Document:

First Amendment to Credit Agreement, dated November 17, 2003

 EXHIBIT 10.1 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT 
  
 FIRST AMENDMENT TO CREDIT AGREEMENT (this “First Amendment”), dated as of November 17, 2003, among PACER
INTERNATIONAL, INC., a Tennessee corporation (the “Borrower”), the lenders party hereto (each, a “Lender” and, collectively, the “Lenders”), CREDIT SUISSE FIRST BOSTON, CAYMAN ISLANDS BRANCH and
HARRIS TRUST & SAVINGS BANK, as Co-Documentation Agents (in such capacity, the “Co-Documentation Agents”), BEAR STEARNS CORPORATE LENDING INC. and CREDIT LYONNAIS NEW YORK BRANCH, as Co-Syndication Agents (in such
capacity, the “Co-Syndication Agents”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, as Administrative Agent (in such capacity, the “Administrative Agent” and, together with the Co-Documentation Agents and the
Co-Syndication Agents, each, an “Agent” and, collectively, the “Agents”). Unless otherwise indicated, all capitalized terms used herein and not otherwise defined shall have the respective meanings provided such
terms in the Credit Agreement referred to below. 
  
 W
I T N E S S E T H : 
  
 WHEREAS, the Borrower, the Lenders from time to time party thereto, and the Agents are parties to a Credit Agreement, dated as of June 10, 2003 (as amended, modified and/or supplemented to, but not including, the date
hereof, the “Credit Agreement”); and 
  
 WHEREAS,
subject to the terms and conditions of this First Amendment, the parties hereto wish to amend the Credit Agreement as herein provided; 
  
 NOW, THEREFORE, it is agreed: 
  
 I. Amendments to Credit Agreement. 
  
 1. Section 1.01 of the Credit Agreement is hereby amended by inserting the following new clause (e) immediately following clause (d) of said Section:

  
 “(e) New Term Loans. (A) Subject
to and upon the terms and conditions set forth herein, (i) each Consenting Term Lender severally agrees to convert (the “Term Loan Conversion”), on the First Amendment Effective Date, all Term Loans of such Consenting Term Lender
outstanding on the First Amendment Effective Date (immediately prior to giving effect thereto) into new term loans hereunder owing by the Borrower (each such term loan, a “Converted Term Loan” and, collectively, the
“Converted Term Loans”) and (ii) each Lender with a New Term Loan Commitment severally agrees to make, on the First Amendment Effective Date, a term loan or term loans (each, an “Additional New Term Loan” and,
collectively, the “Additional New Term Loans”, and, together with the Converted Term Loans, the “New Term Loans”) to the Borrower, which New Term Loans: 
  
 (i) shall be denominated in U.S. Dollars; 

 (ii) except as hereinafter provided, shall, at the option of the Borrower, be incurred
and maintained as, and/or converted into one or more Borrowings of Base Rate Loans or Eurodollar Loans, provided that (x) except as otherwise specifically provided in Section 1.10(b), all New Term Loans made as part of the same Borrowing
shall at all times consist of New Term Loans of the same Type and (y) Borrowings of New Term Loans on the First Amendment Effective Date shall be subject to the rules set forth in clause (B) of this Section 1.01(e) below; and 
  
 (iii) shall not exceed for any Lender, in initial principal
amount, that amount which equals the sum of (x) the aggregate principal amount of the Term Loans, if any, made by such Lender and outstanding on the First Amendment Effective Date (immediately prior to giving effect thereto) as set forth on Schedule
I hereto under the heading “Converted Term Loans” and (y) the New Term Loan Commitment of such Lender (if any) as in effect on the First Amendment Effective Date (before giving effect to any reductions thereto on such date pursuant
to Section 3.03(f)). 
  
 Once repaid, New Term Loans may not be
reborrowed. 
  
 (B)(i) Each Borrowing of Term
Loans existing on the First Amendment Effective Date immediately prior to the Term Loan Conversion and maintained as Eurodollar Loans (each, an “Existing Term Loan Borrowing”) shall, upon the occurrence of the Term Loan Conversion,
be deemed to be a new Borrowing of New Term Loans for all purposes of this Agreement, (ii) each such newly-deemed Borrowing of New Term Loans shall be subject to the same Interest Period (and Eurodollar Rate) as the Existing Term Loan Borrowing to
which it relates (as if no new Borrowing had in fact occurred), (iii) Additional New Term Loans shall be initially incurred pursuant to a single Borrowing of Eurodollar Loans which shall be added to (and thereafter be deemed to constitute a part of)
each such newly-deemed Borrowing of New Term Loans described in preceding subclause (i) on a pro rata basis (based on the relative sizes of the various such newly-deemed Borrowings of New Term Loans) and (iv) in connection with the
Term Loan Conversion and the incurrence of Additional New Term Loans pursuant to Section 1.01(e)(A), the Administrative Agent shall (and is hereby authorized to) take all appropriate actions to ensure that all Lenders with outstanding New Term Loans
(after giving effect to the Term Loan Conversion and the incurrence of Additional New Term Loans pursuant to Section l.01(e)(A)) participate in each newly-deemed Borrowing of New Term Loans on a pro rata basis (based upon their
respective New Term Loan Borrowing Amounts as in effect on the First Amendment Effective Date). 
  
 (C) In connection with the Term Loan Conversion and the incurrence of Additional New Term Loans pursuant to Section 1.01(e)(A), the
Lenders and the Borrower hereby agree that, notwithstanding anything to the contrary contained in this Agreement, (i) if requested by any Lender making Additional New Term Loans which “match funds”, the Borrower shall pay to such Lender

  

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 such amounts necessary, as reasonably determined by such Lender, to compensate such Lender for making
such Additional New Term Loans in the middle of an existing Interest Period (rather than at the beginning of the respective Interest Period, based upon the rates then applicable thereto) and (ii) the Borrower shall be obligated to pay to the
respective Lenders breakage or other costs of the type referred to in Section 1.11 (if any) incurred in connection with the Term Loan Conversion and/or the actions taken pursuant to preceding clause (B) of this Section 1.01(e). 
  
 (D) On and after the First Amendment Effective Date, each
Consenting Term Lender which holds a Term Note shall be entitled to surrender such Term Note to the Borrower against delivery of a New Term Note completed in conformity with Section 1.05; provided that if any such Term Note is not so
surrendered, then from and after the First Amendment Effective Date such Term Note shall be deemed to evidence the Converted Term Loans into which the Term Loans theretofore evidenced by such Term Note have been converted.” 
  
 2. Section 1.04(a) of the Credit Agreement is hereby amended by deleting the
parenthetical “(or, in the case of Swingline Loans, DBTCA shall make available the full amount thereof)” appearing in the first sentence of said Section and inserting the text “(or (I) in the case of Swingline Loans, DBTCA shall make
available the full amount thereof and (II) in the case of Additional New Term Loans, each Lender with a New Term Loan Commitment will make available an amount thereof equal to its New Term Loan Commitment on the First Amendment Effective Date)”
in lieu thereof. 
  
