Document:

First Supplemental Indenture

 Exhibit 4.7 
 EXECUTION VERSION 
 FIRST SUPPLEMENTAL INDENTURE 

First Supplemental Indenture (this “Supplemental Indenture”), dated as of October 26, 2010,
among each of Regency Zephyr LLC, a Delaware limited liability company, Regency Midcontinent Express LLC, a Delaware limited liability company, and Regency Midcontinent Express Pipeline I LLC, a Delaware limited liability company (collectively, the
“Guaranteeing Subsidiaries”), Regency Energy Partners LP, a Delaware limited partnership (“Regency Energy Partners”), Regency Energy Finance Corp., a Delaware corporation (“Finance
Corp.” and, together with Regency Energy Partners, the “Issuers”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee (the
“Trustee”) under the Indenture referred to below. 
 W I T N E S S E T H: 

WHEREAS, the Issuers have heretofore executed and delivered to the Trustee an Indenture (the
“Indenture”), dated as of May 20, 2009, providing for the issuance of the 9 3/8% Senior Notes due 2016 (the “Notes”); 

WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiaries shall execute and
deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiaries shall unconditionally guarantee all of the Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Note Guarantees”); and 
 WHEREAS, pursuant to Section 9.01 of the
Indenture, the Trustee is 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 Guaranteeing Subsidiaries and the Trustee mutually covenant and agree for the equal and ratable benefit
of the Holders of the Notes as follows: 
 1. Capitalized Terms. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Indenture. 
 2. Agreement to Guarantee. The
Guaranteeing Subsidiaries hereby agree to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10 thereof. 

3. No Recourse Against Others. No past, present or future director, officer, employee, incorporator, stockholder
or agent of the Guaranteeing Subsidiaries, as such, shall have any liability for any obligations of the Issuers or any Guaranteeing Subsidiaries under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the 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. Such
waiver may not be effective to waive liabilities 

 
under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

4. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL
INDENTURE. 
 5. Counterparts. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
 6. Effect of
Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 
 7. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals
contained herein, all of which recitals are made solely by the Guaranteeing Subsidiaries and the Issuers. 
 [Signature Page
Follows] 

  
 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Supplemental
Indenture to be duly executed as of the date first above written. 
  

			
	 GUARANTEEING SUBSIDIARIES:

 
 REGENCY MIDCONTINENT EXPRESS

PIPELINE I LLC
 By:   Regency Midcontinent Express LLC, its sole member
 REGENCY
MIDCONTINENT EXPRESS LLC
 REGENCY ZEPHYR LLC

		
	 By:
	 	 Regency Gas Services LP, its sole member

		
	 By:
	 	 Regency OLP GP LLC, its general partner

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

  

			
	 ISSUERS:

 
 REGENCY ENERGY PARTNERS LP

 

		
	 By:
	 	 Regency GP LP, its general partner

		
	 By:
	 	 Regency GP LLC, its general partner

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President and Chief Executive Officer

 

			
	 REGENCY ENERGY FINANCE CORP.

 

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

  

  
 Signature
Pages to Supplemental Indenture 

 
			
	 EXISTING GUARANTORS:

 
 REGENCY OLP GP LLC

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

 

			
	 REGENCY GAS SERVICES LP

 

		
	 By:
	 	 Regency OLP GP LLC, its general partner

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

  

			
	 GULF STATES TRANSMISSION
 CORPORATION
 PUEBLO HOLDINGS, INC.

PUEBLO MIDSTREAM GAS CORPORATION

 

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

  
 Signature
Pages to Supplemental Indenture 

 
			
	 CDM RESOURCE MANAGEMENT LLC
 WGP-KHC, LLC

By:   Frontstreet Hugoton LLC, its sole member

FRONTSTREET HUGOTON LLC
 PALAFOX JOINT VENTURE

By:   Regency Field Services LLC and Regency Gas Services LP, its
venturers
 REGENCY FIELD SERVICES LLC
 REGENCY GAS MARKETING LLC
 REGENCY GAS UTILITY LLC

REGENCY HAYNESVILLE INTRASTATE GAS LLC
 REGENCY LIQUIDS PIPELINE LLC
  

		
	 By:
	 	 Regency Gas Services LP, its sole member

		
	 By:
	 	 Regency OLP GP LLC, its general partner

		
	 By:
	 	 
		 	 Name: Byron R. Kelley

		 	 Title: President

  
 Signature
Pages to Supplemental Indenture 

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee
  

		
	 By:
	 	 
		 	 Name: Martin G. Reed

		 	 Title: Vice President

  
 Signature
Pages to Supplemental IndentureForm of Grant Agreement

 Exhibit 10.32 
 Regency GP LLC 
 Long-Term Incentive Plan 

Grant of Phantom Units 
 with DERs 
  

					
	 Grantee:    
	  	
                 
                                        

	  	
			
	 Grant Date:    
	  	
                             
           , 20           
	  	

  

	 1.
	 Grant of Phantom Units with DERs. Regency GP LLC (the “Company”) hereby grants to you
                 Phantom Units under the Regency GP LLC Long-Term Incentive Plan (the “Plan”) on the terms and conditions set forth herein and in the
Plan. This grant of Phantom Units includes a tandem grant of DERs with respect to each Phantom Unit. In the event of any conflict between the terms of this Agreement and the Plan, which is incorporated herein by reference as a part of this
Agreement, the terms of the Plan shall control. Capitalized terms used in this Agreement but not defined herein shall have the meanings ascribed to such terms in the Plan, unless the context requires otherwise. 

