Document:

Second Amendment of Third Amended and Restated Credit Agreement

 Exhibit 10.9 
 SECOND AMENDMENT OF 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS SECOND AMENDMENT OF THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of September 11, 2007, is by and among
INTREPID MINING LLC, a Delaware limited liability company (“IMLLC”), formerly by way of conversion Intrepid Mining LLC, a Colorado limited liability company, INTREPID POTASH-MOAB, LLC, a Delaware limited liability company
(“IPMLLC”), INTREPID POTASH-NEW MEXICO, LLC, a New Mexico limited liability company (“IPNMLLC”), INTREPID POTASH-WENDOVER, LLC, a Colorado limited liability company (“IPWLLC”), U.S. BANK NATIONAL ASSOCIATION, a national
banking association (“USB”), in its capacity as lead arranger and Agent (“Agent”), on behalf of the Existing Lenders (as defined below), and the Additional Lenders (as defined below). 
 RECITALS 
 A. IMLLC, IPMLLC, IPNMLLC
and IPWLLC (“Borrowers”), Agent and the lenders named therein (the “Existing Lenders”), are parties to a Third Amended and Restated Credit Agreement dated as of March 9, 2007, as amended pursuant to a First Amendment of
Third Amended and Restated Credit Agreement dated as of May 23, 2007 (as so amended, the “Credit Agreement”). Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit Agreement.

 B. Pursuant to the terms of the Credit Agreement, upon the request of Borrowers, Agent may agree, under certain conditions, to increase
the Aggregate Lenders’ Commitment (Revolving) to a maximum of $125,000,000. 
 C. Borrowers have requested, and do hereby request, that
the Aggregate Lenders’ Commitment (Revolving) be increased to $125,000,000. 
 D. Agent is not aware of the occurrence and continuation
of any uncured Event of Default at any time on or before the execution and delivery of this Amendment, and Agent has been able to obtain sufficient additional Commitments (Revolving) from AgFirst Farm Credit Bank and Bank of the West (the
“Additional Lenders”) to fund the requested increase. 
 E. Borrowers, Agent and the Additional Lenders desire that this Amendment
be executed and delivered in order to implement the above-described increase in the Aggregate Lenders’ Commitment (Revolving) pursuant to the terms of the Credit Agreement. 
 AMENDMENT 
 NOW, THEREFORE, in consideration of $10.00 and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
  

 1 

	 	1.	Credit Agreement. The Credit Agreement shall be, and hereby is, amended as follows: 

  

	 	a.	The Additional Lenders shall be, and are hereby, added as Lenders under the terms of the Credit Agreement, effective as of September 11, 2007 (the “Revolving Commitment
Increase Date”). On or before the Revolving Commitment Increase Date, Borrowers shall deliver to Agent, on behalf of the Additional Lenders, promissory notes that shall constitute “Notes” within the definition contained in the Credit
Agreement, evidencing Borrowers’ obligation to repay to Additional Lenders their respective shares of the Revolving Loan. On the Revolving Commitment Increase Date, Agent shall cause such payments to be made by the Additional Lenders to Agent
and by Agent to the Existing Lenders as shall result in the outstanding principal balance of the Revolving Loan being owed by Borrowers to the Existing Lenders and to the Additional Lenders in accordance with their respective Commitments
(Revolving). 

  

	 	b.	Schedule I attached to the Credit Agreement, as previously amended, shall be further amended by inserting the following as additional Lenders, with Commitments as set forth below,
effective as of the date hereof: 

  

							
	 Lender and Address
	  	Commitment
(Revolving)	  	Commitment
(Term)
	 AgFirst Farm Credit Bank
	  	$	17,500,000.00	  	$	0.00
	 1401 Hampton Street
	  			  		
	 Columbia, South Carolina 29201
	  			  		
	 Attention: Bruce Fortner
	  			  		
	 Telephone: 803-753-2457
 Telefax: 803-254-4219
	  			  		
			
	 Bank of the West
	  	$	7,500,000.00	  	$	0.00
	 633 Seventeenth Street,
	  			  		
	 Suite 2000
	  			  		
	 Denver, Colorado 80202
	  			  		
	 Attn: Mark S. Francis
	  			  		
	 Telephone: 303-202-5523
	  			  		
	 Telefax: 303-202-5788
	  			  		

  

	 	2.	Loan Documents. All references in any document to the Credit Agreement shall be deemed to refer to the Credit Agreement, as amended pursuant to this Amendment.

