Document:

Third Amendment to Amended and Restated Revolving Credit Agreement

 Exhibit 10.25 
  
 THIRD AMENDMENT TO AMENDED AND RESTATED REVOLVING CREDIT 
 AGREEMENT DATED DECEMBER 22, 2003, AMONG ROYSTER-CLARK, INC., 
 CERTAIN SUBSIDIARIES OF
ROYSTER-CLARK, INC., VARIOUS FINANCIAL 
 INSTITUTIONS, U.S. BANK NATIONAL ASSOCIATION, as the Administrative Agent, and a 
 Collateral Agent, and THE CIT GROUP/BUSINESS CREDIT, INC., as a Collateral Agent, 
  
 This Third Amendment to Amended and Restated Revolving Credit Agreement this “Amendment”) is made as of
March 28, 2005 between Royster-Clark, Inc. a Delaware corporation (hereinafter referred to as “Borrower”), Royster-Clark Resources LLC, a Delaware limited liability company, Royster-Clark Agribusiness, Inc. (f/k/a IMC AgriBusiness,
Inc.), a Delaware corporation, Royster-Clark Nitrogen, Inc. (f/k/a IMC Nitrogen Company), a Delaware corporation, (individually a “Co-Borrower” and collectively, the “Co-Borrowers”), and the various financial
institutions signatory hereto (being at least the Required Lenders). 
  
 RECITAL 
  
 With respect to the Amended and Restated
Revolving Credit Agreement between Borrower, the Co-Borrowers and the Lenders dated December 22, 2003 (as amended, replaced, restated and/or supplemented from time to time, the “Credit Agreement”) and other Loan Documents, Borrower
and the Co-Borrowers have requested that the Lenders amend and modify the Credit Agreement and other Loan Documents with respect to certain terms, Borrower and the Co-Borrowers have requested that the Lenders waive compliance with certain covenants
under the Credit Agreement and other Loan Documents, and the Lenders are willing to do these things on the terms and conditions herein contained. 
  
 The Borrower, the Co-Borrowers and the Lenders acknowledge that the Second Amendment to Amended and Restated Revolving Credit Agreement and Supplement
Amending the Borrower Pledge and Security Agreement, the Subsidiary Guaranty and the Subsidiary Pledge and Security Agreement dated as of February 3, 2005 (collectively, the “Second Amendment”) has not yet, and may not become
effective inasmuch as the RCN Sale (as defined in the Second Amendment) has not yet, and may not become effective. 
  
 Except as defined herein, all capitalized terms used in this Amendment shall have meaning assigned to them in the Credit Agreement and other Loan
Documents. 
  
 NOW THEREFORE, in consideration of the foregoing
and of the terms and conditions contained in the Credit Agreement and this Amendment and of any loans or other financial accommodations heretofore, now or hereafter made to or for the benefit of Borrower and the Co-Borrowers by the Lenders,
Borrower, the Co-Borrowers and the Lenders agree as follows: 
  
 1. Borrower and the Co-Borrowers acknowledge the existence of the following Event of Default. As of December 31, 2004, the Borrower and the Co-Borrowers failed to maintain four quarter EBITDA in the minimum amount of $58,000,000 in
violation of Subsection (b) of Section 7.2.4 of the Credit Agreement, Financial Covenants, which constitutes an Event of Default listed in Section 8.1.3 of the Credit Agreement, Non-Performance of Certain Covenants and
Obligations, (the “Financial Covenant Default”). The Lenders shall and do 

 hereby waive the Financial Covenant Default. Notwithstanding the foregoing waiver, it is expressly understood and agreed
that the Lenders shall have the right at all times hereafter to require strict performance by Borrower and the Co-Borrowers of all terms of the Credit Agreement or any other Loan Document, including without limitation, the terms of the Credit
Agreement referred to above, that the Lenders do not waive, affect or diminish any right, power or remedy of the Lenders under the Credit Agreement or any other Loan Document except as expressly set forth herein, and that except as expressly set
forth herein, the Credit Agreement and each other Loan Document shall continue in full force and effect in accordance with their respective terms. 
  
 2. To the extent they are deducted from Net Income, the costs and expenses incurred in pursuit of the RCN Sale (as defined in the Second Amendment) and
associated efforts directed towards refinancing the First Mortgage Notes shall be added to Net Income in the calculation of EBITDA, as defined in Section 1.1 of the Credit Agreement, Defined Terms. 
  
