Document:

Intercreditor Agreement

 Exhibit 10.23 
  
 INTERCREDITOR AGREEMENT 
  

	RE:	SUBCONTRACTING CONCEPTS, INC. 

  
 The subject company, Subcontracting Concepts, Inc., a New York corporation (the “Debtor”) from time to time incurs obligations direct, indirect
and/or contingent to North Fork Bank (“North Fork”) and Laurus Master Fund, Ltd. (“Laurus”), a Cayman Islands company, having an office located at c/o Laurus Capital Management, LLC, 825 Third Avenue, 14th Floor, New York, New York 10022 (hereinafter sometimes each referred to as a Creditor and collectively as
“Creditors”), some or all of which obligations are or may be secured, either wholly or partially, by Collateral. The Creditors desire to agree among themselves as to the relative priority of their respective security interests in
Collateral. It is hereby agreed: 
  
 1. “Collateral”
means all personal property and fixtures of the Debtor, whether now or hereafter existing or now owned or hereinafter acquired and wherever located, of every kind and description, tangible or intangible, including, but not limited to, all goods,
equipment, inventory, documents, instruments, chattel paper, accounts, contract rights, general intangibles and all possessory collateral, and including the products and proceeds thereof and accessions thereto, constituting security of obligations
of the Debtor, direct or indirect, liquidated or contingent. 
  
 2. “General Security Interest” is any perfected (by filing financing statements under the Uniform Commercial Code or otherwise) and enforceable security interest of a Creditor in any Collateral however arising, including purchase
money security interests. 
  
 3. North Fork Bank shall be secured
by a General Security Interest in cash collateral or a Certificate of Deposit pledged to North Fork by the Debtor in the amount of $1,500,000.00 (the “Collateral Pledge”). Laurus shall be secured by a General Security Interest in the
Debtor’s Collateral. The lien of Laurus with respect to the Collateral Pledge shall be subject and subordinate to North Fork’s lien. North Fork shall have no General Security Interest in any Collateral of the Debtor other than with respect
to the Collateral Pledge. Any Collateral, or proceeds thereof, received at any time or from time to time by a Creditor shall be applied to the payment of the then outstanding obligation due to such Creditor from the Debtor, or, in the case 

  

 
of the obligation owed to Laurus, from the Debtor or Coach Industries Group, Inc. (“Coach”). 
  
 4. Following the occurrence of an event that results in liquidation of the
Collateral Pledge, including, but not limited to an event referred to in Paragraph 5 below, North Fork shall apply the proceeds of the Collateral Pledge to satisfy all obligations owing by Debtor to North Fork, and the balance of the proceeds of the
Collateral Pledge, if any, shall be turned over to Laurus and shall be, in the sole discretion of Laurus, either held as collateral by Laurus or applied towards reduction of any indebtedness owed by Debtor and/or Coach to Laurus. 
  
 5. Following the occurrence of an event of default with respect to the
indebtedness owed by Coach to Laurus, Laurus may accelerate all other indebtedness owed by Debtor to Laurus and notify North Fork and the Debtor, in writing, and direct North Fork to terminate its ACH credit facility with the Debtor and liquidate
the Collateral Pledge, the proceeds of which shall be applied in accordance with Paragraph 4 above. 
  
 6. The priorities specified herein are applicable irrespective of the time or order of attachment or perfection of security interests or the time or order
of filing of financing statements or the giving or failure to give notice of the acquisition of purchase money or other security interests. 
  
 7. Except as herein otherwise specifically provided, priority shall be determined in accordance with law. 
  
 8. North Fork acknowledges that the aggregate amount of obligations of the
Debtor to North Fork outstanding at any time shall not exceed the principal sum of $1,500,000.00, plus interest and other charges, including reasonable attorney’s fees, due by the Debtor to North Fork. 
  
 9. In the event that any Creditor sends a written notice to the Debtor which
declares the Debtor’s obligations to such Creditor to be due and payable prior to their scheduled maturity, such Creditor shall, concurrently with sending a copy of such notice to the Debtor, send a copy of such notice to the other Creditor.

  
 10. This Agreement cannot be amended, modified or terminated
without the written consent of each of the Creditors. Termination shall not impair any General Security Interest theretofore acquired by any Creditor or affect the priorities thereof. 
  

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 11. Any notice required to be sent hereunder shall be sent by certified mail or facsimile transmission
and first class mail to: 
  

			
	 North Fork Bank

	 Address:
	 	1001 Avenue of the Americas
	 	 	2nd Floor
	 	 	New York, New York 10018
	 Facsimile Number: (212) 398-7155

	 Attention: Thomas McGann, Senior V.P.

