EXECUTION VERSION

Exhibit 10.52

AMENDMENT No. 5 to the THIRD AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT,
dated as of November 2, 2018 (this “Amendment”), among CF INDUSTRIES HOLDINGS,
INC., a Delaware corporation (“Holdings”), CF INDUSTRIES, INC., a Delaware
corporation (the “Company”), and the LENDERS party hereto.
W I T N E S S E T H :
WHEREAS, the parties hereto have entered into that certain Third Amended and
Restated Revolving Credit Agreement, dated as of September 18, 2015 (as amended,
restated, supplemented or otherwise modified prior to the date hereof, the
“Existing Revolving Credit Agreement”; the Existing Revolving Credit Agreement
as amended by this Amendment, the “Amended Revolving Credit Agreement”), among
Holdings, the Company, the Lenders party thereto, the Issuing Banks party
thereto, the Administrative Agent and the other parties thereto; and
WHEREAS, the Company has requested that the Required Lenders (as defined in the
Existing Revolving Credit Agreement) make certain modifications to the Existing
Revolving Credit Agreement, all on the terms and conditions set forth herein.
NOW, THEREFORE, the parties hereto agree as follows:
Section 1.    Defined Terms; References. Unless otherwise specifically defined
herein, each term used herein that is defined in the Existing Revolving Credit
Agreement has the meaning assigned to such term in the Existing Revolving Credit
Agreement. Each reference in the Existing Revolving Credit Agreement to “this
Agreement”, “hereof”, “hereunder”, “herein” and “hereby” and each other similar
reference, and each reference in any other Loan Document to “thereof”,
“thereunder”, “therein” or “thereby” or any other similar reference to the
Existing Revolving Credit Agreement shall, from the Fifth Amendment Effective
Date (as defined below), refer to the Amended Revolving Credit Agreement. This
Amendment shall constitute a “Loan Document” for all purposes under the Existing
Revolving Credit Agreement.
Section 2.    Amendments to the Existing Revolving Credit Agreement. The
Existing Revolving Credit Agreement is hereby amended as follows:
a.Section 1.1 of the Existing Revolving Credit Agreement is hereby amended by
adding the following definitions in alphabetical order:
““Available Investment Amount” means 100% of an amount equal to the amount of
cash and the fair market value of non-cash property received by any Loan Party
or any Specified Non-Guarantor from and after the Available Investment Amount
Effective Date from any Non-Guarantor Subsidiary (other than Nitrogen) or any
Excluded Subsidiary in connection with either (i) any dividend, distribution or
other return or payment with respect to the Equity Interests of such
Non-Guarantor Subsidiary (other than Nitrogen) or such Excluded Subsidiary or
(ii) any repayment of or return on principal (other than interest) of any

    
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Indebtedness for borrowed money owed by such Non-Guarantor Subsidiary (other
than Nitrogen) or such Excluded Subsidiary to any Loan Party or any Specified
Non-Guarantor; plus $250,000,000; minus (i) the aggregate amount of Investments
made by Loan Parties and Specified Non-Guarantors pursuant to Section 6.8(a) in
joint ventures, Non-Guarantor Subsidiaries and Excluded Subsidiaries that are
not Guarantors, together with (x) the aggregate amount of Investments in
reliance on Section 6.8(f) made by Loan Parties and Specified Non-Guarantors in
Persons that are not Loan Parties and (y) the aggregate amount of Investments in
reliance on Section 6.8(n) in Persons that do not become Guarantors pursuant
thereto on or prior to the Fifth Amendment Effective Date and (ii) the aggregate
amount of any Investments made from and after the Available Investment Amount
Effective Date by any Loan Party or any Specified Non-Guarantor in reliance on
Section 6.8(a), Section 6.8(f) or Section 6.8(n) in any Subsidiary or Excluded
Subsidiary that is not a Loan Party; provided, however, that the aggregate
amount of any Investment (without regard to any reductions made for any returns
on principal or capital thereon or repayments made with respect thereto pursuant
to the last sentence of the definition of “Investment”) made from and after the
Available Investment Effective Date by any Loan Party or any Specified
Non-Guarantor in reliance on Section 6.8(a), Section 6.8(f) or Section 6.8(n) in
any Subsidiary or Excluded Subsidiary that was not a Loan Party at the time that
such Investment was made shall be added to the Available Investment Amount at
the time that such Subsidiary or Excluded Subsidiary becomes a Loan Party.””
““Available Investment Amount Effective Date” means November 1, 2018.””
“”Fifth Amendment Effective Date” means November 2, 2018.””
b.Section 6.8(a) of the Existing Revolving Credit Agreement is hereby amended by
and restated in its entirety as follows:
“(a)    (i) Investments in Holdings, the Lead Borrower, any Subsidiary, any
Excluded Subsidiary or any joint venture; provided that the aggregate amount of
Investments made by Loan Parties and Specified Non-Guarantors pursuant to this
Section 6.8(a) in joint ventures, Non-Guarantor Subsidiaries and Excluded
Subsidiaries that are not Guarantors, together with (x) the aggregate amount of
Investments in reliance on Section 6.8(f) made by Loan Parties and Specified
Non-Guarantors in Persons that are not Loan Parties and (y) the aggregate amount
of Investments in reliance on Section 6.8(n) in Persons that do not become
Guarantors pursuant thereto, shall not exceed the Available Investment Amount;”
c.Section 6.8(f) of the Existing Revolving Credit Agreement is hereby amended by
and restated in its entirety as follows:
“(f)    Investments constituting Guarantees to the extent not prohibited by
Section 6.5; provided that the aggregate amount of Investments made by Loan
Parties and Specified Non-Guarantors pursuant to this Section 6.8(f) in Persons
that are not Loan Parties, together with (x) the aggregate amount of Investments
pursuant to Section 6.8(a) made by Loan Parties and Specified Non-Guarantors in
joint ventures, Non-Guarantor Subsidiaries and non-Guarantor Excluded
Subsidiaries and (y) the aggregate amount of Investments in