 3. Subsection (b) of Section 7.2.4 of the Credit Agreement,
Financial Covenants, shall be amended to read in full as follows: 
  
 (b) Minimum EBITDA. The Borrower and the Co-Borrowers will not permit EBITDA as of the last day of any Fiscal Quarter set forth below, calculated for that Fiscal Quarter and the three Fiscal Quarters preceding
that Fiscal Quarter, to be less than the amount set forth opposite such period: 
  

				
	 Period

	  	EBITDA

	 March 31, 2005 and each Fiscal Quarter thereafter
	  	$	50,000,000

  
 4. Subsection
(c) of Section 7.2.4 of the Credit Agreement, Financial Covenants, shall be amended to read in full as follows: 
  
 (c) Minimum Tangible Net Worth. The Borrower and the Co-Borrowers will not permit Tangible Net Worth as of the last day of any
Fiscal Year set forth below to be less than the amount set forth opposite such period: 
  

				
	 Period

	  	Tangible Net Worth

	 December 31, 2004
	  	$	36,000,000
	 December 31, 2005
	  	$	36,000,000
	 December 31, 2006 and each December 31 thereafter
	  	$	36,000,000

  
 5. Amendment
Fee. Borrower shall pay an Amendment Fee of $10,000 to each Lender that has signed this Amendment, without changes or reservations, and delivered it to counsel for the Administrative Agent on or before 3:00 p.m. (Denver Time) on March 28, 2005.

  
 6. This Amendment shall be effective conditioned upon
execution and delivery to the Agent of this Amendment by the Borrower, the Co-Borrowers and the Required Lenders. 
  

 2 

 7. Notwithstanding the terms of this Amendment, it is expressly understood and agreed that the Agent and
the Lenders shall have the right at all times hereafter to require strict performance by Borrower and the Co-Borrowers of all terms of the Credit Agreement or any other Loan Document, that the Agent and the Lenders do not waive, affect or diminish
any right, power or remedy of the Agent or the Lenders under the Credit Agreement or any other Loan Document except as expressly set forth herein and that except as expressly set forth herein, the Credit Agreement and each other Loan Document shall
continue in full force and effect in accordance with their respective terms. 
  
 8. To induce the Agent, the Collateral Agents, and the Lenders to enter into this Amendment, Borrower and the Co-Borrowers acknowledge and agree that they have no actual or potential claim or cause of action against
the Agent, the Collateral Agents and the Lenders relating to any Loan Documents or any actions or events occurring on or before the date hereof. Borrower and the Co-Borrowers waive and release any right to assert same. 
  
 9. The parties hereto agree that this Amendment shall be an integral part of
the Credit Agreement and other Loan Documents, and that all of the terms set forth therein are hereby incorporated in this Amendment by reference, and that all terms of this Amendment are hereby incorporated into said Credit Agreement and other Loan
Documents, as if made an original part thereof. All of the terms and conditions of the Credit Agreement and other Loan Documents, which are not modified in this Amendment, shall remain in full force and effect. To the extent the terms of this
Amendment conflict with the terms of the Credit Agreement and other Loan Documents, the terms of this Amendment shall control. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the day and year first hereinabove written. 
  

			
	BORROWER:
	
	ROYSTER-CLARK, INC., Borrower
	1251 Avenue of the Americas
	9th Floor, Suite 900
	New York, New York 10020
		
	By	 	 /s/ Paul M. Murphy

	 	 	Paul M. Murphy
	Its	 	Chief Financial Officer
	
	CO-BORROWERS:
	
	ROYSTER-CLARK RESOURCES LLC
		
	By	 	 /s/ Paul M. Murphy

	 	 	Paul M. Murphy
	Its	 	Chief Financial Officer

  
 {Signature Page to Third
Amendment to Amended and Restated Revolving Credit Agreement dated as of March 28, 2005} 
  

 3 

			
	ROYSTER-CLARK AGRIBUSINESS, INC.
	(f/k/a IMC AgriBusiness, Inc.)
		
	By	 	 /s/ Paul M. Murphy

	 	 	Paul M. Murphy
	Its	 	Chief Financial Officer
	
	ROYSTER-CLARK NITROGEN, INC.
	(f/k/a IMC Nitrogen Company)
		
	By	 	 /s/ Paul M. Murphy

	 	 	Paul M. Murphy
	Its	 	Chief Financial Officer
	
	LENDERS:
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as Agent, as
Collateral Agent and as a Lender

	950 17th Street, Suite 350
	Denver, Colorado 80202
		
	By	 	 /s/ Alan V. Schuler

	 	 	Alan V. Schuler
	Its	 	Senior Vice President
	
	THE CIT GROUP/BUSINESS CREDIT, INC.,
	as Collateral Agent and as a
	Lender
	1211 Avenue of the Americas
	New York, New York 10036
		
	By	 	 /s/ Mark Cuccinello

	 	 	Mark Cuccinello
	Its	 	Assistant Vice President
	
	FLEET CAPITAL CORPORATION
	335 Madison Avenue, 6th Floor
	New York, New York 10017
		
