Document:

Exhibit 10.1

Exhibit 10.1

EXECUTION COPY

AMENDMENT TO CREDIT AGREEMENT, WAIVER AND COLLATERAL AGENT CONSENT

This AMENDMENT TO CREDIT AGREEMENT, WAIVER AND COLLATERAL AGENT CONSENT (this
“Agreement”), dated as of July 21, 2010, among RENTECH ENERGY MIDWEST CORPORATION, a
Delaware corporation (“Borrower”), RENTECH, INC., a Colorado corporation
(“Holdings”), the Subsidiary Guarantors, the Lenders party hereto, and the Collateral Agent
(as defined below) is entered into in connection with the Credit Agreement referred to in the first
recital below.

RECITALS

WHEREAS, Borrower and Holdings are parties to that certain Credit Agreement, dated as of
January 29, 2010 (as amended, amended and restated, supplemented or otherwise modified from time to
time, the “Credit Agreement”; unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement), among
Borrower, Holdings, the banks, financial institutions and other entities party to the Credit
Agreement as lenders (the “Lenders”), Credit Suisse AG, Cayman Islands Branch, as
administrative agent and as collateral agent (in such capacity, the “Collateral Agent”);

WHEREAS, Borrower has requested that the Required Lenders amend and waive certain provisions
of the Credit Agreement as set forth more fully in this Agreement; and

WHEREAS, the Required Lenders have agreed to such amendments and waivers under the Credit
Agreement, subject to the terms and conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises made hereunder, and for good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, hereby agree as follows:

Section 1. Amendments to Credit Agreement.

(a) Amendment of Section 1.01 of Credit Agreement. Section 1.01 of the Credit
Agreement is hereby amended by deleting the definitions of “Excess Cash Flow”, “Incremental Loan
Amount” and “Payment Premium” in their entirety therefrom and substituting in lieu thereof the
following new definitions: 

““Excess Cash Flow” shall mean, for any fiscal year of the Borrower (or, in the
case of the fiscal year ended September 30, 2010, the portion thereof commencing on
the Closing Date and ending on September 30, 2010), the excess of:

(a) the sum, without duplication, of

(i) Consolidated Net Income for such fiscal year;

(ii) all amounts attributable to depreciation and amortization of the Borrower
and its subsidiaries for such fiscal year;

 

 

 

(iii) non-cash charges, expenses or losses (including any non-cash interest
expense) of the Borrower and its subsidiaries for such fiscal year to the extent
deducted from Consolidated Net Income for such fiscal year and added to net income
in the statement of cash flows for such fiscal year in accordance with GAAP;

(iv) decreases in Non-Cash Working Capital for such fiscal year; and

(v) solely with respect to the Borrower’s fiscal year ended September 30, 2010,
cash payments received by the Borrower and its subsidiaries following the end of
such fiscal year pursuant to prepaid sales contracts between the Borrower or the
applicable subsidiary, on the one hand, and a third party that is not an Affiliate
of the Borrower or any of its subsidiaries, on the other hand, entered into during
such fiscal year in the ordinary course of business; provided that, with respect to
any such sales contract, (A) each cash payment received by the Borrower or its
subsidiary, as the case may be, thereunder is received by the Borrower or the
applicable subsidiary, as the case may be, within 60 days following the end of such
fiscal year, (B) the cash received by the Borrower or the applicable subsidiary, as
the case may be, is in respect of goods sold with planned delivery to such third
party within the first fiscal quarter of the Borrower following the end of such
fiscal year, and (C) any such goods are not subject to consignment or other similar
arrangement; over

(b) the sum, without duplication, of

(i) Capital Expenditures made by the Borrower and its subsidiaries in
accordance with Section 6.10 during such fiscal year, except to the extent
financed with the proceeds of Indebtedness, equity issuances, casualty proceeds,
condemnation proceeds or other proceeds that would not be included in Consolidated
Net Income;

(ii) scheduled amortization payments of Loans pursuant to Section
2.08(a) made during such fiscal year and paid in cash;

(iii) permanent repayments during such fiscal year in respect of Indebtedness
(other than the Loans) and other long-term liabilities of the Borrower and its
subsidiaries, in each case paid in cash during such fiscal year, (A) except to the
extent financed with the proceeds of Indebtedness, equity issuances, casualty
proceeds, condemnation proceeds or other proceeds that would not be included in
Consolidated Net Income, and (B) only to the extent that the Indebtedness and other
liabilities so repaid by their terms cannot be reborrowed, reincurred or redrawn and
such payments do not occur in connection with a refinancing of all or any portion of
such Indebtedness or other obligations;

(iv) non-cash gains (including any non-cash interest income) of the Borrower
and its subsidiaries for such fiscal year to the extent added to Consolidated Net
Income for such fiscal year and deducted from net income in the statement of cash
flows for such fiscal year in accordance with GAAP;

(v) increases in Non-Cash Working Capital for such
fiscal year; and

(vi) solely with respect to the Borrower’s fiscal year ended September 30,
2011, any cash payments received by the Borrower or any of its subsidiaries during
the Borrower’s fiscal year ended September 30, 2011 that are included in the
calculation of Excess Cash Flow for the Borrower’s fiscal year ended September 30, 2010
pursuant to clause (a)(v) above of this definition.”

 

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““Incremental Loan Amount” shall mean, at any time, the excess, if any, of (a)
$35,000,000 over (b) the aggregate amount of all Incremental Loan Commitments
established prior to such time pursuant to Section 2.21.”