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reliance on Section 6.8(n) in Persons that do not become Guarantors pursuant
thereto, shall not exceed the Available Investment Amount;”
d.The proviso at the end of Section 6.8(n) of the Existing Revolving Credit
Agreement is hereby amended by and restated in its entirety as follows:
“provided that the aggregate amount of Investments made under this Section
6.8(n) in Persons that do not become Guarantors pursuant to clause (iv),
together with the aggregate amount of Investments pursuant to Section 6.8(a)
made by Loan Parties and Specified Non-Guarantors in joint ventures,
Non-Guarantor Subsidiaries and non-Guarantor Excluded Subsidiaries, shall not
exceed the Available Investment Amount;”
Section 3.    Representations of the Company and Holdings. Each of the Company
and Holdings represents and warrants that, after giving effect to this
Amendment, (a) all representations and warranties set forth in the Existing
Revolving Credit Agreement and the other Loan Documents shall be true and
correct in all material respects on and as of the Fifth Amendment Effective
Date, except that (i) to the extent that any such representation or warranty is
stated to relate solely to an earlier date, it shall be true and correct in all
material respects as of such earlier date and (ii) any representation and
warranty that is qualified as to “materiality”, “Material Adverse Effect” or
similar language shall be true and correct in all respects and (b) no Default or
Event of Default shall exist and be continuing on the Fifth Amendment Effective
Date.
Section 4.    Conditions to Fifth Amendment Effective Date. This Amendment shall
become effective as of the date (the “Fifth Amendment Effective Date”) that each
of the following conditions precedent are satisfied or waived in accordance with
Section 9.2 of the Existing Revolving Credit Agreement:
(a)    the Administrative Agent (or its counsel) shall have received, from each
of Holdings, the Company and Lenders that in the aggregate constitute the
Required Lenders under the Existing Revolving Credit Agreement as of the Fifth
Amendment Effective Date, a counterpart of this Amendment, signed on behalf of
such party (which may include facsimile or other electronic transmission of a
signed signature page of this Amendment);
(b)    the Administrative Agent shall have received a certificate, dated the
Fifth Amendment Effective Date and signed on behalf of the Company by a
Responsible Officer or Financial Officer of the Company, certifying as to the
items set forth in Section 3 hereof as of the Fifth Amendment Effective Date;
and
(c)     the Administrative Agent shall have received, or substantially
concurrently with the Fifth Amendment Effective Date shall receive, all expenses
required to be paid by the applicable Loan Parties on the Fifth Amendment
Effective Date under the Existing Revolving Credit Agreement (including, without
limitation, the reasonable and documented out-of-pocket fees, charges and
disbursements of Davis Polk & Wardwell LLP, counsel to the Administrative Agent)
to the extent invoiced to the Company at least three (3) Business Days prior to
the Fifth Amendment Effective Date (or such later date as the Company shall
permit in its reasonable discretion).

