated to be governed by the laws of
the State of New York and/or of the United States or any other state of the United States): 

  
 - 14 - 

 (a)    In the event a Covered Entity that is party to a
Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or
under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S.
Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a
BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the Loan Papers that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised
against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Papers were governed by the laws of the United
States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with
respect to a Supported QFC or any QFC Credit Support. 
 (b)    As used in this
Section 14.21, the following terms have the following meanings: 
 “BHC Act
Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Covered Entity” means any of the following: 

(i)    a “covered entity” as that term is defined in, and interpreted in accordance with, 12
C.F.R. § 252.82(b); 
 (ii)    a “covered bank” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 47.3(b); or 
 (iii)    a “covered FSI” as
that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Default Right” has the meaning
assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance
with, 12 U.S.C. 5390(c)(8)(D). 
 (q)    Exhibit F-2. A new Exhibit F-2 in the form of Exhibit F-2 attached to this Amendment is hereby added to the Credit Agreement and the Exhibit List in the Credit Agreement is updated accordingly. 

  
 - 15 - 

 2.    Consent Fee. In consideration of such
Lenders’ execution of this Amendment on or prior to the effective date hereof, the Borrower shall pay to the Administrative Agent, for the benefit of such consenting Lenders (including Citizens Bank, N.A., in its capacity as Lender), consent
fees (“Consent Fees”) equal to 0.125% of the aggregate principal amount of such consenting Lender’s portion of the drawn and undrawn commitments under the Credit Agreement, with such Consent Fees being allocated to the
consenting Lenders in accordance with their respective arrangements with the Administrative Agent. Consent Fees shall be deemed earned on the date of this Amendment, and shall be payable on the First Amendment Effective Date. 

3.    Conditions to Effectiveness. This Amendment shall be effective upon the satisfaction of
each of the following conditions: 
 (a)    Administrative Agent shall have received an executed counterpart of
this Amendment signed by Borrower, each Guarantor, the requisite Lenders and Administrative Agent; and 

(b)    Borrower shall have (A) paid to the Administrative Agent the fees required to be paid by it on or
before the effective date hereof, including the Consent Fees and any fees set forth in any applicable fee letter, and (B) paid or caused to be paid all reasonable fees and expenses of the Administrative Agent and of counsel to the
Administrative Agent that have been invoiced on or prior to the effective date hereof that the Borrower would have to pay in accordance with the Credit Agreement. 

Administrative Agent shall notify Borrower and Lenders of the effective date of this Amendment, and such notice shall be conclusive and
binding.     
 4.    Representations, Warranties and Covenants.
Borrower and each Guarantor hereby represents and warrants to and covenants and agrees with Administrative Agent and Lenders that: 

(a)    The representations and warranties set forth in the Loan Papers (except to the extent (i) that the
representations and warranties speak to a specific date or refer to an earlier date, in which case they shall be true and correct in all material respects as of such specific or earlier date, or (ii) the facts on which such representations and
warranties are based have been changed by transactions contemplated or permitted by the Credit Agreement) are true and correct in all material respects (except for any representation and warranty qualified by materiality, in which case each
representation and warranty is true and correct in all respects) as of the date hereof and with the same effect as though made on and as of the date hereof. 

(b)    Assuming effectiveness of this Amendment, no Default or Potential Default now exists, or would exist as a
result of this Amendment. 
 (c)    (i) The execution, delivery and performance by Borrower and each Guarantor,
respectively, of this Amendment is within its organizational powers and have been duly authorized by all necessary action (corporate or otherwise) on the part of Borrower and each and each Guarantor, (ii) this Amendment is the legal, valid and
binding obligation of Borrower and each Guarantor, enforceable against Borrower and each Guarantor in accordance with its terms, except as enforceability may be limited by applicable Debtor Relief Laws and general principles of equity, and
(iii) neither this Amendment nor the execution, delivery and performance by Borrower and each Guarantor hereof: (A) violate any provision of Borrower’s or each Guarantor’s charter, bylaws, certificate of formation, operating
agreement or similar governing document, (B) violate any Material Agreements to which it is a party, other than violations which would not cause a Material Adverse Event, (C) do not result in the creation or imposition of any Lien (other
than the Lender Liens) on any of its assets, or (D) violate any provision of Law or order of any Tribunal applicable to it, other than violations that individually or collectively are not a Material Adverse Event. 

