Document:

EX-10.2

Exhibit 10.2

[LETTERHEAD]

[LOGO]

May 1, 2007

C. Eric Winzer

118 Mariam Pass

Middletown, MD 21769

Dear Eric:

On behalf of Avalon Pharmaceuticals, Inc. I am pleased to offer you the following position as an
employee of the Company:

Job Title:

Executive Vice President & Chief Financial Officer

Reporting to:

Kenneth C. Carter, President & CEO

Starting Date:

July 2, 2007

Initial Starting Salary:

$280,000 per annum, subject to adjustment from time to time in the Company’s discretion

Classification:

Exempt

Equity:

Subject to the approval of the Compensation Committee of the Company’s Board of Directors, the
Company will grant you options for 120,000 shares of Avalon Pharmaceuticals, Inc. Common Stock
under the Company’s Stock Option Plan. These options will vest over a four (4) year period,
effective the date of grant. The options will be available to you retroactively only upon the
successful completion of the 90-day Introductory Period. The terms and conditions for any options
will be those in the Company’s Plan, or as set by the Board.

Bonus Plan:

Eligibility and distribution of bonus is based on the achievement of corporate and individual
objectives in accordance with the approved Avalon Pharmaceuticals Compensation Plan. You will be
eligible for a bonus up to 35% of your base pay depending upon the completion of the approved
goals.

Benefits:

The Company provides a comprehensive benefits program, which includes standard medical and dental
benefits, long- and short-term disability coverage, a 401(K) plan with a match of 50% of the first
6% employee contribution, and Employee Assistance Program, and a flexible benefits plan. Paid time
off is also available to all employees. You are eligible for the Executive leave program. These
programs will be provided in accordance with the terms and conditions set forth in each plan, and
are subject to change at the Company’s discretion. Provided that underwriting approves your
application, you will also receive benefit of Avalon’s salary continuation plan for executives.

Termination:

Upon termination for any reason, the Company shall pay you within two weeks of such termination,
your current base salary earned through the termination date, plus accrued vacation, if any, and
other benefits or payments, if any, to which you are entitled as provided in accordance with the
terms and conditions of such benefit plan. In the event you are terminated by the Company after the
90-day Introductory Period without “Cause” (as hereinafter defined), or if you terminate your
employment with the Company for “Good Reason” (as hereinafter defined), the Company shall (i)
immediately vest one half (1/2) of any shares granted to you under the Company’s stock option plans
that have not vested as of the date of your termination; (ii) pay you a lump sum severance payment
equal to six months of your base salary as in effect at the time of termination (twelve months in
the event such termination is without Cause or for Good Reason within eighteen months after a
Change in Control (as hereinafter defined)); (iii) provide you with outplacement services; and (iv)
reimburse you for premiums you pay for health care insurance under the Consolidated Omnibus Budget
Reconciliation Act (“COBRA”), for the same level of coverage that you maintain at the time of your
termination, for a period up to six months (twelve months in the event such termination is without
Cause or for Good Reason within eighteen months after a Change in Control) following termination,
provided you elect COBRA coverage. The Company’s reimbursement obligation will end immediately if
you become eligible to obtain health care insurance from any other employer during the payment
period. You shall not be required to mitigate damages by seeking employment elsewhere. If you are
terminated with cause, the Company shall pay you only your current base salary earned through the
termination date, plus accrued vacation, if any, to which you are entitled as provided in
accordance with the terms and conditions of such benefit plan.

“Cause” shall include (i) your conviction of a felony, either in connection with the performance of
your obligations to the Company or otherwise, which adversely affects your ability to perform such
obligations or materially adversely affects the business activities, reputation, goodwill or image
of the Company, (ii) your willful disloyalty, deliberate dishonesty, breach of fiduciary duty to
the company (iii) your breach of the terms of this Agreement, or your failure or refusal to use
your best efforts to carry out any material tasks that do not violate any other term of this
agreement, provided such tasks are assigned to you by the Company in accordance with the terms
hereof, which breach or failure continues for a period of more than thirty (30) days after your
receipt of written notice thereof from the Company, (iv) the commission by you of any act of fraud,
embezzlement or deliberate disregard of a rule or policy of the Company known to you or contained
in a policy and procedure manual provided to you which results in material loss, damage or injury
to the Company, or (v) the material breach by you of any of the material provisions of the
Confidentiality Assignment of Inventions and Non-Competition Agreement.

Termination of your employment by you shall constitute termination for “Good Reason” if such
termination occurs (a) within eighteen months of a “Change in Control” (as hereinafter defined) (b)
within three months of a material diminution in your responsibilities as Executive Vice President &
CFO, provided that such diminution is not in connection with the termination of your employment for
Cause, (c) within three months of your principal work location changing to be more than 50 miles
from your then current residence; or (d) in the event you should die while an employee of the
Company. The Company shall notify you, within 10 days of receipt of your notice of intent to
terminate your employment for Good Reason, if the Company disagrees with your intent to terminate
pursuant to this paragraph.

A “Change in Control” shall be deemed to have occurred if either: (i) any “person” (including,
without limitation, any individual, sole proprietorship, partnership, trust, corporation,
association, joint venture, or other entity, whether or not incorporated), or “group” of persons
(as such terms are used in Sections 13(d) and14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), becomes, after the date hereof, the “beneficial owner” (as defined
in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the combined voting power of the Company’s then
outstanding securities; (ii) during any two (2) year period, individuals who constitute the Board
of Directors at the beginning of such period, together with any new directors elected or appointed
during the period whose election or appointment resulted from a vacancy on the Board of Directors
caused by the retirement, death, or disability of a director and whose election or appointment was
approved by a vote of at least a majority of the directors then still in office who were directors
at the beginning of the period, cease for any reason to constitute a majority of the Board of
Directors; (iii) the Company sells, assigns, conveys, transfers, leases or otherwise disposes of
all or substantially all of its assets to any person; (iv) the Company consolidates with, or merges
with or into another entity, or any entity consolidates with, or merges with or into, the Company
(a “Merger”), in which the owners of outstanding voting stock of the Company immediately prior to
such Merger do not represent at least a majority of the voting power in the surviving entity after
the Merger; or (v) the stockholders of the Company approve a plan of liquidation or dissolution.

Should the Company be the subject of a Change in Control, the Company shall immediately vest (i) in
the event such Change in Control takes effect prior to the first year anniversary of your Start
Date, one-quarter (1/4) of all shares and options granted to you that have not vested as of the
date the Change in Control takes effect; (ii) in the event such Change in Control takes effect on
or after the first year anniversary of your Start Date and prior to the second year anniversary of
your Start Date, one-half (1/2) of all shares and options granted to you that have not vested as of
the date the Change in Control takes effect; and (iii) in the event such Change in Control takes
effect on or after the second year anniversary of your Start Date, all shares and options granted
to you that have not vested as of the date the Change in Control takes effect.

Conflict:

You hereby acknowledge that you are not a party to any agreement that in any way prohibits or
imposes any restrictions on your employment with the Company, and your acceptance hereof will not
breach any agreements to which you are a party.

Employment Requirements And Period:

If you accept this position, you will be an employee at will, meaning you are not obligated to
remain employed at the Company for any specific period of time. Likewise, the Company is not
obligated to employ you for any specific period.

Other Provisions:

Employment will be contingent upon your signing the Avalon Pharmaceuticals, Inc. Confidentiality,
Assignment of Inventions and Non-Competition Agreement. You also agree to be bound by all personnel
policies that may be adopted from time to time.

I look forward to having you as part of the team and believe you will play an important role in the
growth of the Company.

Sincerely,

ON BEHALF OF AVALON PHARMACEUTICALS, INC.:

	 	 	 
	/s/ Kenneth C. Carter, Ph.D.

	 	May 2, 2007
	 
	 	 
	 

	 	 
	Kenneth C. Carter

President & CEO

	 	Date

	 
	 	 
	ACCEPTED:

	 	

	 
	 	 
	/s/ C. Eric Winzer

	 	May 2, 2007

C. Eric Winzer DateEX-10.1

[Published CUSIP Number: ______________________]

CREDIT AGREEMENT

Dated as of May 1, 2007

among

FERRELLGAS, L.P.

as the Borrower,

FERRELLGAS, INC.

as the General Partner of the Borrower,

BANK OF AMERICA, N.A.,

as Administrative Agent

and

The Lenders Party Hereto

BANC OF AMERICA SECURITIES LLC,

as

Co-Lead Arranger and Sole Book Manager

J.P. MORGAN SECURITIES INC.,

as Co-Lead Arranger

1

TABLE OF CONTENTS

	 	 	 	 	 
	SECTION

	 	 	 	PAGE
	
 
	 	 	 	 
	 
	 	 	 	 
	ARTICLE I. DEFINITIONS AND ACCOUNTING TERMS
	 	 
	 
	 	 	 	 
	1.01

1.02

1.03

1.04

1.05

1.06

	 	Defined Terms

Other Interpretive Provisions

Accounting Terms

Rounding

References to Agreements and Laws

Times of Day
	 	

	 	 	 
	ARTICLE II. THE COMMITMENTS AND CREDIT EXTENSIONS

	 
	 	 
	2.01

2.02

2.03

2.04

2.05

2.06

2.07

2.08

2.09

2.10

2.11

	 	The Term Loans

Term Borrowings, Conversions and Continuations of Term Loans

Prepayments

Termination or Reduction of Commitments

Repayment of Term Loans

Interest

Commitment Fee

Computation of Interest and Fees

Evidence of Debt

Payments Generally; Administrative Agent’s Clawback

Sharing of Payments

	 	 	 
	ARTICLE III. TAXES, YIELD PROTECTION AND ILLEGALITY

	 
	 	 
	3.01

3.02

3.03

3.04

3.05

3.06

3.07

	 	Taxes

Illegality

Inability to Determine Rates

Increased Costs; Reserves on Eurodollar Rate Loans

Compensation for Losses

Mitigation Obligations; Replacement of Lenders

Survival

	 	 	 
	ARTICLE IV. CONDITIONS PRECEDENT TO Credit Extensions

	 
	 	 
	4.01

4.02

	 	Conditions of Initial Credit Extension

Conditions to all Credit Extensions

	 	 	 
	ARTICLE V. REPRESENTATIONS AND WARRANTIES

	 
	 	 
	5.01

5.02

5.03

5.04

5.05

5.06

5.07

5.08

5.09

5.10

5.11

5.12

5.13

5.14

5.15

	 	Existence, Qualification and Power; Compliance with Laws

Authorization; No Contravention

Governmental Authorization; Other Consents

Binding Effect

Financial Statements; No Material Adverse Effect

Litigation

No Default

Ownership of Property; Liens

Environmental Compliance

ERISA Compliance

Subsidiaries

Margin Regulations; Investment Company Act; Utility Regulations

Disclosure

Compliance with Laws

Intellectual Property; Licenses, Etc

	 	 	 
	ARTICLE VI. AFFIRMATIVE COVENANTS

	 
	 	 
	6.01

6.02

6.03

6.04

6.05

6.06

6.07

6.08

6.09

6.10

6.11

	 	Financial Statements

Certificates; Other Information

Notices

Preservation of Existence, Etc

Maintenance of Properties

Maintenance of Insurance

Compliance with Laws

Books and Records

Inspection Rights

Environmental Laws

Designations With Respect to Subsidiaries

	 	 	 
	ARTICLE VII. NEGATIVE COVENANTS

	 
	 	 
	7.01

7.02

7.03

7.04

7.05

7.06

7.07

7.08

7.09

7.10

7.11

7.12

7.13

7.14

7.15

7.16

7.17

	 	Liens

Asset Sales

Fundamental Changes

Acquisitions

Limitation on Indebtedness

Transactions with Affiliates

Use of Proceeds

Use of Proceeds – Ineligible Securities

Restricted Payments

Prepayment of Subordinated Indebtedness

Dividend and Other Payment Restrictions Affecting Subsidiaries

Change in Business

Accounting Changes

Limitation on Sale and Leaseback Transactions

Amendments of Organization Documents or Certain Debt Agreements

Operations through Restricted Subsidiaries

Financial Covenants

	 	 	 
	ARTICLE VIII. EVENTS OF DEFAULT AND REMEDIES

	 
	 	 
	8.01

8.02

8.03

	 	Events of Default

Remedies Upon Event of Default

Application of Funds

	 	 	 
	ARTICLE IX. ADMINISTRATIVE AGENT

	 
	 	 
	9.01

9.02

9.03

9.04

9.05

9.06

9.07

9.08

9.09

9.10

9.11

	 	Appointment and Authorization of Administrative Agent

Rights as a Lender

Exculpatory Provisions

Reliance by Administrative Agent

Delegation of Duties

Reserved

Resignation of Administrative Agent

Non-Reliance on Administrative Agent and Other Lenders

No Other Duties, Etc

Administrative Agent May File Proofs of Claim

Collateral Matters

	 	 	 
	ARTICLE X. MISCELLANEOUS

10.01Amendments, Etc

	 	

	 
	 	 
	10.02Notices and Other Communications; Facsimile Copies

	 
	 	 
	10.03No Waiver; Cumulative Remedies

10.04Expenses; Indemnity; Damage Waiver

10.05Payments Set Aside

10.06Successors and Assigns

	 	

	 
	 	 
	10.07Treatment of Certain Information; Confidentiality

	 
	 	 
	10.08Right of Setoff

10.09Interest Rate Limitation

	 	

	 
	 	 
	10.10Counterparts; Integration; Effectiveness

	 
	 	 
	10.11Survival of Representations and Warranties

	 
	 	 
	10.12Severability

10.13Replacement of Lenders

10.14Governing Law

10.15Waiver of Jury Trial

	 	

	 
	 	 
	10.16No Advisory or Fiduciary Responsibility

	 
	 	 
	10.17USA PATRIOT Act Notice

	 	

	 
	 	 

2

	 	 	 
	 
	 	 
	SCHEDULES

2.01

5.05

5.11

7.01

7.05

7.10

10.02

	 	

Commitments and Pro Rata Shares

Additional Financial Disclosures

Subsidiaries and Other Equity Investments

Existing Liens

Existing Indebtedness

Subordination Provisions

Administrative Agent’s Office, Certain Addresses for Notices
	 
	 	 
	EXHIBITS

A

B

C

D

E

F

	 	

Term Loan Notice

Reserved

Note

Compliance Certificate

Assignment and Assumption

Form of Opinion

CREDIT AGREEMENT

This CREDIT AGREEMENT (“Agreement”) is entered into as of May 1, 2007, among
FERRELLGAS, L.P., a Delaware limited partnership (the “Borrower”), FERRELLGAS, INC., a
Delaware corporation and sole general partner of the Borrower (the “General Partner”), each
lender from time to time party hereto (collectively, the “Lenders” and individually, a
“Lender”), and BANK OF AMERICA, N.A., as Administrative Agent.

R E C I T A L S

WHEREAS, the Borrower has requested that the Lenders make Term Loans to Borrower, the proceeds
of which are to be used by the Borrower for the purposes described hereinbelow; and

WHEREAS, the Lenders are willing, on and subject to the terms and conditions set forth in this
Agreement, to extend credit under this Agreement as more particularly hereinafter set forth.

ACCORDINGLY, in consideration of the mutual covenants and agreements herein contained, the
parties hereto covenant and agree as follows:

ARTICLE I.

DEFINITIONS AND ACCOUNTING TERMS

1.01 Defined Terms. As used in this Agreement, the following terms shall have the meanings set
forth below:

“1998 Fixed Rate Senior Notes” means, collectively, (a) the $52,000,000 7.12% Senior
Notes, Series C, due 2008, (b) the $82,000,000 7.24% Senior Notes, Series D, due August 1, 2010 and
(c) the $70,000,000 7.42% Senior Notes, Series E, due August 1, 2013, in each case issued by the
Borrower pursuant to the 1998 Note Purchase Agreement.

“1998 Note Purchase Agreement” means the Note Purchase Agreement, dated as of July 1,
1998, among the Borrower and the Purchasers named therein, pursuant to which the 1998 Fixed Rate
Senior Notes (and certain other notes that have been paid) were issued.

“2000 Fixed Rate Senior Notes” means, collectively, (a) the $90,000,000 8.78% Senior
Notes, Series B, due August 1, 2007 and (b) the $73,000,000 8.87% Senior Notes, Series C, due
August 1, 2009, in each case issued by the Borrower pursuant to the 2000 Note Purchase Agreement.

“2002 MLP Indenture” means the Indenture dated as of September 24, 2002, among
Ferrellgas Partners, L.P. Ferrellgas Partners Finance Corp. and U.S. Bank, N.A., pursuant to which
the 2002 MLP Senior Notes were issued.

“2000 Note Purchase Agreement” means the Note Purchase Agreement, dated as of
February 1, 2000, among the Borrower and the Purchasers named therein, pursuant to which the 2000
Fixed Rate Senior Notes (and certain other notes that have been paid) were issued.

“2002 MLP Senior Notes” means the $170,000,000 8 3/4% Senior Notes due June 15, 2012,
issued by Ferrellgas Partners, L.P. and by Ferrellgas Partners Finance Corp. pursuant to the 2002
MLP Indenture.

“Accounts Receivable Securitization” shall mean a financing arrangement involving the
transfer or sale of accounts receivable of the Borrower in the ordinary course of business through
one or more SPEs, the terms of which arrangement do not impose (a) any recourse or repurchase
obligations upon the Borrower or any Affiliate of the Borrower (other than any such SPE) except to
the extent of the breach of a representation or warranty by the Borrower in connection therewith or
(b) any negative pledge or Lien on any accounts receivable or other assets not actually transferred
to any such SPE in connection with such arrangement.

“Acquired Debt” means, with respect to any specified Person, (a) Indebtedness or
Synthetic Lease Obligations of any other Person existing at the time such other Person merged with
or into or became a Subsidiary of such specified Person, including Indebtedness or Synthetic Lease
Obligations incurred in connection with, or in contemplation of, such other Person merging with or
into or becoming a Subsidiary of such specified Person and (b) Indebtedness or Synthetic Lease
Obligations encumbering any asset acquired by such specified Person.

“Acquisition” means any transaction or series of related transactions for the purpose
of or resulting, directly or indirectly, in (a) the acquisition of all or substantially all of the
assets of a Person, or of any business or division of a Person, (b) the acquisition of in excess of
50% of the capital stock, partnership interests or equity of any Person or otherwise causing any
Person, to become a Subsidiary of the acquiring Person, or (c) a merger or consolidation or any
other combination with another Person (other than a Person that is a Subsidiary of the acquiring
Person) provided that the Borrower or the Subsidiary of the acquiring entity is the surviving
Person.

“Administrative Agent” means Bank of America in its capacity as administrative agent
under any of the Loan Documents, or any successor administrative agent.

“Administrative Agent’s Office” means the Administrative Agent’s address and, as
appropriate, account as set forth on Schedule 10.02, or such other address or account as the
Administrative Agent may from time to time notify the Borrower and the Lenders.

“Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Administrative Agent.

“Affiliate” means, with respect to any Person, another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified. “Control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management or policies of a Person, whether
through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. Without limiting the generality of the
foregoing, a Person shall be deemed to be Controlled by another Person if such other Person
possesses, directly or indirectly, power to vote 25% or more of the securities having ordinary
voting power for the election of directors, managing general partners or the equivalent. No Lender
shall be deemed an Affiliate of the Borrower by reason of the relationships established and granted
by this Agreement.

“Aggregate Commitments” means the Commitments of all the Lenders.

“Agreement” means this Credit Agreement.

“Applicable Rate” means the following percentages per annum, based upon the Pricing
Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent
pursuant to Section 6.02(b):

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Applicable Rate
	 	 	 	 	 	 	 	 	Applicable Rate for	 	 
	 	 	 	 	Pricing	 	Eurodollar Rate	 	Applicable Rate for
	Pricing Level	 	Ratio	 	Loans is:	 	Commitment Fees is:
	1	 	=2.75:1	 	1.50%	 	.375%
	2	 	>2.75:1 =3.25:1	 	1.75%	 	.375%
	3	 	>3.25:1 but =3.75:1	 	2.00%	 	.375%
	4	 	>3.75:1 but =4.25:1	 	2.25%	 	.500%
	5	 	>4.25:1	 	2.50%	 	.500%

The appropriate Applicable Rate stated above is added to the Eurodollar Rate, as provided
herein, to determine the interest rate payable on the Term Loans, and the appropriate Applicable
Rate stated above is used, as provided herein, to calculate commitment fees. Any increase or
decrease in the Applicable Rate resulting from a change in the Pricing Ratio shall become effective
as of the first Business Day immediately following the date a Compliance Certificate is delivered
pursuant to Section 6.02(b); provided, however, that if a Compliance Certificate is not delivered
when due in accordance with such Section, then until such Certificate is so delivered Pricing Level
5 shall apply as of the first Business Day after the date on which such Compliance Certificate was
required to have been delivered. The Applicable Rate in effect from the Closing Date through the
date on which the first Compliance Certificate is delivered pursuant to Section 6.02(b) shall be
determined based upon Pricing Level 3.

“Approved Fund” means any Fund that is administered or managed by (a) a Lender, (b) an
Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a
Lender.

“Arranger” means Banc of America Securities LLC, in its capacity as co-lead arranger
and sole book manager.

“Asset Sale” has the meaning specified in Section 7.02.

“Assignee Group” means two or more Eligible Assignees that are Affiliates of one
another or two or more Approved Funds managed by the same investment advisor.

“Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section
10.06(b), and accepted by the Administrative Agent, in substantially the form of Exhibit E
or any other form approved by the Administrative Agent.

“Attorney Costs” means and includes all reasonable fees, expenses and disbursements of
any law firm or other external counsel and, without duplication, the allocated cost of internal
legal services and all expenses and disbursements of internal counsel.

“Attributable Indebtedness” means, on any date, (a) in respect of any capital lease of
any Person, the capitalized amount thereof that would appear on a balance sheet of such Person
prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease
Obligation, the capitalized amount of the remaining lease payments under the relevant lease that
would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if
such lease were accounted for as a capital lease.

“Audited Financial Statements” means the audited consolidated balance sheet of the
Borrower and its Subsidiaries for the fiscal year ended July 31, 2006, and the related consolidated
statements of income or operations, partners’ capital and cash flows for such fiscal year of the
Borrower and its Subsidiaries, including the notes thereto.

“Availability Period” means the period from and including the Closing Date to the
earliest of (a) the Maturity Date, (b) the date of termination of the Aggregate Commitments
pursuant to Section 2.04, and (c) the date of termination of the commitment of each Lender to make
Term Loans pursuant to Section 8.02.

“Available Cash” has the meaning given to such term in the Partnership Agreement, as
amended to and including April 7, 2004, provided, that (a) Available Cash shall not include any Net
Proceeds of Asset Sales in excess of an aggregate amount of $10,000,000 in respect of Asset Sales
made during any fiscal year of Borrower, (b) investments, loans and other contributions to a
Non-Recourse Subsidiary, Unrestricted Subsidiary or Joint Venture are to be treated as “cash
disbursements” when made for purposes of determining the amount of Available Cash and (c) cash
receipts of a Non-Recourse Subsidiary, Unrestricted Subsidiary or Joint Venture shall not
constitute cash receipts of the Borrower for purposes of determining the amount of Available Cash
until cash is actually distributed by such Non-Recourse Subsidiary, Unrestricted Subsidiary or
Joint Venture to the Borrower or a Restricted Subsidiary.

“Bank of America” means Bank of America, N.A. and its successors.

“Base Rate” means for any day a fluctuating rate per annum equal to the higher of (a)
the Federal Funds Rate plus 1/2 of 1% and (b) the rate of interest in effect for such day as
publicly announced from time to time by Bank of America as its “prime rate.” The “prime rate” is a
rate set by Bank of America based upon various factors including Bank of America’s costs and
desired return, general economic conditions and other factors, and is used as a reference point for
pricing some loans, which may be priced at, above, or below such announced rate. Any change in
such rate announced by Bank of America shall take effect at the opening of business on the day
specified in the public announcement of such change.

“Base Rate Loan” means a Term Loan that bears interest based on the Base Rate.

“Blue Rhino Acquisition” means the Borrower’s acquisition of Blue Rhino Corporation
(“Blue Rhino”) under the terms of the Agreement and Plan of Merger dated as of February 8, 2004
among FCI Trading Corp., Diesel Acquisition LLC, Ferrell Companies, Inc., and Blue Rhino.

“Borrower” has the meaning specified in the introductory paragraph hereto.

“Borrower Materials” has the meaning specified in Section 6.02.

“Business Day” means any day other than a Saturday, Sunday or other day on which
commercial banks are authorized to close under the Laws of, or are in fact closed in, the state
where the Administrative Agent’s Office is located and, if such day relates to any Eurodollar Rate
Loan, means any such day on which dealings in Dollar deposits are conducted by and between banks in
the London interbank eurodollar market.

“Capital Interests” means (a) with respect to any corporation, any and all shares,
participations, rights or other equivalent interests in the capital of the corporation, (b) with
respect to any partnership or limited liability company, any and all partnership interests (whether
general or limited) or limited liability company interests, respectively, and other interests or
participations that confer on a Person the right to receive a share of the profits and losses of,
or distributions of assets of, such partnership or limited liability company, and (c) with respect
to any other Person, ownership interests of any type in such Person.

“Capital Lease Obligation” means, at the time any determination thereof is to be made,
the amount of the liability in respect of a capital lease that would at such time be so required to
be capitalized on the balance sheet in accordance with GAAP.

“Cash Equivalents” means (a) United States dollars, (b) securities issued or directly
and fully guaranteed or insured by the United States government or any agency or instrumentality
thereof having maturities of not more than eighteen months from the date of acquisition,
(c) certificates of deposit and eurodollar time deposits with maturities of six months or less from
the date of acquisition, bankers’ acceptances with maturities not exceeding six months and
overnight bank deposits, in each case with any Lender or with any other domestic commercial bank
having capital and surplus in excess of $500 million and a Keefe Bank Watch Rating of “B” or
better, (d) repurchase obligations with a term of not more than seven days for underlying
securities of the types described in clauses (b) and (c) entered into with any financial
institution meeting the qualifications specified in clause (c) above, (e) commercial paper or
direct obligations of a Person, provided such Person has publicly outstanding debt having the
highest short-term rating obtainable from Moody’s or S&P and provided further that such commercial
paper or direct obligation matures within 270 days after the date of acquisition, and
(f) investments in money market funds all of whose assets consist of securities of the types
described in the foregoing clauses (a) through (e).

“Change in Law” means the occurrence, after the date of this Agreement, of any of the
following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change
in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority or (c) the making or issuance of any request, guideline or
directive (whether or not having the force of law) by any Governmental Authority.

“Change of Control” means (a) the sale, lease, conveyance or other disposition of all
or substantially all of the Borrower’s assets to any Person or group (as such term is used in
Section 13(d)(3) of the Exchange Act) other than James E. Ferrell, the Ferrell Related Parties and
any Person of which James E. Ferrell and the Ferrell Related Parties beneficially own in the
aggregate 51% or more of the voting Capital Interests (or if such Person is a partnership, 51% or
more of the general partner interests), (b) the liquidation or dissolution of the Borrower or the
General Partner, (c) the occurrence of any transaction, the result of which is that James E.
Ferrell and the Ferrell Related Parties beneficially own in the aggregate, directly or indirectly,
less than 51% of the total voting power entitled to vote for the election of directors of the
General Partner and (d) the occurrence of any transaction, the result of which is that the General
Partner is no longer the sole general partner of the Borrower.

“Closing Date” means the first date all the conditions precedent in Section 4.01 are
satisfied or waived in accordance with Section 4.01 (or, in the case of Section 4.01(b), waived by
the Person entitled to receive the applicable payment).

“Code” means the Internal Revenue Code of 1986, as from time to time amended, and the
regulations promulgated thereunder.

“Commitment” means, as to each Lender, its obligation to (a) make Term Loans to the
Borrower pursuant to Section 2.01, in an aggregate principal amount at any one time outstanding not
to exceed the amount set forth opposite such Lender’s name on Schedule 2.01 or in the Assignment
and Assumption pursuant to which such Lender becomes a party hereto, as applicable, as such amount
may be adjusted from time to time in accordance with this Agreement.

“Commodity Risk Management Policy” means the Commodity Risk Management Policy of the
Borrower, the General Partner and the MLP, as in effect from time to time in compliance herewith.

“Commodity Swap” means (a) any and all commodity swaps, commodity options, forward
commodity contracts, commodity cap, floor or collar transactions, or any other similar transactions
or any combination of any of the foregoing (including any options to enter into any of the
foregoing), whether or not any such transaction is governed by or subject to any master agreement,
and (b) any and all transactions of any kind, and the related confirmations, which are subject to
the terms and conditions of, or governed by, any form of master agreement published by the
International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, or any other master agreement relating to any of the kinds of transactions in the
preceding clause (a) (any such master agreement, together with any related schedules, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement.

“Compliance Certificate” means a certificate substantially in the form of Exhibit
D.

“Consolidated Cash Flow” means, for any period, for the Borrower and its Restricted
Subsidiaries on a consolidated basis, an amount equal to Consolidated Net Income for such period
plus (a) the following, to the extent deducted in calculating such Consolidated Net Income: (i) any
extraordinary loss (including expenses related to the early extinguishment of Indebtedness) plus
any net loss realized in connection with an asset sale, (ii) the provision for taxes based on
income or profits of the Borrower and the Restricted Subsidiaries, (iii) the Consolidated Interest
Expense for such period, whether paid or accrued (including amortization of original issue
discount, non-cash interest payments and the interest component of any payments associated with
Capital Lease Obligations and net payments (if any) pursuant to Hedging Obligations), to the extent
such expense was deducted in computing Consolidated Net Income, and (iv) the depreciation and
amortization charges (including amortization of goodwill and other intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period), plus (b) non-cash employee
compensation expenses of the Borrower and the Restricted Subsidiaries, plus (c) the Synthetic Lease
Principal Component of the Borrower and the Restricted Subsidiaries, in each case, with respect to
the foregoing clauses (a) through (c), for such period without duplication on a consolidated basis
and determined in accordance with GAAP.

“Consolidated Interest Expense” means, with respect to the Borrower and the Restricted
Subsidiaries for any period, on a consolidated basis, the sum of (a) all interest, fees (including
letter of credit fees), charges and related expenses paid or payable (without duplication) by the
Borrower and the Restricted Subsidiaries for that fiscal period to the Lenders hereunder or to any
other lender in connection with borrowed money or the deferred purchase price of assets that are
considered “interest expense” under GAAP, plus (b) the portion of rent paid or payable (without
duplication) by the Borrower and the Restricted Subsidiaries for that period under Capital Lease
Obligations that should be treated as interest in accordance with Financial Accounting Standards
Board Statement No. 13, on a consolidated basis, plus (c) the Synthetic Lease Interest Component of
the Borrower and the Restricted Subsidiaries for that fiscal period.

“Consolidated Net Income” means, for any period, for the Borrower and the Restricted
Subsidiaries on a consolidated basis, the Net Income of the Borrower and the Restricted
Subsidiaries (excluding extraordinary gains but including extraordinary losses) for that period;
provided that (a) the Net Income of any Person that is not a Restricted Subsidiary or that
is accounted for by the equity method of accounting shall be included only to the extent of the
amount of dividends or distributions paid to the Borrower or a Wholly-Owned Subsidiary of the
Borrower, (b) the Net Income of any Person that is a Restricted Subsidiary (other than a
Wholly-Owned Subsidiary) shall be excluded to the extent that dividends and distributions of that
net income are not at the date of determination permitted by the terms of its charter or any
judgment, decree, order, statute, rule, contract or other prohibition, (c) the Net Income of any
Person acquired in a pooling of interests transaction for any period prior to the date of such
acquisition shall be excluded except to the extent otherwise includable under clause (a) above, and
(d) the cumulative effect of a change in accounting principles shall be excluded.

“Consolidated Net Worth” means, as of any date of determination, for the Borrower and
the Restricted Subsidiaries on a consolidated basis, the sum of (a) the consolidated equity of the
common shareholders or partners of the Borrower and the Restricted Subsidiaries as of such date,
plus (b) the respective amounts reported on the balance sheet of the Borrower and the Restricted
Subsidiaries as of such date with respect to any series of preferred stock (other than Disqualified
Interests) that by its terms is not entitled to the payment of dividends unless such dividends may
be declared and paid only out of net earnings in respect of the year of such declaration and
payment, but only to the extent of any cash received by the Borrower and the Restricted
Subsidiaries upon issuance of such preferred stock, minus the sum of (x) all write-ups (other than
write-ups resulting from foreign currency translations and write-ups of tangible assets of a going
concern business made within 12 months after the acquisition of such business) subsequent to the
Closing Date in the book value of any asset owned by the Borrower and the Restricted Subsidiaries,
(y) all Investments as of such date in unconsolidated Subsidiaries and in Persons that are not
Restricted Subsidiaries (except, in each case, Permitted Investments), and (z) all unamortized debt
discount and expense and unamortized deferred charges as of such date, all of the foregoing
determined in accordance with GAAP.

