Propane Group Material Adverse Effect

Propane Group Material Adverse Effect. Means any Material Adverse Effect in respect of the Propane Group Entities (as defined in the Inergy Acquisition Agreement) and the Acquired Assets (as defined in the Inergy Acquisition Agreement) taken as a whole. As used in this definition, "Material Adverse Effect" means, with respect to any Person (as defined in the Inergy Acquisition Agreement), any change, event, circumstance, effect or development that, considered together with all other changes, events, circumstances, effects and... developments is, or is reasonably likely to be, materially adverse to the business, assets, liabilities, financial condition or operations of such Person and its Subsidiaries (as defined in the Inergy Acquisition Agreement), taken as a whole; provided, however, that, a Material Adverse Effect shall not be deemed to have occurred as a result of any of the following changes, events or developments (either alone or in combination): (a) any change in general economic, political or business conditions (including any effects on the economy arising as a result of acts of terrorism), but which does not have a materially disproportionate impact on the business of such Person and its Subsidiaries relative to others in such Person's industry; (b) any change in propane, heating oil or distillate commodity prices; (c) any change affecting the propane, heating oil or distillate storage, transportation and distribution industry generally but which does not have a materially disproportionate impact on the business of such Person and its Subsidiaries relative to others in such Person's industry; (d) any change in accounting requirements or principles imposed by GAAP (as defined in the Inergy Acquisition Agreement) or any change in Law (as defined in the Inergy Acquisition Agreement) after the Execution Date (as defined in the Inergy Acquisition Agreement) but which does not, in each case, have a materially disproportionate impact on the business of such Person and its Subsidiaries relative to others in such Person's industry; (e) any change resulting from the execution of the Inergy Acquisition Agreement or the announcement of the transactions contemplated hereby; or (f) any change resulting from taking any action required to be taken to obtain any approval or authorization under any applicable Regulatory Law (as defined in the Inergy Acquisition Agreement) in accordance with the Inergy Acquisition Agreement. Each reference to the Inergy Acquisition Agreement in this definition means the Inergy Acquisition Agreement without giving effect to any amendments, modifications or waivers other than Permitted Changes. View More