Document:

EXHIBIT 10.2 - STANDSTILL AGREEMENT

EXHIBIT 10.2

 

Standstill Agreement

Among

Mississippi Chemical Corporation

and

The Banks Party Hereto

and

Harris Trust and Savings Bank,

as Administrative Agent

Dated as of May 16, 2003

 

TABLE OF CONTENTS

MISSISSIPPI CHEMICAL CORPORATION

STANDSTILL AGREEMENT

SECTION 1.              DEFINITIONS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. 3

          Section 1.1.     Certain Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

          Section 1.2.      Terms Defined in DIP Credit Agreement. . . . . . . . . . . . . . . . . . . . . . . . .
.. .4

SECTION 2.              AGREEMENTS OF THE PRE-PETITION BANKS AND THE

                                   PRE-PETITION AGENTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .4

          Section 2.1.       The Standstill. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .4

          Section 2.2.       Consent to Use of Cash Collateral. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

          Section 2.3.       Administrative Expense Carve-Out. . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .5

SECTION 3.               AGREEMENTS OF THE BORROWER AND THE

                                    GUARANTORS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .5

          Section 3.1.       Compliance with MCHI Guaranty. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. .5

          Section 3.2.       Waiver of Claims. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

          Section 3.3.       Indemnification. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .6

          Section 3.4.       Sharing of Information. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
.. 6 

SECTION 4.               CONDITIONS PRECEDENT. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. .6

SECTION 5.               TERMINATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
.. 7

SECTION 6.               MISCELLANEOUS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
7

          Section 6.1.       Amendments and Waivers. . . . . . . . . . . . . . . . . . . . . . . . . . 
.. . . . . . . . . .  7

          Section 6.2.       Waiver of Rights. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 
.. . . . . . . . . . . 7

          Section 6.3.       Counterparts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . .
...7

          Section 6.4.       Successors and Assigns; Governing Law;
Entire Agreement.. . . . . . . . . . . . 8

          Section 6.5.       No Joint Venture . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

          Section 6.6.       Severability. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .8

          Section 6.7.       Table of Contents and Headings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8

          Section 6.8.       Jurisdiction; Venue; Waiver of Jury Trial. . . . . . . . . . . . . . . . . . . . . . . . .
.. . 8

          Section 6.9.       No Modification; No Discharge; Survival of Claims. . . . . . . . . . . . . . . . .
.. .8

          Section 6.10.     Pre-Petition Loan Documents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9

Mississippi Chemical Corporation

Standstill Agreement

          This Standstill Agreement, dated as of May 16, 2003, is by and among Mississippi Chemical Corporation, a Mississippi corporation (the "Borrower"), as debtor and debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code, and each of the parties executing this Agreement under the heading "Guarantors" (each a "Guarantor" and collectively the "Guarantors"), each as debtor and debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code, (the Borrower and the Guarantors, each a "Debtor" and collectively the "Debtors"), each of which Guarantors is a debtor and debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code (the cases of the Borrower and the Guarantors, each a "Chapter 11 Case" and collectively the "Chapter 11 Cases"), the several banks and other financial institutions or entities from time to time parties to this Agreement (individually a "Pre-Petition Bank" and collectively the "Pre-Petition Banks"), Harris Trust and Savings Bank, as administrative agent for the Pre-Petition Banks (in such capacity, the "Pre-Petition Agent").

Witnesseth:

          Whereas, the Pre-Petition Agent, the Pre-Petition Banks, the Borrower and the Guarantors are parties to that certain Amended and Restated Credit Agreement dated as of November 15, 2002 by and between the Borrower, the several lenders from time to time parties thereto, and Harris Trust and Savings Bank, as administrative agent, as the same has from time to time been modified or amended (as so modified and amended, the "Pre-Petition Credit Agreement") pursuant to which the Pre-Petition Banks have made loans and other financial accommodations to the Borrower;

          Whereas, the Guarantors have guaranteed the Borrower's indebtedness, obligations and liabilities to the Pre-Petition Agent and the Pre-Petition Banks under the Pre-Petition Credit Agreement and the other Pre-Petition Loan Documents;

          Whereas, Mississippi Chemical Holdings, Inc., a British Virgin Islands company ("MCHI") executed and delivered to the Pre-Petition Agent and the Pre-Petition Banks that certain Mississippi Chemical Holdings, Inc. Guaranty Agreement dated as of November 15, 2002 (the "MCHI Guaranty") pursuant to which MCHI guaranteed the Borrower's indebtedness, obligations and liabilities to the Pre-Petition Agent and the Pre-Petition Banks under the Pre-Petition Loan Documents; and 

          Whereas, on May 15, 2003 (the "Petition Date") the Borrower and the Guarantors have filed voluntary petitions with the United States Bankruptcy Court for the Southern District of Mississippi initiating the Chapter 11 Cases and have continued in possession of their assets and the management of their businesses pursuant to Sections 1107 and 1108 of the Bankruptcy Code;

Whereas, the Borrower owns, directly or indirectly, all of the issued and outstanding capital stock or other equity interests of each of the Guarantors;

          Whereas, certain of the Pre-Petition Banks (the "DIP Banks") have offered to enter into certain debtor-in possession financing arrangements with the Borrower pursuant to which the DIP Banks will make loans and provide other financial accommodations to the Borrower during the Chapter 11 Cases; and

          Whereas, Borrower and Guarantors have determined that the enforcement by the Pre-Petition Agent and/or the Pre-Petition Banks of the MCHI Guaranty will materially and adversely affect their prospects for a successful reorganization; and 

          Whereas, Borrower and Guarantors have required, as a condition precedent to entering into debtor in possession financing arrangements with the DIP Banks, that the Pre-Petition Agent and the undersigned Pre-Petition Banks enter into this Agreement pursuant to which, among other things, the Pre-Petition Agent and the Pre-Petition Banks agree to forbear from enforcing the MCHI Guaranty upon the terms and conditions set forth herein.