	By	 	 /s/ Suzanne Cozine

	 	 	Suzanne Cozine
	Its	 	Vice President

  
 {Signature Page to Third
Amendment to Amended and Restated Revolving Credit Agreement dated as of March 28, 2005} 
  
  

 4 

			
	UBS AG, STAMFORD BRANCH
	677 Washington Blvd.
	Stamford, Connecticut 06902
		
	By	 	 /s/ Wilfred V. Saint

	 	 	Wilfred V. Saint
	Its	 	Director
		
	By	 	 /s/ Juan Zunlga

	 	 	Juan Zunlga
	Its	 	Associate Director
	
	CONGRESS FINANCIAL CORPORATION
	1133 Avenue of Americas, 29th
Floor
	New York, New York 10036-6710
		
	By	 	 /s/ David Hill

	 	 	David Hill
	Its	 	Assistant Vice President
	
	PNC BANK, NATIONAL ASSOCIATION
	One PNC Plaza-6th Floor
	249 5th Avenue
	Pittsburgh, Pennsylvania 15222
		
	By	 	 /s/ Peter Redington

	 	 	Peter Redington
	Its	 	Assistant Vice President
	
	MERRILL LYNCH CAPITAL, A
	DIVISION OF MERRILL LYNCH
	BUSINESS FINANCIAL SERVICES INC.
	225 Liberty Street, 5th Floor
	New York, New York 10281
		
	By	 	 /s/ James M. Betz

	 	 	James M. Betz
	Its	 	Vice President
	
	WEBSTER BUSINESS CREDIT
	CORPORATION (f/k/a Whitehall Business
	Credit Corporation)
	One State Street, 7th Floor
	New York, New York 10004
		
	By	 	 /s/ Alan F. McKay

	 	 	Alan F. McKay
	Its	 	Vice President

  
 {Signature Page to Third
Amendment to Amended and Restated Revolving Credit Agreement dated as of March 28, 2005} 
  
  

 5Form of Stock Option Agreement under the 2003 Stock Option Plan

 Exhibit 10.54 
  
 CARDIMA, INC. 
 AMENDED AND RESTATED 2003 STOCK OPTION PLAN 
 OPTION AGREEMENT 
  
 CARDIMA, INC. (the “Company”), pursuant to its Amended and Restated 2003 Stock Option Plan as adopted by
the Board of Directors of the Company on February 12, 2004 (the “Plan”), grants to Optionholder the right to purchase the number of shares of the Company’s Common Stock set forth in the Notice of Grant of Stock Options (“Grant
Notice”) delivered with this document to Optionholder, on the terms and conditions set forth below and in the Grant Notice and the Plan (such right is hereinafter referred to as the “Option”). This document and the Grant Notice
together comprise the option agreement for the Option (this “Option Agreement”). 
  
 GENERAL TERMS AND CONDITIONS 
  
 The Option is granted subject to the following terms and conditions. Defined terms not explicitly defined in this Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 
  
 1. NUMBER OF SHARES AND
EXERCISE PRICE. The Option may only be exercised for whole shares of Common Stock, up to the total number of shares of Common Stock set forth in the Grant Notice. The number of shares of Common Stock subject to the
Option and Optionholder’s exercise price per share referenced in Optionholder’s Grant Notice may be adjusted from time to time for capitalization adjustments, as provided in the Plan. 
  
 2. VESTING. Subject to the limitations contained herein and in the
Plan, the Option will vest as provided in the vesting schedule set forth in the Grant Notice, provided that Optionholder continues his or her Service with the Company during such vesting schedule, until fully vested or terminated under the terms of
this Option Agreement and the Plan. The vesting of the Option shall cease upon termination of Optionholder’s Service with the Company. 
  
 3. EXERCISABILTY OF THE OPTION. Optionholder may exercise only the vested portion of the Option during
its term by delivering a Notice of Exercise (on such terms and on such form as may be designated by the Company) together with the consideration for the exercise of the Option to the address provided in the form of Notice of Exercise, or to such
other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then require. The Notice of Exercise must specify the number of shares of Common Stock to be purchased by
Optionholder upon the exercise of the Option and how such shares shall be registered. The Notice of Exercise shall be effective upon receipt by the Company. 
  
 4. METHOD OF PAYMENT. 
  
 (a) Payment of the exercise price is due in full upon exercise of all or any part of the Option. Optionholder may elect to make payment of the
exercise price: 
  

	(i)	by personal check, cashier’s check or money order; 

  

	(ii)	by cashless exercise, whereby Optionholder provides irrevocable written instructions to a securities broker designated by the Company to sell Common Shares underlying the Option and
to deliver all or part of the sales proceeds to the Company in payment of all or part of the Exercise Price and any withholding taxes; or 

  

	(iii)	by delivery and surrender to the Company of already-owned shares of Common Stock either that Optionholder has held for the period required to avoid a charge to the Company’s
reported earnings (generally six months) or that Optionholder did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value
on the date of exercise. 