	
	 Laurus Master Fund Ltd.

	 Address: c/o Laurus Capital Management, LLC

	 825 Third Avenue, 14th Floor

	 New York, New York 10022

	 Facsimile Number: (212) 541-4434

	 Attention: Jason Ban, Esq.

  
 12. This Agreement
shall be governed by the laws of the State of New York without giving effect to the principles of conflicts of law. Unless the context otherwise requires, all terms used herein which are defined in the Uniform Commercial Code shall have the meanings
therein stated. 
  
 13. This Agreement is solely for the benefit
of the Creditors and their successors or assigns and no other person or persons shall have any right, benefit, priority or interest under, or because of the existence of, this agreement. 
  
 14. This Agreement may be executed in several counterparts, each of which when so executed and delivered shall be an
original. All such counterparts shall together constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties have executed and delivered this agreement this 12th
day of January, 2005. 
  

			
	NORTH FORK BANK,
	Creditor
		
	By:	 	/s/    THOMAS
MCGANN        
	 Name:
	 	Thomas McGann
	 Title:
	 	Senior Vice-President

  
 -SIGNATURES
CONTINUED ON FOLLOWING PAGE- 
  

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	 	 	 	 	 LAURUS MASTER FUND, LTD.,

	 	 	 	 	 Creditor
	 	 
					
	 	 	 	 	 	 	By:	 	/S/    EUGENE
GRIN        
	 	 	 	 	 	 	 Name:
	 	Eugene Grin

	 	 	 	 	 	 	 Title:
	 	Director
			
	 SUBCONTRACTING CONCEPTS, INC.
	 	 	 	 
	 Debtor
	 	 
					
	By:	 	/S/    SUSAN
WEISMAN        	 	 	 	 	 	 
	 Name:
	 	Susan Weisman	 	 	 	 	 	 
	 Title:
	 	Chief Financial Officer	 	 	 	 	 	 
		
	 COACH INDUSTRIES GROUP, INC.
	 	 
	 Affiliate of Debtor
	 	 
					
	By:	 	/S/    FRANCIS
O’DONNELL        	 	 	 	 	 	 
	 Name:
	 	Francis O’Donnell	 	 	 	 	 	 
	 Title:
	 	Chief Executive Officer	 	 	 	 	 	 

  

 4Supplemental Indenture dated as of December 1, 1991

 EXHIBIT 10.i.c. 
  
 SUPPLEMENTAL INDENTURE 
  
 This Supplemental Indenture (this “Supplemental Indenture”), dated as of January 4, 2005 is by and among Mosaic Global Holdings Inc. (formerly
known as IMC Global Inc.), a Delaware corporation (the “Company”), The Mosaic Company, a Delaware corporation (“Mosaic”), Mosaic Fertilizer, LLC, a Delaware limited liability company (“Mosaic Fertilizer”), Mosaic Crop
Nutrition, LLC, a Delaware limited liability company (“Mosaic Crop Nutrition”), and The Bank of New York, a New York banking corporation, as trustee under the Original Indenture referred to below (the “Trustee”). 
  
 W I T N E S S E T H: 
  
 WHEREAS, the Company has heretofore executed and delivered to the
Trustee an indenture dated as of December 1, 1991 (as amended and supplemented from time to time, the “Original Indenture”) providing for the issuance of senior debt securities of the Company in series; 
  
 WHEREAS, pursuant to the Original Indenture, the Company has issued
heretofore $100,000,000 aggregate principal amount of 9.45% Senior Debentures due 2011 (the “Existing Securities”), of which an aggregate principal amount of $18,490,000 are outstanding as of the date hereof; 
  
 WHEREAS, the Company has solicited consents from Holders of the
Existing Securities to certain amendments (the “Amendments”) to the Original Indenture and the Existing Securities, which are set forth in this Supplemental Indenture; 
  
 WHEREAS, the Company has received the written consent to the Amendments from Holders of a majority of the principal
amount outstanding of the Existing Securities; 
  
 WHEREAS,
on the Operative Date (as defined below) (but not prior thereto), the Amendments shall become and remain operative; 
  
 WHEREAS, in connection with the Amendments, on the Operative Date, Mosaic, Mosaic Fertilizer and Mosaic Crop Nutrition will fully and
unconditionally guarantee all of the Company’s obligations under the Existing Securities and the Original Indenture on the terms and conditions set forth herein; and 
  
 WHEREAS, pursuant to Section 8.2 of the Original Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration,
the receipt of which is hereby acknowledged, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Existing Securities as follows: 
  
 Article I 
  
 DEFINITIONS 
  
 Section 1.1. Definitions. 
  