          Now, Therefore, in consideration of the premises and the agreements hereinafter set forth, the parties hereto hereby agree as follows:

Section 1          Definitions.

          Section 1.1.     Certain Definitions.  The terms hereinafter set forth when used herein shall have the following meanings:

          "Administrative Expense Carve-Out" shall mean $1,500,000 plus, prior to the Termination Date, accrued and pending applications for professional fees and expenses (other than those of the DIP Agent, the Pre-Petition Agent, the DIP Lenders and the Pre-Petition Banks) incurred prior to the Termination Date to the extent such fees and expenses have not been paid but were approved by the Banks in the Budget.

          "Agreement" means this Standstill Agreement, as the same may be amended, supplemented, restated and otherwise modified from time to time.

          "DIP Credit Agreement" means the Post-Petition Credit Agreement dated as of May 16, 2003, among the Borrower, the Guarantors, the from time to time lenders party thereto and Harris Trust and Savings Bank, as administrative and collateral agent thereunder, as the same may be amended, supplemented, restated or otherwise modified from time to time.

          "DIP Lenders"  means the from time to time lenders party to the DIP Credit Agreement.

          "DIP Agent" means the administrative and collateral agent for the DIP Lenders under the DIP Credit Agreement.

          "FMCL Liquidity Event" means (a) the sale or other disposition of the Trinidad Interest or any part thereof, (b) the refinancing of the Ex-Im Bank Indebtedness, (c) the payment of any dividend or other distribution by FMCL, and (d) any other event relating to the Trinidad Interest that results in proceeds being received by the Borrower or any of its Subsidiaries.

          "Liquidity Event Net Proceeds" means the net proceeds received in cash by MCHI from any FMCL Liquidity Event after payment of (a) all reasonable and customary transaction costs incurred in connection with such FMCL Liquidity Event, including, without limitation, reasonable fees and expenses of counsel, accountants, investment bankers, brokers and other agents and advisors, (b) all taxes (including, without limitation, income, sales, transaction, stamp and similar taxes) paid or payable by Borrower, any Guarantor, MCHI or any of its Subsidiaries in connection with such FMCL Liquidity Event, and (c) the payment of all debts, obligations and liabilities of MCHI or any of its Subsidiaries to any third party which become due and payable as a result of such FMCL Liquidity Event, including, without limitation, all amounts paid or payable in respect of the Ex-Im Bank Indebtedness.  

         "Non-Debtor Subsidiary Bankruptcy" means (i) any Subsidiary of the Borrower that is not a Debtor (each a "Non-Debtor Subsidiary") shall commence any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Non-Debtor Subsidiary shall make a general assignment for the benefit of its creditors; or (ii) there shall be commenced against any such Non-Debtor Subsidiary any case, proceeding or other action of a nature referred to in clause (i) above which (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed, undischarged or unbonded for a period of 60 days; or (iii) there shall be commenced against any such Non-Debtor Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its assets which results in the entry of an order for any such relief which shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) the Borrower or any such Non-Debtor Subsidiary shall take any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) any such Non-Debtor Subsidiary shall generally not, or shall be unable to, or shall admit in writing its inability to, pay its debts as they become due.

          Section 1.2.     Terms Defined in DIP Credit Agreement.  Any term not otherwise specifically defined in this Agreement shall have the meaning given to such term in the DIP Credit Agreement.

Section 2.          Agreements
of the Pre-Petition Banks and the Pre-Petition Agents. 

       Section 2.1.    The Standstill.  The Pre-Petition Agent (at the direction of the undersigned Pre-Petition Banks, which is hereby given) and the undersigned Pre-Petition Banks agree that they will not take any action of any type to enforce the MCHI Guaranty until the Termination Date.  Until the Termination Date, such prohibited enforcement actions include, without limitation, (i) the commencement or prosecution of any law suit or other legal proceeding against MCHI, (ii) the filing or joining with any other creditor of MCHI in the filing of any bankruptcy, insolvency, receivership, attachment, sequestration or similar proceeding against MCHI or with respect to its assets, or (iii) the exercise of any right of set off or similar right with respect to MCHI or any of its assets.  The agreement of the Pre-Petition Agent and Pre-Petition Lenders set forth in this Section 2.1 is subject to the conditions that the Borrower and MCHI shall cause all such Liquidity Event Net Proceeds received by any subsidiary of MCHI to be transferred to MCHI, that all Liquidity Event Net Proceeds received by the Borrower, any Guarantor or MCHI shall be paid to the Pre-Petition Agent within one (1) Business Day of their receipt for application to the Pre-Petition Obligations pursuant to the Pre-Petition Credit Agreement and that any Liquidity Event Net Proceeds designated to pay actual taxes payable and related transaction costs shall be held  by the Pre-Petition Agent in escrow until applied to pay such taxes and costs.

          Section 2.2.     Consent to Use of Cash Collateral.  The Pre-Petition Agent and the Pre-Petition Banks hereby consent to the use of their cash collateral (within the meaning Section 363 of the Bankruptcy Code) as provided in the DIP Credit Agreement, provided that as adequate protection (within the meaning Section 363 of the Bankruptcy Code), the Financing Orders shall provide that the Pre-Petition Banks (or an agent on their behalf) shall be granted a replacement lien on all Post-Petition Collateral to secure the Pre-Petition Obligations for and to the extent of the post-petition use of Pre-Petition Collateral and proceeds thereof and for any post-petition diminution in value of Pre-Petition Collateral (the "Replacement Lien"), which Replacement Lien shall be  subordinate only to (i) the liens granted to the DIP Agent and the DIP Lenders to secure the DIP Loans, (ii) the Administrative Expense Carve Out, and (iii) other Permitted Liens.  The Pre-Petition Banks shall share such Replacement Liens in the same priority as they did pre-petition.

