Document:

Fourth Amendment to Revolving Credit and Security Agreement

 Exhibit 10.25 
 FOURTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT 
 THIS FOURTH AMENDMENT TO REVOLVING CREDIT AND
SECURITY AGREEMENT, dated as of December 20, 2007 (this “Amendment”), relating to the Credit Agreement referenced below, is by and among PHOSPHATE HOLDINGS, INC., a Delaware corporation, and MISSISSIPPI PHOSPHATES CORPORATION, a
Delaware corporation (collectively, the “Borrowers”), the lenders identified on the signature pages thereto (the “Lenders”), and PNC Bank, National Association, a national banking association, as agent for the
Lenders (in such capacity, the “Agent”). Terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement. 
 W I T N E S S E T H 
 WHEREAS, a $18,000,000 credit facility has been extended to the
Borrowers pursuant to the terms of that certain Revolving Credit and Security Agreement dated as of March 24, 2005, as amended as of February 27, 2006, August 23, 2006 and as of March 23, 2007 (as amended and modified from
time to time, the “Credit Agreement”) among the Borrowers, the Lenders identified therein, and PNC Bank, National Association, as agent for the Lenders; 
 WHEREAS, the Borrowers have requested certain modifications to the Credit Agreement; 
 WHEREAS, the Lenders
have agreed to the requested modifications on the terms and conditions set forth herein; 
 NOW, THEREFORE, IN CONSIDERATION of the premises
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Amendments. The Credit Agreement is amended as set forth below: 
 (a) Section 2.23(b) is amended to
read as follows: 
 “(b) Advances constituting Term Loans may be
made at any time after April 1, 2007 but only after Agent’s receipt of at least a satisfactory draft of Borrowers’ 2006 fiscal year end financial statements from Borrowers’ accountants. No Advances for Term Loans shall be made
after December 31, 2008 (the “Borrowing Period”). At the end of the Borrowing Period the sum of the principal of all Term Loans shall amortize on the basis of a sixty month schedule (such amount, the “Amortization
Amount”). Commencing on January 1, 2009 and on the first (1st) day of each month thereafter the Amortization Amount shall be paid
with the remaining outstanding principal balance plus all accrued but unpaid interest due at the end of the Term. Term Loans shall be evidenced by one or more secured promissory notes (collectively, the “Term Note”) in substantially
the form attached hereto as Exhibit 2.23(b). The Term Loans may consist of 

 
Domestic Rate Loans or Eurodollar Rate Loans, or a combination thereof, as the Borrowers may request. In the event that the Borrowers desire to obtain or
extend a Eurodollar Rate Loan or to convert a Domestic Rate Loan to a Eurodollar Rate Loan, the Borrowers shall comply with the notification requirements set forth in Sections 2.2(b) and (d) and the provisions of Sections 2.2(b)
through (h) shall apply, mutatis mutandis.” 
 (b) Section 7.6 is amended to read as follows: 
 “7.6 Capital Expenditures. 
 Contract for, purchase or make any expenditure or commitments for Capital Expenditures in any fiscal year in an aggregate amount in
excess of $10,000,000. For fiscal years 2007 and 2008 only, Capital Expenditures for purposes of the calculation of this covenant shall not include Capital Expenditures (i) recorded on Borrowers’ books as the result of “involuntary
conversion” income (income generally consisting of the difference between the cost of repair or replacement of damaged assets and the historical carrying value of such assets) and (ii) costs related to the construction of Borrowers’
levee in an amount not to exceed $3,000,000.” 
 2. Representations and Warranties. The Borrowers hereby represent and warrant in
connection herewith that as of the date hereof (after giving effect hereto) (i) the representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects (except those which expressly relate
to an earlier date), and (ii) no Default or Event of Default has occurred and is continuing under the Credit Agreement. 
 3.
Acknowledgments, Affirmations and Agreements. The Borrowers (i) acknowledge and consent to all of the terms and conditions of this Amendment and (ii) affirm all of their obligations under the Credit Agreement and the Other
Documents. 
 4. Credit Agreement. Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement remain
in full force and effect. 
 5. Expenses. The Borrowers agree to pay all reasonable costs and expenses in connection with the
preparation, execution and delivery of this Amendment, including the reasonable fees and expenses of the Agent’s legal counsel. 
 6.
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original. It shall not be necessary in making proof of this Amendment to produce or account for more
than one such counterpart. 
 7. Governing Law. This Amendment shall be deemed to be a contract under, and shall for all purposes be
construed in accordance with, the laws of the State of North Carolina. 
  