 The Original Indenture together with this Supplemental Indenture are hereinafter sometimes collectively referred to as the “Indenture.” For the
avoidance of doubt, references to any “Section” of the “Indenture” refer to such Section of the Original Indenture as supplemented and amended by this Supplemental Indenture. All capitalized terms which are used herein and not
otherwise defined herein are defined in the Original Indenture and are used herein with the same meanings as in the Original Indenture. If a capitalized term is defined in the Original Indenture and this Supplemental Indenture, the definition in
this Supplemental Indenture shall apply to the Indenture and the Existing Securities. 
  
 Section 1.1 of the Original Indenture shall be amended to insert alphabetically therein the following defined terms: 
  
 “Affiliate Guarantor” shall have the meaning given to such term in the High-Yield Indentures. 
  
 “Capital Stock” shall mean (i) with respect to any
Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of common stock and preferred stock of such person, and (ii)
with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 
  
 “Guarantor” shall mean (i) each of Mosaic, Mosaic Fertilizer and Mosaic Crop Nutrition and (ii) each other Person that issues a
Note Guarantee under Article XIII, in each case, so long as the Note Guarantee of such Person is in full force and effect. 
  
 “High-Yield Indentures” shall mean, collectively, (i) the Indenture, dated as of August 1, 2003, among the Company, the
Guarantors named therein and BNY Midwest Trust Company, as trustee, with respect to the Company’s 10.875% Senior Notes due 2013 (the “2013 Indenture”), (ii) the Indenture, dated as of May 17, 2001, among the Company, the Guarantors
named therein and The Bank of New York, as trustee, with respect to the Company’s 10.875% Senior Notes due 2008 (the “2008 Indenture”) and (iii) the Indenture, dated as of May 17, 2001, among the Company, the Guarantors named therein
and The Bank of New York, as trustee, with respect to the Company’s 11.250% Senior Notes due 2011 (the “2011 Indenture”), in each case as amended, restated or supplemented from time to time. 
  
 “High-Yield Notes” shall mean, collectively, (i)
the 11.250% Senior Notes due 2011 of the Company issued under the 2011 Indenture, (ii) the 10.875% 

  

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Senior Notes due 2008 of the Company issued under the 2008 Indenture and (iii) the 10.875% Senior Notes due 2013 of the Company issued under the 2013
Indenture. 
  
 “Mosaic” shall mean The
Mosaic Company, a Delaware corporation, and any successor thereto. 
  
 “Mosaic Crop Nutrition” shall mean Mosaic Crop Nutrition, LLC, a limited liability company organized under the laws of Delaware, and any successor thereto. 
  
 “Mosaic Fertilizer” shall mean Mosaic Fertilizer,
LLC, a limited liability company organized under the laws of Delaware, and any successor thereto. 
  
 “Note Guarantee” shall mean a guarantee of the Existing Securities issued by a Guarantor under Article XIII. 
  
 “Operative Date” shall mean the date the
amendments set forth in the Supplemental Indenture dated as of January 04, 2005 to this Indenture become operative. 
  
 “Phosphates Business” shall mean the PhosFeed business segment as such term is used within the meaning of the Company’s
consolidated financial statements for the year ended December 31, 2003. 
  
 “Phosphates Combination Transaction” shall mean any one or more transactions or series of related transactions involving (i) the sale, lease, conveyance, contribution and/or other transfer (a
“contribution”) of assets or Capital Stock comprising all or any portion of the Phosphates Business to an entity formed or to be formed (such entity, the “Phosphates Holding Company” and, together with its Subsidiaries, the
“Phosphates Entities”) by the Company or a Subsidiary thereof and/or Mosaic or a Subsidiary thereof and/or (ii) the merger or consolidation of a Subsidiary of the Company comprising all or any portion of the Phosphates Business with or
into any Phosphates Entity, provided that: 
  
 (a) the
Company and its Subsidiaries, taken as a whole, shall receive consideration at the time of such contribution, merger or consolidation equal to not less than the fair market value of the assets or Capital Stock so contributed or the fair market value
of the assets of the Subsidiary of the Company so merged or consolidated, as the case may be, as reasonably determined in good faith by the Board of Directors of the Company; and 
  
