Document:

EX 10.16
May 10, 2001

Mr. Dennis L. Yakobson
President and Chief Executive Officer
Rentech, Inc.
1331 17th Street, Suite 720
Denver, CO 80202

Dear Dennis:

         This letter confirms our understanding that Rentech, Inc. ("Rentech" or
the "Company") has engaged Petrie Parkman & Co., Inc. ("Petrie  Parkman") as its
exclusive  financial advisor to render financial advisory and investment banking
services to the Company in connection  with a possible  financing of the Company
through the sale of equity  securities  (including  any class of common stock or
securities  convertible  into or exchangeable  for any class of common stock) of
Rentech or its affiliates or successors in a private placement (the "lacement").

Services
         In  connection  with its role as  financial  advisor and as part of its
efforts to help Rentech achieve its corporate objectives, Petrie Parkman will be
available to:

         1. Meet with  Rentech  management  to develop an  understanding  of the
Company' strategic objectives;
         2. Meet with the management and any  consultants,  as  appropriate,  to
allow Petrie Parkman to gain a thorough understanding of the Company' assets;
         3.  Assist  Rentech in the  preparation  of  marketing  and  disclosure
materials;
         4.  Assist  the  Company  in  preparing  for  meetings  with  potential
investors;
         5.  Advise and assist  Rentech  in the  course of its  negotiation  and
closing of a Placement; and
         6.  Prepare  and  deliver  presentations  to  the  Company's  Board  of
Directors regarding a possible Placement.

Fee Structure
         In consideration for our role as financial advisor,  the Company agrees
to compensate Petrie Parkman as follows:

         If while this engagement is in effect or within twelve months following
the  termination  of this  agreement,  the Company has entered  into a letter of
intent or a definitive agreement or is engaged in substantive negotiations,  any
of which lead to a  Placement,  the  Company  agrees to pay Petrie  Parkman,  at
closing,  a fee equal to 2.5% of the gross proceeds  received from the Placement
(the "Transaction Fee").

         The  Company   also  agrees  to  reimburse   Petrie   Parkman  for  its
out-of-pocket  expenses related to this assignment,  including fees and expenses
of counsel.

  Coordination
         In order to  coordinate  efforts of the Company  and Petrie  Parkman to
effect the Placement in the most  professional  and efficient  manner  possible,
during the period of Petrie  Parkman's  engagement,  neither the Company nor its
management  will initiate any discussion  with potential  investors  without the
prior  knowledge  of  Petrie  Parkman.  In the  event  that the  Company  or its

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management  receives any inquiry or are  otherwise  aware of the interest of any
third party concerning a purchase of equity pursuant to the Placement, they will
promptly inform Petrie Parkman of such inquiry.

  Confidential Information
         Petrie  Parkman  acknowledges  that it will be  provided  with  certain
confidential information regarding the Company (the "Confidential  Information")
and that it will not use the Confidential Information except as may be necessary
in connection with rendering its services as financial advisor to the Company or
as may be required by law.

  Indemnification
         Since  Petrie  Parkman  will be  acting on  behalf  of the  Company  in
connection  with its engagement  hereunder,  the Company and Petrie Parkman have
entered into a separate letter agreement,  dated the date hereof,  providing for
the  indemnification  by the  Company  of Petrie  Parkman  and  certain  related
entities.

  Termination
         It is understood  that our services may be  terminated  with or without
cause by us or by you upon  notice  to the other  party at any time and  without
liability or continuing  obligation to us or to you (except for any compensation
earned pursuant to the fee structure  described above, and any expenses incurred
by us up to the date of termination  as described  above).  Notwithstanding  the
foregoing,  the indemnity  provisions of this agreement  shall remain  operative
regardless of any such termination.

         If the  foregoing is in  accordance  with your  understanding,  I would
appreciate  you signing  and  returning  to us the  enclosed  duplicate  of this
letter.

         We sincerely look forward to working with you on this assignment.

                 Very truly yours,

                 PETRIE PARKMAN & CO., INC.

                 By:  M.E. Bock
AGREED TO:

RENTECH, INC.

