Document:

Exhibit No. 10(b)

 

Constellation Energy

Group, Inc.

Benefits Restoration Plan

 

Amended and Restated Effective

June 1, 2010

 

 

TABLE OF CONTENTS

 

	
  1.

  	
  Purpose and Nature of the
  Plan

  	
  1

  
	
   

  	
   

  	
   

  
	
  2. 

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  
	
  3. 

  	
  Plan Administration

  	
  2

  
	
   

  	
   

  	
   

  
	
  4. 

  	
  Eligibility

  	
  2

  
	
   

  	
   

  	
   

  
	
  5. 

  	
  Computation of Restoration
  Benefits

  	
  2

  
	
   

  	
   

  	
   

  
	
  6. 

  	
  For Benefits Earned and
  Vested Prior to January 1, 2005

  	
  3

  
	
   

  	
   

  	
   

  
	
  7. 

  	
  For Benefits Earned and
  Vested On or After January 1, 2005

  	
  6

  
	
   

  	
   

  	
   

  
	
  8. 

  	
  Compliance with Section
  409A of the Code

  	
  10

  
	
   

  	
   

  	
   

  
	
  9. 

  	
  Miscellaneous

  	
  11

  
	
   

  	
   

  
	
  Appendix A

  	
   

  
	
   

  	
   

  
	
  Appendix B

  	
   

  
	
   

  	
   

  
	
  Appendix C

  	
   

  

 

 

1.                                       Purpose
and Nature of the Plan. Constellation Energy Group, Inc.
(the “Company”) established the Constellation Energy Group, Inc. Benefits
Restoration Plan (the “Plan”) and maintains the Plan as an unfunded retirement
plan for employees of the Company and its subsidiaries whose benefits under the
Pension Plan of Constellation Energy Group, Inc. are affected by Internal
Revenue Code Limitations. The Plan is divided into sections that separately
address benefits earned and vested on or after January 1, 2005, which are
subject to Internal Revenue Code section 409A, and benefits earned and vested
before January 1, 2005, which are “grandfathered” under Internal Revenue
Code section 409A.

 

2.                                       Definitions. All words
beginning with an initial capital letter and not otherwise defined herein shall
have the meaning set forth in the Pension Plan. All singular terms defined in
this Plan will include the plural and vice versa. As used herein, the
following terms will have the meaning specified below:

 

“Chairman”
means the Chairman of the Board of Directors of Constellation Energy Group.

 

“Committee”
means the Compensation Committee of the Board of Directors of Constellation
Energy Group.

 

“Constellation
Energy Group” means Constellation Energy Group, Inc., a Maryland
corporation, or its successor.

 

“Internal
Revenue Code Limitations” means the limitations under Sections 415 and/or
401(a)(17) of the Internal Revenue Code.

 

“Key
Employee” means an employee listed each year by Constellation Energy Group on
the Key Employee list as required by Treasury Regulation 1.409A-1(i), which
shall generally be comprised of officers, and shall include but not be limited
to: the 50 most highly paid officers having annual compensation greater than
$130,000 (as adjusted from time to time); 5% owners; and 1% owners having
annual compensation from Constellation Energy Group greater than $150,000 (as
adjusted from time to time). Key Employees shall be identified as of December 31
of each year, and the List shall take effect on April 1 of the year
following.

 

“Pension
Plan” means the Pension Plan of Constellation Energy Group, Inc. as may be
amended from time to time, or any successor plan.

 

1

 

“Plan”
means the Constellation Energy Group, Inc. Benefits Restoration Plan.

 

“Plan
Administrator” means, as set forth in Section 3, the senior human
resources executive of Constellation Energy Group.

 

“Severance
from Service Date” means: (i) for benefits earned and vested prior to January 1,
2005, the same as set forth in the Pension Plan; (ii) for benefits earned
and vested on or after January 1, 2005, the date that the employee dies,
retires, or otherwise has a termination of employment such that it is
reasonably anticipated that the employee will perform no additional services,
or the level of bona fide services performed would permanently decrease to no
more than 20 percent of the average level of bona fide services performed in
the immediately preceding 36-month period.

