Exhibit 10.25
FOURTH AMENDMENT TO REVOLVING CREDIT
AND SECURITY AGREEMENT
THIS FOURTH AMENDMENT TO REVOLVING
CREDIT AND SECURITY AGREEMENT, dated as of December 20, 2007 (this
“ Amendment ”), relating to the Credit Agreement
referenced below, is by and among PHOSPHATE HOLDINGS, INC., a
Delaware corporation, and MISSISSIPPI PHOSPHATES CORPORATION, a
Delaware corporation (collectively, the “ Borrowers
”), the lenders identified on the signature pages thereto
(the “ Lenders ”), and PNC Bank, National
Association, a national banking association, as agent for the
Lenders (in such capacity, the “ Agent ”). Terms
used herein but not otherwise defined herein shall have the
meanings provided to such terms in the Credit Agreement.
W I T N E S S E T H
WHEREAS, a $18,000,000 credit
facility has been extended to the Borrowers pursuant to the terms
of that certain Revolving Credit and Security Agreement dated as of
March 24, 2005, as amended as of February 27,
2006, August 23, 2006 and as of March 23, 2007 (as
amended and modified from time to time, the “ Credit
Agreement ”) among the Borrowers, the Lenders identified
therein, and PNC Bank, National Association, as agent for the
Lenders;
WHEREAS, the Borrowers have
requested certain modifications to the Credit Agreement;
WHEREAS, the Lenders have agreed to
the requested modifications on the terms and conditions set forth
herein;
NOW, THEREFORE, IN CONSIDERATION of
the premises and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. Amendments . The Credit
Agreement is amended as set forth below:
(a) Section 2.23(b) is amended
to read as follows:
“(b) Advances
constituting Term Loans may be made at any time after April 1,
2007 but only after Agent’s receipt of at least a
satisfactory draft of Borrowers’ 2006 fiscal year end
financial statements from Borrowers’ accountants. No Advances
for Term Loans shall be made after December 31, 2008 (the
“ Borrowing Period ”). At the end of the
Borrowing Period the sum of the principal of all Term Loans shall
amortize on the basis of a sixty month schedule (such amount, the
“ Amortization Amount ”). Commencing on
January 1, 2009 and on the first (1 st ) day of each month
thereafter the Amortization Amount shall be paid with the
remaining