          Section 2.3.     Administrative Expense Carve-Out.  The Pre-Petition Agent and the Pre-Petition Banks hereby subordinate their claims on the Pre-Petition Obligations and their Liens on the Collateral as security for the Pre-Petition Obligations in each case to (x) the payment of the amount allowed by the Bankruptcy Court for professional fees and disbursements subject to Section 503(b)(2) of the Bankruptcy Code incurred by the Debtors and any statutory committees appointed in the Chapter 11 Cases, and (y) the payment of fees pursuant to 28 U.S.C. Section 1930, collectively in an amount not to exceed the Administrative Expense Carve-Out, provided that Cash Collateral collected and applied by the Pre-Petition Banks or the DIP Lenders prior to the Termination Date shall not reduce the Administrative Expense Carve-Out.  Nothing herein contained shall subordinate or in any way impair or otherwise affect the Superpriority Claims of the DIP Agent and the DIP Lenders on the Post-Petition Obligations or the Liens securing the Post-Petition Obligations and the Adequate Protection Obligations.  Fees and expenses paid by the Debtors prior to the Termination Date shall not reduce the amount of the Administrative Expense Carve-Out.

Section 3.          Agreements of the Borrower and the Guarantors.

          In further consideration of the agreements of the Pre-Petition Agent and Pre-Petition Banks herein contained, the Borrower and Guarantors further agree with the Pre-Petition Agent and Pre-Petition Lenders as set forth in this Section 3.

          Section 3.1.     Compliance with MCHI Guaranty.  The Borrower shall cause MCHI to comply, and cause its subsidiaries to comply, with the terms of Section 3 of the MCHI Guaranty.  

          Section 3.2.     Waiver of Claims. The Financing Orders shall contain waivers of relief, claims, charges and limitation of the Pre-Petition Agent's or the Pre-Petition Banks' rights under Sections 105, 506(c) and 552(b) of the Bankruptcy Code and claims pursuant to Sections 510, 544, 547, 548 and 549 of the Bankruptcy Code (in each case at least as to Final Financing Order and subject to the Lien Validation Process). If any such waivers, claims, charges and limitations exist, and in consideration of the mutual agreements contained herein, to the extent not irreconcilably inconsistent with the provisions hereof or the Financing Order, the Borrower and each Guarantor hereby agrees not to assert and affirmatively waives any claim it otherwise might have under Sections 105, 506(c), 510, 544, 547, 548, 549 and 552(b) of the Bankruptcy Code, to the extent permitted by the Bankruptcy Court and applicable law (in each case at least as to the Final Financing Order and subject to the Lien Validation Process).

          Section 3.3.     Indemnification. The Borrower agrees to indemnify and hold harmless the Pre-Petition Banks and the Pre-Petition Agent and their respective directors, officers, agents, representatives and employees as described in the Pre-Petition Credit Agreement.  The Borrower acknowledges that the Pre-Petition Agent and the Pre-Petition Banks are relying on the provisions of the Financing Orders that require that their post-petition fees and expenses be paid as a form of adequate protection.

          Section 3.4.     Sharing of Information.  Each of the Pre-Petition Agent and each Pre-Petition Bank may discuss the Borrower's business and financial condition of the Borrower and its Subsidiaries with each other, the DIP Banks, the DIP Agent and prospective participants in the DIP Credit and the Pre-Petition Obligations.

Section 4.          Conditions Precedent.

          This Agreement shall become effective upon the satisfaction of all of the following conditions precedent:

          Section 4.1.     the Borrower, the Guarantors, the Pre-Petition Agent and all of the Pre-Petition Banks shall have executed and delivered this Agreement;

          Section 4.2.     the Chapter 11 Cases shall have been filed;

          Section 4.3.     the Debtors shall have no debtor-in-possession financing facility other than the facility provided pursuant to the DIP Credit Agreement; 

          Section 4.4.     the DIP Credit Agreement shall have been executed and delivered by all of the parties thereto and shall be in full force and effect;

          Section 4.5.     the Interim Financing Order substantially in the form attached as an exhibit to the DIP Credit Agreement after notice given and a hearing conducted in accordance with Bankruptcy Rule 4001(c) shall have been entered by the Bankruptcy Court and shall be in full force and effect and shall not have been amended, modified, stayed, vacated, reversed or rescinded in any respect;

          Section 4.6.     the Borrower shall have reimbursed the Pre-Petition Agent and the Pre-Petition Banks for all reasonable fees and expenses incurred by them, including the reasonable fees and expenses of Chapman and Cutler, Chapman and Cutler's local counsel, and FTI Consulting, Inc., in connection with the Pre-Petition Credit Agreement and the transactions contemplated hereby which have accrued and been invoiced as of the date hereof (it being understood that such amounts paid remain subject to Bankruptcy Court approval).

Section 5.          Termination.

          The Pre-Petition Agent's and Pre-Petition Banks' agreement not to enforce their rights under the MCHI Guaranty shall terminate (a) upon the occurrence of the Termination Date, (b) if Liquidity Event Net Proceeds are not applied to the Pre-Petition Obligations as described in Section 2.1 hereof, (c) the Borrower or any Guarantor shall default in the observance or performance of any covenant contained in Section 3 of this Agreement, (d) MCHI or any of its subsidiaries shall default in the observance or performance of any covenant contained in Section 3 of the MCHI Guaranty, or  (e) a Non-Debtor Subsidiary Bankruptcy shall occur, and in the case of clauses (c) and (d) preceding, such default shall continue uncured and unwaived for a period of 7 days following written notice from Pre-Petition Agent to Borrower and MCHI.