 

3.                                       Plan
Administration. The senior human resources executive of
Constellation Energy Group is the Plan Administrator and has sole authority
(except as specified otherwise herein) to interpret the Plan and, in general,
to make all other determinations advisable for the administration of the Plan
to achieve its stated objective. Appeals of written decisions by the Plan
Administrator may be made to the Chairman. Decisions by the Chairman shall be
final and not subject to further appeal. The Plan Administrator shall have the
power to delegate all or any part of his/her duties to one or more designees,
and to withdraw such authority, by written designation.

 

4.                                       Eligibility. Each employee
of Constellation Energy Group or its subsidiaries whose Pension Plan benefits
are reduced because of Internal Revenue Code Limitations, is a participant;
provided, however that any such employee entitled to benefits payout under a
plan listed in Appendix A is not a participant in this Plan; and provided
further that employees or classifications of employees, designated by the
Chairman (or if required by Constellation Energy Group’s corporate charter or
by-laws, designated by the Committee), and reflected in Appendix B are also not
participants in this Plan.

 

5.                                       Computation
of Restoration Benefits. A participant’s (or if
applicable, Surviving Spouse’s or Alternate Beneficiary’s)

 

2

 

benefits
under this Plan will be calculated as set forth below:

 

(a)                            Compute without
regard to Internal Revenue Code Limitations, but subject to any compensation
limitations established by the Chairman (or if required by Constellation Energy
Group’s corporate charter or by-laws, the Committee), shown in Appendix C, the
participant’s Gross Pension under the Pension Plan based on the participant’s
Severance from Service Date and assuming that benefit payments commence on the
first of the month following the Severance From Service Date; provided,
however, that if the participant is not eligible to have payments start under
the Pension Plan as of such date, benefit payments will be assumed to commence
on the participant’s Normal Retirement Date in the form of a single life
annuity; and

 

Subtract
from the above amount the participant’s Gross Pension amount under the Pension
Plan using the same Benefit Commencement Date.

 

(b)                                 Or, if a
participant dies before his/her Benefits Commencement Date, compute without
regard to Internal Revenue Code Limitations but subject to any compensation
limitations established by the Chairman (or if required by Constellation Energy
Group’s corporate charter or by-laws, the Committee), shown in Appendix C, the
participant’s Surviving Spouse’s or Alternate Beneficiary’s benefit under the
Pension Plan based on payments commencing on the first of the month following
the participant’s date of death; and

 

Subtract
from the above amount the amount payable to the Surviving Spouse or Alternate
Beneficiary under the Pension Plan based on payments commencing on the first of
the month following the participant’s date of death.

 

6.             For Benefits Earned and Vested
Prior to January 1, 2005

 

(a)           Form of payout of benefits - generally.
For a participant, the payout under this Plan will be a bi-weekly payment,
unless the participant makes a valid election to receive his/her payout in the
form of a lump sum; however, if the present value of the participant’s Plan
payout is under $50,000, it will be

 

3

 

paid
automatically in the form of a lump sum. For this purpose, the present value of
the Plan payout will be the amount that would be payable to a participant under
paragraph (c) if he or she elected to receive a lump sum.

 

A
participant may elect to receive his/her payout in the form of a lump sum by
submitting to the Plan Administrator a signed election form. The form must be
received by the Plan Administrator before the beginning of the calendar year
during which the participant’s Severance From Service Date occurs. The election
to receive a payout in the form of a lump sum may be revoked at any time before
the beginning of the calendar year during which the participant’s Severance
From Service Date occurs, by submitting to the Plan Administrator a new signed
election form.

 

(b)                                 Amount and timing of participant
bi-weekly benefits payout. A participant entitled to
bi-weekly benefits payouts will receive bi-weekly payments based on the amount
determined under Section 5; provided, however, that such amounts shall be
reduced as applicable in accordance with the terms of the Pension Plan for (i) early
receipt and (ii) if the participant elects to receive such payments in the
form of a joint and survivor annuity, the cost of such annuity. Payments under
this paragraph (b) shall commence effective with the first day of the
month following the participant’s Severance From Service Date. If such
participant receives (or would have received but for the Internal Revenue Code
limitations) cost of living adjustment(s) under the Pension Plan, the
bi-weekly payments hereunder will be automatically increased based on the
percentage of, and at the same time as, such adjustment(s).

