Document:

Pledge and Security Agreement

  
 Exhibit 10.4

  
 PLEDGE AND SECURITY AGREEMENT 
  
 THIS PLEDGE AND SECURITY AGREEMENT (this “Security
Agreement”) is entered into as of December 17, 2004 by and among INERGY, L.P., a Delaware limited partnership (the “Borrower”) and the other Subsidiaries of the Borrower listed on the signature pages hereto (together with
the Borrower, the “Initial Grantors,” and together with any additional Domestic Subsidiaries, whether now existing or hereafter formed which become parties to this Security Agreement by executing a Supplement hereto in substantially the
form of Annex I, the “Grantors”), and JPMORGAN CHASE BANK, N.A., a national banking association, in its capacity as administrative agent (the “Administrative Agent”) for the lenders party to the Credit
Agreements referred to below (collectively, the “Lenders”). 
  
 PRELIMINARY STATEMENT 
  
 The
Borrower is party to (i) a 5-Year Credit Agreement dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “5-Year Credit Agreement”), by and among the Borrower,
the Administrative Agent, and certain financial institutions from time to time party thereto (collectively, the “5-Year Lenders”) and (ii) a 364-Day Credit Agreement dated as of the date hereof (as the same may be amended, restated,
supplemented or otherwise modified from time to time, the “364-Day Credit Agreement” and, together with the 5-Year Credit Agreement, the “Credit Agreements”) by and among the Borrower, the Administrative Agent and
certain financial institutions from time to time party thereto (together with the 5-Year Lenders, the “Lenders”). The Grantors are entering into this Security Agreement in order to induce the Lenders to enter into and extend credit
to the Borrower under the Credit Agreements. 
  
 ACCORDINGLY, the
Grantors and the Administrative Agent, on behalf of the Holders of Secured Obligations, hereby agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 1.1. Terms Defined in Credit
Agreements. All capitalized terms used herein and not otherwise defined shall have the meanings assigned to such terms in the Credit Agreements. 
  
 1.2. Terms Defined in New York UCC. Terms defined in the New York UCC which are not otherwise defined in this Security Agreement are used herein as
defined in the New York UCC. 
  

 1.3. Definitions of Certain Terms Used Herein. As used in this Security Agreement, in addition to
the terms defined in the Preliminary Statement, the following terms shall have the following meanings: 
  
 “Accounts” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Article” means a numbered article of this Security
Agreement, unless another document is specifically referenced. 
  
 “Chattel Paper” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Collateral” means all Accounts, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Fixtures, Goods, General Intangibles,
Instruments, Inventory, Investment Property, Pledged Deposits, Supporting Obligations and Other Collateral, wherever located, in which any Grantor now has or hereafter acquires any right or interest, and the proceeds (including Stock Rights),
insurance proceeds and products thereof, together with all books and records, customer lists, credit files, computer files, programs, printouts and other computer materials and records related thereto. 
  
 “Commercial Tort Claims” means those certain currently
existing commercial tort claims of any Grantor, including each commercial tort claim specifically described in Exhibit “F”. 
  
 “Control” shall have the meaning set forth in Article 8 or, if applicable, in Section 9-104, 9-105, 9-106 or 9-107 of Article 9 of the
New York UCC. 
  
 “Default” means an event
described in Section 5.1 hereof. 
  
 “Deposit
Accounts” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Documents” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Equipment” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Exhibit” refers to a specific exhibit to this Security
Agreement, unless another document is specifically referenced. 
  
 “Fixtures” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “General Intangibles” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Goods” shall have the meaning set forth in Article 9 of the
New York UCC. 
  
 “Instruments” shall have the
meaning set forth in Article 9 of the New York UCC. 
  
 “Inventory” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “Investment Property” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 “New York UCC” means the New York Uniform Commercial Code as
in effect from time to time.  
  

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 “Other Collateral” means any property of the Grantors, not included within the defined
terms Accounts, Chattel Paper, Commercial Tort Claims, Documents, Equipment, Fixtures, General Intangibles, Instruments, Inventory, Investment Property and Pledged Deposits, including, without limitation, all cash on hand, letter-of-credit rights,
letters of credit, Stock Rights and Deposit Accounts or other deposits (general or special, time or demand, provisional or final) with any bank or other financial institution, it being intended that the Collateral include all personal property of
the Grantors and motor vehicles to the extent required by Section 5.13 and Article VIII of the Credit Agreement. 
  
 “Pledged Deposits” means all time deposits of money (other than Deposit Accounts and Instruments), whether or not evidenced by
certificates, which a Grantor may from time to time designate as pledged to the Administrative Agent or to any Holder of Secured Obligations as security for any Obligations, and all rights to receive interest on said deposits. 
  
 “Receivables” means the Accounts, Chattel Paper, Documents,
Investment Property, Instruments or Pledged Deposits, and any other rights or claims to receive money which are General Intangibles or which are otherwise included as Collateral. 
  
 “Required Lenders” means, at any time, the Lenders having Revolving Credit Exposures and unused Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures and unused Commitments under the Credit Agreements. 
  
 “Section” means a numbered section of this Security Agreement, unless another document is specifically referenced. 
  
 “Security” has the meaning set forth in Article 8 of the New
York UCC. 
  
 “Stock Rights” means any
Securities, dividends or other distributions and any other right or property which any Grantor shall receive or shall become entitled to receive for any reason whatsoever with respect to, in substitution for or in exchange for any Securities or
other ownership interests in a corporation, partnership, joint venture or limited liability company constituting Collateral and any Securities, any right to receive Securities and any right to receive earnings, in which any Grantor now has or
hereafter acquires any right, issued by an issuer of such Securities. 
  
 “Supporting Obligation” shall have the meaning set forth in Article 9 of the New York UCC. 
  
 The foregoing definitions shall be equally applicable to both the singular and plural forms of the defined terms. 
  
 ARTICLE II 
  
 GRANT OF SECURITY INTEREST 
  
 Each of the Grantors hereby pledges, assigns and grants to the Administrative Agent, on behalf of and for the ratable benefit of the Holders of Secured
Obligations and (to the extent specifically provided herein) their Affiliates, a security interest in all of such Grantor’s right, title 

  

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and interest, whether now owned or hereafter acquired, in and to the Collateral to secure the prompt and complete payment and performance of the Obligations.

  
 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 Each of the Initial Grantors represents and warrants to the Administrative
Agent and the Holders of Secured Obligations, and each Grantor that becomes a party to this Security Agreement pursuant to the execution of a Security Agreement Supplement in substantially the form of Annex I represents and warrants (after
giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement), that: 
  
 3.1. Title, Authorization, Validity and Enforceability. Such Grantor has good and valid rights in or the power to transfer the Collateral owned by
it and title to the Collateral with respect to which it has purported to grant a security interest hereunder, free and clear of all Liens except for Liens permitted under Section 4.1.6 hereof, and has full corporate, limited liability company
or partnership, as applicable, power and authority to grant to the Administrative Agent the security interest in such Collateral pursuant hereto. The execution and delivery by such Grantor of this Security Agreement has been duly authorized by
proper corporate, limited liability company or partnership, as applicable, proceedings, and this Security Agreement constitutes a legal, valid and binding obligation of such Grantor and creates a security interest which is enforceable against such
Grantor in all Collateral it now owns or hereafter acquires, except as enforceability may be limited by (i) bankruptcy, insolvency, fraudulent conveyances, reorganization or similar laws relating to or affecting the enforcement of creditors’
rights generally, (ii) general equitable principles (whether considered in a proceeding in equity or at law), and (iii) requirements of reasonableness, good faith and fair dealing. When financing statements have been filed in the appropriate offices
against such Grantor in the locations listed on Exhibit “E”, the Administrative Agent will have a fully perfected first priority security interest in the Collateral owned by such Grantor in which a security interest may be perfected
by such filings, subject only to Liens permitted under Section 4.1.6 hereof. 
  
 3.2. Conflicting Laws and Contracts. Neither the execution and delivery by such Grantor of this Security Agreement, the creation and perfection of the security interest in the Collateral granted hereunder, nor
compliance with the terms and provisions hereof will violate (i) any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on such Grantor, or (ii) such Grantor’s Organic Documents, or (iii) the provisions of any
material indenture, instrument or agreement to which such Grantor is a party or is subject, or by which it, or its property may be bound or affected, or conflict with or constitute a default thereunder, except where such violation, conflict or
default could not reasonably be expected to have a Material Adverse Effect, or result in or require the creation or imposition of any Lien in, of or on the property of such Grantor pursuant to the terms of any such material indenture, instrument or
agreement (other than any Lien of the Administrative Agent on behalf of the Holders of Secured Obligations). 
  

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 3.3. Principal Location. Such Grantor’s mailing address and the location of its place of
business (if it has only one) or its chief executive office (if it has more than one place of business), is disclosed in Exhibit “A”; such Grantor has no other places of business except those set forth in Exhibit
“A”. 
  
