<SEC-DOCUMENT>0001299933-14-001693.txt : 20141105
<SEC-HEADER>0001299933-14-001693.hdr.sgml : 20141105
<ACCEPTANCE-DATETIME>20141105121911
ACCESSION NUMBER:		0001299933-14-001693
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20141031
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20141105
DATE AS OF CHANGE:		20141105

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			UGI CORP /PA/
		CENTRAL INDEX KEY:			0000884614
		STANDARD INDUSTRIAL CLASSIFICATION:	GAS & OTHER SERVICES COMBINED [4932]
		IRS NUMBER:				232668356
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11071
		FILM NUMBER:		141195988

	BUSINESS ADDRESS:	
		STREET 1:		460 N GULPH RD
		STREET 2:		P O BOX 858
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406
		BUSINESS PHONE:		6103371000

	MAIL ADDRESS:	
		STREET 1:		460 NORTH GULPH ROAD
		CITY:			KING OF PRUSSIA
		STATE:			PA
		ZIP:			19406

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NEW UGI CORP
		DATE OF NAME CHANGE:	19600201
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>htm_50759.htm
<DESCRIPTION>LIVE FILING
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<TITLE> UGI Corporation (Form: 8-K) </TITLE>
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		UNITED STATES<BR>
	SECURITIES AND EXCHANGE COMMISSION
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	WASHINGTON, D.C. 20549
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	FORM 8-K
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	CURRENT REPORT
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	Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934
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	Date of Report (Date of Earliest Event Reported):
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	&nbsp;
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	October 31, 2014
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	UGI Corporation
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<BR>__________________________________________<BR>
	(Exact name of registrant as specified in its charter)
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	Pennsylvania
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	1-11071
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	23-2668356
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_____________________<BR>
	(State or other jurisdiction
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_____________<BR>
	(Commission
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______________<BR>
	(I.R.S. Employer
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	of incorporation)
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	File Number)
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	Identification No.)
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	460 No.Gulph Road, King of Prussia, Pennsylvania
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	&nbsp;
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	19406
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_________________________________<BR>
	(Address of principal executive offices)
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	&nbsp;
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___________<BR>
	(Zip Code)
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	Registrant&#146;s telephone number, including area code:
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	&nbsp;
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	610 337-1000
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	Not Applicable
<BR>______________________________________________<BR>
	Former name or former address, if changed since last report
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	&nbsp;
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Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:</FONT>
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<P><FONT SIZE="2">
[&nbsp;&nbsp;]&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<br>
[&nbsp;&nbsp;]&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<br>
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<B>
	Item 1.01 Entry into a Material Definitive Agreement.
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On October 31, 2014, UGI Energy Services, LLC ("UGI LLC"), an indirect, wholly owned subsidiary of UGI Corporation ("Registrant"), and Energy Services Funding Corporation ("ESFC"), a wholly owned special purpose subsidiary of UGI LLC, entered into Amendment No. 15 (the "Amendment") to the Receivables Purchase Agreement, dated as of November 30, 2001 (as amended, supplemented or modified from time to time, the "RPA"), among UGI LLC, as servicer, ESFC, as seller, Market Street Funding LLC, as issuer (the "Issuer"), and PNC Bank, National Association, as administrator ("PNC"). The Amendment (i) changes the Facility Termination Date from October 31, 2014 to October 30, 2015, (ii) adds unbilled receivables as eligible receivables subject to a concentration limit of 35%, (iii) increases the limit of certain affiliate receivables to $12,500,000, and (iv) modifies the Termination Event relating to the Default Ratio to raise the Default Ratios.  The foregoing description of the Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Amendment filed as Exhibit 10.1 hereto.  