““Payment Premium” shall mean at any time with respect to any Loan being
prepaid in whole or in part pursuant to Section 2.09 during any of the
periods set forth below an amount equal to the percentage set forth opposite such
period of the aggregate principal amount of such Loan being prepaid at such time:

	 	 	 	 	 
	Period	 	Percentage	 
	July 23, 2011 to and including July 22, 2012
	 	 	4.00	%
	July 23, 2012 to and including July 22, 2013
	 	 	3.00	%
	July 23, 2013 to and including July 22, 2014
	 	 	1.00	%
	Thereafter
	 	 	0.00	%”

(b) Amendment of Section 1.01 of Credit Agreement. Section 1.01 of the Credit
Agreement is hereby amended by inserting in appropriate alphabetical order the following new
definitions:

““First Amendment and Consent” shall mean the Amendment to Credit Agreement,
Waiver and Collateral Agent Consent, dated as of July 21, 2010, among Holdings, the
Borrower, the Subsidiary Guarantors, the Lenders party thereto, and the Collateral
Agent.”

““First Incremental Loan Assumption Agreement” shall mean the Incremental Loan
Assumption Agreement, dated as of July 21, 2010, among Holdings, the Borrower, the
Subsidiary Guarantors, the Incremental Lenders party thereto, and the Administrative
Agent.”

““July 2010 Prepayment” shall have the meaning given to such term in Section 5
of the First Amendment and Consent.”

(c) Amendment of Section 2.09(a) of Credit Agreement. Clause (ii) of the proviso to
Section 2.09(a) of the Credit Agreement is hereby amended by deleting such clause in its entirety
and substituting in lieu thereof the following:

“(ii) no voluntary prepayment of any Loans (other than the July 2010 Prepayment)
shall be permitted prior to July 22, 2011.”

(d) Amendment of Section 2.21 of Credit Agreement. Section 2.21 of the Credit
Agreement is hereby amended by inserting the following new Section 2.21(e) at the end thereof:

 

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“(e) Notwithstanding anything to the contrary in this Agreement or otherwise, the
Borrower shall deliver a written notice to the Administrative Agent and the Lenders
at least 30 days prior to the Incremental Loan Closing Date for any issuance of
Incremental Loans (whether Loans or Other Loans); provided that no such notice shall
be required under this Section 2.21(e) with respect to the Other Loans to be
made pursuant to the First Incremental Loan Assumption Agreement.”

(e) Amendment of Article V of Credit Agreement. Article V of the Credit Agreement is
hereby amended by adding the following new Section 5.17 to the end thereof:

“SECTION 5.17 Urea Ammonium Nitrate Volume Contracts. The Borrower shall use
commercially reasonable efforts to enter into contracts prior to September 23, 2010
for volumes of Urea Ammonium Nitrate targeted to at least 75% of the planned
production capacity of the Borrower for the first fiscal quarter ending December 31,
2010 with planned delivery in the fiscal quarter ending December 31, 2010.”

(f) Amendment of Article VII of Credit Agreement. Clause (d) of Article VII of the
Credit Agreement is hereby amended by deleting such clause in its entirety and substituting the
following new clause in lieu thereof:

“(d) default shall be made in the due observance or performance by Holdings, the
Borrower or any Subsidiary Guarantor of any covenant, condition or agreement
contained in Section 5.01(a), 5.02, 5.05, 5.08,
5.16, 5.17 or in Article VI;”

(g) Amendment of Section 6.11 of Credit Agreement. Section 6.11 of the Credit
Agreement is hereby amended by deleting such section in its entirety and substituting the following
new Section 6.11 in lieu thereof:

“SECTION 6.11 Interest Coverage Ratio. Borrower shall not permit the Interest
Coverage Ratio of the Borrower and its subsidiaries for any period of four
consecutive fiscal quarters, in each case taken as one accounting period, as of the
last day of any fiscal quarter ending on the date set forth below to be less than
the ratio set forth opposite such date below:

	 	 	 	 	 
	Date	 	Ratio	 
	March 31, 2010
	 	 	3.15 to 1.00	 
	June 30, 2010
	 	 	3.15 to 1.00	 
	September 30, 2010
	 	 	2.60 to 1.00	 
	December 31, 2010
	 	 	3.00 to 1.00	 
	March 31, 2011
	 	 	3.40 to 1.00	 
	June 30, 2011
	 	 	3.80 to 1.00	 
	September 30, 2011
	 	 	4.50 to 1.00	 
	December 31, 2011
	 	 	5.00 to 1.00	 
	March 31, 2012
	 	 	5.20 to 1.00	 
	June 30, 2012
	 	 	5.70 to 1.00	 
	September 30, 2012
	 	 	6.00 to 1.00	 
	December 31, 2012
	 	 	6.00 to 1.00	 
	March 31, 2013
	 	 	6.00 to 1.00	 
	June 30, 2013
	 	 	6.00 to 1.00	 
	September 30, 2013
	 	 	6.00 to 1.00	 
	December 31, 2013
	 	 	6.00 to 1.00	 
	March 31, 2014
	 	 	6.00 to 1.00	 
	June 30, 2014
	 	 	6.00 to 1.00	 

 

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(h) Amendment of Section 6.12 of Credit Agreement. Section 6.12 of the Credit
Agreement is hereby amended by deleting such section in its entirety and substituting the following
new Section 6.12 in lieu thereof:

“SECTION 6.12 Maximum Leverage Ratio. Permit the Leverage Ratio of the Borrower and
its subsidiaries as of the last day of the period of four consecutive fiscal
quarters ending on the date set forth below to be greater than the ratio set forth
opposite such date below:

	 	 	 	 	 
	Date	 	Ratio	 
	 
	March 31, 2010
	 	 	2.45 to 1.00	 
	June 30, 2010
	 	 	2.45 to 1.00	 
	September 30, 2010
	 	 	2.90 to 1.00	 
	December 31, 2010
	 	 	2.10 to 1.00	 
	March 31, 2011
	 	 	1.80 to 1.00	 
	June 30, 2011
	 	 	1.70 to 1.00	 
	September 30, 2011
	 	 	1.50 to 1.00	 
	December 31, 2011
	 	 	1.20 to 1.00	 
	March 31, 2012
	 	 	1.20 to 1.00	 
	June 30, 2012
	 	 	1.10 to 1.00	 
	September 30, 2012
	 	 	1.10 to 1.00	 
	December 31, 2012
	 	 	1.00 to 1.00	 
	March 31, 2013
	 	 	1.00 to 1.00	 
	June 30, 2013
	 	 	1.00 to 1.00	 
	September 30, 2013
	 	 	1.00 to 1.00	 
	December 31, 2013
	 	 	1.00 to 1.00	 
	March 31, 2014
	 	 	1.00 to 1.00	 
	June 30, 2014
	 	 	1.00 to 1.00	 