 3.4. Property Locations. Except for
tanks and inventory located on customers’ property and motor vehicles, the Inventory, Equipment and Fixtures of each Grantor are located solely at the locations of such Grantor described in Exhibit “A”. All of said locations
are owned by such Grantor except for locations (i) which are leased by such Grantor as lessee and designated in Part B of Exhibit “A” and (ii) at which Inventory is held in a public warehouse or is otherwise held by a bailee or on
consignment by such Grantor as designated in Part C of Exhibit “A”, with respect to which Inventory such Grantor has delivered bailment agreements, warehouse receipts, financing statements or other documents satisfactory to the
Administrative Agent to protect the Administrative Agent’s and the Holders of Secured Obligations’ security interest in such Inventory. 
  
 3.5. No Other Names. Except as described in Exhibit “H”, such Grantor has not conducted business under any name except the name in
which it has executed this Security Agreement, which is the exact name as it appears in such Grantor’s Organic Documents, as amended, as filed with such Grantor’s jurisdiction of organization as of the Closing Date. 
  
 3.6. No Default. No Default or Event of Default exists. 
  
 3.7. Accounts and Chattel Paper. The names of the obligors, amounts
owing, due dates and other information with respect to the Accounts and Chattel Paper owned by such Grantor are and will be correctly stated in all records of such Grantor relating thereto and in all invoices and reports with respect thereto
furnished to the Administrative Agent by such Grantor from time to time. As of the time when each Account or each item of Chattel Paper arises, such Grantor shall be deemed to have represented and warranted that such Account or Chattel Paper, as the
case may be, and all records relating thereto, are genuine and in all respects what they purport to be. 
  
 3.8. Filing Requirements. None of the Equipment owned by such Grantor is covered by any certificate of title, except for the vehicles described in
Part A of Exhibit “B”. None of the Collateral owned by such Grantor is of a type for which security interests or liens may be perfected by filing under any federal statute except for (i) the vehicles described in Part B of
Exhibit “B” and (ii) patents, trademarks and copyrights held by such Grantor and described in Part C of Exhibit “B”. The street address of the property on which any Fixtures owned by such Grantor are located is set
forth in Exhibit “C” together with the name and address of the record owner of each such property. 
  
 3.9. No Financing Statements. No financing statement describing all or any portion of the Collateral which has not lapsed or been terminated naming
such Grantor as debtor has been filed in any jurisdiction except financing statements (i) naming the Administrative Agent on behalf of the Holders of Secured Obligations as the secured party and (ii) in respect of Liens permitted by Section 6.02 of
any Credit Agreement; provided, that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent 

  

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under the Credit Documents to any Liens otherwise permitted under Section 6.02 of any Credit Agreement. 
  
 3.10. Federal Employer Identification Number; State Organization Number;
Jurisdiction of Organization. Such Grantor’s federal employer identification number is, and if such Grantor is a registered organization, such Grantor’s State of organization, type of organization and State of organization
identification number is, as follows: 
  

									
	 GRANTOR

	 	 Federal
Employer
Identification
Number

	 	 Type of
Organization

	 	 State of
Organization or
Incorporation

	 	 State
Organization
Number

	INERGY, L.P.	 	43-1918951	 	Limited Partnership	 	Delaware	 	3365578
					
	L&L TRANSPORTATION, LLC	 	43-1905384	 	Limited Liability Company	 	Delaware	 	3293748
					
	INERGY TRANSPORTATION, LLC	 	43-1905383	 	Limited Liability Company	 	Delaware	 	3293746
					
	INERGY SALES & SERVICE, INC.	 	43-1931522	 	Corporation	 	Delaware	 	3363846
					
	INERGY PROPANE, LLC	 	56-1995482	 	Limited Liability Company	 	Delaware	 	2678540
					
	INERGY FINANCE CORP.	 	20-1647744	 	Corporation	 	Delaware	 	3857399
					
	INERGY ACQUISITION COMPANY, LLC	 	20-1647837	 	Limited Liability Company	 	Delaware	 	3857400
					
	INERGY GAS, LLC	 	 	 	Limited Liability Company	 	Delaware	 	 
					
	STELLAR PROPANE SERVICE, LLC	 	86-1123848	 	Limited Liability Company	 	Delaware	 	3881149

  

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 3.11. Pledged Securities and Other Investment Property. Exhibit “D” sets forth a
complete and accurate list of the Instruments, Securities and other Investment Property delivered to the Administrative Agent. Each Grantor is the direct and beneficial owner of each Instrument, Security and other type of Investment Property listed
on Exhibit “D” as being owned by it, free and clear of any Liens, except for the security interest granted to the Administrative Agent for the benefit of the Holders of Secured Obligations hereunder or as permitted by Section 6.02
of any Credit Agreement. Each Grantor further represents and warrants that (i) all such Instruments, Securities or other types of Investment Property which are shares of stock in a corporation or ownership interests in a partnership or limited
liability company have been (to the extent such concepts are relevant with respect to such Instrument, Security or other type of Investment Property) duly and validly issued, are fully paid and non-assessable and constitute the percentage of the
issued and outstanding shares of stock (or other equity interests) of the respective issuers thereof indicated on Exhibit “D” hereto and (ii) with respect to any certificates delivered to the Administrative Agent representing an
ownership interest in a partnership or limited liability company, either such certificates are Securities as defined in Article 8 of the New York UCC of the applicable jurisdiction as a result of actions by the issuer or otherwise, or, if such
certificates are not Securities, such Grantor has so informed the Administrative Agent so that the Administrative Agent may take steps to perfect its security interest therein as a General Intangible. 
  
 ARTICLE IV 
  
 COVENANTS 
  
 From the date of this Security Agreement and thereafter until this Security Agreement is terminated, each of the Initial Grantors agrees, and from and
after the effective date of any Security Agreement Supplement applicable to any Grantor (and after giving effect to supplements to each of the Exhibits hereto with respect to such subsequent Grantor as attached to such Security Agreement Supplement)
and thereafter until this Security Agreement is terminated each such subsequent Grantor agrees: 
  
 4.1. General. 
  
 4.1.1 Inspection. Each Grantor will permit the Administrative Agent or any Holder of Secured Obligations, by its representatives
and agents (i) to inspect the Collateral, (ii) to examine and make copies of the records of such Grantor relating to the Collateral and (iii) to discuss the Collateral and the related records of such Grantor with, and to be advised as to the same
by, such Grantor’s officers and employees (and, in the case of any Receivable, with any person or entity which is or may be obligated thereon), at all such reasonable times and intervals as the Administrative Agent or such Holder of Secured
Obligations may determine, and all at such Grantor’s expense. 
  
 4.1.2 Taxes. Such Grantor will pay when due all taxes, assessments and governmental charges and levies upon the Collateral owned by such Grantor, except (i) those which are being contested in good faith by
appropriate proceedings and with 

  

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respect to which adequate reserves have been set aside in accordance with GAAP and with respect to which no Lien exists, and (ii) those which by reason of
the amount involved or the remedies available to the taxing authority could not reasonably be expected to have a Material Adverse Effect. 
  
 4.1.3 Records and Reports; Notification of Default. Each Grantor shall keep and maintain complete, accurate and proper books and
records with respect to the Collateral owned by such Grantor, and furnish to the Administrative Agent, with sufficient copies for each of the Holders of Secured Obligations, such reports relating to the Collateral as the Administrative Agent shall
from time to time reasonably request. Each Grantor will give prompt notice in writing to the Administrative Agent and the Lenders of the occurrence of any Default or Event of Default and of any other development, financial or otherwise, which might
materially and adversely affect the Collateral. 
  
 4.1.4 Financing Statements and Other Actions; Defense of Title. Each Grantor hereby authorizes the Administrative Agent to file, all financing statements describing the Collateral owned by such Grantor and take such other actions as
may from time to time reasonably be requested by the Administrative Agent in order to maintain a first perfected security interest in and, if applicable, Control of, the Collateral owned by such Grantor, subject to Liens permitted under Section 6.02
of any Credit Agreement, provided that nothing herein shall be deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Credit Documents to any Liens otherwise permitted under Section 6.02 of any Credit
Agreement. Such financing statements may describe the Collateral in the same manner as described herein or may contain an indication or description of collateral that describes such property in any other manner as the Administrative Agent may
determine, in its sole discretion, is necessary, advisable or prudent to ensure that the perfection of the security interest in the Collateral granted to the Administrative Agent herein, including, without limitation, describing such property as
“all assets” or “all personal property, whether now owned or hereafter acquired.” Each Grantor will take any and all actions necessary to defend title to the Collateral owned by such Grantor against all persons and to defend the
security interest of the Administrative Agent in such Collateral and the priority thereof against any Lien not expressly permitted hereunder. 
  
 4.1.5 Disposition of Collateral. No Grantor will sell, lease or otherwise dispose of the Collateral owned by such Grantor except
(i) dispositions specifically permitted pursuant to Section 6.03 of any Credit Agreement and (ii) until such time as such Grantor receives a notice from the Administrative Agent pursuant to Article VII, proceeds of Inventory and Accounts
collected in the ordinary course of business. 
  
 4.1.6 Liens. No Grantor will create, incur, or suffer to exist any Lien on the Collateral owned by such Grantor except Liens permitted pursuant to Section 6.02 of any Credit Agreement, provided, that nothing herein shall be
deemed to constitute an agreement to subordinate any of the Liens of the Administrative Agent under the Credit Documents to any Liens otherwise permitted under Section 6.02 of any Credit Agreement. 
  