By: Dennis L. Yakobson

May 10, 2001

Petrie Parkman & Co., Inc.
475 17th Street
Denver, CO 80202

Gentlemen:

         In connection  with your engagement to advise and assist us pursuant to
the  engagement  letter  dated  hereof (the  "Agreement"),  Rentech,  Inc.  (the
"Company")  hereby agrees to indemnify and hold harmless  Petrie  Parkman & Co.,
Inc.  ("Petrie  Parkman"),  which for  purposes of this  agreement  includes its
affiliates, the respective directors,  officers,  partners, agents and employees
of Petrie Parkman and its affiliates and each  controlling  person (as such term

<PAGE>

is defined under the  Securities  Act of 1933,  as amended),  to the full extent
lawful,  from and against all losses,  claims,  damages,  liabilities,  joint or
several (and all actions,  claims,  proceedings  and  investigations  in respect
thereof),  and expenses  incurred by them (including fees and  disbursements  of
counsel)  which (A) are related to or arise out of (i) actions  taken or omitted
to be taken (including any untrue  statements made or any statements  omitted to
be made) by the Company or (ii)  actions  taken or omitted to be taken by Petrie
Parkman with our consent or in  conformity  with our actions or omissions or (B)
are  otherwise  related to or arise out of Petrie  Parkman's  activities  on our
behalf under Petrie Parkman's  engagement,  and we will reimburse Petrie Parkman
for all  expenses  (including  fees and  disbursements  of  counsel) as they are
incurred  by Petrie  Parkman in  connection  with  investigating,  preparing  or
defending any such action or claim, whether or not in connection with pending or
threatened  litigation  in  which  Petrie  Parkman  is a  party.  We will not be
responsible,  however, for any losses, claims, damages,  liabilities or expenses
pursuant to clause (B) of the preceding  sentence  which are finally  judicially
determined to have resulted  primarily from the bad faith or gross negligence of
the person seeking indemnification  hereunder. We also agree that Petrie Parkman
shall not have any  liability to us for or in  connection  with such  engagement
except for such liability for losses, claims,  damages,  liabilities or expenses
incurred by us which is finally judicially determined to have resulted primarily
from  Petrie  Parkman's  bad faith or gross  negligence.  If for any  reason the
foregoing  indemnification  (including the  reimbursement  provisions  described
above) or exculpation is unavailable to Petrie Parkman or  insufficient  to hold
it harmless,  then the Company shall contribute to the amount paid or payable by
Petrie  Parkman as a result of such loss,  claim,  damage or  liability  in such
proportion as is appropriate to reflect not only the relative  benefits received
(or  anticipated  to be  received)  by the  Company  on the one hand and  Petrie
Parkman on the other hand but also the relative  fault of the Company and Petrie
Parkman as well as any relevant equitable  considerations,  provided, that in no
event will Petrie Parkman's aggregate  contribution  hereunder exceed the amount
of fees actually paid to Petrie Parkman in respect of the subject matter of such
loss,  claim,  damage or liability  pursuant to the  Agreement.  The  indemnity,
exculpation,  reimbursement  and  contribution  obligations of the Company under
this  paragraph  shall be in  addition  to any  liability  which the Company may
otherwise  have,  shall  survive any  termination  of the Agreement and shall be
binding  upon and extend to the benefit of any  successors,  assigns,  heirs and
personal  representatives  of the  Company  and Petrie  Parkman.  If any action,
claim,  proceeding or investigation  is instituted or threatened  against Petrie
Parkman  in  respect  of which  indemnity  may be  sought  against  the  Company
hereunder,  Petrie Parkman shall promptly notify the Company thereof in writing,
but the omission to so notify the Company shall not relieve the Company from any
obligation or liability  that the Company may have to Petrie  Parkman under this
letter or otherwise. Petrie Parkman will have the right to retain counsel of its
choice to represent  Petrie Parkman in connection  with any such action,  claim,
proceeding  or  investigation,  provided  that such counsel  shall be reasonably
satisfactory  to the Company.  Notwithstanding  anything to the contrary  above,
Petrie Parkman shall not have any obligation to provide notice to the Company as
to any action, claim,  proceeding or investigation in which the Company is named
a defendant.  We also agree that we will not,  without the prior written consent
of Petrie Parkman,  settle or compromise or consent to the entry of any judgment
in any pending or  threatened  claim,  action,  suit or proceeding in respect of
which  indemnification may be sought hereunder (whether or not Petrie Parkman is
an actual or potential party to such claim,  action,  suit or proceeding) unless

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such  settlement,  compromise or consent  includes an  unconditional  release of
Petrie  Parkman from all liability  arising out of such claim,  action,  suit or
proceeding.  We hereby consent to personal jurisdiction and service and venue in
any court in which any claim  which is  subject  to this  agreement  is  brought
against Petrie Parkman or any other indemnified person.