(i) Amendment of Section 9.08 of Credit Agreement. Section 9.08(b) of the Credit
Agreement is hereby amended by deleting from the first line thereof the phrase “Neither this
Agreement nor any provision hereof” in its entirety and substituting the phrase “Neither this
Agreement nor any other Loan Document nor any provision hereof or thereof” in lieu thereof.

(j) Amendment of Section 9.20 of Credit Agreement. Section 9.20 of the Credit
Agreement is hereby amended by inserting at the end thereof the following new sentence:

“EACH OTHER LOAN MADE BY AN INCREMENTAL LENDER HEREUNDER ON THE INCREMENTAL LOAN
CLOSING DATE PURSUANT TO, AND AS DEFINED IN, THE FIRST INCREMENTAL LOAN ASSUMPTION
AGREEMENT WAS SUBJECT TO AN ORIGINAL ISSUE DISCOUNT SUCH THAT SUCH OTHER LOAN
RESULTED IN AGGREGATE PROCEEDS TO THE BORROWER IN AN AMOUNT EQUAL TO 94.0% OF SUCH INCREMENTAL LENDER’S INCREMENTAL LOAN COMMITMENT (AS SET
FORTH IN THE FIRST INCREMENTAL LOAN ASSUMPTION AGREEMENT).”

 

5

 

Section 2. [Reserved].

Section 3. Release of Collateral. The Collateral Agent (with the approval of the
Lenders) hereby agrees, upon the effective date of this Agreement, to execute and deliver a Partial
Release of Mortgage, in form and substance reasonably satisfactory to the Collateral Agent, and
thereby release the lien of the Borrower Mortgage on that portion of the Mortgaged Property
identified on Schedule 1.01(c) to the Credit Agreement as “5005 North Sand Ridge Road, East
Dubuque, IL 61025,” and more particularly described as Parcel 9 on Exhibit A to the Borrower
Mortgage; provided that, upon the disposition by the Borrower of the such portion of the
Mortgaged Property, the proceeds thereof shall constitute Collateral.

Section 4. Waivers of Credit Agreement.

(a) Waivers of Section 2.09 of Credit Agreement. Solely with respect to the Other
Loans to be made pursuant to the First Incremental Loan Assumption Agreement, the Lenders hereby
waive compliance with the requirements contained in Sections 2.09(a) and 2.09(c) of the Credit
Agreement that Borrower deliver a notice of prepayment with respect to the July 2010 Prepayment (as
defined below).

(b) Waiver of Section 2.21(a) of Credit Agreement. Solely with respect to the Other
Loans to be made pursuant to the First Incremental Loan Assumption Agreement, the Lenders hereby
waive compliance with the requirements of Section 2.21(a) of the Credit Agreement; provided
that the information otherwise required to be delivered pursuant to such Section 2.21(a) is set
forth in the First Incremental Loan Assumption Agreement.

(c) Waiver of Section 2.21(b) of Credit Agreement. Solely with respect to the Other
Loans to be made pursuant to the First Incremental Loan Assumption Agreement, the Lenders hereby
waive compliance with the requirements of clause (iii) of the fourth sentence of Section 2.21(b) of
the Credit Agreement.

(d) Waivers of Section 2.21(c) of Credit Agreement. Solely with respect to the Other
Loans to be made pursuant to the First Incremental Loan Assumption Agreement, the Lenders hereby
waive compliance with the requirements of clauses (v) and (vi) of Section 2.21(c) of the Credit
Agreement.

Section 5. Conditions Precedent. This Agreement shall become effective upon
satisfaction of each of the following conditions precedent; provided that Sections 6, 11
and 14 hereof shall be effective upon the execution and delivery of this Agreement by the parties
hereto:

(a) The Collateral Agent shall have received a copy of this Agreement duly executed and
delivered by each of the Collateral Agent, Borrower, Holdings, the Subsidiary Guarantors and the
Required Lenders.

(b) The Administrative Agent shall have received a copy of the Incremental Loan Assumption
Agreement, dated as of the date of this Agreement, among Holdings, Borrower, the Subsidiary
Guarantors, the Administrative Agent and the Incremental Lenders party thereto (the “First
Incremental Loan Assumption Agreement”), duly executed and delivered by each of the parties
thereto and, concurrently with the effectiveness of this Agreement, the First Incremental Loan
Assumption Agreement shall be in full force and effect.

 

6

 

(c) Each of (i) the conditions set forth in Section 3 of Annex I to the First Incremental Loan
Assumption Agreement, and (ii) after giving effect to the waivers contained in Section 4 above, the
requirements of Section 2.21 of the Credit Agreement required to be satisfied by the Loan Parties,
in each case shall have been satisfied.

(d) The representations and warranties contained herein shall be true and correct in all
respects as of the date hereof.

(e) No Default or Event of Default shall have occurred and be continuing as of the date
hereof.

(f) [Reserved].

(g) [Reserved].

(h) Credit Suisse shall have received all fees and other amounts due and payable on or prior
to the effective date of this Agreement pursuant to the Work Fee Letter, dated July 20, 2010, by
and among the Borrower, Holdings and Credit Suisse AG, Cayman Islands Branch.

(i) Borrower shall have made a voluntary prepayment of Loans under Section 2.09 of the Credit
Agreement in an aggregate principal amount of $15,000,000 (the “July 2010 Prepayment”),
together with accrued and unpaid interest on the principal amount of the Loans paid to but
excluding the date of such payment.

