Document:

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                            AMENDMENT AGREEMENT NO. 3

                          Dated as of December 28, 2000

                                  in respect of

                           THERMOGAS TRUST NO. 1999-A

                             PARTICIPATION AGREEMENT

                          Dated as of December 15, 1999

                       -----------------------------------

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<TABLE>
<CAPTION>

                                TABLE OF CONTENTS

SECTION                                                HEADING                                                PAGE

<S>                                                                                                              <C>
SECTION 1.                 AMENDMENT OF PARTICIPATION AGREEMENT...................................................2

       Section 1.1.        Amendment to Section 5.21..............................................................2
       Section 1.2.        Amendment to Appendix I................................................................2

SECTION 2.                 REPRESENTATIONS OF THE LESSEE..........................................................3

SECTION 3.                 AUTHORIZATION AND DIRECTION............................................................3

SECTION 4.                 EFFECTIVENESS..........................................................................3

SECTION 5.                 FEES AND EXPENSES......................................................................3

SECTION 6.                 MISCELLANEOUS..........................................................................3

       Section 6.1.        Construction...........................................................................3
       Section 6.2.        References.............................................................................4
       Section 6.3.        Headings and Table of Contents.........................................................4
       Section 6.4.        Counterparts...........................................................................4
       Section 6.5.        Governing Law..........................................................................4

</TABLE>

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                            AMENDMENT AGREEMENT NO. 3

         THIS  AMENDMENT  AGREEMENT  NO. 3 dated as of  December  28, 2000 (this
"Amendment")  is  among  FERRELLGAS,  LP, a  Delaware  limited  partnership  (as
successor in interest to Thermogas  L.L.C., a Delaware limited liability company
("Thermogas"),  pursuant to the hereinafter  defined  Assumption  Agreement (the
"Lessee"),  FERRELLGAS,  INC., a Delaware  corporation (the "General  Partner"),
FIRST SECURITY BANK, NATIONAL  ASSOCIATION,  a national banking association,  in
its  individual  capacity and in its capacity as  certificate  trustee under the
Trust Agreement  referred to below (the "Certificate  Trustee"),  FIRST SECURITY
TRUST COMPANY OF NEVADA, a Nevada banking corporation (the "Agent"), the Persons
named on Schedule I hereto who are signatories hereto, as Certificate Purchasers
(the  "Certificate  Purchasers") and the Persons named on Schedule II hereto who
are signatories hereto, as Lenders (the "Lenders").

                                    RECITALS:

          A.  Capitalized  terms used herein and not  otherwise  defined  herein
shall have the respective meanings set forth in the Participation  Agreement (as
hereinafter defined and as amended hereby).

     B. Thermogas,  The Williams Companies,  Inc., a Delaware  corporation,  the
Certificate Trustee,  the Agent, Banc of America Leasing & Capital,  LLC, as the
original Certificate  Purchaser and the original Lender, have heretofore entered
into that certain  Participation  Agreement  dated as of December  15, 1999,  as
amended by that certain Omnibus Amendment Agreement dated as of February 4, 2000
("Amendment No. 1") and that certain Omnibus Amendment  Agreement No. 2 dated as
of April 18,  2000  ("Amendment  No. 2") (as so amended by  Amendment  No. 1 and
Amendment No. 2, the "Participation Agreement").

          C. Pursuant to that certain Assumption  Agreement dated as of December
15,  1999 (the  "Assumption  Agreement"),  the  Lessee  has  assumed  all of the
obligations of Thermogas under the Operative Documents.

          D. The Lessee,  the General  Partner,  the  Certificate  Trustee,  the
Agent,  the  Certificate  Purchasers  and the  Lenders  now  desire to amend the
Participation  Agreement in the respects, but only in the respects,  hereinafter
set forth.

         NOW,  THEREFORE,  the Lessee,  the  General  Partner,  the  Certificate
Trustee, the Agent, the Certificate Purchasers and the Lenders, in consideration
of good and  valuable  consideration  the  receipt and  sufficiency  of which is
hereby acknowledged, do hereby agree as follows:

SECTION 1.           AMENDMENT OF PARTICIPATION AGREEMENT.

     Section 1.1. Amendment to Section 5.21. Clause (z) of the second proviso of
Section 5.21 of the  Participation  Agreement shall be and is hereby amended and
restated in its entirety to read as follows:
                           "(z) the aggregate  amount of  Indebtedness of Lessee
                  and its  Subsidiaries  through one or more SPEs in  connection
                  with  Accounts  Receivable  Securitizations  at any  one  time
                  outstanding  shall not  exceed  (i)  during  the  period  from
                  December  28,  2000  through  and  including  April 30,  2001,
                  $100,000,000 and (ii) at any other time, $60,000,000."