Section 6.          Miscellaneous.

          Section 6.1.     Amendments and Waivers.  Any term, covenant, agreement or condition of this Agreement may be amended only by a written amendment executed by the Borrower, all of the Pre-Petition Banks constituting Required Banks (as defined in the Pre-Petition Credit Agreement) ("Required Banks") and, if the rights or duties of the Pre-Petition Agent are materially affected thereby, the Pre-Petition Agent, or compliance therewith by the Borrower and the Guarantors only may be waived (either generally or in a particular instance and either retroactively or prospectively), if the Borrower shall have obtained the consent in writing of the Required Banks and, if the rights or duties of the DIP Agent are materially affected thereby, the Pre-Petition Agent.  Any such amendment or waiver shall apply equally to all Pre-Petition Banks and shall be binding upon them, upon each future holder of any Note and Reimbursement Obligation and upon the Borrower.  No such amendment or waiver shall extend to or affect any obligation not expressly amended or waived.

          Section 6.2.     Waiver of Rights.  No delay or failure on the part of the Pre-Petition Agent or any Pre-Petition Bank or on the part of the holder or holders of any Note or Reimbursement Obligation in the exercise of any power or right shall operate as a waiver thereof, nor as an acquiescence in any Potential Default or Event of Default, nor shall any single or partial exercise of any power or right preclude any other or further exercise thereof, or the exercise of any other power or right, and the rights and remedies hereunder of the Pre-Petition Agent, the Pre-Petition Banks and of the holder or holders of any Notes are cumulative to, and not exclusive of, any rights or remedies which any of them would otherwise have.

          Section 6.3     Counterparts.  This Agreement may be executed in any number of counterparts and all such counterparts taken together shall be deemed to constitute one and the same instrument.  One or more of the Pre-Petition Banks may execute a separate counterpart of this Agreement which has also been executed by the Borrower, and this Agreement shall become effective as and when all of the Pre-Petition Banks have executed this Agreement or a counterpart thereof and lodged the same with the Pre-Petition Agent.  

          Section 6.4.     Successors and Assigns; Governing Law; Entire Agreement.  This Agreement shall be binding upon the Borrower, the Guarantors, the Pre-Petition Agent and the Pre-Petition Banks and their respective successors and assigns, and shall inure to the benefit of the Borrower, the Guarantors, the Pre-Petition Agent, each of the Pre-Petition Banks and MCHI (which is an express third party beneficiary of the obligations of the Pre-Petition Agent and Pre-Petition Banks contained herein) and the benefit of their respective successors and assigns.  This Agreement and the rights and duties of the parties hereto shall be construed and determined in accordance with the internal laws of the State of Illinois.  This Agreement constitutes the entire understanding of the parties with respect to the subject matter hereof and any prior agreements, whether written or oral, with respect thereto are superseded hereby.  The Borrower and the Guarantors may not assign any of their rights or obligations hereunder without the written consent of the Pre-Petition Banks.

          Section 6.5.     No Joint Venture.  Nothing contained in this Agreement shall be deemed to create a partnership or joint venture among the parties hereto.

          Section 6.6.     Severability.  In the event that any term or provision hereof is determined to be unenforceable or illegal, it shall be deemed severed herefrom to the extent of the illegality and/or unenforceability and all other provisions hereof shall remain in full force and effect.

          Section 6.7.     Table of Contents and Headings.  The table of contents and section headings in this Agreement are for reference only and shall not affect the construction of any provision hereof.

          Section 6.8.     Jurisdiction; Venue; Waiver of Jury Trial.  The Borrower and each Guarantor hereby submits to the nonexclusive jurisdiction of the United States District Court for the Northern District of Illinois and of any Illinois court sitting in Chicago for purposes of all legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby.  The Borrower and each Guarantor irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a court has been brought in an inconvenient forum.  The Borrower, the Guarantors, the Pre-Petition Agent, and the Pre-Petition Banks hereby irrevocably waive any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

          Section 6.9.     No Modification; No Discharge; Survival of Claims.  This Agreement shall not be modified, altered or affected in any manner by any plan of reorganization or any order of confirmation for any Debtor or any other financing or extensions or incurring of indebtedness by any Debtor pursuant to Section 364(c) of the Bankruptcy Code.  Without limiting the generality of the foregoing, each of the Borrower and the Guarantors agrees that (i) its obligations hereunder shall not be discharged by the entry of an order confirming a plan of reorganization (and each of the Borrower and the Guarantors, pursuant to Section 1141(d)(4) of the Bankruptcy Code, hereby waives any such discharge) and (ii) the Superpriority Claim granted to the Pre-Petition Agent and the Pre-Petition Banks pursuant to the Financing Order and the Lien granted to the DIP Agent for the benefit of the Pre-Petition Agent the Pre-Petition Banks pursuant to the DIP Credit Agreement and the Financing Order shall not be affected in any manner by the entry of an order confirming a plan of reorganization.

          Section 6.10.     Pre-Petition Loan Documents.  Subject to the provisions of the Bankruptcy Code and any orders entered by the Bankruptcy Court, the Pre-Petition Loan Documents shall remain in full force and effect, and the execution of this Agreement by the Pre-Petition Agent and the Pre-Petition Banks, and the delivery to and acceptance thereof by the Pre-Petition Agent and the Pre-Petition Banks, do not and shall not constitute a waiver of any provision of the Pre-Petition Loan Documents, except as expressly provided in this Agreement.