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 4.1.7 Change in Corporate Existence, Type or Jurisdiction of Organization, Location,
Name. Each Grantor will: 
  

	 	(i)	preserve its existence and entity structure as in effect on the Closing Date; 

  

	 	(ii)	not change its jurisdiction of organization; 

  

	 	(iii)	not maintain its place of business (if it has only one) or its chief executive office (if it has more than one place of business) at a location other than a location specified on
Exhibit “A;” and 

  

	 	(iv)	not (i) have any Inventory, Equipment or Fixtures or proceeds or products thereof (other than Inventory and proceeds thereof disposed of as permitted by Section 4.1.5, motor
vehicles, and tanks and inventory located on customers’ property) at a location other than a location specified in Exhibit “A” as amended from time to time, (ii) change its name or taxpayer identification number or (iii) change
its mailing address, 

  
 unless, in each such case,
such Grantor shall have given the Administrative Agent not less than 30 days’ prior written notice of such event or occurrence and the Administrative Agent shall have either (x) determined that such event or occurrence will not adversely affect
the validity, perfection or priority of the Administrative Agent’s security interest in the Collateral, or (y) taken such steps (with the cooperation of such Grantor to the extent necessary or advisable) as are necessary or advisable to
properly maintain the validity, perfection and priority of the Administrative Agent’s security interest in the Collateral owned by such Grantor. 
  
 4.1.8 Other Financing Statements. No Grantor will suffer to exist or authorize the filing of any financing statement naming it as
debtor covering all or any portion of the Collateral owned by such Grantor, except any financing statement authorized under Section 4.1.4 hereof and Liens permitted under Section 6.02 of the Credit Agreements. 
  
 4.2. Receivables. 
  
 4.2.1 Certain Agreements on Receivables. During the
occurrence and continuation of a Default, no Grantor will make or agree to make any discount, credit, rebate or other reduction in the original amount owing on a Receivable or accept in satisfaction of a Receivable less than the original amount
thereof. Prior to the occurrence and continuation of a Default, such Grantor may reduce the amount of Accounts arising from the sale of Inventory or the rendering of services in accordance with its present policies and in the ordinary course of
business and as otherwise permitted under the Credit Agreements. 
  
 4.2.2 Collection of Receivables. Except as otherwise provided in this Security Agreement, each Grantor will collect and enforce, at such Grantor’s sole expense, all amounts due or hereafter due to such
Grantor under the Receivables owned by such Grantor. 
  

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 4.2.3 Delivery of Invoices. Each Grantor will deliver to the Administrative Agent
immediately upon its request, if a Default has occurred and is continuing, duplicate invoices with respect to each Account owned by such Grantor bearing such language of assignment as the Administrative Agent shall specify. 
  
 4.2.4 Disclosure of Counterclaims on Receivables. If
(i) any material discount, credit or agreement to make a rebate or to otherwise reduce the amount owing on a Receivable owned by such Grantor exists or (ii) if, to the knowledge of such Grantor, any material dispute, setoff, claim, counterclaim or
defense exists or has been asserted or threatened with respect to a Receivable, such Grantor will disclose such fact to the Administrative Agent in writing in connection with the inspection by the Administrative Agent of any record of such Grantor
relating to such Receivable and in connection with any invoice or report furnished by such Grantor to the Administrative Agent relating to such Receivable. 
  
 4.3. Inventory and Equipment. 
  
 4.3.1 Maintenance of Goods. Each Grantor will do all things necessary to maintain, preserve, protect and keep the Inventory and the
Equipment owned by such Grantor in good repair, working order and saleable condition (ordinary wear and tear excepted) and make all necessary and proper repairs, renewals and replacements so that its business carried on in connection therewith may
be properly conducted at all times, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
  
 4.3.2 Titled Vehicles. Each Grantor will give the Administrative Agent notice of its acquisition of
any vehicle covered by a certificate of title and, if required under the terms of the Credit Agreements, deliver to the Administrative Agent, upon request, the original of any vehicle title certificate and do all things necessary to have the Lien of
the Administrative Agent noted on any such certificate. 
  
 4.4.
Instruments, Securities, Chattel Paper, Documents and Pledged Deposits. Each Grantor will (i) at the request of the Administrative Agent, deliver to the Administrative Agent immediately upon execution of this Security Agreement the originals
of all Chattel Paper, Securities and Instruments constituting Collateral (if any then exist), other than Chattel Paper, Securities and Instruments having a book value which do not exceed $1,000,000 in the aggregate (except that the Securities
evidencing ownership of each Subsidiary (other than an Excluded Subsidiary) will be delivered to the Administrative Agent regardless of value), (ii) hold in trust for the Administrative Agent upon receipt and immediately thereafter deliver (except
as provided in subsection 4.4(i) above) to the Administrative Agent any Chattel Paper, Securities and Instruments constituting Collateral, (iii) upon the designation of any Pledged Deposits (as set forth in the definition thereof), deliver to the
Administrative Agent such Pledged Deposits which are evidenced by certificates included in the Collateral endorsed in blank, marked with such legends and assigned as the Administrative Agent shall specify, and (iv) upon the Administrative
Agent’s request, after the occurrence and during the continuance of a Default, deliver to the Administrative Agent (and thereafter hold in trust for the Administrative Agent upon receipt and 

  

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immediately deliver to the Administrative Agent) any Document evidencing or constituting Collateral. 
  
 4.5. Uncertificated Securities and Certain Other Investment Property.
Each Grantor will permit the Administrative Agent from time to time to cause the appropriate issuers (and, if held with a securities intermediary, such securities intermediary) of uncertificated securities or other types of Investment Property not
represented by certificates which are Collateral owned by such Grantor to mark their books and records with the numbers and face amounts of all such uncertificated securities or other types of Investment Property not represented by certificates and
all rollovers and replacements therefor to reflect the Lien of the Administrative Agent granted pursuant to this Security Agreement. Each Grantor will use all commercially reasonable efforts, with respect to Investment Property constituting
Collateral owned by such Grantor held with a financial intermediary, to cause such financial intermediary to enter into a control agreement with the Administrative Agent in form and substance reasonably satisfactory to the Administrative Agent.

  
 4.6. Stock and Other Ownership Interests. 

 
 4.6.1 Changes in Capital Structure of Issuers.
Except as permitted in the Credit Agreements, no Grantor will (i) to the extent such Grantor owns a controlling interest therein, permit or suffer any issuer of privately held corporate securities or other ownership interests in a corporation,
partnership, joint venture or limited liability company constituting Collateral owned by such Grantor to dissolve, liquidate, retire any of its capital stock or other Instruments or Securities evidencing ownership, reduce its capital or merge or
consolidate with any other entity, or (ii) vote any of the Instruments, Securities or other Investment Property in favor of any of the foregoing except to the extent permitted under Section 6.03 of any Credit Agreement. 
  
 4.6.2 Issuance of Additional Securities. To the
extent such Grantor owns a Controlling interest therein, no Grantor will permit or suffer the issuer of privately held corporate securities or other ownership interests in a corporation, partnership, joint venture or limited liability company
constituting Collateral to issue any such securities or other ownership interests, any right to receive the same or any right to receive earnings, except to such Grantor. 
  
 4.6.3 Registration of Pledged Securities and other Investment Property. Each Grantor will permit any
registerable Collateral owned by such Grantor to be registered in the name of the Administrative Agent or its nominee at any time at the option of the Required Lenders following the occurrence and during the continuance of an Event of Default and
without any further consent of such Grantor. 
  
 4.6.4 Exercise of Rights in Pledged Securities and other Investment Property. Each Grantor will permit the Administrative Agent or its nominee at any time after a Default has occurred and is continuing, without notice, to exercise or
refrain from exercising any and all voting and other consensual rights pertaining to the Collateral owned by such Grantor or any part thereof, and to receive all dividends and interest in respect of such Collateral. 
  

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 4.7. Deposit Accounts. Each Grantor will (i) upon the Administrative Agent’s request, use
commercially reasonable efforts to cause each bank or other financial institution in which it maintains (a) a Deposit Account to enter into a control agreement with the Administrative Agent, in form and substance satisfactory to the Administrative
Agent in order to give the Administrative Agent Control of the Deposit Account or (b) other deposits (general or special, time or demand, provisional or final) to be notified of the security interest granted to the Administrative Agent hereunder and
use commercially reasonable efforts to cause each such bank or other financial institution to acknowledge such notification in writing and (ii) upon the Administrative Agent’s request after the occurrence and during the continuance of a
Default, deliver to each such bank or other financial institution a letter, in form and substance acceptable to the Administrative Agent, transferring ownership of the Deposit Account to the Administrative Agent or transferring dominion and control
over each such other deposit to the Administrative Agent until such time as no Default exists. In the case of deposits maintained with Lenders, the terms of such letter shall be subject to the provisions of the Credit Agreements regarding setoffs.

  
 4.8. Letter-of-Credit Rights. Each Grantor will, upon
the Administrative Agent’s request, use commercially reasonable efforts to cause each issuer of a letter of credit, to consent to the assignment of proceeds of the letter of credit in order to give the Administrative Agent Control of the
letter-of-credit rights to such letter of credit. 
  
 4.9.
Federal, State or Municipal Claims. Each Grantor will notify the Administrative Agent of any Collateral owned by such Grantor which constitutes a claim against the United States government or any state or local government or any
instrumentality or agency thereof, the assignment of which claim is restricted by federal, state or municipal law at any time when the aggregate book value of such Collateral is greater than $500,000. 
  