Section 6. Borrower Direction. Pursuant to Section 2.09(b) of the Credit Agreement,
Borrower hereby irrevocably directs that the July 2010 Prepayment shall be applied (and the July
2010 Prepayment shall, in fact, be applied) prior to the effectiveness of this Agreement pro rata
between the Loans against the remaining scheduled installments of principal due in respect of the
Loans under, and in compliance with, Section 2.08(a)(i) of the Credit Agreement.

Section 7. Conditions Subsequent. On the Incremental Loan Closing Date (as defined in
the First Incremental Loan Assumption Agreement), Borrower shall borrow the Other Loans in
accordance with the Incremental Loan Commitment Request (as defined in the First Incremental Loan
Assumption Agreement). Failure to comply with this Section 7 shall constitute an Event of
Default.

Section 8. Representations and Warranties. Each of Holdings and Borrower hereby
represents and warrants, jointly and severally, to the Collateral Agent and the Lenders that, as of
the date hereof, (a) all representations and warranties set forth in the Credit Agreement and in
each other Loan Document are true and correct in all material respects as if made again on and as
of the date hereof (except those, if any, which by their terms expressly relate to an earlier date,
in which case such representations and warranties shall have been true and correct in all material
respects as of such earlier date), (b) no Default or Event of Default has occurred and is
continuing, and (c) the Credit Agreement and all other Loan Documents are and remain legal, valid,
binding and enforceable obligations of the Loan Parties in accordance with the terms thereof except
as may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to
or limiting creditors’ rights generally or by equitable principles (regardless of whether
enforcement is sought in equity or at law).

 

7

 

Section 9. Survival of Representations and Warranties. All representations and
warranties made in this Agreement or in any other Loan Document shall survive the execution and
delivery of this Agreement, and no investigation by the Collateral Agent, any Lender or any other
Person shall affect such representations or warranties, or the right of the Collateral Agent and
the Secured Parties to rely upon them.

Section 10. Reference to Agreement. Each of the Loan Documents, including the Credit
Agreement, and any and all other agreements, documents or instruments now or hereafter executed
and/or delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement as
amended hereby, are hereby amended so that any reference in such Loan Documents to the Credit
Agreement, whether direct or indirect, shall mean a reference to the Credit Agreement as amended
hereby. This Agreement shall constitute a Loan Document under the Credit Agreement.

Section 11. Governing Law. THIS AMENDMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT
WOULD REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

Section 12. Execution. This Agreement may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier
or electronic transmission shall be effective as delivery of a manually executed counterpart of
this Agreement.

Section 13. Limited Effect. This Agreement relates only to the specific matters
expressly covered herein, shall not be considered to be a waiver of any rights or remedies any
Agent or Lender may have under the Credit Agreement or under any other Loan Document, and shall not
be considered to create a course of dealing or to otherwise obligate in any respect any Agent or
Lender to execute similar or other amendments or consents under the same or similar or other
circumstances in the future.

Section 14. Payment of Legal Fees. Borrower and Holdings shall, jointly and
severally, pay all invoiced fees, charges and disbursements of Proskauer Rose LLP incurred in
connection with the preparation, negotiation, execution and delivery of this Agreement, and the
consummation of the transactions contemplated hereby.

Section 15. Waiver of Defenses. Without limiting the generality of any other
provision in any other Loan Document or otherwise, each of Borrower and Holdings hereby waives any
suretyship or other defenses that may arise as a result of the joint and several liability of
Borrower and Holdings under this Agreement, and Section 2.03 of the Guarantee and Collateral
Agreement is hereby incorporated herein by this reference, mutatis mutandis.

Section 16. Ratification by Guarantors. Each Guarantor hereby acknowledges and agrees
that (i) its consent to this Agreement is not required (except, in the case of Holdings, with
respect to Section 1 only), but each Guarantor nevertheless hereby agrees and consents to
this Agreement and to the documents and agreements referred to herein, (ii) notwithstanding the
effectiveness of this Agreement, such Guarantor’s Guarantee shall remain in full force and effect
without modification thereto, (iii) nothing herein shall in any way limit any of the terms or
provisions of any Guarantor’s Guarantee or any other Loan Document executed by any Guarantor (as
the same may be amended, amended and restated, supplemented or otherwise modified from time to
time), all of which are hereby ratified, confirmed and affirmed in all respects, (iv) no other
agreement, instrument, consent or document shall be required to give effect to this Section
16, and (v) the Borrower, Holdings, the Agents and any Lender may from time

 

8

 

to time enter into any further amendments, modifications, terminations and/or waivers of any
provisions of the Loan Documents without notice to or consent from any Guarantor (other than, to
the extent expressly required under Section 9.08 of the Credit Agreement, Holdings) and without
affecting the validity or enforceability of any Guarantor’s Guarantee or Collateral or giving rise
to any reduction, limitation, impairment, discharge or termination of any Guarantor’s Guarantee or
Collateral.

[signature pages follow]

 

9

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to Credit Agreement, Waiver
and Collateral Agent Consent to be executed by their respective duly authorized officers, as of the
date first above written.