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Upon the occurrence of the Fifth Amendment Effective Date, (i) this Amendment
shall be a binding agreement between the parties hereto and their permitted
assigns under the Existing Revolving Credit Agreement and (ii) each party hereto
agrees that their consents to this Amendment, once delivered, are irrevocable
and may not be withdrawn.
Section 5.    Certain Consequences of Effectiveness.
(a)    Except as set forth herein, this Amendment shall not by implication or
otherwise limit, impair, constitute a waiver of, or otherwise affect the rights
and remedies of the Lenders, the Administrative Agent or any other party under
the Existing Revolving Credit Agreement or any other Loan Document, and shall
not alter, modify, amend or in any way affect any of the terms, conditions,
obligations, covenants or agreements contained in the Existing Revolving Credit
Agreement or any other Loan Document, all of which are ratified and affirmed in
all respects and shall continue in full force and effect.
(b)    Except for the amendments set forth herein, nothing herein shall be
deemed to entitle Holdings, any Borrower or any Guarantor to a consent to, or a
waiver, amendment, modification or other change of, any of the terms,
conditions, obligations, covenants or agreements contained in the Existing
Revolving Credit Agreement or any other Loan document in similar or different
circumstances.
(c)    By signing this Amendment, each of Holdings and the Company hereby
confirms that (i) the Obligations of each of Holdings, each of the Borrowers and
each Guarantor under the Amended Revolving Credit Agreement and the other Loan
Documents as amended hereby are entitled to the benefit of the Guarantees set
forth in the relevant Loan Documents and (ii) the Loan Documents as amended
hereby are, and shall continue to be, in full force and effect and are hereby
ratified and confirmed in all respects.
Section 6.    Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.
Section 7.    WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY 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 AMENDMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY 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 AMENDMENT BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

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Section 8.    Venue; Etc. Each party hereto hereby agrees to the terms set forth
in Sections 9.9(b), (c) and (d) of the Existing Revolving Credit Agreement, and
such Sections are hereby incorporated by reference herein mutatis mutandis.
Section 9.    Counterparts. This Amendment may be executed in counterparts (and
by different parties hereto on different counterparts), each of which shall
constitute an original, but all of which when taken together shall constitute a
single contract. Delivery of an executed counterpart of a signature page of this
Amendment by facsimile or other electronic imaging means (including in .pdf
format) shall be effective as delivery of a manually executed counterpart of
this Amendment.
[Remainder of Page Intentionally Left Blank]

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.
CF INDUSTRIES HOLDINGS, INC., as Holdings
By: /s/ Daniel L. Swenson  
Name: Daniel L. Swenson
Title: Vice President, Treasurer and Assistant Secretary
CF INDUSTRIES, INC., as the Company
By: /s/ Daniel L. Swenson  
Name: Daniel L. Swenson
Title: Vice President, Treasurer and Assistant Secretary
 

Signature Page to Amendment No. 5 to Third Amended and Restated Revolving Credit
Agreement
    
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MORGAN STANLEY BANK, N.A.,
as a Lender
By: /s/ Jack Kuhns  
Name: Jack Kuhns
Title: Authorized Signatory

Signature Page to Amendment No. 5 to Third Amended and Restated Revolving Credit
Agreement
    
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MUFG BANK, LTD. (FORMERLY KNOWN AS THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.), as a
Lender
By: /s/ Mark Campbell  
Name: Mark Campbell
Title: Authorized Signatory

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Agreement
    
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BANK OF MONTREAL,
as a Lender
By: /s/ Brian L. Banke  
Name: Brian L. Banke
Title: Managing Director

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Agreement
    
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GOLDMAN SACHS BANK USA,
as a Lender
By: /s/ Jamie Minieri  
Name: Jamie Minieri
Title: Authorized Signatory

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Agreement
    
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ROYAL BANK OF CANADA,
as a Lender
By: /s/ Sinan Tarlan  
Name: Sinan Tarlan
Title: Authorized Signatory
 

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Agreement
    
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WELLS FARGO BANK, NATIONAL ASSOCIATION, as a Lender
By: /s/ Nathan R. Rantala                          
Name: Nathan R. Rantala
Title: Managing Director

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Agreement
    
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THE BANK OF NOVA SCOTIA,
as a Lender
By: /s/ Sangeeta Shah  
Name: Sangeeta Shah
Title: Director

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Agreement
    
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CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH,
as a Lender
By: /s/ Andrew R. Campbell                      
Name: Andrew R. Campbell
Title: Authorized Signatory
By: /s/ Robert Robin                                  
Name: Robert Robin
Title: Authorized Signatory

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Agreement
    
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CITIBANK, N.A., as a Lender
By: /s/ David Jaffe                                   
Name: David Jaffe
Title: Vice President

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Agreement
    
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PNC BANK, NATIONAL ASSOCIATION,
as a Lender
By: /s/ David T. McNeela                          
Name: David T. McNeela
Title: Managing Director

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SUNTRUST BANK, as a Lender
By: /s/ Carlos Cruz                                    
Name: Carlos Cruz
Title: Director

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Agreement
    
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U.S. BANK NATIONAL ASSOCIATION,
as a Lender
By: /s/ Paul E. Rouse                                 
Name: Paul E. Rouse
Title: Vice President

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Agreement
    
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BANK OF AMERICA, N.A.,
as a Lender
By: /s/ Jeremy Dhein                                 
Name: Jeremy Dhein
Title: SVP

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COBANK ACB,
as a Lender
By: /s/ Alan V. Schuler                             
Name: Alan v. Schuler
Title: Vice President

Signature Page to Amendment No. 5 to Third Amended and Restated Revolving Credit
Agreement
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