 

Bi-weekly
payments to the participant hereunder shall permanently cease upon the death of
the participant, effective with the bi-weekly payment for the period following
the month of the participant’s death.

 

(c)                                  Amount
and timing of participant lump sum benefits payout. A participant
entitled to a lump sum benefit payout will receive a lump sum payment based on
the same assumptions and procedures that are used for determining lump sums in
the Pension Plan. Such lump

 

4

 

sum payment shall be paid to the participant within 60 days after the
participant’s Severance From Service Date.

 

(d)                                 Amount
and timing of Surviving Spouse or Alternate Beneficiary payout.

 

i.                                          Before Benefit
Commencement Date: A Surviving Spouse or Alternate Beneficiary who is
entitled to a Preretirement Survivor Annuity or a Preretirement Survivor
Benefit under the Pension Plan shall receive a benefit payment under this Plan
in the form of a lump sum equal to an amount determined under Section 5
and payable within 60 days after the participant’s death.

 

ii.                                       After Benefit Commencement
Date: A participant who is entitled to begin receipt of bi-weekly benefits
payments under paragraph (b) of this Section may elect to provide a
survivor benefit to his/her Surviving Spouse or Alternate Beneficiary
(whichever is applicable) in the form of a joint and survivor annuity, the
calculation of which is set forth in the Pension Plan. Payments to either a
Surviving Spouse or an Alternate Beneficiary under this Plan shall begin the
first day of the month following the participant’s death. If the named
Surviving Spouse or Alternate Beneficiary predeceases the participant, no
survivor benefits are payable upon the participant’s death.

 

If
a participant elects survivor coverage for the bi-weekly benefit payments under
this Plan, the participant must provide all appropriate survivor benefit information
in the timing and manner established by the Plan Administrator, before
commencing benefit payments under paragraph (b) of this Section.

 

(e)                                  Death
of participant entitled to lump sum payout. In the event of the death
of a participant after his/her Severance From Service Date and before the
participant receives the lump sum payment under paragraph (c), such lump sum
payment shall be made to the participant’s Alternate Beneficiary; and if there
is no Alternate Beneficiary, payment shall be made to the Surviving Spouse; and
if there is no Surviving Spouse, payment

 

5

 

shall be made to the participant’s beneficiary under the employer’s
employee life insurance plan; and if there is no beneficiary under the employer’s
employee life insurance plan, payment shall be made to the participant’s
estate.  In the event of the death of a
Surviving Spouse or Alternate Beneficiary after the participant’s death and
before the Surviving Spouse or Alternate Beneficiary receives the lump sum
payment under paragraph (d), such lump sum payment shall be made to the estate
of the Surviving Spouse or Alternate Beneficiary (whichever is
applicable.)   The lump sum payment shall
be the same amount and made at the same time as set forth in paragraphs (c) and
(d).

 

(f)                                    Source
of Payments. All payments under this Plan shall be made from
the general corporate assets of Constellation Energy Group.

 

7.                                       For
Benefits Earned and Vested On or After January 1, 2005

 

(a)                             Form
of payout of benefits - generally.

 

i.                                          For a
participant who first became eligible to participate prior to 2010:  The payout under this Plan will be a
bi-weekly payment, unless the participant makes a valid election to receive
his/her payout in the form of a lump sum. 
Notwithstanding the foregoing, if upon the occurrence of a Separation
from Service the present value of the participant’s Plan payout is less than
$50,000, it will be paid automatically in the form of a lump sum.  For this purpose, the present value of the
Plan payout will be the amount that would be payable to a participant under paragraph
(d)(ii) of this Section if he or she elected to receive a lump sum.

 

Participants who do not elect a lump sum may elect a joint and survivor
form of annuity at any time prior to the Benefit Commencement Date.  Such joint and survivor annuity shall be
actuarially equivalent to the participant’s single life annuity.  The cost of a joint and survivor benefit
shall be borne by the participant.