All capitalized terms used but not otherwise defined herein shall have the meanings given to them in the RPA, as amended by the Amendment. <br><br>The underlying RPA was entered into in conjunction with a Purchase and Sale Agreement, dated as of November 30, 2001 (as amended, supplemented or modified from time to time, the "PSA") between UGI LLC and ESFC. Under the RPA, UGI LLC transfers, on an ongoing basis and without recourse, its trade accounts receivable to ESFC. ESFC, in turn, has in the past sold, and subject to certain conditions, may from time to time in the future sell, an undivided interest in some or all of the receivables to PNC, as successor to the Issuer. ESFC&#x2019;s and UGI LLC&#x2019;s obligations under the RPA and PSA are secured by all receivables under the receivables pool, as well as the related security, the collections thereof and the lock-box accounts into which the proceeds thereof are to be remitted. <br><br>As amended, the scheduled termination date of the RPA is October 30, 2015, although the RPA may terminate prior to such date upon a termination event. The RPA contains customary indemnifications by ESFC and UGI LLC as servicer, as well as customary representations and warranties and affirmative and negative covenants applicable to ESFC as seller and UGI LLC as servicer for agreements of this type. <br><br>The PSA provides for customary termination events (in certain cases, with grace or cure periods), including, among other things, in the event of nonpayment of amounts due under the RPA, a representation or warranty proving to have been incorrect when made, failure to comply with covenants and limitations on certain ratios with respect to receivables, and a change of control of UGI LLC or ESFC. <br><br>PNC or its affiliates has in the past made, and may in the future make loans, to the Registrant or its affiliates, provide other fee-based financial services, and act in various agency roles under credit facilities of the Registrant or its affiliates. Affiliates of PNC have in the past provided, and may in the future provide, the Registrant or its affiliates with investment banking and advisory services for which they have received, and in the future may receive, customary compensation.
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	Item 9.01 Financial Statements and Exhibits.
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(d) Exhibits. <br><br>10.1 Amendment No. 15, dated as of October 31, 2014, to Receivables Purchase Agreement, dated as of November 30, 2001 (as amended, supplemented or modified from time to time), by and among UGI Energy Services, LLC, as servicer, Energy Services Funding Corporation, as seller, Market Street Funding LLC, as issuer, and PNC Bank, National Association, as administrator. <br><br><br>
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<B>
	SIGNATURES
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	Pursuant to the requirements of the Securities Exchange Act of 1934, the
	registrant has duly caused this report to be signed on its behalf by the
	undersigned hereunto duly authorized.
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	UGI Corporation
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	&nbsp;&nbsp;
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<I>
	November 5, 2014
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<I>
	By:
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	&nbsp;
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<I>
	/s/ Daniel J. Platt
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<BR>
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<I>
	Name: Daniel J. Platt
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<I>
	Title: Treasurer
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	Exhibit&nbsp;Index
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	Exhibit No.
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	Description
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	10.1
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	&nbsp;
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Amendment No. 15, dated as of October 31, 2014, to Receivables Purchase Agreement, dated as of November 30, 2001 (as amended, supplemented or modified from time to time), by and among UGI Energy Services, LLC, as servicer, Energy Services Funding Corporation, as seller, Market Street Funding LLC, as issuer, and PNC Bank, National Association, as administrator.
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<TYPE>EX-10.1
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<P align="center" style="font-size: 10pt"><FONT style="font-size: 12pt"><B>AMENDMENT NO. 15<BR>
Dated as of October&nbsp;31, 2014<BR>
to<BR>
RECEIVABLES PURCHASE AGREEMENT<BR>
Dated as of November&nbsp;30, 2001</B></FONT>



<P align="left" style="font-size: 12pt; text-indent: 4%">This AMENDMENT NO. 15 (this &#147;<U>Amendment</U>&#148;) dated as of October&nbsp;31, 2014 is entered into
among ENERGY SERVICES FUNDING CORPORATION, a Delaware corporation, as the seller (the
&#147;<U>Seller</U>&#148;), UGI ENERGY SERVICES, LLC (as successor to UGI&nbsp;Energy Services, Inc.), a
Pennsylvania limited liability company (&#147;<U>UGI</U>&#148;), as initial servicer (in such capacity,
together with its successors and permitted assigns in such capacity, the&nbsp;&#147;<U>Servicer</U>&#148;), and
PNC BANK, NATIONAL ASSOCIATION, a national banking association (&#147;<U>PNC</U>&#148;), as issuer (together
with its successors and permitted assigns, the &#147;<U>Issuer</U>&#148;) and as&nbsp;administrator (in such
capacity, together with its successors and assigns in such capacity, the&nbsp;&#147;<U>Administrator</U>&#148;).