 4.10. Intellectual Property. If, after the date hereof, any Grantor
obtains rights to, or applies for or seeks registration of, any new patentable invention, trademark or copyright in addition to the patents, trademarks and copyrights described in Part C of Exhibit “B”, which are all of such
Grantor’s patents, trademarks and copyrights as of the Closing Date, then such Grantor shall give the Administrative Agent notice thereof, as part of each compliance certificate provided to the Administrative Agent pursuant to any Credit
Agreement. Each Grantor agrees promptly upon request by the Administrative Agent to execute and deliver to the Administrative Agent any supplement to this Security Agreement or any other document reasonably requested by the Administrative Agent to
evidence such security interest in a form appropriate for recording in the applicable federal office. Each Grantor also hereby authorizes the Administrative Agent to modify this Security Agreement unilaterally (i) by amending Part C of Exhibit
“B” to include any future patents, trademarks and/or copyrights of which the Administrative Agent receives notification from such Grantor pursuant hereto and (ii) by recording, in addition to and not in substitution for this Security
Agreement, a duplicate original of this Security Agreement containing in Part C of Exhibit “B” a description of such future patents, trademarks and/or copyrights. 
  
 4.11. Commercial Tort Claims. If, after the date hereof, any Grantor identifies the existence of a commercial tort
claim belonging to such Grantor that has arisen in the course of such Grantor’s business in addition to the commercial tort claims described in Exhibit “F”, 

  

 12 

 
which are all of such Grantor’s commercial tort claims as of the Closing Date, then such Grantor shall give the Administrative Agent prompt notice
thereof, but in any event not less frequently than quarterly. Each Grantor agrees promptly upon request by the Administrative Agent to execute and deliver to the Administrative Agent any supplement to this Security Agreement or any other document
reasonably requested by the Administrative Agent to evidence the grant of a security interest therein in favor of the Administrative Agent. 
  
 ARTICLE V 
  
 DEFAULT 
  
 5.1. The occurrence of any one or more of the following events shall constitute a Default: 
  
 5.1.1 Any material portion of the Collateral shall be transferred or otherwise disposed of, either voluntarily or involuntarily, in any
manner not permitted by Section 4.1.5 or 8.7 hereof or shall be lost, stolen, damaged or destroyed and such loss, theft, damage or destruction is not fully insured (subject to reasonable deductibles or self-insurance to the extent
permitted by the Credit Agreement). 
  
 5.1.2 The
occurrence of any “Event of Default” under, and as defined in, any Credit Agreement. 
  
 5.2. Acceleration and Remedies. Upon the acceleration of the Obligations under any Credit Agreement pursuant to Article VII thereof, the Obligations under such Credit Agreement and, to the extent provided for
under the Hedging Agreements evidencing the same, the Obligations under the Hedging Agreements, shall immediately become due and payable without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived, and the
Administrative Agent may, with the concurrence or at the direction of the Required Lenders, exercise any or all of the following rights and remedies: 
  
 5.2.1 Those rights and remedies provided in this Security Agreement, any Credit Agreement, or any other Credit Document, provided
that this Section 5.2.1 shall not be understood to limit any rights or remedies available to the Administrative Agent and the Holders of Secured Obligations prior to a Default. 
  
 5.2.2 Those rights and remedies available to a secured party under the New York UCC (whether or not the New
York UCC applies to the affected Collateral) or under any other applicable law (including, without limitation, any law governing the exercise of a bank’s right of setoff or bankers’ lien) when a debtor is in default under a security
agreement. 
  
 5.2.3 Without notice except as
specifically provided in Section 8.1 hereof or elsewhere herein, sell, lease, assign, grant an option or options to purchase or otherwise dispose of the Collateral or any part thereof in one or more parcels at public or private sale, for
cash, on credit or for future delivery, and upon such other terms as the Administrative Agent may deem commercially reasonable. 
  

 13 

 The Administrative Agent, on behalf of the secured parties, may comply with any applicable state or federal law
requirements in connection with a disposition of the Collateral, and such compliance will not be considered to adversely affect the commercial reasonableness of any sale of the Collateral. 
  
 If, after each Credit Agreement has terminated by its terms and all of the Obligations have
been paid in full, there remain outstanding obligations under the Hedging Agreements, the Required Lenders may exercise the remedies provided in this Section 5.2 upon the occurrence of any event which would allow or require the termination or
acceleration of any obligations under the Hedging Agreements pursuant to the terms of any Hedging Agreement. 
  
 5.3. Grantors’ Obligations Upon Default. Upon the request of the Administrative Agent if a Default has occurred and is continuing, each
Grantor will: 
  
 5.3.1 Assembly of
Collateral. Assemble and make available to the Administrative Agent the Collateral and all records relating thereto at any place or places specified by the Administrative Agent. 
  
 5.3.2 Secured Party Access. Permit the Administrative Agent, by the Administrative Agent’s
representatives and agents, to enter any premises where all or any part of the Collateral, or the books and records relating thereto, or both, are located, to take possession of all or any part of the Collateral and to remove all or any part of the
Collateral. 
  
 5.4. License. The Administrative Agent is
hereby granted a license or other right to use, following the occurrence and during the continuance of a Default, without charge, each Grantor’s labels, patents, copyrights, rights of use of any name, trade secrets, trade names, trademarks,
service marks, customer lists and advertising matter, or any property of a similar nature, as it pertains to the Collateral, in completing production of, advertising for sale, and selling any Collateral, and, following the occurrence and during the
continuance of a Default, such Grantor’s rights under all licenses and all franchise agreements shall inure to the Administrative Agent’s benefit. In addition, each Grantor hereby irrevocably agrees that the Administrative Agent may,
following the occurrence and during the continuance of a Default, sell any of such Grantor’s Inventory directly to any person, including without limitation persons who have previously purchased such Grantor’s Inventory from such Grantor
and in connection with any such sale or other enforcement of the Administrative Agent’s rights under this Security Agreement, may sell Inventory which bears any trademark owned by or licensed to such Grantor and any Inventory that is covered by
any copyright owned by or licensed to such Grantor and the Administrative Agent may finish any work in process and affix any trademark owned by or licensed to such Grantor and sell such Inventory as provided herein. 
  
 ARTICLE VI 
  
 WAIVERS, AMENDMENTS AND REMEDIES 
  
 No delay or omission of the Administrative Agent or any Holder of Secured Obligations to exercise any right or remedy granted under this Security
Agreement shall impair such right or 

  

 14 

 
remedy or be construed to be a waiver of any Default or an acquiescence therein, and any single or partial exercise of any such right or remedy shall not
preclude any other or further exercise thereof or the exercise of any other right or remedy. No waiver, amendment or other variation of the terms, conditions or provisions of this Security Agreement whatsoever shall be valid unless in writing signed
by the Administrative Agent with the concurrence or at the direction of the (a) Required Lenders and (b) each Grantor, and then only to the extent in such writing specifically set forth, provided that the addition of any Domestic Subsidiary as a
Grantor hereunder by execution of a Security Agreement Supplement in the form of Annex I (with such modifications as shall be acceptable to the Administrative Agent) shall not require receipt of any consent from or execution of any
documentation by any other Grantor party hereto. All rights and remedies contained in this Security Agreement or by law afforded shall be cumulative and all shall be available to the Administrative Agent and the Holders of Secured Obligations until
the Obligations have been paid in full. 
  
 ARTICLE VII 

 
 PROCEEDS; COLLECTION OF RECEIVABLES 
  
 7.1. Lockboxes. Upon request of the Administrative Agent after the
occurrence and during the continuance of a Default, each Grantor shall execute and deliver to the Administrative Agent irrevocable lockbox agreements in the form provided by or otherwise acceptable to the Administrative Agent, which agreements shall
be accompanied by an acknowledgment by the bank where the lockbox is located of the Lien of the Administrative Agent granted hereunder and of irrevocable instructions to wire all amounts collected therein to a special collateral account at the
Administrative Agent. 
  
 7.2. Collection of Receivables.
The Administrative Agent may at any time after the occurrence and during the continuation of a Default, by giving each Grantor written notice, elect to require that the Receivables be paid directly to the Administrative Agent for the benefit of the
Holders of Secured Obligations. In such event, each Grantor shall, and shall permit the Administrative Agent to, promptly notify the account debtors or obligors under the Receivables owned by such Grantor of the Administrative Agent’s interest
therein and direct such account debtors or obligors to make payment of all amounts then or thereafter due under such Receivables directly to the Administrative Agent. Upon receipt of any such notice from the Administrative Agent, each Grantor shall
thereafter hold in trust for the Administrative Agent, on behalf of the Holders of Secured Obligations, all amounts and proceeds received by it with respect to the Receivables and Other Collateral and immediately and at all times thereafter deliver
to the Administrative Agent all such amounts and proceeds in the same form as so received, whether by cash, check, draft or otherwise, with any necessary endorsements. The Administrative Agent shall hold and apply funds so received as provided by
the terms of Sections 7.3 and 7.4 hereof. 
  