     Section 1.2. Amendment to Appendix I. The definition of the term "Permitted
Lessee Investments" set forth in Appendix I to the Participation Agreement shall
be and is hereby amended and restated in its entirety to read as follows:

                           "Permitted   Lessee   Investments"   means   (a)  any
                  Investments in Cash Equivalents; (b) any Investments in Lessee
                  or (subject to the provisions of Section 5.37) in a Restricted
                  Subsidiary of Lessee that is a Guarantor;  (c)  Investments by
                  Lessee or any  Restricted  Subsidiary of Lessee in a Person in
                  compliance with the other provisions of this Agreement,  if as
                  a  result  of  such  Investment  (i)  such  Person  becomes  a
                  Restricted  Subsidiary  of Lessee and a Guarantor or (ii) such
                  Person is merged, consolidated or amalgamated with or into, or
                  transfers or conveys substantially all of its assets to, or is
                  liquidated into,  Lessee or a Restricted  Subsidiary of Lessee
                  that  is  a  Guarantor;  (d)  Investments  by  Lessee  or  any
                  Restricted  Subsidiary in Unrestricted  Subsidiaries and Joint
                  Ventures;  provided  that  the  amount  of  cash  or  property
                  contributed,  loaned or  otherwise  advanced by Lessee or such
                  Restricted Subsidiaries in respect of such Investments may not
                  exceed at any time an aggregate amount equal to the greater of
                  (i) $15,000,000 and (ii) 10% of Consolidated Cash Flow for the
                  most  recently  ended four  fiscal  quarters of Lessee and (e)
                  contributions  of  accounts  receivable  made by Lessee or any
                  Restricted  Subsidiary  to SPEs in  connection  with  Accounts
                  Receivable Securitizations permitted by Section 5.21; provided
                  that  the   aggregate   amount  of  accounts   receivable   so
                  contributed,  (net of  cash  dividends  made  by such  SPEs to
                  Lessee or the Restricted  Subsidiaries within one Business Day
                  of any such contribution)  shall not exceed $30,000,000 at any
                  time outstanding.

SECTION 2.           REPRESENTATIONS OF THE LESSEE.

         As of the date hereof, Lessee represents and warrants as follows:

         (a) all  representations  and warranties set forth in the Participation
Agreement,  as amended by this  Amendment,  are true and  correct as of the date
hereof and are  incorporated  herein by reference with the same force and effect
as though herein set forth in full; and

         (b)    no Lease Default or Lease Event of Default exists.

SECTION 3.           AUTHORIZATION AND DIRECTION.

         The  Certificate  Purchaser,  by its execution  hereof,  authorizes the
Certificate Trustee to execute and deliver this Amendment.

SECTION 4.           EFFECTIVENESS.

         This  Amendment  shall not become  effective  until,  and shall  become
effective when, each and every one of the following  conditions  shall have been
satisfied:

         (a) The Lessee, the General Partner, the Certificate Trustee, the Agent
and the Required Participants shall have executed this Amendment;

         (b) The  reasonable  fees and  expenses of the  Certificate  Purchasers
(including the fees and expenses of their special  counsel) shall have been paid
in accordance with Section 5 hereof; and

         (c) All  proceedings  taken in connection  with this  Amendment and any
documents   relating   thereto  shall  be  reasonably   satisfactory  to  Agent,
Certificate Trustee and the Required  Participants and their respective counsel,
and each such Person shall have  received  copies of such  documents as they may
reasonably request in connection therewith, all in form and substance reasonably
satisfactory to each such Person.

SECTION 5.           FEES AND EXPENSES.

         Lessee  agrees  to pay all the  reasonable  fees  and  expenses  of the
Certificate   Purchasers  in  connection  with  the  negotiation,   preparation,
approval,  execution  and  delivery of this  Amendment  (including  the fees and
expenses of their special counsel).

SECTION 6.           MISCELLANEOUS.

     Section 6.1. Construction.  This Amendment shall be construed in connection
with and as part of the  Participation  Agreement,  and except as  modified  and
expressly  amended  by this  Amendment,  all  terms,  conditions  and  covenants
contained in the  Participation  Agreement are hereby  ratified and shall be and
remain in full force and effect.

     Section 6.2. References.  Any and all notices,  requests,  certificates and
other  instruments  executed and  delivered  after the execution and delivery of
this Amendment may refer to the Participation  Agreement without making specific
reference to this Amendment but nevertheless all such references shall be deemed
to include this Amendment unless the context otherwise requires.

         Section  6.3.  Headings  and Table of  Contents.  The  headings  of the
Sections of this  Amendment  and the Table of Contents are inserted for purposes
of  convenience  only and  shall  not be  construed  to affect  the  meaning  or
construction  of any of the  provisions  hereof and any  reference  to  numbered
Sections, unless otherwise indicated, are to Sections of this Amendment.