 3. Section 1.05(a) of the Credit Agreement is
hereby amended by (i) inserting the text “, (iii) if New Term Loans, by a promissory note substantially in the form of Exhibit B-4, with blanks appropriately completed in conformity therewith (each, a “New Term Note” and,
collectively, the “New Term Notes”),” immediately after the end of clause (ii) of said Section and (ii) redesignating clause (iii) of said Section as clause (iv). 
  
 4. Section 1.05 of the Credit Agreement is hereby further amended by inserting the following new clause (g) immediately
following clause (f) of said Section: 
  
 “(g) The New Term Note issued to each Lender shall (i) be executed by the Borrower, (ii) be payable to the order of such Lender or its registered assigns and be dated the date of issuance thereof, (iii) be in a stated principal amount
(expressed in U.S. Dollars) equal to the sum of the New Term Loan Commitment of such Lender on the First Amendment Effective Date before giving effect to any reductions thereto on such date plus the aggregate principal amount of all Converted
Term Loans of such Lender on the First Amendment Effective Date (or, in the case of any New Term Note issued after the First Amendment Effective Date, in a stated principal amount equal to the outstanding principal amount of the New Term Loans of
such Lender on the date of issuance thereof) and be payable in the principal amount of New Term Loans evidenced thereby from time to time, (iv) mature on the New Term Loan Maturity Date, (v) bear interest as provided in the appropriate clause of
Section 1.08 in respect of 
  

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 the Base Rate Loans and Eurodollar Loans, as the case may be, evidenced thereby, (vi) be subject to
voluntary prepayment as provided in Section 4.01, and mandatory repayment as provided in Section 4.02, and (vii) be entitled to the benefits of this Agreement and the other Credit Documents.”. 
  
 5. Section 1.07 of the Credit Agreement is hereby amended by (i) deleting the
text “Term Loans” in said Section and inserting the text “New Term Loans” in lieu thereof and (ii) inserting the text “, New Term Loan Borrowing Amounts” immediately after the text “Term Loan Commitments”
appearing in said Section. 
  
 6. Section 1.09 of the Credit
Agreement is hereby amended by (i) deleting the text “and” appearing after the text “Section 1.01(a)(iii)” and inserting a comma in lieu thereof, (ii) inserting the text “and 1.01(e)(ii)” immediately following the text
“1.01(b)(ii)” and (iii) deleting each instance of the text “Term Loans” appearing in subclause (vii) of said Section and inserting the text “New Term Loans” in lieu thereof. 
  
 7. Section 1.13 of the Credit Agreement is hereby amended by deleting the
text “Term Loans” in each instance where it appears in said Section and inserting the text “New Term Loans” in lieu thereof. 
  
 8. Section 3.02(b) of the Credit Agreement is hereby amended by deleting the text “Term Loans” in each instance where it appears in said Section
and inserting the text “New Term Loans” in lieu thereof. 
  
 9. Section 3.03 of the Credit Agreement is hereby amended by (i) inserting the text “; provided, however, that the Total New Term Loan Commitment shall terminate on November 24, 2003, unless the First Amendment Effective
Date has occurred on or before such date” immediately preceding the period at the end of clause (a) of said Section, (ii) inserting the text “, the Total New Term Loan Commitment” immediately after the text “Total Term Loan
Commitment” appearing in clause (e) of said Section, (iii) inserting the text “, the New Term Loan Commitment” immediately after the text “the Term Loan Commitment” appearing in clause (e) of said Section and (iv) inserting
the following new clause (f) immediately following clause (e) of said Section: 
  
 “(f) The Total New Term Loan Commitment shall terminate in its entirety on the First Amendment Effective Date (immediately after
giving effect to the incurrence of Additional New Term Loans on such date).”. 
  
 10. Section 4.01 of the Credit Agreement is hereby amended by deleting the text “Term Loans” in each instance where it appears in said Section and inserting the text “New Term Loans” in lieu
thereof. 
  
 11. Section 4.02(b) of the Credit Agreement is hereby
replaced in its entirety with the following: 
  
 “(b) In addition to any other mandatory repayments or commitment reductions pursuant to this Section 4.02, on each date set forth below, the Borrower shall be required to repay that principal amount of New Term Loans, 
  

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 to the extent then outstanding, as is set forth opposite such date (each such repayment, as the same may
be reduced as provided in Sections 4.01 and 4.02(h), a “Scheduled Repayment”): 
  

	 Scheduled Repayment Date

	  	Amount

	 
	 June 30, 2005
	  	$	2,000,000	 
	 September 30, 2005
	  	$	6,250,000	 
	 December 31, 2005
	  	$	6,250,000	 
		
	 March 31, 2006
	  	$	6,250,000	 
	 June 30, 2006
	  	$	6,250,000	 
	 September 30, 2006
	  	$	6,250,000	 
	 December 31, 2006
	  	$	6,250,000	 
		
	 March 31, 2007
	  	$	6,250,000	 
	 June 30, 2007
	  	$	6,250,000	 
	 September 30, 2007
	  	$	6,250,000	 
	 December 31, 2007
	  	$	6,250,000	 
		
	 March 31, 2008
	  	$	6,250,000	 
	 June 30, 2008
	  	$	6,250,000	 
	 September 30, 2008
	  	$	6,250,000	 
	 December 31, 2008
	  	$	6,250,000	 
		
	 March 31, 2009
	  	$	6,250,000	 
	 June 30, 2009
	  	$	6,250,000	 
	 September 30, 2009
	  	$	6,250,000	 
	 December 31, 2009
	  	$	6,250,000	 
		
	 March 31, 2010
	  	$	6,250,000	 
	 New Term Loan Maturity Date
	  	$	101,250,000	”.

  
 12. Notwithstanding
anything to the contrary contained in Section 4.02(d) of the Credit Agreement or elsewhere in the Credit Agreement, the proceeds of all Additional New Term Loans shall be applied on the First Amendment Effective Date (as defined below) exclusively
to repay in full all outstanding Term Loans of Non-Consenting Term Lenders. 
  
 13. Section 4.02(h) of the Credit Agreement is hereby amended to read in its entirety as follows: 
  
 “(h) Each amount required to be applied pursuant to Sections 4.02(c), (d), (e), (f) and (g) in accordance with this Section 4.02(h)
shall be applied (i) first, to repay the outstanding principal amount of New Term Loans and (ii) second, to the extent in excess of the amounts required to be applied pursuant to preceding subclause (i), to reduce the Total Revolving
Loan Commitment (it being understood and agreed that (x) the amount of any reduction to the Total 
  

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 Revolving Loan Commitment as provided in preceding subclause (ii) shall be deemed to be an application of
proceeds for purposes of this Section 4.02(h) even though cash is not actually applied, (y) any cash received by the Borrower or such Subsidiary in connection with the event giving rise to such reduction will be retained by such Person except to the
extent that such cash is otherwise required to be applied as provided in Section 4.02(a) as a result of any reduction to the Total Revolving Loan Commitment and (z) such reduction shall be made in accordance with Section 3.03(e)). All repayments of
outstanding New Term Loans pursuant to Sections 4.02(c), (d), (e), (f) or (g) shall be applied to reduce the then remaining Scheduled Repayments of New Term Loans on a pro rata basis (based upon the then remaining Scheduled Repayments
after giving effect to all prior reductions thereto).” 
  