 

	 2.
	 Vesting. Subject to Paragraph 3 below, the Phantom Units granted hereunder shall vest on each anniversary of the Vesting Commencement
Date as follows: 

  

			
	 Anniversary of

Vesting Commencement Date
	  	Cumulative
Vested 
Percentage
	 1st
	  	20%
	 2nd
	  	40%
	 3rd
	  	60%
	 4th
	  	80%
	 5th
	  	100%

 The
“Vesting Commencement Date” means December 5, 2010. 
  

	 3.
	 Events Occurring Prior to Full Vesting. 

 

	 	 (a)
	 Death or Disability. If, prior to a vesting date, your employment with the Company terminates as a result of your death or a
disability that entitled you to benefits under the Company’s long-term disability plan, all Phantom Units then credited to you automatically will become fully vested upon such termination. 

	 	 (b)
	 Other Terminations. If, prior to a vesting date, your employment with the Company terminates for any reason other than as provided in
Paragraph 3(a) above, all Phantom Units then credited to you automatically shall be forfeited without payment upon such termination. 

  

	 	 (c)
	 Change of Control. Upon a Change of Control, all outstanding Phantom Units then credited to you automatically shall become fully
vested. 

 For purposes of this Agreement, “employment with the Company” means being
an Employee, Consultant or a Director of the Company or any Affiliate and a change of status between being an Employee, Consultant or Director of the Company and/or any Affiliate(s) shall not constitute a “termination of employment with the
Company.” 
  

	 4.
	 Payments. 

  

	 	 (a)
	 Phantom Units. Subject to Paragraph 5, on the date of vesting of a Phantom Unit, the Company shall, in its sole discretion, pay you
either (i) an amount of cash equal to the Fair Market Value of a Unit on the vesting date or (ii) one Unit. If more than one Phantom Unit vests at the same time, the Company may pay such Phantom Units in any combination of cash and units
as the Company, in its discretion, elects. 

  

	 	 (b)
	 DERs. Subject to Paragraph 5, upon a cash distribution by the Partnership with respect to a Unit during the period a Phantom Unit
remains credited to you under this Agreement (i.e., the Phantom Unit has not been paid or forfeited), the Company shall pay you, with respect to each such remaining Phantom Unit, an amount of cash equal to the amount of cash distributed by the
Partnership with respect to a Unit. 

  

	 5.
	 Withholding of Taxes. To the extent that the vesting or payment of a Phantom Unit results in the receipt of compensation by you with
respect to which the Company or an Affiliate has a tax withholding obligation pursuant to applicable law, unless other arrangements have been made by you that are acceptable to the Company, which may include withholding of Units otherwise to be
delivered to you pursuant to this Award, you shall deliver to the Company or an Affiliate such amount of money as the Company or an Affiliate may require to meet its withholding obligations under applicable law. No payment of a vested Phantom Unit
shall be made pursuant to this Agreement until you have paid or made arrangements approved by the Company to satisfy in full the applicable tax withholding requirements with respect to such event. The payment of cash to you with respect to a DER
will be treated as compensation for tax purposes and the Company will withhold from such cash the amount necessary to satisfy its applicable tax withholding requirements for such payment. 

 

	 6.
	 Limitations Upon Transfer. All rights under this Agreement shall belong to you alone and may not be transferred, assigned, pledged, or
hypothecated by you in any way (whether by operation of law or otherwise), other than by will or the laws of descent and distribution or a qualified domestic relations order and shall not be subject to execution,

  
 -2-

	 	 
attachment, or similar process. Upon any attempt by you to transfer, assign, pledge, hypothecate, or otherwise dispose of such rights contrary to the provisions in this Agreement or the Plan, or
upon the levy of any attachment or similar process upon such rights, such rights shall immediately become null and void. 

  

	 7.
	 Binding Effect. This Agreement shall be binding upon and inure to the benefit of any successor or successors of the Company and upon
any person lawfully claiming under you. 

  

	 8.
	 Entire Agreement. This Agreement constitutes the entire agreement of the parties with regard to the subject matter hereof, and
contains all the covenants, promises, representations, warranties and agreements between the parties with respect to the Phantom Units granted hereby. Without limiting the scope of the preceding sentence, all prior understandings and agreements, if
any, among the parties hereto relating to the subject matter hereof are hereby null and void and of no further force and effect. 

  

	 9.
	 Modifications. Any modification of this Agreement shall be effective only if it is in writing and signed by both you and an authorized
individual on behalf of the Company. 

  

	 10.
	 Governing Law. This grant shall be governed by, and construed in accordance with, the laws of the State of Texas, without regard to
conflicts of laws principles thereof. 

  

	 11.
	 Execution Required. By signing below, you agree that this grant is under and governed by the terms and conditions of the Plan,
including the terms and conditions set forth in this Agreement. If you do not execute this Agreement and return it to the [insert title] of the Company within 30 days of the Grant Date, this Award shall be null and void for all purposes ab
initio. 

  

			
	 REGENCY GP LLC
  

		
	 By:
	 	 
		 	 Michael J. Bradley
 President and Chief Executive Officer

  

			
	 GRANTEE
  

		
		 	 
		 	

  
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