     Section 6.4. Counterparts.  This Amendment may be executed in any number of
counterparts,  each  executed  counterpart  constituting  an  original  but  all
together only one Amendment.

     SECTION  6.5.  GOVERNING  LAW.  THIS  AMENDMENT  SHALL BE  GOVERNED  BY AND
CONSTRUED  IN  ACCORDANCE  WITH  THE LAWS OF THE  STATE  OF NEW YORK  (EXCLUDING
CHOICE-OF-LAW  PRINCIPLES  OF THE LAW OF  SUCH  STATE  THAT  WOULD  REQUIRE  THE
APPLICATION OF THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE).

<PAGE>

Thermogas Trust No. 1999-A Amendment Agreement No. 3

         IN WITNESS WHEREOF,  the Lessee,  the General Partner,  the Certificate
Trustee, the Agent, the Certificate  Purchasers and the Lenders have caused this
instrument to be executed, all as of the day and year first above written.

Lessee:                   FERRELLGAS, LP, as Lessee

                          By Ferrellgas, Inc., its General Partner

                          By:

                          Name: Kenneth A. Heinz
                          Title: Assistant Treasurer

General Partner:          FERRELLGAS, INC.

                          By:

                          Name: Kenneth A. Heinz
                          Title: Assistant Treasurer

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Certificate Trustee:     FIRST SECURITY BANK, NATIONAL ASSOCIATION, in its
                         individual capacity and as Certificate Trustee

                         By:
                         Name:
                         Title:

<PAGE>

Agent:                 FIRST SECURITY TRUST COMPANY OF NEVADA, not in its
                       individual capacity except as expressly stated
                       herein, but solely as Agent

                       By:
                       Name:
                       Title:

<PAGE>

Certificate Purchaser:    TRANSAMERICA EQUIPMENT FINANCIAL SERVICES CORPORATION,
                          as Certificate Purchaser

                          By:
                          Name:
                          Title:

<PAGE>

Certificate Purchaser:  HELLER FINANCIAL LEASING, INC., as Certificate Purchaser

                         By:
                         Name:
                         Title:

<PAGE>

Lender:                 BANC OF AMERICA LEASING & CAPITAL, LLC, as Lender

                        By:
                        Name:
                        Title:

<PAGE>

Lender:                TRANSAMERICA EQUIPMENT FINANCIAL SERVICES CORPORATION,
                       as Lender

                       By:
                       Name:
                       Title:

<PAGE>

Lender:                PARIBAS, as Lender

                       By:
                       Name:
                       Title:

                       By:
                      Name:
                       Title:

<PAGE>

Lender:               HELLER FINANCIAL LEASING, INC., as Lender

                     By:
                     Name:
                     Title:

<PAGE>

Lender:             DIME COMMERCIAL CORP., as Lender

                    By:
                    Name:
                   Title:

<PAGE>

Lender:            BANK ONE, N.A. (Chicago Office), as Lender

                   By:
                   Name:
                   Title:

<PAGE>

Lender:          THE FUJI BANK, LIMITED, as Lender

                By:
                Name:
                Title:

<PAGE>

Lender:       LASALLE BANK NATIONAL ASSOCIATION, as Lender

             By:
             Name:
             Title:

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Lender:     FIRSTAR BANK, N.A., as Lender

            By:
            Name:
            Title:

<PAGE>

Syndication Agent:  BANK ONE, N.A. (Chicago Office), as Syndication Agent

                    By:
                    Name:
                    Title:

<PAGE>

Documentation Agent:   BANC OF AMERICA LEASING & CAPITAL, LLC,  as
                       Documentation Agent

                      By:
                      Name:
                      Title:

<PAGE>

                                       -1-

                                   SCHEDULE I

                            [CERTIFICATE PURCHASERS]

<PAGE>

                                   SCHEDULE II

                                    [LENDERS]AMENDMENT NO. 1 TO RECEIVABLES PURCHASE AGREEMENT

                  THIS AMENDMENT NO. 1 TO RECEIVABLES PURCHASE AGREEMENT,  dated
as of  January  17,  2001 (this  "AMENDMENT"),  is  entered  into by  Ferrellgas
Receivables,  LLC, a Delaware limited liability company ("SELLER"),  Ferrellgas,
L.P., a Delaware  limited  partnership,  as "SERVICER,"  Jupiter  Securitization
Corporation ("CONDUIT"), and Bank One, NA (Main Office Chicago), individually as
a  Financial  Institution  and  as  Agent  for  the  Purchasers  (the  "EXISTING
AGREEMENT").  The Existing Agreement, as amended hereby, is hereinafter referred
to as the "AGREEMENT."  UNLESS DEFINED ELSEWHERE HEREIN,  CAPITALIZED TERMS USED
IN THIS AMENDMENT SHALL HAVE THE MEANINGS ASSIGNED TO SUCH TERMS IN EXHIBIT I TO
THE EXISTING AGREEMENT.