 14. Section 7.05(a) of the Credit Agreement is hereby amended by inserting the following new sentence at the end of said Section: 
  
 “All proceeds of the Additional New Term Loans shall be used on the First Amendment Effective Date to repay outstanding Term Loans of Non-Consenting
Term Lenders (if any).” 
  
 15. Sections 8.01(j), 9.02(d),
9.02(k), 9.02(m), 9.11(c) and 9.11(d) of the Credit Agreement are hereby amended by deleting the text “Term Loans” in each instance in which it appears in said Sections and inserting the text “New Term Loans” in lieu thereof.

  
 16. The definitions of “Minimum Borrowing Amount”,
“Net Cash Proceeds”, and “Tranche” appearing in Section 11 of the Credit Agreement are hereby amended by deleting the text “Term Loans” in each instance in which it appears in said definitions and inserting the text
“New Term Loans” in lieu thereof. 
  
 17. The definition
of “Adjusted Excess Cash Flow” appearing in Section 11 of the Credit Agreement is hereby amended by inserting the text “or a Scheduled Repayment (as defined in this Agreement as in effect immediately prior to the First Amendment
Effective Date) under Section 4.02(b) (as such Section is in effect immediately prior to the First Amendment Effective Date)” immediately after the text “4.02(b)” appearing in said definition. 
  
 18. The definition of “Applicable Margin” appearing in Section 11
of the Credit Agreement is hereby amended to read in its entirety as follows: 
  
 “Applicable Margin” initially shall mean a percentage per annum equal to (A) (i) in the case of Revolving Loans maintained as (x) Base Rate Loans, 2.25% and (y) Eurodollar Loans, 3.25% and (ii) in the
case of Swingline Loans, 2.25% and (B) in the case of New Term Loans maintained as (x) Base Rate Loans, 1.75% and (y) Eurodollar Loans, 2.75%. From and after each day of delivery of any certificate delivered in accordance with the first sentence of
the following paragraph indicating a different margin for a given eligible Tranche of Loans than that described in the immediately preceding sentence (each, a “Start Date”) to and including the applicable End Date described below,
the Applicable Margin for 
  

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such Tranche of Loans shall (subject to any adjustment pursuant to the immediately succeeding paragraph) be that set forth below opposite the Total Leverage
Ratio indicated to have been achieved in any certificate delivered in accordance with the following sentence: 
  

	 Total Leverage
 Ratio

	  	Revolving Loan
Eurodollar
Margin

	 	 	 Revolving
Loan / Swingline
Loan Base
 Rate Margin

	 	 	New Term Loan
Eurodollar
Margin

	 	 	New Term Loan
Base Rate
Margin

	 
	 Equal to or greater than 2.25:1.0 but less
 than 2.5:1.0
	  	3.00	%	 	2.00	%	 	N/A	 	 	N/A	 
	 Equal to or greater than 2.0:1.0 but less
 than 2.25:1.0
	  	3.00	%	 	2.00	%	 	2.50	%	 	1.50	%
	 Equal to or greater than 1.5:1.0 but less
 than 2.0:1.0
	  	2.75	%	 	1.75	%	 	2.50	%	 	1.50	%
	 Equal to or greater than 1.0:1.0 but less
 than 1.5:1.0
	  	2.50	%	 	1.50	%	 	2.50	%	 	1.50	%
	 Less than 1.0:1.0
	  	2.25	%	 	1.25	%	 	2.50	%	 	1.50	%

  
 The
Total Leverage Ratio shall be determined based on the delivery of a certificate of the Borrower by an Authorized Officer of the Borrower to the Administrative Agent (with a copy to be sent by the Administrative Agent to each Lender), within 45 days
of the last day of any fiscal quarter of the Borrower, which certificate shall set forth the calculation of the Total Leverage Ratio as at the last day of the Test Period ended immediately prior to the relevant Start Date (but determined on a
Pro Forma Basis to give effect to any Permitted Acquisition or Subsidiary Redesignation effected on or prior to the date of the delivery of such certificate) and the Applicable Margins for a given eligible Tranche of Loans which shall
be thereafter applicable (until same are changed or cease to apply in accordance with the following sentences); provided that at the time of the consummation of any Permitted Acquisition or Subsidiary Redesignation or any issuance of
Permitted Debt or Disqualified Preferred Stock, an Authorized Officer of the Borrower shall deliver to the Administrative Agent a certificate setting forth the calculation of the Total Leverage Ratio on a Pro Forma Basis as of the last
day of the last Calculation Period ended prior to the date on which such Permitted Acquisition or Subsidiary Redesignation is consummated or such Permitted Debt or Disqualified Preferred Stock is/are issued for which financial statements have been
made available (or were required to be made available) pursuant to Section 8.01(b) or (c), as the case may be, and the date of such consummation shall be deemed to be a Start Date and the Applicable Margins for each eligible Tranche of Loans which
shall be thereafter applicable (until same 

  

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are changed or cease to apply in accordance with the following sentence) shall be based upon the Total Leverage Ratio as so calculated. The Applicable
Margins for each eligible Tranche of Loans as so determined shall apply, except as set forth in the succeeding sentence, from the relevant Start Date to the earliest of (x) the date on which the next certificate is delivered to the Administrative
Agent, (y) the date on which the next Permitted Acquisition or Subsidiary Redesignation is consummated or Permitted Debt or Disqualified Preferred Stock is/are issued or (z) the date which is 45 days following the last day of the Test Period in
which the previous Start Date occurred (such earliest date, the “End Date”), at which time, if no certificate has been delivered to the Administrative Agent indicating an entitlement to new Applicable Margins for the respective
eligible Tranche of Loans (and thus commencing a new Start Date), the Applicable Margins for such Tranche of Loans shall be those set forth in the first sentence of this definition (such Applicable Margins as so determined, the “Highest
Applicable Margins”). Notwithstanding anything to the contrary contained above in this definition, (i) the Applicable Margins for each Tranche of Loans shall be the Highest Applicable Margins (x) at all times during which there shall exist
any Default or Event of Default and (y) prior to the date of delivery of the financial statements pursuant to Section 8.01(c) for the fiscal quarter of the Borrower ended closest to September 30, 2003 and (ii) unless a Default or Event of Default
exists (in which case the Applicable Margin set forth in the first sentence of this definition shall apply), upon the receipt by the Borrower of the Applicable Credit Rating (and for so long as the Applicable Credit Rating is in effect), the
Applicable Margin with respect to New Term Loans maintained as (I) Base Rate Loans, shall be 1.50% and (II) Eurodollar Loans, shall be 2.50%.” 
  