 (b) the Company and its Subsidiaries, taken as a whole, shall at all times have voting and dividend participation and other
equivalent rights in the Phosphates Entities (and its other investments therein shall be) equivalent in all respects (as reasonably determined in good faith by the Board of Directors of the Company) to the voting and dividend participation and other
equivalent rights and other investments therein of 

  

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Mosaic and its Subsidiaries (other than the Company and its Subsidiaries) (or any successor to Mosaic’s and its Subsidiaries’ interest in the
Phosphates Entities), after taking into account the pro rata portion of assets of the Phosphates Entities contributed by the Company and its Subsidiaries, on the one hand, and Mosaic and its Subsidiaries (other than the Company and its
Subsidiaries), on the other. 
  
 “Phosphates
Entities” shall have the meaning set forth in the definition of “Phosphates Combination Transaction.” 
  
 “Phosphates Holding Company” shall have the meaning set forth in the definition of “Phosphates Combination
Transaction.” 
  
 “2008 Indenture”
shall have the meaning set forth in the definition of “High-Yield Indentures.” 
  
 “2011 Indenture” shall have the meaning set forth in the definition of “High-Yield Indentures.” 
  
 “2013 Indenture” shall have the meaning set forth
in the definition of “High-Yield Indentures.” 
  
 Article II 
  
 REPORTS 
  
 For purposes of the Existing Securities, Section 4.3 of the Original
Indenture shall be amended and restated in its entirety as follows: 
  
 “Section 4.3 Reports by the Company. 
  
 Subject to the last paragraph of this Section 4.3, the Company covenants: 
  
 (a) to file with the Trustee, within 15 days after Mosaic is required to file the same with the Commission, copies of the annual reports
and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which Mosaic may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, or if Mosaic is not required to file information, documents, or reports pursuant to either of such Sections, then to file with the Trustee and the Commission, in accordance with
rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents, and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, or in respect of a
security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 
  

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 (b) to file with the Trustee and the Commission, in accordance with the rules and
regulations prescribed from time to time by the Commission, such additional information, documents, and reports with respect to compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time
to time by such rules and regulations; and 
  
 (c) to transmit by mail to the Holders of the Existing Securities in the manner and to the extent required by Sections 6.6 and 11.4, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents, and
reports required to be filed relating to Mosaic or the Company pursuant to subsection (a) and (b) of this Section as may be required to be transmitted to such Holders by rules and regulations prescribed from time to time by the Commission.

  
 After such time as Mosaic is released from
its Note Guarantee pursuant to Section 13.5 of this Indenture as a result of its being released as an Affiliate Guarantor of the High-Yield Notes pursuant to Section 10.05(v) of the High-Yield Indentures in connection with a change of control of the
Company, the information, documents and reports to be furnished and filed pursuant to this Section 4.3 shall be information, documents and reports with respect to the Company and there shall be no requirement to furnish or file any such information,
documents and reports with respect to Mosaic.” 
  
 Article III 
  
 CONSOLIDATION, MERGER,
SALE OR CONVEYANCE 
  
 For purposes of the Existing
Securities, Section 9.1 of the Original Indenture shall be amended by adding the following paragraph to the end of such Section: 
  
 “Notwithstanding the foregoing, for purposes of this Section 9.1, any sale, lease, conveyance or other disposition of all or any
portion of the assets or Capital Stock comprising the Phosphates Business pursuant to a Phosphates Combination Transaction shall not be deemed to be a sale, lease, conveyance or other disposition of all or substantially all of the assets of the
Company.” 
  

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 Article IV 
  
 GUARANTEE OF EXISTING SECURITIES 
  
 For purposes of the Existing Securities, the Original Indenture shall be amended to include the following Article XIII:

  
 “ARTICLE XIII 
  
 GUARANTEE OF EXISTING SECURITIES 
  
 Section 13.1 Note Guarantee. 
  
 Subject to the provisions of this Article XIII, the
Guarantors, by execution of this Indenture, jointly and severally, guarantee to each Holder of the Existing Securities (i) the due and punctual payment of the principal of and interest on each Existing Security, when and as the same shall become due
and payable, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal of and interest on the Existing Securities, to the extent lawful, and the due and punctual payment of all other
obligations and due and punctual performance of all obligations of the Company to the Holders of the Existing Securities or the Trustee all in accordance with the terms of such Existing Security and this Indenture, and (ii) in the case of any
extension of time of payment or renewal of any Existing Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated maturity, by
acceleration or otherwise. Each Guarantor, by execution of this Indenture, agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of
any such Existing Security or this Indenture, any failure to enforce the provisions of any such Existing Security or this Indenture, any waiver, modification or indulgence granted to the Company with respect thereto by the Holder of such Existing
Security, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or such Guarantor. 
  