“Contingent Obligation” means, as to any Person, any direct or indirect liability of
that Person, whether or not contingent, with or without recourse: (a) under any Guarantee; (b) with
respect to any Surety Instrument (other than any letter of credit) issued for the account of that
Person or as to which that Person is otherwise liable for reimbursement of drawings or payments;
(c) to purchase any materials, supplies or other property from, or to obtain the services of,
another Person if the relevant contract or other related document or obligation requires that
payment for such materials, supplies or other property, or for such services, shall be made or
tendered, or such services are ever performed or tendered; or (d) in respect of any Hedging
Obligation. The amount of any Contingent Obligation shall, in the case of any Guarantee, be deemed
equal to the stated or determinable amount of the primary obligation in respect of which such
Guarantee is made or, if not stated or if indeterminable, the maximum reasonably anticipated
liability in respect thereof, and in the case of other Contingent Obligations, shall be equal to
the maximum reasonably anticipated liability in respect thereof.

“Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

“Control” has the meaning specified in the definition of “Affiliate.”

“Credit Extension” means each Term Borrowing.

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium,
rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the
United States or other applicable jurisdictions from time to time in effect and affecting the
rights of creditors generally.

“Default” means any event or condition that constitutes an Event of Default or that,
with the giving of any notice, the passage of time, or both, would be an Event of Default.

“Default Rate” means an interest rate equal to (i) the Base Rate plus (ii) the
Applicable Rate, if any, applicable to Base Rate Loans plus (iii) 2% per annum; provided,
however, that with respect to a Eurodollar Rate Loan, the Default Rate shall be an interest rate
equal to the interest rate (including any Applicable Rate) otherwise applicable to such Term Loan
plus 2% per annum, in each case to the fullest extent permitted by applicable Laws.

“Defaulting Lender” means any Lender that (a) has failed to fund any portion of the
Term Loans required to be funded by it hereunder within one Business Day of the date required to be
funded by it hereunder, (b) has otherwise failed to pay over to the Administrative Agent or any
other Lender any other amount required to be paid by it hereunder within one Business Day of the
date when due, unless the subject of a good faith dispute, or (c) has been deemed insolvent or
become the subject of a proceeding under any Debtor Relief Law.

“Disposition” or “Dispose” means the sale, transfer, license, lease or other
disposition (including any sale and leaseback transaction) of any property by any Person, including
any sale, assignment, transfer or other disposal, with or without recourse, of any notes or
accounts receivable or any rights and claims associated therewith.

“Disqualified Interests” means any Capital Interests which, by their terms (or by the
terms of any security into which they are convertible or for which they are exchangeable), or upon
the happening of any event, mature or are mandatorily redeemable, pursuant to a sinking fund
obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on
or prior to April 30, 2007.

“Dollars,” “dollars” and “$” mean lawful money of the United States.

“Eligible Assignee” means (a) a Lender; (b) an Affiliate of a Lender; (c) an Approved
Fund; and (d) any other Person (other than a natural person) approved by (i) the Administrative
Agent, and (ii) unless an Event of Default has occurred and is continuing, the Borrower (each such
approval not to be unreasonably withheld or delayed); provided that notwithstanding the
foregoing, “Eligible Assignee” shall not include the Borrower or any of the Borrower’s Affiliates
or Subsidiaries.

“Environmental Laws” means any and all Federal, state, local, and foreign statutes,
laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems.

“Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the
Borrower, any other Loan Party or any of their respective Subsidiaries directly or indirectly
resulting from or based upon (a) violation of any Environmental Law, (b) the generation, use,
handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure
to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into
the environment or (e) any contract, agreement or other consensual arrangement pursuant to which
liability is assumed or imposed with respect to any of the foregoing.

“Equity Interest” means Capital Interests and all warrants, options or other rights to
acquire Capital Interests (but excluding any debt security that is convertible into, or
exchangeable for, Capital Interests).

“ERISA” means the Employee Retirement Income Security Act of 1974.

“ERISA Affiliate” means any trade or business (whether or not incorporated) under
common control with the Borrower or with the General Partner within the meaning of Section 414(b)
or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to
Section 412 of the Code).

“ERISA Event” means (a) a Reportable Event with respect to a Pension Plan; (b) a
withdrawal by the Borrower or any ERISA Affiliate from a Pension Plan subject to Section 4063 of
ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2)
of ERISA) or a cessation of operations that is treated as such a withdrawal under Section 4062(e)
of ERISA; (c) a complete or partial withdrawal by the Borrower or any ERISA Affiliate from a
Multiemployer Plan or notification that a Multiemployer Plan is in reorganization; (d) the filing
of a notice of intent to terminate, the treatment of a Plan amendment as a termination under
Sections 4041 or 4041A of ERISA, or the commencement of proceedings by the PBGC to terminate a
Pension Plan or Multiemployer Plan; (e) an event or condition which constitutes grounds under
Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any
Pension Plan or Multiemployer Plan; or (f) the imposition of any liability under Title IV of ERISA,
other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon the Borrower
or any ERISA Affiliate.

“Eurodollar Base Rate” has the meaning set forth in the definition of Eurodollar Rate.

“Eurodollar Rate” means for any Interest Period with respect to any Eurodollar Rate
Loan, a rate per annum determined by the Administrative Agent pursuant to the following formula:

	 	 	 
	Eurodollar Rate =	 	Eurodollar Base Rate
	
 
	 	1.00 – Eurodollar Reserve Percentage

where “Eurodollar Base Rate” means, for such Interest Period:

(a) the rate per annum equal to the rate determined by the Administrative Agent to be
the offered rate that appears on the page of the Telerate screen (or any successor thereto)
that displays an average British Bankers Association Interest Settlement Rate for deposits
in Dollars (for delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period, determined as of approximately 11:00 a.m. (London time) two Business
Days prior to the first day of such Interest Period, or

(b) if the rate referenced in the preceding clause (a) does not appear on such page or
service or such page or service shall not be available, the rate per annum equal to the rate
determined by the Administrative Agent to be the offered rate on such other page or other
service that displays an average British Bankers Association Interest Settlement Rate for
deposits in Dollars (for delivery on the first day of such Interest Period) with a term
equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time)
two Business Days prior to the first day of such Interest Period, or

(c) if the rates referenced in the preceding clauses (a) and (b) are not available, the
rate per annum determined by the Administrative Agent as the rate of interest at which
deposits in Dollars for delivery on the first day of such Interest Period in same day funds
in the approximate amount of the Eurodollar Rate Loan being made, continued or converted by
Bank of America and with a term equivalent to such Interest Period would be offered by Bank
of America’s London Branch to major banks in the London interbank eurodollar market at their
request at approximately 4:00 p.m. (London time) two Business Days prior to the first day of
such Interest Period.

“Eurodollar Rate Loan” means a Term Loan that bears interest at a rate based on the
Eurodollar Rate.

“Eurodollar Reserve Percentage” means, for any day during any Interest Period, the
reserve percentage (expressed as a decimal, carried out to five decimal places) in effect on such
day, whether or not applicable to any Lender, under regulations issued from time to time by the FRB
for determining the maximum reserve requirement (including any emergency, supplemental or other
marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as
“Eurocurrency liabilities”). The Eurodollar Rate for each outstanding Eurodollar Rate Loan shall
be adjusted automatically as of the effective date of any change in the Eurodollar Reserve
Percentage.

“Event of Default” has the meaning specified in Section 8.01.

“Exchange Act” means the Securities Exchange Act of 1934.

“Excluded Taxes” means, with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of the Borrower
hereunder, (a) taxes imposed on or measured by its overall net income (however denominated), and
franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any political
subdivision thereof) under the laws of which such recipient is organized or in which its principal
office is located or, in the case of any Lender, in which its applicable Lending Office is located,
(b) any branch profits taxes imposed by the United States or any similar tax imposed by any other
jurisdiction in which the Borrower is located and (c) in the case of a Foreign Lender (other than
an assignee pursuant to a request by the Borrower under Section 10.13), any withholding tax that is
imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party
hereto (or designates a new Lending Office) or is attributable to such Foreign Lender’s failure or
inability (other than as a result of a Change in Law) to comply with Section 3.01(e), except to the
extent that such Foreign Lender (or its assignor, if any) was entitled, at the time of designation
of a new Lending Office (or assignment), to receive additional amounts from the Borrower with
respect to such withholding tax pursuant to Section 3.01(a).

“Existing Indebtedness” means Indebtedness and Synthetic Lease Obligations of the
Borrower and its Subsidiaries (other than the Obligations) and certain Indebtedness of the General
Partner with respect to which the Borrower has assumed the General Partner’s repayment obligations,
in each case in existence on the Closing Date and as more fully set forth on Schedule 7.05.

“FCI ESOT” means the employee stock ownership trust of Ferrell Companies, Inc.
organized under Section 4975(e)(7) of the Code.

“Federal Funds Rate” means, for any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers on such day, as published by the Federal Reserve Bank of
New York on the Business Day next succeeding such day; provided that (a) if such day is not a
Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the
next preceding Business Day as so published on the next succeeding Business Day, and (b) if no such
rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day
shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%)
charged to Bank of America on such day on such transactions as determined by the Administrative
Agent.

“Ferrell Related Parties” means collectively (a) the spouse or any lineal descendant
of James E. Ferrell, (b) any trust for his benefit or for the benefit of his spouse or any such
lineal descendants, (c) any corporation, partnership or other entity in which James E. Ferrell
and/or such other Persons referred to in the foregoing clauses (a) and (b) are the direct record
and beneficial owners of all of the voting and nonvoting Equity Interests, (d) the FCI ESOT, (e)
any participant in the FCI ESOT whose ESOT account has been allocated shares of Ferrell Companies,
Inc, (f) Ferrell Companies, Inc., as long as it is controlled by, and is at least seventy five
percent (75%) owned by, any Persons described in the preceding clauses (a) through (e) or (g) any
wholly-owned Subsidiary of Ferrell Companies, Inc., as long as it is controlled by, and is at least
seventy five percent (75%) owned by, any Persons described in the preceding clauses (a) through
(e).

“Ferrellgas Partners Finance Corp.” means Ferrellgas Partners Finance Corp., a
Delaware corporation and a Wholly-Owned Subsidiary of the MLP.

“Fixed Charge Coverage Ratio” means, with respect to the Borrower and the Restricted
Subsidiaries for any period, the ratio of Consolidated Cash Flow for such period to Fixed Charges
for such period. In the event that the Borrower or any of the Restricted Subsidiaries (a) incurs,
assumes or guarantees any Indebtedness or Synthetic Lease Obligations (other than revolving credit
borrowings) or (b) redeems or repays any Indebtedness or Synthetic Lease Obligations (other than
revolving credit borrowings that are properly classified as a current liability for GAAP including,
with respect to the Borrower, the Term Loans to the extent that such Term Loans are so classified
and excluding, regardless of classification, any Term Loans or other Indebtedness or Synthetic
Lease Obligations the proceeds of which are used for Acquisitions or Growth Related Capital
Expenditures), in any case subsequent to the commencement of the period for which the Fixed Charge
Coverage Ratio is being calculated but prior to the date of the event for which the calculation of
the Fixed Charge Coverage Ratio is made (the “Fixed Charge Ratio Calculation Date”), then the Fixed
Charge Coverage Ratio shall be calculated giving pro forma effect to such incurrence, assumption,
guarantee, redemption or repayment of Indebtedness or Synthetic Lease Obligations, as if the same
had occurred at the beginning of the applicable reference period. The foregoing calculation of the
Fixed Charge Coverage Ratio shall also give pro forma effect to Acquisitions (including all mergers
and consolidations), Asset Sales and other dispositions and discontinuances of businesses or assets
that have been made by the Borrower or any of the Restricted Subsidiaries during the reference
period or subsequent to such reference period and on or prior to the Fixed Charge Ratio Calculation
Date assuming that all such Acquisitions, Asset Sales and other dispositions and discontinuances of
businesses or assets had occurred on the first day of the reference period; provided, however, that
with respect to the Borrower and the Restricted Subsidiaries, (a) Fixed Charges shall be reduced by
amounts attributable to businesses or assets that are so disposed of or discontinued only to the
extent that the obligations giving rise to such Fixed Charges would no longer be obligations
contributing to the Fixed Charges of the Borrower or the Restricted Subsidiaries subsequent to
Fixed Charge Ratio Calculation Date and (b) Consolidated Cash Flow generated by an acquired
business or asset of the Borrower or the Restricted Subsidiaries shall be determined by the actual
gross profit (revenues minus costs of goods sold) of such acquired business or asset during the
immediately preceding number of full fiscal quarters as are in the reference period minus the pro
forma expenses that would have been incurred by the Borrower and the Restricted Subsidiaries in the
operation of such acquired business or asset during such period computed on the basis of (i)
personnel expenses for employees retained by the Borrower and the Restricted Subsidiaries in the
operation of the acquired business or asset and (ii) non-personnel costs and expenses incurred by
the Borrower and the Restricted Subsidiaries on a per gallon basis in the operation of the
Borrower’s business at similarly situated Borrower facilities.

“Fixed Charges” means, with respect to the Borrower and the Restricted Subsidiaries
for any period, the sum, without duplication, of (a) Consolidated Interest Expense for such period,
whether paid or accrued, to the extent such expense was deducted in computing Consolidated Net
Income (including amortization of original issue discounts, non-cash interest payments, the
interest component of all payments associated with Capital Lease Obligations and net payments (if
any) pursuant to Hedging Obligations permitted under this Agreement), (b) commissions, discounts
and other fees and charges incurred with respect to letters of credit, (c) any interest expense on
Indebtedness of another Person that is guaranteed by the Borrower and the Restricted Subsidiaries
or secured by a Lien on assets of any such Person, and (d) the product of (i) all cash dividend
payments on any series of preferred stock of the Borrower and the Restricted Subsidiaries, times
(ii) a fraction, the numerator of which is one and the denominator of which is one minus the then
current combined federal, state and local statutory tax rate of the Borrower, expressed as a
decimal, determined, in each case, on a consolidated basis and in accordance with GAAP.

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than that in which the Borrower is resident for tax purposes. For purposes of this
definition, the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction.

“FRB” means the Board of Governors of the Federal Reserve System of the United States.

“Fund” means any Person (other than a natural person) that is (or will be) engaged in
making, purchasing, holding or otherwise investing in commercial loans and similar extensions of
credit in the ordinary course of its activities.

“Funded Debt” means all Indebtedness of the Borrower and its Restricted Subsidiaries
other than contingent reimbursement or payment obligations with respect to undrawn letters of
credit and other Surety Instruments.

“GAAP” means generally accepted accounting principles in the United States set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date
of determination, consistently applied.

“General Partner” has the meaning specified in the introductory clause to this
Agreement.

“Governmental Authority” means the government of the United States or any other
nation, or of any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government (including any supra-national bodies such as the European Union or the European Central
Bank).

“Growth-Related Capital Expenditures” means, with respect to any Person, all capital
expenditures by such Person made to improve or enhance the existing capital assets or to increase
the customer base of such Person or to acquire or construct new capital assets (but excluding
capital expenditures made to maintain, up to the level thereof that existed at the time of such
expenditure, the operating capacity of the capital assets of such Person as such assets existed at
the time of such expenditure).

“Guarantee” means, as to any Person, (a) any obligation, contingent or otherwise, of
such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other
obligation payable or performable by another Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation, (ii) to purchase or lease property, securities or services for the purpose of
assuring the obligee in respect of such Indebtedness or other obligation of the payment or
performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity
capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in
respect of such Indebtedness or other obligation of the payment or performance thereof or to
protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any
assets of such Person securing any Indebtedness or other obligation of any other Person, whether or
not such Indebtedness or other obligation is assumed by such Person. The amount of any Guarantee
shall be deemed to be an amount equal to the stated or determinable amount of the related primary
obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or
determinable, the maximum reasonably anticipated liability in respect thereof as determined by the
guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

“Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum,
distillates, asbestos or asbestos-containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

“Hedging Obligations” means, with respect to any Person, the obligations of such
Person under (a) interest rate swap agreements, interest rate cap agreements and interest rate
collar agreements and (b) other agreements or arrangements designed to protect such Person against
fluctuations in interest rates.

“Indebtedness” means, as to any Person at a particular time, without duplication, all
of the following, whether or not included as indebtedness or liabilities in accordance with GAAP:
(a) all indebtedness for borrowed money; (b) all obligations issued, undertaken or assumed as the
deferred purchase price of property or services (other than trade payables entered into in the
ordinary course of business on ordinary terms); (c) all non-contingent reimbursement or payment
obligations with respect to Surety Instruments; (d) all obligations evidenced by notes, bonds,
debentures or similar instruments, including obligations so evidenced incurred in connection with
the acquisition of property, assets or businesses; (e) all indebtedness created or arising under
any conditional sale or other title retention agreement, or incurred as financing, in either case
with respect to property acquired by the Person (even though the rights and remedies of the seller
or bank under such agreement in the event of default are limited to repossession or sale of such
property); (f) all Capital Lease Obligations; (g) all net obligations of such Person under any
Hedging Obligations; (h) all obligations in respect of Accounts Receivable Securitizations; (i) all
indebtedness referred to in clauses (a) through (h) above secured by (or for which the holder of
such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien upon
or in property (including accounts and contracts rights) owned by such Person, even though such
Person has not assumed or become liable for the payment of such Indebtedness; and (j) all
Guarantees of such Person in respect of indebtedness or obligations of others of the kinds referred
to in clauses (a) through (i) above; provided, however, that “Indebtedness” shall not include
Synthetic Lease Obligations. For all purposes hereof, the Indebtedness of any Person shall include
the Indebtedness of any partnership or joint venture (other than a joint venture that is itself a
corporation or limited liability company) in which such Person is a general partner or a joint
venturer, unless such Indebtedness is expressly made non-recourse to such Person. The amount of
any net obligation under any Hedging Obligations on any date shall be deemed to be the Swap
Termination Value, if any, owing by the Borrower or such Restricted Subsidiaries in respect of such
Hedging Obligations as of such date. The amount of any capital lease or Synthetic Lease Obligation
as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as
of such date.

“Indemnified Taxes” means Taxes other than Excluded Taxes.

“Indemnitees” has the meaning set forth in Section 10.04.

“Information” has the meaning specified in Section 10.07.

“Ineligible Securities” means securities which may not be underwritten or dealt in by
member banks of the Federal Reserve System under Section 16 of the Banking Act of 1933 (12 U.S.C.
§§ 24, Seventh), as amended.

“Interest Coverage Ratio” means, as of the last day of any fiscal quarter with respect
to the Borrower and the Restricted Subsidiaries, the ratio of Consolidated Cash Flow to
Consolidated Interest Expense in each case for the four fiscal quarters then ended. In the event
that the Borrower or any of the Restricted Subsidiaries (a) incurs, assumes or guarantees any
Indebtedness or Synthetic Lease Obligations (other than revolving credit borrowings) or (b) redeems
or repays any Indebtedness or Synthetic Lease Obligations (other than revolving credit borrowings
that are properly classified as a current liability under GAAP including, with respect to the
Borrower, the Term Loans, to the extent such Term Loans are so classified and excluding, regardless
of classification, any Term Loans or other Indebtedness or Synthetic Lease Obligations the proceeds
of which are used for Acquisitions or Growth Related Capital Expenditures), in any case subsequent
to the commencement of the period for which the Interest Coverage Ratio is being calculated, but
prior to the date on which the calculation of the Interest Coverage Ratio is made (the “Interest
Coverage Ratio Calculation Date”), then the Interest Coverage Ratio shall be calculated giving pro
forma effect to such incurrence, assumption, guarantee, redemption or repayment of Indebtedness or
Synthetic Lease Obligations, as if the same had occurred at the beginning of the applicable
reference period. The foregoing calculation of the Interest Coverage Ratio shall also give pro
forma effect to Acquisitions (including all mergers and consolidations), Asset Sales and other
dispositions and discontinuances of businesses or assets that have been made by the Borrower or any
of the Restricted Subsidiaries during the reference period or subsequent to such reference period
and on or prior to the Interest Coverage Ratio Calculation Date assuming that all such
Acquisitions, Asset Sales and other dispositions and discontinuances of businesses or assets had
occurred on the first day of the reference period; provided, however, that with respect to the
Borrower and the Restricted Subsidiaries, (1) Consolidated Interest Expense shall be reduced by
amounts attributable to businesses or assets that are so disposed of or discontinued only to the
extent that the Indebtedness or Synthetic Lease Obligations giving rise to such Consolidated
Interest Expense would no longer be Indebtedness or Synthetic Lease Obligations contributing to the
Consolidated Interest Expense of the Borrower or the Restricted Subsidiaries subsequent to the
Interest Coverage Ratio Calculation Date and (2) Consolidated Cash Flow generated by an acquired
business or asset of the Borrower and the Restricted Subsidiaries shall be determined by the actual
gross profit (revenues minus costs of goods sold) of such acquired business or asset during the
immediately preceding number of full fiscal quarters as in the reference period minus the pro forma
expenses that would have been incurred by the Borrower and the Restricted Subsidiaries in the
operation of such acquired business or asset during such period computed on the basis of (i)
personnel expenses for employees retained by the Borrower and the Restricted Subsidiaries in the
operation of the acquired business or asset and (ii) non-personnel costs and expenses incurred by
the Borrower and the Restricted Subsidiaries on a per gallon basis in the operation of the
Borrower’s business at similarly situated facilities of the Borrower.

“Interest Payment Date” means, (a) as to any Eurodollar Rate Loan, the last day of
each Interest Period applicable to such Eurodollar Rate Loan and the Maturity Date; provided,
however, that if any Interest Period for a Eurodollar Rate Loan exceeds three months, the
respective dates that fall every three months after the beginning of such Interest Period shall
also be Interest Payment Dates; and (b) as to any Base Rate Loan, the last Business Day of each
March, June, September and December and the Maturity Date.

“Interest Period” means, as to each Eurodollar Rate Loan, the period commencing on the
date such Eurodollar Rate Loan is disbursed or converted to or continued as a Eurodollar Rate Loan
and ending on the date one, two, three or six months thereafter, as selected by the Borrower in its
Term Loan Notice; provided that:

(a) any Interest Period that would otherwise end on a day that is not a Business Day
shall be extended to the next succeeding Business Day unless such Business Day falls in
another calendar month, in which case such Interest Period shall end on the next preceding
Business Day;

(b) any Interest Period that begins on the last Business Day of a calendar month (or on
a day for which there is no numerically corresponding day in the calendar month at the end
of such Interest Period) shall end on the last Business Day of the calendar month at the end
of such Interest Period; and

(c) no Interest Period shall extend beyond the Maturity Date.

“Investment” means, as to any Person, any direct or indirect acquisition or investment
by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other
securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or
assumption of debt of, or purchase or other acquisition of any other debt or equity participation
or interest in, another Person, including any partnership or joint venture interest in such other
Person, or (c) the purchase or other acquisition (in one transaction or a series of transactions)
of assets of another Person that constitute a business unit. For purposes of covenant compliance,
the amount of any Investment shall be the amount actually invested, without adjustment for
subsequent increases or decreases in the value of such Investment; provided that the amount of any
Investment shall be deemed reduced by any net return of capital realized during such period upon
the sale, repayment or other liquidation of such Investment (determined in accordance with GAAP,
but without regard to any amounts received during such period as earnings on such Investment (in
the form of interest, or of dividends not constituting a return of capital, or otherwise) or as
loans from any Person in whom such Investment has been made).

“IRS” means the United States Internal Revenue Service.

“Joint Venture” means a single-purpose corporation, partnership, joint venture or
other similar legal arrangement (whether created by contract or conducted through a separate legal
entity) now or hereafter formed by the Borrower or any of its Subsidiaries with another Person in
order to conduct a common venture or enterprise with such Person.

“Laws” means, collectively, all international, foreign, Federal, state and local
statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or
judicial precedents or authorities, including the interpretation or administration thereof by any
Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, licenses, authorizations and permits of, and
agreements with, any Governmental Authority, in each case having the force of law.

“Lender” has the meaning specified in the introductory paragraph hereto.

“Lending Office” means, as to any Lender, the office or offices of such Lender
described as such in such Lender’s Administrative Questionnaire, or such other office or offices as
a Lender may from time to time notify the Borrower and the Administrative Agent.

“Leverage Ratio” means, on any day, the ratio of (a) the sum of the Funded Debt
(excluding Indebtedness under the Accounts Receivable Securitizations permitted by this Agreement)
and Synthetic Lease Obligations of the Borrower and the Restricted Subsidiaries on such day to
(b) (i) Consolidated Cash Flow for the Calculation Period most recently ended, if the Calculation
Period is four fiscal quarters and (ii) one-half of Consolidated Cash Flow for the Calculation
Period most recently ended, if the Calculation Period is eight fiscal quarters. For purposes
herein the term “Calculation Period” means a period of four consecutive fiscal quarters, provided
that, for purposes of Section 7.17(a), the Borrower may designate, prior to or concurrently with
the delivery of a Compliance Certificate, that the Calculation Period most recently ended is to be
a period of eight consecutive fiscal quarters so long as the Leverage Ratio calculated for the
four-quarter period consisting of the last four quarters of such eight quarter period would be less
than or equal to 5.5 to 1.0. In the event that the Borrower or any of the Restricted Subsidiaries
(a) incurs, assumes or guarantees any Indebtedness (excluding Indebtedness under the Accounts
Receivable Securitizations permitted by this Agreement) or Synthetic Lease Obligations (other than
revolving credit borrowings) or (b) redeems or repays any Indebtedness (excluding Indebtedness
under the Accounts Receivable Securitizations permitted by this Agreement) or Synthetic Lease
Obligations (other than revolving credit borrowings that are properly classified as a current
liability under GAAP including, with respect to the Borrower, the Term Loans to the extent such
Term Loans are so classified and excluding, regardless of classification, any Term Loans or other
Indebtedness or Synthetic Lease Obligations the proceeds of which are used for Acquisitions or
Growth Related Capital Expenditures), in any case subsequent to the commencement of the period for
which the Leverage Ratio is being calculated but prior to the date on which the calculation of the
Leverage Ratio is made (the “Leverage Ratio Calculation Date”), then the Leverage Ratio
shall be calculated giving pro forma effect to such incurrence, assumption, guarantee, redemption
or repayment of such Indebtedness or Synthetic Lease Obligations, as if the same had occurred at
the beginning of the applicable reference period. The foregoing calculation of the Leverage Ratio
shall also give pro forma effect to Acquisitions (including all mergers and consolidations), Asset
Sales and other dispositions and discontinuances of businesses or assets that have been made by the
Borrower or any of the Restricted Subsidiaries during the reference period or subsequent to such
reference period and on or prior to the Leverage Ratio Calculation Date assuming that all such
Acquisitions, Asset Sales and other dispositions and discontinuances of businesses or assets had
occurred on the first day of the reference period; provided, however, that with respect to the
Borrower and the Restricted Subsidiaries, (1) the Funded Debt and Synthetic Lease Obligations shall
be reduced by amounts attributable to businesses or assets that are so disposed of or discontinued
only to the extent that the Synthetic Leases included within such Synthetic Lease Obligations or to
the extent the Indebtedness included within such Funded Debt would no longer be an obligation of
the Borrower or the Restricted Subsidiaries subsequent to the Leverage Ratio Calculation Date and
(2) Consolidated Cash Flow generated by an acquired business or asset of the Borrower and the
Restricted Subsidiaries shall be determined by the actual gross profit (revenues minus costs of
goods sold) of such acquired business or asset during the immediately preceding number of full
fiscal quarters as in the reference period minus the pro forma expenses that would have been
incurred by the Borrower and the Restricted Subsidiaries in the operation of such acquired business
or asset during such period computed on the basis of (i) personnel expenses for employees retained
by the Borrower and the Restricted Subsidiaries in the operation of the acquired business or asset
and (ii) non-personnel costs and expenses incurred by the Borrower and the Restricted Subsidiaries
on a per gallon basis in the operation of the Borrower’s business at similarly situated facilities
of the Borrower.

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement,
encumbrance, lien (statutory or other), charge, or preference, priority or other security interest
or preferential arrangement of any kind or nature whatsoever (including any conditional sale or
other title retention agreement, and any financing lease having substantially the same economic
effect as any of the foregoing).

“Loan Documents” means this Agreement, each Note and any security agreements,
mortgages or other security documents at any time given to secure any of the Obligations.

“Loan Parties” means, collectively, the Borrower and the General Partner and each
Restricted Subsidiary.

“Material Adverse Effect” means (a) a material adverse change in, or a material
adverse effect upon, the operations, business, properties, condition (financial or otherwise) or
prospects of the Borrower or of the Borrower and its Subsidiaries taken as a whole; (b) a material
impairment of the ability of any Loan Party to perform its obligations under any Loan Document to
which it is a party or otherwise to avoid any Event of Default; or (c) a material adverse effect
upon the legality, validity, binding effect or enforceability against any Loan Party of any Loan
Document to which it is a party.

“Maturity Date” means August 1, 2009.

“MLP” means Ferrellgas Partners, L.P., a Delaware limited partnership and the sole
limited partner of the Borrower.

“Moody’s” means Moody’s Investors Service, Inc. and any successor thereto.

“Multiemployer Plan” means any employee benefit plan of the type described in
Section 4001(a)(3) of ERISA, to which the Borrower or any ERISA Affiliate makes or is obligated to
make contributions, or during the preceding five plan years, has made or been obligated to make
contributions.

“Net Income” means, with respect to the Borrower and the Restricted Subsidiaries, the
net income (loss) of such Persons, determined in accordance with GAAP and before any reduction in
respect of preferred stock dividends, excluding, however, (a) any gain (but not loss), together
with any related provision for taxes on such gain (but not loss), realized in connection with (i)
any asset sale (including, without limitation, dispositions pursuant to sale and leaseback
transactions), or (ii) the disposition of any securities or the extinguishment of any Indebtedness
of the Borrower or any of the Restricted Subsidiaries, and (b) any extraordinary gain (but not
loss), together with any related provision for taxes on such extraordinary gain (but not loss);
provided, however, that all costs and expenses with respect to the redemption of any Permitted
Indebtedness, including, without limitation, cash premiums, tender offer premiums, consent payments
and all fees and expenses in connection therewith, shall be added back to the Net Income of the
Borrower, General Partner and the Restricted Subsidiaries to the extent that they were deducted
from such Net Income in accordance with GAAP.

“Net Proceeds of Asset Sale” means the aggregate cash proceeds received by the
Borrower or any of the Restricted Subsidiaries in respect of any Asset Sale, net of the direct
costs relating to such Asset Sale (including legal, accounting and investment banking fees, and
sales commissions) and any relocation expenses incurred as a result thereof, taxes paid or payable
as a result thereof (after taking into account any available tax credits or deductions and any tax
sharing arrangements), and amounts required to be applied to the repayment of Indebtedness secured
by a Lien on the asset or assets the subject of such Asset Sale.

“Non-Recourse Subsidiary” means any Person that would otherwise be a Subsidiary of the
Borrower but is designated as a Non-Recourse Subsidiary in a resolution of the Board of Directors
of the General Partner, so long as each of the following remains true: (a) no portion of the
Indebtedness or any other obligation (contingent or otherwise) of such Person (i) is a Contingent
Obligation of the Borrower or any of its Subsidiaries, (ii) is recourse to or obligates the
Borrower or any of its Subsidiaries in any way or (iii) is secured by any property or asset of the
Borrower or any of its Subsidiaries, directly or indirectly, contingently or otherwise, (b) neither
the Borrower nor any of its Subsidiaries has any contract, agreement, arrangement or understanding
or is subject to an obligation of any kind, written or oral, with such Person other than on terms
no less favorable to the Borrower and its Subsidiaries than those that might be obtained at the
time from persons who are not Affiliates of the Borrower, (c) neither the Borrower nor any of its
Subsidiaries has any obligation with respect to such Person (i) to subscribe for additional shares
of capital stock, Capital Interests or other Equity Interests therein or (ii) maintain or preserve
such Person’s financial condition or to cause such Person to achieve certain levels of operating or
other financial results, (d) such Person has no more than $1,000 of assets at the time of such
designation, and (e) such Person takes steps designed to assure that neither the Borrower nor any
of its Subsidiaries will be liable for any portion of the Indebtedness or other obligations of such
Person, including maintenance of a corporate or limited partnership structure and observance of
applicable formalities such as regular meetings and maintenance of minutes, a substantial and
meaningful capitalization and the use of a corporate or partnership name, trade name or trademark
not misleadingly similar to those of the Borrower.

“Note” means a promissory note made by the Borrower in favor of a Lender evidencing
Term Loans made by such Lender, substantially in the form of Exhibit C.