          In Witness Whereof, the parties have executed and delivered this Agreement as of the date first set forth above.

          Dated as of May 16, 2003.

	 	
MISSISSIPPI CHEMICAL CORPORATION, as 

	 	
   Debtor and Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                   

	 	
       Name    Timothy A. Dawson

	 	
       Title      Senior Vice President and

	 	
                     Chief Financial Officer

	 	 
	 	
GUARANTORS:

	 	 
	 	
MISSCHEM NITROGEN, L.L.C., as Debtor 

	 	
   and Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                   

	 	
      Name  Timothy A. Dawson

	 	
      Title     Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI NITROGEN, INC., as Debtor and

	 	
   Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
      Name   Timothy A. Dawson

	 	
      Title     Vice President of Finance and Treasurer

	 	 
	 	 
	 	
TRIAD NITROGEN, L.L.C., as Debtor and

	 	
   Debtor-in-Possession

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson                                   

	 	
   Its  Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI PHOSPHATES CORPORATION, 

	 	
   as Debtor and Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
     Its  Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI POTASH, INC., as Debtor and

	 	
   Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
     Its  Vice President of Finance and Treasurer

	 	 
	 	
EDDY POTASH, INC., as Debtor and Debtor-in-

	 	
   Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
     Its  Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI CHEMICAL MANAGEMENT

	 	
   COMPANY, as Debtor and Debtor-in-

	 	
   Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
     Its  Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI CHEMICAL COMPANY, L.P., as

	 	
   Debtor and Debtor-in-Possession

	 	 
	 	 
	 	
By   MISSISSIPPI CHEMICAL MANAGEMENT

	 	
        COMPANY, its general partner

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson                                   

	 	
      Its Vice President of Finance and Treasurer

	 	 
	 	
MELAMINE CHEMICALS, INC., as Debtor and

	 	
   Debtor-in-Possession

	 	 
	 	 
	 	
By  /s/ Timothy A. Dawson                                    

	 	
     Its  Vice President - Finance

	 	 
	 	
HARRIS TRUST AND SAVINGS BANK

	 	
   individually and as Pre-Petition Agent

	 	 
	 	 
	 	
By  /s/ Lawrence A. Mizera                                    

	 	
     Name    Lawrence A. Mizera

	 	
     Title      Vice President

	 	 
	 	
PRE-PETITION BANKS:

	 	 
	 	
CREDIT AGRICOLE INDOSUEZ

	 	 
	 	 
	 	
By

	 	
    Name                                                               

	 	
    Title                                                                 

	 	 
	 	
By

	 	
     Name                                                              

	 	
     Title                                                                

	 	 
	 	
MORGAN STANLEY SENIOR FUNDING, INC.

	 	 
	 	 
	 	
By  /s/ Dan Allen                                                   

	 	
     Name  Dan Allen

	 	
     Title    Executive Director

	 	 
	 	
BANC OF AMERICA STRATEGIC

	 	
   SOLUTIONS, INC.

	 	 
	 	 
	 	
By  /s/ Charles Kerr                                              

	 	
     Name  Charles Kerr

	 	
     Title    Managing Director

	 	 
	 	
THE BANK OF NOVA SCOTIA, ATLANTA

	 	
   AGENCY

	 	 
	 	 
	 	
By

	 	
     Name                                                              

	 	
     Title                                                                

	 	 
	 	
SUNTRUST BANK (formerly known as SunTrust

	 	
   Bank, Atlanta)

	 	 
	 	 
	 	
By  /s/ J. Christopher Deisley                                 

	 	
     Name  J. Christopher Deisley

	 	
     Title    Managing Director

	 	 
	 	
WACHOVIA BANK, NATIONAL 

	 	
   ASSOCIATION (formerly known as First Union

	 	
   National Bank)

	 	 
	 	
By

	 	
    Name                                                               

	 	
    Title                                                                 

	 	 
	 	
ABN AMRO BANK, N.V.

	 	 
	 	 
	 	
By  /s/ Clifford S. Blasberg                                    

	 	
     Name  Clifford S. Blasberg

	 	
     Title     Group Vice President

	 	 
	 	
By  /s/ William J. Teresky, Jr.                                

	 	
     Name   William J. Teresky, Jr.

	 	
     Title      Senior Vice President

	 	 
	 	
AVENUE SPECIAL SOLUTIONS FUND II, L.P.,

	 	
   as Buyer

	 	 
	 	
By:  Avenue Capital Partners II, LLC, General

	 	
       Partner

	 	 
	 	
       By:   GL Partners II, LLC, Managing Members

	 	
               of General Partner

	 	 
	 	
By  /s/ Sonia E. Gardner                                        

	 	
     Name  Sonia E. Gardner

	 	
     Title    Managing Member

	 	 
	 	
By

	 	
     Name                                                               

	 	
     Title                                                                 

	 	 
	 	
Address:

	 	 
	 	
Avenue Capital Management II, LLC, as agent for

	 	
Avenue Special Situations Funds II, LP

	 	
535 Madison Avenue, 15th Floor

	 	
New York, NY 10022

	 	
Attention:  Matthew Sandschafer

	

 
	 
	 	
TRUSTMARK NATIONAL BANK

	 	 
	 	 
	 	
By   /s/ William H. Edwards                                  

	 	
      Name   William H. Edwards

	 	
      Title      Vice President

	 	 
	 	
AMSOUTH BANK

	 	 
	 	 
	 	
By   /s/ J. D. May                                                  

	 	
      Name   J. D. May

	 	
      Title     Vice President

	 	 
	 	
SPCP GROUP, L.L.C.