 2 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

	 BORROWERS: 
	PHOSPHATE HOLDINGS, INC., 

	 	a Delaware corporation 

 By:/s/ Robert E.
Jones                         

	 	Name:  Robert E. Jones                        

	 	Title:
   President                                   

 MISSISSIPPI PHOSPHATES CORPORATION, 

	 	a Delaware corporation 

  

	 	By:/s/ Robert E. Jones                          

	 	Name:  Robert E. Jones                         

	 	Title:    Chief Executive Officer             

  

	 AGENT AND LENDER: 
	PNC BANK, NATIONAL ASSOCIATION, 

	 	in its capacity as Agent and as Lender 

  

	 	By:/s/ Jerold Slutsky                             

	 	Name:  JEROLD SLUTSKY                  

	 	Title:
   Vice-PresidentFifth Amendment to Revolving Credit and Security Agreement

 Exhibit 10.26 
 FIFTH AMENDMENT TO REVOLVING CREDIT AND SECURITY AGREEMENT 
 THIS FIFTH AMENDMENT TO REVOLVING CREDIT AND
SECURITY AGREEMENT, dated as of May 5, 2008 (this “Amendment”), relating to the Credit Agreement referenced below, is by and among PHOSPHATE HOLDINGS, INC., a Delaware corporation, and MISSISSIPPI PHOSPHATES CORPORATION, a
Delaware corporation (collectively, the “Borrowers”), the lenders identified on the signature pages thereto (the “Lenders”), and PNC Bank, National Association, a national banking association, as agent for the
Lenders (in such capacity, the “Agent”). Terms used herein but not otherwise defined herein shall have the meanings provided to such terms in the Credit Agreement. 
 W I T N E S S E T H 
 WHEREAS, a $18,000,000 credit facility has been extended to the
Borrowers pursuant to the terms of that certain Revolving Credit and Security Agreement dated as of March 24, 2005, as amended as of February 27, 2006, August 23, 2006, March 23, 2007 and as of December 20, 2007
(as amended and modified from time to time, the “Credit Agreement”) among the Borrowers, the Lenders identified therein, and PNC Bank, National Association, as agent for the Lenders; 
 WHEREAS, the Borrowers have requested certain modifications to the Credit Agreement; 
 WHEREAS, the Lenders have agreed to the requested modifications on the terms and conditions set forth herein; 
 NOW, THEREFORE, IN CONSIDERATION of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows: 
 1. Amendments. The Credit Agreement is amended as set forth below: 
 (a) The definition of “Maximum Revolving Advance Amount” in Section 1.2 is amended to read as follows: 
 “Maximum Revolving Advance Amount” shall mean $27,000,000.” 
 (b) Section 2.1(a)(ii) is amended to read as follows: 
 “(ii) up to the lesser of (A) 65%, subject to the provisions of Section 2.1(b) hereof, of the value of the Eligible
Inventory, (B) 85% of the appraised net orderly liquidation value of Eligible Inventory (as evidenced by an Inventory appraisal satisfactory to Agent in its sole discretion exercised in good faith) or (C) $16,000,000 in the aggregate at
any one time (“Inventory Advance Rate”), plus.” 
  

 1 

 (c) Section 3.3(b) is amended to read as follows: 
 “(c) Facility Fee. 
 Borrowers shall pay to Agent a fee for the ratable benefit of Lenders in an amount equal to (0.40%) per annum multiplied by the amount by which the Maximum Revolving Advance Amount exceeds the average daily unpaid
balance of the Revolving Advances plus the aggregate amount of any outstanding Letters of Credit that are available to be drawn during each calendar quarter. Such fee shall be payable to Agent in arrears on the first day of each calendar quarter
with respect to the previous calendar quarter.” 
 2. Amendment Fee. The Borrowers agree to pay the Agent an amendment fee of
$60,000. 
 3. Representations and Warranties. The Borrowers hereby represent and warrant in connection herewith that as of the date
hereof (after giving effect hereto) (i) the representations and warranties set forth in Article V of the Credit Agreement are true and correct in all material respects (except those which expressly relate to an earlier date), and (ii) no
Default or Event of Default has occurred and is continuing under the Credit Agreement. 
 4. Acknowledgments, Affirmations and
Agreements. The Borrowers (i) acknowledge and consent to all of the terms and conditions of this Amendment and (ii) affirm all of their obligations under the Credit Agreement and the Other Documents. 
 5. Credit Agreement. Except as expressly modified hereby, all of the terms and provisions of the Credit Agreement remain in full force and effect.

 6. Expenses. The Borrowers agree to pay all reasonable costs and expenses in connection with the preparation, execution and
delivery of this Amendment, including the reasonable fees and expenses of the Agent’s legal counsel. 
 7. Counterparts. This
Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original. It shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart.

 8. Governing Law. This Amendment shall be deemed to be a contract under, and shall for all purposes be construed in accordance
with, the laws of the State of North Carolina. 
  

 2 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	BORROWERS:	 	 PHOSPHATE HOLDINGS, INC.,
 a Delaware
corporation

		
		 	By: /s/ C.E.
McCraw                         
		 	Name:  C.E.
McCraw                        
		 	Title:    Chief Operating Officer     
		
		 	 MISSISSIPPI PHOSPHATES CORPORATION,
 a Delaware
corporation

		
		 	By: /s/ C.E. McCraw                        
		 	Name:  C.E. McCraw                       
		 	Title:    Chief Operating Officer     
		
	 AGENT AND LENDER:
	 	 PNC BANK, NATIONAL ASSOCIATION,
 in its capacity as
Agent and as Lender

		
		 	By: /s/ Jerold Slutsky                       
		 	Name:  Jerold Slutsky                     
		 	Title:
   Vice-President

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