 

ii.                                       For
participants who first became eligible to participate in 2010 or thereafter:  The payout 

 

6

 

under this plan will be a lump sum, unless the participant makes a
valid election to receive his/her payout in the form of a bi-weekly
payment.  Notwithstanding the foregoing,
if upon the occurrence of a Separation from Service the present value of the participant’s
Plan payout is less than $100,000, it will be paid automatically in the form of
a lump sum.  For this purpose, the
present value of the Plan payout will be the amount that would be payable to a
participant under paragraph (d)(ii) of this Section if he or she elected to
receive a lump sum.

 

Participants
who do elect a biweekly payment may elect a joint and survivor form of annuity
at any time prior to the Benefit Commencement Date.  Such joint and survivor annuity shall be
actuarially equivalent to the participant’s single life annuity.  The cost of a joint and survivor benefit
shall be borne by the participant.

 

(b)                                 Initial
election of form of payment.

 

i.                                          For
participants who first become eligible to participate prior to 2010: A participant
may make an initial election to receive his or her payout in the form of a lump
sum in the form and manner established by the Plan Administrator from time to
time, but such initial election shall be made no later than 30 days after the
first day of the participant’s taxable year immediately following the first
year the participant accrues a benefit under the Plan.

 

ii.                                       For
participants who first become eligible to participate in 2010 or thereafter:  A participant may make an initial election to
receive his or her payout in the form of a bi-weekly payment in the form and
manner established by the Plan Administrator from time to time, but such
initial election shall be made no later than 30 days after the first day of the
participant’s taxable year immediately following the first year the participant
accrues a benefit under the Plan.

 

(c)                                  Subsequent
elections of form of payment.  A participant may revoke his or her form of
payment election at any 

 

7

 

time in the form and manner established by the Plan Administrator from
time to time, but such revocation shall take effect no earlier than 12 months
from the date the revocation is received by the Plan Administrator, and will
delay the benefit commencement date five years from the date such payment would
otherwise have been paid.

 

(d)                                 Amount
and timing of participant benefits payout.

 

i.                                          Bi-weekly
Payments. A participant entitled to bi-weekly benefits
payouts will receive bi-weekly payments based on the amount determined under
Section 5; provided, however, that such amounts shall be reduced as applicable
in accordance with the terms of the Pension Plan for (A) early receipt, and (B)
if the participant elects as set forth in paragraph (a) to receive such
payments in the form of a joint and survivor annuity, the cost of such annuity.
Payments under this paragraph (i) shall commence effective with the first day
of the month following the participant’s Severance From Service Date.  If such participant receives (or would have
received but for the Internal Revenue Code limitations) cost of living
adjustment(s) under the Pension Plan, the bi-weekly payments hereunder will be
automatically increased based on the percentage of, and at the same time as,
such adjustment(s).

 

Bi-weekly payments to the participant hereunder shall permanently cease
upon the death of the participant, effective with the bi-weekly payment for the
period following the month of the participant’s death.

 

ii.                                       Lump sum
payments.  A
participant entitled to a lump sum benefit payout will receive a lump sum
payment based on the same assumptions and procedures that are used for
determining lump sums in the Pension Plan. Such lump sum payment shall be made
within 60 days after the participant’s Severance From Service Date, and shall
be paid to the participant.

 

iii.                                    Six-month delay
for Key Employees. Notwithstanding the foregoing, a participant who
is also a Key 

 

8

 

Employee shall receive no benefit payments under this Section 7 before
the date that is six months after the participant’s Severance From Service
Date.

 

(e)                                  Amount
and timing of Surviving Spouse or Alternate Beneficiary payout.

 

i.                                          Before Benefit
Commencement Date:  A Surviving
Spouse or Alternate Beneficiary who is entitled to a Preretirement Survivor
Annuity or a Preretirement Survivor Benefit under the Pension Plan shall
receive a benefit payment under this Plan in the form of a lump sum equal to an
amount determined under Section 5 and payable within 60 days after the
participant’s death.

 

ii.                                       After Benefit
Commencement Date:

 

A.                                   For
participants who first become eligible to participate prior to 2010: A participant
who is entitled to begin receipt of bi-weekly benefits payments under paragraph
(d) of this Section 7, may elect to provide a survivor benefit to his/her
Surviving Spouse or Alternate Beneficiary (whichever is applicable) in the form
of a joint and survivor annuity, the calculation of which is set forth in the
Pension Plan, at any time prior to Benefit Commencement Date.  Payments to either a Surviving Spouse or an
Alternate Beneficiary under this Plan shall begin the first day of the month
following the participant’s death. If the named Surviving Spouse or Alternate
Beneficiary predeceases the participant, no survivor benefits are payable upon
the participant’s death.