<P align="center" style="font-size: 12pt"><U>RECITALS</U>



<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the parties hereto have entered into that certain Receivables Purchase Agreement,
dated as of November&nbsp;30, 2001 (as amended, supplemented or otherwise modified from time to time,
the &#147;<U>Agreement</U>&#148;); and


<P align="left" style="font-size: 12pt; text-indent: 4%">WHEREAS, the parties hereto wish to amend the Agreement as set forth herein;


<P align="left" style="font-size: 12pt; text-indent: 4%">NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein
and in the Agreement, the parties hereto agree as follows:


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 1. <U>Definitions</U>. All capitalized terms used but not otherwise defined herein
are used herein as defined in the Agreement.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 2. <U>Amendments to the Agreement</U>. The Agreement is hereby amended as follows:


<P align="left" style="font-size: 12pt; text-indent: 8%">(a)&nbsp;The following new defined terms and definitions thereof are hereby added to <U>Exhibit
I</U> to the Agreement in appropriate alphabetical order:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Anti-Terrorism Laws&#148; means any applicable laws or regulation relating
to terrorism, trade sanctions programs and embargoes, import/export
licensing, money laundering or bribery, and any regulation, order, or
directive promulgated, issued or enforced pursuant to such applicable laws
or regulations, all as amended, supplemented or replaced from time to time.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Covered Entity&#148; means (a)&nbsp;the Seller, the Servicer and each Originator
and (b)&nbsp;each Person that, directly or indirectly, is in control of a Person
described in <U>clause (a)</U> above. For purposes of this definition,
control of a Person shall mean the direct or indirect (x)&nbsp;ownership of, or
power to vote, 25% or more of the issued and outstanding equity interests
having ordinary voting power for the election of directors of such Person or
other Persons performing similar functions for such Person, or (y)&nbsp;power to
direct or cause the direction of the management and policies of such Person
whether by ownership of equity interests, contract or otherwise.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Eligible Unbilled Receivable&#148; means, at any time, any Receivables as
to which the invoice or bill with respect thereto has not yet been sent to
the Obligor thereof if (a)&nbsp;the related Originator has recognized the related
revenue on its financial books and records under GAAP; and (b)&nbsp;not more than
30&nbsp;days have expired since such Receivable arose.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Reportable Compliance Event&#148; means that any Covered Entity becomes a
Sanctioned Person, or is charged by indictment, criminal complaint or
similar charging instrument, arraigned, or custodially detained in
connection with any Anti-Terrorism Law or any predicate crime to any
Anti-Terrorism Law, or has knowledge of facts or circumstances to the effect
that it is reasonably likely that any aspect of its operations is in actual
or probable violation of any Anti-Terrorism Law.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Sanctioned Country&#148; means a country subject to a sanctions program
maintained under any Anti-Terrorism Law.


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Sanctioned Person&#148; means any individual person, group, regime, entity
or thing listed or otherwise recognized as a specially designated,
prohibited, sanctioned or debarred person, group, regime, entity or thing,
or subject to any limitations or prohibitions (including but not limited to
the blocking of property or rejection of transactions), under any
Anti-Terrorism Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(b)&nbsp;The definition of &#147;Eligible Receivable&#148; set forth in <U>Exhibit&nbsp;I</U> to the Agreement is
amended as follows:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(i) <U>Clause (a)(i)</U> thereof is replaced in its entirety with the
following:


<P align="left" style="margin-left:12%; margin-right:4%; font-size: 12pt; text-indent: 3%">(i) (A)&nbsp;a United States resident and (B)&nbsp;not a Sanctioned
Person,


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(ii) <U>Clause (a)(iv)</U> thereof is amended by replacing the amount
&#147;$10,000,000&#148; where it appears therein with the amount &#147;$12,500,000&#148;;


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(iii) <U>Clause (m)</U> thereof is replaced in its entirety with the
following:


<P align="left" style="margin-left:12%; margin-right:4%; font-size: 12pt; text-indent: 3%">(m)&nbsp;that (i)&nbsp;is neither a Defaulted Receivable nor a Delinquent
Receivable and (ii)&nbsp;either (A)&nbsp;is an Eligible Unbilled Receivable or
(B)&nbsp;has been billed or invoiced to the related Obligor,