  

	 	3.	Certification by Borrowers. Borrowers hereby certify to Agent and Lenders that, as of the date of this Amendment: (a) all of Borrowers’ representations and
warranties contained in the Credit Agreement are true, accurate and complete in all material respects, (b) Borrowers have performed and complied with all agreements and conditions required to be performed or complied with by them under the
Credit Agreement and/or any Loan Document on or prior to this date, and (c) no Default or Event of Default has occurred and is continuing under the Credit Agreement. 

  

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	 	4.	Continuation of the Credit Agreement. Except as specified in this Amendment, the provisions of the Credit Agreement shall remain in full force and effect, and if there is a
conflict between the terms of this Amendment and those of the Credit Agreement or any other document executed and delivered in connection therewith, the terms of this Amendment shall control. 

  

	 	5.	Miscellaneous. This Amendment shall be governed by and construed under the laws of the State of Colorado and shall be binding upon and shall inure to the benefit of the
parties hereto and their successors and assigns. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

 EXECUTED as of the date first above written. 
  

			
	BORROWERS:
	
	 INTREPID MINING LLC
 By: HOPCO Management
LLC, its Manager

		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager
	
	INTREPID POTASH-MOAB, LLC
		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager
	
	INTREPID POTASH-NEW MEXICO, LLC
		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager
	
	INTREPID POTASH-WENDOVER, LLC
		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager

  

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	AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ J. Tyler Fauerbach

		 	J. Tyler Fauerbach
		 	Vice President
	
	ADDITIONAL LENDERS:
	
	AGFIRST FARM CREDIT BANK
		
	By:	 	 /s/ Bruce Fortner

		 	Bruce Fortner
		 	Vice President
	
	BANK OF THE WEST
		
	By:	 	 /s/ G. S. Todd Berryman

		 	G. S. Todd Berryman
		 	Senior Vice President

  

			
	 CONSENTED AND AGREED TO BY THE UNDERSIGNED, AS GUARANTORS:

	
	MOAB GAS PIPELINE, LLC
		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager
	
	HB POTASH LLC
		
	By:	 	 /s/ Hugh E. Harvey, Jr.

		 	Hugh E. Harvey, Jr.
		 	Manager

  

 -4-Third Amendment of Third Amended and Restated Credit Agreement

 Exhibit 10.10 
 THIRD AMENDMENT OF 
 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 
 THIS THIRD AMENDMENT OF THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Amendment”), dated as of October 12, 2007, is by and among
INTREPID MINING LLC, a Delaware limited liability company (“IMLLC”), formerly by way of conversion Intrepid Mining LLC, a Colorado limited liability company, INTREPID POTASH-MOAB, LLC, a Delaware limited liability company
(“IPMLLC”), INTREPID POTASH-NEW MEXICO, LLC, a New Mexico limited liability company (“IPNMLLC”), INTREPID POTASH-WENDOVER, LLC, a Colorado limited liability company (“IPWLLC”), U.S. BANK NATIONAL ASSOCIATION, a national
banking association (“USB”), in its capacity as lead arranger and Agent (“Agent”), and the Lenders (as defined below). 
 RECITALS 
 A. IMLLC, IPMLLC, IPNMLLC and IPWLLC (“Borrowers”), Agent and the lenders named therein (the
“Lenders”) are parties to a Third Amended and Restated Credit Agreement dated as of March 9, 2007, as amended pursuant to a First Amendment of Third Amended and Restated Credit Agreement dated as of May 23, 2007 and a Second
Amendment of Third Amended and Restated Credit Agreement dated as of September 11, 2007 (as so amended, the “Credit Agreement”). Capitalized terms used herein without definition shall have the same meanings as set forth in the Credit
Agreement. 
 B. Borrowers, Agent and the Lenders desire that this Amendment be executed and delivered in order to revise one of the
exceptions to the prohibition of Distributions by IMLLC, as set forth in Section 6.2(m) of the Credit Agreement. 
 AMENDMENT 

 NOW, THEREFORE, in consideration of $10.00 and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereby agree as follows: 
  

	 	1.	Credit Agreement. The Credit Agreement shall be, and hereby is, amended as follows: 

  

	 	a.	By substituting the following for Section 6.2(m)(2) on page 47 of the Credit Agreement: 

  

