Document:

Promissory Note, Loan No. 7000254

 Exhibit 10.5 
  
 PROMISSORY NOTE 
  

															
	 Principal
 $500,000.00
	 	 Loan Date
 02-10-2005
	 	 Maturity
 02-10-2010
	 	 Loan No
 7000254
	 	Call / Coll	 	Account	 	 Officer
 RLK
	 	Initials
	  
 References in the shaded area are for
Lender’s use only and do not limit the applicability of this document to any particular loan or item. Any item above containing “* * *” has been omitted due to text length limitations.

  

							
	Borrower:	  	Vertical Health Solutions, Inc.	  	Lender:	  	Patriot Bank
	 	  	855 Dunbar Avenue	  	 	  	1815 Little Road
	 	  	Oldsmar, FL 34677	  	 	  	Trinity, FL 34655

  

					
	Principal Amount: $500,000.00	 	Interest Rate: 6.75%	  	Date of Note: February 10, 2005

  
 PROMISE TO PAY. Vertical Health
Solutions, Inc. (“Borrower”) promises to pay to Patriot Bank (“Lender”), or order, in lawful money of the United States of America, the principal amount of Five Hundred Thousand & 00/100 Dollars ($500,000.00), together with
interest at the rate of 6.750% per annum on the unpaid principal balance from February 10, 2005, until paid in full. 
  
 PAYMENT. Borrower will pay this loan in 60 payments of $9,861.89 each payment. Borrower’s first payment is due March 10, 2005, and all subsequent payments are due
on the same day of each month after that. Borrower’s final payment will be due on February 10, 2010, and will be for all principal and all accrued interest not yet paid. Payments include principal and interest. Unless otherwise agreed or
required by applicable law, payments will be applied first to any accrued unpaid interest; then to principal; then to any late charges; and then to any unpaid collection costs. The annual interest rate for this Note is computed on a 365/360 basis;
that is, by applying the ratio of the annual interest rate over a year of 360 days, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding. Borrower will pay Lender at
Lender’s address shown above or at such other place as Lender may designate in writing. 
  
 PREPAYMENT. Borrower may pay without penalty all or a portion of the amount owed earlier than it is due. Early payments will not, unless agreed to by Lender in writing, relieve Borrower of Borrower’s
obligation to continue to make payments under the payment schedule. Rather, early payments will reduce the principal balance due and may result in Borrower’s making fewer payments. Borrower agrees not to send Lender payments marked “paid
in full”, “without recourse”, or similar language. If Borrower sends such a payment, Lender may accept it without losing any of Lender’s rights under this Note, and Borrower will remain obligated to pay any further amount owed to
Lender. All written communications concerning disputed amounts, including any check or other payment instrument that indicates that the payment constitutes “payment in full” of the amount owed or that is tendered with other conditions or
limitations or as full satisfaction of a disputed amount must be mailed or delivered to: Patriot Bank, 1815 Little Road, Trinity, FL 34655. 
  
 LATE CHARGE. If a payment is 10 days or more late, Borrower will be charged 5.000% of the regularly scheduled payment. 
  
 INTEREST AFTER DEFAULT. Upon default, including failure to pay upon final maturity,
Lender, at its option, may, if permitted under applicable law, increase the interest rate on this Note to 18.000% per annum, if and to the extent that the increase does not cause the interest rate to exceed the maximum rate permitted by applicable
law. 
  
 DEFAULT. Each of the following shall constitute an event of
default (“Event of Default”) under this Note:  
  
 Payment Default. Borrower fails to make any payment when due under this Note. 
  
 Other Defaults. Borrower fails to comply with or to perform any other term, obligation, covenant or condition contained in this Note or in any of the related documents or to comply with or to perform any term,
obligation, covenant or condition contained in any other agreement between Lender and Borrower. 
  
 False Statements. Any warranty, representation or statement made or furnished to Lender by Borrower or on Borrower’s behalf under this Note or
the related documents is false or misleading in any material respect, either now or at the time made or furnished or becomes false or misleading at any time thereafter. 
  
 Insolvency. The dissolution or termination of Borrower’s existence as a going business, the insolvency of
Borrower, the appointment of a receiver for any part of Borrower’s property, any assignment for the benefit of creditors, any type of creditor workout, or the commencement of any proceeding under any bankruptcy or insolvency laws by or against
Borrower. 
  
 Creditor or Forfeiture Proceedings.
Commencement of foreclosure or forfeiture proceedings, whether by judicial proceeding, self-help, repossession or any other method, by any creditor of Borrower or by any governmental agency against any collateral securing the loan. This includes a
garnishment of any of Borrower’s accounts, including deposit accounts, with Lender. However, this Event of Default shall not apply if there is a good faith dispute by Borrower as to the validity or reasonableness of the claim which is the basis
of the creditor or forfeiture proceeding and if Borrower gives Lender written notice of the creditor or forfeiture proceeding and deposits with Lender monies or a surety bond for the creditor or forfeiture proceeding, in an amount determined by
Lender, in its sole discretion, as being an adequate reserve or bond for the dispute. 
  