  
 - 16 - 

 5.    Effect; No Waiver; References; Release. 

(a)    Borrower and each Guarantor hereby (i) reaffirms and admits the validity and enforceability of the Loan
Papers and all of its obligations thereunder and (ii) agrees and admits that it has no defenses (other than payment) to or offsets against any such obligation. Except as specifically set forth herein, the Credit Agreement and the other Loan
Papers shall remain in full force and effect in accordance with their terms and are hereby ratified and confirmed. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any existing or future Default, whether
known or unknown or any right, power or remedy of Administrative Agent or Lenders under the Credit Agreement, nor constitute a waiver of any provision of the Credit Agreement, except as specifically set forth herein. 

(b)    Borrower and Guarantor hereby (i) reaffirms all of its agreements and obligations under the Security
Documents, (ii) reaffirms that all Obligations of Borrower under or in connection with the Credit Agreement as modified hereby are “Obligations” as that term is defined in the Security Documents and (iii) reaffirms
that all such Obligations continue to be secured by the Security Documents, which remain in full force and effect and are hereby ratified and confirmed. 

(c)    All references to “this Agreement” in the Credit Agreement and to “the Credit Agreement”
in the other Loan Papers shall be deemed to refer to the Credit Agreement as amended hereby. 

(d)    Release. The Borrower and each Guarantor, and their respective subsidiaries, affiliates
and the successors, assigns, heirs and representatives of each of the foregoing (collectively, the “Releasors”) hereby absolutely and unconditionally releases and forever discharges the Administrative Agent, in all
capacities, whether as an agent, Lender or otherwise, and each Lender, and any and all participants, parent entities, subsidiary entities, affiliated entities, insurers, indemnitors, successors and assigns thereof, together with all of the present
and former directors, officers, managers, agents, attorneys and employees of any of the foregoing (collectively, the “Released Parties”), from (x) any and all liabilities, obligations, duties, responsibilities, promises
or indebtedness of any kind of the Released Parties to the Releasors or any of them except for the obligations of the Released Parties under the Loan Papers, and (y) any and all claims, demands or causes of action of any kind, nature or
description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which the Releasors or any of them has had, now have or have made claim to have against any such person for or by reason of any
act, omission, event, contract, liability, indebtedness, claim, circumstance, matter of any kind, cause or thing known to the Borrower arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and
causes of action are matured or unmatured, provided further that the Borrower and each Guarantor hereby represents and warrants that as of the date hereof to its knowledge no such claims, demands or causes or action exist. For purposes of the
release contained in this clause (d), any reference to any Releasor shall mean and include, as applicable, such Releasor’s successors and assigns, including, without limitation, any receiver, trustee or debtor-in-possession, acting on behalf of such person. As to each and every claim released hereunder, Borrower and each Guarantor hereby represents that it has received the advice of legal counsel with regard
to the releases contained herein and agrees to waive, to the extent permitted by law, any common law or statutory rule or principle that could affect the validity or scope or any other aspect of such release. 

  
 - 17 - 

 (e)    Special California Provisions. The Borrower and
each Guarantor, with the advice of competent California counsel, by executing this Amendment and executing any other Loan Papers in connection herewith, freely, irrevocably and unconditionally: 

(i)    waives all rights of subrogation, reimbursement, indemnification and contribution and any other rights and
defenses (other than payment) that are or may become available to the Borrower and each Guarantor by reason of Sections 2787 to 2855, inclusive, 2899 and 3433, of the California Civil Code; 

(ii)    agrees that the Borrower and each Guarantor will not assert any of the foregoing defenses (other than payment) in
any action or proceeding which the Administrative Agent or any Lender may commence to enforce its rights under the Loan Papers; 

(iii)    acknowledges and agrees that the rights and defenses (other than payment) waived by the Borrower and each
Guarantor hereunder include any right or defense (other than payment) that the Borrower or any Guarantor may have or be entitled to assert based upon or arising out of any one or more of the following: Sections 580a, 580b, 580d or 726 of the
California Code of Civil Procedure or Sections 2809, 2810, 2819, 2839, 2845, 2847, 2848, 2849, 2850, 2899 and 3433 of the California Civil Code; 

(iv)    acknowledges and agrees that the Administrative Agent and Lenders are relying on this waiver in entering into
this Amendment and other Loan Papers, and that this waiver is a material part of the consideration which the Administrative Agent and Lenders are receiving for making the loans to the Borrower evidenced by the Loan Papers; and 

(v)    acknowledges and agrees that the Borrower and each Guarantor intends the foregoing to be express waivers of each
and every one of said specific rights and/or defenses (other than payment) as contemplated under California Civil Code Section 2856. 