“Obligations” means all advances to, and debts, liabilities, obligations, covenants
and duties of, any Loan Party arising under any Loan Document or otherwise with respect to any Term
Loan or letter of credit, whether direct or indirect (including those acquired by assumption),
absolute or contingent, due or to become due, now existing or hereafter arising and including
interest and fees that accrue after the commencement by or against any Loan Party or any Affiliate
thereof of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such
proceeding, regardless of whether such interest and fees are allowed claims in such proceeding.

“Organization Documents” means, (a) with respect to any corporation, the certificate
or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents
with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the
certificate or articles of formation or organization and operating agreement; and (c) with respect
to any partnership, joint venture, trust or other form of business entity, the partnership, joint
venture or other applicable agreement of formation or organization and any agreement, instrument,
filing or notice with respect thereto filed in connection with its formation or organization with
the applicable Governmental Authority in the jurisdiction of its formation or organization and, if
applicable, any certificate or articles of formation or organization of such entity.

“Other Taxes” means all present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies arising from any payment made hereunder or
under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with
respect to, this Agreement or any other Loan Document.

“Outstanding Amount” means with respect to Term Loans on any date, the aggregate
outstanding principal amount thereof after giving effect to any borrowings and prepayments or
repayments of Term Loans, occurring on such date.

“Participant” has the meaning specified in Section 10.06(d).

“Partnership Agreement” shall mean the Third Amended and Restated Agreement of Limited
Partnership of the Borrower dated April 7, 2004, as amended from time to time in accordance with
the terms of this Agreement.

“PBGC” means the Pension Benefit Guaranty Corporation, or any Governmental Authority
succeeding to any of its principal functions.

“Pension Plan” means any “employee pension benefit plan” (as such term is defined in
Section 3(2) of ERISA), other than a Multiemployer Plan, that is subject to Title IV of ERISA and
is sponsored or maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any
ERISA Affiliate contributes or has an obligation to contribute, or in the case of a multiple
employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time
during the immediately preceding five plan years.

“Permitted Acquisition” has the meaning set forth in Section 7.04.

“Permitted Indebtedness” means (a) the Obligations, (b) Existing Indebtedness, (c) all
Indebtedness arising under the Revolving Credit Agreement, and (d) Permitted Refinancing
Indebtedness in respect of any Indebtedness incurred in compliance with Section 7.05.

“Permitted Investments” means any (a) Investments in Cash Equivalents; (b) Investments
in the Borrower or (subject to the provisions of Section 7.16) in a Restricted Subsidiary of the
Borrower; (c) Investments by the Borrower or any Restricted Subsidiary of the Borrower 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 the Borrower 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, the Borrower or a Restricted Subsidiary of the Borrower; (d) Investments
by the Borrower or any Restricted Subsidiary in Unrestricted Subsidiaries and Joint Ventures;
provided that the amount of cash or property contributed, loaned or otherwise advanced by the
Borrower or such Restricted Subsidiaries in respect of such Investments may not exceed at any time
an aggregate amount equal to the greater of (i) $25,000,000 and (ii) 10% of Consolidated Cash Flow
for the most recently ended four fiscal quarters of the Borrower; and (e) Investments made by the
Borrower or any Restricted Subsidiary in any SPE in connection with Accounts Receivable
Securitizations permitted hereunder; provided that the aggregate amount of such Investments shall
not exceed $40,000,000 at any one time outstanding.

“Permitted Refinancing Indebtedness” means any Indebtedness of the Borrower or any
Subsidiary of the Borrower issued in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund other Indebtedness of the Borrower or any of its
Subsidiaries; provided that (a) the principal amount of such Indebtedness does not exceed the
principal amount of the Indebtedness so extended, refinanced, renewed, replaced, defeased or
refunded (the “Prior Indebtedness”) (plus the amount of reasonable fees, costs, expenses
and make-whole or similar amounts incurred in connection therewith), and the effective interest
rate per annum on such Indebtedness is a rate that is on market terms, as determined by the
Administrative Agent in its sole discretion; (b) such Indebtedness has a Weighted Average Life to
Maturity equal to or greater than the Weighted Average Life to Maturity of the Prior Indebtedness;
(c) if the Prior Indebtedness is subordinated to the Obligations, such Indebtedness is subordinated
to the Obligations substantially on the terms and conditions set forth on Schedule 7.10; and (d)
such Indebtedness is incurred only by the Loan Parties (whether the Borrower or a Subsidiary) who
are the obligors on the Prior Indebtedness.

“Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

“Plan” means any “employee benefit plan” (as such term is defined in Section 3(3) of
ERISA) established by the Borrower or, with respect to any such plan that is subject to Section 412
of the Code or Title IV of ERISA, any ERISA Affiliate. Each Pension Plan is also a Plan.

“Pricing Ratio” means as of the last day of each fiscal quarter of the Borrower, the
Leverage Ratio for the fiscal period consisting of such fiscal quarter of the Borrower and the
three immediately preceding fiscal quarters of the Borrower.

“Pro Rata Share” means when used with respect to all Lenders at any time, a fraction
(expressed as a percentage, carried out to the ninth decimal place), the numerator of which is the
aggregate amount of the Commitments of such Lender at such time and the denominator of which is the
amount of the Aggregate Commitments at such time; provided that if the commitment of each Lender to
make Term Loans has been terminated pursuant to Section 8.02, then the Pro Rata Share of each
Lender shall be determined based on the Pro Rata Share of such Lender immediately prior to such
termination and after giving effect to any subsequent assignments made pursuant to the terms
hereof.

The initial Pro Rata Share of each Lender is set forth opposite the name of such Lender on
Schedule 2.01 or in the Assignment and Assumption pursuant to which such Lender becomes a party
hereto, as applicable.

“Register” has the meaning set forth in Section 10.06(c).

“Registered Public Accounting Firm” has the meaning specified in the Securities Laws
and shall be independent of the Borrower as prescribed by the Securities Laws.

“Reinvestment” means, for any Person, capital expenditures in connection with the
present and related business of such Person.

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the
partners, directors, officers, employees, agents and advisors of such Person and of such Person’s
Affiliates.

“Reportable Event” means any of the events set forth in Section 4043(c) of ERISA,
other than events for which the 30-day notice period has been waived in regulations issued by the
PBGC.

“Request for Credit Extension” means with respect to a Term Borrowing, conversion or
continuation of Term Loans, a Term Loan Notice.

“Required Lenders” means, as of any date of determination, at least two Lenders having
more than 50% of the Aggregate Commitments or, if the commitment of each Lender to make Term Loans
has been terminated pursuant to Section 8.02, at least two Lenders holding in the aggregate more
than 50% of the Total Outstandings; provided that the Commitments of, and the portion of the Total
Outstandings held or deemed held by, any Defaulting Lender shall be excluded for purposes of making
a determination of Required Lenders.

“Responsible Officer” means (a) the chief executive officer, president, chief
financial officer, director of finance, treasurer or assistant treasurer of a Loan Party, or (b)
any other officer of a Loan Party with responsibility for accounting or financial matters with
respect to such Loan Party.

“Restricted Payment” means (a) any dividend or other distribution (whether in cash,
securities or other property) with respect to any capital stock or other Equity Interest of the
Borrower or any Subsidiary, or any payment (whether in cash, securities or other property),
including any sinking fund or similar deposit, to purchase, redeem, retire, acquire, cancel or
terminate any such capital stock or other Equity Interest (including any option, warrant or other
right to acquire any such capital stock or other Equity Interest), (b) any Investment other than a
Permitted Investment, and (c) any payment (whether in cash, securities or other property),
including any sinking fund payment or similar deposit, to prepay, purchase, redeem, retire,
acquire, cancel, terminate, defease or refinance the 2002 MLP Notes, the 1998 Fixed Rate Senior
Notes or the 2000 Fixed Rate Senior Notes.

“Restricted Subsidiary” means any Subsidiary of the Borrower other than an
Unrestricted Subsidiary.

“Revolving Credit Agreement” means that certain Fifth Amended and Restated Credit
Agreement dated as of April 22, 2005, among the Borrower, the General Partner, the financial
institutions party therein and Bank of America, N.A., as administrative agent for such financial
institutions, as amended, modified or supplemented from time to time.

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor thereto.

“SEC” means the Securities and Exchange Commission, or any Governmental Authority
succeeding to any of its principal functions.

“Securities Laws” means the Securities Act of 1933, the Securities Exchange Act of
1934, Sarbanes-Oxley and the applicable accounting and auditing principles, rules, standards and
practices promulgated, approved or incorporated by the SEC or the Public Company Accounting
Oversight Board, as each of the foregoing may be amended and in effect on any applicable date
hereunder.

“Significant Subsidiary” means any Subsidiary of the Borrower that would be a
“significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant
to the Securities Act of 1933, as such Regulation is in effect on the date of this Agreement.

“Solvent” means, with respect to any Person on any date, that on such date (a) the
fair value of the property of such Person is greater than the fair value of the liabilities
(including, without limitation, contingent liabilities) of such Person, (b) such Person does not
intend to, and does not believe that it will, incur debts and liabilities beyond such Person’s
ability to pay as such debts and liabilities mature and (c) such Person is not engaged in business
or a transaction, and is not about to engage in a business or a transaction, for which such
Person’s property would constitute an unreasonably small capital.

“SPE” means any special purpose Non-Recourse Subsidiary of the Borrower established in
connection with Accounts Receivable Securitizations permitted by Section 7.02.

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited
liability company or other business entity of which a majority of the shares of securities or other
interests having ordinary voting power for the election of directors or other governing body (other
than securities or interests having such power only by reason of the happening of a contingency)
are at the time beneficially owned, or the management of which is otherwise controlled, directly,
or indirectly through one or more intermediaries, or both, by such Person. Unless otherwise
specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary
or Subsidiaries of the Borrower.

“Surety Instruments” means all letters of credit (including standby and commercial),
bankers’ acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments.

“Swap Contract” means any contract evidencing Hedging Obligations.

“Swap Termination Value” means, in respect of any one or more Swap Contracts, after
taking into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amount(s) determined as the mark-to-market
value(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts (which may include a
Lender or any Affiliate of a Lender).

“Synthetic Lease” means each arrangement, however described, under which the obligor
accounts for its interest in the property covered thereby under GAAP as lessee of a lease which is
not a capital lease under GAAP and accounts for its interest in the property covered thereby for
Federal income tax purposes as the owner.

“Synthetic Lease Interest Component” means, with respect to any Person for any period,
the portion of rent paid or payable (without duplication) for such period under Synthetic Leases of
such Person that would be treated as interest in accordance with Financial Accounting Standards
Board Statement No. 13 if such Synthetic Leases were treated as capital leases under GAAP.

“Synthetic Lease Obligation” means, as to any Person with respect to any Synthetic
Lease at any time of determination, the amount of the liability of such Person in respect of such
Synthetic Lease that would (if such lease was required to be classified and accounted for as a
capital lease on a balance sheet of such Person in accordance with GAAP) be required to be
capitalized on the balance sheet of such Person at such time.

“Synthetic Lease Principal Component” means, with respect to any Person for any
period, the portion of rent (exclusive of the Synthetic Lease Interest Component) paid or payable
(without duplication) for such period under Synthetic Leases of such Person that was deducted in
calculating Consolidated Net Income of such Person for such period.

“Taxes” has the meaning specified in Section 3.01.

“Term Borrowing” means a borrowing consisting of simultaneous Term Loans of the same
Type and, in the case of Eurodollar Rate Loans which are Term Loans, having the same Interest
Period made by each of the Lenders pursuant to Section 2.01(a).

“Term Loan” has the meaning specified in Section 2.01.

“Term Loan Notice” means a notice of (a) a Term Borrowing, (b) a conversion of Term
Loans from one Type to the other, or (c) a continuation of Eurodollar Rate Loans, pursuant to
Section 2.02(a), which, if in writing, shall be substantially in the form of Exhibit A.

“Threshold Amount” means $25,000,000.

“Total Outstandings” means the aggregate Outstanding Amount of all Term Loans.

“Type” means, with respect to a Term Loan, its character as a Base Rate Loan or a
Eurodollar Rate Loan.

“Unfunded Pension Liability” means the excess of a Pension Plan’s benefit liabilities
under Section 4001(a)(16) of ERISA, over the current value of that Pension Plan’s assets,
determined in accordance with the assumptions used for funding the Pension Plan pursuant to
Section 412 of the Code for the applicable plan year.

“United States” and “U.S.” mean the United States of America.

“Unrestricted Subsidiary” means any of (a) Ferrellgas Receivables, LLC, a Delaware
limited liability company (b) bluebuzz.com, Inc., (c) R-4 Technical Center – North Carolina, LLC,
(d) Uni Asia Ltd., (e) Blue Rhino Canada, Inc., a Delaware corporation, (f) Ferrellgas Finance
Corp., a Delaware corporation, and (g) any other Subsidiary of the Borrower that has been
designated as an Unrestricted Subsidiary in compliance with Section 6.11.

“Weighted Average Life to Maturity” means, when applied to any Indebtedness at any
date, the number of years obtained by dividing (a) the sum of the products obtained by multiplying
(x) the amount of each then remaining installment, sinking fund, serial maturity or other required
payments of principal, including payment at final maturity, in respect thereof, by (y) the number
of years (calculated to the nearest one-twelfth) that will elapse between such date and the making
of such payment, by (b) the then outstanding principal amount of such Indebtedness; provided,
however, that with respect to any revolving Indebtedness, the foregoing calculation of Weighted
Average Life to Maturity shall be determined based upon the total available commitments and the
required reductions of commitments in lieu of the outstanding principal amount and the required
payments of principal, respectively.

“Wholly-Owned Subsidiary” means a Subsidiary of which all of the outstanding Capital
Interests or other ownership interests (other than directors’ qualifying shares) or, in the case of
a limited partnership, all of the partners’ Capital Interests (other than up to a 1% general
partner interest), is owned, beneficially and of record, by the Borrower, a Wholly-Owned Subsidiary
of the Borrower or both.

1.02 Other Interpretive Provisions. With reference to this Agreement and each other Loan Document,
unless otherwise specified herein or in such other Loan Document:

(a) The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,”
“includes” and “including” shall be deemed to be followed by the phrase
“without limitation.” The word “will” shall be construed to have the same meaning
and effect as the word “shall.” Unless the context requires otherwise or unless
stated to the contrary, (i) any definition of or reference to any agreement, instrument or
other document (including any Organization Document) shall be construed as referring to such
agreement, instrument or other document as from time to time amended, supplemented or
otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein or in any other Loan Document), (ii) any reference herein to
any Person shall be construed to include such Person’s successors and assigns, (iii) the
words “herein,” “hereof” and “hereunder,” and words of similar
import when used in any Loan Document, shall be construed to refer to such Loan Document in
its entirety and not to any particular provision thereof, (iv) all references in a Loan
Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to
Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such
references appear, (v) any reference to any law shall include all statutory and regulatory
provisions consolidating, amending, replacing or interpreting such law and any reference to
any law or regulation shall, unless otherwise specified, refer to such law or regulation as
amended, modified or supplemented from time to time, and (vi) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

(b) In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including;” the words “to” and
“until” each mean “to but excluding;” and the word “through” means
“to and including.”

(c) Section headings herein and in the other Loan Documents are included for
convenience of reference only and shall not affect the interpretation of this Agreement or
any other Loan Document.

1.03 Accounting Terms.

(a) All accounting terms not specifically or completely defined herein shall be
construed in conformity with, and all financial data (including financial ratios and other
financial calculations) required to be submitted pursuant to this Agreement shall be
prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to
time, applied in a manner consistent with that used in preparing the Audited Financial
Statements, except as otherwise specifically prescribed herein.

(b) If at any time any change in GAAP would affect the computation of any financial
ratio or requirement set forth in any Loan Document, and either the Borrower or the Required
Lenders shall so request, the Administrative Agent, the Lenders and the Borrower shall
negotiate in good faith to amend such ratio or requirement to preserve the original intent
thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to be computed
in accordance with GAAP prior to such change therein and (ii) the Borrower shall provide to
the Administrative Agent and the Lenders financial statements and other documents required
under this Agreement or as reasonably requested hereunder setting forth a reconciliation
between calculations of such ratio or requirement made before and after giving effect to
such change in GAAP.

1.04 Rounding. Any financial ratios required to be maintained by the Borrower pursuant to this
Agreement shall be calculated by dividing the appropriate component by the other component,
carrying the result to one place more than the number of places by which such ratio is expressed
herein and rounding the result up or down to the nearest number (with a rounding-up if there is no
nearest number).

1.05 References to Agreements and Laws. Unless otherwise expressly provided herein, (a)
references to Organization Documents, agreements (including the Loan Documents and the Revolving
Credit Agreement) and other contractual instruments shall be deemed to include all subsequent
amendments, restatements, extensions, supplements and other modifications thereto, but only to the
extent that such amendments, restatements, extensions, supplements and other modifications are not
prohibited by any Loan Document; and (b) references to any Law shall include all statutory and
regulatory provisions consolidating, amending, replacing, supplementing or interpreting such Law.

1.06 Times of Day. Unless otherwise specified, all references herein to times of day shall be
references to Central time (daylight or standard, as applicable).

ARTICLE II.

THE COMMITMENTS AND CREDIT EXTENSIONS

2.01 The Term Loans. Subject to the terms and conditions set forth herein, each Lender severally
agrees to make term loans to the Borrower from time to time (each such loan, a “Term Loan”), on any
Business Day during the Availability Period, in an aggregate amount not to exceed at any time
outstanding the amount of such Lender’s Commitment. Each Term Borrowing shall consist of Term
Loans made simultaneously by the Lenders in accordance with their respective Pro Rata Shares.
Amounts borrowed under this Section 2.01 and repaid or prepaid may not be reborrowed.
Term Loans may be Base Rate Loans or Eurodollar Rate Loans, as further provided herein

2.02 Term Borrowings, Conversions and Continuations of Term Loans.

(a) Each Term Borrowing, each conversion of Term Loans from one Type to the other, and
each continuation of Eurodollar Rate Loans shall be made upon the Borrower’s irrevocable
notice to the Administrative Agent, which may be given by telephone. Each such notice must
be received by the Administrative Agent not later than 11:00 a.m. (i) three Business Days
prior to the requested date of any Term Borrowing of, conversion to or continuation of
Eurodollar Rate Loans, and (ii) on the requested date of any Term Borrowing of Base Rate
Loans or of any conversion of Eurodollar Rate Loans to Base Rate Loans. Each telephonic
notice by the Borrower pursuant to this Section 2.02(a) must be confirmed promptly by
delivery to the Administrative Agent of a written Term Loan Notice, appropriately completed
and signed by a Responsible Officer of the General Partner. Each Term Borrowing of,
conversion to or continuation of Eurodollar Rate Loans shall be in a principal amount of
$3,000,000 or a whole multiple of $1,000,000 in excess thereof. Each Term Borrowing of or
conversion to Base Rate Loans shall be in a principal amount of $500,000 or a whole multiple
of $100,000 in excess thereof. Each Term Loan Notice (whether telephonic or written) shall
specify (i) whether the Borrower is requesting a Term Borrowing or a conversion of Term
Loans from one Type to the other, or a continuation of Eurodollar Rate Loans, (ii) the
requested date of the Term Borrowing, conversion or continuation, as the case may be (which
shall be a Business Day), (iii) the principal amount of Term Loans to be borrowed, converted
or continued, (iv) the Type of Term Loans to be borrowed or to which existing Term Loans are
to be converted, and (v) if applicable, the duration of the Interest Period with respect
thereto. If the Borrower fails to specify a Type of Term Loan in a Term Loan Notice or if
the Borrower fails to give a timely notice requesting a conversion or continuation, then the
applicable Term Loans shall be made as, or converted to, Base Rate Loans. Any such
automatic conversion to Base Rate Loans shall be effective as of the last day of the
Interest Period then in effect with respect to the applicable Eurodollar Rate Loans. If the
Borrower requests a Term Borrowing of, conversion to, or continuation of Eurodollar Rate
Loans in any such Term Loan Notice, but fails to specify an Interest Period, it will be
deemed to have specified an Interest Period of one month.

(b) Following receipt of a Term Loan Notice, the Administrative Agent shall promptly
notify each Lender of the amount of its Pro Rata Share of the applicable Term Loans, and if
no timely notice of a conversion or continuation is provided by the Borrower, the
Administrative Agent shall notify each Lender of the details of any automatic conversion to
Base Rate Loans described in the preceding subsection. In the case of a Term Borrowing,
each Lender shall make the amount of its Term Loan available to the Administrative Agent in
immediately available funds at the Administrative Agent’s Office not later than 1:00 p.m. on
the Business Day specified in the applicable Term Loan Notice. Upon satisfaction of the
applicable conditions set forth in Section 4.02 (and, if such Term Borrowing is the initial
Credit Extension, Section 4.01), the Administrative Agent shall make all funds so received
available to the Borrower in like funds as received by the Administrative Agent either by
(i) crediting the account of the Borrower on the books of Bank of America with the amount of
such funds or (ii) wire transfer of such funds, in each case in accordance with instructions
provided to (and reasonably acceptable to) the Administrative Agent by the Borrower.

(c) Except as otherwise provided herein, a Eurodollar Rate Loan may be continued or
converted to another Eurodollar Rate Loan only on the last day of an Interest Period for
such Eurodollar Rate Loan. During the existence of a Default, no Term Loans may be
requested as, converted to or continued as Eurodollar Rate Loans without the consent of the
Required Lenders.

(d) The Administrative Agent shall promptly notify the Borrower and the Lenders of the
interest rate applicable to any Interest Period for Eurodollar Rate Loans upon determination
of such interest rate. The determination of the Eurodollar Rate by the Administrative Agent
shall be conclusive in the absence of manifest error. At any time that Base Rate Loans are
outstanding, the Administrative Agent shall notify the Borrower and the Lenders of any
change in Bank of America’s prime rate used in determining the Base Rate promptly following
the public announcement of such change.

(e) After giving effect to all Term Borrowings, all conversions of Term Loans from one
Type to the other, and all continuations of Term Loans as the same Type, there shall not be
more than ten Interest Periods in effect with respect to Term Loans.

2.03 Prepayments.

(a) The Borrower may, upon notice to the Administrative Agent, at any time or from time
to time voluntarily prepay Term Loans in whole or in part without premium or penalty;
provided that (i) such notice must be received by the Administrative Agent not later than
11:00 a.m. (A) three Business Days prior to any date of prepayment of Eurodollar Rate Loans
and (B) on the date of prepayment of Base Rate Term Loans; (ii) any prepayment of Eurodollar
Rate Loans shall be in a principal amount of $3,000,000 or a whole multiple of $500,000 in
excess thereof; and (iii) any prepayment of Base Rate Loans shall be in a principal amount
of $500,000 or a whole multiple of $100,000 in excess thereof or, in each case, if less, the
entire principal amount thereof then outstanding. Each such notice shall specify the date
and amount of such prepayment and the Type(s) of Term Loans to be prepaid. The
Administrative Agent will promptly notify each Lender of its receipt of each such notice,
and of the amount of such Lender’s Pro Rata Share of such prepayment. If such notice is
given by the Borrower, the Borrower shall make such prepayment and the payment amount
specified in such notice shall be due and payable on the date specified therein. Any
prepayment of a Eurodollar Rate Loan shall be accompanied by all accrued interest on the
amount prepaid, together with any additional amounts required pursuant to Section 3.05.
Each such prepayment shall be applied to the applicable Term Loans of the Lenders in
accordance with their respective Pro Rata Shares in such Term Loans.

(b) If for any reason the Aggregate Outstanding Amount of Term Loans at any time
exceeds the Aggregate Commitments then in effect, the Borrower shall immediately prepay the
Term Loans in an aggregate amount equal to such excess.

2.04 Termination or Reduction of Commitments.

(a) The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate
Commitments, or from time to time permanently reduce the Aggregate Commitments; provided
that (i) any such notice shall be received by the Administrative Agent not later than 11:00
a.m. three Business Days prior to the date of termination or reduction, (ii) any such
partial reduction of the Aggregate Commitments shall be in an aggregate amount of $3,000,000
or any whole multiple of $500,000 in excess thereof, (iii) the Borrower shall not terminate
or reduce the Aggregate Commitments if, after giving effect thereto and to any concurrent
prepayments hereunder, the aggregate Outstanding Amount of Term Loans would exceed the
Aggregate Commitments. The Administrative Agent will promptly notify the Lenders of any
such notice of termination or reduction of the Aggregate Commitments. Any reduction of the
Aggregate Commitments shall be applied to the Commitment of each Lender according to its Pro
Rata Share. All fees accrued until the effective date of any termination of the Aggregate
Commitments shall be paid on the effective date of such termination.

(b) Upon any Change of Control of the Borrower, the Borrower shall immediately, and
without notice of demand, prepay the Obligations, including, without limitation, the
aggregate principal amount of all outstanding Term Loans, all accrued and unpaid interest
thereon and all amounts payable under Section 3.05, and the Aggregate Commitments shall be
automatically reduced to zero in each case on the 30th day after any Change of Control shall
have occurred and be continuing.

2.05 Repayment of Term Loans. The Borrower shall repay to the Lenders on the Maturity Date the
aggregate principal amount of Term Loans outstanding on such date.

2.06 Interest.

(a) Subject to the provisions of subsection (b) below, (i) each Eurodollar Rate Loan
shall bear interest on the outstanding principal amount thereof for each Interest Period at
a rate per annum equal to the Eurodollar Rate for such Interest Period plus the
Applicable Rate; and (ii) each Base Rate Loan shall bear interest on the outstanding
principal amount thereof from the applicable borrowing date at a rate per annum equal to the
Base Rate.

(b) If any amount payable by the Borrower under any Loan Document is not paid when due
(without regard to any applicable grace periods), whether at stated maturity, by
acceleration or otherwise, such amount shall thereafter bear interest at a fluctuating
interest rate per annum at all times equal to the Default Rate to the fullest extent
permitted by applicable Laws. Accrued and unpaid interest on past due amounts (including
interest on past due interest) shall be due and payable upon demand.

(c) The Borrower promises to pay interest on the unpaid principal amount of each Term
Loan from the date of such Term Loan until such principal amount is paid in full, at such
interest rates and at such times as provided in this Section 2.06. Interest on each Term
Loan shall be due and payable in arrears on each Interest Payment Date applicable thereto
and at such other times as may be specified herein. Interest hereunder shall be due and
payable in accordance with the terms hereof before and after judgment, and before and after
the commencement of any proceeding under any Debtor Relief Law.

2.07 Commitment Fee.

(a) Commitment Fee. The Borrower shall pay to the Administrative Agent for the
account of each Lender in accordance with its Pro Rata Share, a commitment fee equal to the
Applicable Rate times the actual daily amount by which the Aggregate Commitments
exceed the Outstanding Amount of Term Loans. The commitment fee shall accrue at all times
during the Availability Period, including at any time during which one or more of the
conditions in Article IV is not met, and shall be due and payable quarterly in arrears on
each Interest Payment Date for Base Rate Loans, commencing with the first such date to occur
after the Closing Date, and on the Maturity Date. The commitment fee shall be calculated
quarterly in arrears, and if there is any change in the Applicable Rate during any quarter,
the actual daily amount shall be computed and multiplied by the Applicable Rate separately
for each period during such quarter that such Applicable Rate was in effect.

2.08 Computation of Interest and Fees. All computations of interest for Base Rate Loans and
commitment fees shall be made on the basis of a year of 365 or 366 days, as the case may be, and
actual days elapsed. All other computations of fees and interest shall be made on the basis of a
360-day year and actual days elapsed (which results in more fees or interest, as applicable, being
paid than if computed on the basis of a 365-day year). Interest shall accrue on each Term Loan for
the day on which the Term Loan is made, and shall not accrue on a Term Loan, or any portion
thereof, for the day on which the Term Loan or such portion is paid, provided that any Term Loan
that is repaid on the same day on which it is made shall, subject to Section 2.10, bear interest
for one day.

2.09 Evidence of Debt. The Credit Extensions made by each Lender shall be evidenced by one or more
accounts or records maintained by such Lender and by the Administrative Agent in the ordinary
course of business. The accounts or records maintained by the Administrative Agent and each Lender
shall be conclusive absent manifest error of the amount of the Credit Extensions made by the
Lenders to the Borrower and the interest and payments thereon. Any failure to so record or any
error in doing so shall not, however, limit or otherwise affect the obligation of the Borrower
hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict
between the accounts and records maintained by any Lender and the accounts and records of the
Administrative Agent in respect of such matters, the accounts and records of the Administrative
Agent shall control in the absence of manifest error. Upon the request of any Lender made through
the Administrative Agent, the Borrower shall execute and deliver to such Lender (through the
Administrative Agent) a Note, which shall evidence such Lender’s Term Loans in addition to such
accounts or records. Each Lender may attach schedules to its Note and endorse thereon the date,
Type, amount and maturity of its Term Loans and payments with respect to its Term Loans.

2.10 Payments Generally; Administrative Agent’s Clawback.

(a) All payments to be made by the Borrower shall be made without condition or
deduction for any counterclaim, defense, recoupment or setoff. Except as otherwise
expressly provided herein, all payments by the Borrower hereunder shall be made to the
Administrative Agent, for the account of the respective Lenders to which such payment is
owed, at the Administrative Agent’s Office in Dollars and in immediately available funds not
later than 2:00 p.m. on the date specified herein. The Administrative Agent will promptly
distribute to each Lender its Pro Rata Share (or other applicable share as provided herein)
of such payment in like funds as received by wire transfer to such Lender’s Lending Office.
All payments received by the Administrative Agent after 2:00 p.m. shall be deemed received
on the next succeeding Business Day and any applicable interest or fee shall continue to
accrue.

(b) If any payment to be made by the Borrower shall come due on a day other than a
Business Day, payment shall be made on the next following Business Day, and such extension
of time shall be reflected in computing interest or fees, as the case may be.

(c) (i) Unless the Administrative Agent shall have received notice from a Lender prior
to the proposed date of any Term Borrowing of Eurodollar Rate Loans (or, in the case of any
Term Borrowing of Base Rate Loans, prior to 11:00 a.m. on the date of such Term Borrowing)
that such Lender will not make available to the Administrative Agent such Lender’s share of
such Term Borrowing, the Administrative Agent may assume that such Lender has made such
share available on such date in accordance with Section 2.02 (or, in the case of a Term
Borrowing of Base Rate Loans, that such Lender has made such share available in accordance
with and at the time required by Section 2.02) and may, in reliance upon such assumption,
make available to the Borrower a corresponding amount. In such event, if a Lender has not
in fact made its share of the applicable Term Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the
Administrative Agent forthwith on demand such corresponding amount in immediately available
funds with interest thereon, for each day from and including the date such amount is made
available to the Borrower to but excluding the date of payment to the Administrative Agent,
at (A) in the case of a payment to be made by such Lender, the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation and (B) in the case of a payment to be made by the Borrower,
the interest rate applicable to the applicable Term Borrowing. If the Borrower and such
Lender shall pay such interest to the Administrative Agent for the same or an overlapping
period, the Administrative Agent shall promptly remit to the Borrower the amount of such
interest paid by the Borrower for such period. If such Lender pays its share of the
applicable Term Borrowing to the Administrative Agent, then the amount so paid shall
constitute such Lender’s Term Loan included in such Term Borrowing. Any payment by the
Borrower shall be without prejudice to any claim the Borrower may have against a Lender that
shall have failed to make such payment to the Administrative Agent.

(ii) Unless the Administrative Agent shall have received notice from the Borrower prior
to the date on which any payment is due to the Administrative Agent for the account of the
Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may
assume that the Borrower has made such payment on such date in accordance herewith and may,
in reliance upon such assumption, distribute to the Lenders the amount due. In such event,
if the Borrower has not in fact made such payment, then each of the Lenders severally agrees
to repay to the Administrative Agent forthwith on demand the amount so distributed to such
Lender, in immediately available funds with interest thereon, for each day from and
including the date such amount is distributed to it to but excluding the date of payment to
the Administrative Agent, at the greater of the Federal Funds Rate and a rate determined by
the Administrative Agent in accordance with banking industry rules on interbank
compensation.

A notice of the Administrative Agent to any Lender or the Borrower with respect to any amount
owing under this subsection (c) shall be conclusive, absent manifest error.

(d) If any Lender makes available to the Administrative Agent funds for any Term Loan
to be made by such Lender as provided in the foregoing provisions of this Article II, and
such funds are not made available to the Borrower by the Administrative Agent because the
conditions to the applicable Credit Extension set forth in Article IV are not satisfied or
waived in accordance with the terms hereof, the Administrative Agent shall return such funds
(in like funds as received from such Lender) to such Lender, without interest.

(e) The obligations of the Lenders hereunder to make Term Loans and to make payments
pursuant to Section 10.04(c) are several and not joint. The failure of any Lender to make
any Term Loan or to make any payment under Section 10.04(c) on any date required hereunder
shall not relieve any other Lender of its corresponding obligation to do so on such date,
and no Lender shall be responsible for the failure of any other Lender to so make its Term
Loan or to make its payment under Section 10.04(c).