 Each Guarantor hereby waives diligence, presentment, demand for payment, filing of claims with a court in the event of merger or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to any such Existing Security or the Indebtedness evidenced thereby and all demands whatsoever, and covenants that this Note
Guarantee will not be discharged as to any such Existing Security except by payment in full of the principal thereof and interest thereon. Each Guarantor hereby agrees that, as between such Guarantor, on the one hand, and the Holders of the Existing
Securities and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article V hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article V hereof, such obligations (whether or not due and payable)
shall forthwith become due and payable by each Guarantor for the purpose of this Note Guarantee. 
  

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 The Guarantors shall have the right to seek contribution from any non-paying Guarantor so
long as the exercise of such right does not impair the rights of any Holder of the Existing Securities under the Note Guarantees. 
  
 If an officer of a Guarantor whose signature is on this Indenture or any supplemental indenture entered into in accordance with Section
13.4 no longer holds that office at any time following the execution thereof, such Guarantor’s Note Guarantee shall be valid nevertheless. 
  
 Section 13.2 Execution and Delivery of Note Guarantee. 
  
 To further evidence the Note Guarantee set forth in Section 13.1, each Guarantor hereby agrees that a
notation of such Note Guarantee, substantially in the form included in Exhibit B hereto, shall be endorsed on each Existing Security authenticated and delivered by the Trustee and such Note Guarantee shall be executed by either manual or
facsimile signature of an officer or an officer of a general partner, as the case may be, of each Guarantor. The validity and enforceability of any Note Guarantee shall not be affected by the fact that it is not affixed to any particular Existing
Security. 
  
 Each of the Guarantors hereby
agrees that its Note Guarantee set forth in Section 13.1 shall remain in full force and effect notwithstanding any failure to endorse on each Existing Security a notation of such Note Guarantee. 
  
 If an officer of a Guarantor whose signature is on a Note
Guarantee no longer holds that office at the time the Trustee authenticates the Existing Security on which such Note Guarantee is endorsed or at any time thereafter, such Guarantor’s Note Guarantee of such Existing Security shall be valid
nevertheless. 
  
 The delivery of any Existing
Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Note Guarantee set forth in this Indenture on behalf of the Guarantor. 
  
 Section 13.3 Limitation of Note Guarantee. 
  
 The obligations of each Guarantor are limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal
or state law. 
  
 Section 13.4 Additional
Guarantors. 
  
 The Company covenants and
agrees that it shall cause any Person who becomes an Affiliate Guarantor of any of the High-Yield Notes pursuant to the terms of the High-Yield Indentures to become a Guarantor of the Existing Securities by executing a supplemental indenture to this
Indenture and delivering any other documentation requested by the Trustee, in each case satisfactory in 

  

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form and substance to the Trustee, pursuant to which such Person guarantees, jointly and severally with all other Guarantors, all of the Company’s
obligations under the Existing Securities and this Indenture in accordance with this Article XIII, with the same effect and to the same extent as if such Person had been named herein as a Guarantor. The Company shall deliver to the Trustee an
Opinion of Counsel that such supplemental indenture has been duly authorized, executed and delivered by such Person and, subject to customary exceptions, constitutes a valid and legally binding and enforceable obligation of such Person. 

 
 Section 13.5 Release of Guarantors. 
  
 The Note Guarantee of any Guarantor will be automatically
and unconditionally released and discharged when such Guarantor’s guarantee of the High-Yield Notes is released and discharged in accordance with the terms of each of the High-Yield Indentures (except to the extent such guarantee of such
High-Yield Notes is released and discharged as a result of payment in full of such High-Yield Notes or pursuant to a “Legal Defeasance” under the High-Yield Indentures, in which case such Note Guarantee of such Guarantor shall not be
released and discharged). In each such case, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to such release have been complied
with and that such release is authorized and permitted hereunder. 
  
 The Trustee shall execute any documents reasonably requested by the Company or a Guarantor in order to evidence the release of such Guarantor from its obligations under its Note Guarantee under this Article XIII.

  
 Section 13.6 Waiver of Subrogation.