 7.3.
Special Collateral Account. The Administrative Agent may at any time after the occurrence and during the continuation of a Default require all cash proceeds of the Collateral to be deposited in a special non-interest bearing cash collateral
account with the Administrative Agent and held there as security for the Obligations. No Grantor shall have any control whatsoever over said cash collateral account. The Administrative Agent may (and shall, at the 

  

 15 

 
direction of the Required Lenders), from time to time, apply the collected balances in said cash collateral account to the payment of the Obligations whether
or not the Obligations shall then be due. 
  
 7.4. Application
of Proceeds. The proceeds of the Collateral shall be applied by the Administrative Agent to payment of the Obligations in the following order unless a court of competent jurisdiction shall otherwise direct: 
  
 (a) FIRST, to payment of all costs and expenses of the
Administrative Agent incurred in connection with the collection and enforcement of the Obligations or of the security interest granted to the Administrative Agent pursuant to this Security Agreement; 
  
 (b) SECOND, to payment of that portion of the Obligations
constituting accrued and unpaid interest and fees, pro rata among the Lenders and their Affiliates in accordance with the amount of such accrued and unpaid interest and fees owing to each of them; 
  
 (c) THIRD, to payment of the principal of the Obligations
and the net early termination payments and any other obligations under any Hedging Agreements then due and unpaid from the Borrower to any of the Lenders or their Affiliates, pro rata among the Lenders and their Affiliates in accordance with the
amount of such principal and such net early termination payments and other obligations under any Hedging Agreements then due and unpaid owing to each of them; 
  

(d) FOURTH, to payment of any Obligations (other than those listed above) pro rata among those parties to whom such Obligations are due
in accordance with the amounts owing to each of them; and 
  
 (e) FIFTH, the balance, if any, after all of the Obligations have been satisfied, shall be distributed by the Administrative Agent to the applicable Grantor or at its direction. 
  
 ARTICLE VIII 
  
 GENERAL PROVISIONS 
  
 8.1. Notice of Disposition of Collateral; Condition of Collateral. Each Grantor hereby waives notice of the time and place of any public sale or
the time after which any private sale or other disposition of all or any part of the Collateral may be made. To the extent such notice may not be waived under applicable law, any notice made shall be deemed reasonable if sent to the Borrower,
addressed as set forth in Article IX, at least ten days prior to (i) the date of any such public sale or (ii) the time after which any such private sale or other disposition may be made. Administrative Agent shall have no obligation to
clean-up or otherwise prepare the Collateral for sale. 
  
 8.2.
Compromises and Collection of Collateral. Each Grantor and the Administrative Agent recognize that setoffs, counterclaims, defenses and other claims may be asserted by 

  

 16 

 
obligors with respect to certain of the Receivables, that certain of the Receivables may be or become uncollectible in whole or in part and that the expense
and probability of success in litigating a disputed Receivable may exceed the amount that reasonably may be expected to be recovered with respect to a Receivable. In view of the foregoing, each Grantor agrees that the Administrative Agent may at any
time and from time to time, if a Default has occurred and is continuing, compromise with the obligor on any Receivable, accept in full payment of any Receivable such amount as the Administrative Agent in its sole discretion shall determine or
abandon any Receivable, and any such action by the Administrative Agent shall be commercially reasonable so long as the Administrative Agent acts in good faith based on information known to it at the time it takes any such action. 
  
 8.3. Secured Party Performance of Grantor’s Obligations. If a
Default has occurred and is continuing, without having any obligation to do so, the Administrative Agent may perform or pay any obligation which any Grantor has agreed to perform or pay in this Security Agreement and such Grantor shall reimburse the
Administrative Agent for any reasonable amounts paid by the Administrative Agent pursuant to this Section 8.3. Each Grantor’s obligation to reimburse the Administrative Agent pursuant to the preceding sentence shall be a Obligation
payable on demand. 
  
 8.4. Authorization for Secured Party to
Take Certain Action. Each Grantor irrevocably authorizes the Administrative Agent at any time and from time to time in the sole discretion of the Administrative Agent and appoints the Administrative Agent as its attorney in fact (i) to file
financing statements necessary or desirable in the Administrative Agent’s sole discretion to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (ii) after the occurrence
and during the continuation of a Default to indorse and collect any cash proceeds of the Collateral, (iii) to file a carbon, photographic or other reproduction of this Security Agreement or any financing statement with respect to the Collateral as a
financing statement and to file any other financing statement or amendment of a financing statement (which does not add new collateral or add a debtor) in such offices as the Administrative Agent in its sole discretion deems necessary or desirable
to perfect and to maintain the perfection and priority of the Administrative Agent’s security interest in the Collateral, (iv) to contact and enter into one or more agreements with the issuers of uncertificated securities which are Collateral
owned by such Grantor and which are Securities or with financial intermediaries holding other Investment Property as may be necessary or advisable to give the Administrative Agent Control over such Securities or other Investment Property, (v) after
the occurrence and during the continuation of a Default subject to the terms of Section 4.2 hereof, to enforce payment of the Instruments, Accounts and Receivables in the name of the Administrative Agent or such Grantor, (vi) to apply the
proceeds of any Collateral received by the Administrative Agent to the Obligations as provided in Article VII and (vii) after the occurrence and during the continuation of a Default to discharge past due taxes, assessments, charges, fees
or Liens on the Collateral (except for such Liens as are specifically permitted hereunder or under any other Credit Document), and each Grantor agrees to reimburse the Administrative Agent on demand for any reasonable payment made or any reasonable
expense incurred by the Administrative Agent in connection therewith, provided that this authorization shall not relieve any Grantor of any of its obligations under this Security Agreement or under any Credit Agreement. 
  

 17 

 8.5. Specific Performance of Certain Covenants. Each Grantor acknowledges and agrees that a breach
of any of the covenants contained in Sections 4.1.5, 4.1.6, 4.4, 5.3, or 8.7 or in Article VII hereof will cause irreparable injury to the Administrative Agent and the Holders of Secured Obligations, that
the Administrative Agent and Holders of Secured Obligations have no adequate remedy at law in respect of such breaches and therefore agrees, without limiting the right of the Administrative Agent or the Holders of Secured Obligations to seek and
obtain specific performance of other obligations of the Grantors contained in this Security Agreement, that the covenants of the Grantors contained in the Sections referred to in this Section 8.5 shall be specifically enforceable against the
Grantors. 
  
 8.6. Use and Possession of Certain Premises.
If a Default has occurred and is continuing, the Administrative Agent shall be entitled to occupy and use any premises owned or leased by the Grantors where any of the Collateral or any records relating to the Collateral are located until the
Obligations are paid or the Collateral is removed therefrom, whichever first occurs, without any obligation to pay any Grantor for such use and occupancy. 
  
 8.7. Dispositions Not Authorized. No Grantor is authorized to sell or otherwise dispose of the Collateral except as set forth in Section
4.1.5 hereof and notwithstanding any course of dealing between any Grantor and the Administrative Agent or other conduct of the Administrative Agent, no authorization to sell or otherwise dispose of the Collateral (except as set forth in
Section 4.1.5 hereof) shall be binding upon the Administrative Agent or the Holders of Secured Obligations unless such authorization is in writing signed by the Administrative Agent with the consent or at the direction of the Required
Lenders. 
  
 8.8. Benefit of Agreement. The terms and
provisions of this Security Agreement shall be binding upon and inure to the benefit of the Grantors, the Administrative Agent and the Holders of Secured Obligations and their respective successors and assigns (including all persons who become bound
as a debtor to this Security Agreement), except that the Grantors shall not have the right to assign their rights or delegate their obligations under this Security Agreement or any interest herein, without the prior written consent of the
Administrative Agent. 
  
 8.9. Survival of Representations.
All representations and warranties of the Grantors contained in this Security Agreement shall survive the execution and delivery of this Security Agreement. 
  
 8.10. Taxes and Expenses. The Grantors shall reimburse the Administrative Agent for any and all reasonable out-of-pocket expenses and internal
charges (including reasonable attorneys’, auditors’ and accountants’ fees and reasonable time charges of attorneys, paralegals, auditors and accountants who may be employees of the Administrative Agent) paid or incurred by the
Administrative Agent in connection with the preparation, execution, delivery, administration, collection and enforcement of this Security Agreement and in the audit, analysis, administration, collection, preservation or sale of the Collateral
(including the expenses and charges associated with any periodic or special audit of the Collateral). Any and all costs and expenses incurred by the Grantors in the performance of actions required pursuant to the terms hereof shall be borne solely
by the Grantors. 
  

 18 

 8.11. Headings. The title of and section headings in this Security Agreement are for convenience
of reference only, and shall not govern the interpretation of any of the terms and provisions of this Security Agreement. 
  
 8.12. Termination. This Security Agreement shall continue in effect (notwithstanding the fact that from time to time there may be no Obligations
outstanding) until (i) each Credit Agreement has terminated pursuant to its express terms and (ii) all of the Obligations have been paid in full in cash (other than contingent indemnity obligations and obligations under Hedging Agreements) and no
commitments of the Administrative Agent or the Holders of Secured Obligations which would give rise to any Obligations are outstanding. 
  
 8.13. Entire Agreement. This Security Agreement embodies the entire agreement and understanding between the Grantors and the Administrative Agent
relating to the Collateral and supersedes all prior agreements and understandings between the Grantors and the Administrative Agent relating to the Collateral. 
  