 

If
a participant elects survivor coverage for the bi-weekly benefit payments under
this Plan, the participant must provide all appropriate survivor benefit
information in the timing and manner established by the Plan Administrator,
before commencing benefit payments under paragraph (d)(ii) of this Section.

 

9

 

B.                                     For
participants who first become eligible to participate in 2010 or thereafter:  If a participant who elected to receive
bi-weekly benefit payments also elects a survivor benefit pursuant to election
procedure set forth in paragraph (a) of this Section 7, the calculation of
which is set forth in the Pension Plan, then the Surviving Spouse or Alternate
Beneficiary shall receive a benefit payment under this Plan in the form of a
lump sum equal to the present value of that survivor benefit, calculated using
the interest rate in effect at the time of death and payable within 60 days after
the participant’s death.

 

(f)                                    Death
of participant entitled to lump sum payout.  In the event of the death of a participant
after his/her Severance From Service Date and before the participant receives
the lump sum payment under paragraph (d)(ii), such lump sum payment shall be
made to the participant’s Alternate Beneficiary; and if there is no Alternate
Beneficiary, payment shall be made to the Surviving Spouse; and if there is no
Surviving Spouse, payment shall be made to the participant’s beneficiary under
the employer’s employee life insurance plan; and if there is no beneficiary
under the employer’s employee life insurance plan, payment shall be made to the
participant’s estate.  In the event of
the death of a Surviving Spouse or Alternate Beneficiary after the participant’s
death and before the Surviving Spouse or Alternate Beneficiary receives the
lump sum payment under paragraph (e), such lump sum payment shall be made to
the estate of the Surviving Spouse or Alternate Beneficiary (whichever is applicable.)   The lump sum payment shall be the same
amount and made at the same time as set forth in paragraphs (d) and (e), except
that there shall be no six-month delay for payments relating to the benefits of
Key Employees.

 

(g)           Source
of Payments. All payments under this Plan shall be made from
the general corporate assets of Constellation Energy Group.

 

8.                                       Compliance
with Section 409A of the Code.  This Plan is intended to comply and shall be
administered in a manner that is intended to comply with section 409A of the
Code and 

 

10

 

shall
be construed and interpreted in accordance with such intent.  To the extent that a payment is subject to
section 409A of the Code, it shall be paid in a manner that will comply with
section 409A of the Code, including proposed, temporary or final regulations or
any other guidance issued by the Secretary of the Treasury and the Internal
Revenue Service with respect thereto. 
Any provision of this Plan that would cause an Award, issuance and/or
payment to fail to satisfy section 409A of the Code shall have no force and
effect until amended to comply with Code section 409A (which amendment may be
retroactive to the extent permitted by applicable law).

 

9.                                       Miscellaneous.  None of the benefits provided under this Plan
shall be subject to alienation or assignment by any participant or beneficiary
nor shall any of them be subject to attachment or garnishment or other legal
process except (i) to the extent specially mandated and directed by applicable
State or Federal law; or (ii) as requested by the participant or beneficiary to
satisfy income tax withholding or liability.

 

This
Plan may be amended from time to time, or suspended or terminated at any time,
provided, however, that no amendment or termination shall impair the rights of
any participant or beneficiary entitled to receive current or future payment
hereunder at the time of such action. 
All amendments to this Plan which would increase or decrease the
compensation of any Officer of Constellation Energy Group, either directly or
indirectly, must be approved by the Committee. 
All other permissible amendments may be made at the written direction of
the Plan Administrator.

 

Participation
in this Plan shall not constitute a contract of employment between
Constellation Energy Group or a subsidiary of Constellation Energy Group and
any person and shall not be deemed to be consideration for, or a condition of,
continued employment of any person.

