Document:

Amendment No. 1, dated as of September 3, 2010, to Credit Agreement

 Exhibit 10.1 

AMENDMENT NO. 1 

Dated as of September 3, 2010 

to 
 CREDIT
AGREEMENT 
 Dated as of November 24, 2009 

THIS AMENDMENT NO. 1 (this “Amendment”) is dated as of September 3, 2010 by and among Inergy, L.P. (the
“Borrower”), the financial institutions listed on the signature pages hereof (the “Lenders”) and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”), under that certain Credit Agreement dated
as of November 24, 2009 by and among the Borrower, the Lenders, the Co-Syndication Agents party thereto, the Documentation Agent party thereto and the Administrative Agent (as amended, the “Credit Agreement”). Capitalized terms used
herein and not otherwise defined herein shall have the respective meanings given to them in the Credit Agreement. 
 WHEREAS,
the Borrower has requested certain modifications be made to the Credit Agreement; and 
 WHEREAS, the Borrower, the Lenders
party hereto and the Administrative Agent have agreed to amend the Credit Agreement on the terms and conditions set forth herein; 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Borrower, the Lenders party hereto and the Administrative Agent have agreed to the following amendment to the Credit Agreement. 

1. Amendments to Credit Agreement. Effective as of the date first written above (the “Effective Date”) but subject to
the satisfaction of the conditions precedent set forth in Section 2 below, the Credit Agreement is hereby amended as follows: 

(a) The definition of “Mortgage and Vehicle Title Requirement” set forth in Section 1.01 of the Credit Agreement is hereby
amended and restated in its entirety to read as follows: 
 “Mortgage and Vehicle Title
Requirement” means the requirement that the Credit Parties shall have granted to the Administrative Agent a perfected Lien on (a) at least seventy-five percent (75%) of the aggregate book value of all Fee Owned Real Property
(excluding any Fee Owned Real Property located in the State of New York), as determined by the Administrative Agent in its reasonable discretion and (b) at least fifty percent (50%) of the aggregate book value of all motor vehicles, as
determined by the Administrative Agent in its reasonable discretion. 
 (b) The definition of “Permitted Junior Debt”
set forth in Section 1.01 of the Credit Agreement is hereby amended by replacing (i) “Effective Date” with “Maturity Date” and (ii) “Termination Date” with “Maturity Date”. 

(c) Section 1.01 of the Credit Agreement is hereby amended by adding the following defined terms in the appropriate alphabetical
locations: 

 “Designated Period” means the period commencing on
September 3, 2010 and ending on the earlier of: 
 (i) September 30, 2011; and 

(ii) the date upon which the Borrower shall have received at least $300,000,000 in the aggregate of net cash proceeds from
the issuance of Capital Stock from and after September 3, 2010. 
 “Required Total Leverage
Ratio” means: 
 (i) if the Borrower has directly or indirectly acquired all of the equity interests of
Tres Palacios Gas Storage LLC and its subsidiaries from TP Gas Holding LLC pursuant to the Purchase and Sale Agreement dated as of September 3, 2010 by and between TP Gas Holding LLC and Inergy Midstream, LLC: 

(A) in the case of any fiscal quarter ending at any time on or before September 30, 2011, 5.75 to 1.00 (or, if the
Borrower shall have received at least $300,000,000 in the aggregate of net cash proceeds from the issuance of Capital Stock from and after September 3, 2010, 5.25 to 1.00); and 

(B) in the case of any other fiscal quarter, 4.75 to 1.0 (or, in the case of the first two fiscal quarters immediately
following an Acquisition with a purchase price in excess of $150,000,000, 5.25 to 1.00); and 
 (ii) if the
Borrower has not directly or indirectly acquired all of the equity interests of Tres Palacios Gas Storage LLC and its subsidiaries from TP Gas Holding LLC pursuant to the Purchase and Sale Agreement dated as of September 3, 2010 by and between
TP Gas Holding LLC and Inergy Midstream, LLC, 4.75 to 1.0 (or, in the case of the first two fiscal quarters immediately following an Acquisition with a purchase price in excess of $150,000,000, 5.25 to 1.00). 

(d) Section 6.08 of the Credit Agreement is hereby amended by replacing “create, incur or permit to exist” with
“grant in favor of the Administrative Agent for the benefit of the Holders of Secured Obligations”. 
 (e)
Section 6.12(a) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(a) Maximum Total Leverage Ratio. The Borrower will not permit the Total Leverage Ratio, determined as of the end
of each of its fiscal quarters ending after the Effective Date for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, to be greater than the Required Total Leverage Ratio. 

(f) Section 6.12(c) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: 

(c) Minimum Interest Coverage Ratio. The Borrower will not permit the Interest Coverage Ratio, determined as of the end of
each of its fiscal quarters ending after the Effective Date for the period of 4 consecutive fiscal quarters ending with the end of such fiscal quarter, to be less than (i) in the case of any fiscal quarter ending at any

  

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time during the Designated Period, 2.25 to 1.00 and (ii) in the case of any other fiscal quarter, 2.50 to 1.0. 