<P align="left" style="font-size: 12pt; text-indent: 8%">(c)&nbsp;The definition of &#147;Excess Concentration&#148; set forth in <U>Exhibit&nbsp;I</U> to the Agreement
is replaced in its entirety with the following:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Excess Concentration&#148; means, at any time, without duplication, the sum
of:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(i)&nbsp;the sum of the amounts by which the Outstanding Balance of Eligible
Receivables of each Obligor then in the Receivables Pool exceeds an amount
equal to: (a)&nbsp;the applicable Concentration Percentage for such Obligor,
<U>multiplied by</U> (b)&nbsp;the Outstanding Balance of all Eligible
Receivables then in the Receivables Pool; <U>plus</U>


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(ii)&nbsp;the amount by which the aggregate Outstanding Balance of all
Eligible Receivables that are Eligible Unbilled Receivables exceeds 35% of
the Outstanding Balance of all Eligible Receivables then in the Receivables
Pool.


<P align="left" style="font-size: 12pt; text-indent: 8%">(d)&nbsp;<U>Clause (a)</U> of the definition of &#147;Facility Termination Date&#148; set forth in
<U>Exhibit&nbsp;I</U> to the Agreement is hereby amended by replacing the date &#147;October&nbsp;31, 2014&#148; where
it appears therein with the date &#147;October&nbsp;30, 2015&#148;.


<P align="left" style="font-size: 12pt; text-indent: 8%">(e)&nbsp;The definition of &#147;Purchase Limit&#148; set forth in <U>Exhibit&nbsp;I</U> to the Agreement is
replaced in its entirety with the following:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">&#147;Purchase Limit&#148; means (i)&nbsp;at any time on or after October&nbsp;31, 2014 and
prior to but excluding June&nbsp;2, 2015, $150,000,000 and (ii)&nbsp;at any time on
and after June&nbsp;2, 2015, $75,000,000, in each case, as such amount may be
subsequently reduced pursuant to <U>Section&nbsp;1.1(b)</U> of the Agreement;
<U>provided</U>, that any such reduction of the Purchase Limit then in
effect pursuant to <U>clauses (i)</U> or <U>(ii)</U> above, as applicable,
shall automatically and permanently reduce the amount of the Purchase Limit
set forth in such other clauses above in the same proportion as the
percentage of the reduction of the Purchase Limit then in effect.
References to the unused portion of the Purchase Limit shall mean, at any
time, the Purchase Limit minus the then outstanding Capital.


<P align="left" style="font-size: 12pt; text-indent: 8%">(f)&nbsp;<U>Section&nbsp;1(s)</U> of <U>Exhibit&nbsp;III</U> to the Agreement is replaced in its entirety
with the following:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(s)&nbsp;The Seller is not an &#147;investment company,&#148; or a company
&#147;controlled&#148; by an &#147;investment company&#148; within the meaning of the Investment
Company Act of 1940, as amended. In addition, the Seller is not a &#147;covered
fund&#148; under Section&nbsp;13 of the U.S. Bank Holding Company Act of 1956, as
amended, and the applicable rules and regulations thereunder.


<P align="left" style="font-size: 12pt; text-indent: 8%">(g)&nbsp;The following new <U>Section&nbsp;1(w)</U> is hereby added to <U>Exhibit&nbsp;III</U> to the
Agreement immediately following existing <U>Section&nbsp;1(v)</U> thereof:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(w)&nbsp;No Covered Entity is a Sanctioned Person. No Covered Entity,
either in its own right or through any third party, (a)&nbsp;has any of its
assets in a Sanctioned Country or in the possession, custody or control of a
Sanctioned Person in violation of any Anti-Terrorism Law; (b)&nbsp;does business
in or with, or derives any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law; or (c)&nbsp;engages in any dealings or transactions
prohibited by any Anti-Terrorism Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(h)&nbsp;The following new <U>Section&nbsp;2(p)</U> is hereby added to <U>Exhibit&nbsp;III</U> to the
Agreement immediately following existing <U>Section&nbsp;2(o)</U> thereof:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(p)&nbsp;No Covered Entity is a Sanctioned Person. No Covered Entity,
either in its own right or through any third party, (a)&nbsp;has any of its
assets in a Sanctioned Country or in the possession, custody or control of a
Sanctioned Person in violation of any Anti-Terrorism Law; (b)&nbsp;does business
in or with, or derives any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law; or (c)&nbsp;engages in any dealings or transactions
prohibited by any Anti-Terrorism Law.