  

 1 

 “Delivery” for these purposes, in the sole discretion of the Company at the time Optionholder exercises the
Option, shall include delivery to the Company of Optionholder’s attestation of ownership of such shares of Common Stock in a form approved by the Company. 
  

(b) Notwithstanding the foregoing, Optionholder may not exercise the Option by a cashless exercise or tender to the Company of Common Stock to
the extent such cashless exercise or tender would violate the provisions of any law, regulation or agreement. 
  
 5. SECURITIES LAW COMPLIANCE. Notwithstanding anything to the contrary contained herein, Optionholder may not exercise the Option unless the Company determines that
(i) such exercise would be in material compliance with applicable laws and regulations, and (ii) shares of Common Stock issuable upon such exercise are then registered under the Securities Act or such exercise and issuance would be exempt from the
registration requirements of the Securities Act and of any applicable state securities laws. 
  
 6. RESTRICTIONS ON RESALE. Notwithstanding anything to the contrary contained herein, Optionholder may not sell any shares issued upon exercise of the Option at such
time that applicable law or Company policy prohibit such a sale.  
  
 7.
TAX WITHHOLDING OBLIGATIONS. At the time Optionholder exercises the Option and as a condition for the exercise of the Option, in whole or in part, or at any time thereafter as requested by the
Company, Optionholder hereby authorizes withholding from payroll and any other amounts payable to Optionholder, and otherwise agrees to make adequate provision for (including by means of a “cashless exercise”), any sums required to satisfy
the applicable federal, state, local and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with the Option. 
  

8. TERM. Optionholder may not exercise the Option before the commencement of its term or after its term expires. The term of the Option commences
on the date of grant and expires upon the earliest of the following: 
  

	(i)	three (3) months after the termination of Optionholder’s Service for any reason other than for Optionholder’s disability or death, provided that if during any part of such
three (3) month period the Option is not exercisable solely because of the condition set forth in Section 5 relating to “Securities Law Compliance,” the Option shall not expire until the earlier of the Expiration Date or until it shall
have been exercisable for an aggregate period of three (3) months after the termination of Optionholder’s Service; 

  

	(ii)	six (6) months after the termination of Optionholder’s Service due to Optionholder’s disability; 

  

	(iii)	twelve (12) months after Optionholder’s death if Optionholder dies holding one or more outstanding Options; 

  

	(iv)	the Expiration Date indicated in the Grant Notice; or 

  

	(v)	the day before the tenth (10th) anniversary of the date of grant of the Option. 

  
 9. INCENTIVE STOCK OPTION PROVISION. Notwithstanding any provision herein
to the contrary, if the Option is termed an Incentive Stock Option in the Grant Notice, then the following provisions in this Section 9 shall apply: 
  

	(i)	The Incentive Stock Option provisions in the Plan shall apply to the Option. 

  

	(ii)	The Option (plus any other outstanding Incentive Stock Options of Optionholder) cannot be first exercisable for more than $100,000 in any calendar year. Any excess portion of the
Option over the $100,000 limit shall be a deemed a Nonstatutory Option and not an Incentive Stock Option. 

  

	(iii)	If the Optionholder is a five percent (5%) owner within the meaning of such term in section 422 of the Code, then the exercise price of the Option shall be not less than one hundred
and ten percent of the Fair Market Value of the Common Stock on the date of grant of the Option and the maximum term of the Option shall not exceed the fifth (5th) anniversary of the date of the grant of the Option. 

  

 2 

 10. OPTION NOT A SERVICE CONTRACT.
Neither the Option nor this Option Agreement is an employment or service contract, and nothing in the Option Agreement or the Plan shall obligate the Company or an Affiliate, their respective shareholders, Boards of Directors, Officers or Employees
to continue any relationship that Optionholder might have as an employee, Director or Consultant for the Company or an Affiliate. 
  
 11. CONTROLLING DOCUMENTS. In the event of any conflict among this document, the Grant Notice and the Plan, the provisions of the
Plan shall supersede the provisions of this document and the Grant Notice, and the provisions of this document shall supersede the provisions of the Grant Notice. 
  
 12. APPLICABLE LAW. This Option Agreement shall be governed by, and construed in accordance with the
laws of the State of California, as such laws are applied to contracts entered into and performed in such state. 
  

							
	CARDIMA, INC.	    	OPTIONHOLDER
				
	By:	 	  

	    	 	 	

	 	 	Signature	    	 	 	Signature
	Title:	 	  

	    	Date:	 	  

	Date:	 	  

	    	 	 	 

  

 3

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