(f) Nothing herein shall be deemed to obligate any Lender to obtain the funds for any
Term Loan in any particular place or manner or to constitute a representation by any Lender
that it has obtained or will obtain the funds for any Term Loan in any particular place or
manner.

2.11 Sharing of Payments.

If any Lender shall, by exercising any right of setoff or counterclaim or otherwise, obtain
payment in respect of any principal of or interest on any of the Term Loans made by it resulting in
such Lender’s receiving payment of a proportion of the aggregate amount of such Term Loans and
accrued interest thereon greater than its pro rata share thereof as provided
herein, then the Lender receiving such greater proportion shall (a) notify the Administrative Agent
of such fact, and (b) purchase (for cash at face value) participations in the Term Loans or make
such other adjustments as shall be equitable, so that the benefit of all such payments shall be
shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued
interest on their respective Term Loans and other amounts owing them, provided that:

(a) if any such participations are purchased and all or any portion of the payment
giving rise thereto is recovered, such participations shall be rescinded and the purchase
price restored to the extent of such recovery, without interest; and

(b) the provisions of this Section shall not be construed to apply to (x) any payment
made by the Borrower pursuant to and in accordance with the express terms of this Agreement
or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Term Loans to any assignee or participant, other than to the
Borrower or any Subsidiary thereof (as to which the provisions of this Section shall apply).

The Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of the Borrower in the amount
of such participation.

ARTICLE III.

TAXES, YIELD PROTECTION AND ILLEGALITY

3.01 Taxes.

(a) Any and all payments by or on account of any obligation of the Borrower hereunder
or under any other Loan Document shall be made free and clear of and without reduction or
withholding for any Indemnified Taxes or Other Taxes, provided that if the Borrower
shall be required by applicable law to deduct any Indemnified Taxes (including any Other
Taxes) from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums
payable under this Section) the Administrative Agent or any Lender receives an amount equal
to the sum it would have received had no such deductions been made, (ii) the Borrower shall
make such deductions and (iii) the Borrower shall timely pay the full amount deducted to the
relevant Governmental Authority in accordance with applicable law.

(b) Without limiting the provisions of subsection (a) above, the Borrower shall timely
pay any Other Taxes to the relevant Governmental Authority in accordance with applicable
law.

(c) The Borrower shall indemnify the Administrative Agent, and each Lender, within 30
days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to
amounts payable under this Section) paid by the Administrative Agent or such Lender, as the
case may be, and any penalties, interest and reasonable expenses arising therefrom or with
respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or
legally imposed or asserted by the relevant Governmental Authority. A certificate as to the
amount of such payment or liability delivered to the Borrower by a Lender (with a copy to
the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of
a Lender, shall be conclusive absent manifest error.

(d) Within 30 days after any payment of Indemnified Taxes or Other Taxes by the
Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent
the original or a certified copy of a receipt issued by such Governmental Authority
evidencing such payment, a copy of the return reporting such payment or other evidence of
such payment reasonably satisfactory to the Administrative Agent.

(e) Any Foreign Lender that is entitled to an exemption from or reduction of
withholding tax under the law of the jurisdiction in which the Borrower is resident for tax
purposes, or any treaty to which such jurisdiction is a party, with respect to payments
hereunder or under any other Loan Document shall deliver to the Borrower (with a copy to the
Administrative Agent), at the time or times prescribed by applicable law or reasonably
requested by the Borrower or the Administrative Agent, such properly completed and executed
documentation prescribed by applicable law as will permit such payments to be made without
withholding or at a reduced rate of withholding. In addition, any Lender, if requested by
the Borrower or the Administrative Agent, shall deliver such other documentation prescribed
by applicable law or reasonably requested by the Borrower or the Administrative Agent as
will enable the Borrower or the Administrative Agent to determine whether or not such Lender
is subject to backup withholding or information reporting requirements.

Without limiting the generality of the foregoing, in the event that the Borrower is resident
for tax purposes in the United States, any Foreign Lender shall deliver to the Borrower and the
Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior
to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to
time thereafter upon the request of the Borrower or the Administrative Agent, but only if such
Foreign Lender is legally entitled to do so), whichever of the following is applicable:

(i) duly completed copies of Internal Revenue Service Form W-8BEN claiming
eligibility for benefits of an income tax treaty to which the United States is a
party,

(ii) duly completed copies of Internal Revenue Service Form W-8ECI,

(iii) in the case of a Foreign Lender claiming the benefits of the exemption
for portfolio interest under section 881(c) of the Code, (x) a certificate to the
effect that such Foreign Lender is not (A) a “bank” within the meaning of section
881(c)(3)(A) of the Code, (B) a “10 percent shareholder” of the Borrower within the
meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign
corporation” described in section 881(c)(3)(C) of the Code and (y) duly completed
copies of Internal Revenue Service Form W-8BEN, or

(iv) any other form prescribed by applicable law as a basis for claiming
exemption from or a reduction in United States Federal withholding tax duly
completed together with such supplementary documentation as may be prescribed by
applicable law to permit the Borrower to determine the withholding or deduction
required to be made.

(f) If the Administrative Agent or any Lender determines, in its reasonable discretion,
that it has received a refund of any Taxes or Other Taxes as to which it has been
indemnified by the Borrower or with respect to which the Borrower has paid additional
amounts pursuant to this Section, it shall pay to the Borrower an amount equal to such
refund (but only to the extent of indemnity payments made, or additional amounts paid, by
the Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such
refund), net of all out-of-pocket expenses of the Administrative Agent or such Lender, as
the case may be, and without interest (other than any interest paid by the relevant
Governmental Authority with respect to such refund), provided that the Borrower,
upon the request of the Administrative Agent, such Lender, agrees to repay the amount paid
over to the Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Administrative Agent or such Lender in the event the
Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This subsection shall not be construed to require the Administrative Agent or
any Lender to make available its tax returns (or any other information relating to its taxes
that it deems confidential) to the Borrower or any other Person.

3.02 Illegality. If any Lender determines that any Law has made it unlawful, or that any
Governmental Authority has asserted that it is unlawful, for any Lender or its applicable Lending
Office to make, maintain or fund Eurodollar Rate Loans, or to determine or charge interest rates
based upon the Eurodollar Rate, or any Governmental Authority has imposed material restrictions on
the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London
interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative
Agent, any obligation of such Lender to make or continue Eurodollar Rate Loans or to convert Base
Rate Loans to Eurodollar Rate Loans shall be suspended until such Lender notifies the
Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with
a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Rate Loans of
such Lender to Base Rate Loans, either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurodollar Rate Loans to such day, or immediately, if
such Lender may not lawfully continue to maintain such Eurodollar Rate Loans. Upon any such
prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or
converted.

3.03 Inability to Determine Rates. If the Required Lenders determine that for any reason in
connection with any request for a Eurodollar Rate Loan or a conversion to or continuation thereof
that (a) Dollar deposits are not being offered to banks in the London interbank eurodollar market
for the applicable amount and Interest Period of such Eurodollar Rate Loan, (b) adequate and
reasonable means do not exist for determining the Eurodollar Base Rate for any requested Interest
Period with respect to a proposed Eurodollar Rate Loan, or (c) the Eurodollar Base Rate for any
requested Interest Period with respect to a proposed Eurodollar Rate Loan does not adequately and
fairly reflect the cost to such Lenders of funding such Eurodollar Rate Loan, the Administrative
Agent will promptly so notify the Borrower and each Lender. Thereafter, the obligation of the
Lenders to make or maintain Eurodollar Rate Loans shall be suspended until the Administrative Agent
(upon the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice,
the Borrower may revoke any pending request for a Term Borrowing of, conversion to or continuation
of Eurodollar Rate Loans or, failing that, will be deemed to have converted such request into a
request for a Term Borrowing of Base Rate Loans in the amount specified therein.

3.04 Increased Costs; Reserves on Eurodollar Rate Loans.

(a) If any Change in Law shall:

(i) impose, modify or deem applicable any reserve, special deposit, compulsory
loan, insurance charge or similar requirement against assets of, deposits with or
for the account of, or credit extended or participated in by, any Lender (except any
reserve requirement reflected in the Eurodollar Rate);

(ii) subject any Lender to any tax of any kind whatsoever with respect to this
Agreement or any Eurodollar Rate Loan made by it, or change the basis of taxation of
payments to such Lender in respect thereof (except for Indemnified Taxes or Other
Taxes covered by Section 3.01 and the imposition of, or any change in the rate of,
any Excluded Tax payable by such Lender); or

(iii) impose on any Lender or the London interbank market any other condition,
cost or expense affecting this Agreement or Eurodollar Rate Loans made by such
Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making
or maintaining any Eurodollar Rate Loan (or of maintaining its obligation to make any such
Eurodollar Rate Loan), or to reduce the amount of any sum received or receivable by such Lender
hereunder (whether of principal, interest or any other amount) then, upon request of such Lender,
the Borrower will pay to such Lender such additional amount or amounts as will compensate such
Lender for such additional costs incurred or reduction suffered.

(b) If any Lender determines that any Change in Law affecting such Lender or any
Lending Office of such Lender or such Lender’s holding company, if any, regarding capital
requirements has or would have the effect of reducing the rate of return on such Lender’s
capital or on the capital of such Lender’s holding company, if any, as a consequence of this
Agreement, the Commitments of such Lender or the Term Loans made by such Lender to a level
below that which such Lender or such Lender’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s policies and the policies of
such Lender’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or such Lender’s holding company for any such reduction
suffered.

(c) A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its holding company, as the case may be, as specified in
subsection (a) or (b) of this Section and delivered to the Borrower shall be conclusive
absent manifest error. The Borrower shall pay such Lender the amount shown as due on any
such certificate within 10 days after receipt thereof.

(d) Failure or delay on the part of any Lender to demand compensation pursuant to the
foregoing provisions of this Section shall not constitute a waiver of such Lender’s right to
demand such compensation, provided that the Borrower shall not be required to
compensate a Lender pursuant to the foregoing provisions of this Section for any increased
costs incurred or reductions suffered more than nine months prior to the date that such
Lender notifies the Borrower of the Change in Law giving rise to such increased costs or
reductions and of such Lender’s intention to claim compensation therefor (except that, if
the Change in Law giving rise to such increased costs or reductions is retroactive, then the
nine-month period referred to above shall be extended to include the period of retroactive
effect thereof).

3.05 Compensation for Losses. Upon demand of any Lender (with a copy to the Administrative
Agent) from time to time, the Borrower shall promptly compensate such Lender for and hold such
Lender harmless from any loss, cost or expense incurred by it as a result of:

(a) any continuation, conversion, payment or prepayment of any Eurodollar Rate Loan on
a day other than the last day of the Interest Period for such Loan (whether voluntary,
mandatory, automatic, by reason of acceleration, or otherwise);

(b) any failure by the Borrower (for a reason other than the failure of such Lender to
make a Term Loan) to prepay, borrow, continue or convert any Eurodollar Rate Loan on the
date or in the amount notified by the Borrower; or

(c) any assignment of a Eurodollar Rate Loan on a day other than the last day of the
Interest Period therefor as a result of a request by the Borrower pursuant to Section 10.13;

including any loss of anticipated profits (other than the profit margin represented in the
Applicable Rate for Eurodollar Rate Loans) and any loss or expense arising from the liquidation or
reemployment of funds obtained by it to maintain such Eurodollar Rate Loan or from fees payable to
terminate the deposits from which such funds were obtained. The Borrower shall also pay any
customary administrative fees charged by such Lender in connection with the foregoing.

For purposes of calculating amounts payable by the Borrower to the Lenders under this
Section 3.05, each Lender shall be deemed to have funded each Eurodollar Rate Loan made by it at
the Eurodollar Base Rate used in determining the Eurodollar Rate for such Eurodollar Rate Loan by a
matching deposit or other borrowing in the London interbank eurodollar market for a comparable
amount and for a comparable period, whether or not such Eurodollar Rate Loan was in fact so funded.

3.06 Mitigation Obligations; Replacement of Lenders.

(a) Designation of a Different Lending Office.  If any Lender requests
compensation under Section 3.04, or the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 3.01, or if any Lender gives a notice pursuant to Section 3.02, then such Lender
shall use reasonable efforts to designate a different Lending Office for funding or booking
its Eurodollar Rate Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the good faith judgment of such
Lender, such designation or assignment (i) would eliminate or reduce amounts payable
pursuant to Section 3.01 or 3.04, as the case may be, in the future, or eliminate the need
for the notice pursuant to Section 3.02, as applicable, and (ii) in each case, would not
subject such Lender to any unreimbursed cost or expense and would not otherwise be
materially disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable
costs and expenses incurred by any Lender in connection with any such designation or
assignment.

(b) Replacement of Lenders. If any Lender requests compensation under
Section 3.04, or if the Borrower is required to pay any additional amount to any Lender or
any Governmental Authority for the account of any Lender pursuant to Section 3.01, or if any
Lender gives a notice pursuant to Section 3.02, the Borrower may replace such Lender in
accordance with Section 10.13.

3.07 Survival. All of the Borrower’s obligations under this Article III shall survive
termination of the Aggregate Commitments and repayment of all other Obligations hereunder.

ARTICLE IV.

CONDITIONS PRECEDENT TO CREDIT EXTENSIONS

4.01 Conditions of Initial Credit Extension. The obligation of the Lenders to honor the
initial Request for Credit Extension is subject to satisfaction of the following conditions
precedent:

(a) The Administrative Agent’s receipt of the following, each of which shall be
originals or facsimiles (followed promptly by originals) unless otherwise specified, each
properly executed by a Responsible Officer of the signing Loan Party, each dated the Closing
Date (or, in the case of certificates referred to in subsections (iii), (iv), or (viii)
below, a recent date before the Closing Date) and each in form and substance satisfactory to
the Administrative Agent and its legal counsel:

(i) executed counterparts of this Agreement, sufficient in number for
distribution to the Administrative Agent, each Lender and the Borrower;

(ii) a Note executed by the Borrower in favor of each Lender requesting a Note;

(iii) such certificates of resolutions or other action, incumbency certificates
or other certificates of Responsible Officers of each Loan Party as the
Administrative Agent may reasonably require evidencing the identity, authority and
capacity of each Responsible Officer thereof authorized to act as a Responsible
Officer in connection with this Agreement and the other Loan Documents to which such
Loan Party is a party;

(iv) such documents and certifications as the Administrative Agent may
reasonably require to evidence that each Loan Party is duly organized or formed, and
that each Loan Party is validly existing, in good standing and qualified to engage
in business in each state where such Loan Party is organized;

(v) a favorable opinion of Bracewell & Giuliani LLP, counsel to the Loan
Parties, addressed to the Administrative Agent and each Lender, as to the matters
set forth in Exhibit F and such other matters concerning the Loan Parties and the
Loan Documents as the Required Lenders or the Administrative Agent may reasonably
request;

(vi) a certificate of a Responsible Officer of each Loan Party either
(A) attaching copies of all consents, licenses and approvals required in connection
with the execution, delivery and performance by such Loan Party and the validity
against such Loan Party of the Loan Documents to which it is a party, and such
consents, licenses and approvals shall be in full force and effect, or (B) stating
that no such consents, licenses or approvals are so required;

(vii) a certificate signed by a Responsible Officer of the General Partner
certifying (A) that the conditions specified in Sections 4.02(a) and (b) have been
satisfied, and (B) that there has been no event or circumstance since July 31, 2006
that has had or could be reasonably expected to have, either individually or in the
aggregate, a Material Adverse Effect;

(viii) such other assurances, certificates, documents, consents or opinions as
the Administrative Agent or the Required Lenders reasonably may require.

(b) Any fees required to be paid on or before the Closing Date shall have been paid.

(c) Unless waived by the Administrative Agent, the Borrower shall have paid all
Attorney Costs of the Administrative Agent to the extent invoiced prior to or on the Closing
Date, plus such additional amounts of Attorney Costs as shall constitute its reasonable
estimate of Attorney Costs incurred or to be incurred by it through the closing proceedings
(provided that such estimate shall not thereafter preclude a final settling of accounts
between the Borrower and the Administrative Agent).

(d) The Closing Date shall have occurred on or before August 1, 2007.

Without limiting the generality of the provisions of the last paragraph of Section 9.03, for
purposes of determining compliance with the conditions specified in this Section 4.01, each Lender
that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by
or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received
notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

4.02 Conditions to all Credit Extensions. The obligation of each Lender to honor any Request
for Credit Extension (other than a Term Loan Notice requesting only a conversion of Term Loans to
the other Type, or a continuation of Eurodollar Rate Loans) is subject to the following conditions
precedent:

(a) The representations and warranties of the Borrower and the General Partner
contained in Article V or any other Loan Document, or which are contained in any document
furnished at any time under or in connection herewith or therewith, shall be true and
correct on and as of the date of such Credit Extension, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they
shall be true and correct as of such earlier date, and except that for purposes of this
Section 4.02, the representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements furnished pursuant to
clauses (a) and (b), respectively, of Section 6.01.

(b) No Default shall exist or would result from such proposed Credit Extension or from
the application of the proceeds thereof.

(c) The Administrative Agent shall have received a Request for Credit Extension in
accordance with the requirements hereof.

Each Request for Credit Extension (other than a Term Loan Notice requesting only a conversion
of Term Loans to the other Type or a continuation of Eurodollar Rate Loans) submitted by the
Borrower shall be deemed to be a representation and warranty that the conditions specified in
Sections 4.02(a) and (b) have been satisfied on and as of the date of the applicable Credit
Extension.

ARTICLE V.

REPRESENTATIONS AND WARRANTIES

Each of the Borrower and the General Partner represents and warrants to the Administrative
Agent and the Lenders that:

5.01 Existence, Qualification and Power; Compliance with Laws. Each of the MLP and the Loan
Parties (a) is a corporation, partnership or limited liability company duly organized or formed,
validly existing and in good standing under the Laws of the jurisdiction of its incorporation or
organization, (b) has all requisite power and authority and all requisite governmental licenses,
authorizations, consents and approvals to (i) own its assets and carry on its business and (ii)
execute, deliver and perform its obligations under the Loan Documents to which it is a party, (c)
is duly qualified and is licensed and in good standing under the Laws of each jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such
qualification or license, and (d) is in compliance with all Laws; except in each case referred to
in clause (b)(i), (c) or (d), to the extent that failure to do so could not reasonably be expected
to have a Material Adverse Effect.

5.02 Authorization; No Contravention. The execution, delivery and performance by each Loan Party
of each Loan Document to which such Person is a party, have been duly authorized by all necessary
corporate or other organizational action and do not and will not (a) contravene the terms of any of
such Person’s or the MLP’s Organization Documents; (b) conflict with or result in any breach or
contravention of, or the creation of any Lien under, (i) any Contractual Obligation to which the
MLP or such Person is a party or (ii) any order, injunction, writ or decree of any Governmental
Authority or any arbitral award to which such Person or its property is subject where such
conflict, breach, contravention or Lien could reasonably be expected to have a Material Adverse
Effect; or (c) violate any Law in any material respect.

5.03 Governmental Authorization; Other Consents. No approval, consent, exemption, authorization,
or other action by, or notice to, or filing with, any Governmental Authority or any other Person is
necessary or required in connection with (a) the execution, delivery or performance by, or
enforcement against, any Loan Party of this Agreement or any other Loan Document, or (b) the
continued operation of Borrower’s business as contemplated to be conducted after the date hereof by
the Loan Documents, except in each case such approvals, consents, exemptions, authorizations or
other actions, notices or filings (i) as have been obtained, (ii) as may be required under state
securities or Blue Sky laws, (iii) as are of a routine or administrative nature and are either (A)
not customarily obtained or made prior to the consummation of transactions such as the transactions
described in clauses (a) or (b) or (B) expected in the judgment of the Borrower to be obtained in
the ordinary course of business subsequent to the consummation of the transactions described in
clauses (a) or (b), or (iv) that, if not obtained, could not reasonably be expected to have a
Material Adverse Effect.

5.04 Binding Effect. This Agreement has been, and each other Loan Document, when delivered
hereunder, will have been, duly executed and delivered by each Loan Party that is party thereto.
This Agreement constitutes, and each other Loan Document when so delivered will constitute, a
legal, valid and binding obligation of such Loan Party, enforceable against each Loan Party that is
party thereto in accordance with its terms, except to the extent such enforceability may be limited
by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally or by generally applicable principles of equity relating to enforceability.

5.05 Financial Statements; No Material Adverse Effect.

(a) The Audited Financial Statements (i) were prepared in accordance with GAAP
consistently applied throughout the period covered thereby, except as otherwise expressly
noted therein; (ii) fairly present the financial condition of the Borrower and its
Subsidiaries as of the date thereof and their results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby,
except as otherwise expressly noted therein; and (iii) show all material indebtedness and
other liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date
thereof, including liabilities for taxes, material commitments and Indebtedness.

(b) The audited consolidated financial statements of the Borrower and its Subsidiaries
dated July 31, 2006, and the related consolidated statements of income or operations,
partners’ capital and cash flows for the fiscal quarter ended on that date (i) were prepared
in accordance with GAAP consistently applied throughout the period covered thereby, except
as otherwise expressly noted therein, and (ii) fairly present the financial condition of the
Borrower and its Subsidiaries as of the date thereof and their results of operations for the
period covered thereby, subject, in the case of clauses (i) and (ii), to the absence of
footnotes and to normal year-end audit adjustments. Schedule 5.05 (as hereafter
supplemented from time to time in writing) sets forth all material indebtedness and other
liabilities, direct or contingent, of the Borrower and its consolidated Subsidiaries as of
the date of such financial statements (but not disclosed therein), including liabilities for
taxes, material commitments and Indebtedness.

(c) Since the date of the Audited Financial Statements, there has been no event or
circumstance, either individually or in the aggregate, that has had or could reasonably be
expected to have a Material Adverse Effect.

5.06 Litigation. There are no actions, suits, proceedings, claims or disputes pending or, to the
knowledge of the Borrower, threatened or contemplated, at law, in equity, in arbitration or before
any Governmental Authority, by or against the General Partner, the MLP, the Borrower or any of its
Restricted Subsidiaries or against any of their properties or revenues that (a) purport to affect
or pertain to this Agreement or any other Loan Document, or any of the transactions contemplated
hereby, or (b) either individually or in the aggregate, if determined adversely, could reasonably
be expected to have a Material Adverse Effect.

5.07 No Default. Neither the Borrower nor any Restricted Subsidiary is in default under or with
respect to any Contractual Obligation that could, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. No Default has occurred and is
continuing or would result from the consummation of the transactions contemplated by this Agreement
or any other Loan Document or directing that the transactions provided for herein or therein not be
consummated as herein or therein provided.

5.08 Ownership of Property; Liens. Each of the Borrower and each Restricted Subsidiary has good
and sufficient title to, or valid leasehold interests in, all real property necessary or used in
the ordinary conduct of its business, except for such defects in title as could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect. The property of the
Borrower and its Restricted Subsidiaries is subject to no Liens, other than Liens permitted by
Section 7.01.

5.09 Environmental Compliance. The Borrower and its Restricted Subsidiaries conduct in the
ordinary course of business a review of the effect of existing Environmental Laws and claims
alleging potential liability or responsibility for violation of any Environmental Law on their
respective businesses, operations and properties, and as a result thereof the Borrower has
reasonably concluded that such Environmental Laws and claims could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

5.10 ERISA Compliance.

(a) Each Plan is in compliance in all material respects with the applicable provisions
of ERISA, the Code and other Federal or state Laws. Each Plan that is intended to qualify
under Section 401(a) of the Code has received a favorable determination letter from the IRS
or an application for such a letter is currently being processed by the IRS with respect
thereto and, to the best knowledge of the Borrower and the General Partner, nothing has
occurred which would prevent, or cause the loss of, such qualification. The Borrower and
each ERISA Affiliate have made all required contributions to each Plan subject to
Section 412 of the Code, and no application for a funding waiver or an extension of any
amortization period pursuant to Section 412 of the Code has been made with respect to any
Plan.

(b) There are no pending or, to the best knowledge of the Borrower, threatened claims,
actions or lawsuits, or action by any Governmental Authority, with respect to any Plan that
could be reasonably be expected to have a Material Adverse Effect. There has been no
prohibited transaction or violation of the fiduciary responsibility rules with respect to
any Plan that has resulted or could reasonably be expected to result in a Material Adverse
Effect.

(c) (i) No ERISA Event has occurred or is reasonably expected to occur; (ii) no Pension
Plan has any Unfunded Pension Liability which liability could be reasonably expected to have
a Material Adverse Effect; (iii) neither the Borrower nor any ERISA Affiliate has incurred,
or reasonably expects to incur, any liability under Title IV of ERISA with respect to any
Pension Plan (other than premiums due and not delinquent under Section 4007 of ERISA); (iv)
neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur,
any liability (and no event has occurred which, with the giving of notice under Section 4219
of ERISA, would result in such liability) under Sections 4201 or 4243 of ERISA with respect
to a Multiemployer Plan; and (v) neither the Borrower nor any ERISA Affiliate has engaged in
a transaction that could be subject to Sections 4069 or 4212(c) of ERISA.

5.11 Subsidiaries. Except as from time to time disclosed in writing to the Lenders, the Borrower
has no Subsidiaries other than those specifically disclosed in Part (a) of Schedule 5.11 and has no
equity investments in any other corporation or entity other than those specifically disclosed in
Part (b) of Schedule 5.11.

5.12 Margin Regulations; Investment Company Act; Utility Regulations.

(a) The Borrower is not engaged and will not engage, principally or as one of its
important activities, in the business of purchasing or carrying margin stock (within the
meaning of Regulation U issued by the FRB), or extending credit for the purpose of
purchasing or carrying margin stock. The proceeds of each Credit Extension will not be used
in violation of Section 7.07.

(b) None of the Borrower, any Person Controlling the Borrower, or any Subsidiary is or
is required to be registered as an “investment company” under the Investment Company Act of
1940. The Borrower is not subject to regulation under the Federal Power Act, the Interstate
Commerce Act, any state public utilities code, or any other Federal or state statute or
regulation limiting its ability to incur Indebtedness.

5.13 Disclosure. The Borrower has disclosed to the Administrative Agent and the Lenders all
agreements, instruments, Contractual Obligations, and partnership or other restrictions to which it
or any of its Restricted Subsidiaries is subject, and all other matters known to it, that,
individually or in the aggregate, could reasonably be expected to result in a Material Adverse
Effect. No report, financial statement, certificate or other report furnished by or on behalf of
any Loan Party to the Administrative Agent or any Lender in connection with the transactions
contemplated hereby and the negotiation of this Agreement or delivered hereunder (as modified or
supplemented by other information so furnished) contains any material misstatement of fact or omits
to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected
financial information, the Borrower represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time.

5.14 Compliance with Laws. Each of the Borrower and each Subsidiary is in compliance in all
material respects with the requirements of all Laws and all orders, writs, injunctions and decrees
applicable to it or to its properties, except in such instances in which (a) such requirement of
Law or order, writ, injunction or decree is being contested in good faith by appropriate
proceedings diligently conducted or (b) the failure to comply therewith, either individually or in
the aggregate, could not reasonably be expected to have a Material Adverse Effect.

5.15 Intellectual Property; Licenses, Etc. The Borrower and its Restricted Subsidiaries own, or
possess the right to use, all of the trademarks, service marks, trade names, copyrights, patents,
patent rights, franchises, licenses and other intellectual property rights that are necessary for
the operation of their respective businesses, without conflict with the rights of any other Person
except for those patents, trademarks, service marks, trade names, copyrights, contractual
franchises, authorizations and other rights the failure of which to obtain could not reasonably be
expected to have a Material Adverse Effect. To the best knowledge of the Borrower and the General
Partner, no slogan or other advertising device, product, process, method, substance, part or other
material now employed, or now contemplated to be employed, by the Borrower or any Subsidiary
infringes upon any rights held by any other Person. No claim or litigation regarding any of the
foregoing is pending or, to the best knowledge of the Borrower and the General Partner, threatened,
which, either individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.

ARTICLE VI.

AFFIRMATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Term Loan or other Obligation
hereunder shall remain unpaid or unsatisfied:

6.01 Financial Statements. The Borrower shall deliver to the Administrative Agent, in form
and detail satisfactory to the Administrative Agent and the Required Lenders:

(a) as soon as available, but in any event within 100 days after the end of each fiscal
year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as
at the end of such fiscal year, and the related consolidated statements of income or
operations, partners’ equity and cash flows for such fiscal year, setting forth in each case
in comparative form the figures for the previous fiscal year, all in reasonable detail and
prepared in accordance with GAAP, audited and accompanied by (i) a report and opinion of a
Registered Public Accounting Firm of nationally recognized standing reasonably acceptable to
the Required Lenders, which report and opinion shall be prepared in accordance with
generally accepted auditing standards and shall not be subject to any “going concern” or
like qualification or exception or any qualification or exception as to the scope of such
audit and (ii) an attestation report of such Registered Public Accounting Firm as to the
Borrower’s internal controls pursuant to Section 404 of Sarbanes-Oxley; and

(b) as soon as available, but in any event within 45 days after the end of each of the
first three fiscal quarters of each fiscal year of the Borrower, a consolidated balance
sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the
related consolidated statements of income or operations, partners’ equity and cash flows for
such fiscal quarter and for the portion of the Borrower’s fiscal year then ended, setting
forth in each case in comparative form the figures for the corresponding fiscal quarter of
the previous fiscal year and the corresponding portion of the previous fiscal year, all in
reasonable detail and certified by a Responsible Officer of the General Partner as fairly
presenting the financial condition, results of operations, partners’ capital and cash flows
of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal
year-end audit adjustments and the absence of footnotes.

(c) as soon as available, but not later than 100 days after the end of each fiscal year
of the Borrower (commencing with the first fiscal year during all or any part of which the
Borrower had one or more Significant Subsidiaries), a copy of an unaudited consolidating
balance sheet of the Borrower and its Subsidiaries as at the end of such year and the
related consolidating statement of income, partners’ equity and cash flows for such year,
certified by a Responsible Officer of the General Partner as having been developed and used
in connection with the preparation of the financial statements referred to in
Section 6.01(a);

(d) as soon as available, but not later than 45 days after the end of each of the first
three fiscal quarters of each fiscal year of the Borrower (commencing with the first fiscal
quarter during all or any part of which the Borrower had one or more Significant
Subsidiaries), a copy of the unaudited consolidating balance sheets of the Borrower and its
Subsidiaries, and the related consolidating statements of income, partners’ equity and cash
flows for such quarter, all certified by a Responsible Officer of the General Partner as
having been developed and used in connection with the preparation of the financial
statements referred to in Section 6.01(b);

(e) as soon as available, but not later than 60 days after the end of each fiscal year
of the Borrower (commencing with the fiscal year ended July 31, 2007), projected
consolidated balance sheets of the Borrower and its Subsidiaries as at the end of each of
the current and following two fiscal years and related projected consolidated statements of
income, partners’ equity and cash flows for each such fiscal year, including therein a
budget for the current fiscal year, certified by a Responsible Officer of the General
Partner as having been developed and prepared by the Borrower in good faith and based upon
the Borrower’s best estimates and best available information;

(f) as soon as available, but not later than 100 days after the end of each fiscal year
of the General Partner (commencing with the fiscal year ended July 31, 2007, a copy of the
unaudited (or audited, if available) consolidated balance sheet of the General Partner as of
the end of such fiscal year and the related consolidated statements of income, partners’
capital and cash flows for such fiscal year, certified by a Responsible Officer of the
General Partner as fairly presenting, in accordance with GAAP, the financial position and
the results of operations of the General Partner and its Subsidiaries (or, if available,
accompanied by an opinion of independent public certified accountants as described in
Section 6.01(a)); and

(g) to the extent not contained in the reports, proxies and statements delivered
pursuant to Section 6.02(c), as soon as available, but not later than 45 days after the end
of each of the first three fiscal quarters of each fiscal year of the Borrower and, with
respect to the final fiscal quarter, concurrently with the financial statements referred to
in Section 6.01(a), a summary of the risk management trading activities, substantially in
the form as disclosed in the management’s discussion and analysis of financial condition and
results of operations section of the MLP’s form 10-K dated July 31, 2006, certified by a
Responsible Officer of the General Partner.

6.02 Certificates; Other Information. The Borrower shall deliver to the Administrative Agent, in
form and detail satisfactory to the Administrative Agent and the Required Lenders:

(a) concurrently with the delivery of the financial statements referred to in
Section 6.01(a), a certificate of its independent certified public accountants certifying
such financial statements;

(b) concurrently with the delivery of the financial statements referred to in
Sections 6.01(a) and (b), a duly completed Compliance Certificate signed by a Responsible
Officer of the General Partner;

(c) promptly after the same are available, copies of each annual report, proxy or
financial statement or other report or communication sent to the partners or stockholders of
the General Partner, the MLP, the Borrower or any Subsidiary, and copies of all annual,
regular, periodic and special reports and registration statements which such Person may file
or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, and not
otherwise required to be delivered to the Administrative Agent pursuant hereto; and

(d) promptly, such additional information regarding the business, financial or
corporate affairs of the General Partner, the MLP, the Borrower or any Subsidiary, or
compliance with the terms of the Loan Documents, as the Administrative Agent or any Lender
may from time to time reasonably request.