 

The Plan is intended to be unfunded for purposes of Title I of the
Employee Retirement Income Security Act of 1974.  To the extent that any person acquires a
right to receive payments from Constellation Energy Group under this Plan, such
rights shall be no greater than the right of any unsecured general creditor of
Constellation Energy Group.

 

11

 

In
the event Constellation Energy Group becomes a party to a merger,
consolidation, sale of substantially all of its assets or any other corporate
reorganization in which Constellation Energy Group will not be the surviving
corporation or in which the holders of the common stock of Constellation Energy
Group will receive securities of another corporation (in any such case, the “New
Company”), then the New Company shall assume the rights and obligations of
Constellation Energy Group under this Plan.

 

This
Plan shall be governed in all respects by Maryland law, without respect to any
conflicts of laws principles.

 

12

 

APPENDIX A

 

Participants
entitled to a benefit payout under the following Constellation Energy Group
plans are not participants in this Plan:

 

1.               Senior
Executive Supplemental Plan

2.               Supplemental
Pension Plan

 

APPENDIX B

 

Pursuant
to Section 4 of the Plan, the following employees or classification of
employees are ineligible to participate in this Plan:

 

None

 

APPENDIX C

 

Pursuant
to Section 5(a) of the Plan, compensation used to calculate benefits under this
Plan is limited as follows:

 

For
participants employed by Constellation Energy Commodities Group to perform
functions such as marketing, trading or strategizing, as designated annually by
CEG Human Resources, the bonus and incentive portion of a participant’s Final
Average Pay or Average Annual Pay will be limited to a maximum of $200,000 per
calendar year.Exhibit 10.9

 

EXECUTION VERSION

 

FIRST AMENDMENT AND WAIVER OF, AND AGREEMENT WITH RESPECT TO, CREDIT
AGREEMENT

 

FIRST
AMENDMENT AND WAIVER OF, AND AGREEMENT WITH RESPECT TO, CREDIT AGREEMENT (this “First
Amendment”), dated as of April 23, 2010, by and among CF Industries
Holdings, Inc., a Delaware corporation (“Holdings”), CF Industries, Inc.,
a Delaware corporation (the “Borrower”), the lenders party hereto (each,
a “Lender” and, collectively, the “Lenders”), and Morgan Stanley
Senior Funding, Inc. as Administrative Agent and Collateral Agent.  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,
Holdings, the Borrower, the Lenders from time to time party thereto, the
Administrative Agent and the Collateral Agent are parties to a Credit
Agreement, dated as of April 5, 2010 (as amended, modified and/or
supplemented to, but not including, the date hereof, the “Credit Agreement”);

 

WHEREAS,
on the date hereof, the Borrower is issuing $800,000,000 of 6.875% Senior Notes
dues 2018 (the “2018 Notes”) and $800,000,000 of 7.125% Senior Notes due
2020 (the “2020 Notes”) (the 2018 Notes and the 2020 Notes,
collectively, the “Senior Unsecured Notes”);

 

WHEREAS,
the Senior Unsecured Notes are permitted under the Credit Agreement pursuant to
Section 11.01(i)(B) thereof and Section 11.01(xv) thereof;
and

 

WHEREAS,
notwithstanding anything to the contrary in the Credit Agreement, the Borrower
has requested that, and the Lenders have agreed that, subject to the terms and
conditions of this First Amendment, after the Net Cash Proceeds received from
the issuance of the Senior Unsecured Notes are used to repay in full all
outstanding Bridge Loans together with all accrued and unpaid interest relating
thereto and all outstanding B-2 Term Loans together with all accrued and unpaid
interest relating thereto, any remaining Net Cash Proceeds shall be permitted
to be used by the Borrower as provided in this First Amendment and,
notwithstanding same, the Senior Unsecured Notes shall be permitted to be
incurred and remain outstanding pursuant to Sections 11.01(i) and (xv);

 

NOW,
THEREFORE, it is agreed:

 

I.                                         Waiver of, and
Agreements with Respect to, Credit Agreement.

 

1.                                       On the date
hereof, or within one Business Day of the date hereof, all outstanding
principal of Bridge Loans (and all accrued and unpaid interest relating
thereto) and all outstanding principal of B-2 Term Loans (and all accrued and
unpaid interest relating thereto) shall be repaid in full.

