SEC Contract Filing

Filing Date: 2016-09-02

Document Content:
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<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>a16-17887_1ex10d3.htm
<DESCRIPTION>EX-10.3
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit 10.3</font></b></p>
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<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Execution version</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS SECURED REVOLVING PROMISSORY NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE &#147;<b>SECURITIES ACT</b>&#148;).&#160; THIS REVOLVING PROMISSORY NOTE HAS BEEN ACQUIRED FOR INVESTMENT ONLY AND MAY&nbsp;NOT BE SOLD, TRANSFERRED OR ASSIGNED.</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SECURED REVOLVING PROMISSORY NOTE</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">September&nbsp;1, 2016</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FOR VALUE RECEIVED, and subject to the terms and conditions set forth herein, Jamex Marketing, LLC, a Louisiana limited liability company (the &#147;<b>Borrower</b>&#148;), hereby unconditionally promises to pay to Ferrellgas, L.P., a Delaware limited partnership (the &#147;<b>Noteholder</b>&#148;, and together with the Borrower, the &#147;<b>Parties</b>&#148;), the principal amount of $5,000,000 (as such amount is reduced from time to time pursuant to the terms hereof, the &#147;<b>Maximum Amount</b>&#148;) or, if less, the aggregate unpaid principal amount of all Loans (as defined below) made by the Noteholder to the Borrower from time to time pursuant to <b><i style="font-weight:bold;">Section&nbsp;2.2</i></b>, all as provided in this Revolving Promissory Note (this &#147;<b>Note</b>&#148;).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.</font><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Definitions</b>.&#160; Capitalized terms used herein shall have the meanings set forth in this <b><i style="font-weight:bold;">Section&nbsp;1</i></b>.</p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Acceptable Security Interest</b>&#148; means a security interest in the Collateral which (a)&nbsp;exists in favor of the secured party under the Security Agreement (as defined in the Bridger Note) for the benefit of the Noteholder, (b)&nbsp;is perfected (with the priority such security interest is expressed to have within the Security Agreement) on the Collateral (to the extent such security interest is required to be perfected under the terms of the Security Agreement and (c)&nbsp;is enforceable against the Borrower in accordance with the terms of the Security Agreement, except as such enforceability may be limited by applicable law and by general principles of equity and principles of good faith and fair dealing.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Affiliate</b>&#148; means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and the term &#147;control&#148; (including the terms &#147;controlled by&#148; and &#147;under common control with&#148;) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Availability Termination Date</b>&#148; has the meaning set forth in <b><i style="font-weight:bold;">Section&nbsp;2.1(b)</i></b>.</font></p>
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<p style="margin:0in 0in .0001pt;text-indent:.25in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<b>Bankruptcy Law</b>&#148; means Title 11, United State Code or