 Insufficient Market Value of Securities. Failure to satisfy Lender’s requirement set forth in the Insufficient Market Value of Securities section of the Pledge Agreement. 
  
 Events Affecting Guarantor. Any of the preceding events occurs with
respect to any Guarantor of any of the indebtedness or any Guarantor dies or becomes incompetent, or revokes or disputes the validity of, or liability under, any guaranty of the indebtedness evidenced by this Note. In the event of a death, Lender,
at its option, may, but shall not be required to, permit the Guarantor’s estate to assume unconditionally the obligations arising under the guaranty in a manner satisfactory to Lender, and, in doing so, cure any Event of Default. 
  
 Change In Ownership. Any change in ownership of twenty-five percent
(25%) or more of the common stock of Borrower. 
  
 Adverse
Change. A material adverse change occurs in Borrower’s financial condition, or Lender believes the prospect of payment or performance of this Note is impaired. 
  
 Insecurity. Lender in good faith believes itself insecure. 
  
 LENDER’S RIGHTS. Upon default, Lender may declare the entire unpaid principal
balance on this Note and all accrued unpaid interest immediately due, and then Borrower will pay that amount. 
  
 ATTORNEYS’ FEES; EXPENSES. Lender may hire or pay someone else to help collect this Note if Borrower does not pay. Borrower will pay Lender the amount of these costs and expenses, which includes, subject
to any limits under applicable law, Lender’s reasonable attorneys’ fees and Lender’s legal expenses whether or not there is a lawsuit, including reasonable attorneys’ fees and legal expenses for bankruptcy proceedings (including
efforts to modify or vacate any automatic stay or injunction), and appeals. If not prohibited by applicable law, Borrower also will pay any court costs, in addition to all other sums provided by law. 

 JURY WAIVER. Lender and Borrower hereby waive the right to any jury trial in any action, proceeding, or
counterclaim brought by either Lender or Borrower against the other. 
  
 GOVERNING LAW. This Note will be governed by federal law applicable to Lender and, to the extent not preempted by federal law, the laws of the State of Florida without regard to its conflicts of law provisions. This Note has been
accepted by Lender in the State of Florida. 
  
 CHOICE OF VENUE. If there
is a lawsuit, Borrower agrees upon Lender’s request to submit to the jurisdiction of the courts of Pasco County, State of Florida. 
  
 RIGHT OF SETOFF. To the extent permitted by applicable law, Lender reserves a right of setoff in all Borrower’s accounts with Lender (whether checking,
savings, or some other account). This includes all accounts Borrower holds jointly with someone else and all accounts Borrower may open in the future. However, this does not include any IRA or Keogh accounts, or any trust accounts for which setoff
would be prohibited by law. Borrower authorizes Lender, to the extent, permitted by applicable law, to charge or setoff all sums owing on the indebtedness against any and all such accounts. 
  
 COLLATERAL. Borrower acknowledges this Note is secured by the following collateral
described in the security instruments listed herein: securities or investment property described in Commercial Pledge Agreements dated February 10, 2005. 
  
 STOCK AS COLLATERAL. At any time the outstanding balance of the loans exceeds 70% of the value of the securities pledged as collateral, the outstanding balance on
the loan must be paid down to 70% of the pledged collateral value OR additional securities must be pledged. This margin call requirement must be met within 7 days of notification by the Lender. In addition, Grantor/Borrower shall furnish to Lender
quarterly reports of the security account, in order for Lender to monitor the collateral value. 
  
 FURTHER ASSURANCE AND COMPLIANCE AGREEMENT. Borrower(s) and Guarantor(s) agree to cooperate, adjust, initial, re-execute and re-deliver any and all closing documents, including but not limited to any notes,
security documents and closing statements if deemed necessary or desirable in the sole discretion of the Bank in order to consummate or complete the Loan from the Bank to the Borrower or to perfect the Bank’s lien. It is the intention of the
Borrower that all documentation for the Loan shall be an accurate reflection of the Bank’s requirements. 
  
 DEPOSITORY RELATIONSHIP. For as long as the Note and obligation of the Borrower under the Loan Documents remain outstanding, the Borrower shall maintain its depository accounts for the property of the Lender
Bank. 
  
 SUCCESSOR INTERESTS. The terms of this Note shall be binding upon
Borrower, and upon Borrower’s heirs, personal representatives, successors and assigns, and shall inure to the benefit of Lender and its successors and assigns. 
  
 NOTIFY US OF INACCURATE INFORMATION WE REPORT TO CONSUMER REPORTING AGENCIES. Please notify us if we report any inaccurate
information about your account(s) to a consumer reporting agency. Your written notice describing the specific inaccuracy(ies) should be sent to us at the following address: Patriot Bank 1815 Little Road Trinity, FL 34655. 
  