	 	 	 	 	 
	 	RENTECH ENERGY MIDWEST CORPORATION

as Borrower

 	 
	 	By:  	/s/ Dan J. Cohrs
 	 
	 	 	Dan J. Cohrs 	 
	 	 	Vice President and Treasurer 	 
	 
	 	RENTECH, INC.

as Holdings and as Guarantor

 	 
	 	By:  	/s/ Dan J. Cohrs
 	 
	 	 	Dan J. Cohrs 	 
	 	 	Chief Financial Officer and Executive Vice President 	 
	 

[Signature Page to Amendment to Credit Agreement, Waiver and Collateral Agent Consent]

 

 

	 	 	 	 	 
	 	RENTECH, INC

RENTECH SILVAGAS LLC

RENTECH DEVELOPMENT CORPORATION

RENTECH SERVICES CORPORATION

SILVAGAS CORPORATION

RENTECH ENERGY TECHNOLOGY CENTER, LLC, each as a
Guarantor

 	 
	 	By:  	/s/ Dan J. Cohrs
 	 
	 	 	Dan J. Cohrs 	 
	 	 	Chief Financial Officer and Executive Vice President 	 
	 

[Signature Page to Amendment to Credit Agreement, Waiver and Collateral Agent Consent]

 

 

	 	 	 	 	 
	 	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH,
as Collateral Agent

 	 
	 	By:  	/s/ Mikhail Faybusovich
 	 
	 	 	Mikhail Faybusovich 	 
	 	 	Vice President 	 
	 
	 	 	 
	 	By:  	                                          /s/ Vipul Dhadda
 	 
	 	 	Vipul Dhadda 	 
	 	 	Associate 	 
	 

[Signature Page to Amendment to Credit Agreement, Waiver and Collateral Agent Consent]

 

 

	 	 	 	 	 
	 	Highbridge Principal Strategies — Senior Loan

Fund II, L.P., as Lender

By: HIGHBRIDGE PRINICIPAL STRATEGIES, LLC, its Investment
Manager

 	 
	 	By:  	/s/ Michael Patterson
 	 
	 	 	Managing Director 	 
	 	 	 	 
	 
	 	Highbridge Senior Loan Holdings, L.P., as Lender

By: HIGHBRIDGE PRINCIPAL STRATEGIES, LLC, its Investment
Manager

 	 
	 	By:  	/s/ Michael Patterson
 	 
	 	 	Managing Director 	 
	 	 	 	 
	 
	 	HB Onshore Fund, LLC, as Lender

By: Highbridge Capital Management, LLC, as Trading
Manager and not in its individual capacity

 	 
	 	By:  	/s/ Noah Greenhill
 	 
	 	 	Title: Managing Director 	 
	 	 	 	 
	 
	 	Special Situations Investing Group, Inc., as Lender

 	 
	 	By:  	/s/ Robert G. Frahm III
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

[Signature Page to Amendment to Credit Agreement, Waiver and Collateral Agent Consent]Exhbiit 10.2

Exhibit 10.2

EXECUTION COPY

INCREMENTAL LOAN ASSUMPTION AGREEMENT

July 21, 2010

Rentech Energy Midwest Corporation

10877 Wilshire Boulevard

Suite 7100

Los Angeles, California 90024

Rentech, Inc.

10877 Wilshire Boulevard

Suite 7100

Los Angeles, California 90024

	 	Re: 	 	 Incremental Loan
Commitments

Ladies and Gentlemen:

Reference is hereby made to the Credit Agreement, dated as of January 29, 2010 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”), among Rentech Energy Midwest Corporation (the “Borrower”), Rentech, Inc.
(“Holdings”), the banks, financial institutions and other entities party to the Credit
Agreement as lenders (the “Lenders”), Credit Suisse AG, Cayman Islands Branch, as
administrative agent (in such capacity, the “Administrative Agent”) and as collateral agent
(in such capacity, the “Collateral Agent”). Unless otherwise defined herein, terms defined
in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement.

Each Lender (each, an “Incremental Lender”) party to this Incremental Loan Assumption
Agreement (including Annex I hereto, this “Incremental Loan Assumption Agreement”)
hereby severally agrees to provide the Incremental Loan Commitment set forth opposite its name on
Annex I hereto (for each such Incremental Lender, its “Incremental Loan
Commitment”). Each Incremental Loan Commitment provided pursuant to this Incremental Loan
Assumption Agreement shall be subject to the terms and conditions set forth in the Credit
Agreement, including Section 2.21 thereof.

This Incremental Loan Assumption Agreement constitutes the Borrower’s written request to the
Administrative Agent for Incremental Loan Commitments pursuant to Section 2.21(a) of the Credit
Agreement (the “Incremental Loan Commitment Request”) and, in connection therewith, the
Borrower hereby notifies the Administrative Agent that: (i) the amount of the Incremental Loan
Commitments being requested is $20,000,000, (ii) the date on which such Incremental Loan
Commitments are requested to be effective is July 23, 2010, and (iii) such Incremental Loan
Commitments are commitments to make Other Loans.

Each Incremental Lender acknowledges and agrees that the Incremental Loan Commitments provided
pursuant to this Incremental Loan Assumption Agreement, in the aggregate amount set forth on
Annex I hereto, shall constitute Commitments under the Credit Agreement for Other Loans
increasing the amount of the Commitments in effect immediately prior to the effectiveness of this
Incremental Loan Assumption Agreement.

 

 

 

Each of the parties to this Incremental Loan Assumption Agreement hereby agrees to the terms
and conditions set forth in the second preceding paragraph and on Annex I hereto in respect
of each Incremental Loan Commitment and the Other Loans provided pursuant to this Incremental Loan
Assumption Agreement.

Each Incremental Lender party to this Incremental Loan Assumption Agreement (i) confirms that
it has received a copy of the Credit Agreement and the other Loan Documents, together with copies
of the financial statements referred to therein and such other documents and information as it has
deemed appropriate to make its own credit analysis and decision to enter into this Incremental Loan
Assumption Agreement and to become an Incremental Lender under the Credit Agreement, (ii) agrees
that it will, independently and without reliance upon the Administrative Agent, the Collateral
Agent, any Lender or any other Person and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement and the other Loan Documents, (iii) appoints and authorizes each of the
Administrative Agent and the Collateral Agent to take such action as agent on its behalf and to
exercise such powers under the Credit Agreement and the other Loan Documents as are delegated to
the Administrative Agent and the Collateral Agent, as the case may be, by the terms thereof,
together with such powers as are reasonably incidental thereto, (iv) agrees that it will perform,
in accordance with their terms, all of the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender, and (v) in the case of each Incremental Lender (if
any) that is a Foreign Lender, attaches the documentation required under Section 2.15(e) of the
Credit Agreement.