<P align="left" style="font-size: 12pt; text-indent: 8%">(i)&nbsp;The following new <U>Section&nbsp;1(r)</U> is hereby added to <U>Exhibit&nbsp;IV</U> to the
Agreement immediately following existing <U>Section&nbsp;1(q)</U> thereof:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(r) <U>Anti-Money Laundering/International Trade Law Compliance</U>.
No Covered Entity will become a Sanctioned Person. No Covered Entity,
either in its own right or through any third party, will (a)&nbsp;have any of its
assets in a Sanctioned Country or in the possession, custody or control of a
Sanctioned Person in violation of any Anti-Terrorism Law; (b)&nbsp;do business in
or with, or derive any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law; (c)&nbsp;engage in any dealings or transactions prohibited by
any Anti-Terrorism Law or (d)&nbsp;use the proceeds of any purchase to fund any
operations in, finance any investments or activities in, or, make any
payments to, a Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law. The funds used to repay Seller&#146;s obligations under this
Agreement and each of the other Transaction Documents will not be derived
from any unlawful activity. Each Covered Entity shall comply with all
Anti-Terrorism Laws. Seller shall promptly notify the Administrator in
writing upon the occurrence of a Reportable Compliance Event.


<P align="left" style="font-size: 12pt; text-indent: 8%">(j)&nbsp;The following new <U>Section&nbsp;2(l)</U> is hereby added to <U>Exhibit&nbsp;IV</U> to the
Agreement immediately following existing <U>Section&nbsp;2(k)</U> thereof:


<P align="left" style="margin-left:8%; margin-right:4%; font-size: 12pt; text-indent: 4%">(l) <U>Anti-Money Laundering/International Trade Law Compliance</U>.
No Covered Entity will become a Sanctioned Person. No Covered Entity,
either in its own right or through any third party, will (a)&nbsp;have any of its
assets in a Sanctioned Country or in the possession, custody or control of a
Sanctioned Person in violation of any Anti-Terrorism Law; (b)&nbsp;do business in
or with, or derive any of its income from investments in or transactions
with, any Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law; (c)&nbsp;engage in any dealings or transactions prohibited by
any Anti-Terrorism Law or (d)&nbsp;use the proceeds of any purchase to fund any
operations in, finance any investments or activities in, or, make any
payments to, a Sanctioned Country or Sanctioned Person in violation of any
Anti-Terrorism Law. The funds used to repay Servicer&#146;s obligations under
this Agreement and each of the other Transaction Documents will not be
derived from any unlawful activity. Each Covered Entity shall comply with
all Anti-Terrorism Laws. Servicer shall promptly notify the Administrator
in writing upon the occurrence of a Reportable Compliance Event.


<P align="left" style="font-size: 12pt; text-indent: 8%">(k)&nbsp;<U>Clause (g)</U> of <U>Exhibit&nbsp;V</U> of the Agreement is hereby amended by (i)
replacing the percentage &#147;2.25%&#148; where it appears in <U>clause (i)(A)</U> thereof with the
percentage &#147;2.75%&#148; and (ii)&nbsp;replace the percentage &#147;1.50%&#148; where it appears in <U>clause
(ii)(A)</U> thereof with the percentage &#147;2.00%&#148;.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 3. <U>Certain Representations, Warranties and Covenants</U>. Each of the Seller, UGI
and the Servicer, as to itself, hereby represents and warrants that:



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">(a)&nbsp;the representations and warranties of such Person contained in <U>Exhibit&nbsp;III</U>
to the Agreement (as amended hereby) are true and correct as of the date hereof (unless
stated to relate solely to an earlier date, in which case such representations and
warranties were true and correct as of such earlier date);