 19. The definition of “Borrowing” appearing in Section 11 of the Credit Agreement is hereby amended by (i) inserting the text “(x)”
immediately after the text “provided, that” appearing in said definition and (ii) inserting the text “and (y) the term “Borrowing” shall include the consolidated “borrowing” of New Term Loans pursuant to the
simultaneous conversion of Term Loans and the incurrence of Additional New Term Loans on the First Amendment Effective Date on the terms provided in Section 1.01(e)” immediately prior to the period appearing at the end of said definition.

  
 20. The definition of “Commitment” appearing in
Section 11 of the Credit Agreement is hereby amended by inserting the text “, New Term Loan Commitment” immediately after the text “Term Loan Commitment” appearing in said definition. 
  
 21. The definition of “Loan” appearing in Section 11 of the Credit
Agreement is hereby amended by deleting the text “Term Loan” appearing in said definition and inserting the text “New Term Loan” in lieu thereof. 
  
 22. The definition of “Maturity Date” appearing in Section 11 of the Credit Agreement is hereby amended by
deleting the text “Term Loan Maturity Date” appearing in said definition and inserting the text “New Term Loan Maturity Date” in lieu thereof. 
  

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 23. The definition of “Note” appearing in Section 11 of the Credit Agreement is hereby amended
by deleting the text “Term Note” appearing in said definition and inserting the text “New Term Note” in lieu thereof. 
  
 24. The definition of “Qualified Preferred Stock” appearing in Section 11 of the Credit Agreement is hereby amended by deleting the text
“Term Loan Maturity Date” appearing in said definition and inserting the text “New Term Loan Maturity Date” in lieu thereof. 
  
 25. The definition of “Required Lenders” appearing Section 11 of the Credit Agreement is hereby amended by (i) inserting the text “, New
Term Loans” immediately preceding the text “and Revolving Loan Commitments” appearing in said definition and (ii) inserting the text “and New Term Loans” immediately preceding the reference to “Non-Defaulting
Lenders” appearing in clause (i) of said definition. 
  
 26.
Section 11 of the Credit Agreement is hereby further amended by inserting in the appropriate alphabetical order the following new definitions: 
  
 “Additional New Term Loans” shall have the meaning provided in Section 1.01(e). 
  
 “Applicable Credit Rating” shall mean the
Borrower has received a long-term senior secured debt rating of both (x) BB- or better from S&P and (y) Ba3 or better from Moody’s, it being understood and agreed that (I) if (a) the rating system of Moody’s and/or S&P shall
change, or (b) if any such rating agency shall cease to be in the business of rating corporate debt obligations, or (c) if both Moody’s and S&P shall fail to have a rating outstanding (other than by reason of the circumstances referred to
in clause (II) below), the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such
amendment, the applicable rating shall be determined by reference to the ratings most recently in effect prior to such change or cessation and (II) if either S&P or Moody’s fails to have outstanding at any time a rating due to the failure
by the Borrower to provide requested information to, or otherwise to fully cooperate with, such rating agency in establishing a rating, the Applicable Credit Rating shall not have been achieved, provided that (x) in the event no ratings are
outstanding pursuant to clause (I)(c) above (and clause (II) above is not applicable), and (y) the Borrower and the Lenders are unable through good faith negotiations to amend this definition to reflect the unavailability of ratings from such rating
agencies within 45 days of such ratings ceasing to be available, then the Applicable Credit Rating shall not have been achieved. 
  
 “Consenting Term Lender” shall mean each Lender holding outstanding Term Loans that has theretofore executed and
delivered a counterpart of the First Amendment to the Administrative Agent on or prior to 5:00 P.M. (New York 
  

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 time) on the later to occur of November 17, 2003 or the First Amendment Effective Date. 
  
 “Converted Term Loans” shall have the
meaning provided in Section 1.01(e). 
  
 “Existing Term Loan Borrowing” shall have the meaning provided in Section 1.01(e). 
  
 “First Amendment” shall mean the First Amendment to Credit Agreement, dated as of November 17, 2003. 
  
 “First Amendment Effective Date” shall have
the meaning provided in the First Amendment. 
  
 “New Term Loan” shall have the meaning provided in Section 1.01(e). 
  
 “New Term Loan Borrowing Amount” shall mean, with respect to each Lender, the amount set forth opposite such
Lender’s name in Schedule I directly below the column entitled “New Term Loan Borrowing Amount”, as the same may be (x) reduced from time to time as a result of prepayments and repayments pursuant to Section 4.01, 4.02 and/or 10 or
(y) adjusted from time to time as a result of assignments of New Term Loans to or from such Lender pursuant to Section 1.13 or 13.04(b). 
  
 “New Term Loan Commitment” shall mean, with respect to each Lender, the amount set forth opposite such Lender’s name
in Schedule I directly below the column entitled “New Term Loan Commitment,” as the same may be reduced or terminated pursuant to Section 3.03 and/or 10 or otherwise modified pursuant to Section 1.13 and/or 13.04(b). 
  
 “New Term Loan Maturity Date” shall mean
June 10, 2010. 
  
 “New Term
Note” shall have the meaning provided in Section 1.05(a). 
  
 “Non-Consenting Term Lender” shall mean each Lender that is not a Consenting Term Lender. 
  
 “Term Loan Conversion” shall have the meaning provided in Section 1.01(e). 
  
 “Total New Term Loan Commitment” shall
mean, at any time, the sum of the New Term Loan Commitments of each of the Lenders at such time. 
  
 27. Section 13.04(b) of the Credit Agreement is hereby amended by deleting the text “Term Loans” in each instance where it appears in said
Section and inserting the text “New Term Loans” in lieu thereof. 
  

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 28. Exhibit A-1 to the Credit Agreement is hereby amended by deleting the text “[Term Loans]”
appearing in said Exhibit and inserting the text “[New Term Loans]” in lieu thereof. 
  
 29. The Credit Agreement is hereby further amended by adding Exhibit B-4 thereto in the form of Exhibit B-4 attached hereto. 
  
 30. Exhibit K to the Credit Agreement is hereby amended by deleting same in its entirety and inserting in lieu thereof a new Exhibit K in the form of
Exhibit K attached hereto. 
  
 31. Schedule I to the Credit
Agreement is hereby amended by deleting same in its entirety and inserting in lieu thereof a new Schedule I in the form of Schedule I attached hereto. 
  