 GENERAL PROVISIONS. If any part of this Note cannot be enforced, this fact will not
affect the rest of the Note. Borrower does not agree or intend to pay, and Lender does not agree or intend to contract for, charge, collect, take, reserve or receive (collectively referred to herein as “charge or collect”), any amount in
the nature of interest or in the nature of a fee for this loan, which would in any way or event (including demand, prepayment, or acceleration) cause Lender to charge or collect more for this loan than the maximum Lender would be permitted to charge
or collect by federal law or the law of the State of Florida (as applicable). Any such excess interest or unauthorized fee shall, instead of anything stated to the contrary, be applied first to reduce the principal balance of this loan, and when the
principal has been paid in full, be refunded to Borrower. Lender may delay or forgo enforcing any of its rights or remedies under this Note without losing them. Borrower and any other person who signs, guarantees or endorses this Note, to the extent
allowed by law, waive presentment, demand for payment, and notice of dishonor. Upon any change in the terms of this Note, and unless otherwise expressly stated in writing, no party who signs this Note, whether as maker, guarantor, accommodation
maker or endorser, shall be released from liability. All such parties agree that Lender may renew or extend (repeatedly and for any length of time) this loan or release any party or guarantor or collateral; or impair, fail to realize upon or perfect
Lender’s security interest in the collateral; and take any other action deemed necessary by Lender without the consent of or notice to anyone. All such parties also agree that Lender may modify this loan without the consent of or notice to
anyone other than the party with whom the modification is made. The obligations under this Note are joint and several. 
  
 PRIOR TO SIGNING THIS NOTE, BORROWER READ AND UNDERSTOOD ALL THE PROVISIONS OF THIS NOTE. BORROWER AGREES TO THE TERMS OF THE NOTE. 
  
 BORROWER ACKNOWLEDGES RECEIPT OF A COMPLETED COPY OF THIS PROMISSORY NOTE. 

 
 BORROWER: 
  

			
	VERTICAL HEALTH SOLUTIONS, INC.
		
	By:	 	 /s/ Thaddeus Shalek

	 	 	 Thaddeus Shalek, Chief Financial Officer of
 Vertical Health Solutions, Inc.

	
	LENDER:
	
	PATRIOT BANK
	
	 /s/ Robert L. Kohler

	Robert L. Kohler, President

  
 LASER PR0 Lending- Ver
5.25.00.005 Lop,. Harland Financial Solutions, Inc. 4997, 2095. AN Right. Reserved. - FL C,\NARLAND\CFALPL\020.FC 7R-44 PR-6Amendment No. Two effective as of February 17, 2005

 Exhibit 10.1 
  
 AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT 
  
 This AMENDMENT NO. 2 TO STOCK PURCHASE AGREEMENT (the “Amendment”), is made and entered into effective as
of February 17, 2005, by and between RENTECH DEVELOPMENT CORPORATION, a Colorado corporation (“Buyer”), and ROYSTER-CLARK, INC., a Delaware corporation (“Seller”). 
  
 WHEREAS, Buyer and Seller have entered into the Stock Purchase Agreement
dated as of December 10, 2004, as amended on January 31, 2005 (the “Purchase Agreement”), in connection with the purchase by Buyer and the sale by Seller of all the issued and outstanding capital stock of Royster-Clark Nitrogen, Inc.
Capitalized terms used and not otherwise defined herein shall have the meaning provided in the Purchase Agreement. 
  
 WHEREAS, Buyer and Seller desire to amend certain provisions of the Purchase Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and for other valuable consideration, and intending to be legally bound
hereby, the Parties hereto agree as follows: 
  
 Agreement

  
 1. Amendment to Section 8.1(5). Section 8.1(5) of the Purchase
Agreement is hereby amended by deleting the date “February 17, 2005” in the second line thereof and by inserting the date “March 1, 2005” in its place and stead. 
  
 2. Miscellaneous. 
  
 (a) Reaffirmation. Each party hereto hereby acknowledges that all terms and conditions of the Purchase Agreement, as amended hereby, are and shall
remain in full force and effect. This Amendment is incorporated into the Purchase Agreement by reference and shall constitute a part thereof as if fully set forth therein. 
  
 (b) Counterparts; Facsimile Transmission. This Amendment may be executed in several counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one and the same agreement, it being understood that all of the parties need not sign the same counterpart. This Amendment may be delivered by facsimile transmission with the
same force and effect as if originally executed copies of this Amendment were delivered to all parties hereto. 
  
 (c) Severability. Any term or provision of this Amendment which is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction, be
ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms 

 and provisions of this Amendment or affecting the validity or enforceability of any of the terms or provisions of this
Amendment in any other jurisdiction. If any provision of this amendment is so broad as to be unenforceable, the provision shall be interpreted to be only so broad as is enforceable. 
  
 (d) Governing Law. This Amendment shall be governed by and construed in accordance with the laws of the State of New
York without reference to the choice of law principles thereof. 
  
 IN WITNESS WHEREOF, the parties hereto have cause this Amendment to be executed as of the date first above written. 
  

			
	 ROYSTER-CLARK, INC.

		
	By:	 	 /s/ G. Kenneth Moshenek

	Name:	 	G. Kenneth Moshenek
	Title:	 	President
	
	RENTECH DEVELOPMENT CORPORATION
		
	By:	 	 /s/ Richard Sheppard

	Name:	 	Richard Sheppard
	Title:	 	President

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