         It  is   understood   that,  in   connection   with  Petrie   Parkman's
above-mentioned engagement,  Petrie Parkman may also be engaged to act for us in
one or more additional capacities, and that the terms of the original engagement
or any  such  additional  engagement  may be  embodied  in one or more  separate
written agreements. This indemnification shall apply to the original engagement,
any such additional  engagement and any modification of the original  engagement
or such  additional  engagement  and  shall  remain  in full  force  and  effect
following the completion or termination of Petrie Parkman's engagement(s).

         We further  understand that if Petrie Parkman is asked to act for us in
any other  formal  capacity,  such  further  action may be subject to a separate
agreement containing provisions and terms to be mutually agreed upon.

            Very truly yours,

            RENTECH, INC.

            By: Dennis L. Yakobson

Agreed to and Accepted:

PETRIE PARKMAN & CO., INC.

By: M.E. BockEX 10.17

GUARANTY

     THIS  GUARANTY  ("Guaranty")  is entered into as of December  31, 1999,  by
RENTECH,  INC.,  a Colorado  corporation  ("Rentech"),  and  REPUBLIC  FINANCIAL
CORPORATION, a Colorado corporation ("Republic",  and collectively with Rentech,
"Guarantors"),  in favor of SAND CREEK CHEMICAL LIMITED PARTNERSHIP,  a Colorado
limited  partnership ("Sand Creek"),  and STATE STREET BANK AND TRUST COMPANY, a
Massachusetts  trust  company  (both  in its  individual  capacity  and as Owner
Trustee for General Electric Capital  Corporation  under a Trust Agreement dated
as of November 1, 1993,  "State Street Bank", and collectively  with Sand Creek,
"Sellers")

RECITALS

     WHEREAS,  Sand Creek  Energy,  LLC, a Colorado  limited  liability  company
("Buyer") and Sellers are entering into an Asset Purchase Agreement, dated as of
December 31, 1999 (such agreement,  as amended or modified,  the "Asset Purchase
Agreement"); and

     WHEREAS,  Sellers  are willing to enter into the Asset  Purchase  Agreement
only on the condition that Guarantors enter into this Guaranty; and

     WHEREAS,  each of the Guarantors has a substantial equity interest in Buyer
and will receive substantial  benefits from Sellers entering into and performing
their obligations under the Asset Purchase Agreement.

     NOW,  THEREFORE,  to  induce  Sellers  to  enter  into the  Asset  Purchase
Agreement, and for other valuable consideration,  the receipt and sufficiency of
which are hereby acknowledged, Guarantors agree as follows:

     1. Guaranty.

          1.1 Guaranty.

               (a)  Guarantors   jointly  and  severally   hereby   irrevocably,
absolutely and unconditionally  guarantee the full and punctual  performance and
payment when due of all the Obligations (as defined below);

                    (i)  provided,  however,  that (A) no claim  may be  brought
under this  Guaranty  unless notice of such claims or a claim against Buyer with
respect  to the  Obligations  is  given by  either  Seller  prior  to the  fifth
anniversary  of the date hereof and (B) the  aggregate  liability of  Guarantors
under the Guaranty shall not exceed four million dollars ($4,000,000);

                    (ii) provided further, that in the event that Public Service
Company  of  Colorado  ("PSCo.")  agrees  in  writing,  in  form  and  substance
reasonably  satisfactory  to Sand  Creek,  to  unconditionally  and  irrevocably
release Sand Creek and  Intermountain  Chemical,  Inc.  ("ICI") from any and all
obligations and liabilities  under or relating to that certain letter agreement,
dated  September 12, 1995,  among PSCo.,  ICI and Conoco,  Inc.  ("Conoco") (the
"Letter   Agreement")  and  the  construction  and  operation  of  the  pipeline
referenced  therein,  then the  deadline  for bringing any claim as described in
clause  1.1(a)(i)(A) above shall be accelerated to the second anniversary of the
date hereof and the maximum  aggregate  liability  of the  Guarantors  under the
Guaranty shall be limited to two million dollars ($2,000,000); and

<PAGE>

                    (iii) provided  further,  that in the event that Conoco also
agrees in writing, in form and substance reasonably  satisfactory to Sand Creek,
to unconditionally  and irrevocably  release Sand Creek and ICI from any and all
obligations  and liabilities  under or relating to the Letter  Agreement and the
construction and operation of the pipeline  referenced herein,  then the maximum
liability of each of the Guarantors  under this Guaranty shall be limited to one
million dollars  ($1,000,000) and the guaranty of the Guarantors  hereunder will
become several, but not joint.