 II. Miscellaneous Provisions. 
  
 1. In order to induce the Lenders to enter into this First Amendment, the Borrower hereby represents and warrants that (i) no Default or Event of Default
exists as of the First Amendment Effective Date after giving effect to this First Amendment, (ii) all of the representations and warranties contained in the Credit Agreement or the other Credit Documents are true and correct in all material respects
on the First Amendment Effective Date after giving effect to this First Amendment, with the same effect as though such representations and warranties had been made on and as of the First Amendment Effective Date (it being understood that any
representation or warranty made as of a specific date shall be true and correct in all material respects as of such specific date) and (iii) concurrently with the effectiveness of this First Amendment, the proceeds of the Additional New Term Loans
shall be immediately applied by the Borrower to repay all outstanding Term Loans of Non-Consenting Term Lenders (if any). 
  
 2. This First Amendment is limited as specified and shall not constitute a modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document. 
  
 3. This First
Amendment may be executed in any number of counterparts and by the different parties hereto on separate counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the
same instrument. A complete set of counterparts shall be lodged with the Borrower and the Administrative Agent. 
  
 4. THIS FIRST AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE
LAW OF THE STATE OF NEW YORK. 
  

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 5. This First Amendment shall become effective on the date (the “First Amendment Effective
Date”) when each of the following conditions shall have been satisfied: 
  
 (i) the Borrower, each other Credit Party, Lenders constituting the Required Lenders, and each Lender with a New Term Loan Commitment
and/or converting Term Loans into Converted Term Loans pursuant to the Term Loan Conversion shall have signed a counterpart hereof (whether the same or different counterparts) and shall have delivered (including by way of facsimile transmission) the
same to White & Case LLP, 1155 Avenue of the Americas, New York, NY 10036 Attention: May Yip (facsimile number 212-354-8113); 
  
 (ii) there shall have been delivered to the Administrative Agent for the account of each Consenting Term Lender and each Lender with a New
Term Loan Commitment which has requested same, an appropriate New Term Note executed by the Borrower in each case in the amount, maturity and otherwise as provided in the Credit Agreement; and 
  
 (iii) (x) all accrued and unpaid interest on all Term Loans
shall have been paid in full (regardless of whether or not the Credit Agreement otherwise requires a payment of such interest at such time), (y) all fees, costs and expenses with respect to the Term Loans shall have been paid in full and (z) the
principal of all outstanding Term Loans of Non-Consenting Term Lenders shall have been repaid in full; and 
  
 (iv) there shall have been delivered to Administrative Agent copies of resolutions of the board of directors of each Credit Party
approving and authorizing the execution, delivery and performance of this First Amendment and the Credit Documents as amended by this First Amendment, certified as of the First Amendment Effective Date by the corporate secretary or an assistant
secretary of such Credit Party as being in full force and effect without modification or amendment; 
  
 provided however that in the event that the requirements of clause (iv) of this Section 5 are not satisfied on the date that all of the other conditions set forth in this Section 5 shall have been
satisfied, this First Amendment shall nevertheless be deemed to have become effective and the First Amendment Effective Date shall be deemed to have occurred, provided that the Borrower shall cause each such Credit Party to deliver the
resolutions referred to in clause (iv) of this Section 5 which were not delivered to the Administrative Agent on the First Amendment Effective Date within 15 calendar days following the First Amendment Effective Date. Any failure to comply
with the provisions of the immediately preceding proviso by a Credit Party shall be deemed to be an Event of Default for all purposes of the Credit Agreement. 
  

6. By executing and delivering a copy hereof, each Credit Party hereby agrees that all Loans (including, without limitation, the New Term Loans) shall
be fully guaranteed pursuant to the Subsidiaries Guaranty in accordance with the terms and provisions thereof and shall be fully secured pursuant to the Security Documents. 
  
 7. From and after the First Amendment Effective Date, all references in the Credit Agreement and each of the other Credit
Documents to the Credit Agreement shall be deemed to be references to the Credit Agreement, as modified hereby. 
  
 *        *        * 
  

 -12- 

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver
this First Amendment as of the date first above written. 
  

	 PACER INTERNATIONAL, INC.

		
	 By:
	 	 /s/ LC Yarberry

	 	 	 Name: LC Yarberry

	 	 	 Title:   EVP

	
	 DEUTSCHE BANK TRUST COMPANY
 AMERICAS,

	 Individually and as Administrative Agent

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

 IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to execute and deliver
this First Amendment as of the date first above written. 
  

	 PACER INTERNATIONAL, INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

	 Individually and as Administrative Agent

		
	 By:
	 	 /s/    MARGUERITE SUTTON

	 	 	 Name: Marguerite Sutton

	 	 	 Title: Vice President

 Each of the undersigned, each being a Subsidiary Guarantor under, and as defined in, the Credit Agreement
referenced in the foregoing First Amendment, hereby consents to the entering into of the First Amendment and agrees to the provisions thereof (including, without limitation, Part II, Section 6 thereof). 
  

	 CONEX GLOBAL LOGISTICS SERVICES, INC.

	 PACER CARTAGE, INC.

	 PACER GLOBAL LOGISTICS, INC.

	 RF INTERNATIONAL, LTD.

	 PACIFIC MOTOR TRANSPORT COMPANY

	 INTERMODAL CONTAINER SERVICE, INC.

	 MANUFACTURERS CONSOLIDATION SERVICE OF CANADA, INC.

	 OCEAN WORLD LINES, INC.

	 S&H LEASING, INC.

	 S&H TRANSPORT, INC.

		
	By:	 	 /s/ LC Yarberry

	 	

	 	 	 Name: LC Yarberry

	 	 	 Title:   EVPForm of Warrant

 Exhibit 10.1 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE, AND THE SECURITIES ISSUED UPON EXERCISE HEREOF, MAY NOT BE OFFERED FOR SALE, SOLD OR OTHERWISE TRANSFERRED EXCEPT PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT FILED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”), OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE ACT WHICH SHALL BE ESTABLISHED TO THE SATISFACTION OF THE COMPANY. 
  
 Void after 3:30 P.M., Denver Time, on August 14, 2004 
  
 Warrant to Purchase 
 Shares of 
 Common Stock 
  
 WARRANT TO PURCHASE SHARES OF COMMON
STOCK 
  
 OF 
  
 RENTECH, INC. 
  
 This Is to Certify That, FOR VALUE RECEIVED, the undersigned or permitted assigns (“Holder”), is entitled to
purchase, subject to the provisions of this Warrant, from RENTECH, INC., a Colorado corporation (“Company”), at any time not later than 3:30 P.M., Denver time, on August 14, 2004, (the “Expiration Date”) One Million One Hundred
Thousand (1,100,000) shares of common stock, having $.01 par value per share, of the Company (“Common Stock”) at an exercise price, subject to adjustment as set forth below, of $0.45 per share. The number of shares of Common Stock to be
received upon the exercise of this Warrant and the price to be paid for a share of Common Stock are subject to adjustment from time to time as hereinafter set forth. The shares of the Common Stock deliverable upon such exercise, and as adjusted from
time to time, are hereinafter sometimes referred to as “Warrant Stock” and the exercise price of a share of Common Stock in effect at any time and as adjusted from time to time is hereinafter sometimes referred to as the “Exercise
Price.” 
  