This Incremental Loan Assumption Agreement, and the Incremental Loan Commitments provided
hereunder, shall become effective on the date (the “Incremental Loan Closing Date”) upon
which all of the conditions set forth in Section 3 of Annex I hereto are satisfied. Upon
the Incremental Loan Closing Date, each Incremental Lender party hereto shall automatically become
a Lender pursuant to the Credit Agreement and, except as otherwise expressly provided in Section 2
of Annex I hereto, shall have the rights and obligations of a Lender thereunder and under
the other Loan Documents. The Administrative Agent shall promptly notify each Lender of the
occurrence of the Incremental Loan Closing Date.

The Borrower hereby acknowledges and agrees that (i) it shall be liable for all Obligations
with respect to the Incremental Loan Commitments provided pursuant to this Incremental Loan
Assumption Agreement, including any Other Loans made pursuant to the Incremental Loan Commitments
and (ii) all such Obligations shall be secured by the Collateral under, and be entitled to the
benefits of, the Security Documents.

Each Guarantor hereby acknowledges and agrees that (i) its consent to this Incremental Loan
Assumption Agreement is not required, but each Guarantor nevertheless hereby agrees and consents to
this Incremental Loan Assumption Agreement and to the documents and agreements referred to herein,
(ii) notwithstanding the effectiveness of this Incremental Loan Assumption Agreement, such
Guarantor’s Guarantee shall remain in full force and effect without modification thereto, (iii)
nothing herein shall in any way limit any of the terms or provisions of any Guarantor’s Guarantee
or any other Loan Document executed by any Guarantor (as the same may be amended, amended and
restated, supplemented or otherwise modified from time to time), all of which are hereby ratified,
confirmed and affirmed in all respects, (iv) all Obligations with respect to the Incremental Loan
Commitments provided pursuant to this Incremental Loan Assumption Agreement and any Other Loans
made pursuant to the Incremental Loan Commitments shall be (x) fully guaranteed pursuant to the
Guarantee and Collateral Agreement in accordance with the terms and provisions thereof and (y)
secured by the Collateral under, and be entitled to the benefits of, the Security Documents, (v) no
other agreement, instrument, consent or document shall be required to give effect to this
paragraph, and (vi) the Borrower, Holdings, the Agents and any Lender

 

-2-

 

may from time to time enter into any further amendments, modifications, terminations and/or
waivers of any provisions of the Loan Documents without notice to or consent from any Guarantor
(other than, to the extent expressly required under Section 9.08 of the Credit Agreement, Holdings)
and without affecting the validity or enforceability of any Guarantor’s Guarantee or Collateral or
giving rise to any reduction, limitation, impairment, discharge or termination of any Guarantor’s
Guarantee or Collateral.

This Incremental Loan Assumption Agreement may be executed in any number of counterparts and
by different parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Incremental Loan
Assumption Agreement by telecopier or other electronic transmission shall be effective as delivery
of a manually executed counterpart of this Incremental Loan Assumption Agreement.

After the execution and delivery to the Administrative Agent of a fully executed copy of this
Incremental Loan Assumption Agreement by the parties hereto, this Incremental Loan Assumption
Agreement may be changed, modified or varied only by written instrument in accordance with the
requirements for the modification of any Loan Document pursuant to Section 9.08(b) of the Credit
Agreement.

THIS INCREMENTAL LOAN ASSUMPTION AGREEMENT SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAW OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THAT WOULD
REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

Neither the Borrower nor Holdings shall assign or delegate any of their respective rights or
obligations under this Incremental Loan Assumption Agreement without the prior written consent of
each of the other parties hereto (and any attempted assignment or delegation without such consent
shall be null and void). This Incremental Loan Assumption Agreement is intended to be solely for
the benefit of the parties hereto, and is not intended to confer any benefits upon, or create any
rights in favor of, any Person other than the parties hereto.

The Borrower may accept this Incremental Loan Assumption Agreement by executing and delivering
and returning a copy of this Incremental Loan Assumption Agreement to the Administrative Agent
before 8.00 p.m. (New York City time) on July 22, 2010. If the Borrower does not so accept this
Incremental Loan Assumption Agreement by such time, the Incremental Loan Commitments set forth in
this Incremental Loan Assumption Agreement shall be deemed automatically cancelled.

[Signature pages follow]

 

-3-

 

	 	 	 	 	 
	 	Very truly yours,

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, 
as
Administrative Agent

 	 
	 	By:  	/s/ Mikhail Faybusovich
 	 
	 	 	Title: Vice President 	 
	 
	 	 	 
	 	By:  	      /s/ Vipul Dhadda
 	 
	 	 	Title: Associate 	 
	 	 	 	 
	 

Signature Page to Incremental Loan Assumption Agreement

 

 

 

	 	 	 	 	 
	 	SPECIAL SITUATIONS
INVESTING GROUP, INC., vas
Incremental Lender

 	 
	 	By:  	/s/ Robert G. Frahm III
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Signature Page to Incremental Loan Assumption Agreement

 

 

 

	 	 	 	 	 
	 	HPS SENIOR LOAN FUND II L.P., as 

Incremental Lender

 	 
	 	By:  	 HIGHBRIDGE PRINICIPAL STRATEGIES, LLC, its Investment Manager
 	 
	 
	 	 	 
	 	By:  	                                             /s/ Michael Patterson
 	 
	 	 	Managing Director 	 
	 	 	 	 
	 
	 	HIGHBRIDGE SENIOR LOAN HOLDINGS L.P., as 

Incremental Lender

 	 
	 	By:  	 HIGHBRIDGE PRINCIPAL STRATEGIES, LLC, its Investment Manager
 	 
	 
	 	 	 
	 	By:  	                                              /s/ Michael Patterson
 	 
	 	 	Managing Director 	 
	 	 	 	 
	 

Signature Page to Incremental Loan Assumption Agreement

 

 

 

	 	 	 	 	 
	AGREED AND ACCEPTED

AS OF THE DATE FIRST ABOVE WRITTEN

RENTECH ENERGY MIDWEST CORPORATION,

as Borrower

 	 	 
	By:  	/s/ Dan J. Cohrs
 	 	 
	 	Dan J. Cohrs 	 	 
	 	Vice President and Treasurer 	 	 
	 

Each Guarantor acknowledges and agrees to the foregoing provisions of the Incremental Loan
Assumption Agreement, specifically including the acknowledgments and agreements made by it pursuant
to the ninth paragraph of the Incremental Loan Assumption Agreement.