8.14. CHOICE OF LAW. THIS SECURITY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK
BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
  
 8.15. Indemnity. Each Grantor hereby agrees, jointly with the other Grantors and severally, to indemnify the Administrative Agent and the Holders of Secured Obligations, and their respective successors, assigns, agents and employees,
from and against any and all liabilities, damages, penalties, suits, costs, and expenses of any kind and nature (including, without limitation, all expenses of litigation or preparation therefor whether or not the Administrative Agent or any Holder
of Secured Obligations is a party thereto) imposed on, incurred by or asserted against the Administrative Agent or the Holders of Secured Obligations, or their respective successors, assigns, agents and employees, in any way relating to or arising
out of this Security Agreement, or the manufacture, purchase, acceptance, rejection, ownership, delivery, lease, possession, use, operation, condition, sale, return or other disposition of any Collateral (including, without limitation, latent and
other defects, whether or not discoverable by the Administrative Agent or the Holders of Secured Obligations or any Grantor, and any claim for patent, trademark or copyright infringement); provided that such indemnity shall not be available to the
extent that such loss, claim, damage, liability or related expense is determined by a court of competent jurisdiction by a final and nonappealable order to have resulted from the gross negligence or willful misconduct of the indemnitee. 

 
 8.16. Subordination of Intercompany Indebtedness. Each Grantor
agrees that any and all claims of such Grantor against any other Grantor (each an “Obligor”) with respect to any “Intercompany Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or
any part of the Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full and in cash, of all Obligations (other than contingent indemnity obligations and obligations under
Hedging Agreements), provided that, and not in contravention of the foregoing, so long as no Default has occurred and is continuing, such Grantor may make loans to and receive payments in the ordinary course of business with respect to such
Intercompany Indebtedness from each such 

  

 19 

 
Obligor to the extent not prohibited by the terms of this Security Agreement and the other Credit Documents. Notwithstanding any right of any Grantor to ask,
demand, sue for, take or receive any payment from any Obligor, all rights, liens and security interests of such Grantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall be and are subordinated to the
rights of the Holders of Secured Obligations and the Administrative Agent in those assets. No Grantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action or otherwise, unless and until
all of the Obligations (other than contingent indemnity obligations and obligations under Hedging Agreements) shall have been fully paid and satisfied (in cash) and all Commitments and Letters of Credit issued under each Credit Agreement have
terminated or expired. If all or any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the creditors of such Obligor, whether partial or complete, voluntary or involuntary, and
whether by reason of liquidation, bankruptcy, arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any such Obligor is dissolved or if substantially all of the assets of any such
Obligor are sold, then, and in any such event (such events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character, either in cash, securities or other property, which shall be
payable or deliverable upon or with respect to any indebtedness of any Obligor to any Grantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Administrative Agent for application on any of the Obligations,
due or to become due, until such Obligations (other than contingent indemnity obligations and obligations under Hedging Agreements) shall have first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or
proceeds thereof be received by the applicable Grantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior to the satisfaction of all of the Obligations (other than contingent indemnity obligations and
obligations under Hedging Agreements) and the termination or expiration of all Commitments of the Lenders and Letters of Credit issued pursuant to the Credit Agreements, such Grantor shall receive and hold the same in trust, as trustee, for the
benefit of the Holders of Secured Obligations and shall forthwith deliver the same to the Administrative Agent, for the benefit of the Holders of Secured Obligations, in precisely the form received (except for the endorsement or assignment of the
Grantor where necessary), for application to any of the Obligations, due or not due, and, until so delivered, the same shall be held in trust by the Grantor as the property of the Holders of Secured Obligations. If any such Grantor fails to make any
such endorsement or assignment to the Administrative Agent, the Administrative Agent or any of its officers or employees is irrevocably authorized to make the same. Each Grantor agrees that until the Obligations (other than the contingent indemnity
obligations and obligations under Hedging Agreements) have been paid in full (in cash) and satisfied and all Commitments and Letters of Credit issued under the Credit Agreements have terminated or expired, no Grantor will assign or transfer to any
Person (other than the Administrative Agent or the Borrower or another Grantor) any claim any such Grantor has or may have against any Obligor. 
  
 8.17. Release of Certain Liens on Motor Vehicles. In the event that a Grantor desires to retire or sell any motor vehicle that is part of the
Collateral, the Borrower shall submit to the Administrative Agent a Request for Vehicle Lien Release in the form of Exhibit “G” hereto, and, upon the approval of such request by the Administrative Agent (which approval shall not be
unreasonably withheld, conditioned or delayed), the Administrative Agent shall release its priority Lien on such motor vehicle. 
  

 20 

 ARTICLE IX 
  
 NOTICES 
  
 9.1. Sending Notices. Any notice required or permitted to be given under this Security Agreement shall be sent (and deemed received) in the manner
and to the addresses set forth in Section 9.01 of each Credit Agreement. Any notice delivered to the Borrower shall be deemed to have been delivered to all of the Grantors. 
  
 9.2. Change in Address for Notices. Each of the Grantors, the Administrative Agent and the Lenders may change the
address for service of notice upon it by a notice in writing to the other parties. 
  
 ARTICLE X 
  
 THE ADMINISTRATIVE
AGENT 
  
 JPMorgan Chase Bank, N.A. has been appointed
Administrative Agent for the Holders of Secured Obligations hereunder pursuant to Article VIII of each Credit Agreement. It is expressly understood and agreed by the parties to this Security Agreement that any authority conferred upon the
Administrative Agent hereunder is subject to the terms of the delegation of authority made by the Holders of Secured Obligations to the Administrative Agent pursuant to the Credit Agreements, and that the Administrative Agent has agreed to act (and
any successor Administrative Agent shall act) as such hereunder only on the express conditions contained in such Article VIII. Any successor Administrative Agent appointed pursuant to Article VIII of any Credit Agreement shall be entitled to
all the rights, interests and benefits of the Administrative Agent hereunder. 
  
 [SIGNATURE PAGES TO FOLLOW] 
  

 21 

  
 IN WITNESS WHEREOF, each of
the Grantors and the Administrative Agent have executed this Security Agreement as of the date first above written. 
  

									
	 INERGY, L.P., as a Grantor
	 	 	 	 L & L TRANSPORTATION, LLC, as a Grantor

				
	By: INERGY GP, LLC,	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 its managing general partner
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 	 	 	 	 Title:
	 	 Senior Vice President and CFO

					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	 	 	 
	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 	 	 
	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 	 	 
			
	 INERGY TRANSPORTATION, LLC, as a Grantor
	 	 	 	 INERGY SALES & SERVICE, INC., as a Grantor

					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	 INERGY PROPANE, LLC, as a Grantor
	 	 	 	 INERGY FINANCE CORP., as a Grantor

					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CEO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	 INERGY GAS, LLC, as a Grantor
	 	 	 	 STELLAR PROPANE SERVICE, LLC, as a Grantor

					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent
	 	 	 	 INERGY ACQUISITION COMPANY, LLC, as a Grantor

					
	By:	 	 /s/ Jane Bek Keil
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 Jane Bek Keil
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Director
	 	 	 	 Title:
	 	 Senior Vice President and CFO

  
 SIGNATURE PAGE TO PLEDGE AND SECURITY AGREEMENTTrademark Security Agreement

 Exhibit 10.5 
  
 EXECUTION COPY 
  
 TRADEMARK SECURITY AGREEMENT 
  
 THIS TRADEMARK SECURITY AGREEMENT (this “Agreement”) is entered into as of December 17, 2004 among Inergy, L.P., a Delaware limited
partnership (the “Borrower”), and the Subsidiaries of the Borrower listed on the signature page attached hereto (together with the Borrower, the “Grantors”) and JPMorgan Chase Bank, N.A., as administrative agent
(the “Administrative Agent”) on behalf of itself and on behalf of the Holders of Secured Obligations (as such term is defined in the Credit Agreements described below). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Borrower, the Administrative Agent and certain financial institutions are parties to (i) a 5-Year Credit Agreement dated as of the date
hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “5-Year Credit Agreement”), and (ii) a 364-Day Credit Agreement dated as of the date hereof (as the same may be amended,
restated, supplemented or otherwise modified from time to time, and together with the 5-Year Credit Agreement, the “Credit Agreements”); and the Grantors are entering into this Agreement in order to induce the Lenders to enter into
and extend credit to the Borrower under the Credit Agreements; 
  
 WHEREAS, the Grantors (other than the Borrower) and the Administrative Agent have entered into a certain Guaranty dated as of the date hereof (as the same may be amended, restated, supplemented or otherwise modified from time to time, the
“Guaranty”), pursuant to which such Grantors have agreed to guarantee all of the Obligations upon the terms and conditions set forth therein; 
  

WHEREAS, the Grantors and the Administrative Agent are parties to that certain Pledge and Security Agreement dated as of the date hereof (as the same
may hereafter be modified, amended, restated or supplemented from time to time, the “Pledge and Security Agreement”), pursuant to which each Grantor has granted a security interest in substantially all of its personal property to
the Administrative Agent for the benefit of the Administrative Agent and the Holders of Secured Obligations; and 
  
 WHEREAS, the Administrative Agent and the Lenders from time to time party to the Credit Agreements have required the Grantors to execute and deliver this
Agreement (i) in order to secure the prompt and complete payment, observance and performance of all of (a) the Obligations and (b) all of the obligations and liabilities under the Guaranty of the Grantors (other than the Borrower) (such obligations
and liabilities, together with the Obligations, being hereinafter referred to as the “Liabilities”), and (ii) as a condition precedent to the making of any loans, advances and any other financial accommodations under the Credit
Agreements. 
  