	 	 
	 	 
	 	
By  /s/ Edward A. Mule                                         

	 	
     Name   Edward A. Mule

	 	
     Title     Principal

	 	 
	 	
Address:  600 Steamboat Rd.

	 	
               Greenwich, CT 06830

	 	
Attention: Jim Curry

	 	 
	 	
PRESIDENT AND FELLOWS OF HARVARD

	 	
   COLLEGE

	 	 
	 	
By:  Whippoorwill Associates Incorporated

	 	
        Its:  Agent and Authorized Signatory

	 	 
	 	 
	 	
By  /s/ Shelley F. Greenhaus                                  

	 	
     Name   Shelley F. Greenhaus

	 	
     Title     Managing Director

	 	 
	 	
Address:  Whippoorwill Associates, Inc.

	 	
                11 Martine Avenue, 11th Floor

	 	
                White Plains, NY 10606

	 	
Attention:  Shelley F. GreenhausEXHIBIT 10.4

EXHIBIT 10.4

Mississippi Chemical Corporation

First Amendment to Amended and Restated Credit Agreement

and Waiver

Harris Trust and Savings Bank,

  individually and as Administrative Agent

Chicago, Illinois

The From Time to Time Lenders Party

  to the Credit Agreement described below

Ladies and Gentlemen:

          Reference is hereby made to that certain Amended and Restated Credit Agreement dated as of November 15, 2002 (the "Credit Agreement"), by and among the undersigned, Mississippi Chemical Corporation, a Mississippi corporation (the "Borrower"), and Harris Trust and Savings Bank, individually and in its capacity as administrative agent thereunder, and you (all of said banks, including Harris Trust and Savings Bank in its individual capacity, being referred to collectively as the "Banks" and individually as a "Bank", and said Harris Trust and Savings Bank as administrative agent for the Banks under the Amended and Restated Credit Agreement being hereinafter referred to in such capacity as the "Administrative Agent").  All defined terms used herein shall have the same meaning as in the Credit Agreement unless otherwise defined herein.

          The Borrower has requested that the Required Banks waive the requirements of certain covenants contained in the Credit Agreement to the extent necessary to permit the acquisition by Triad Nitrogen, L.L.C. of all of the issued and outstanding capital stock of Melamine Chemicals, Inc., a Delaware corporation, and the Required Banks are willing to do so, all on the terms and conditions of this amendment (the "Amendment").

Section 1.          Amendments.

          Upon the satisfaction of all of the conditions precedent set forth in Section 3 of this Amendment the Credit Agreement shall be amended as follows:

          1.1.     Section 4.1 of the Credit Agreement shall be amended by adding the following definitions thereto in the appropriate alphabetical order:

                         "Free Cash Flow" means, as of any time the same is to be determined and for the           relevant period, an amount equal to Melamine Chemicals' operating income for such
period, plus the aggregate amount of Shaw related expenditures which are considered
deferred (i.e., incurred but not paid) operating expenses made and financed pursuant to the
Shaw Group Agreement during such period, minus (to the extent not already deducted) the
aggregate amount of all payments remitted to the Shaw Group during such period pursuant
to the Shaw Group Agreement.

                         "Melamine Chemicals" means Melamine Chemicals, Inc., a Delaware
corporation.

                        "Melamine Acquisition" means the acquisition by Triad Nitrogen, L.L.C., a
Delaware limited liability company ("Triad Nitrogen"), of all of the capital stock of
Melamine Chemicals pursuant to the Melamine Stock Purchase Agreement, including the
incurrence by Triad Nitrogen and Borrower of the obligations to be incurred by each under
the Melamine Stock Purchase Agreement.  

                        "Melamine Acquisition Date" means the effective date of the Melamine
Acquisition.  

                       "Melamine Stock Purchase Agreement" means that certain Stock Purchase           Agreement dated March 19, 2003, between Triad Nitrogen and Borden Chemicals, Inc., a           Delaware corporation.

                       "Shaw Group" means The Shaw Group, Inc. and Shaw Constructors, Inc.

                      "Shaw Group Agreement" means the Invitation to Bid dated April 2, 2003, from
Triad Nitrogen to The Shaw Group, Inc. and the related Bid Form between Shaw Constructors, Inc. and Triad Nitrogen, The Shaw Group Proposal dated February 28, 2003
from Bobby LeBlanc to Herman Torres (including the Stone & Webster, Inc. Equipment
Review attached as an Exhibit thereto) and the Shaw Group Commercial Terms dated
April 3, 2003.

          1.2.     The Credit Agreement shall be amended by adding the following provision thereto as Section 7.28 thereof:

                         "Section 7.28.  Free Cash Flow of Melamine Chemicals.  Melamine Chemicals
shall not have cumulative negative Free Cash Flow for the period from and including the
Melamine Acquisition Date through the last day of each month, commencing April 30, 2003, through and including October 31, 2003, in an amount in excess of $2,500,000.  As
soon as available and in any event no later than 30 days after the last day of each month,
commencing May 31, 2003, the Borrower shall furnish to each Bank a calculation in
reasonable detail showing the Free Cash Flow of Melamine Chemicals for the period then
ended, prepared by the Borrower and certified by the chief financial officer of the
Borrower."

          1.3.     Section 8.1(b) of the Credit Agreement shall be amended by adding the phrase "or 7.28" immediately after the figure "7.25" appearing therein.

Section 2.          Waiver.