                              W I T N E S S E T H :

                  WHEREAS, the parties hereto desire to amend the Existing
Agreement as hereinafter set forth;

                  NOW, THEREFORE, in consideration of the foregoing premises and
the  mutual   agreements   herein   contained   and  other  good  and   valuable
consideration,  the receipt and adequacy of which are hereby  acknowledged,  the
parties hereto agree as follows:

                  1.       Amendments.
                           ----------

                  1.1.     Section 9.1 is hereby amended to insert the following
 new subsection (k) at the end thereof:

                  (k) As of the last day of any Measurement  Period, the average
         of the  three  Measurement  Periods  then most  recently  ended for the
         Outstanding  Balance  of all  Receivables  included  in  the  Purchaser
         Interests  (regardless of whether they are Eligible  Receivables on the
         date of  determination)  as to  which  any  payment,  or part  thereof,
         remains  unpaid for 91 days or more from the original due date for such
         payment shall exceed 22% of the Outstanding Balance of all Receivables.

                  1.2.     The definition of "PURCHASE LIMIT" is hereby amended
and restated in its entirety to read as follows:

                  "PURCHASE LIMIT" means $60,000,000;  PROVIDED,  HOWEVER,  that
         during the period from and including  January 17, 2001 to and including
         April 30, 2001, the Purchase Limit shall mean $100,000,000.

                  1.3.     Schedule A of the Existing Agreement is hereby
amended to insert after "$61,200,000" where it appears, the following:

                  ";  PROVIDED,   HOWEVER,  that  during  the  period  from  and
         including  January 17, 2001 to and  including the later to occur of (a)
         April 30,  2001,  and (b) the date on which the  Aggregate  Capital  is
         reduced  to  $60,000,000  or  less,  Bank  One's  Commitment  shall  be
         $102,000,000."

                  2.       Representations and Warranties.  In order to induce
the other parties hereto to enter into this Amendment, each of the Buyer and the
Originator hereby represents and warrants to each of the other parties hereto as
follows:

                  (a)  The   execution  and  delivery  by  such  party  of  this
         Amendment,  and the performance of its obligations  under the Agreement
         as amended hereby,  are within such party's  organizational  powers and
         authority and have been duly authorized by all necessary organizational
         action on its part;

                  (b) This  Amendment  has been duly  executed and  delivered by
         such party,  and the Agreement,  as amended  hereby,  constitutes  such
         party's legal, valid and binding  obligation,  enforceable against such
         party in accordance with its terms,  except as such  enforcement may be
         limited by applicable bankruptcy,  insolvency,  reorganization or other
         similar laws relating to or limiting creditors' rights generally and by
         general  principles of equity  (regardless  of whether  enforcement  is
         sought in a proceeding in equity or at law), and

                  (c) As of the  date  hereof,  no  event  has  occurred  and is
         continuing  that will  constitute  a  Termination  Event or a Potential
         Termination Event.

                  3.       Conditions Precedent.  This Amendment shall become
effective as of the date first above written upon execution by the Originator,
the Buyer and the Agent of counterparts hereof and delivery of such executed
counterparts to the Agent.

                  4.       Miscellaneous.
                           -------------

                  (a)      CHOICE OF LAW.  THIS AMENDMENT SHALL BE GOVERNED AND
CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS)
OF THE STATE OF NEW YORK.

                  (b) Counterparts. This Amendment 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
when taken together shall constitute one and the same agreement.

                  (c)      Ratification of Agreement.  Except as expressly
amended hereby, the Agreement remains unaltered and in full force and effect
and is hereby ratified and confirmed.

                             Signature pages follow

                  IN WITNESS  WHEREOF,  the  parties  hereto  have  caused  this
Agreement to be executed and delivered by their duly  authorized  officers as of
the date hereof.

FERRELLGAS, L.P.

BY:  FERRELLGAS, INC., its General Partner

By:
   --------------------------------------------------------------------
Name:  Kevin T. Kelly
Title:   Chief Financial Officer

FERRELLGAS RECEIVABLES, LLC

By:
   --------------------------------------------------------------------
Name:  Kevin T. Kelly
Title:   Chief Financial Officer

<PAGE>

BANK ONE, NA [MAIN OFFICE CHICAGO],
 INDIVIDUALLY AND AS AGENT

By:
   --------------------------------------------------
Name:  Leo V. Loughead
Title:   Authorized Signatory

JUPITER SECURITIZATION CORPORATION

By:
   --------------------------------------------------
Name:  Leo V. Loughead
Title:   Authorized Signatory

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