(g) The first sentence of Section 6.13 of the Credit Agreement is hereby amended by inserting “other than with proceeds of any
offering of Capital Stock or other Permitted Junior Debt” at the end of such sentence. 
 2. Conditions of
Effectiveness. The effectiveness of this Amendment is subject to the conditions precedent that the Administrative Agent shall have received the following: 

(a) counterparts of this Amendment duly executed by the Borrower, the Required Lenders and the Administrative Agent; 

(b) counterparts of the Consent and Reaffirmation attached as Exhibit A hereto duly executed by the Subsidiary Guarantors; and

 (c) for the account of each Lender that executes and delivers a counterpart to this Amendment to the Administrative Agent by
such time as is requested by the Administrative Agent, an amendment fee in an amount equal to 0.125% of such Lender’s Commitment. 

3. Representations and Warranties and Covenants of the Borrower. The Borrower hereby represents and warrants as follows:

 (a) This Amendment and the Credit Agreement as amended hereby constitute legal, valid and binding obligations of the Borrower
and are enforceable against the Borrower in accordance with their terms. 
 (b) As of the date hereof and giving effect to the
terms of this Amendment, (i) there exists no Default or Event of Default and (ii) the representations and warranties contained in Article III of the Credit Agreement, as amended hereby, are true and correct, except for
representations and warranties made with reference solely to an earlier date in which case such representations and warranties shall be true and correct as of such earlier date. 

4. Reference to and Effect on the Credit Agreement. 

(a) Upon the effectiveness hereof, each reference to the Credit Agreement in the Credit Agreement or any other Credit Document shall mean
and be a reference to the Credit Agreement as amended hereby. 
 (b) Except as specifically amended above, the Credit Agreement
and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed. 

(c) Except as provided herein, the execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right,
power or remedy of the Administrative Agent or the Lenders, nor constitute a waiver of any provision of the Credit Agreement or any other documents, instruments and agreements executed and/or delivered in connection therewith. 

5. Governing Law. This Amendment 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. 
  

 3 

 6. Headings. Section headings in this Amendment are included herein for convenience
of reference only and shall not constitute a part of this Amendment for any other purpose. 
 7. Counterparts. This
Amendment may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. 

[Signature Pages Follow] 
  

 4 

 IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year first above
written. 
  

			
	INERGY, L.P., as the Borrower
		
	By:	 	INERGY GP, LLC, its managing general partner
		
	By	 	 /s/ R. Brooks Sherman, Jr.

	 Name: R. Brooks Sherman, Jr.

	 Title: Executive Vice President and

Chief Financial Officer

 

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	JPMORGAN CHASE BANK, N.A., as a Lender and as Administrative Agent
		
	By:	 	 /s/ Preeti Bhatnagar

	Name: Preeti Bhatnagar
	Title: Associate

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	 /s/ Christen A. Lacey

	Name: Christen A. Lacey
	Title: Senior Vice President

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ Jason Hicks

	Name: Jason Hicks
	Title: Director

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	BANK OF OKLAHOMA, N.A., as a Lender
		
	By:	 	 /s/ Jason B. Webb

	Name: Jason B. Webb
	Title: Vice President

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	 /s/ Ann E. Sutton

	Name: Ann E. Sutton
	Title: Director

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH (fka, CREDIT SUISSE, CAYMAN ISLANDS BRANCH), as a Lender
		
	By:	 	 /s/ Mikhail Faybusovich

	Name: Mikhail Faybusovich
	Title: Vice President
		
	By:	 	 /s/ Vipul Dhadda

	Name: Vipul Dhadda
	Title: Associate

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Andrew Johnson

	Name: Andrew Johnson
	Title: Director

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	CITIBANK, N.A., as a Lender
		
	By:	 	 /s/ Todd J. Mogil

	Name: Todd J. Mogil
	Title: Vice President

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

			
	COMMERCE BANK, as a Lender
		
	By:	 	 /s/ C.T. Young

	Name: C.T. Young
	Title: Senior Vice President

  

 Signature Page to Amendment No. 1 

Inergy, L.P. 

Credit Agreement dated as of November 24, 2009 

 EXHIBIT A 

CONSENT AND REAFFIRMATION 

September 10, 2010 

Each of the undersigned hereby acknowledges receipt of a copy of the foregoing Amendment No. 1 to the Credit Agreement dated as of
November 24, 2009 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) by and among Inergy, L.P. (the “Borrower”), the financial institutions from time to time
party thereto (the “Lenders”) and JPMorgan Chase Bank, N.A., in its individual capacity as a Lender and in its capacity as contractual representative (the “Administrative Agent”), which Amendment No. 1 is dated as of
September 3, 2010 (the “Amendment”). Capitalized terms used in this Consent and Reaffirmation and not defined herein shall have the meanings given to them in the Credit Agreement. Without in any way establishing a course of dealing by
the Administrative Agent or any Lender, each of the undersigned consents to the Amendment and reaffirms the terms and conditions of the Subsidiary Guaranty, the Pledge and Security Agreement and any other Credit Document executed by it and
acknowledges and agrees that such agreement and each and every such Credit Document executed by the undersigned in connection with the Credit Agreement remains in full force and effect and is hereby reaffirmed, ratified and confirmed. All references
to the Credit Agreement contained in the above-referenced documents shall be a reference to the Credit Agreement as so modified by the Amendment and as the same may from time to time hereafter be amended, modified or restated. 