               (b) This  Guaranty  constitutes  a guaranty  of  performance  and
payment when due and not merely of  collection.  Guarantors  specifically  agree
that it shall not be  necessary  or required  that  Sellers  exercise any right,
assert any claim or demand or enforce any remedy whatsoever against Buyer or any
other  Person  before  or  as a  condition  to  the  obligations  of  Guarantors
hereunder.  For purposes of this Guaranty,  "Person" means any individual,  sole
proprietorship,  partnership,  joint venture trust, unincorporated organization,
association, corporation, limited liability company, institution, public benefit
corporation,   entity  or  government   (including   without   limitation,   any
instrumentality, division, agency, body or department thereof);

               (c) This Guaranty  shall be construed as a  continuing,  absolute
and unconditional guarantee of payment and performance without regard to (i) the
validity,  regularity  or  enforceability  of any of the  obligations,  (ii) any
defense, setoff or counterclaim (other than a defense of payment or performance)
which may at any time be available to or be asserted by Buyer  against  Sellers,
(iii) until  Sellers  shall have been paid in full,  any right by  Guarantors to
subrogation or indemnification,  or (iv) any other circumstance whatsoever (with
or without notice to or knowledge of Buyer or Guarantors) which constitutes,  or
might be construed to constitute,  an equitable or legal  discharge of Buyer for
the  Obligations  (other  than  payment  in  full  of  all  Obligations),  or of
Guarantors under this Guaranty, in bankruptcy or in any other instance.

          1.2 Obligations Independent. The obligations hereunder are independent
of the Obligations of Buyer, and a separate action or actions may be brought and
prosecuted against Guarantors whether action is brought against Buyer or whether
Buyer is joined in any such action or actions.

          1.3 Authorization of Renewals,  Etc.  Guarantors  authorizes  Sellers,
without notice or demand and without affecting their liability  hereunder,  from
time to time:

               (a) to renew, compromise,  extend, accelerate or otherwise change
the time for payment, or otherwise change the terms of the Obligations;

               (b) to receive and hold security for the payment of this Guaranty
or any of the  Obligations  and  exchange,  enforce,  waive,  release,  fail  to
perfect, sell, or otherwise dispose of any such security;

               (c) to apply such security and direct the order or manner of sale
thereof as Sellers in their discretion may determine; and

               (d) to release or substitute  any one of more of any endorsers or
guarantors of the Obligations.

<PAGE>

          1.4 Waiver of Certain  Rights.  Guarantors  waive any right to require
Sellers:

               (a) to proceed against Buyer or any other Person;

               (b)  to  proceed   against  or  exhaust  any   security  for  the
Obligations or any other indebtedness of Buyer to Sellers; or

               (c) to pursue any other remedy in Sellers' power whatsoever.

          1.5 Waiver of Certain  Defenses.  Guarantors waive any defense arising
by reason of any disability or other defense of Buyer, or the cessation from any
cause  whatsoever  of the liability of Buyer other than final payment in full of
all  Obligations,  whether  consensual  or  arising by  operation  of law or any
bankruptcy,   conservatorship,   receivership,   insolvency   or  debtor  relief
proceeding,  or from any other cause, or any claim that Guarantors'  obligations
exceed or are more burdensome than those of Buyer either  individually or in the
aggregate.

          1.6 Waiver of Presentments,  Etc.  Guarantors waive all  presentments,
demands  for  performance,  notices  of  nonperformance,  protests,  notices  of
protest,  notices of dishonor and notices of  acceptance of this Guaranty and of
the existence,  creation,  or incurring or new or additional  Obligations or any
other indebtedness of Buyer to Sellers.

          1.7 Information Relating to Buyer. Guarantors acknowledges that it has
the ability,  and hereby  assumes the  obligation  and  responsibility,  to keep
informed of the  financial  condition  and business  operations of Buyer and its
affiliates and of other matters of circumstances affecting the ability of any of
them to pay or perform their  respective  obligations  to Sellers or the risk of
nonpayment  and  nonperformance.  Guarantors  hereby waive any obligation on the
part of Sellers to inform Guarantors of the financial condition,  or any changes
in  financial  condition,  of Buyer or any  affiliates  thereof  or of any other
matter or  circumstance  which  might  affect  the  ability  of Buyer to pay and
perform  under  the  Asset  Purchase  Agreement,  or the risk of  nonpayment  or
nonperformance.