Documents required to be delivered pursuant to Section 6.01(a) or (b) or Section 6.02(d) (to
the extent any such documents are included in materials otherwise filed with the SEC) may be
delivered electronically and if so delivered, shall be deemed to have been delivered on the date
(i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s
website on the Internet at the website address listed on Schedule 10.02; or (ii) on which such
documents are posted on the Borrower’s behalf on IntraLinks/IntraAgency or another relevant
website, if any, to which each Lender and the Administrative Agent have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided that:
(i) upon request by the Administrative Agent or a Lender, the Borrower shall deliver paper copies
of such documents to the Administrative Agent until a written request to cease delivering paper
copies is given by the Administrative Agent or such Lender and (ii) the Borrower shall notify
(which may be by facsimile or electronic mail) the Administrative Agent and each Lender of the
posting of any such documents and provide to the Administrative Agent by electronic mail electronic
versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein,
in every instance the Borrower shall be required to provide paper copies of the Compliance
Certificates required by Section 6.02(b) to the Administrative Agent. Except for such Compliance
Certificates and delivery to the Administrative Agent or any requesting Lender of paper copies as
set forth in the proviso in the immediately preceding sentence, the Administrative Agent shall have
no obligation to request the delivery or to maintain copies of the documents referred to above, and
in any event shall have no responsibility to monitor compliance by the Borrower with any such
request for delivery, and each Lender shall be solely responsible for requesting delivery to it or
maintaining its copies of such documents.

The Borrower hereby acknowledges that (a) the Administrative Agent and/or the Arranger will
make available to the Lenders materials and/or information provided by or on behalf of the Borrower
hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on
IntraLinks or another similar electronic system (the “Platform”) and (b) certain of the
Lenders (each, a “Public Lender”) may have personnel who do not wish to receive material non-public
information with respect to the Borrower or its Affiliates, or the respective securities of any of
the foregoing, and who may be engaged in investment and other market-related activities with
respect to such Persons’ securities. The Borrower hereby agrees that so long as the Borrower is
the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a
private offering or is actively contemplating issuing any such securities (w) all Borrower
Materials that are to be made available to Public Lenders shall be clearly and conspicuously marked
“PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the
first page thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrower shall be deemed to
have authorized the Administrative Agent, the Arranger and the Lenders to treat such Borrower
Materials as not containing any material non-public information with respect to the Borrower or its
securities for purposes of United States Federal and state securities laws (provided, however, that
to the extent such Borrower Materials constitute Information, they shall be treated as set forth in
Section10.7); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available through
a portion of the Platform designated “Public Investor;” and (z) the Administrative Agent and the
Arranger shall be entitled to treat any Borrower Materials that are not marked “PUBLIC” as being
suitable only for posting on a portion of the Platform not designated “Public Investor.”

6.03 Notices. The Borrower shall promptly notify the Administrative Agent and each Lender:

(a) of the occurrence of any Default;

(b) of any matter that has resulted or could reasonably be expected to result in a
Material Adverse Effect;

(c) of the occurrence of any ERISA Event; and

(d) of any material change in accounting policies or financial reporting practices by
the Borrower or any Subsidiary.

Each notice pursuant to this Section shall be accompanied by a statement of a Responsible
Officer of the General Partner setting forth details of the occurrence referred to therein and
stating what action the Borrower has taken and proposes to take with respect thereto. Each notice
pursuant to Section 6.03(a) shall describe with particularity any and all provisions of this
Agreement and any other Loan Document that have been breached.

6.04 Preservation of Existence, Etc. The General Partner and the Borrower shall, and shall
cause each Restricted Subsidiary to, (a) preserve, renew and maintain in full force and effect its
legal existence and good standing under the Laws of the jurisdiction of its organization except in
a transaction permitted by Section 7.02 or 7.03; (b) take all reasonable action to maintain all
rights, privileges, permits, licenses and franchises necessary or desirable in the normal conduct
of its business, except to the extent that failure to do so could not reasonably be expected to
have a Material Adverse Effect; and (c) preserve or renew all of its registered patents,
trademarks, trade names and service marks, the non-preservation of which could reasonably be
expected to have a Material Adverse Effect.

6.05 Maintenance of Properties. The Borrower shall, and shall cause each Restricted Subsidiary to,
(a) maintain, preserve and protect all of its material properties and equipment necessary in the
operation of its business in good working order and condition, ordinary wear and tear excepted; (b)
make all necessary repairs thereto and renewals and replacements thereof except where the failure
to do so could not reasonably be expected to have a Material Adverse Effect; and (c) use the
standard of care typical in the industry in the operation and maintenance of its facilities.

6.06 Maintenance of Insurance. The Borrower shall, and shall cause each Restricted Subsidiary to,
maintain with financially sound and reputable insurance companies not Affiliates of the Borrower,
insurance with respect to its properties and business, against loss or damage of the kinds
customarily insured against Persons engaged in the same or similar business, of such types and in
such amounts as are customarily carried under similar circumstances by such other Persons.

6.07 Compliance with Laws. The Borrower shall comply and cause each Restricted Subsidiary to
comply in all material respects with the requirements of all Laws and all orders, writs,
injunctions and decrees applicable to it or to its business or property, except in such instances
in which (a) such requirement of Law or order, writ, injunction or decree is being contested in
good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith
could not reasonably be expected to have a Material Adverse Effect.

6.08 Books and Records. The Borrower shall maintain and cause each Subsidiary to maintain proper
books of record and account, in which full, true and correct entries in conformity with GAAP
consistently applied shall be made of all financial transactions and matters involving the assets
and business of the Borrower or such Subsidiary, as the case may be.

6.09 Inspection Rights. The Borrower shall permit and cause each Subsidiary to permit
representatives and independent contractors of the Administrative Agent or any Lender to visit and
inspect any of its properties, to examine its corporate, financial and operating records, to make
copies thereof or abstracts therefrom, and to discuss its affairs, finances and accounts with its
directors, officers, and independent public accountants, all at the expense of the Borrower and at
such reasonable times during normal business hours and as often as may be reasonably desired, upon
reasonable advance notice to the Borrower; provided, however, that when an Event of Default exists
the Administrative Agent or any Lender (or any of their respective representatives or independent
contractors) may do any of the foregoing at the expense of the Borrower at any time during normal
business hours and without advance notice.

6.10 Environmental Laws. The Borrower shall, and shall cause each Restricted Subsidiary to,
conduct its operations and keep and maintain its property in material compliance with all
Environmental Laws, except where failure to comply with such Environmental Laws could not
reasonably be expected to have a Material Adverse Effect.

6.11 Designations With Respect to Subsidiaries.

(a) Any newly acquired or formed Subsidiary shall be deemed a Restricted Subsidiary
unless designated by Borrower as an Unrestricted Subsidiary in accordance with the terms of
this Section 6.11. The Borrower may not acquire or form any such new Restricted Subsidiary
nor may it designate any Unrestricted Subsidiary as a Restricted Subsidiary unless each of
the following conditions are satisfied:

(i) immediately before and after giving effect to such acquisition or formation
of a Restricted Subsidiary, no Default or Event of Default shall exist and be
continuing;

(ii) after giving effect to such acquisition or formation of a Restricted
Subsidiary, the Borrower would be permitted to incur at least $1 of additional
Indebtedness in accordance with the provisions of Section 7.05; and

(iii) the Borrower shall otherwise be in compliance with Section 7.16.

(b) The Borrower may designate any Restricted Subsidiary or newly acquired or formed
Subsidiary as an Unrestricted Subsidiary, in each case subject to satisfaction of each of
the following conditions:

(i) immediately before and after giving effect to such designation, no Default
or Event of Default shall exist and be continuing;

(ii) after giving effect to such designation, the Borrower would be permitted
to incur at least $1 of additional Indebtedness in accordance with the provisions of
Section 7.05

(iii) (x) if such designation were deemed to constitute a sale by the Borrower
or any Restricted Subsidiary of all the assets of the Subsidiary so designated, such
sale would be in compliance with Section 7.02 and (y) if such designation (and all
other prior designations of Restricted Subsidiaries or newly acquired or formed
Subsidiaries as Unrestricted Subsidiaries) were deemed to constitute an Investment
by the Borrower or any Restricted Subsidiary in respect of all the assets of the
Subsidiary so designated, such investment would be a Permitted Investment, in each
case with the net proceeds of such sale or the amount of such Investment being
deemed to equal the net book value of such assets in the case of a Restricted
Subsidiary or the cost of acquisition or formation in the case of a newly acquired
or formed Subsidiary; and

(iv) in the case of a designation of a Restricted Subsidiary as an Unrestricted
Subsidiary, such Restricted Subsidiary shall not have been an Unrestricted
Subsidiary prior to being designated a Restricted Subsidiary.

(c) The Borrower shall deliver to the Administrative Agent and each Lender, within 20
Business Days after any such designation, a certificate of a Responsible Officer of Borrower
stating the effective date of such designation and stating that the foregoing conditions
have been satisfied. Such certificate shall be accompanied by a schedule setting forth in
reasonable detail the calculations demonstrating compliance with such conditions, where
appropriate.

(d) In the case of (i) the designation of any Unrestricted Subsidiary as a Restricted
Subsidiary or (ii) the acquisition or formation of a Restricted Subsidiary, such new
Restricted Subsidiary shall be deemed to have made or acquired all Investments owned by it
and incurred all Indebtedness and other obligations owing by it and all Liens to which it or
any of its properties are subject, on the date of such designation, acquisition, or
formation.

ARTICLE VII.

NEGATIVE COVENANTS

So long as any Lender shall have any Commitment hereunder, any Term Loan or other Obligation
hereunder shall remain unpaid or unsatisfied:

7.01 Liens. The Borrower shall not, nor shall it permit any Restricted Subsidiary to, directly or
indirectly, grant, create, incur, assume or suffer to exist any Lien upon any of its property,
assets or revenues, whether now owned or hereafter acquired, other than the following:

(a) Liens existing on the date hereof and listed on Schedule 7.01 and any renewals or
extensions thereof, provided that the property subject thereto is not increased and any
renewal or extension of the obligations secured or benefited thereby is permitted by Section
7.05(b);

(b) Liens to secure Indebtedness of a Restricted Subsidiary to the Borrower or a
Wholly-Owned Subsidiary;

(c) Liens on property of a Person existing at the time such Person is merged into or
consolidated with the Borrower or any Restricted Subsidiary, provided that such Liens were
in existence prior to the contemplation of such merger or consolidation and do not extend to
any assets other than those of the Person merged into or consolidated with the Borrower;

(d) Liens on property existing at the time acquired by the Borrower or any Restricted
Subsidiary, provided that such Liens were in existence prior to the contemplation of such
acquisition and do not extend to any assets other than the property acquired, and do not
secure any obligations other than those already secured prior to the contemplation of such
acquisition;

(e) Liens on any property acquired by the Borrower or any Restricted Subsidiary in
favor of the seller of such property and construction mortgages on property, in each case,
created within six months after the date of acquisition, construction or improvement of such
property by the Borrower or such Subsidiary to secure the purchase price or other obligation
of the Borrower or such Subsidiary to the seller of such property (but no other obligation)
or the construction or improvement cost of such property in an amount up to 80% of the total
cost of the acquisition, construction or improvement of such property or asset; provided
that in each case such Lien does not extend to any other property of the Borrower and its
Subsidiaries;

(f) Liens on cash collateral and deposits of cash or cash collateral made in connection
with workers’ compensation, unemployment insurance and other social security legislation
(other than any Lien imposed by ERISA) or made to secure the performance of bids, of trade
contracts, supply contracts and leases (other than Indebtedness or Commodity Swaps), of
statutory obligations, of surety bonds, appeal bonds, and performance bonds and of other
obligations of a like nature, in each case incurred in the ordinary course of business;

(g) Liens for taxes, assessments or governmental charges or claims that are not yet
delinquent or that are being contested in good faith and by appropriate proceedings promptly
instituted and diligently conducted, provided that any reserve or other appropriate
provisions as shall be required in conformity with GAAP shall have been made therefor;

(h) mechanics’, carriers’, warehousemen’s, materialmen’s, repairmen’s or other like
Liens arising in the ordinary course of business with respect to amounts not yet delinquent
or being contested in good faith by appropriate proceedings diligently conducted, provided
that any reserve or other appropriate provisions as shall be required in conformity with
GAAP shall have been made therefor;

(i) zoning restrictions, easements, rights-of-way, licenses, covenants, reservations,
and restrictions on the use of real property or minor irregularities of title incident
thereto that do not, in the aggregate, materially detract from the value of the property
subject thereto or materially impair the use of such property in the operation of the
business of the Borrower or any of its Subsidiaries;

(j) Liens of landlords or mortgages of landlords, arising solely by operation of law,
on fixtures and movable property located on premises leased by the Borrower or any of its
Subsidiaries in the ordinary course of business;

(k) Liens incurred and financing statements filed or recorded in each case with respect
to property leased by the Borrower and its Subsidiaries in the ordinary course of business
to the owners of such property which are either (i) operating leases (including, without
limitation, Synthetic Leases) or (ii) capital leases to the extent (but only to the extent)
permitted by Section 7.05; provided, that in each case such Lien does not extend to any
other property of the Borrower and its Subsidiaries;

(l) Judgment Liens to the extent that such judgments do not cause or constitute a
Default or an Event of Default;

(m) Liens incurred in the ordinary course of business of the Borrower or any Restricted
Subsidiary with respect to obligations that do not exceed $5,000,000 in the aggregate at any
one time outstanding and that (i) are not incurred in connection with Hedging Obligations or
Commodity Swaps, (ii) are not incurred in connection with the borrowing of money or the
obtaining of advances or credit (other than trade credit in the ordinary course of business)
and (iii) do not in the aggregate materially detract from the value of the property subject
thereto or materially impair the use thereof in the operation of business by the Borrower or
such Subsidiary;

(n) Liens on cash or cash collateral (in an aggregate amount not exceeding $10,000,000)
that are incurred in the ordinary course of business of the Borrower or any Restricted
Subsidiary to secure Hedging Obligations or Commodity Swaps;

(o) Liens securing Indebtedness incurred to refinance Indebtedness that has been
secured by a Lien otherwise permitted under this Agreement, provided that (i) any such Lien
shall not extend to cover any property not securing the Indebtedness so refinanced and (ii)
the refinancing Indebtedness secured by such Lien shall have been permitted to be incurred
under Section 7.05 and shall not have a principal amount in excess of the Indebtedness so
refinanced;

(p) Liens pursuant to any Loan Document; and

(q) Liens securing Indebtedness of an SPE in connection with an Accounts Receivable
Securitization permitted by Section 7.05 (including the filing of any related financing
statements naming the Borrower as the debtor thereunder in connection with the sale of
accounts receivable by the Borrower to such SPE in connection with any such permitted
Accounts Receivable Securitization); provided that the aggregate amount of accounts
receivable subject to all such Liens shall at no time exceed 133% of the amount of Accounts
Receivable Securitizations permitted to be outstanding under Section 7.05.

7.02 Asset Sales.

(a) The Borrower shall not, and shall not permit any of the Restricted Subsidiaries to:

(i) Dispose of any assets other than sales, licenses or leases of assets in the
ordinary course of business (provided that the Disposition of all or substantially
all of the assets of the Borrower shall be governed by the provisions of
Section 7.03 and not by provisions of this Section 7.02), or

(ii) issue or sell Equity Interests of any of its Subsidiaries,

in the case of either clause (i) or (ii) above, whether in a single transaction or a series of
related transactions, (A) that have a fair market value in excess of $10,000,000 (such amount, the
“Applicable Amount”), or (B) for net proceeds in excess of the Applicable Amount (each of
the foregoing, an “Asset Sale”), unless both of the following conditions are met:

(X) the Borrower (or the Restricted Subsidiary, as the case may be) receives consideration at
the time of such Asset Sale at least equal to the fair market value evidenced by a certificate
signed by a Responsible Officer of the General Partner and delivered to the Administrative Agent)
of the assets sold or otherwise disposed of, and

(Y) at least 75% of the consideration therefor received by the Borrower or such Subsidiary is
in the form of cash; provided, however, that the amount of (1) any liabilities (as shown on the
Borrower’s or such Subsidiary’s most recent balance sheet or in the notes thereto), of the Borrower
or any Subsidiary (other than liabilities that are by their terms subordinated in right of payment
to the Obligations) that are assumed by the transferee of any such assets and (2) any notes or
other obligations received by the Borrower or any such Subsidiary from such transferee that are
immediately converted by the Borrower or such Subsidiary into cash (to the extent of the cash
received), shall be deemed to be cash for purposes of this provision; and provided, further, that
the 75% limitation referred to in this clause (Y) shall not apply to any Asset Sale in which the
cash portion of the consideration received therefrom, determined in accordance with the foregoing
proviso, is equal to or greater than what the after-tax proceeds would have been had such Asset
Sale complied with the aforementioned 75% limitation.

(b) If the Borrower receives net proceeds exceeding $10,000,000 from one or more sales
of assets (other than sales described in Section 7.02(a)(i)) made in compliance with
subsection (a) in any fiscal year, then within 360 days after the date the aggregate amount
of such net proceeds exceeds $10,000,000, the Borrower shall apply such amounts in excess of
$10,000,000 (i) to the acquisition of substantially similar assets so disposed of or other
Permitted Acquisitions or other Reinvestments, or (ii) to the extent not applied pursuant to
the immediately preceding clause (i), to prepay the Term Loans or other pari passu senior
Indebtedness of Borrower (and, if the Indebtedness so prepaid might be reborrowed, the right
to reborrow shall be terminated).

(c) The provisions of the foregoing subsections (a) and (b), shall not apply to:

(i) sales or transfers of accounts receivable by the Borrower to an SPE and by
an SPE to any other Person in connection with any Accounts Receivable Securitization
permitted by Section 7.05 (provided that the aggregate amount of such accounts
receivable that shall have been transferred to and held by all SPEs at any time
shall not exceed 133% of the amount of Accounts Receivable Securitizations permitted
to be outstanding under Section 7.05),

(ii) any Disposition of assets by the Borrower or any of its Subsidiaries to
the Borrower or a Restricted Subsidiary,

(iii) any transfer of assets by the Borrower of any of its Subsidiaries to any
Person in exchange for other assets used in a line of business permitted under
Section 7.12 and having a fair market value not less than that of the assets so
transferred, or

(iv) any transfer of assets pursuant to a Permitted Investment or any
sale-leaseback (including sale-leasebacks involving Synthetic Leases) permitted by
Section 7.14.

7.03 Fundamental Changes.

(a) The Borrower shall not consolidate or merge with or into (whether or not the
Borrower is the surviving Person), or Dispose of all or substantially all of its properties
or assets in one or more related transactions, to another Person unless (i) the Borrower is
the surviving Person, or the Person formed by or surviving any such consolidation or merger
(if other than the Borrower) or to which such sale, assignment, transfer, lease, conveyance
or other disposition shall have been made is a corporation or partnership organized or
existing under the laws of the United States, any state thereof or the District of Columbia;
(ii) the Person formed by or surviving any such consolidation or merger (if other than the
Borrower) or Person to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made assumes all the Obligations of the Borrower pursuant to an
assumption agreement in a form reasonably satisfactory to the Administrative Agent, under
this Agreement; (iii) immediately after such transaction no Default or Event of Default
exists; and (iv) the Borrower or any Person formed by or surviving any such consolidation or
merger, or to which such sale, assignment, transfer, lease, conveyance or other disposition
shall have been made (A) shall have Consolidated Net Worth (immediately after the
transaction but prior to any purchase accounting adjustment resulting from the transaction)
equal to or greater than the Consolidated Net Worth of the Borrower immediately preceding
the transaction and (B) shall, at the time of such transaction and after giving effect
thereto, be permitted to incur at least $1.00 of additional Indebtedness without breaching
Section 7.05 and Section 7.17(a).

(b) The Borrower shall deliver to the Administrative Agent prior to the consummation of
the proposed transaction pursuant to the foregoing subsection (a) an officers’ certificate
to the foregoing effect signed by a Responsible Officer of the General Partner and an
opinion of counsel satisfactory to the Administrative Agent stating that the proposed
transaction complies with this Agreement. The Administrative Agent and the Lenders shall be
entitled to conclusively rely upon such officer’s certificate and opinion of counsel.

(c) Upon any consolidation or merger, or Disposition of all or substantially all of the
assets of the Borrower in accordance with this Section 7.03, the successor Person formed by
such consolidation or into or with which the Borrower is merged or to which such sale,
assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and
be substituted for (so that from and after the date of such consolidation, merger, or
Disposition, the provisions of this Agreement referring to the “Borrower” shall refer to or
include instead the successor Person and not the Borrower), and may exercise every right and
power of the Borrower under this Agreement with the same effect as if such successor Person
had been named as the Borrower in this Agreement; provided, however, that the predecessor
Borrower shall not be relieved from the obligation to pay the Obligations except in the case
of a sale of all of such Borrower’s assets that meets the requirements of this Section 7.03.

7.04 Acquisitions. Without limiting the generality of any other provision of this Agreement
neither the Borrower nor any Restricted Subsidiary shall consummate any Acquisition unless (i) the
primary purpose of such Acquisition is to expand or enhance the lines of business Borrower is
engaged in on the Closing Date); (ii) such Acquisition is undertaken in accordance with all
applicable Laws; (iii) the prior, effective written consent or approval to such Acquisition of the
board of directors or equivalent governing body of the acquiree is obtained; and (iv) no Default or
Event of Default will occur or be continuing and each of the representations and warranties of the
Borrower in this Agreement will be true on and as of the date of such Acquisition, both before and
after giving effect thereto. Any Acquisition permitted under the preceding sentence is herein
called a “Permitted Acquisition.” Nothing in this Section 7.04 shall prohibit (x) the
making by the Borrower of a Permitted Acquisition indirectly through the General Partner, the MLP
or any of its or their Affiliates in a series of substantially contemporaneous transactions in
which the Borrower or any Restricted Subsidiary (within the limits of Section 7.16) shall
ultimately own the assets that are the subject of such Permitted Acquisition or (y) the assumption
of Acquired Debt in connection therewith to the extent such Acquired Debt is (if not otherwise
permitted to be incurred by the Borrower pursuant to this Agreement) upon such assumption
immediately repaid (with the proceeds of Term Loans or otherwise).

7.05 Limitation on Indebtedness.

(a) The Borrower shall not and shall not permit any of the Restricted Subsidiaries to,
directly or indirectly, create, incur, issue, assume or otherwise become directly or
indirectly liable with respect to: (i) any Indebtedness (including Acquired Debt) other than
(A) Permitted Indebtedness (other than Indebtedness described in clause (B) below) and (B)
Indebtedness of the Borrower and its Subsidiaries through one or more SPEs in connection
with Accounts Receivable Securitizations, which Indebtedness is not prohibited by Section
7.05(c), or (ii) any Synthetic Leases, and the Borrower shall not issue any Disqualified
Interests and shall not permit any of the Restricted Subsidiaries to issue any shares of
preferred stock, unless the Leverage Ratio (both before and after giving pro forma effect
thereto) is equal to or less than 4.25 to 1.00.

(b) The aggregate principal amount of all Synthetic Lease Obligations of the Borrower
and the Restricted Subsidiaries and all Indebtedness for which the Borrower or any
Restricted Subsidiary of the Borrower is at any time liable which is secured by any Lien on
any property of the Borrower or any of the Restricted Subsidiaries (exclusive of Accounts
Receivable Securitizations allowed under subsection (c) of this Section), shall not exceed
$25,000,000 at any one time outstanding.

(c) The aggregate amount of Indebtedness of the Borrower and its Subsidiaries through
one or more SPEs in connection with Accounts Receivable Securitizations shall not exceed
$160,000,000 at any one time.

(d) Neither the Borrower nor any of the Restricted Subsidiaries shall be or become
liable with respect to any letters of credit other than letters of credit issued pursuant to
the Revolving Credit Agreement.

(e) All Indebtedness of the Borrower and its Restricted Subsidiaries that is
subordinated to the Obligations in right of payment must be subordinated on substantially
the terms and conditions set forth on Schedule 7.10.

(f) In determining compliance with the ratio set forth in clause (a) of this Section
7.05, (i) the Swap Termination Value of all Hedging Obligations as of the date of
calculation shall be included in the calculation of such ratio when testing for the
incurrence of any Indebtedness and (ii) any increase in the Swap Termination Value with
respect to any Hedging Obligations shall not be deemed to be a new “incurrence” requiring
the calculation of the ratio set forth in such clause (a).

7.06 Transactions with Affiliates. The Borrower shall not, and shall not permit any of the
Restricted Subsidiaries to, Dispose of any of its properties or assets to, or purchase any property
or assets from, or enter into any contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any of its or their Affiliates, including any Non-Recourse Subsidiary
(each of the foregoing, an “Affiliate Transaction”), unless

(a) such Affiliate Transaction is on terms that are no less favorable to the Borrower
or the relevant Restricted Subsidiary than those that would have been obtained in a
comparable transaction by the Borrower or such Restricted Subsidiary with an unrelated
Person, and

(b) with respect to (i) any Affiliate Transaction with an aggregate value in excess of
$500,000, a majority of the directors of the General Partner having no direct or indirect
economic interest in such Affiliate Transaction determines by resolution that such Affiliate
Transaction complies with clause (a) above and approves such Affiliate Transaction, and
(ii) concurrently with any Affiliate Transaction involving the purchase or other acquisition
or Disposition of properties or assets other than in the ordinary course of business, in
each case, having a fair market value or for net proceeds in excess of $15,000,000, the
Borrower delivers to the Administrative Agent a certificate of the chief financial officer
or other Responsible Officer certifying that such Affiliate Transaction is on terms that are
no less favorable to the Borrower or the relevant Restricted Subsidiary than those that
would have been obtained in a comparable transaction by the Borrower or such Restricted
Subsidiary with an unrelated Person;

provided, however, that (i) any employment agreement or stock option agreement entered into by
the Borrower or any of the Restricted Subsidiaries in the ordinary course of business and
consistent with the past practice of the Borrower (or the General Partner) or such Restricted
Subsidiary, Restricted Payments permitted by the provisions of Section 7.09, and transactions
entered into by the Borrower in the ordinary course of business in connection with reinsuring the
self-insurance programs or other similar forms of retained insurable risks of the retail propane
businesses operated by the Borrower, the Restricted Subsidiaries and its Affiliates, in each case,
shall not be deemed Affiliate Transactions, and (ii) nothing in this Agreement shall authorize the
payments by the Borrower to the General Partner or any other Affiliate of the Borrower for
administrative expenses incurred by such Person other than such out-of-pocket administrative
expenses as such Person shall incur and the Borrower shall pay in the ordinary course of business;
and provided further, that the foregoing provisions of this Section 7.06 shall not apply to
transfers of accounts receivable of the Borrower to an SPE in connection with any Accounts
Receivable Securitization permitted by Section 7.05.

7.07 Use of Proceeds.

(a) The Borrower shall not use the proceeds of any Credit Extension, whether directly
or indirectly, and whether immediately, incidentally or ultimately, to purchase or carry
margin stock (within the meaning of Regulation U of the FRB) or to extend credit to others
for the purpose of purchasing or carrying margin stock or to refund indebtedness originally
incurred for such purpose; provided that the Borrower may use the proceeds of a Credit
Extension to purchase or carry margin stock, so long as the purchase is made in compliance
with Regulation U and Regulation X of the FRB and the Borrower has delivered to the
Administrative Agent all forms, if any, required to be filed under such regulations.

(b) The Borrower shall not use the proceeds of any Credit Extension, whether directly
or indirectly, and whether immediately, incidentally or ultimately, to acquire any security
in any transaction that is subject to Section 13 or 14 of the Exchange Act.

7.08 Use of Proceeds – Ineligible Securities. The Borrower shall not, directly or indirectly, use
any portion of the Term Loan proceeds (i) knowingly to purchase Ineligible Securities from the
Arranger during any period in which the Arranger makes a market in such Ineligible Securities, (ii)
knowingly to purchase during the underwriting or placement period Ineligible Securities being
underwritten or privately placed by the Arranger, or (iii) to make payments of principal or
interest on Ineligible Securities underwritten or privately placed by the Arranger and issued by or
for the benefit of the Borrower or any Affiliate of the Borrower.

7.09 Restricted Payments.

(a) The Borrower shall not and shall not permit any of the Restricted Subsidiaries to
declare or make, directly or indirectly, any Restricted Payment, or incur any obligation
(contingent or otherwise) to do so, except that:

(i) the Borrower and each Restricted Subsidiary may declare and pay dividends
or other distributions payable solely in the common partnership interests, common
stock, or other common equity interests of the Borrower or such Restricted
Subsidiary, provided that Borrower’s interest in such Restricted Subsidiary is not
diminished thereby (other than Disqualified Interests);

(ii) each Subsidiary may make Restricted Payments to the Borrower and to
wholly-owned Restricted Subsidiaries (and, in the case of a Restricted Payment by a
non-wholly-owned Subsidiary, to the Borrower and any such Subsidiary and also to
each other owner of capital stock or other Equity Interests of the payor Subsidiary
on a pro rata basis based on their relative ownership interests);

(iii) the Borrower and each Restricted Subsidiary may purchase, redeem or
otherwise acquire shares of its common stock or other common equity interests or
warrants or options to acquire any such shares with the proceeds received from the
substantially concurrent issue of new shares of its common stock or other common
equity interests (other than Disqualified Interests); and

(iv) the Borrower and each Restricted Subsidiary may declare and make
Restricted Payments in addition to those listed above if, both before and after the
declaration and the making thereof, all of the following conditions are satisfied:

(A) The representations and warranties of the Borrower and the General
Partner contained in Article V or any other Loan Document, or which are
contained in any document furnished at any time under or in connection
herewith or therewith, shall be true and correct in all material respects on
and as of the date of such Restricted Payment, except to the extent that
such representations and warranties specifically refer to an earlier date,
in which case they shall be true and correct in all material respects as of
such earlier date, and except that for purposes of this Section 7.09, the
representations and warranties contained in subsections (a) and (b) of
Section 5.05 shall be deemed to refer to the most recent statements
furnished pursuant to clauses (a) and (b), respectively, of Section 6.01.

(B) No Default shall exist, and no Default would result from such
proposed Restricted Payments;

(C) the Fixed Charge Coverage Ratio for the Borrower’s most recently
ended four full fiscal quarters for which quarterly or annual financial
statements are available immediately preceding the date on which such
Restricted Payment is made, calculated on a pro forma basis as if such
Restricted Payment had been made at the beginning of such four-quarter
period, would have been more than 2.25 to 1.00 for each such period; and

(D) such Restricted Payment, together with the aggregate of all other
Restricted Payments (other than Restricted Payments permitted by the
provisions of subsections (a)(i), (ii) or (iii) above) made by the Borrower
and its Subsidiaries in the fiscal quarter during which such Restricted
Payment is made, shall not exceed an amount equal to (x) Available Cash of
the Borrower for the immediately preceding fiscal quarter plus (y) the
lesser of (i) the amount of any Available Cash of the Borrower accrued
during the first 45 days of such fiscal quarter and (ii) the excess of the
aggregate amount of Term Loans and the Loans (as defined in the Revolving
Credit Agreement) that the Borrower could have borrowed over the actual
amount of Term Loans and the Loans (as defined in the Revolving Credit
Agreement) outstanding, in each case as of the last day of the immediately
preceding fiscal quarter.

For the purposes of this subsection (a), the amount of any Restricted Payment, if made other
than in cash, shall be determined by the Board of Directors, whose determination shall be
conclusive and evidenced by a resolution in an officer’s certificate signed by a Responsible
Officer of Borrower and delivered to the Administrative Agent, and the calculation of Consolidated
Cash Flow shall give pro forma effect to Acquisitions (including all mergers and consolidations),
Asset Sales and other dispositions and discontinuances of businesses or assets that have been made
by such Person or any of the Restricted Subsidiaries during the reference period or subsequent to
such reference period and on or prior to the date of calculation of Consolidated Cash Flow assuming
that all such Acquisitions, Asset Sales and other dispositions and discontinuances of businesses or
assets had occurred on the first day of the reference period.