 1. Exercise of Warrant. Subject to the
provisions of Section 4 hereof, this Warrant may be exercised in whole or in part at any time or from time to time not later than 3:30 P.M., Denver Time, on August 14, 2004, or if that date falls on a day on which banking institutions are authorized
by law to close, then on the next succeeding day which shall not be such a day, by presentation and surrender hereof to the Company with the Purchase Form annexed hereto duly executed and accompanied by payment of the Exercise Price for the number
of shares specified in such form, together with all federal and state taxes applicable upon such exercise. If this Warrant should be exercised in part only, the Company shall, upon surrender of this Warrant for cancellation, execute and deliver a
new Warrant evidencing the right of the Holder to purchase the balance of the shares purchasable hereunder. Upon receipt by the Company of this Warrant at the office or agency of the Company, in proper form for exercise, the Holder shall be deemed
to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock transfer books of the Company shall then be closed or that certificates representing such securities shall not then be actually
delivered to the Holder. The Exercise Price shall be paid in immediately available funds by cashier’s check or by wire transfer. 
  

 1 

 2. Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for
issuance and delivery, upon exercise of this Warrant, such number of shares of its Common Stock as shall be required for issuance or delivery upon exercise of this Warrant. 
  
 3. Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon any exercise
of this Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to the Holder an amount in cash equal to such fraction multiplied by the current market value of such fractional share, determined as
follows: 
  
 (a) If the Common Stock is listed on
a national securities exchange or admitted to unlisted trading privileges on such exchange, the current value shall be the last reported sale price of the Common Stock on the composite tape of such exchange on the last trading day prior to the date
of exercise of this Warrant, or if no such sale is made on such day, the average closing bid and asked prices for such day on the composite tape of the exchange; or 
  
 (b) If the Common Stock is not so listed or admitted to unlisted trading privileges, the current value shall
be the mean of the last reported bid and asked prices reported by the National Association of Securities Dealers Quotation System (or, if not so quoted on NASDAQ, by the National Quotation Bureau, Inc.) on the last trading day prior to the date of
the exercise of this Warrant; or 
  
 (c) If the
Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported, the current value shall be an amount, not less than book value, determined in such reasonable manner as may be prescribed by the
Board of Directors of the Company, such determination to be final and binding on the Holder. 
  
 4. Exchange, Assignment or Loss of Warrant. This Warrant is not assignable except to employees of the original Holder who are registered sales representatives and who are licensed through a licensed securities
broker-dealer and who directly participated in the Company’s private placement for which this Warrant was issued. This Warrant is assignable to permitted assignees and exchangeable, without expense, at the option of the Holder, upon
presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of Common Stock
purchasable hereunder. Any such assignment shall be made by surrender of this Warrant to the Company or at the office of its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient to pay any transfer
tax; whereupon the Company shall, without charge, execute and deliver a new Warrant in the name of the permitted assignee named in such instrument of assignment. Upon any permitted assignment or exchange, this Warrant promptly shall be canceled.
This Warrant may be divided or combined with other Warrants which carry the same rights upon presentation hereof at the office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying the
denominations in which new Warrants are to be issued and signed by the Holder hereof. The term “Warrant” as used herein includes any Warrants issued in substitution for or replacement of this Warrant, or into which this Warrant may be
divided or exchanged. Upon receipt by the Company of evidence satisfactory to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of reasonably satisfactory indemnification including a
surety bond, and upon surrender and cancellation of this Warrant, if mutilated, the Company will execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an additional contractual
obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or mutilated, and shall be at any time enforceable by a Holder. 
  

 2 

 5. Rights of the Holder. The Holder shall not, by virtue hereof, be entitled to any rights of a
shareholder of the Company, either at law or equity, and the rights of the Holder are limited to those expressed in this Warrant and are not enforceable against the Company except to the extent set forth herein. 
  
 6. Anti-Dilution Provisions. 
  
 (a) Stock Splits and Stock Dividends. Anything in
this Section 6 to the contrary notwithstanding, in case the Company shall at any time issue Common Stock or securities convertible into or exercisable or exchangeable for Common Stock by way of dividend or other distribution on any stock of the
Company or subdivide or combine the outstanding shares of Common Stock, the Exercise Price shall be proportionately decreased in the case of such issuance (on the day following the date fixed for determining shareholders entitled to receive such
dividend or other distribution) or decreased in the case of such subdivision or increased in the case of such combination (on the date that such subdivision or combination shall become effective); provided, however, that the Exercise Price shall
never be less than the par value per share of Common Stock. 
  
 (b) Number of Shares Adjusted. Upon any adjustment of the Exercise Price, the holder of this Warrant shall thereafter (until another such adjustment) be entitled to purchase, at the new Exercise Price, the
number of Shares, calculated to the nearest full share, obtained by multiplying the number of shares of Common Stock initially issuable upon exercise of this Warrant by the Exercise Price in effect on the date hereof and dividing the product so
obtained by the new Exercise Price. 
  
 (c)
Common Stock Defined. Whenever reference is made in this Section 6 to the issue or sale of shares of Common Stock, the term “Common Stock” shall mean the Common Stock of the Company of the class authorized as of the date hereof and
any other class of stock ranking on a parity with such Common Stock. However, subject to the provisions of Section 9 hereof, shares issuable upon exercise hereof shall include only shares of the class designated as Common Stock of the Company as of
the date hereof. 
  
 7. Officer’s Certificate. Upon
request by the Holder, and if the Exercise Price is adjusted as required by the provisions of Section 6 hereof, the Company shall forthwith file in the custody of its Secretary or an Assistant Secretary at its principal office, and with its stock
transfer agent, if any, an officer’s certificate showing the adjusted Exercise Price determined as herein provided and setting forth in reasonable detail the facts requiring such adjustment and the calculation thereof. Each such officer’s
certificate shall be made available at all reasonable times for inspection by the Holder and the Company shall, upon request after each such adjustment, mail a copy of such certificate to the Holder. 
  