[signature page follows] 

 IN WITNESS WHEREOF, this Consent and Reaffirmation has been duly executed as of the day and year first above
written. 
  

									
	ARLINGTON STORAGE COMPANY, LLC	 		 	FINGER LAKES LPG STORAGE, LLC
					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	 /s/ R. Brooks Sherman, Jr.

	Name: R. Brooks Sherman	 		 	Name: R. Brooks Sherman
	Title: Executive Vice President – CFO	 		 	Title: Executive Vice President – CFO
			
	INERGY GAS MARKETING, LLC	 		 	INERGY PROPANE, LLC
					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	 /s/ R. Brooks Sherman, Jr.

	Name: R. Brooks Sherman	 		 	Name: R. Brooks Sherman
	Title: Executive Vice President – CFO	 		 	Title: Executive Vice President – CFO
			
	INERGY STORAGE, INC.	 		 	L & L TRANSPORTATION, LLC
					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	 /s/ R. Brooks Sherman, Jr.

	Name: R. Brooks Sherman	 		 	Name: R. Brooks Sherman
	Title: Executive Vice President – CFO	 		 	Title: Executive Vice President – CFO
			
	US SALT, LLC	 		 	INERGY TRANSPORTATION, LLC
					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 		 	By:	 	 /s/ R. Brooks Sherman, Jr.

	Name: R. Brooks Sherman	 		 	Name: R. Brooks Sherman
	Title: Executive Vice President – CFO	 		 	Title: Executive Vice President – CFO
				
	STELLAR PROPANE SERVICE, LLC	 		 		 	
					
	By:	 	 /s/ R. Brooks Sherman, Jr.
	 		 		 	
	Name: R. Brooks Sherman	 		 		 	
	Title: Executive Vice President – CFO	 		 		 	

  

 2Commitment Letter

 Exhibit 10.1 

 

					
	

	  	 U.S. SMALL BUSINESS ADMINISTRATION

 WASHINGTON, D.C. 20416
	  	

 COMMITMENT LETTER 

License No. 02/02-5447 
 SEP
– 1 2010 
 Mr. Alvin Murstein 

Chairman and CEO 
 Freshstart Venture Capital
Corporation 
 437 Madison Avenue 
 New
York, New York 10022 
 Dear Mr. Murstein: 

The Small Business Administration (“SBA”) is hereby committing to reserve Leverage (as defined in 13 CFR 107.50) in the form of debentures in
an amount equal to $7,485,000, to be issued by Freshstart Venture Capital Corporation (the “Company”) on or prior to September 30, 2014 subject to the terms and conditions set forth in this Commitment Letter and in 13 CFR
107.1200-1240. As used herein, terms which are defined in 13 CFR Part 107 shall have the meanings assigned to them therein. 
 Each issuance of
Leverage under this Commitment Letter is conditioned upon the Company’s creditworthiness (as determined by SBA) and the Company’s full compliance (as determined by SBA) with each of the other terms and conditions set forth in 13 CFR
107.1200-1240. 
 SBA may limit the amounts that may be drawn each year under this Commitment Letter. 

This Commitment Letter shall terminate automatically at 5:00 P.M. Eastern Time on September 30, 2014 You must pay to SBA a non-refundable leverage
fee in the amount of $74,850.00 within thirty days of the date of this letter or prior to the submission of the initial draw request, whichever is sooner. The remaining portion of the leverage fee in the amount of $149,700.00 will be
deducted pro rata as commitment proceeds are drawn. 
 By its acceptance of this Commitment Letter, the Company agrees to pay, indemnify and
hold SBA harmless from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever with respect to or arising out of this Commitment
Letter. 

 

 

 This Commitment Letter is subject to the provisions of Part 107 of Title 13 of the Code of Federal
Regulations, including without limitation 13 CFR 107.1200-1240, which are incorporated herein by reference. 
 This Commitment Letter has been
issued in reliance upon the written representations and certifications made by the Company to SBA in connection with its application for a commitment. 

This Commitment Letter shall be governed by, and construed in accordance with, federal law. 

 

			
	U.S. Small Business Administration
		
	By:	 	
 

		 	Sean J. Greene
		 	 Associate Administrator

    for Investment

Agreed and Accepted: 
  

			
	Freshstart Venture Capital Corporation
		
	 By:
	 	
 

		
	 Date:
	 	 9/8/10

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