RENTECH, INC., as Holdings and as Guarantor

RENTECH SILVAGAS LLC, as Guarantor

RENTECH DEVELOPMENT CORPORATION, as Guarantor

RENTECH SERVICES CORPORATION, as Guarantor

SILVAGAS CORPORATION, as Guarantor

RENTECH ENERGY TECHNOLOGY CENTER, LLC, as Guarantor

	 	 	 	 	 
	 	 	 
	By:  	/s/ Dan J. Cohrs
 	 	 
	 	Dan J. Cohrs 	 	 
	 	Chief Financial Officer and Executive Vice President 	 	 
	 

Signature Page to Incremental Loan Assumption Agreement

 

 

 

ANNEX I

TERMS AND CONDITIONS FOR

INCREMENTAL LOAN ASSUMPTION AGREEMENT 

SECTION 1. Incremental Loan Commitments

	 	 	 	 	 
	Name of Incremental Lender	 	Amount of Incremental Loan Commitment	 
	HPS Senior Loan Fund II L.P.
	 	$	9,379,000.00	 
	Highbridge Senior Loan Holdings L.P.
	 	$	621,000.00	 
	Special Situations Investing Group, Inc.
	 	$	10,000,000.00	 
	 
	 	 	 	 
	Total
	 	$	20,000,000.00	 

SECTION 2. Terms of the Other Loans

The Incremental Loan Maturity Date of the Other Loans shall be July 29, 2014.

The terms of the Other Loans made pursuant to the Incremental Loan Commitments provided for in
the Incremental Loan Assumption Agreement shall be identical to the terms of the Loans, except that
(i) the Other Loans shall be issued with an original issue discount such that the Other Loans made
by any Incremental Lender result in aggregate proceeds to the Borrower in an amount equal to 94.0%
of such Incremental Lender’s Incremental Loan Commitment, (ii) the Net Cash Proceeds of such Other
Loans shall be used to make a loan to Holdings in accordance with the requirements specified in the
definition of “Holdings Loan” and/or to pay cash dividends in accordance with Section 6.06(a)(vii)
of the Credit Agreement, and (iii) pursuant to Section 2.08(a)(ii) of the Credit Agreement, the
Borrower shall pay to the Administrative Agent for the account of the Incremental Lenders holding
Other Loans, on each Incremental Loan Repayment Date specified below, a principal amount of the
Other Loans (as adjusted from time to time pursuant to Sections 2.08(b), 2.09 and 2.10(f) of the
Credit Agreement) equal to the amount set forth below for such date, together in each case with
accrued and unpaid interest on the principal amount to be paid to but excluding the date of such
payment:

	 	 	 	 	 
	Incremental Loan	 	Percentage of Amount of the	 
	Repayment Date	 	Incremental Loan Commitments	 
	September 30, 2010
	 	 	1.875	%
	December 31, 2010
	 	 	1.875	%
	March 31, 2011
	 	 	1.875	%
	June 30, 2011
	 	 	1.875	%
	September 30, 2011
	 	 	1.875	%
	December 31, 2011
	 	 	1.875	%
	March 31, 2012
	 	 	3.75	%
	June 30, 2012
	 	 	3.75	%
	September 30, 2012
	 	 	3.75	%
	December 31, 2012
	 	 	3.75	%
	March 31, 2013
	 	 	3.75	%
	June 30, 2013
	 	 	3.75	%
	September 30, 2013
	 	 	3.75	%
	December 31, 2013
	 	 	3.75	%
	March 31, 2014
	 	 	3.75	%
	June 30, 2014
	 	 	3.75	%
	Incremental Loan Maturity Date
	 	 	51.25	%

Annex I-1

 

 

 

SECTION 3. Conditions to Effectiveness

The effectiveness of the Incremental Loan Assumption Agreement and the Incremental Loan
Commitments provided thereunder are subject to satisfaction of the following conditions:

(a) The Administrative Agent shall have received a copy of the Incremental Loan Assumption
Agreement, duly executed and delivered by each of the parties thereto.

(b) The date specified in the Incremental Loan Commitment Request contained in the Incremental
Loan Assumption Agreement on which the Incremental Loan Commitments are requested to become
effective shall have occurred.

(c) The representations and warranties set forth in Article III of the Credit Agreement and in
each other Loan Document shall be true and correct in all material respects on and as of the
Incremental Loan Closing Date, except to the extent such representations and warranties expressly
relate to an earlier date (in which case such representations and warranties shall be true and
correct in all material respects as of such earlier date).

(d) At the time of and immediately after the making of the Other Loans, no Default or Event of
Default shall have occurred and be continuing.

(e) The Administrative Agent shall have received, on behalf of itself and the Lenders, a
favorable written opinion of (i) Latham & Watkins, LLP, counsel for Holdings and the Borrower, in
form and substance satisfactory to the Administrative Agent, and (ii) Holland & Hart LLP, local
counsel for Holdings and the Borrower, in form and substance satisfactory to the Administrative
Agent, in each case, (A) dated the Incremental Loan Closing Date, (B) addressed to the
Administrative Agent and the Lenders, and (C) covering such matters relating to the Loan Documents
and the Incremental Loan Commitments as the Administrative Agent shall reasonably request, and
Holdings and the Borrower hereby request such counsel to deliver such opinions.