 

 

2.                                       Notwithstanding
anything to the contrary in the Credit Agreement, the Senior Unsecured Notes
and the related Guarantees by Guarantors shall be permitted to be incurred in
an aggregate principal amount equal to $1,600,000,000.

 

3.                                       Notwithstanding
anything to the contrary in the Credit Agreement, $648,386,055.39 aggregate
principal amount of the 2018 Notes shall be deemed to be outstanding and
permitted under Section 11.01(xv) of the Credit Agreement (as being
incurred in respect of Indebtedness originally outstanding under Section 11.01(ii))
and $151,613,944.61 aggregate principal amount of the 2018 Notes and
$800,000,000 of the 2020 Notes shall be deemed to be outstanding and permitted
under Section 11.01(i)(B) of the Credit Agreement.

 

4.                                       Notwithstanding
anything to the contrary in the Credit Agreement and except as otherwise set
forth in clause I(1) above, no other payments with respect to outstanding
Loans shall be required to be made from the Net Cash Proceeds received pursuant
to the Senior Unsecured Notes; provided that the Borrower shall be permitted to
use such Net Cash Proceeds to make the payments required pursuant to Section 5.02(k) of
the Credit Agreement.

 

5.                                       The Borrower
covenants and agrees that the failure by the Borrower to repay in full the
outstanding principal of Bridge Loans (and all accrued and unpaid interest
relating thereto) and all outstanding principal of B-2 Term Loans (and all
accrued and unpaid interest relating thereto) by the date and time required
pursuant to clause I(1) above constitute an immediate Event of Default
under the Credit Agreement.

 

II.                                     Amendments to
Credit Agreement.

 

1.
Section 5.02 of the Credit Agreement is hereby amended by adding the
following clause (k) at the end thereof:

 

“(k)                            In addition to
any other mandatory repayments pursuant to this Section 5.02, and no later
than June 22, 2010, the Borrower shall be required to repay the B-1 Term
Loans in an amount equal to $246,658,756.02 less the sum of (i) the
payments or fees and expenses incurred or made pursuant to or with respect to
the Transaction and paid after April 23, 2010 and prior to June 22,
2010 and (ii) the aggregate amount of all prepayments made pursuant to Section 5.01
after April 23, 2010 and prior to June 22, 2010; provided, that if
the total outstanding principal amount of B-1 Term Loans on June 22, 2010
immediately after giving effect to any repayment or repayments made on such
date pursuant to this clause (k) exceeds $1,076,000,000, the Borrower
shall be required to repay such excess amount on June 22, 2010 or within
one Business Day thereof.”

 

2.  Section 5.02(g) is hereby amended
by (i) deleting the text “(e) and (f)” appearing in the second
sentence thereof and inserting the text “(e), (f) and (k)” in lieu thereof
and (ii) inserting the text “and provided further that any payments
required pursuant to Section 5.02(k) shall be required to be applied
to the B-1 Term Loans” immediately after the text “principal of B-1 Term Loans”
appearing in clause (y) of the proviso to such Section.

 

2

 

III.                                 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 (as defined below) before and after giving
effect to this First Amendment and (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
both before and 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).

 

2.                                       This First
Amendment is limited precisely as written and shall not be deemed to (i) be
a waiver of or a consent to the modification of or deviation from any other
term or condition of the Credit Agreement or the other Credit Documents or any
of the other instruments or agreements referred to therein, or (ii) prejudice
any right or rights which any of the Lenders or the Administrative Agent now
have or may have in the future under or in connection with the Credit
Agreement, the Credit Documents or any of the other instruments or agreements
referred to therein.

 

3.                                       This First
Amendment may be executed in any number of counterparts (including by way of
facsimile or other electronic transmission) 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 LAWS OF THE STATE OF NEW YORK.

 

5.                                       This First
Amendment shall become effective on the date (the “First Amendment Effective
Date”) when the Borrower, Holdings, each Subsidiary Guarantor and the
Required Lenders shall have signed a counterpart hereof (whether the same or
different counterparts) and shall have delivered (including by way of facsimile
or other electronic transmission) the same to White & Case LLP, 1155
Avenue of the Americas, New York, NY 10036; Attention: Binoy Dharia (facsimile
number: 212-354-8113 / email: bdharia@whitecase.com).