          2.1.     Upon the satisfaction of the conditions precedent contained in Section 3 hereof, the Required Banks waive the restrictions contained in Sections 7.10, 7.11, 7.15 and 7.19 of the Credit Agreement to the extent necessary to permit (a) Triad Nitrogen to complete the Melamine Acquisition and to incur obligations to the Shaw Group pursuant to the Shaw Group Agreement (the "Shaw Obligations"), (b) the Borrower to use proceeds of Loans in an aggregate principal amount not to exceed $1,000,000 (plus interest thereon as provided in the Melamine Stock Purchase Agreement) to pay the cash portion of the purchase price payable by Triad under the Melamine Stock purchase Agreement, including in such sum the payment of the deferred portion of such purchase price, and (c) the Borrower to be liable for the payment of the Shaw Obligations,  provided that concurrently with, and as a condition to, the completion of the Melamine Acquisition the Borrower shall have delivered to the Administrative Agent for the benefit of the Banks in sufficient counterparts for distribution to the Banks:

                    (i)     a supplement or amendment to the A Security Agreement pursuant to which
Melamine    Chemicals becomes a party thereto as a debtor and the stock of Melamine
Chemicals acquired by Triad Nitrogen is added to the Collateral thereunder, which shall be
acceptable in form and substance to the Administrative Agent;

                    (ii)     a supplement or amendment to the Restated Guaranty pursuant to which
Melamine Chemicals becomes a party thereto as a guarantor, which shall be acceptable in
form and substance to the Administrative Agent;

                    (iii)    a mortgage or deed of trust from Melamine Chemicals to the Administrative
Agent (or a trustee on its behalf) encumbering Melamine Chemical's leasehold and fee interests in real estate;

                    (iv)     certificates evidencing all of the issued and outstanding capital stock of
Melamine Chemicals, together with an undated stock power for each certificate executed
in blank;

                    (v)     good standing certificates for Melamine Chemicals issued by the states of
Louisiana and Delaware, issued not more than 30 days before the date of this Amendment;

                    (vi)     a copy of the Certificate of Incorporation, and all amendments thereto, of
Melamine Chemicals, certified by the Secretary of State of the state of Delaware not more than 30 days before the date of this Amendment;

                    (vii)    a copy of the By-Laws, and all amendments thereto, of Melamine Chemicals,           certified as true, correct and complete on the date hereof by the Secretary or Assistant
Secretary of Melamine Chemicals;

                    (viii)   an incumbency and signature certificate for Melamine Chemicals satisfactory
in form and substance to the Administrative Agent; and

                    (ix)     a copy of resolutions or consents adopted by the Board of Directors of
Melamine Chemicals authorizing Melamine Chemicals to become a Guarantor, to encumber its asset and to execute the necessary guaranties and Security Documents to be
executed by it in connection therewith, certified as true, correct and complete and in full
force and effect on the date hereof by the Secretary or Assistant Secretary of Melamine
Chemicals.

          2.2.     The waiver contained in Section 2.1 is limited to the matters expressly stated herein and shall become effective only upon the satisfaction of the conditions precedent set forth in Section 3 hereof.  By accepting this waiver by the Required Banks of the foregoing requirement, the Borrower agrees that it remains obligated to comply with the terms of the Credit Agreement and related documents, including without limitation Sections 7.10, 7.11, 7.15 and 7.19 of the Credit Agreement, and that the Required Banks shall not be obligated in the future to waive any provision of the Credit Agreement and related documents and may exercise their rights and remedies under the Loan Documents and otherwise as though such waiver had never been made.

Section 3.          Conditions Precedent.

          This Amendment shall become effective upon the satisfaction of all of the following conditions precedent:

          3.1.     The Borrower, the Administrative Agent and the Required Banks shall have executed this Amendment (such execution may be in several counterparts and the several parties hereto may execute on separate counterparts).

          3.2.     Each of the representations and warranties set forth in Section 5 of the Credit Agreement shall be true and correct, except that the representations and warranties made under Section 5.2 shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 of the Credit Agreement.

          3.3.     After giving effect to this Amendment, Borrower shall be in full compliance with all of the terms and conditions of the Loan Documents and no Event of Default or Potential Default shall have occurred and be continuing thereunder.  

          3.4.     The Borrower shall have reimbursed the Administrative Agent for all fees and expenses incurred by it, including the fees and expenses of Chapman and Cutler and FTI Consulting (formerly PWC), in connection with the Credit Agreement and the amendment thereof pursuant to this Amendment and the transactions contemplated hereby.

          3.5.     The Administrative Agent shall have received a non-refundable amendment fee in the amount of $100,000 for the ratable account of the Banks that have executed this Amendment and returned it to the Administrative Agent by the close of business in Chicago, Illinois on the date all other conditions precedent contained  in this Amendment have been met.

Section 4.     Right of First Refusal.

          In the event that the Borrower or any of the Guarantors receives any commitment for debtor-in-possession financing ("DIP Financing"), whether before or after a bankruptcy filing which Borrower intends to accept, the Borrower or such Guarantor shall give the Administrative Agent (which shall promptly distribute same to the Banks) a copy of such commitment and all attachments and exhibits referred to therein (the "Commitment").  Harris Trust and Savings Bank, as Administrative Agent together with such of the Banks as elect to participate, shall have five Business Days following receipt of such Commitment by Harris to exercise a right of first refusal to provide the Borrower or such Guarantor with DIP Financing on substantially the same terms as set forth in the Commitment including the same loan amounts, interest rates, repayment terms, collateral and other material conditions.  If such Administrative Agent and such participating Banks do not exercise their right of first refusal within such five Business Day period, then the Borrower or such Guarantor may enter into a DIP Financing with another lender or lenders on substantially the same terms or more favorable terms to the Borrower as set forth in the Commitment, subject to the right of the Administrative Agent and the Banks to object thereto in the applicable bankruptcy proceeding.  The delivery of a copy of a Commitment hereunder shall not by itself constitute an Event of Default hereunder.