(b) The foregoing subsection (a) will not prohibit (i) the payment of any Restricted
Payment within 60 days after the date on which the Borrower declares or otherwise becomes
committed to make such Restricted Payment, if such declaration or commitment is allowed
under subsection (a) at the time it is made or (ii) the refinancing of the 1998 Fixed Rate
Senior Notes or the 2000 Fixed Rate Senior Notes provided that (w) no Default or Event of
Default shall exist after giving effect to such refinancing, (y) the interest rate and
financing costs of such new debt (the “New Debt”) are on market terms at the time the New
Debt is arranged for, (x) no principal payments or sinking fund payments are required on the
New Debt until at least one year after the Maturity Date, and both the maturity and the
Weighted Average Life to Maturity of the New Debt are longer than the maturity and the
Weighted Average Life to Maturity of the notes being refinanced, and (z) the terms of the
New Debt, taken as a whole, are otherwise no more onerous to the Borrower and its Restricted
Subsidiaries than the terms of this Agreement.

(c) Not later than the date on which any Restricted Payment is made, the General
Partner shall deliver to the Administrative Agent an officer’s certificate signed by a
Responsible Officer of Borrower stating that such Restricted Payment is permitted and
setting forth the basis upon which the calculations required by this Section 7.09 were
computed, which calculations may be based upon the Borrower’s latest available financial
statements.

7.10 Prepayment of Subordinated Indebtedness. The Borrower shall not, and shall not permit any of
the Restricted Subsidiaries to, (a) purchase, redeem, retire or otherwise acquire for value, or set
apart any money for a sinking, defeasance or other analogous fund for the purchase, redemption,
retirement or other acquisition of, or make any payment or prepayment of the principal of or
interest on, or any other amount owing in respect of, any Indebtedness that is subordinated to the
Obligations, except for regularly scheduled payments of interest in respect of such Indebtedness
required pursuant to the instruments evidencing such Indebtedness that are not made in
contravention of the terms and conditions of subordination set forth on Schedule 7.10 or
(b) directly or indirectly, make any payment in respect of, or set apart any money for a sinking,
defeasance or other analogous fund on account of, Guarantees subordinated to the Obligations. The
foregoing provisions will not prohibit the defeasance, redemption or repurchase of subordinated
Indebtedness with the proceeds of Permitted Refinancing Indebtedness.

7.11 Dividend and Other Payment Restrictions Affecting Subsidiaries. The Borrower shall not, and
shall not permit any of the Restricted Subsidiaries to, directly or indirectly, create or otherwise
cause or suffer to exist or become effective any encumbrance or restriction on the ability of any
Restricted Subsidiary to (a) pay dividends or make any other distributions to the Borrower or any
of the Restricted Subsidiaries (1) on its Capital Interests or (2) with respect to any other
interest or participation in, or interest measured by, its profits, (b) pay any indebtedness or
other obligations owed to the Borrower or any of the Restricted Subsidiaries, (c) make loans or
advances to the Borrower or any of the Restricted Subsidiaries or (d) transfer any of its
properties or assets to the Borrower or any of the Restricted Subsidiaries, except for such
encumbrances or restrictions existing under or by reason of (i) Existing Indebtedness, (ii) this
Agreement, the Revolving Credit Agreement, the 2002 MLP Notes, the 2002 MLP Indenture the 1998 Note
Purchase Agreement, the 1998 Fixed Rate Senior Notes, the 2000 Note Purchase Agreement and the 2000
Fixed Rate Senior Notes, (iii) applicable Laws, (iv) any instrument governing Indebtedness or
Capital Interests of a Person acquired by the Borrower or any of the Restricted Subsidiaries as in
effect at the time of such Acquisition (except to the extent such Indebtedness was incurred in
connection with or in contemplation of such Acquisition), which encumbrance or restriction is not
applicable to any Person, or the properties or assets of any Person, other than the Person, or the
property or assets of the Person, so acquired, provided that the Consolidated Cash Flow of such
Person – to the extent that dividends, distributions, loans, advances or transfers thereof are
limited by such encumbrance or restriction on the date of acquisition – is not taken into account
in determining whether such acquisition was permitted by the terms of this Agreement, (v) customary
non-assignment provisions in leases entered into in the ordinary course of business and consistent
with past practices, (vi) purchase money obligations for property acquired in the ordinary course
of business that impose restrictions of the nature described in clause (d) above on the property so
acquired, (vii) Permitted Refinancing Indebtedness of any Existing Indebtedness, provided that the
restrictions contained in the agreements governing such Permitted Refinancing Indebtedness are no
more restrictive than those contained in the agreements governing the Indebtedness being refinanced
or (viii) other Indebtedness permitted to be incurred subsequent to the Closing Date pursuant to
the provisions of Section 7.05, provided that such restrictions are no more restrictive than those
contained in this Agreement.

7.12 Change in Business. The Borrower shall not, and shall not suffer or permit any Restricted
Subsidiary to, engage in any material line of business substantially different from those lines of
business carried on by the Borrower and the Restricted Subsidiaries on the date of this Agreement.

7.13 Accounting Changes. The Borrower shall not, and shall not suffer or permit any Restricted
Subsidiary to, make any significant change in accounting treatment or reporting practices, except
as required by GAAP, or change the fiscal year of the Borrower or of any Restricted Subsidiary
except as required by the Code.

7.14 Limitation on Sale and Leaseback Transactions. The Borrower will not, and will not
permit any of the Restricted Subsidiaries to, enter into any arrangement with any Person providing
for the leasing by the Borrower or such Restricted Subsidiary of any property that has been or is
to be sold or transferred by the Borrower or such Restricted Subsidiary to such Person in
contemplation of such leasing; provided, however, that the Borrower or such Restricted Subsidiary
may enter into such sale and leaseback transaction if either: (i) the Borrower could have (A)
incurred Indebtedness in an amount equal to the Attributable Indebtedness relating to such sale and
leaseback transaction in compliance with Section 7.5 and Section 7.17(a) and also (B) granted a
Lien to secure such Indebtedness pursuant to Section 7.01; or (ii) the lease in such sale and
leaseback transaction is for a term not in excess of the lesser of (A) three years and (B) 60% of
the remaining useful life of such property.

7.15 Amendments of Organization Documents or Certain Debt Agreements. The Borrower shall not
modify, amend, supplement or replace, nor permit any modification, amendment, supplement or
replacement of, the Organization Documents of the General Partner, the Borrower or any Subsidiary
of the Borrower, the 2002 MLP Notes, the 2002 MLP Indenture, the 1998 Fixed Rate Senior Notes, the
1998 Note Purchase Agreement, the 2000 Fixed Rate Senior Notes or the 2000 Note Purchase Agreement
or any document executed and delivered in connection with any of the foregoing, in any respect that
would adversely affect the Lenders or the Borrower’s ability to perform the Obligations, without
the prior written consent of the Administrative Agent and the Required Lenders. Furthermore, the
Borrower shall not permit any modification, amendment, supplement or replacement of the
Organization Documents of the MLP that would have a material effect on the Borrower without the
prior written consent of the Administrative Agent and the Required Lenders.

7.16 Operations through Restricted Subsidiaries. The Borrower shall not conduct any of its
operations through any Restricted Subsidiary unless:

(a) such Restricted Subsidiary does not incur or allow to be outstanding any
Indebtedness other than (i) Indebtedness owed to the Borrower or any other Restricted
Subsidiary, (ii) Acquired Debt otherwise permitted by this Agreement, (iii) trade debt (to
the extent, if any, such trade debt is Indebtedness), (iv) Indebtedness owed by such
Restricted Subsidiary in connection with the Revolving Credit Agreement, and (v)
Indebtedness not described in the immediately preceding clauses (i) through (iii) in an
amount not to exceed $25,000,000;

(b) the Consolidated Cash Flow of such Restricted Subsidiary and all other Restricted
Subsidiaries for any fiscal year (but including only that portion of the Consolidated Cash
Flow derived from the Restricted Subsidiaries acquired in connection with the Blue Rhino
Acquisition that is greater than $5,000,000 per fiscal year) shall not exceed 20% of the
Consolidated Cash Flow of the Borrower and the Restricted Subsidiaries for such fiscal year;

(c) the value of the assets of such Restricted Subsidiary and all other Restricted
Subsidiaries for any fiscal year (but including only that portion of the book value of the
assets of the Restricted Subsidiaries acquired in connection with the Blue Rhino Acquisition
that is greater than $50,000,000) shall not exceed 20% of the consolidated value of the
assets of the Borrower and the Restricted Subsidiaries for such fiscal year, as determined
in accordance with GAAP;

(d) such Restricted Subsidiary is organized under the laws of (i) the United States or
any State thereof, (ii) the Republic of Mexico or a political subdivision thereof, (iii) the
Commonwealth of Puerto Rico, (iv) the U.S. Virgin Islands, or (v) Canada or a political
subdivision thereof; and

(e) such Restricted Subsidiary maintains substantially all of its assets and conducts
substantially all of its business within the United States; provided that Restricted
Subsidiaries organized under the laws of (i) the Republic of Mexico or a political
subdivision thereof, (ii) the Commonwealth of Puerto Rico, (iii) the U.S. Virgin Islands, or
(iv) Canada or a political subdivision thereof may maintain assets and conduct business in
its respective jurisdiction of organization.

The Borrower shall not conduct any of its operations through, and shall not establish, create
or otherwise invest in, any Unrestricted Subsidiary unless the same shall be a Permitted
Investment.

7.17 Financial Covenants.

(a) Leverage Ratio. The Borrower shall not permit the Leverage Ratio to be
more than 4.50 to 1.00 as of the last day of any fiscal quarter.

(b) Interest Coverage Ratio. The Borrower shall not permit the Interest
Coverage Ratio to be less than 2.50 to 1.00 as of the last day of any fiscal quarter.

ARTICLE VIII.

EVENTS OF DEFAULT AND REMEDIES

8.01 Events of Default. Any of the following shall constitute an Event of Default:

(a) Non-Payment. The Borrower or any other Loan Party fails to pay (i) when
and as required to be paid herein, any amount of principal of any Term Loan, or (ii) within
five days after the same becomes due, any interest on any Term Loan or any fee or any other
amount due hereunder or under any other Loan Document; or

(b) Specific Covenants. The Borrower fails to perform or observe any term,
covenant or agreement contained in Sections 6.03 (other than subsection (d) thereof), 6.09
or Article VII; or

(c) Other Defaults. Any Loan Party fails to perform or observe any other
covenant or agreement (not specified in subsection (a) or (b) above) contained in any Loan
Document on its part to be performed or observed and such failure continues for a period of
30 days after the earlier of (i) the date upon which a Responsible Officer of Borrower or
such other Loan Party knew or reasonably should have known of such failure or (ii) the date
upon which written notice thereof is given to Borrower by the Administrative Agent or any
Lender; or

(d) Representations and Warranties. Any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of the Borrower or
any other Loan Party herein, in any other Loan Document, or in any document delivered in
connection herewith or therewith shall be incorrect in any material respect when made or
deemed made; or

(e) Cross-Default. (i) The Borrower, the General Partner, or any Restricted
Subsidiary (A) fails to make any payment when due (whether by scheduled maturity, required
prepayment, acceleration, demand, or otherwise, but after giving effect to any applicable
grace periods) in respect of any Indebtedness, Synthetic Lease Obligation, or Contingent
Obligation (other than Indebtedness hereunder and Indebtedness under any Swap Contract or
any Commodity Swaps) having an aggregate principal amount (including undrawn committed or
available amounts and including amounts owing to all creditors under any combined or
syndicated credit arrangement) of more than the Threshold Amount, or (B) fails to observe or
perform any other agreement or condition relating to any such Indebtedness, Synthetic Lease
Obligation, or Contingent Obligation or contained in any document evidencing, securing or
relating thereto (in each case, after giving effect to any applicable grace periods), or any
other event occurs, the effect of which default or other event is to cause, or to permit the
holder or holders or the beneficiary or beneficiaries of such Indebtedness, Synthetic Lease
Obligation, or Contingent Obligation (or a trustee or agent on behalf of such holder or
holders or beneficiary or beneficiaries) to cause, with the giving of notice if required,
such Indebtedness, Synthetic Lease Obligation, or Contingent Obligation to be demanded or to
become due or to be repurchased, prepaid, defeased or redeemed (automatically or otherwise),
or an offer to repurchase, prepay, defease or redeem such Indebtedness, Synthetic Lease
Obligation, or Contingent Obligation to be made or required, prior to its stated maturity,
or cash collateral in respect thereof to be demanded or required; or (ii) there occurs under
any Swap Contract or any Commodity Swap an Early Termination Date (as defined in such Swap
Contract or Commodity Swap) resulting from (A) any event of default under such Swap Contract
or Commodity Swap as to which the Borrower or any Restricted Subsidiary is the Defaulting
Party (as defined in such Swap Contract or Commodity Swap) or (B) any Termination Event (as
so defined) under such Swap Contract or Commodity Swap as to which the Borrower or any
Restricted Subsidiary is an Affected Party (as so defined) and, in either event, the Swap
Termination Value owed by the Borrower or such Restricted Subsidiary as a result thereof is
greater than the Threshold Amount; or

(f) Insolvency Proceedings, Etc. The Borrower, the General Partner, the MLP or
any Restricted Subsidiary institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or applies for
or consents to the appointment of any receiver, trustee, custodian, conservator, liquidator,
rehabilitator or similar officer for it or for all or any material part of its property; or
any receiver, trustee, custodian, conservator, liquidator, rehabilitator or similar officer
is appointed without the application or consent of such Person and the appointment continues
undischarged or unstayed for 60 calendar days; or any proceeding under any Debtor Relief Law
relating to any such Person or to all or any material part of its property is instituted
without the consent of such Person and continues undismissed or unstayed for 60 calendar
days, or an order for relief is entered in any such proceeding; or

(g) Inability to Pay Debts; Attachment. (i) The Borrower, the General Partner,
the MLP or any Restricted Subsidiary becomes unable or admits in writing its inability or
fails generally to pay its debts as they become due, or (ii) any writ or warrant of
attachment or execution or similar process is issued or levied against all or any material
part of the property of any such Person and is not released, vacated or fully bonded within
30 days after its issue or levy; or

(h) Judgments. There is entered against the Borrower, the General Partner, or
any Restricted Subsidiary (i) a final judgment or order for the payment of money in an
aggregate amount exceeding the Threshold Amount (to the extent not covered by independent
third-party insurance as to which the insurer does not dispute coverage), or (ii) any one or
more non-monetary final judgments that have, or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect and, in either case, (A)
enforcement proceedings are commenced by any creditor upon such judgment or order, or (B)
there is a period of 30 consecutive days during which a stay of enforcement of such
judgment, by reason of a pending appeal or otherwise, is not in effect; or

(i) ERISA. (i) An ERISA Event occurs with respect to a Pension Plan or
Multiemployer Plan which has resulted or could reasonably be expected to result in liability
of any Loan Party under Title IV of ERISA to any Pension Plan, any Multiemployer Plan or the
PBGC in an aggregate amount in excess of the Threshold Amount, or (ii) any Loan Party or any
ERISA Affiliate fails to pay when due, after the expiration of any applicable grace period,
any installment payment with respect to its withdrawal liability under Section 4201 of ERISA
under a Multiemployer Plan in an aggregate amount in excess of the Threshold Amount; or

(j) Invalidity of Loan Documents. Any Loan Document, at any time after its
execution and delivery and for any reason other than as expressly permitted hereunder or
satisfaction in full of all the Obligations, ceases to be in full force and effect; or any
Loan Party or any other Person contests in any manner the validity or enforceability of any
Loan Document; or any Loan Party denies that it has any or further liability or obligation
under any Loan Document, or purports to revoke, terminate or rescind any Loan Document; or

(k) Adverse Change. There occurs a Material Adverse Effect; or

(l) Certain Indenture Defaults, Etc. To the extent not otherwise within the
scope of Section 8.01(e) above, (i) any “Event of Default” shall occur and be continuing
under and as defined in the 1998 Note Purchase Agreement or the 2000 Note Purchase Agreement
or (ii) any of the following shall occur under or with respect to any Indebtedness
guaranteed by the Borrower or its Subsidiaries (collectively, the “Guaranteed
Indebtedness”): (A) any demand for payment shall be made under any such Guaranty
Obligation with respect to the Guaranteed Indebtedness or (B) so long as any such Guaranty
Obligation shall be in effect (x) the Borrower or any such Subsidiary shall fail to pay
principal of or premium, if any, or interest on such Guaranteed Indebtedness after the
expiration of any applicable notice or cure periods or (y) any “event of default” (however
defined) shall occur and be continuing under such Guaranteed Indebtedness which results in
the acceleration of such Guaranteed Indebtedness.

8.02 Remedies Upon Event of Default. If any Event of Default occurs and is continuing, the
Administrative Agent shall, at the request of, or may, with the consent of, the Required Lenders,
take any or all of the following actions:

(a) declare the commitment of each Lender to make Term Loans to be terminated,
whereupon such commitments and obligation shall be terminated;

(b) declare the unpaid principal amount of all outstanding Loans, all interest accrued
and unpaid thereon, and all other amounts owing or payable hereunder or under any other Loan
Document to be immediately due and payable, without presentment, demand, protest or other
notice of any kind, all of which are hereby expressly waived by the Borrower;

(c) exercise on behalf of itself and the Lenders all rights and remedies available to
it and the Lenders under the Loan Documents or applicable Laws;

provided, however, that upon the occurrence of an actual or deemed entry of an order for
relief with respect to the Borrower under the Bankruptcy Code of the United States, the obligation
of each Lender to make Term Loans shall automatically terminate, the unpaid principal amount of all
outstanding Term Loans and all interest and other amounts as aforesaid shall automatically become
due and payable, in each case without further act of the Administrative Agent or any Lender.

8.03 Application of Funds. After the exercise of any remedy provided for in Section 8.02 (or after
the Term Loans have automatically become immediately due and payable), any amounts received on
account of the Obligations shall be applied by the Administrative Agent in the following order:

First, to payment of that portion of the Obligations constituting fees, indemnities,
expenses and other amounts (including Attorney Costs and amounts payable under Article III) payable
to the Administrative Agent in its capacity as such;

Second, to payment of that portion of the Obligations constituting fees, indemnities
and other amounts (other than principal and interest) payable to the Lenders (including Attorney
Costs and amounts payable under Article III), ratably among them in proportion to the amounts
described in this clause Second payable to them;

Third, to payment of that portion of the Obligations constituting accrued and unpaid
interest on the Term Loans, ratably among the Lenders in proportion to the respective amounts
described in this clause Third payable to them;

Fourth, to payment of that portion of the Obligations constituting unpaid principal of
the Term Loans, ratably among the Lenders in proportion to the respective amounts described in this
clause Fourth held by them; and

Last, the balance, if any, after all of the Obligations have been indefeasibly paid in
full, to the Borrower or as otherwise required by Law.

ARTICLE IX.

ADMINISTRATIVE AGENT

9.01 Appointment and Authorization of Administrative Agent. Each of the Lenders hereby irrevocably
appoints Bank of America to act on its behalf as the Administrative Agent hereunder and under the
other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and
to exercise such powers as are delegated to the Administrative Agent by the terms hereof or
thereof, together with such actions and powers as are reasonably incidental thereto. The
provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders,
and the Borrower shall not have rights as a third party beneficiary of any of such provisions.

9.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the
same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as
though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless
otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates
may accept deposits from, lend money to, act as the financial advisor or in any other advisory
capacity for and generally engage in any kind of business with the Borrower or any Subsidiary or
other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without
any duty to account therefor to the Lenders.

9.03 Exculpatory Provisions. The Administrative Agent shall not have any duties or obligations
except those expressly set forth herein and in the other Loan Documents. Without limiting the
generality of the foregoing, the Administrative Agent:

(a) shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing;

(b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby
or by the other Loan Documents that the Administrative Agent is required to exercise as
directed in writing by the Required Lenders (or such other number or percentage of the
Lenders as shall be expressly provided for herein or in the other Loan Documents),
provided that the Administrative Agent shall not be required to take any action
that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law; and

(c) shall not, except as expressly set forth herein and in the other Loan Documents,
have any duty to disclose, and shall not be liable for the failure to disclose, any
information relating to the Borrower or any of its Affiliates that is communicated to or
obtained by the Person serving as the Administrative Agent or any of its Affiliates in any
capacity.

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with
the consent or at the request of the Required Lenders (or such other number or percentage of the
Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be
necessary, under the circumstances as provided in Sections 10.01 and 8.02 or (ii) in the absence of
its own gross negligence or willful misconduct. The Administrative Agent shall be deemed not to
have knowledge of any Default unless and until notice describing such Default is given to the
Administrative Agent by the Borrower or a Lender.

The Administrative Agent shall not be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty or representation made in or in connection with this Agreement or
any other Loan Document, (ii) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the
occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document or any other agreement, instrument or document or (v) the
satisfaction of any condition set forth in Article IV or elsewhere herein, other than to confirm
receipt of items expressly required to be delivered to the Administrative Agent.

9.04 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon,
and shall not incur any liability for relying upon, any notice, request, certificate, consent,
statement, instrument, document or other writing (including any electronic message, Internet or
intranet website posting or other distribution) believed by it to be genuine and to have been
signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may
rely upon any statement made to it orally or by telephone and believed by it to have been made by
the proper Person, and shall not incur any liability for relying thereon. In determining
compliance with any condition hereunder to the making of a Term Loan that by its terms must be
fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition
is satisfactory to such Lender unless the Administrative Agent shall have received notice to the
contrary from such Lender prior to the making of such Term Loan. The Administrative Agent may
consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in
accordance with the advice of any such counsel, accountants or experts.

9.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and
exercise its rights and powers hereunder or under any other Loan Document by or through any one or
more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through
their respective Related Parties. The exculpatory provisions of this Article shall apply to any
such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit
facilities provided for herein as well as activities as Administrative Agent.

9.06 Reserved.

9.07 Resignation of Administrative Agent. The Administrative Agent may at any time give notice of
its resignation to the Lenders and the Borrower. Upon receipt of any such notice of resignation,
the Required Lenders shall have the right, in consultation with the Borrower, to appoint a
successor, which shall be a bank with an office in the United States, or an Affiliate of any such
bank with an office in the United States. If no such successor shall have been so appointed by the
Required Lenders and shall have accepted such appointment within 30 days after the retiring
Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on
behalf of the Lenders, appoint a successor Administrative Agent meeting the qualifications set
forth above; provided that if the Administrative Agent shall notify the Borrower and the
Lenders that no qualifying Person has accepted such appointment, then such resignation shall
nonetheless become effective in accordance with such notice and (1) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder and under the other Loan
Documents (except that in the case of any collateral security held by the Administrative Agent on
behalf of the Lenders under any of the Loan Documents, the retiring Administrative Agent shall
continue to hold such collateral security until such time as a successor Administrative Agent is
appointed) and (2) all payments, communications and determinations provided to be made by, to or
through the Administrative Agent shall instead be made by or to each Lender directly, until such
time as the Required Lenders appoint a successor Administrative Agent as provided for above in this
Section. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such
successor shall succeed to and become vested with all of the rights, powers, privileges and duties
of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be
discharged from all of its duties and obligations hereunder or under the other Loan Documents (if
not already discharged therefrom as provided above in this Section). The fees payable by the
Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor
unless otherwise agreed between the Borrower and such successor. After the retiring Administrative
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Article
and Section 10.04 shall continue in effect for the benefit of such retiring Administrative Agent,
its sub-agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while the retiring Administrative Agent was acting as Administrative Agent.

9.08 Non-Reliance on Administrative Agent and Other Lenders. Each Lender acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender or any of
their Related Parties and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Agreement. Each Lender also
acknowledges that it will, independently and without reliance upon the Administrative Agent or any
other Lender or any of their Related Parties and based on such documents and information as it
shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or any related agreement
or any document furnished hereunder or thereunder.

9.09 No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the
Bookrunners, Documentation Agents or Syndication Agents listed on the cover page hereof shall have
any powers, duties or responsibilities under this Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as the Administrative Agent or a Lender hereunder.

9.10 Administrative Agent May File Proofs of Claim. In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to any Loan Party, the Administrative Agent (irrespective of whether
the principal of any Term Loan shall then be due and payable as herein expressed or by declaration
or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the
Borrower) shall be entitled and empowered, by intervention in such proceeding or otherwise

(a) to file and prove a claim for the whole amount of the principal and interest owing
and unpaid in respect of the Term Loans and all other Obligations that are owing and unpaid
and to file such other documents as may be necessary or advisable in order to have the
claims of the Lenders and the Administrative Agent (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Lenders and the Administrative
Agent and their respective agents and counsel and all other amounts due the Lenders and the
Administrative Agent under 2.07, and 10.04, allowed in such judicial proceeding; and

(b) to collect and receive any monies or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Lender to make such payments to the
Administrative Agent and, in the event that the Administrative Agent shall consent to the making of
such payments directly to the Lenders to pay to the Administrative Agent any amount due for the
reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 2.07 and
10.04.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or
consent to or accept or adopt on behalf of any Lender any plan of reorganization, arrangement,
adjustment or composition affecting the Obligations or the rights of any Lender or to authorize the
Administrative Agent to vote in respect of the claim of any Lender in any such proceeding.

9.11 Collateral Matters. The Lenders irrevocably authorize the Administrative Agent, at its
option and in its discretion,

(a) to release any Lien on any property that may hereafter be granted to or held by the
Administrative Agent under any Loan Document (i) upon termination of the Aggregate
Commitments and payment in full of all Obligations (other than contingent indemnification
obligations), (ii) that is sold or to be sold as part of or in connection with any sale
permitted hereunder or under any other Loan Document, or (iii) subject to Section 10.01, if
approved, authorized or ratified in writing by the Required Lenders; and

(b) to subordinate any Lien on any property that may hereafter be granted to or held by
the Administrative Agent under any Loan Document to the holder of any Lien on such property
that is permitted by Section 7.01(i).

Upon request by the Administrative Agent at any time, the Required Lenders will confirm in
writing the Administrative Agent’s authority to release or subordinate its interest in particular
types or items of property, pursuant to this Section 9.11.

ARTICLE X.

MISCELLANEOUS

10.01 Amendments, Etc. No amendment, waiver or consent shall change any provision of this sentence
or the definition of “Required Lenders” or any other provision hereof specifying the number or
percentage of Lenders required to amend, waive or otherwise modify any rights hereunder or make any
determination or grant any consent hereunder, without the written consent of each Lender.
Additionally, no other amendment or waiver of any provision of this Agreement or any other Loan
Document, and no consent to any departure by the Borrower or any other Loan Party therefrom, shall
be effective unless in writing signed by the Required Lenders and the Borrower or the applicable
Loan Party, as the case may be, and acknowledged by the Administrative Agent, and each such waiver
or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no such amendment, waiver or consent shall:

(a) waive any condition set forth in Section 4.01(a) without the written consent of
each Lender;

(b) extend or increase the Commitment of any Lender (or reinstate any Commitment
terminated pursuant to Section 8.02) without the written consent of such Lender;

(c) postpone any date fixed by this Agreement or any other Loan Document for any
payment or mandatory prepayment of principal, interest, fees or other amounts due to the
Lenders (or any of them) hereunder or under any other Loan Document without the written
consent of each Lender directly affected thereby;

(d) reduce the principal of, or the rate of interest specified herein on, any Loan or
(subject to clause (iv) of the second proviso to this Section 10.01) any fees or other
amounts payable hereunder or under any other Loan Document, or change the manner of
computation of any financial ratio (including any change in any applicable defined term)
used in determining the Applicable Rate that would result in a reduction of any interest
rate on any Term Loan or any fee payable hereunder, without the written consent of each
Lender directly affected thereby; provided, however, that only the consent of the Required
Lenders shall be necessary to amend the definition of “Default Rate” or to waive any
obligation of the Borrower to pay interest at the Default Rate;

(e) change Section 2.11 or Section 8.03 in a manner that would alter the pro rata
sharing of payments required thereby without the written consent of each Lender; or

(f) change any provision of this Section or the definition of “Required Lenders” or any
other provision hereof specifying the number or percentage of Lenders required to amend,
waive or otherwise modify any rights hereunder or make any determination or grant any
consent hereunder, without the written consent of each Lender.

and, provided further, that no amendment, waiver or consent shall, unless in writing and signed by
the Administrative Agent in addition to the Lenders required above, affect the rights or duties of
the Administrative Agent under this Agreement or any other Loan Document. Notwithstanding anything
to the contrary herein, no Defaulting Lender shall have any right to approve or disapprove any
amendment, waiver or consent hereunder, except that the Commitment of such Lender may not be
increased or extended without the consent of such Lender.

10.02 Notices and Other Communications; Facsimile Copies.

(a) Except in the case of notices and other communications expressly permitted to be
given by telephone (and except as provided in subsection (b) below), all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopier as
follows, and all notices and other communications expressly permitted hereunder to be given
by telephone shall be made to the applicable telephone number, as follows:

(i) if to the Borrower or the Administrative Agent, to the address, telecopier
number, electronic mail address or telephone number specified for such Person on
Schedule 10.02; and

(ii) if to any other Lender, to the address, telecopier number, electronic mail
address or telephone number specified in its Administrative Questionnaire.

Notices sent by hand or overnight courier service, or mailed by certified or registered mail,
shall be deemed to have been given when received; notices sent by telecopier shall be deemed to
have been given when sent (except that, if not given during normal business hours for the
recipient, shall be deemed to have been given at the opening of business on the next business day
for the recipient). Notices delivered through electronic communications to the extent provided in
subsection (b) below, shall be effective as provided in such subsection (b).

(b) In addition to the delivery of materials as permitted in the penultimate paragraph
of Section 6.02, all other notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or
intranet websites) pursuant to procedures approved by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to
Article II if such Lender has notified the Administrative Agent that it is incapable of
receiving notices under such Article by electronic communication. In addition to the
delivery of materials permitted in Section 6.02, the Administrative Agent or the Borrower
may, in its discretion, agree to accept all other notices and communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that
approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement
from the intended recipient (such as by the “return receipt requested” function, as available,
return e-mail or other written acknowledgement), provided that if such notice or other
communication is not sent during the normal business hours of the recipient, such notice or
communication shall be deemed to have been sent at the opening of business on the next business day
for the recipient, and (ii) notices or communications posted to an Internet or intranet website
shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as
described in the foregoing clause (i) of notification that such notice or communication is
available and identifying the website address therefor.

(c) THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT PARTIES (AS DEFINED
BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY
OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE
BORROWER MATERIALS. NO WARRANTY OR ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY
WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD
PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY AGENT PARTY IN
CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the
Administrative Agent or any of its Related Parties (collectively, the “Agent
Parties”) have any liability to the Borrower, any Lender or any other Person for losses,
claims, damages, liabilities or expenses of any kind (whether in tort, contract or
otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of
Borrower Materials through the Internet, except to the extent that such losses, claims,
damages, liabilities or expenses are determined by a court of competent jurisdiction by a
final and nonappealable judgment to have resulted from the gross negligence or willful
misconduct of such Agent Party; provided, however, that in no event shall
any Agent Party have any liability to the Borrower, any Lender or any other Person for
indirect, special, incidental, consequential or punitive damages (as opposed to direct or
actual damages).

(d) Each of the Borrower and the Administrative Agent may change its address,
telecopier or telephone number for notices and other communications hereunder by notice to
the other parties hereto. Each other Lender may change its address, telecopier or telephone
number for notices and other communications hereunder by notice to the Borrower and the
Administrative Agent. In addition, each Lender agrees to notify the Administrative Agent
from time to time to ensure that the Administrative Agent has on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail address to
which notices and other communications may be sent and (ii) accurate wire instructions for
such Lender. Furthermore, each Public Lender agrees to cause at least one individual at or
on behalf of such Public Lender to at all times have selected the “Private Side Information”
or similar designation on the content declaration screen of the Platform in order to enable
such Public Lender or its delegate, in accordance with such Public Lender’s compliance
procedures and applicable Law, including United States Federal and state securities Laws, to
make reference to Borrower Materials that are not made available through the “Public Side
Information” portion of the Platform and that may contain material non-public information
with respect to the Borrower or its securities for purposes of United States Federal or
state securities laws.

(e) The Administrative Agent and the Lenders shall be entitled to rely and act upon any
notices (including telephonic Term Loan Notices) purportedly given by or on behalf of the
Borrower even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or
(ii) the terms thereof, as understood by the recipient, varied from any confirmation
thereof. The Borrower shall indemnify the Administrative Agent, each Lender and the Related
Parties of each of them from all losses, costs, expenses and liabilities resulting from the
reliance by such Person on each notice purportedly given by or on behalf of the Borrower.
All telephonic notices to and other telephonic communications with the Administrative Agent
may be recorded by the Administrative Agent, and each of the parties hereto hereby consents
to such recording.

10.03 No Waiver; Cumulative Remedies. No failure by any Lender or the Administrative Agent to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege
hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right,
remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise
of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein
provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided
by law.