 NOW, THEREFORE, in consideration of the premises set forth herein and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each Grantor agrees as follows: 
  
 1. Defined Terms. 
  
 (i) Unless otherwise defined herein, each capitalized term used herein that is defined in the Credit Agreements shall have the meaning specified for such
term in the Credit Agreements. Unless otherwise defined herein or in the Credit Agreements, each capitalized term used herein that is defined in the Pledge and Security Agreement shall have the meaning specified for such term in the Pledge and
Security Agreement. 
  
 (ii) The words “hereof,”
“herein” and “hereunder” and words of like import when used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and section references are to this Agreement unless
otherwise specified. 
  
 (iii) All terms defined in this Agreement
in the singular shall have comparable meanings when used in the plural, and vice versa, unless otherwise specified. 
  
 2. Incorporation of Premises. The premises set forth above are incorporated into this Agreement by this reference thereto and are made a part
hereof. 
  
 3. Security Interest in Trademarks. To secure
the complete and timely payment, performance and satisfaction of all of the Liabilities, each Grantor hereby grants to the Administrative Agent, for the benefit of the Holders of Secured Obligations, a security interest in, as and by way of a first
mortgage and security interest having priority over all other security interests (except any Liens permitted under Section 6.02 of each of the Credit Agreements), with power of sale to the extent permitted by applicable law, all of such
Grantor’s now owned or existing and hereafter acquired or arising: 
  
 (i) trademarks, registered trademarks, trademark applications, service marks, registered service marks and service mark applications, including, without limitation, the trademarks, registered trademarks, trademark
applications, service marks, registered service marks and service mark applications listed on Schedule A attached hereto and made a part hereof, and (a) all renewals thereof, (b) all income, royalties, damages and payments now and hereafter
due and/or payable under and with respect thereto, including, without limitation, payments under all licenses entered into in connection therewith and damages and payments for past or future infringements or dilutions thereof, (c) the right to sue
for past, present and future infringements and dilutions thereof, (d) the goodwill of such Grantor’s business symbolized by the foregoing and connected therewith, and (e) all of such Grantor’s rights corresponding thereto throughout the
world (all of the foregoing trademarks, registered trademarks and trademark applications, and service marks, registered service marks and service mark applications, together with the items described in clauses (a)-(e) in this paragraph
3(i), are sometimes hereinafter individually and/or collectively referred to as the “Trademarks”); and 
  
 (ii) rights under or interests in any trademark license agreements or service mark license agreements with any other party, whether such
Grantor is a licensee or licensor under any such license agreement, including, without limitation, those trademark 

  

 2 

 
license agreements and service mark license agreements listed on Schedule B attached hereto and made a part hereof, together with any goodwill
connected with and symbolized by any such trademark license agreements or service mark license agreements, and after the occurrence and during the continuance of an Event of Default the right to prepare for sale and sell any and all inventory now or
hereafter owned by such Grantor and now or hereafter covered by such licenses (all of the foregoing are hereinafter referred to collectively as the “Licenses”). Notwithstanding the foregoing or anything herein or in any other Credit
Document to the contrary, nothing hereunder or thereunder constitutes or shall be deemed to constitute the grant of a security interest in favor of the Administrative Agent or any Holder of Secured Obligations with respect to such Grantor’s
interest in any License, contract right, license agreement, or any other general intangible (each such License, contract right, license agreement and other general intangible being hereinafter referred to as “Excluded Property”), if
the granting of a security interest therein by such Grantor to the Administrative Agent or any Holder of Secured Obligations is prohibited by the terms and provisions of the agreement, document or instrument creating, evidencing or granting a
security interest in such Excluded Property or rights related thereto; provided, however, that if and when the prohibition which prevents the granting by such Grantor to the Administrative Agent of a security interest in any Excluded
Property is removed or otherwise terminated, the Administrative Agent will be deemed to have, and at all times to have had, a security interest in such Excluded Property. 
  
 4. Restrictions on Future Agreements. Except as otherwise permitted by the Credit Agreements, no Grantor shall,
without the Administrative Agent’s prior written consent, enter into any agreement, including, without limitation, any license agreement, which is inconsistent with this Agreement or the other Credit Documents, and each Grantor further agrees
that it will not take any action, and will use its best efforts not to permit any action to be taken by others, including, without limitation, licensees, or fail to take any action, which would in any respect affect the validity or enforcement of
the rights transferred to the Administrative Agent under this Agreement or the rights associated with the Trademarks or Licenses. 
  
 5. New Trademarks and Licenses. Each Grantor represents and warrants that, as of the date hereof, (i) the Trademarks listed on Schedule A
include all of the foreign and domestic registered trademarks, trademark applications, registered service marks and service mark applications owned or held by such Grantor, (ii) the Licenses listed on Schedule B include all of the trademark
license agreements and service mark license agreements under which such Grantor is the licensee or licensor and (iii) except for any Liens permitted under Section 6.02 of each of the Credit Agreements, no liens, claims or security interests in such
Trademarks and Licenses have been granted by such Grantor to any Person other than the Administrative Agent. If, prior to the termination of this Agreement, any Grantor shall (a) obtain rights to any new trademarks, registered trademarks, trademark
applications, service marks, registered service marks or service mark applications, (b) become entitled to the benefit of any trademarks, registered trademarks, trademark applications, trademark licenses, trademark license renewals, service marks,
registered service marks, service mark applications, service mark licenses or service mark license renewals whether as licensee or licensor, or (c) enter into any new trademark license agreement or service mark license agreement, the provisions of
paragraph 3 

  

 3 

 
above shall automatically apply thereto. Each Grantor shall give to the Administrative Agent written notice of events described in clauses (a),
(b) and (c) of the preceding sentence promptly after the occurrence thereof, but in any event not less frequently than on a quarterly basis. Each Grantor hereby authorizes the Administrative Agent to modify this Agreement unilaterally
(i) by amending Schedule A to include any future trademarks, registered trademarks, material trademark applications, material service marks, registered service marks and service mark applications of such Grantor and by amending Schedule
B to include any future trademark license agreements and service mark license agreements of such Grantor, which are Trademarks or Licenses under paragraph 3 above or under this paragraph 5, and (ii) by filing in the United States
Patent and Trademark Office, in addition to and not in substitution for this Agreement, a duplicate original of this Agreement containing on Schedule A or B thereto, as the case may be, such future trademarks, registered trademarks, trademark
applications, service marks, registered service marks and service mark applications, and trademark license agreements and service mark license agreements. 
  
 6. Royalties. Each Grantor hereby agrees that the use by the Administrative Agent of the Trademarks and Licenses as authorized hereunder in
connection with the Administrative Agent’s exercise of its rights and remedies to the extent expressly permitted under paragraph 14 or pursuant to the Pledge and Security Agreement after the occurrence and during the continuance of an
Event of Default shall be coextensive with such Grantor’s rights thereunder and with respect thereto and without any liability for royalties or other related charges from the Administrative Agent or any other Holder of Secured Obligations to
such Grantor. 
  
 7. Further Assignments. Except as
otherwise permitted by the Credit Agreements, each Grantor agrees (i) not to sell or assign its respective interests in any Trademarks or the Licenses or grant any license under the Trademarks without the prior written consent of the Administrative
Agent and (ii) to maintain the quality of the products using such Trademarks or Licenses at a level sufficient to preserve such Trademarks and Licenses. 
  
 8. Nature and Continuation of the Administrative Agent’s Security Interest; Termination of the Administrative Agent’s Security Interest.
This Agreement is made for collateral security purposes only. This Agreement shall create a continuing security interest in the Trademarks and Licenses and shall terminate only when the Liabilities (other than contingent indemnity obligations and
obligations under Hedging Agreements) have been paid in full and the Credit Agreements and the other Credit Documents have been terminated. When this Agreement has terminated, the Administrative Agent shall promptly execute and deliver to each
Grantor, at such Grantor’s expense, all termination statements and other instruments and take such other actions as may be necessary or proper to terminate the Administrative Agent’s security interest in the Trademarks and the Licenses,
subject to any disposition thereof which may have been made by the Administrative Agent pursuant to this Agreement or the Pledge and Security Agreement. 
  
 9. Duties of the Grantors. Each Grantor shall have the duty, to the extent reasonably necessary or otherwise desirable in the normal conduct of
such Grantor’s business, as determined in the reasonable discretion of such Grantor, to: (i) reasonably prosecute diligently any trademark application or service mark application that is part of the Trademarks pending as of the date hereof or
hereafter until the termination of this Agreement, and (ii) apply for 

  

 4 

 
registration for trademarks or service marks. Each Grantor further agrees (i) not to abandon any Trademark or License to the extent such Trademark or License
is reasonably necessary or otherwise desirable in the normal conduct of such Grantor’s business, as determined in the reasonable discretion of such Grantor, without the prior written consent of the Administrative Agent, which consent shall not
be unreasonably withheld, and (ii) to use commercially reasonable efforts to maintain in full force and effect the Trademarks and the Licenses that are or shall be reasonably necessary or otherwise desirable, as determined in the Grantor’s
reasonable discretion, in the operation of such Grantor’s business. Any expenses incurred in connection with the foregoing shall be borne by the applicable Grantor. Neither the Administrative Agent nor any of the Holders of Secured Obligations
shall have any duty with respect to the Trademarks and Licenses. Without limiting the generality of the foregoing, neither the Administrative Agent nor any of the Holders of Secured Obligations shall be under any obligation to take any steps
necessary to preserve rights in the Trademarks or Licenses against any other parties, but the Administrative Agent may do so at its option after the occurrence and during the continuance of an Event of Default, and all reasonable expenses incurred
in connection therewith shall be for the sole account of the applicable Grantor and shall be added to the Liabilities secured hereby. 
  