Section 5.          Miscellaneous.

          5.1.     The Borrower and certain of its Subsidiaries (collectively, the "Debtors") have heretofore executed and delivered to the Agent certain A Security Documents and B Security Documents (collectively, the "Collateral Documents") and the Debtors hereby agree that notwithstanding the execution and delivery hereof, the Collateral Documents shall be and remain in full force and effect and that any rights and remedies of the Agent thereunder, obligations of the Debtors thereunder and any liens or security interests created or provided for thereunder shall be and remain in full force and effect, shall not be affected, impaired or discharged hereby.  Nothing herein contained shall in any manner affect or impair the priority of the liens and security interests created and provided for by the Collateral Documents as to the indebtedness which would be secured thereby prior to giving effect to this Amendment.  

          5.2.     Each of the Guarantors acknowledges the execution of the foregoing Amendment by the Borrower and acknowledges that this consent is not required under the terms of the Guaranty and that the execution hereof by the Guarantors shall not be construed to require the Banks to obtain their acknowledgment to any future amendment, modification or waiver of any term of the Credit Agreement except as otherwise provided in said Guaranty.  Each of the Guarantors hereby agree that the Guaranty shall apply to all indebtedness, obligations and liabilities of the Borrower to the Banks under the Credit Agreement, as amended pursuant to the Amendment, and that the Guaranty shall be and remain in full force and effect.

          5.3.     Except as specifically amended herein, the Credit Agreement shall continue in full force and effect in accordance with its original terms.  Reference to this specific Amendment need not be made in any note, document, letter, certificate, the Credit Agreement itself, the Notes, or any communication issued or made pursuant to or with respect to the Credit Agreement, any reference to the Credit Agreement being sufficient to refer to the Credit Agreement as amended hereby.

          5.4.     This Amendment may be executed in any number of counterparts, and by the different parties on different counterparts, all of which taken together shall constitute one and the same agreement.  Any of the parties hereby may execute this Amendment by signing any such counterpart and each of such counterparts shall for all purposes be deemed to be an original.  This Amendment shall be governed by the internal laws of the State of Illinois.

          Upon acceptance hereof by the Administrative Agent and the Banks in the manner hereinafter set forth, this Amendment shall be a contract between us for the purposes hereinabove set forth.

          Dated as of April 14, 2003.

	 	
MISSISSIPPI CHEMICAL CORPORATION

	 	 
	 	 
	 	
By    /s/ Timothy A. Dawson

	 	
   Its Senior Vice President and CFO

	 	 
	 	
MISSCHEM NITROGEN, L.L.C.

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI NITROGEN, INC.

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
TRIAD NITROGEN, L.L.C.

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI PHOSPHATES CORPORATION

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI POTASH, INC.

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	
EDDY POTASH, INC.

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
MISSISIPPI CHEMICAL MANAGEMENT

	 	
   COMPANY

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	
   Its Vice President of Finance and Treasurer

	 	 
	 	
MISSISSIPPI CHEMICAL COMPANY, L.P.

	 	
BY: MISSISSIPPI CHEMICAL MANAGEMENT

	 	
       COMPANY, GENERAL PARTNER

	 	 
	 	 
	 	
By   /s/ Timothy A. Dawson

	 	 
	 	
   Its Vice President of Finance and Treasurer

 

          Accepted and Agreed to as of the day and year last above written.

	 	
HARRIS TRUST AND SAVINGS BANK,

	 	
   individually and as Administrative Agent

	 	 
	 	 
	 	
By   /s/ Lawrence A. Mizera

	 	
   Its Vice President

	 	 
	 	
CREDIT AGRICOLE INDOSUEZ

	 	 
	 	 
	 	
By

	 	
   Its
_________________________________

	 	 
	 	
BNP PARIBAS

	 	 
	 	 
	 	
By

	 	
   Its
___________________________________

	 	 
	 	
BANC OF AMERICA STRATEGIC SOLUTIONS,

	 	
   INC.

	 	 
	 	 
	 	
By   /s/ Charles A. Kerr

	 	
   Its Managing Director

	 	 
	 	
THE BANK OF NOVA SCOTIA, ATLANTA

	 	
   AGENCY

	 	 
	 	 
	 	
By

	 	
   Its
_________________________________

	 	 
	 	
SUNTRUST BANK

	 	 
	 	 
	 	
By

	 	
   Its
_________________________________

	 	 

	 	
WACHOVIA BANK, NATIONAL ASSOCIATION

	 	 
	 	 
	 	
By   /s/ Melissa A. McDonald

	 	
   Its Vice President

	 	 
	 	
ABN AMRO BANK N.V.

	 	 
	 	 
	 	
By

	 	
   Its
__________________________________

	 	 
	 	
By

	 	
   Its
___________________________________

	 	 
	 	
MORGAN STANLEY SENIOR FUNDING, INC.

	 	 
	 	 
	 	
By   /s/ Daniel Allen

	 	
   Its Vice President

	 	 
	 	
TRUSTMARK NATIONAL BANK

	 	 
	 	 
	 	
By   /s/ William H. Edwards

	 	
   Its Vice President

	 	 
	 	
AMSOUTH BANK

	 	 
	 	 
	 	
By   /s/ J. D. May

	 	
   Its Vice President

	 	 
	 	
PRESIDENT AND FELLOWS OF HARVARD

	 	
   COLLEGE

	 	 
	 	 
	 	
By:  Whippoorwill Associates, Incorporated

	 	
       Its Agent and Authorized Signatory

	 	 
	 	 
	 	
       By    /s/ Shelley F. Greenhaus

	 	
            Its Managing Director

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