10.04 Expenses; Indemnity; Damage Waiver.

(a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the
Administrative Agent and its Affiliates (including the reasonable fees, charges and
disbursements of counsel for the Administrative Agent), in connection with the syndication
of the credit facilities provided for herein, the preparation, negotiation, execution,
delivery and administration of this Agreement and the other Loan Documents or any
amendments, modifications or waivers of the provisions hereof or thereof (whether or not the
transactions contemplated hereby or thereby shall be consummated), and (ii) all
out-of-pocket expenses incurred by the Administrative Agent or any Lender (including the
fees, charges and disbursements of any counsel for the Administrative Agent or any Lender)
in connection with the enforcement or protection of its rights (A) in connection with this
Agreement and the other Loan Documents, including its rights under this Section, or (B) in
connection with the Term Loans made hereunder, including all such out-of-pocket expenses
incurred during any workout, restructuring or negotiations in respect of such Term Loans.

(b) The Borrower shall indemnify the Administrative Agent, each Lender and each Related
Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses,
claims, damages, liabilities and related expenses (including the fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted
against any Indemnitee by any third party or by the Borrower or any other Loan Party arising
out of, in connection with, or as a result of (i) the execution or delivery of this
Agreement, any other Loan Document or any agreement or instrument contemplated hereby or
thereby, the performance by the parties hereto of their respective obligations hereunder or
thereunder, or the consummation of the transactions contemplated hereby or thereby, or in
the case of the Administrative Agent and its Related Parties only, the administration of
this Agreement and the other Loan Documents, (ii) any Term Loan or the use or proposed use
of the proceeds therefrom, (iii) any actual or alleged presence or release of Hazardous
Materials on or from any property owned or operated by the Borrower or any of its
Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of
its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or
proceeding relating to any of the foregoing, whether based on contract, tort or any other
theory, whether brought by a third party or by the Borrower or any other Loan Party, and
regardless of whether any Indemnitee is a party thereto, in all cases, whether or not caused
by or arising, in whole or in part, out of the comparative, contributory or sole negligence
of the Indemnitee; provided that such indemnity shall not, as to any Indemnitee, be
available to the extent that such losses, claims, damages, liabilities or related expenses
(x) are determined by a court of competent jurisdiction by final and nonappealable judgment
to have resulted from the gross negligence or willful misconduct of such Indemnitee or
(y) result from a claim brought by the Borrower or any other Loan Party against an
Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any
other Loan Document, if the Borrower or such Loan Party has obtained a final and
nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction.

(c) To the extent that the Borrower for any reason fails to indefeasibly pay any amount
required under subsection (a) or (b) of this Section to be paid by it to the Administrative
Agent (or any sub-agent thereof) or any Related Party of any of the foregoing, each Lender
severally agrees to pay to the Administrative Agent (or any such sub-agent), or such Related
Party, as the case may be, such Lender’s Applicable Percentage (determined as of the time
that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount, provided that the unreimbursed expense or indemnified loss, claim, damage,
liability or related expense, as the case may be, was incurred by or asserted against the
Administrative Agent (or any such sub-agent) in its capacity as such, or against any Related
Party of any of the foregoing acting for the Administrative Agent (or any such sub-agent) or
in connection with such capacity. The obligations of the Lenders under this subsection (c)
are subject to the provisions of Section 2.10(c).

(d) To the fullest extent permitted by applicable law, the Borrower shall not assert,
and hereby waives, any claim against any Indemnitee, on any theory of liability, for
special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, any other
Loan Document or any agreement or instrument contemplated hereby, the transactions
contemplated hereby or thereby, any Term Loan or the use of the proceeds thereof. No
Indemnitee referred to in subsection (b) above shall be liable for any damages arising from
the use by unintended recipients of any information or other materials distributed to such
unintended recipients by such Indemnitee through e-mail or other electronic information
transmission systems in connection with this Agreement or the other Loan Documents or the
transactions contemplated hereby or thereby other than for such direct or actual damages
resulting from the gross negligence or willful misconduct of such Indemnitee or from a
breach in bad faith of such Indemnitee’s obligations hereunder or under any Loan Document,
in any case, as determined by final and nonappealable judgment of a court of competent
jurisdiction.

(e) All amounts due under this Section shall be payable not later than ten Business
Days after demand therefor.

(f) The agreements in this Section shall survive the resignation of the Administrative
Agent, the replacement of any Lender, the termination of the Aggregate Commitments and the
repayment, satisfaction or discharge of all the other Obligations.

10.05 Payments Set Aside. To the extent that any payment by or on behalf of the Borrower is made
to the Administrative Agent or any Lender, or the Administrative Agent or any Lender exercises its
right of set-off, and such payment or the proceeds of such set-off or any part thereof is
subsequently invalidated, declared to be fraudulent or preferential, set aside or required
(including pursuant to any settlement entered into by the Administrative Agent or such Lender in
its discretion) to be repaid to a trustee, receiver or any other party, in connection with any
proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the
obligation or part thereof originally intended to be satisfied shall be revived and continued in
full force and effect as if such payment had not been made or such set-off had not occurred, and
(b) each Lender severally agrees to pay to the Administrative Agent upon demand its applicable
share (without duplication) of any amount so recovered from or repaid by the Administrative Agent,
plus interest thereon from the date of such demand to the date such payment is made at a rate per
annum equal to the Federal Funds Rate from time to time in effect. The obligations of the Lenders
under clause (b) of the preceding sentence shall survive the payment in full of the Obligations and
the termination of this Agreement.

10.06 Successors and Assigns.

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of
the parties hereto and their respective successors and assigns permitted hereby, except that
the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent and each Lender and no Lender
may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an
Eligible Assignee in accordance with the provisions of subsection (b) of this Section,
(ii) by way of participation in accordance with the provisions of subsection (d) of this
Section, or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of subsection (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto,
their respective successors and assigns permitted hereby, Participants to the extent
provided in subsection (d) of this Section and, to the extent expressly contemplated hereby,
the Related Parties of each of the Administrative Agent and the Lenders) any legal or
equitable right, remedy or claim under or by reason of this Agreement.

(b) Any Lender may at any time assign to one or more Eligible Assignees all or a
portion of its rights and obligations under this Agreement (including all or a portion of
its Commitment and the Term Loans at the time owing to it); provided that

(i) except in the case of an assignment of the entire remaining amount of the
assigning Lender’s Commitment and the Term Loans at the time owing to it or in the
case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund
with respect to a Lender, the aggregate amount of the Commitment (which for this
purpose includes Term Loans outstanding thereunder) or, if the Commitment is not
then in effect, the principal outstanding balance of the Term Loans of the assigning
Lender subject to each such assignment, determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent
or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade
Date, shall not be less than $5,000,000 unless each of the Administrative Agent and,
so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed);
provided, however, that concurrent assignments to members of an
Assignee Group and concurrent assignments from members of an Assignee Group to a
single Eligible Assignee (or to an Eligible Assignee and members of its Assignee
Group) will be treated as a single assignment for purposes of determining whether
such minimum amount has been met;

(ii) each partial assignment shall be made as an assignment of a proportionate
part of all the assigning Lender’s rights and obligations under this Agreement with
respect to the Term Loans or the Commitment assigned;

(iii) any assignment of a Commitment must be approved by the Administrative
Agent unless the Person that is the proposed assignee is itself a Lender (whether or
not the proposed assignee would otherwise qualify as an Eligible Assignee); and

(iv) the parties to each assignment shall execute and deliver to the
Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee in the amount of $3,500; provided, however, that the
Administrative Agent may, in its sole discretion, elect to waive such processing and
recordation fee in the case of any assignment, and the Eligible Assignee, if it
shall not be a Lender, shall deliver to the Administrative Agent an Administrative
Questionnaire.

Subject to acceptance and recording thereof by the Administrative Agent pursuant to subsection
(c) of this Section, from and after the effective date specified in each Assignment and Assumption,
the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the
interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender
under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest
assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and
obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue
to be entitled to the benefits of Sections  3.01, 3.04, 3.05 and 10.04 with respect to facts and
circumstances occurring prior to the effective date of such assignment. Upon request, the Borrower
(at its expense) shall execute and deliver a Note to the assignee Lender. Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this
subsection shall be treated for purposes of this Agreement as a sale by such Lender of a
participation in such rights and obligations in accordance with subsection (d) of this Section.

(c) The Administrative Agent, acting solely for this purpose as an agent of the
Borrower, shall maintain at the Administrative Agent’s Office a copy of each Assignment and
Assumption delivered to it and a register for the recordation of the names and addresses of
the Lenders, and the Commitments of, and principal amounts of the Term Loans owing to, each
Lender pursuant to the terms hereof from time to time (the “Register”). The entries
in the Register shall be conclusive, and the Borrower, the Administrative Agent and the
Lenders may treat each Person whose name is recorded in the Register pursuant to the terms
hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to
the contrary. The Register shall be available for inspection by each of the Borrower at any
reasonable time and from time to time upon reasonable prior notice. In addition, at any
time that a request for a consent for a material or substantive change to the Loan Documents
is pending, any Lender may request and receive from the Administrative Agent a copy of the
Register.

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower or
the Administrative Agent, sell participations to any Person (other than a natural person or
the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a
“Participant”) in all or a portion of such Lender’s rights and/or obligations under
this Agreement (including all or a portion of its Commitment and/or the Term Loans owing to
it); provided that (i) such Lender’s obligations under this Agreement shall remain
unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) the Borrower, the Administrative Agent, the
Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement.

Any agreement or instrument pursuant to which a Lender sells such a participation shall
provide that such Lender shall retain the sole right to enforce this Agreement and to approve any
amendment, modification or waiver of any provision of this Agreement; provided that such
agreement or instrument may provide that such Lender will not, without the consent of the
Participant, agree to any amendment, waiver or other modification described in the first proviso to
Section 10.01 that affects such Participant. Subject to subsection (e) of this Section, the
Borrower agrees that each Participant shall be entitled to the benefits of Sections  3.01, 3.04 and
3.05 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant
to subsection (b) of this Section. To the extent permitted by law, each Participant also shall be
entitled to the benefits of Section 10.08 as though it were a Lender, provided such
Participant agrees to be subject to Section 2.11 as though it were a Lender.

(e) A Participant shall not be entitled to receive any greater payment under Section
3.01 or 3.04 than the applicable Lender would have been entitled to receive with respect to
the participation sold to such Participant, unless the sale of the participation to such
Participant is made with the Borrower’s prior written consent. A Participant that would be
a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 3.01
unless the Borrower is notified of the participation sold to such Participant and such
Participant agrees, for the benefit of the Borrower, to comply with Section 3.01(e) as
though it were a Lender.

(f) Any Lender may at any time pledge or assign a security interest in all or any
portion of its rights under this Agreement (including under its Note, if any) to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a
Federal Reserve Bank; provided that no such pledge or assignment shall release such
Lender from any of its obligations hereunder or substitute any such pledgee or assignee for
such Lender as a party hereto.

(g) The words “execution,” “signed,” “signature,” and words of like import in any
Assignment and Assumption shall be deemed to include electronic signatures or the keeping of
records in electronic form, each of which shall be of the same legal effect, validity or
enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New
York State Electronic Signatures and Records Act, or any other similar state laws based on
the Uniform Electronic Transactions Act.

10.07 Treatment of Certain Information; Confidentiality. Each of the Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective
partners, directors officers, employees, agents, advisors and representatives (it being understood
that the Persons to whom such disclosure is made will be informed of the confidential nature of
such Information and instructed to keep such Information confidential), (b) to the extent requested
by any regulatory authority purporting to have jurisdiction over it (including any self-regulatory
authority, such as the National Association of Insurance Commissioners), (c) to the extent required
by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other
party hereto, (e) in connection with the exercise of any remedies hereunder or under any other Loan
Document or any action or proceeding relating to this Agreement or any other Loan Document or the
enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions
substantially the same as those of this Section, to (i) any permitted assignee of or Participant
in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations, (g) with the consent of the
Borrower, or (h) to the extent such Information (i) becomes publicly available other than as a
result of a breach of this Section or (ii) becomes available to the Administrative Agent, any
Lender or any of their respective Affiliates on a nonconfidential basis from a source other than
the Borrower or any other Loan Party; provided that such disclosure is not in breach of a
confidentiality agreement with a Loan Party, which breach is known to the Administrative Agent or
such Lender.

For purposes of this section, “Information” means all information received from the
Borrower or any Subsidiary relating to the Borrower or any Subsidiary or any of their respective
businesses, other than any such information that is available to the Administrative Agent or any
Lender on a nonconfidential basis prior to disclosure by the Borrower or any Subsidiary,
provided that, in the case of information received from the Borrower or any Subsidiary
after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

Each of the Administrative Agent and the Lenders acknowledges that (a) the information may
include material non-public information concerning the Borrower or a Subsidiary, as the case may
be, (b) it has developed compliance procedures regarding the use of material non-public information
and (c) it will handle such material non-public information in accordance with applicable Law,
including Federal and state securities Laws.

10.08 Right of Setoff. If an Event of Default shall have occurred and be continuing, each Lender
and each of their respective Affiliates is hereby authorized at any time and from time to time, to
the fullest extent permitted by applicable law, to set off and apply any and all deposits (general
or special, time or demand, provisional or final, in whatever currency) at any time held and other
obligations (in whatever currency) at any time owing by such Lender or any such Affiliate to or for
the credit or the account of the Borrower against any and all of the obligations of the Borrower
now or hereafter existing under this Agreement or any other Loan Document to such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement or any
other Loan Document and although such obligations of the Borrower may be contingent or unmatured or
are owed to a branch or office of such Lender different from the branch or office holding such
deposit or obligated on such indebtedness. The rights of each Lender and their respective
Affiliates under this Section are in addition to other rights and remedies (including other rights
of setoff) that such Lender or their respective Affiliates may have. Each Lender agrees to notify
the Borrower and the Administrative Agent promptly after any such setoff and application,
provided that the failure to give such notice shall not affect the validity of such setoff
and application.

10.09 Interest Rate Limitation. Notwithstanding anything to the contrary contained in any Loan
Document, the interest paid or agreed to be paid under the Loan Documents shall not exceed the
maximum rate of non-usurious interest permitted by applicable Law (the “Maximum Rate”). If
the Administrative Agent or any Lender shall receive interest in an amount that exceeds the Maximum
Rate applicable to it, the excess interest shall be applied to the principal of the Term Loans or,
if it exceeds such unpaid principal, refunded to the Borrower. In determining whether the interest
contracted for, charged, or received by the Administrative Agent or a Lender exceeds the Maximum
Rate, such Person may, to the extent permitted by applicable Law, (a) characterize any payment that
is not principal as an expense, fee, or premium rather than interest, (b) exclude voluntary
prepayments and the effects thereof, and (c) amortize, prorate, allocate, and spread in equal or
unequal parts the total amount of interest throughout the contemplated term of the Obligations
hereunder.

10.10 Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts
(and by different parties hereto in different counterparts), each of which shall constitute an
original, but all of which when taken together shall constitute a single contract. This Agreement
and the other Loan Documents constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Administrative Agent and when the
Administrative Agent shall have received counterparts hereof that, when taken together, bear the
signatures of each of the other parties hereto. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy shall be effective as delivery of a manually executed
counterpart of this Agreement.

10.11 Survival of Representations and Warranties. All representations and warranties made
hereunder and in any other Loan Document or other document delivered pursuant hereto or thereto or
in connection herewith or therewith shall survive the execution and delivery hereof and thereof.
Such representations and warranties have been or will be relied upon by the Administrative Agent
and each Lender, regardless of any investigation made by the Administrative Agent or any Lender or
on their behalf and notwithstanding that the Administrative Agent or any Lender may have had notice
or knowledge of any Default at the time of any Credit Extension, and shall continue in full force
and effect as long as any Term Loan or any other Obligation hereunder shall remain unpaid or
unsatisfied.

10.12 Severability. If any provision of this Agreement or the other Loan Documents is held to be
illegal, invalid or unenforceable, (a) the legality, validity and enforceability of the remaining
provisions of this Agreement and the other Loan Documents shall not be affected or impaired thereby
and (b) the parties shall endeavor in good faith negotiations to replace the illegal, invalid or
unenforceable provisions with valid provisions the economic effect of which comes as close as
possible to that of the illegal, invalid or unenforceable provisions. The invalidity of a
provision in a particular jurisdiction shall not invalidate or render unenforceable such provision
in any other jurisdiction.

10.13 Replacement of Lenders. If any Lender requests compensation under Section 3.04, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for
the account of any Lender pursuant to Section 3.01, or if any Lender gives a notice pursuant to
Section 3.02, or if any Lender is a Defaulting Lender or if any other circumstance exists hereunder
that gives the Borrower the right to replace a Lender as a party hereto, then the Borrower may, at
its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such
Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions
contained in, and consents required by, Section 10.06), all of its interests, rights and
obligations under this Agreement and the related Loan Documents to an assignee that shall assume
such obligations (which assignee may be another Lender, if a Lender accepts such assignment),
provided that:

(a) the Borrower shall have paid to the Administrative Agent the assignment fee
specified in Section 10.06(b);

(b) such Lender shall have received payment of an amount equal to the outstanding
principal of its Term Loans, accrued interest thereon, accrued fees and all other amounts
payable to it hereunder and under the other Loan Documents (including any amounts under
Section 3.05) from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts);

(c) in the case of any such assignment resulting from a claim for compensation under
Section 3.04 or payments required to be made pursuant to Section 3.01, such assignment will
result in a reduction in such compensation or payments thereafter; and

(d) such assignment does not conflict with applicable Laws.

A Lender shall not be required to make any such assignment or delegation if, prior thereto, as
a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to
require such assignment and delegation cease to apply.

10.14 Governing Law.

(a) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF
THE STATE OF NEW YORK APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED ENTIRELY WITHIN SUCH
STATE; PROVIDED THAT THE ADMINISTRATIVE AGENT AND EACH LENDER SHALL RETAIN ALL RIGHTS
ARISING UNDER FEDERAL LAW.

(b) ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR ANY OTHER LOAN
DOCUMENT MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES FOR
THE SOUTHERN DISTRICT OF SUCH STATE, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE
BORROWER, THE ADMINISTRATIVE AGENT AND EACH LENDER CONSENTS, FOR ITSELF AND IN RESPECT OF
ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, THE
ADMINISTRATIVE AGENT AND EACH LENDER IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY
OBJECTION TO THE LAYING OF VENUE OR BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT
MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION
IN RESPECT OF ANY LOAN DOCUMENT OR OTHER DOCUMENT RELATED THERETO. THE BORROWER, THE
ADMINISTRATIVE AGENT AND EACH LENDER WAIVES PERSONAL SERVICE OF ANY SUMMONS, COMPLAINT OR
OTHER PROCESS, WHICH MAY BE MADE BY ANY OTHER MEANS PERMITTED BY THE LAW OF SUCH STATE.

10.15 Waiver of Jury Trial. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER
THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER
PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES
HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

10.16 No Advisory or Fiduciary Responsibility. In connection with all aspects of each transaction
contemplated hereby (including in connection with any amendment, waiver or other modification
hereof or of any other Loan Document), the Borrower and each other Loan Party acknowledges and
agrees, and acknowledges its Affiliates’ understanding, that: (i) (A) the arranging and other
services regarding this Agreement provided by the Administrative Agent and the Arranger, are
arm’s-length commercial transactions between the Borrower, each other Loan Party and their
respective Affiliates, on the one hand, and the Administrative Agent and the Arranger, on the other
hand, (B) each of the Borrower and the other Loan Parties has consulted its own legal, accounting,
regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower and each
other Loan Party is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Loan Documents; (ii) (A) the
Administrative Agent and the Arranger each is and has been acting solely as a principal and, except
as expressly agreed in writing by the relevant parties, has not been, is not, and will not be
acting as an advisor, agent or fiduciary for the Borrower, any other Loan Party or any of their
respective Affiliates, or any other Person and (B) neither the Administrative Agent nor the
Arranger has any obligation to the Borrower, any other Loan Party or any of their respective
Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Loan Documents; and (iii) the Administrative Agent and the
Arranger and their respective Affiliates may be engaged in a broad range of transactions that
involve interests that differ from those of the Borrower, the other Loan Parties and their
respective Affiliates, and neither the Administrative Agent nor the Arranger has any obligation to
disclose any of such interests to the Borrower, any other Loan Party or any of their respective
Affiliates. To the fullest extent permitted by law, each of the Borrower and the other Loan
Parties hereby waives and releases any claims that it may have against the Administrative Agent and
the Arranger with respect to any breach or alleged breach of agency or fiduciary duty in connection
with any aspect of any transaction contemplated hereby.

10.17 USA PATRIOT Act Notice. Each Lender that is subject to the Act (as hereinafter defined) and

the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower

that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into

law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information

that identifies the Borrower, which information includes the name and address of the Borrower and

other information that will allow such Lender or the Administrative Agent, as applicable, to

identify the Borrower in accordance with the Act. 

[The remainder of this page is intentionally left blank.]

3

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

	 	 	 
	FERRELLGAS, L.P.	 	 
	By:

By:

	 	Ferrellgas, Inc., as its general partner

	
 
	 	 
	
 
	 	Kevin T. Kelly, Senior Vice President

and Chief Financial Officer

FERRELLGAS, INC.

By:

Kevin T. Kelly, Senior Vice President

and Chief Financial Officer

4

BANK OF AMERICA, N.A., as

Administrative Agent

By:

Name:

Title:

5

BANK OF AMERICA, N.A., as a Lender

By:

Name:

Title:

6

JPMORGAN CHASE BANK, N.A., as a Lender

By:

Name:

Title:

7

DEUTSCHE BANK TRUST COMPANY AMERICAS, as a Lender

By:

Name:

Title:

By:

Name:

Title:

8

BNP PARIBAS, as a Lender

By:

Name:

Title:

By:

Name:

Title:

9

WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender

By:

Name:

Title:

10

LASALLE BANK NATIONAL ASSOCIATION, as a Lender

By:

Name:

Title:

11

SOCIETE GENERALE, as a Lender

By:

Name:

Title:

12

SCHEDULE 2.01

COMMITMENTS

AND PRO RATA SHARES

13

[TO BE UPDATED BY BORROWER.]

SCHEDULE 5.05

ADDITIONAL FINANCIAL DISCLOSURES

None.

14

[TO BE UPDATED BY BORROWER.]

SCHEDULE 5.11

SUBSIDIARIES

AND OTHER EQUITY INVESTMENTS

	 	 	 	 	 
	Part (a).	 	Subsidiaries. Ferrellgas Receivables, LLC

	 
	 	 	 	 
	 	 	 

	 
	 	 	 	 
	
 
	 	bluebuzz.com, Inc.

Quickship, Inc.

Blue Rhino Global Servicing LLC

Uniflame Corporation
	 	

	 
	 	 	 	 
	 	 	R-4 Technical Center – North Carolina, LLC

	 
	 	 	 	 
	
 
	 	Uni-Asia Ltd.

Blue Rhino Canada, Inc.

Ferrellgas Finance Corp.
	 	

	 
	 	 	 	 
	Part (b).

	 	Other Equity Investments.
	 	None
	
 
	 	 
	 	

15

[TO BE UPDATED BY BORROWER.]

SCHEDULE 7.01

EXISTING LIENS

None.

16

[TO BE UPDATED BY BORROWER.]

SCHEDULE 7.05

EXISTING INDEBTEDNESS

Existing Indebtedness as of Closing Date:

	 	 	 	 	 	 	 	 	 
	Notes Payable
	 	 	 	 	 	$	7,563,000	 
	Ferrellgas Receivables, LLC Accounts Receivable Securitization Facility
	 	 	 	 
	   Capacity of $100mm; borrowings thereon of $70.9mm
	 	$	70,900,000	 
	Note Purchase Agreement (Dated as of July 1, 1998)
	 	$	350,000,000	 
	Note Purchase Agreement (Dated as of February 1, 2000)
	 	$	184,000,000	 
	Indenture (Dated as of April 20, 2004)
	 	 	 	 	 	$	249,185,000	 
	Capital Lease Obligations
	 	 	 	 	 	$	323,000	 

17

SCHEDULE 7.10

SUBORDINATION PROVISIONS

Capitalized terms that are used but not otherwise defined in this Schedule 7.10 have the
meanings given to such terms in the Term Credit Agreement (defined below in this Schedule 7.10).

ARTICLE X

SUBORDINATION

Section X.01 Agreement to Subordinate.

The Company agrees, and each Securityholder by accepting a Security agrees, that the
Indebtedness evidenced by the Security is subordinated in right of payment, to the extent and in
the manner provided in this Article, to the prior payment in full in cash or Cash Equivalents of
all Senior Debt (whether outstanding on the date hereof or hereafter created, incurred, assumed or
guaranteed), and that the subordination is for the benefit of the holders of Senior Debt.

Section X.02 Certain Definitions.

“1998 Fixed Rate Senior Notes” means, collectively, (a) the $109,000,000 6.99% Senior Notes,
Series A, due August 1, 2005, (b) the $52,000,000 7.12% Senior Notes, Series C, due 2008, (c) the
$82,000,000 7.24% Senior Notes, Series D, due August 1, 2010 and (d) the $70,000,000 7.42% Senior
Notes, Series E, due August 1, 2013, in each case issued by the Borrower pursuant to the 1998 Note
Purchase Agreement.

“1998 Note Purchase Agreement” means the Note Purchase Agreement, dated as of July 1, 1998,
among the Borrower and the Purchasers named therein, pursuant to which the 1998 Fixed Rate Senior
Notes (and certain other notes that have been paid) were issued.

“2000 Note Purchase Agreement” means the Note Purchase Agreement, dated as of February 1,
2000, among the Borrower and the Purchasers named therein, pursuant to which the 2000 Fixed Rate
Senior Notes (and certain other notes that have been paid) were issued.

“2000 Fixed Rate Senior Notes” means, collectively, (a) the $90,000,000 8.78% Senior Notes,
Series B, due August 1, 2007 and (b) the $73,000,000 8.87% Senior Notes, Series C, due August 1,
2009, in each case issued by the Borrower pursuant to the 2000 Note Purchase Agreement.

“Cash Equivalents” means (i) United States dollars, (ii) securities issued or directly and
fully guaranteed or insured by the United States government or any agency or instrumentality
thereof having maturities of not more than eighteen months from the date of acquisition, (iii)
certificates of deposit and eurodollar time deposits with maturities of six months or less from the
date of acquisition, bankers’ acceptances with maturities not exceeding six months and overnight
bank deposits, in each case with any Lender party to the Revolving Credit Agreement or the Term
Credit Agreement or with any domestic commercial bank having capital and surplus in excess of
$500 million and a Keefe Bank Watch Rating of “B” or better, (iv) repurchase obligations with a
term of not more than seven days for underlying securities of the types described in clauses (ii)
and (iii) entered into with any financial institution meeting the qualifications specified in
clause (iii) above, (v) commercial paper having the highest rating obtainable from Moody’s
Investors Service, Inc. or Standard and Poor’s Corporation and in each case maturing within nine
months after the date of acquisition and (vi) investments in money market funds all of whose assets
consist of securities of the types described in the foregoing clauses (i) through (v).

“Company” means Ferrellgas, L.P., a Delaware limited partnership.

“Designated Senior Debt” means (i) the Senior Term Debt and the Senior Bank Debt and (ii) any
other Senior Debt permitted hereunder the principal amount of which is $20 million or more and that
has been designated by the Company as “Designated Senior Debt.”

“Insolvency or Liquidation Proceedings” means (i) any insolvency or bankruptcy case or
proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding,
relative to the Company, as such, or to its assets, or (ii) any liquidation, dissolution,
reorganization or winding up of the Company, whether voluntary or involuntary and whether or not
involving insolvency or bankruptcy, or (iii) any assignment for the benefit of creditors or any
other marshalling of assets and liabilities of the Company.

“Representative” means the indenture trustee or other trustee, agent or representative for any
Senior Debt.

“Revolving Credit Agreement” means that certain Fifth Amended and Restated Credit Agreement,
dated as of April 22, 2005, among the Company, Ferrellgas, Inc., the financial institutions party
therein (each a “Lender” and collectively, the “Lenders”) and Bank of America, N.A., as
administrative agent for the Lenders, including any related notes, letters of credit and
applications therefor, and other instruments and agreements executed in connection therewith, and
in each case as amended, modified, renewed, refunded, replaced or refinanced from time to time.

“Security” means *[insert description of subordinated instruments].

“Securityholder” means *[insert description of subordinated creditor].

“Senior Bank Debt” means (i) the Senior Revolving Debt and (ii) the Senior Bank Term Debt.

“Senior Debt” means (i) the Senior Term Debt, (ii) the Senior Bank Debt, and (iii) any other
Indebtedness that is permitted to be incurred by the Company pursuant to      unless the
instrument under which such Indebtedness is incurred expressly provides that it is on a parity with
or subordinated in right of payment to the Securities. Notwithstanding anything to the contrary in
the foregoing, Senior Debt shall not include (x) any Indebtedness of the Company to the MLP, the
General Partner or any Subsidiary of the Company, (y) any Indebtedness incurred for the purchase of
goods or materials or for services obtained in the ordinary course of business (other than with the
proceeds of revolving credit borrowings permitted hereby) and (z) any Indebtedness that is incurred
in violation of      .

“Senior Bank Term Debt” means the principal of and interest on all loans and other extensions
of credit under the Term Credit Agreement or any other agreement providing for, evidencing or
securing any Permitted Refinancing Indebtedness in respect of any such loans, obligations, and
other extensions of credit (including in each case any amendment, renewal, supplement, extension,
refinancing, restructuring, refunding or other modification thereof) and all premiums, expenses,
fees, reimbursements, indemnities and other amounts owing by the Company pursuant to the Term
Credit Agreement or any such other agreement.

“Senior Revolving Debt” means the principal of and interest on all loans, reimbursement
obligations and other extensions of credit under the Revolving Credit Agreement or any other
agreement providing for, evidencing or securing any Permitted Refinancing Indebtedness in respect
of any such loans, reimbursements, obligations, and other extensions of credit (including in each
case any amendment, renewal, supplement, extension, refinancing, restructuring, refunding or other
modification thereof) and all premiums, expenses, fees, reimbursements, indemnities and other
amounts owing by the Company pursuant to the Revolving Credit Agreement or any such other
agreement.

“Senior Term Debt” means all Indebtedness represented by the 1998 Fixed Rate Senior Notes, the
2000 Senior Fixed Rate Notes and any Permitted Refinancing Indebtedness in respect thereof and
(without duplication) all premiums, expenses, fees, reimbursements, indemnities and other amounts
owing by the Company in respect of such 1998 Fixed Rate Senior Notes, the 2000 Senior Fixed Rate
Notes and Permitted Refinancing Indebtedness.

“Term Credit Agreement” means that certain Credit Agreement, dated as of May 1, 2007, among
the Company, Ferrellgas, Inc., the financial institutions party therein (each a “Lender” and
collectively, the “Lenders”) and Bank of America, N.A., as administrative agent for the Lenders,
including any related notes and other instruments and agreements executed in connection therewith,
and in each case as amended, modified, renewed, refunded, replaced or refinanced from time to time.

A distribution may consist of cash, securities or other property, by set-off or otherwise.

Section X.03 Liquidation Dissolution: Bankruptcy.

In the event of any Insolvency or Liquidation Proceeding:

(1) holders of Senior Debt shall be entitled to receive payment in full in cash or Cash
Equivalents of all Obligations due in respect of such Senior Debt (including interest after the
commencement of any such proceeding at the rate specified in the applicable Senior Debt) before
Securityholders shall be entitled to receive any payment with respect to the Securities (except
that so long as the Securities are not treated in any Insolvency or Liquidation Proceeding as part
of the same class of claims as the Senior Debt or any class of claim on a parity with or senior to
the Senior Debt for any payment or distribution, the Securityholders may receive securities that
are (i) subordinated at least to the same extent as the Securities to (a) all unpaid Senior Debt
and (b) any securities issued in exchange for Senior Debt and (ii) authorized by an order or decree
of a court of competent jurisdiction in an Insolvency or Liquidation Proceeding which gives effect
to the subordination of the Securities to all unpaid Senior Debt in a manner and with an effect
which would be required if this parenthetical clause were not included in this paragraph; provided
that such Senior Debt is assumed by the new corporation, partnership or other entity, if any,
resulting from any such reorganization or readjustment and issuing such securities); and

(2) until all Obligations in respect of Senior Debt (as provided in subsection (1) above) are
paid in full in cash or Cash Equivalents, any payment or distribution of any kind or character,
whether in cash, securities or other property (including any payment or distribution which may be
payable or deliverable by reason of the payment of any other Indebtedness of the Company being
subordinated to the payment of the Securities) which may be payable or deliverable in respect of
the Securities in any such Insolvency or Liquidation Proceeding shall be made to holders of Senior
Debt (pro rata on the basis of the respective amounts of Senior Debt held by them). For the
purposes hereof, the amount of Senior Debt shall include, without limitation, the undrawn amounts
of any outstanding letters of credit and the amounts that will be owing to the holders of Senior
Debt upon the termination of any outstanding derivative contracts.