          1.8  Reinstatement  of  Guaranty.  If any  payment or  transfer of any
interest in property by Buyer to Sellers in  fulfillment  of any  Obligations is
rescinded or must at any time  (including  after the return of  cancellation  of
this  Guaranty)  be  returned,  in whole or in part,  by Sellers to Buyer or any
other Person,  upon the  insolvency,  bankruptcy or  reorganization  of Buyer or
otherwise, this Guaranty shall be reinstated with respect to any such payment or
transfer, regardless of any such prior return or cancellation.

          1.9 Powers. It is not necessary for Sellers to inquire into the powers
of Buyer or of the officers,  directors, partners or agents acting or purporting
to act on their behalf, and any Obligations made or created in reliance upon the
professed exercise of such powers shall be guaranteed hereunder.

     2.  Representations,  Warranties and Agreements of Guarantors.  Each of the
Guarantors represents and warrants to, and agrees with, Sellers that:

          2.1  Corporate  Existence  and  Power.  It (a) is a  corporation  duly
organized,  validly  existing  and  in  good  standing  under  the  laws  of the
jurisdiction  of its  incorporation;  (b) has the  power and  authority  and all
governmental licenses, authorizations, consents and approvals to own its assets,
carry on its business and to execute, deliver, and perform its obligations under
this  Guaranty;  and (c) is in  compliance  in all  material  respects  with all
requirements  of law the  failure  to comply  with  which  would have a material
adverse effect on its ability to fulfill its obligations under this Guaranty.

<PAGE>

          2.2 Corporate Authorization: No Contravention. The execution, delivery
and  performance  by its of  this  Guaranty  has  been  duly  authorized  by all
necessary  corporate action, and do not and will not (a) contravene the terms of
its  organizational  documents;  (b)  conflict  with or result in any  breach or
contravention of, or the creation of any lien under, any document evidencing any
contractual obligation to which it is a party or any order, injunction,  writ or
decree of any governmental  authority to which it is or its property is subject;
or (c) violate any requirements of any governmental authority.

          2.3  Governmental  Authorization.  No  approval,  consent,  exemption,
authorization,   or  other  action  by,  or  notice  to,  or  filing  with,  any
governmental   authority  is  necessary  or  required  in  connection  with  the
execution,  delivery  or  performance  by, or  enforcement  against,  it of this
Guaranty.

          2.4 Binding Effect.  This Guaranty  constitutes  the legal,  valid and
binding obligations of such Guarantor, enforceable against it in accordance with
its terms,  except as  enforceability  may be limited by applicable  bankruptcy,
insolvency,  or similar laws  affecting the  enforcement  of  creditors'  rights
generally or by equitable principles relating to enforceability.

     3. Miscellaneous.

          3.1  Assignment.  This Guaranty  shall be binding upon  Guarantors and
their  respective  successors  and  assigns,  and shall insure to the benefit of
Sellers and their respective successors and assigns,  except that neither of the
Guarantors  may assign or transfer any of its  obligations  under this  Guaranty
without the prior written consent of both Sellers.

          3.2 Notices. Each notice,  report,  demand,  waiver, consent and other
communication  required or permitted to be given  hereunder  shall be in writing
and shall be sent (and deemed given upon receipt) (a) by registered or certified
first-class mail, postage prepaid and return receipt  requested,  (b) by Federal
Express or comparable overnight courier, or (c) by fax, addressed as follows:

     If to Sand Creek:    Sand Creek Chemical Limited Partnership
                             c/o Baxter Associates, Inc.
                             1250 West Northwest Highway, Suite 503
                             Palatine, Illinois 60067
                             Attn:  Reginald R. Baxter

    with a copy to:       GE Capital Services
                             Structured Finance Group
                             120 Long Ridge Road
                             Stamford, CT 06927
                             Attn:  Manager of Compliance

     and a copy to:       Pillsbury Madison & Sutro LLP
                             50 Fremont Street
                             San Francisco, CA 94105
                             Attn:  D. Stanley Rowland, Esq.