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">(b)&nbsp;the execution and delivery by such Person of this Amendment, and the performance of
its obligations under this Amendment and the Agreement (as amended hereby) are within its
organizational powers and have been duly authorized by all necessary organizational action
on its part, and this Amendment and the Agreement (as&nbsp;amended hereby) are its valid and
legally binding obligations, enforceable in accordance with its terms, subject to the effect
of bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement of
creditors&#146; rights generally; and



<P align="left" style="margin-left:4%; font-size: 12pt; text-indent: 4%">(c)&nbsp;no Termination Event or Unmatured Termination Event has occurred, is continuing, or
would occur as a result of this Amendment.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 4. <U>Effectiveness</U>. This Amendment shall become effective as of the date hereof
provided that the Administrator shall have received counterparts of this Amendment (whether by
facsimile or otherwise), executed and delivered by each of the parties hereto.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 5. <U>References to Agreement</U>. Upon the effectiveness of this Amendment, each
reference in the Agreement to &#147;this Agreement&#148;, &#147;hereunder&#148;, &#147;hereof&#148;, &#147;herein&#148;, or words of like
import shall mean and be a reference to the Agreement as amended hereby, and each reference to the
Agreement in any other document, instrument or agreement executed and/or delivered in connection
with the Agreement shall mean and be a reference to the Agreement as amended hereby.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 6. <U>Effect on the Agreement</U>. Except as specifically amended above, the
Agreement and all other documents, instruments and agreements executed and/or delivered in
connection therewith shall remain in full force and effect and are hereby ratified and confirmed.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 7. <U>No Waiver</U>. The execution, delivery and effectiveness of this Amendment
shall not operate as a waiver of any right, power or remedy of any party under the Agreement or any
other document, instrument or agreement executed in connection therewith, nor constitute a waiver
of any provision contained therein, except as specifically set forth herein.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 8. <U>Governing Law</U>. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE
PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK (INCLUDING FOR SUCH PURPOSE SECTION 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK).


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 9. <U>Successors and Assigns</U>. This Amendment shall be&nbsp;binding upon and shall
inure to the benefit of the parties hereto and their respective successors and assigns.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 10. <U>Headings</U>. The Section headings in this Amendment are inserted for
convenience of reference only and shall not affect the meaning or interpretation of this Amendment
or any provision hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 11. <U>Counterparts</U>. This Amendment&nbsp;may be executed by the parties hereto in
several counterparts, each of which shall be deemed to be an original and all of which shall
constitute together but one and the same agreement. Delivery of an executed counterpart of a
signature page to this Amendment by facsimile or electronic transmission shall be effective as
delivery of a manually executed counterpart hereof.


<P align="left" style="font-size: 12pt; text-indent: 4%">SECTION 12. <U>Severability</U>. Each provision of this Amendment shall be severable from
every other provision of this Amendment for the purpose of determining the legal enforceability of
any provision hereof, and the unenforceability of one or more provisions of this Amendment in one
jurisdiction shall not have the effect of rendering such provision or provisions unenforceable in
any other jurisdiction.


<P align="center" style="font-size: 12pt">&#091;Signature Pages Follow&#093;



<P align="left" style="font-size: 12pt; text-indent: 4%">IN WITNESS WHEREOF, the parties have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written.



<P align="left" style="margin-left:23%; font-size: 12pt"><B>ENERGY SERVICES FUNDING CORPORATION</B>



<P align="left" style="margin-left:23%; font-size: 12pt">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>



<P align="left" style="margin-left:23%; font-size: 12pt"><B>UGI ENERGY SERVICES, LLC</B>



<P align="left" style="margin-left:23%; font-size: 12pt">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>


<P align="center" style="font-size: 10pt; display: none">1
<!-- PAGEBREAK -->


<P align="left" style="margin-left:23%; font-size: 12pt"><B>PNC BANK, NATIONAL ASSOCIATION</B>,



<P align="left" style="margin-left:23%; font-size: 12pt"><BR>
as Issuer and Administrator



<P align="left" style="margin-left:23%; font-size: 12pt">By:<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
Name:<BR>
Title:<BR>



<P align="center" style="font-size: 10pt; display: none">2




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