Section X.04 Default on Designated Senior Debt.

No payment or distribution shall be made to the Trustee or any Securityholder in respect of
obligations with respect to the Securities and the Company and its Subsidiaries shall not, directly
or indirectly, acquire from the Trustee or any Securityholder any Securities for cash or property
(other than securities that are subordinated at least to the same extent as the Securities to (a)
Senior Debt and (b) any securities issued in exchange for Senior Debt) until all principal,
interest and other Obligations in respect of Senior Debt have been paid in full in cash or Cash
Equivalents if:

(i) a default in the payment of any principal, interest or other Obligations in respect of any
Designated Senior Debt occurs and is continuing beyond any applicable grace period in the
agreement, indenture or other document governing such Designated Senior Debt; or

(ii) a default, other than a payment default, on any Designated Senior Debt occurs and is
continuing that then permits holders of such Designated Senior Debt to accelerate its maturity and
the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a Person who may
give it pursuant to Section X. 12 hereof. Not more than one effective Payment Blockage Notice
shall be given within a period of 360 consecutive days and there shall be a period of at least 181
consecutive days in each 360 consecutive day period when no Payment Blockage Period (as defined
below) is in effect.

The Company may and shall resume payments on and distributions in respect of the Securities
and may acquire them upon the earlier of:

(1) the date upon which the default is cured or waived, or

(2) in the case of a default referred to in Section X.04(ii) hereof, 179 days pass after
notice was given or deemed to have been given (“Payment Blockage Period”) if the maturity of such
Designated Senior Debt has not been accelerated,

if this Article otherwise permits the payment, distribution or acquisition at the time of such
payment or acquisition.

Section X.05 When Distribution Must Be Paid-Over.

In the event that the Trustee or any Securityholder receives any payment or other distribution
in respect of the Securities in violation of Sections X.03 or X.04 hereof, then and in such event
such payment or distribution shall be received and held in trust for and shall be paid over to the
holders of Senior Debt (pro rata on the basis of the respective amounts of Senior Debt held by
them), to the extent necessary to pay all Senior Debt in full in cash or Cash Equivalents after
giving effect to any substantially concurrent payment to the holders of such Senior Debt, for
application to the payment in full in cash or Cash Equivalents of Senior Debt (except that so long
as the Securities are not treated in any Insolvency or Liquidation Proceeding as part of the same
class of claims as the Senior Debt or any class of claim on a parity with or senior to the Senior
Debt for any payment or distribution, the Securityholders may receive securities that are
(i) subordinated at least to the same extent as the Securities to (a) all unpaid Senior Debt and
(b) any securities issued in exchange for Senior Debt and (ii) authorized by an order or decree of
a court of competent jurisdiction in an Insolvency or Liquidation Proceeding which gives effect to
the subordination of the Securities to all unpaid Senior Debt in a manner and with an effect which
would be required if this parenthetical clause were not included in this paragraph; provided that
such Senior Debt is assumed by the new corporation, partnership or other entity, if any, resulting
from any such reorganization or readjustment and issuing such securities).

Section X.06 Restrictions on Payments of Principal.

Notwithstanding any other provision hereof (including this Article X), the Issuers, the
Company and the Securityholders agree that no payment shall be made by the Company in respect of
the principal of the Securities prior to      , whether upon stated maturity, mandatory
prepayment, acceleration, by deposit to any defeasance account or otherwise; provided that, nothing
set forth above in this Section X.06 shall prohibit the acceleration of the Securities or the
exercise of remedies in respect of the Securities by the Trustee or the Securityholders in
accordance with the terms hereof so long as (i) the holders of Senior Debt shall have received from
the Trustee at least five (5) days prior written notice of such acceleration or exercise of
remedies, as the case may be, and (ii) any payment or distribution of cash, securities, or any
other property of any kind or character to or for the benefit of the Securityholders in respect of
such acceleration or such exercise of remedies shall promptly be paid over or distributed to the
holders of Senior Debt (pro rata on the basis of the respective amounts of Senior Debt held by
them) until the Senior Debt shall have been paid in full in cash or Cash Equivalents (other than
securities that are subordinated to at least the same extent as the Securities to (a) Senior Debt
and (b) any securities issued in exchange for Senior Debt) and, in furtherance of the foregoing,
(x) the provisions of Section X.05 shall be applicable in such circumstances and (y) the provisions
of this Section X.06 shall not modify or limit in any way the application of Sections X.03, X.04 or
X.05.

Section X.07 Notice by the Company.

The Company shall promptly notify the Trustee and the Paying Agent of any facts known to the
Company that would cause a payment of any obligations in respect of the Securities to violate this
Article, but failure to give such notice shall not affect the subordination of the Securities to
the Senior Debt as provided in this Article.

Section X.08 Subrogation.

After all Senior Debt is paid in full in cash or Cash Equivalents and until the Securities are
paid in full, Securityholders shall be subrogated (equally and ratably with all other Indebtedness
pari passu with the Securities) to the rights of holders of Senior Debt to receive distributions
applicable to Senior Debt to the extent that distributions otherwise payable to the Securityholders
have been applied to the payment of Senior Debt. A distribution made under this Article to holders
of Senior Debt that otherwise would have been made to Securityholders is not, as between the
Company and Securityholders, a payment by the Company on the Securities.

Section X.09 Relative Rights.

This Article defines the relative rights of Securityholders and holders of Senior Debt.
Nothing herein shall:

(1) impair, as between the Company and Securityholders, the obligation of the Company, which
is absolute and unconditional, to pay principal of and interest on the Securities in accordance
with their terms;

(2) affect the relative rights of Securityholders, and creditors of the Company other than
their rights in relation to holders of Senior Debt; or

(3) prevent the Trustee or any Securityholder from exercising its available remedies upon a
Default or Event of Default, subject to the rights of holders and owners of Senior Debt to receive
distributions and payments otherwise payable to Securityholders.

If the Company fails because of this Article to pay principal of or interest on a Security on
the due date, the failure is still a Default or Event of Default.

Section X.10 No Waiver of Subordination.

No right of any holder of Senior Debt or any of its Representatives to enforce the
subordination as herein provided shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Issuers or the Company or by any act or failure to act by any
such holder or Representative or by any noncompliance by the Issuers or the Company with the terms,
provisions and covenants of this Article regardless of any knowledge thereof which such holder
thereof may have or be otherwise charged with.

Without in any way limiting the generality of the foregoing paragraph, the holders of Senior
Debt and their Representatives may, at any time and from time to time, without the consent of or
notice to the Securityholders or the Trustee, without incurring responsibility to the
Securityholders or the Trustee and without impairing or releasing the subordination benefits
provided herein or the obligations provided by this Article of the Securityholders to the holders
of Senior Debt, do any one or more of the following even if any right to reimbursement or
subrogation or other right or remedy of the Securityholders is affected, impaired or extinguished
thereby:

(a) change the manner, place or terms of payment or change or extend the time of payment of,
or renew, exchange, amend or alter, the terms of any Senior Debt, any security therefor or guaranty
thereof or any liability of the Company or any guarantor to such holder, or any liability incurred
directly or indirectly in respect thereof, or otherwise amend, renew, exchange, modify or
supplement in any manner Senior Debt or any instrument evidencing or guaranteeing or securing the
same or any agreement under which Senior Debt is outstanding;

(b) sell, exchange, release, surrender, realize upon, enforce or otherwise deal with in any
manner and any order any property pledged, mortgaged or otherwise securing Senior Debt or any
liability of the Company or any guarantor to such holder, or any liability incurred directly or
indirectly in respect thereof;

(c) settle or compromise any Senior Debt or any other liability of the Company or any
guarantor of the Senior Debt to such holder or any security therefor or any liability incurred
directly or indirectly in respect thereof and apply any sums by whomsoever paid and however
realized to any liability (including, without limitation, Senior Debt) in any manner or order; and

(d) fail to take or record or otherwise perfect, for any reason or for no reason, any Lien
securing Senior Debt by whomsoever granted, exercise or delay in or refrain from exercising any
right or, remedy against the Company or any security or any guarantor or any other Person, elect
any remedy and otherwise deal freely with the Company, any security and any guarantor of the Senior
Debt or any liability of the Issuers or the Company or any guarantor to such holder or any
liability incurred directly or indirectly in respect thereof.

Each Securityholder by purchasing or accepting the Securities waives any and all notice from
any holder of Senior Debt or any Representative thereof, of the creation, modification, renewal,
extension or accrual of any Senior Debt and notice of or proof of reliance by any holder of Senior
Debt and the Senior Debt shall conclusively be deemed to have been created, contracted or incurred
in reliance upon the provisions hereof, and all dealings between the Issuers or the Company and the
holders of the Senior Debt shall be deemed to have been consummated in reliance hereof.

Section X.11 Distribution or Notice to Representative.

Whenever a distribution is to be made or a notice given to holders of Senior Debt, the
distribution may be made and the notice given to their Representative.

Upon any payment or distribution of assets of the Company referred to in this Article X, the
Trustee and the Securityholders shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction or upon any certificate of such Representative or of the
liquidating trustee or agent or other Person making any distribution to the Trustee or to the
Securityholders for the purpose of ascertaining the Persons entitled to participate in such
distribution, the holders of the Senior Debt and other Indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article X.

Section X.12 Rights of Trustee and Paying Agent.

Notwithstanding the provisions of this Article X or any other provision hereof, the Trustee
shall not be charged with knowledge of the existence of any facts that would prohibit the making of
any payment or distribution by the Trustee, and the Trustee and the Paying Agent may continue to
make payments on the Securities, unless the Trustee shall have received at its Corporate Trust
Office at least five (5) days prior to the date of such payment written notice of facts that would
cause the payment of any obligations in respect of the Securities to violate this Article. Only
the Company or a Representative may give the notice.

The Trustee in its individual or any other capacity may hold Senior Debt with the same rights
it would have if it were not Trustee. Any Paying Agent may do the same with like rights.

Section X.13 Authorization to Effect Subordination.

Each Holder of a Security by the Holder’s acceptance thereof authorizes and directs the
Trustee on the Holder’s behalf to take such action as may be necessary or appropriate to effectuate
the subordination as provided in this Article X, and appoints the Trustee to act as the Holder’s
attorney-in-fact for any and all such purposes. If the Trustee does not file a proper proof of
claim or proof of debt in the form required in any Insolvency or Liquidation Proceeding at least 30
days before the expiration of the time to file such claim, the Administrative Agent under the
Revolving Credit Agreement is hereby authorized (but not required) to file an appropriate claim for
and on behalf of the Holders of the Securities.

Section  X.14 Amendments.

The provisions of this Article X shall not be amended or modified without the written consent
of the holders of all Senior Debt.

18

SCHEDULE 10.02

ADMINISTRATIVE AGENT’S OFFICE,

CERTAIN ADDRESSES FOR NOTICES

BORROWER:

Ferrellgas, L.P.

7500 College Blvd., Suite 1000

Overland Park, Kansas 66210

Attention: Chief Financial Officer

Telephone: (913) 661-1500

Facsimile: (913) 661-1537

Electronic Mail: kevinkelly@ferrellgas.com

Website Address: www.ferrellgas.com

ADMINISTRATIVE AGENT and as a LENDER:

Bank of America, N.A.

901 Main St.

Mail Code: TX1-492-14-12

Dallas, Texas 75202-3714

(Credit Contact)

Bank of America, N.A.

700 Louisiana, 8th Floor

Houston, TX 77002

Attention: Christopher Smith

Telephone (713) 247-7258

Fax: (713) 247-7202

E-mail: christopher.x.smith@bankofamerica.com

(Operations Contact and Payment Instructions)

Attention: Ramon Gomez Jr.

Telephone: 214-209-2627

Facsimile: 214-290-8367

Electronic Mail: ramon.gomez_jr@bankofamerica.com

Account No.: 1292000883

Ref: Ferrellgas LP

ABA# 026009593

19

LENDERS:

JPMORGAN CHASE BANK, NA

600 Travis Street, 20th Floor

Houston, TX 77002

(Credit Contact – Notification/Documentation Contacts):

JPMorgan Chase Bank, NA

600 Travis Street, 20th Floor

Houston, Texas 77002

Attention: Jeanie Gonzalez

Telephone: (713) 216-7705

Facsimile: (713) 216-7794

Electronic Mail: jeanie.gonzalez@bankone.com

(Administrative Contact – Borrowing, Paydowns, Interest, Fees, Etc. ):

1 Bank One Plaza, Suite IL1-0010

Chicago, IL 60603-0010

Attention: Deborah Turner

Telephone: (312) 385-7081

Facsimile: (312) 385-7097

Electronic Mail: deborah_a_turner@bankone.com

(Payment Instructions):

JPMorgan Chase Bank, NA

One BankOne Plaza

Assistant Vice President

ABA#: 071000013

Account Number: 481152860000

Account Name: LS2 Incoming Account

Attention: Deborah Turner

Re: Ferrellgas, LP

DEUTSCHE BANK TRUST COMPANY AMERICAS

	 	 	 
	 
	 	 
	
 
	 	(Credit Contact):
	
 
	 	700 Louisiana Street, Suite 1500

Houston, Texas 77002

Attention:David Sisler

Telephone:(832) 239-4627

Facsimile:(832) 239-4693

Electronic Mail:

	 	 	 	 	 
	(Operations Contact):
	 	 	 	 
	100 Plaza One
	 	 	 	 
	Jersey City, New Jersey 07302

	Attention:Jim Cullen
Telephone:(201) 593-2180
Facsimile:(201) 593-2314
Electronic Mail:
	 	james.t.cullen@db.com

	 
	 	 	 	 

Pay to: Deutsche Bank Trust Company Americas

ABA#: 021001033

Account Number: 99401268

Account Name: Commercial Loan

BNP PARIBAS

787 Seventh Avenue

New York, NY 10019

(Credit Contact):

BNP Paribas

Attention: Rick Wernli

Telephone: (212) 841-2142

Facsimile: (212) 841-2536

Electronic Mail: rick.wernli@americas.bnpparibas.com

(Operations Contact and Payment Instructions):

BNP Paribas

Attention: Dina Gnoffo

Telephone: (212) 841-2116

Facsimile (212) 841-2536

Electronic Mail: dina.gnoffo@americas.bnpparibas.com

Name of Lender for Payment Instructions: BNP Paribas New York

ABA #: 026007689

Account #: 10313000103

Account Name: New York Loan Servicing

Reference: Ferrellgas, L.P.

(Legal Counsel and Draft Documentation Contact w/copies to RickWernli):

BNP Paribas

787 Seventh Avenue

New York, NY 10019

Attention: Christopher Carolan

Telephone: (212) 841-2501

Facsimile: (212) 841-2599

Electronic Mail: christopher.carolan@americas.bnpparibas.com

WELLS FARGO BANK, N.A.

1445 Ross Avenue

Suite 2360, MAC T5303-233

Dallas, Texas 75202

(Credit Contact and Draft Documentation Contact):

Wells Fargo Bank, N.A.

1445 Ross Ave.

Suite 2360

MAC: T5303-233

Dallas, Texas 75202

Attention: Alan Alexander

Telephone: (214) 661-1235

Facsimile: (214) 661-1242

Electronic Mail: alexana@wellsfargo.com

(Operations Contact):

Wells Fargo Bank, N.A.

1740 Broadway

MAC: C7300-034

Denver, CO 80274

Attention: Tanya Ivie

Telephone: (303) 863-6102

Facsimile: (303) 863-2729

Electronic Mail: Tanya.R.ivie@wellsfargo.com

(Payment Instructions ):

Wells Fargo Bank, N.A.

ABA#: 121000248

Account #: 0296950720

Account Name: WLS Den (Ferrellgas LP)

Attention: Tanya Ivie

LASALLE BANK NATIONAL ASSOCIATION

135 South LaSalle Street

Chicago, IL 60603

(Credit Contact and Draft Documentation Contact):

LaSalle Bank N.A.

1 North Brentwood, Suite 950

St. Louis, MO 63105

Attention: James C. Binz

Telephone: (314) 613-1917

Facsimile: (314) 621-1612

Electronic Mail: James.c.binz@abnamro.com

(Operations Contact and Payment Instructions):

LaSalle Bank N.A.

Attention: Caroline McDonald

One North Brentwood, Suite 950

St. Louis, MO 63105

Telephone: (314) 613-1911

Facsimile: (314) 621-1612

Electronic Mail: Caroline.mcdonald@abnamro.com

Name of Lender for Payment Instructions: LaSalle Bank National Association

ABA #: 071000505

Account #: 1378018

Account Name: Commercial Lending Department

(Legal Counsel):

Lathrop & Gage L.C.

2345 Grand Blvd.

Kansas City, MO 64108-2612

Attention: Scott Long

Telephone: (816) 460-5723

Facsimile: (816) 292-2001

Electronic Mail: Slong@lathropgage.com

SOCIETE GENERALE

1221 Avenue of the Americas

New York, NY 10020

(Credit Contact):

Societe General

1221 Avenue of the Americas

New York, NY 10020

Attention: Emmanuel Chesneau

Telephone: (212) 278-7011

Facsimile: (212) 278-7953

Electronic Mail: Emmanuel.chesneau@sgcib.com

(Operations Contact):

Societe Generale

560 Lexington Avenue

New York, NY 10022

Attention: Carmen Espinal

Telephone: (212) 278-7048

Facsimile: (212) 278-7343

Electronic Mail: Carmen.espinal@sgcib.com

(Payment Instructions):

Societe Generale

ABA #: 021004226

Account #: 9051422

Account Name: LSG (Loan Servicing Group)

Attention: Carmen Espinal/Ferrellgas

(Legal Counsel and Draft Documentation Contact):

Societe Generale

1221 Avenue of the Americas

New York, NY 10020

Attention: Alex Spiro

Telephone: (212) 278-6102

Facsimile:

Electronic Mail: alex.spire@us.socgen.com

20

EXHIBIT A

FORM OF TERM LOAN NOTICE

Date: ___________, _____

To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of May 1, 2007 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
Ferrellgas, L.P., a Delaware limited partnership (the “Borrower”), Ferrellgas, Inc., a
Delaware corporation and the sole general partner of the Borrower (the “General Partner”),
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

The undersigned hereby requests (select one):

	 	 	 
	A Borrowing of Term Loans

	 	A conversion or continuation

of Term Loans

	 	 	 	 	 	 	 	 	 
	1.
	 	On  (a Business Day).
	 	 	 	 
	 	 	 

	2.
	 	In the amount of $
	 	 	.	 
	3.
	 	Comprised of
	 	 	.	 

	 	 	 	 	 
	4.

	 	[Type of Term Loan requested]

For Eurodollar Rate Loans: with an Interest Period of
	 	

months.

Such Term Borrowing complies with the provisos to the first sentence of Section 2.01(a) of the
Agreement.

To induce Lenders to make the Term Borrowing requested herein, Borrower hereby represents,
warrants, acknowledges, and agrees to and with Administrative Agent and each Lender that:

	 	A.	 	The conditions specified in Sections 4.02 of the Agreement have been satisfied
on and as of the date hereof; and

	 	B.	 	The Term Borrowing requested herein is allowed under each of the 1998 Note
Purchase Agreement and the 2000 Note Purchase Agreement.

21

	 	 	 
	FERRELLGAS, L.P.	 	 
	By:

	 	Ferrellgas, Inc., as its general partner

By:
	
 
	 	 
	
 
	 	Name:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 

22

EXHIBIT B

RESERVED

23

EXHIBIT C

FORM OF NOTE

__________________________________

FOR VALUE RECEIVED, the undersigned (the “Borrower”), hereby promises to pay to
     or registered assigns (the “Lender”), in accordance with the provisions of
the Agreement (as hereinafter defined), the principal amount of each Term Loan from time to time
made by the Lender to the Borrower under that certain Credit Agreement, dated as of May 1, 2007 (as
amended, restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among the Borrower,
the Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

The Borrower promises to pay interest on the unpaid principal amount of each Term Loan from
the date of such Term Loan until such principal amount is paid in full, at such interest rates and
at such times as provided in the Agreement. All payments of principal and interest shall be made
to the Administrative Agent for the account of the Lender in Dollars in immediately available funds
at the Administrative Agent’s Office. If any amount is not paid in full when due hereunder, such
unpaid amount shall bear interest, to be paid upon demand, from the due date thereof until the date
of actual payment (and before as well as after judgment) computed at the per annum rate set forth
in the Agreement.

This Note is one of the Notes referred to in the Agreement, is entitled to the benefits
thereof and may be prepaid in whole or in part subject to the terms and conditions provided
therein. Upon the occurrence and continuation of one or more of the Events of Default specified in
the Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to
be, immediately due and payable all as provided in the Agreement. Term Loans made by the Lender
shall be evidenced by one or more loan accounts or records maintained by the Lender in the ordinary
course of business. The Lender may also attach schedules to this Note and endorse thereon the
date, amount and maturity of its Term Loans and payments with respect thereto.

The Borrower, for itself, its successors and assigns, hereby waives diligence, presentment,
protest and demand and notice of protest, demand, dishonor and non-payment of this Note.

24

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW
YORK.

	 	 	 
	FERRELLGAS, L.P.	 	 
	By:

	 	Ferrellgas, Inc., as its general partner

By:
	
 
	 	 
	
 
	 	Name:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 
	 
	 	 

25

TERM LOANS AND PAYMENTS WITH RESPECT THERETO

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Amount of Principal	 	Outstanding	 	 
	 	 	 	 	Type of Term Loan	 	Amount of Term Loan	 	End of Interest	 	or Interest Paid	 	Principal Balance	 	 
	Date	 	Made	 	Made	 	Period	 	This Date	 	This Date	 	Notation Made By

26

EXHIBIT D

FORM OF COMPLIANCE CERTIFICATE

Financial Statement Date: ______________,

	 	 	To: Bank of America, N.A., as Administrative Agent

Ladies and Gentlemen:

Reference is made to that certain Credit Agreement, dated as of May 1, 2007 (as amended,
restated, extended, supplemented or otherwise modified in writing from time to time, the
“Agreement;” the terms defined therein being used herein as therein defined), among
Ferrellgas, L.P., a Delaware limited partnership (the “Borrower”), Ferrellgas, Inc., a
Delaware corporation and the sole general partner of the Borrower (the “General Partner”), the
Lenders from time to time party thereto, and Bank of America, N.A., as Administrative Agent.

The undersigned Responsible Officer hereby certifies as of the date hereof that he/she is the
     of the General Partner, and that, as such, he/she is authorized to execute
and deliver this Certificate to the Administrative Agent on the behalf of the General Partner, the
sole general partner of the Borrower, and that:

[Use following paragraph 1 for fiscal year-end financial statements]

1. Attached hereto as Schedule 1 are the year-end audited financial statements required by
Section 6.01(a) of the Agreement for the fiscal year of the Borrower ended as of the above date,
together with the report and opinion of an independent certified public accountant required by such
section. Attached hereto as Schedule 2 is the consolidating financial statements required by
Section 6.01(c) of the Agreement for such fiscal year, which were developed and used in connection
with the preparation of such audited financial statements.

[Use following paragraph 1 for fiscal quarter-end financial statements]

1. Attached hereto as Schedule 1 are the unaudited financial statements required by Section
6.01(b) of the Agreement for the fiscal quarter of the Borrower ended as of the above date. Such
financial statements fairly present the financial condition, results of operations and cash flows
of the Borrower and its Subsidiaries in accordance with GAAP as at such date and for such period,
subject only to normal year-end audit adjustments and the absence of footnotes. Attached hereto as
Schedule 2 is the consolidating financial statements required by Section 6.01(d) of the Agreement
for such fiscal quarter, which were developed and used in connection with the preparation of such
audited financial statements.

2. The undersigned has reviewed and is familiar with the terms of the Agreement and has made,
or has caused to be made under his/her supervision, a detailed review of the transactions and
condition (financial or otherwise) of the Borrower and its Subsidiaries during the accounting
period covered by the attached financial statements.

3. A review of the activities of the Borrower during such fiscal period has been made under
the supervision of the undersigned with a view to determining whether during such fiscal period the
Borrower performed and observed all its Obligations under the Loan Documents, and

[select one:]

[, to the best knowledge of the undersigned, during such fiscal period the Borrower
performed and observed each covenant and condition of the Loan Documents applicable to it,
and no Default has occurred and is continuing.]

—or—

[the following covenants or conditions have not been performed or observed and the
following is a list of each such Default and its nature and status:]

4. The representations and warranties of the Borrower contained in Article V of the Agreement,
and any representations and warranties of the Borrower that are contained in any document furnished
at any time under or in connection with the Loan Documents, are true and correct on and as of the
date hereof, except to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date, and except that for
purposes of this Compliance Certificate, the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Agreement shall be deemed to refer to the most
recent statements furnished pursuant to clauses (a) and (b), respectively, of Section 6.01 of the
Agreement, including the statements in connection with which this Compliance Certificate is
delivered.

5. The financial covenant analyses and information set forth on Schedule 2 attached hereto are
true and accurate on and as of the date of this Certificate. As required by the Agreement, these
analyses and information apply only to the Borrower and its Restricted Subsidiaries and were
prepared using the consolidating financial statements referred to above.

IN WITNESS WHEREOF, the undersigned has executed this Certificate as of      ,
     .

	 	 	 
	FERRELLGAS, L.P.	 	 
	By:

	 	Ferrellgas, Inc., as its general partner

By:
	
 
	 	 
	
 
	 	Name:
	
 
	 	 
	
 
	 	Title:
	
 
	 	 

For the Quarter/Year ended      (“Statement Date”)

27

SCHEDULE 2

to the Compliance Certificate

for the Statement Date of ________________

I. Section 7.17(b) – Interest Coverage Ratio.

	 	 	 	 	 
	A. Consolidated Cash Flow for four consecutive	 	 	 	 
	fiscal quarters ending on the above Statement Date	 	 	 	 
	(“Subject Period”):	 	 	 	 
	1. Consolidated Net Income for Subject Period:
	 	$	 	 
	2. Extraordinary losses plus net losses realized
in connection with any asset sales for Subject
Period:
	 	$	 	 
	3. Provision for income taxes for Subject Period:
	 	$	 	 
	4. Consolidated Interest Expense for Subject
Period:
	 	$	 	 
	5. Depreciation expenses for Subject Period:
	 	$	 	 
	6. Amortization expenses (including intangibles)
for Subject Period:
	 	$	 	 
	7. Non-cash employee compensation expenses for
Subject Period:
	 	$	 	 
	8. Synthetic Lease Principal Component for Subject
Period:
	 	$	 	 
	9. Pro forma adjustment (see attached detail)
	 	$	 	 
	10. Consolidated Cash Flow (Lines I.A.1 + 2 + 3 +
4 + 5 + 6 + 7 + 8 + 9):
	 	 	 	 
	B. Consolidated Interest Expense for Subject
Period, with Pro Forma Adjustment (see attached
	 	$	 	 
	detail):
	 	$	 	 
	C. Consolidated Interest Coverage Ratio (Line
I.A.10  ̧ Line I.B):
	 	to 1

	Minimum Consolidated Interest Coverage Ratio
	 	 	2.50 to 1.00	 

II. Section 7.17(a) Leverage Ratio.

	 	 	 	 	 
	A. Funded Debt (excluding Indebtedness
under Accounts Receivable
Securitizations permitted by the Credit
Agreement) Plus Synthetic Lease
Obligations on the Statement Date:
	 	$	 	 
	B. Consolidated Cash Flow for the
[four or eight] consecutive fiscal
quarters ending on the Statement
Date:
	 	 	 	 
	C. Add pro forma adjustment to
interest expense
	 	$	 	 
	C. Leverage Ratio (Line II.A ÷ Line
II.B):
	 	to 1

	Minimum Leverage Ratio
	 	 	4.50 to 1.00	 

28

EXHIBIT E

ASSIGNMENT AND ASSUMPTION

This Assignment and Assumption (this “Assignment and Assumption”) is dated as of the
Effective Date set forth below and is entered into by and between [Insert name of Assignor] (the
“Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used
but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the
Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed
to and incorporated herein by reference and made a part of this Assignment and Assumption as if set
forth herein in full.

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the
Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to
and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the
Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations as a Lender under the Credit Agreement and any other documents or
instruments delivered pursuant thereto to the extent related to the amount and percentage interest
identified below of all of such outstanding rights and obligations of the Assignor under the
respective facilities identified below and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its
capacity as a Lender) against any Person, whether known or unknown, arising under or in connection
with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the
loan transactions governed thereby or in any way based on or related to any of the foregoing,
including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims
and all other claims at law or in equity related to the rights and obligations sold and assigned
pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i)
and (ii) above being referred to herein collectively as, the “Assigned
Interest”). Such sale and assignment is without recourse to the Assignor and, except as
expressly provided in this Assignment and Assumption, without representation or warranty by the
Assignor.

	 	 	 	 	 	 	 	 	 
	1.
	 	Assignor:
	 	 	—	 
	2.
	 	Assignee:
	 	______________________________ [and is an
	 	 	Affiliate/Approved Fund of [identify Lender]]

	3.
	 	Borrower(s):
	 	 	—	 

4. Administrative Agent:      , as the administrative agent under the Credit
Agreement

5. Credit Agreement: The Credit Agreement, dated as of May 1, 2007, among Ferrellgas,
L.P., Ferrellgas, Inc., the Lenders parties thereto, and Bank of America, N.A., as Administrative
Agent.

6. Assigned Interest:

	 	 	 	 	 	 	 
	 	 	Aggregate Amount of	 	 	 	 
	 	 	Commitment for all	 	Amount of	 	Percentage Assigned
	Facility Assigned	 	Lenders*	 	Commitment Assigned*	 	of Commitment0
	     1

	 	$     
	 	$     
	 	     %
	 
	 	 	 	 	 	 
	     

	 	$     
	 	$     
	 	     %
	 
	 	 	 	 	 	 
	     

	 	$     
	 	$     
	 	     %

[7. Trade Date:      ]2

Effective Date:      , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH
SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]

The terms set forth in this Assignment and Assumption are hereby agreed to:

ASSIGNOR

[NAME OF ASSIGNOR]

By:

Title:

ASSIGNEE

[NAME OF ASSIGNEE]

By:

Title:

* Amount to be adjusted by the counterparties to
take into account any payments or prepayments made between the Trade Date and
the Effective Date.

0 Set forth, to at least 9 decimals, as a percentage
of the Commitment/Loans of all Lenders thereunder.

1 Fill in the appropriate terminology for the types
of facilities under the Credit Agreement that are being assigned under this
Assignment.

2 To be completed if the Assignor and the Assignee
intend that the minimum assignment amount is to be determined as of the Trade
Date.

29

[Consented to and]3 Accepted:

BANK OF AMERICA, N.A., as

Administrative Agent

	 	 	 	 	 
	By:
	 	 	—	 
	   Title:

[Consented to:]4

FERRELLGAS, L.P.

By: Ferrellgas, Inc., as its general partner

3 To be added only if the consent of the
Administrative Agent is required by the terms of the Credit Agreement.

4 To be added only if the consent of the Borrower is
required by the terms of the Credit Agreement.

30

ANNEX 1 TO ASSIGNMENT AND ASSUMPTION

CREDIT AGREEMENT DATED AS OF MAY 1, 2007, AMONG FERRELLGAS, L.P., FERRELLGAS, INC., BANK OF

AMERICA, N.A., AS ADMINISTRATIVE AGENT, AND THE LENDERS PARTY THERETO.

STANDARD TERMS AND CONDITIONS FOR

ASSIGNMENT AND ASSUMPTION

1. Representations and Warranties.

1.1. Assignor. The Assignor (a) represents and warrants that (i) it is the legal and
beneficial owner of the Assigned Interest, (ii) the Assigned Interest is free and clear of any
lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken
all action necessary, to execute and deliver this Assignment and Assumption and to consummate the
transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any
statements, warranties or representations made in or in connection with the Credit Agreement or any
other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness,
sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial
condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in
respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its
Subsidiaries or Affiliates or any other Person of any of their respective obligations under any
Loan Document.

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power
and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby and to become a Lender under the
Credit Agreement, (ii) it meets all requirements of an Eligible Assignee under the Credit Agreement
(subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and
after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender
thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most
recent financial statements delivered pursuant to Section      thereof, as applicable, and such other
documents and information as it has deemed appropriate to make its own credit analysis and decision
to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of
which it has made such analysis and decision independently and without reliance on the
Administrative Agent or any other Lender, and (v) if it is a Foreign Lender, attached hereto is any
documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly
completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without
reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions
in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be
performed by it as a Lender.

2. Payments. From and after the Effective Date, the Administrative Agent shall make
all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

3. General Provisions. This Assignment and Assumption shall be binding upon, and
inure to the benefit of, the parties hereto and their respective successors and assigns. This
Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this
Assignment and Assumption by telecopy shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed
by, and construed in accordance with, the law of the State of New York.

31

EXHIBIT F

See attached.

32

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]