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AMENDMENT NUMBER SIX TO LOAN AND SECURITY AGREEMENT
 THIS AMENDMENT NUMBER SIX TO LOAN AND SECURITY AGREEMENT Amendment PHIBRO ANIMAL HEALTH CORPORATION Parent PHIBRO ANIMAL HEALTH U.S., INC. PAHUS PHIBRO ANIMAL HEALTH HOLDINGS, INC. Holdings PRINCE AGRIPRODUCTS, INC. Prince PHIBRO-TECH, INC. PTI Borrowers Lender Lenders WELLS FARGO
FOOTHILL, INC. Agent Lender Group
 W I T N E S S E T H
 WHEREAS, Loan Agreement
 WHEREAS
 NOW, THEREFORE,
 1. DEFINITIONS .
 2. AMENDMENT TO LOAN AGREEMENT .
 Section 1.1 EBITDA Maximum Revolver Amount
 EBITDA




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Section 7.18(ii)
 Maximum Revolver Amount
 Section 7.18(i)
 Minimum Domestic EBITDA.
 Applicable Amount
    
    Applicable Period$
    2,700,000
    
    
    For the 2 month period
ending November 30, 2003$
    4,100,000
    
    
    For the 3 month period
ending December 31, 2003$
    5,000,000
    
    
    For the 4 month period
ending January 31, 2004$
    6,000,000
    
    
    For the 5 month period
ending February 29, 2004$
    8,000,000
    
    
    For the 6 month period
ending March 31, 2004$
    9,000,000
    
    
    For the 7 month period
ending April 30, 2004$
    10,000,000
    
    
    For the 8 month period
ending May 31, 2004$
    12,000,000
    
    
    For the 9 month period
ending June 30, 2004$
    13,200,000
    
    
    For the 10 month period
ending July 31, 2004$
    14,520,000
    
    
    For the 11 month period
ending August 31, 2004$
    15,972,000
    
    
    For the 12 month period
ending September 30, 2004
 2




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s

Applicable Amount
    
    Applicable Period$
    16,000,000
    
    
    For each 12 month period
ending October 31, 2004,
November 30, 2004,
December 31, 2004,
January 31, 2005,
February 28, 2005,
March 31, 2005,
April 30, 2005,
May 31, 2005, and
June 30, 2005$
    17,500,000
    
    
    For each 12 month period
ending July 31, 2005,
August 31, 2005,
September 30, 2005,
October 31, 2005,
November 30, 2005,
December 31, 2005,
January 31, 2006,
February 28, 2006,
March 31, 2006,
April 30, 2006,
May 31, 2006, and
June 30, 2006
 Section 7.18(ii)
 Consolidated Minimum EBITDA.
 Applicable Amount
    
    Applicable Period$
    5,200,000
    
    
    For the 2 month period
ending November 30, 2003$
    7,500,000
    
    
    For the 3 month period
ending December 31, 2003$
    10,000,000
    
    
    For the 4 month period
ending January 31, 2004$
    12,000,000
    
    
    For the 5 month period
ending February 29, 2004
 3




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Applicable Amount
    
    Applicable Period$
    15,500,000
    
    
    For the 6 month period
ending March 31, 2004$
    18,000,000
    
    
    For the 7 month period
ending April 30, 2004$
    21,000,000
    
    
    For the 8 month period
ending May 31, 2004$
    24,000,000
    
    
    For the 9 month period
ending June 30, 2004$
    26,400,000
    
    
    For the 10 month period
ending July 31, 2004$
    29,040,000
    
    
    For the 11 month period
ending August 31, 2004$
    31,944,000
    
    
    For the 12 month period
ending September 30, 2004$
    32,000,000
    
    
    For each 12 month period
ending October 31, 2004,
November 30, 2004,
December 31, 2004,
January 31, 2005,
February 28, 2005,
March 31, 2005,
April 30, 2005,
May 31, 2005,
June 30, 2005,
July 31, 2005,
August 31, 2005,
September 30, 2005,
October 31, 2005,
November 30, 2005,
December 31, 2005,
January 31, 2006,
February 28, 2006,
March 31, 2006,
April 30, 2006,
May 31, 2006, and
June 30, 2006
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Section 7.18(c)
 Determination of Future Levels Section 6.3(c) Section 7.18 Section
6.3(c)
 Schedule C-1 Exhibit A
 3. CONDITIONS PRECEDENT TO THIS AMENDMENT .
  Exhibit B
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4. COVENANTS .
   5. GOVERNING LAW .
 6. ENTIRE AMENDMENT; EFFECT OF AMENDMENT . Section 2
 7. COUNTERPARTS; TELEFACSIMILE EXECUTION .
 6




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8. MISCELLANEOUS .
    7




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PHIBRO ANIMAL HEALTH CORPORATION,a New York corporationBy:
    
    /s/  Richard G. JohnsonTitle:
    
    Chief Financial OfficerPHIBRO ANIMAL HEALTH U.S., INC.,a Delaware corporationBy:
    
    /s/  David C. StorbeckTitle:
    
    Vice PresidentPHIBRO ANIMAL HEALTH HOLDINGS, INC.,a Delaware corporationBy:
    
    /s/  David C. StorbeckTitle:
    
    Vice PresidentPRINCE AGRIPRODUCTS, INC.,a Delaware corporationBy:
    
    /s/  David C. StorbeckTitle:
    
    Vice PresidentPHIBRO-TECH, INC.,a Delaware corporationBy:
    
    /s/  David C. StorbeckTitle:
    
    Vice PresidentWELLS FARGO FOOTHILL, INC.,a California corporation, as Agent and a LenderBy:
    
    /s/  Vincent J. EganTitle:
    
    Vice President
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Schedule C-1
 Commitments
 Lender
    
    RevolverCommitment
    
    
    TotalCommitmentWells Fargo Foothill, Inc.
    
    $
    35,000,000
    
    
    $
    35,000,000All Lenders
    
    $
    35,000,000
    
    
    $
    35,000,000
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Exhibit B
  AMENDMENT NUMBER SIX TO LOAN AND SECURITY AGREEMENT Amendment
  10




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IN WITNESS WHEREOF,
 PHIBROCHEM, INC., a New Jersey corporationBy:
    
    /s/  David C. StorbeckName:
    
    David C. StorbeckTitle:
    
    Vice PresidentWESTERN MAGNESIUM CORP., a California corporationBy:
    
    /s/  David C. StorbeckName:
    
    David C. StorbeckTitle:
    
    Vice PresidentCP CHEMICALS, INC., a New Jersey corporationBy:
    
    /s/  David C. StorbeckName:
    
    David C. StorbeckTitle:
    
    Vice PresidentPHIBRO CHEMICALS, INC., a New York corporationBy:
    
    /s/  David C. StorbeckName:
    
    David C. StorbeckTitle:
    
    Vice President
 11