 10. The Administrative Agent’s Right to Sue. Following the occurrence and during the continuance of an Event of Default, the Administrative
Agent shall have the right, but shall not be obligated, to bring suit in its own name to enforce the Trademarks and the Licenses and, if the Administrative Agent shall commence any such suit, each Grantor shall, at the request of the Administrative
Agent, do any and all lawful acts and execute any and all proper documents reasonably required by the Administrative Agent in aid of such enforcement. The applicable Grantor shall, upon demand, promptly reimburse the Administrative Agent for all
reasonable costs and expenses incurred by the Administrative Agent in the exercise of its rights under this paragraph 10 (including, without limitation, reasonable fees and expenses of attorneys and paralegals for the Administrative Agent).

  
 11. Waivers. The Administrative Agent’s failure,
at any time or times hereafter, to require strict performance by any Grantor of any provision of this Agreement shall not waive, affect or diminish any right of the Administrative Agent thereafter to demand strict compliance and performance
therewith nor shall any course of dealing between any Grantor and the Administrative Agent have such effect. No single or partial exercise of any right hereunder shall preclude any other or further exercise thereof or the exercise of any other
right. None of the undertakings, agreements, warranties, covenants and representations of any Grantor contained in this Agreement shall be deemed to have been suspended or waived by the Administrative Agent unless such suspension or waiver is in
writing signed by an officer of the Administrative Agent and directed to the applicable Grantor specifying such suspension or waiver. 
  
 12. Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under
applicable law, but the provisions of this Agreement are severable. If any clause or provision shall be held invalid and unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or
provision, or part hereof, in such jurisdiction, and shall not in any 

  

 5 

 
manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. 
  
 13. Modification. This Agreement cannot be altered, amended or
modified in any way, except as specifically provided in paragraph 5 hereof or by a writing signed by the parties hereto. 
  
 14. Cumulative Remedies; Power of Attorney. Following the occurrence and during the continuance of an Event of Default, each Grantor hereby
irrevocably designates, constitutes and appoints the Administrative Agent (and all Persons designated by the Administrative Agent in its sole and absolute discretion) as such Grantor’s true and lawful attorney-in-fact, and authorizes the
Administrative Agent and any of the Administrative Agent’s designees, in such Grantor’s or the Administrative Agent’s name, to take any action and execute any instrument which the Administrative Agent may deem necessary or advisable
to accomplish the purposes of this Agreement, including, without limitation, after the giving by the Administrative Agent of written notice to such Grantor of the Administrative Agent’s intention to enforce its rights and claims against such
Grantor, to (i) endorse such Grantor’s name on all applications, documents, papers and instruments necessary or otherwise desirable for the Administrative Agent in the use of the Trademarks or the Licenses, (ii) assign, pledge, convey or
otherwise transfer title in or dispose of the Trademarks or the Licenses to anyone on commercially reasonable terms, (iii) grant or issue any exclusive or nonexclusive license under the Trademarks or, to the extent permitted, under the Licenses to
anyone, on commercially reasonable terms, and (iv) take any other actions with respect to the Trademarks or the Licenses as the Administrative Agent deems in its own or the Holders of Secured Obligations’ best interest. Each Grantor hereby
ratifies all that such attorney shall lawfully do or cause to be done by virtue hereof. This power of attorney is coupled with an interest and shall be irrevocable until all of the Liabilities shall have been paid in full (other than contingent
indemnity obligations and obligations under Hedging Agreements) and the Credit Agreements and the other Credit Documents shall have been terminated. Each Grantor acknowledges and agrees that this Agreement is not intended to limit or restrict in any
way the rights and remedies of the Administrative Agent or the other Holders of Secured Obligations under the Pledge and Security Agreement, but rather is intended to facilitate the exercise of such rights and remedies. 
  
 The Administrative Agent shall have, in addition to all other rights and
remedies given it by the terms of this Agreement, all rights and remedies allowed by law and the rights and remedies of a secured party under the Uniform Commercial Code as enacted in any jurisdiction in which the Trademarks or the Licenses may be
located or deemed located. Upon the occurrence and during the continuance of an Event of Default and the election by the Administrative Agent to exercise any of its remedies under the Uniform Commercial Code with respect to the Trademarks and
Licenses, each Grantor agrees to assign, convey and otherwise transfer title in and to the Trademarks and the Licenses to the Administrative Agent or any transferee of the Administrative Agent and to execute and deliver to the Administrative Agent
or any such transferee all such agreements, documents and instruments as may be necessary, in the Administrative Agent’s sole discretion, to effect such assignment, conveyance and transfer. All of the Administrative Agent’s rights and
remedies with respect to the Trademarks and the Licenses, whether established hereby, by the Pledge and Security Agreement, by any other 

  

 6 

 
agreements or by law, shall be cumulative and may be exercised separately or concurrently. Notwithstanding anything set forth herein to the contrary, it is
hereby expressly agreed that upon the occurrence and during the continuance of an Event of Default, the Administrative Agent may exercise any of the rights and remedies provided in this Agreement, the Pledge and Security Agreement and any of the
other Credit Documents. Each Grantor agrees that any notification of intended disposition of any of the Trademarks and Licenses required by law shall be deemed reasonably and properly given if given at least ten (10) days before such disposition.
Notwithstanding anything herein to the contrary, in no event shall the rights and remedies of the Administrative Agent, any Holder of Secured Obligations or any of their respective designees or representatives, granted hereunder or any other Credit
Document, be construed to permit any such Person to take any action or fail to act in violation of any law or the terms and conditions of any License or other agreement or document covering any of the collateral granted to the Administrative Agent
hereunder. 
  
 15. Successors and Assigns. This Agreement
shall be binding upon each Grantor and its successors and assigns, and shall inure to the benefit of each of the Holders of Secured Obligations and their respective nominees, successors and assigns. Each Grantor’s successors and assigns shall
include, without limitation, a receiver, trustee or debtor-in-possession of or for such Grantor; provided, however, except as otherwise permitted by the Credit Agreements, that no Grantor shall voluntarily assign or transfer its rights
or obligations hereunder without the Administrative Agent’s prior written consent. 
  
 16. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York, but giving effect to federal laws applicable to national banks. 
  
 17. Notices. All notices or other communications hereunder shall be
given in the manner and to the addresses set forth in the Credit Agreements and the Pledge and Security Agreement. 
  
 18. Section Titles. The section titles herein are for convenience of reference only, and shall not affect in any way the interpretation of any of
the provisions hereof. 
  
 19. Execution in Counterparts.
This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same
agreement. 
  
 20. Merger. This Agreement represents the
final agreement of each Grantor and the Administrative Agent with respect to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between any Grantor and the
Administrative Agent or any Holder of Secured Obligations. 
  
 The
remainder of this page is intentionally blank. 
  

 7 

 IN WITNESS WHEREOF, each of the Grantors and the Administrative Agent have executed this Trademark
Security Agreement as of the date first above written. 
  

									
	 INERGY, L.P., as a Grantor
	 	 	 	 L & L TRANSPORTATION, LLC, as a Grantor

					
	 By:
	 	 INERGY GP, LLC,
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 its managing general partner
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	 	 	 	 	 
					
	 By:
	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	 	 	 
	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 
	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 
			
	 INERGY TRANSPORTATION, LLC, as a
 Grantor
	 	 	 	 INERGY SALES & SERVICE, INC., as a
 Grantor

					
	 By:
	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	INERGY PROPANE, LLC, as a Grantor	 	 	 	 INERGY FINANCE CORP., as a Grantor

					
	 By:
	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	INERGY GAS, LLC as a Grantor	 	 	 	 STELLAR PROPANE SERVICE, LLC, as a
 Grantor

					
	 By:
	 	 /s/ R. Brooks Sherman, Jr.
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 R. Brooks Sherman, Jr.
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Senior Vice President and CFO
	 	 	 	 Title:
	 	 Senior Vice President and CFO

			
	 JPMORGAN CHASE BANK, N.A., as
 Administrative Agent
	 	 	 	 INERGY ACQUISITION COMPANY, LLC, as a
 Grantor

					
	 By:
	 	 /s/ Jane Bek Kiel
	 	 	 	By:	 	 /s/ R. Brooks Sherman, Jr.

	 Name:
	 	 Jane Bek Kiel
	 	 	 	 Name:
	 	 R. Brooks Sherman, Jr.

	 Title:
	 	 Director
	 	 	 	 Title:
	 	 Senior Vice President and CFO

  
 SIGNATURE PAGE TO TRADEMARK SECURITY AGREEMENT

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