     If to State          State Street Bank and Trust Company
     Street Bank:            Goodwin Square
                             225 Asylum Street, Floor 2320
                             Hartford, CT 06103
                             Attn:  Corporate Trust Administration

<PAGE>

     If to Rentech:       Rentech, Inc.
                             1331 17th Street, Suite 720
                             Denver, Colorado 80202
                             Attn:  Ronald C. Butz, Esq.

     If to Republic:      Republic Financial Corporation
                             3300 S. Parker Road, Suite 500
                             Aurora, CO 80014
                             Attn:  Julie Babcock, Vice President, Legal

     with a copy to:      Otten, Johnson, Robinson, Neff & Ragonetti, P.C.
                             950 Seventeenth Street, Suite 1600
                             Denver, CO 80202
                             Attn:  John R. Marcil, Esq.

          3.3 Partial  Exercise;  Amendment.  No delay on the part of Sellers in
exercising  any right,  power or privilege  hereunder  shall operate as a waiver
thereof,  nor shall any single or partial  exercise of any such right,  power or
privilege  preclude  other or further  exercise  thereof or the  exercise of any
other  right,  power or  privilege  or be construed to be a waiver of any breach
under the Asset  Purchase  Agreement.  No waiver by Sellers  of any such  breach
shall be  effective  unless in writing  and signed by an  authorized  officer of
Sellers,  and no such  waiver  shall be deemed  to be a waiver  of a  subsequent
breach  under  the Asset  Purchase  Agreement  or be  deemed to be a  continuing
waiver.  No course of dealing  between Buyer or  Guarantors,  respectively,  and
Sellers or their  agents or employees  shall be  effective to change,  modify or
discharge any provision of this Guaranty or to constitute a waiver of any breach
hereunder.

          3.4  Remedies  Cumulative.  All rights and  remedies  provided in this
Guaranty and any  instrument or agreement  referred to herein are cumulative and
are not  exclusive  of any rights or remedies  otherwise  provided  by law.  Any
single or partial exercise of any right or remedy shall not preclude the further
exercise thereof or the exercise of any other right or remedy.

          3.5 Costs and  Expenses.  Guarantors  agree to pay on demand all costs
and  expenses of Sellers,  including  attorney  costs,  in  connection  with the
enforcement  of, and  preservation of any rights,  remedies or interests  under,
this Guaranty.

          3.6 Severability.  Whenever possible,  each provision of this Guaranty
shall be  interpreted  in such  manner as to be  effective  and valid  under all
applicable laws and  regulations.  If,  however,  any provision of this Guaranty
shall be  prohibited  by or  invalid  under  any such law or  regulation  in any
jurisdiction,  it shall, as to such jurisdiction,  be deemed modified to conform
to the minimum requirements of such law or regulation,  or, if for any reason it
is not deemed so  modified,  it shall be  ineffective  and  invalid  only to the
extent  of such  prohibition  or  invalidity  without  affecting  the  remaining
provisions of this Guaranty,  or the validity or effectiveness of such provision
in any other jurisdiction.

          3.7 Governing  Law. This Guaranty shall be governed by the laws of the
State of New York without  giving  effect to choice of law  provisions  included
herein.

<PAGE>

          3.8  Integration.  This  Guaranty  (a)  integrates  all the  terms and
conditions  mentioned  herein or  incidental  hereto,  (b)  supersedes  all oral
negotiations  and prior writings with respect to the subject matter hereof,  and
(c) is intended by the parities as the final  expression of the  agreement  with
respect  to the  terms and  conditions  set  forth in this  Guaranty  and as the
complete and exclusive statement of the terms agreed to by the parties.

          3.9  Counterparts.  This  Guaranty  may be  executed  in a  number  of
counterparts and by different parties hereto in separate  counterparts,  each of
which when so executed  shall be deemed to be an original and all of which taken
together shall constitute but one and the same agreement.

     IN WITNESS  WHEREOF,  each of  Guarantors  has caused  this  Guaranty to be
signed in its name by its duly  authorized  representative  as of the date first
above mentioned.

RENTECH, INC.                      REPUBLIC FINANCIAL CORPORATION

By:  Dennis L. Yakobson            By:  James H. Possehl
        President                          President

ACCEPTED BY:
SAND CREEK CHEMICAL LIMITED
PARTNERSHIP

By:  HUBBARD HOLDING COMPANY,
        as General Partner

     By:  Reginald R. Baxter
             President

STATE STREET BANK AND TRUST
COMPANY

By:  K. Farimor
       AVP

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