 

6.                                       This First
Amendment shall constitute a “Credit Document” for purposes of the Credit
Agreement and the other Credit Documents. 
No provision of this First Amendment may be amended, modified, waiver or
supplemented, except as provided in Section 14.12 of the Credit Agreement.

 

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.

 

3

 

*        *        *

 

4

 

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.

 

	
   

  	
  CF INDUSTRIES
  HOLDINGS, INC.,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randall W. Selgrad

  
	
   

  	
   

  	
  Name: Randall W. Selgrad

  
	
   

  	
   

  	
  Title: Vice President
  & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  CF INDUSTRIES, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Randall W. Selgrad

  
	
   

  	
   

  	
  Name: Randall W. Selgrad

  
	
   

  	
   

  	
  Title: Vice President
  & Treasurer

  

 

 

	
   

  	
  MORGAN STANLEY SENIOR
  FUNDING, INC.,

  
	
   

  	
   

  	
  Individually and as
  Administrative

  
	
   

  	
   

  	
  Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Kevin Emerson

  
	
   

  	
   

  	
  Name: Kevin Emerson

  
	
   

  	
   

  	
  Title: Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF
  TOKYO-MITSUBISHI UFJ,

  
	
   

  	
   

  	
  LTD.,

  
	
   

  	
   

  	
   Individually as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Laurance J. Bressler

  
	
   

  	
   

  	
  Name: Laurance J. Bressler

  
	
   

  	
   

  	
  Title: Senior Vice President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  MORGAN STANLEY BANK, N.A.,

  
	
   

  	
   

  	
   Individually as a
  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Kevin Emerson

  
	
   

  	
   

  	
  Name:
  Kevin Emerson

  
	
   

  	
   

  	
  Title:
  Vice President

  

 

 

Subsidiary Guarantor Consent

 

Each
of the undersigned, each being a Subsidiary Guarantor under, hereby consents to
the entering into of the foregoing First Amendment and agrees to, and to be
bound by, the provisions thereof.

 

	
   

  	
  CF
  COMPOSITE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Randall W. Selgrad

  
	
   

  	
   

  	
  Name:
  Randall W. Selgrad

  
	
   

  	
   

  	
  Title:
  Vice President & Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BEAUMONT
  AMMONIA INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Randall W. Selgrad

  
	
   

  	
   

  	
  Name:
  Randall W. Selgrad

  
	
   

  	
   

  	
  Title:
  Vice President & Treasurer

  

 

 

	
   

  	
  BEAUMONT
  HOLDINGS CORPORATION

  
	
   

  	
  BMC
  HOLDINGS INC.

  
	
   

  	
  PORT
  NEAL CORPORATION

  
	
   

  	
  TERRA
  CAPITAL, INC.

  
	
   

  	
  TERRA
  CAPITAL HOLDINGS, INC.

  
	
   

  	
  TERRA
  ENVIRONMENTAL TECHNOLOGIES INC.

  
	
   

  	
  TERRA
  HOUSTON AMMONIA, INC.

  
	
   

  	
  TERRA
  INDUSTRIES INC.

  
	
   

  	
  TERRA
  INTERNATIONAL, INC.

  
	
   

  	
  TERRA
  INTERNATIONAL (OKLAHOMA) INC.

  
	
   

  	
  TERRA
  LP HOLDINGS LLC

  
	
   

  	
  TERRA
  METHANOL CORPORATION

  
	
   

  	
  TERRA
  MISSISSIPPI HOLDINGS CORP.

  
	
   

  	
  TERRA
  MISSISSIPPI NITROGEN, INC.

  
	
   

  	
  TERRA
  NITROGEN CORPORATION

  
	
   

  	
  TERRA
  NITROGEN GP HOLDINGS INC.

  
	
   

  	
  TERRA
  REAL ESTATE CORPORATION

  
	
   

  	
  TERRA
  (U.K) HOLDINGS INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Randall W. Selgrad

  
	
   

  	
   

  	
  Name:
  Randall W. Selgrad

  
	
   

  	
   

  	
  Title:
  Vice President & Treasurer

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00176-of-00352.parquet"}]]