 8. Notice to Holders. If, prior to the expiration of this Warrant
either by its terms or by its exercise in full, any of the following shall occur: 
  
 (a) the Company shall declare a dividend or authorize any other distribution on its Common Stock; or 
  
 (b) the Company shall authorize the granting to the shareholders of its Common Stock of rights to subscribe for or purchase any securities or any other
similar rights; or 
  

 3 

 (c) any reclassification, reorganization or similar change of the Common Stock, or any consolidation or
merger to which the Company is a party, or the sale, lease, or exchange of any signification portion of the assets of the Company; or 
  
 (d) the voluntary or involuntary dissolution, liquidation or winding up of the Company; or 
  
 (e) any purchase, retirement or redemption by the Company of its Common Stock; 
  
 then, and in any such case, the Company shall deliver to the Holder or Holders written notice
thereof at least 30 days prior to the earliest applicable date specified below with respect to which notice is to be given, which notice shall state the following: 
  
 (f) the date on which a record is to be taken for the purpose of such dividend, distribution or rights, or, if a record is
not to be taken, the date as of which the shareholders of Common Stock of record to be entitled to such dividend, distribution or rights are to be determined; 
  

(g) the date on which such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation, winding up or purchase,
retirement or redemption is expected to become effective, and the date, if any, as of which the Company’s shareholders of Common Stock of record shall be entitled to exchange their Common Stock for securities or other property deliverable upon
such reclassification, reorganization, consolidation, merger, sale, transfer, dissolution, liquidation, winding up, purchase, retirement or redemption; and 
  
 (h) if any matters referred to in the foregoing clauses (a) and (b) are to be voted upon by shareholders of Common Stock, the date as of which those
shareholders to be entitled to vote are to be determined. 
  
 9.
Reclassification, Reorganization or Merger. In case of any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the Company (other than a change in par value, or from par value to no par value, or
as a result of an issuance of Common Stock by way of dividend or other distribution or of a subdivision or combination), or in case of any consolidation or merger of the Company with or into another corporation (other than a merger with a subsidiary
in which merger the Company is the continuing corporation and which does not result in any reclassification, capital reorganization or other change of outstanding shares of Common Stock of the class issuable upon exercise of this Warrant) or in case
of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety, the Company shall cause effective provision to be made so that the Holder shall have the right thereafter, by exercising
this Warrant, to purchase the kind and amount of shares of stock and other securities and property receivable upon such reclassification, capital reorganization or other change, consolidation, merger, sale or conveyance as if the Holder had
exercised this Warrant prior to such transaction. Any such provision shall include provision for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Warrant. A copy of such provision shall be
furnished to the holder(s) of Warrants within ten days after execution of the appropriate agreement pertaining to same and, in any event, prior to any consolidation, merger, sale or conveyance subject to the provisions of this Section 9. The
foregoing provisions of this Section 9 shall similarly apply to successive reclassifications, capital reorganizations and changes of shares of Common Stock and to successive consolidations, mergers, sales or conveyances. 
  

 4 

 10. Dissolution. If, at any time prior to the expiration of this Warrant and prior to the exercise
thereof, any dissolution, liquidation or winding up of the Company shall be proposed, the Company shall cause at least 30 days’ notice to be mailed by certified mail to the registered Holder of this Warrant Certificate at the Holder’s
address as it appears on the books of the Company. Such notice shall specify the date as of which holders of record of Common Stock shall participate in any distribution or shall be entitled to exchange their Common Stock for securities or other
property, deliverable upon such dissolution, liquidation or winding up, as the case may be; to the end that, during such period of 30 days, the Holder of this Warrant may exercise this Warrant and purchase Common Stock (or other stock substituted
therefor as hereinbefore provided) and be entitled in respect of shares so purchased to all of the rights of the other holders of Common Stock of the Company. In case of a dissolution, liquidation or winding up of the Company, all purchase rights
under this Warrant shall terminate at the close of business on the date as of which holders of record of the Common Stock shall be entitled to participate in a distribution of the assets of the Company in connection with such dissolution,
liquidation or winding up (provided that in no event shall said date be less than 30 days after completion of service by certified mail of notice as aforesaid). Any Warrant not exercised prior to such time shall be void and no rights shall exist
thereunder. In any such case of termination of purchase rights, a statement thereof shall be included in the notice provided for herein. 
  
 11. Spin-Offs. In the event the Company spins-off a subsidiary or stock held in another corporation as an investment by distributing to the
shareholders of the Company, as a dividend or otherwise, the stock of the subsidiary or other corporation, the Company shall reserve, for the life of the Warrant, shares of the subsidiary or other corporation to be delivered to the holders of the
Warrants upon exercise to the same extent as if they were owners of record of the Warrant Stock on the record date for payment of the shares of the subsidiary or other corporation. 
  
 12. Rights. 
  
 (a) Piggy-Back Registration. Subject to Section 12(i) below, if at any time during the two years following the date of this
Warrant, the Company proposes to register any of its Common Stock under the Act in connection with the public offering of such securities solely for cash on a form that would also permit the registration of the Common Stock of the Holders that they
acquire through exercise of this Warrant, the Company shall, each such time, promptly give each Holder written notice of such determination. Upon the written request of any Holder given within 20 days after mailing of any such notice by the Company,
the Company shall use its best efforts to cause to be registered under the Act all of such Common Stock acquired through exercise of this Warrant that each such Holder has requested to be registered. 
  
 (b) Obligations of the Company. Whenever required to
use its best efforts to effect the registration of any Common Stock, the Company shall, as expeditiously as reasonably possible: 
  
 (A) Prepare and file with the Securities and Exchange Commission (“SEC”) a registration statement with respect to such Warrant
Stock and use its best efforts to cause such registration statement to become and remain effective; provided, however, that in connection with any proposed registration intended to permit an offering of any securities from time to time (i.e., a
so-called “shelf registration”), the Company shall in no event be obligated to cause any such registration to remain effective for more than one year. 
  

 5 

 (B) Prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Act with respect to the disposition of all securities covered by such registration statement. 
  
 (C) Furnish to the Holders such numbers of copies of a
prospectus, including a preliminary prospectus, in conformity with the requirements of the Act, and such other documents as they may reasonably request in order to facilitate the disposition of Warrant Stock owned by them. 
  
 (D) Use its best efforts to register and qualify the
securities covered by such registration statement under such other securities or blue-sky laws of such jurisdictions as shall be reasonably appropriate for the distribution of the securities covered by the registration statement, provided that the
Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to service of process in any such states or jurisdictions, and further provided that (anything in this Section (l)
to the contrary notwithstanding with respect to the bearing of expenses) if any jurisdiction in which the securities shall be qualified shall require that expenses incurred in connection with the qualification of the securities in that jurisdiction
be borne by selling shareholders pro rata, to the extent required by such jurisdiction. 
  
 (c) Furnish Information. It shall be a condition precedent to the obligations of the Company to take any action that the Holders
shall furnish to the Company such information regarding them, the Warrant Stock held by them, and the intended method of disposition of such securities as the Company shall reasonably request and as shall be required in connection with the action to
be taken by the Company. 
  
 (d) Company
Registration Expenses. In the case of any registration effected pursuant to Section (12)(a), the Company shall bear any additional registration and qualification fees and expenses (excluding underwriters’ discounts, commissions and
expenses), and any additional costs and disbursements of counsel for the Company that result from the inclusion of securities held by the Holders in such registration; provided, however, that if any such cost or expense is attributable solely to one
selling Holder and does not constitute a normal cost or expense of such a registration, such cost or expense shall be paid by that selling Holder. In addition, each selling Holder shall bear the fees and costs of its own counsel. 
  