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 (2) IMLLC may make a Distribution: (A) prior to October 12, 2007, at a time when the Cash
Flow Leverage Ratio (Distributions) of IMLLC and its Consolidated Affiliates shall not be greater than 2.0:1.0 immediately before and immediately after such Distribution and as of both the beginning and the end of the Fiscal Quarter in which such
Distribution shall have occurred, and (B) from and after October 12, 2007, at a time when the Cash Flow Leverage Ratio (Distributions) of IMLLC and its Consolidated Affiliates shall not be greater than 2.5:1.0 immediately before and
immediately after such Distribution and as of both the beginning and the end of the Fiscal Quarter in which such Distribution shall have occurred; provided that, notwithstanding the foregoing, IMLLC shall be permitted to make Distributions up to but
not in excess of $15,000,000 in the aggregate during the time period from October 12, 2007 to November 30, 2007, 
  

	 	2.	Loan Documents. All references in any document to the Credit Agreement shall be deemed to refer to the Credit Agreement, as amended pursuant to this Amendment.

  

	 	3.	Certification by Borrowers. Borrowers hereby certify to Agent and the Lenders that, as of the date of this Amendment: (a) all of Borrowers’ representations and
warranties contained in the Credit Agreement are true, accurate and complete in all material respects, (b) Borrowers have performed and complied with all agreements and conditions required to be performed or complied with by them under the
Credit Agreement and/or any Loan Document on or prior to this date, and (c) no Default or Event of Default has occurred and is continuing under the Credit Agreement. 

  

	 	4.	Continuation of the Credit Agreement. Except as specified in this Amendment, the provisions of the Credit Agreement shall remain in full force and effect, and if there is a
conflict between the terms of this Amendment and those of the Credit Agreement or any other document executed and delivered in connection therewith, the terms of this Amendment shall control. 

  

	 	5.	Miscellaneous. This Amendment shall be governed by and construed under the laws of the State of Colorado and shall be binding upon and shall inure to the benefit of the
parties hereto and their successors and assigns. This Amendment may be executed in any number of counterparts, each of which shall be an original, but all of which together shall constitute one instrument. 

  

 -2- 

 EXECUTED as of the date first above written. 
  

			
	BORROWERS:
	
	 INTREPID MINING LLC
 By: IPC Management LLC,
its Manager

		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager
	
	INTREPID POTASH-MOAB, LLC
		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager
	
	INTREPID POTASH-NEW MEXICO, LLC
		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager
	
	INTREPID POTASH-WENDOVER, LLC
		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager
	
	AGENT:
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ J. Tyler Fauerbach

		 	J. Tyler Fauerbach
		 	Vice President

  

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	LENDERS:
	
	AGFIRST FARM CREDIT BANK
		
	By:	 	 /s/ Bruce Fortner

		 	Bruce Fortner
		 	Vice President
	
	BANK OF THE WEST
		
	By:	 	 /s/ G. S. Todd Berryman

		 	G. S. Todd Berryman
		 	Senior Vice President
	
	 COOPERATIEVE CENTRALE
 RAIFFEISEN-BOERENLEENBANK B.A.,
 “RABOBANK NEDERLAND” NEW YORK BRANCH

		
	By:	 	 /s/ John L. Church

		 	John L. Church
		 	Executive Director
		
	By:	 	 /s/ Brett Delfino

		 	Brett Delfino
		 	Executive Director
	
	 FARM CREDIT SERVICES OF
 MINNESOTA VALLEY,
PCA D/B/A FCS
 COMMERCIAL FINANCE GROUP

		
	By:	 	 /s/ Daniel J. Best

		 	Daniel J. Best
		 	Assistant Vice President

  

 -4- 

			
	GUARANTY BANK AND TRUST COMPANY
		
	By:	 	 /s/ Gail Nofsinger

		 	Gail Nofsinger
		 	Senior Vice President
	
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ J. Tyler Fauerbach

		 	J. Tyler Fauerbach
		 	Vice President
	
	UNITED WESTERN BANK
		
	By:	 	 /s/ Steven C. Emmons

		 	Steven C. Emmons
		 	Senior Vice President
	
	VECTRA BANK COLORADO NATIONAL ASSOCIATION
		
	By:	 	 /s/ Brad Elliott

		 	Brad Elliott
		 	Assistant Vice President

  

 -5- 

			
	 CONSENTED AND AGREED TO BY THE UNDERSIGNED, AS GUARANTORS:

	
	MOAB GAS PIPELINE, LLC
		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager
	
	HB POTASH LLC
		
	By:	 	 /s/ Robert P. Jornayvaz III

		 	Robert P. Jornayvaz III
		 	Manager

  

 -6-

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