6.    Miscellaneous. 

(a)    Borrower and each of the other Companies will take, and Borrower will cause the other Companies to take, all
actions that may be required under the Loan Papers to effectuate the transactions contemplated hereby or to grant, preserve, protect or perfect the Liens created or intended to be created by the Security Documents or the validity or priority of any
such Lien, all at the expense of Borrower. 
 (b)    Subject to and in accordance with Section 8.7 of the
Credit Agreement, the Borrower and each Guarantor shall pay Administrative Agent upon demand for all reasonable out-of-pocket expenses, including reasonable
attorneys’ fees and expenses of Administrative Agent, incurred by Administrative Agent in connection with the preparation, negotiation and execution of this Amendment. 

  
 - 18 - 

 (c)    The Laws (other than conflict-of-laws provisions) of the State of New York and of the United States of America govern the rights and duties of the parties to this Amendment and the validity, construction, enforcement, and
interpretation of this Amendment. 
 (d)    This Amendment shall be binding upon Borrower, Administrative Agent
and Lenders and their respective successors and assigns, and shall inure to the benefit of Borrower, Administrative Agent and Lenders and the respective successors and assigns of Administrative Agent and Lenders. 

(e)    This Amendment may be executed in any number of counterparts and by different parties hereto in separate
counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Amendment by
facsimile or other electronic imaging (including in .pdf format) means shall be effective as delivery of a manually executed counterpart of this Amendment. 

[Signature pages follow.] 

  
 - 19 - 

 AS EVIDENCE of the agreement by the parties hereto to the terms and conditions herein
contained, each such party has caused this Amendment to be executed on its behalf. 
  

			
	MONRO, INC., as Borrower
		
	By:	 	 /s/ Brian J. D’Ambrosia

	Name:	 	Brian J. D’Ambrosia
	Title:	 	Executive Vice President - Finance, Chief Financial Officer, and Treasurer
	
	CAR-X, LLC, as a Guarantor
		
	By:	 	 /s/ Maureen E. Mulholland

	 	 	Maureen E. Mulholland, Secretary
	
	MONRO SERVICE CORPORATION, as a
Guarantor
		
	By:	 	 /s/ Brian J. D’Ambrosia

	 	 	Brian J. D’Ambrosia, Secretary
	
	MNRO HOLDINGS, LLC, as a Guarantor
		
	By:	 	 /s/ Maureen E. Mulholland

	 	 	Maureen E. Mulholland, Secretary
	
	MNRO SERVICE HOLDINGS, LLC, as a
Guarantor
		
	By:	 	 /s/ Maureen E. Mulholland

	 	 	Maureen E. Mulholland, Secretary

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 CITIZENS BANK, N.A.,

as Administrative Agent and a Lender

		
	By:	 	 /s/ Patrick A. Keffer

	Name:	 	 Patrick A. Keffer 

	Title:	 	Senior Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 BANK OF AMERICA, N.A.,

as Co-Syndication Agent and a Lender

		
	By:	 	 /s/ Thomas C. Strasenburgh

	Name:	 	Thomas C. strasenburgh
	Title:	 	Senior Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 JPMORGAN CHASE BANK, N.A.,

as Co-Syndication Agent and a Lender

		
	By:	 	 /s/ Alicia Schreibstein

	Name:	 	 Alicia Schreibstein 

	Title:	 	Executive Director

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 KEYBANK NATIONAL ASSOCIATION,

as Co-Syndication Agent and a Lender

		
	By:	 	 /s/ Jeff Morse

	Name:	 	Jeff Morse
	Title:	 	Senior Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 TRUIST BANK (formerly known as Branch
Banking and Trust Company),

as Co-Documentation Agent and a Lender

		
	By:	 	 /s/ Matthew J. Davis

	Name:	 	 Matthew J. Davis 

	Title:	 	Senior Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 TD BANK, N.A.,

as Co-Documentation Agent and a Lender

		
	By:	 	 /s/ Craig Welch

	Name:	 	Craig Welch
	Title:	 	Senior Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 WELLS FARGO BANK, N.A.,

as Co-Documentation Agent and a Lender

		
	By:	 	 /s/ Melissa E. LoBocchiaro

	Name:	 	 Melissa E. LoBocchiaro

	Title:	 	Vice President

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page] 

 
			
	 CITIBANK N.A.,

As a Lender

		
	By:	 	 /s/ Randy Humphreys

	Name:	 	 Randy Humphreys 

	Title:	 	 Director

  
 [Monro, Inc. –
Amendment No. 1 to Amended and Restated Credit Agreement – Signature Page]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00310-of-00352.parquet"}]]