 (e) Underwriting Requirements. In connection with any
offering involving an underwriting of shares of Common Stock being issued by the Company or being sold by persons other than the Holders exercising piggy-back registration rights (the “Initial Sellers”), the Company shall not be required
under Section 12(a) to include any of the Holders’ Warrant Stock in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company or the Initial Sellers and the underwriters selected by it or them, and
then only in such quantity as will not, in the written opinion of the underwriters, jeopardize the success of the offering by the Company or by the Initial Sellers. If the total amount of securities that all Holders request to be included in such
offering exceeds the amount of securities that the underwriters reasonably believe compatible with the success of the offering, the Company shall only be required to include in the offering so many of the securities of the selling Holders as the
underwriters believe will not jeopardize the success of the offering (the securities so included to be apportioned pro rata among the selling Holders according to the total amount of securities 

  

 6 

 
owned by said selling Holders, or in such other proportions as shall mutually be agreed to by such selling Holders), provided that no such reduction shall be
made with respect to any securities offered by the Company or the Initial Sellers for its or their own account. 
  
 (f) Delay of Registration. No Holder shall have any right to take any action to restrain, enjoin, or otherwise delay any
registration as the result of any controversy that might arise with respect to the interpretation or implementation of this Section 12. 
  
 (g) Indemnification. In the event any Common Stock is included in a registration statement: 
  
 (A) To the extent permitted by law, the Company will
indemnify and hold harmless each Holder requesting or joining in a registration, any underwriter (as defined in the Act) for it, and each such person, if any, who controls such Holder or underwriter within the meaning of the Act, against any losses,
claims, damages, or liabilities, joint or several, to which they may become subject under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based on any untrue or
alleged untrue statement of any material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or are based upon the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading; and will reimburse each such Holder, such underwriter, or controlling person for any legal or
other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this Section 12 (g)(A) shall not apply to
amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld) nor shall the Company be liable in any such case
for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in connection with such registration statement,
preliminary prospectus, final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, underwriter, or
controlling person. 
  
 (B) To the extent
permitted by law, each Holder requesting or joining in a registration will indemnify and hold harmless the Company, each of its directors, each of its officers who have signed the registration statement, each person, if any, who controls the Company
within the meaning of the Act, and each agent and any underwriter for the Company (within the meaning of the Act) against any losses, claims, damages, or liabilities to which the Company or any such director, officer, controlling person, agent, or
underwriter may become subject, under the Act or otherwise, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any untrue statement or alleged untrue statement of any material fact
contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, or arise out of or are based upon the omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not misleading, in each case to the extent, but 

  

 7 

 
only to the extent, that such untrue statement or alleged untrue statement or omission or alleged omission was made in such registration statement,
preliminary or final prospectus, or amendments or supplements thereto, in reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such Holder will reimburse
any legal or other expenses reasonably incurred by the Company or any such director, officer, controlling person, agent, or underwriter in connection with investigating or defending any such loss, claim, damage, liability, or action; provided,
however, that the indemnity agreement contained in this Section 12 (g)(B) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of such Holder (which
consent shall not be unreasonably withheld). 
  
 (C) Promptly after receipt by an indemnified party under this Section 12(g) of notice of the commencement of any action, such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
paragraph, notify the indemnifying party in writing of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party
similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties. The failure to notify an indemnifying party promptly of the commencement of any such action, if prejudicial to his ability to defend such action,
shall relieve such indemnifying party of any liability to the indemnified party under this paragraph, but the omission to so notify the indemnifying party will not relieve him of any liability that he may have to any indemnified party otherwise than
under this paragraph. 
  
 (h) Termination of
the Company’s Obligations. The Company shall have no obligations pursuant to this Section 12 more than three years after the Expiration Date of this Agreement. 
  
 (i) Lockup Agreement. In consideration for the Company agreeing to its obligations under this Section
12, each Holder agrees in connection with any registration of the Company’s securities that, upon the request of the Company or the underwriters managing any underwritten offering of the Company’s securities, not to sell, make any short
sale of, loan, grant any option for the purchase of, or otherwise dispose of any Warrant Stock (other than those included in the registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period
of time (not to exceed 180 days from the effective date of such registration) as the Company or the underwriters may specify. 
  
 (j) Notice. Any notices or certificates by the Company to the Holder and by the Holder to the Company shall be deemed delivered if
in writing and delivered personally (including by telex, telecopier, telegram or other acknowledged receipt) or three business days following deposit in the United States mails, sent by registered or certified mail, return receipt requested,
addressed as follows to the Company at: Rentech, Inc., 1331 17th Street, Suite 720, Denver, CO 80202, Attention:
Chief Operating Officer, and to Holder at the address given by Holder’s signature. 
  
 Any person may change the address for the giving of notice by providing notice in accordance with these provisions. The change in notice shall be effective five (5) business days thereafter. 
  

 8 

 13. Amendments and Waivers. Any term, condition or provision of this Warrant may be amended and
the observance thereof may be waived (either generally or in a particular instance and either retroactively or prospectively), with the written consent of the Company and the Holders. 
  
 14. Entire Agreement. This Warrant constitutes the entire agreement among the parties thereto and supersedes any and
all prior agreements whether written or oral regarding the subject matter hereof. 
  
 15. Transfer to Comply with the Securities Act of 1933. 
  
 (a) This Warrant or the Warrant Stock or any other security issued or issuable upon exercise of this Warrant may not be offered or sold
except in conformity with the Securities Act of 1933, as amended, and then only against receipt of an agreement of such person to whom such offer of sale is made to comply with the provisions of this Section 15 with respect to any resale or other
disposition of such securities. 
  
 (b) Before
this Warrant may be sold, transferred, or assigned to a permitted assignee by the Holder, the Holder must notify the Company in writing at least 30 days prior to any such transfer. The Company shall the first right of refusal to repurchase the
Warrant for an amount not less than the amount offered by any third party. 
  
 (c) The Company may cause the following legend to be set forth on each certificate representing Warrant Stock or any other security issued or issuable upon exercise of this Warrant not theretofore distributed to the
public or sold to underwriters for distribution to the public pursuant to Section (l) hereof, unless counsel for the Company is of the opinion as to any such certificate that such legend is unnecessary: 
  

	The securities represented by this certificate may not be offered for sale, sold or otherwise transferred except pursuant to an effective registration statement made
under the Securities Act of 1933 (the “Act”), or pursuant to an exemption from registration under the Act the availability of which is to be established to the satisfaction of the Company.

  
 16. Applicable
Law. This Warrant shall be governed by, and construed in accordance with, the laws of the state of Colorado. 
  

	 August 14, 2003
	 	 	 	 RENTECH, INC.

				
	 HOLDER
	 	 	 	 	 	 
	  

	 	By:	 	  

	 	 	 	 	 	 	 James P. Samuels Vice President

  

 9

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