(f) The Administrative Agent shall have received (i) a certificate of the Secretary or
Assistant Secretary of each Loan Party dated the Incremental Loan Closing Date certifying (A) that,
except as attached thereto, there have been no changes to the organizational documents of any Loan
Party since the Closing Date, (B) that attached thereto is a true and complete copy of resolutions
duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and
performance of the Loan Documents to which such Person is a party and, in the case of the Borrower,
the borrowings pursuant to the Incremental Loan Commitments, and that such resolutions have not
been modified, rescinded or amended and are in full force and effect, and (C) as to the incumbency
and specimen signature of each officer executing any Loan Document or any other document delivered
in connection with the Incremental Loan Assumption Agreement on behalf of such Loan Party; and (ii)
a certificate of another officer as to the incumbency and specimen signature of the Secretary or
Assistant Secretary executing the certificate pursuant to clause (i) above.

(g) (i) The Administrative Agent shall have received all fees and other amounts due and
payable on or prior to the Incremental Loan Closing Date, including reimbursement or payment of
all
out of pocket expenses required to be reimbursed or paid by the Borrower under the Credit
Agreement or

Annex I-2

 

 

 

under any other Loan Document, including the invoiced fees, charges and disbursements
of Proskauer Rose LLP in connection with the preparation, negotiation, execution, delivery and
implementation of (x) the Incremental Loan Assumption Agreement, the Credit Agreement Amendment (as
defined below), and all documents and instruments entered into or delivered in connection therewith
or pursuant thereto, (y) the Memorandum of Agreement (as defined below), and (z) to the extent
required under Section 3(j) below, any additional or replacement title insurance or any
endorsements, coinsurance and reinsurance (the agreements, documents and instruments referred to in
clauses (x), (y) and (z) above, collectively, the “Incremental Loan Commitment Documents”)
and (ii) Schulte Roth & Zabel LLP, counsel to the Incremental Lenders, shall have
received all invoiced fees, charges and disbursements incurred by such counsel in connection with
the review and negotiation of the Incremental Loan Commitment Documents in an amount not to exceed
$10,000 in the aggregate.

(h) All requisite Governmental Authorities and third parties shall have approved or consented
to the transactions contemplated by either the Incremental Loan Assumption Agreement or the Credit
Agreement Amendment to the extent required and there is no litigation, governmental, administrative
or judicial action, actual or threatened in writing, that could reasonably be expected to restrain,
prevent or impose burdensome conditions on the transactions contemplated by either the Incremental
Loan Assumption Agreement or the Credit Agreement Amendment.

(i) The Administrative Agent shall have received a memorandum of agreement in form and
substance reasonably satisfactory to the Administrative Agent pursuant to which record notice will
be provided of the Incremental Loan Assumption Agreement, the Credit Agreement Amendment and the
transactions contemplated thereby, duly executed and delivered by the Borrower and the Collateral
Agent (the “Memorandum of Agreement”).

(j) (i) Chicago Title Insurance Company shall have issued (or executed and delivered to the
Collateral Agent an irrevocable commitment to issue) in favor of the Collateral Agent, (A) such
additional and/or replacement title insurance in an amount equal to (when combined with the amount
of the original title insurance remaining in place) the aggregate principal amount of the Loans
outstanding after giving effect to the proposed Other Loans, and (B) such endorsements, coinsurance
and reinsurance as may be reasonably requested by the Collateral Agent or any Lender (including any
Lender that is not an Incremental Lender), insuring such amended, amended and restated or otherwise
modified Borrower Mortgage as a first lien on the Mortgaged Property (as defined therein), subject
to any Liens permitted by Section 6.02 of the Credit Agreement and otherwise no less favorable to
the Lenders than the original title insurance issued on the Closing Date (with such changes as are
necessary to comply with customary title insurance practices), and (ii) such title insurance
company (or agent therefor) shall have received all fees (including recordation and filing fees)
and other amounts payable in connection with the matters specified in clause (i) above.

(k) The Administrative Agent shall have received a fully-executed copy of the Amendment to
Credit Agreement, Waiver and Collateral Agent Consent, in the form of Exhibit A attached
hereto (the “Credit Agreement Amendment”), and immediately prior and concurrently with the
effectiveness of the Incremental Loan Assumption Agreement and the Incremental Loan Commitments,
the Credit Agreement Amendment shall be in full force and effect.

(l) The Administrative Agent shall have received a duly-completed Borrowing Request with
respect to the Incremental Loans to be made pursuant to the Incremental Loan Commitments hereunder.

Annex I-3

 

 

 

SECTION 4. Termination of Incremental Loan Commitments

The Incremental Loan Commitment of each Incremental Lender under the Incremental Loan
Assumption Agreement shall terminate at 5.00 p.m. (New York City time) on July 23, 2010.

SECTION 5. Payment of Legal Fees

Holdings and the Borrower shall, jointly and severally, pay the invoiced fees, charges and
disbursements of Proskauer Rose LLP and Schulte Roth & Zabel LLP referred to in Section 3(g) above.

SECTION 6. Waiver of Defenses

Without limiting the generality of any other provision in any other Loan Document or
otherwise, each of the Borrower and Holdings hereby waives any suretyship or other defenses that
may arise as a result of the joint and several liability of the Borrower and Holdings under the
Incremental Loan Assumption Agreement, and Section 2.03 of the Guarantee and Collateral Agreement
is hereby incorporated herein by this reference, mutatis mutandis.

Annex I-4

 

 

 

EXHIBIT A 

FORM OF AMENDMENT TO CREDIT AGREEMENT, WAIVER 

AND COLLATERAL AGENT CONSENT

[See following pages]

Exhibit A-1

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