  
 Each Guarantor hereby irrevocably waives any
claim or other rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under its Note Guarantee and this Indenture, including, without
limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Holder of Existing Securities against the Company, whether or not such claim, remedy or right arises in
equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment on account of such claim
or other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Existing Securities shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit
of, and held in trust for the benefit of, the Holders of the Existing Securities, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Existing Securities, whether matured or unmatured, in
accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 13.6 is knowingly
made in contemplation of such benefits. 
  

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 Section 13.7 Notice to Trustee. 
  
 The Company or any Guarantor shall give prompt written
notice to the Trustee of any fact known to the Company or any such Guarantor which would prohibit the making of any payment to or by the Trustee at the Corporate Trust Office of the Trustee in respect of the Note Guarantees. Notwithstanding the
provisions of this Article XIII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the Trustee in respect of the Note
Guarantees, unless and until the Trustee shall have received written notice thereof from the Company no later than one Business Day prior to such payment; and, prior to the receipt of any such written notice, the Trustee, subject to the provisions
of this Section 13.7, and subject to the provisions of Sections 6.1 and 6.2 hereof, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall not have received the notice
referred to in this Section 13.7 at least one Business Day prior to the date upon which by the terms hereof any such payment may become payable for any purpose under this Indenture (including, without limitation, the payment of the principal of,
premium, if any, or interest on any Existing Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the purpose for which such money
was received and shall not be affected by any notice to the contrary which may be received by it less than one Business Day prior to such date.” 
  
 Article V 
  
 NOTATION ON EXISTING SECURITIES 
  
 Pursuant to Section 8.5 of the Original Indenture, the Trustee is authorized and instructed to make the following notation on the 9.45% Existing
Securities on the Operative Date: 
  
 “The
Debentures will be entitled to the benefits of certain Note Guarantees made for the benefit of the Holders thereof. Reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and obligations
thereunder of the Guarantors, the Trustee and the Holders of the Debentures.” 
  

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 Article VI 
  
 MISCELLANEOUS 
  
 Section 6.1. Effect of Supplemental Indenture; Effectiveness and Operation. 
  
 (a) This Supplemental Indenture shall be effective upon execution hereof by the Issuer, Mosaic, Mosaic Fertilizer, Mosaic
Crop Nutrition and the Trustee, but the Amendments to the Original Indenture as set forth in this Supplemental Indenture and the Note Guarantees of Mosaic, Mosaic Fertilizer and Mosaic Crop Nutrition shall not become operative until the
Officers’ Certificate set forth in Exhibit A hereto has been executed and delivered to the Trustee. 
  
 (b) This Supplemental Indenture is a supplemental indenture within the meaning of Section 8.2 of the Original Indenture, and the Original Indenture shall
be read together with this Supplemental Indenture and shall have the same effect over the Existing Securities, in the same manner as if the provisions of the Original Indenture and this Supplemental Indenture were contained in the same instrument.

  
 (c) In all other respects, the Original Indenture is confirmed
by the parties hereto as supplemented by the terms of this Supplemental Indenture. 
  
 (d) Subject to 6.2 of this Supplemental Indenture, in the event that there is a conflict or inconsistency between the Original Indenture and this Supplemental Indenture, the provisions of this Supplemental Indenture
shall control. 
  
 Section 6.2. Trust Indenture Act
Controls. 
  
 If any provision of this
Supplemental Indenture limits, qualifies or conflicts with another provision which is required to be included in this Supplemental Indenture by the TIA, the required provision shall control. If any provision of this Supplemental Indenture modifies
any TIA provision that may be so modified, such TIA provision shall be deemed to apply to this Supplemental Indenture as so modified. If any provision of this Supplemental Indenture excludes any TIA provision that may be so excluded, such TIA
provision shall be excluded from this Supplemental Indenture. 
  
 Section 6.3. Application of Amendments. 
  
 The amendments to the Original Indenture set forth in this Supplemental Indenture shall apply only to the Existing Securities except to the extent specifically made applicable to any other series of Securities by a resolution of the Board
of Directors and set forth in an Officers’ Certificate or in a supplemental indenture establishing such series of Securities as provided for in Section 2.3 of the Original Indenture. 
  
 Section 6.4. Agreement to Guarantee. 
  
 Each of Mosaic, Mosaic Fertilizer and Mosaic Crop Nutrition hereby agree as of the Operative Date to become subject to the
terms of the Indenture as a Guarantor and shall be 

  

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bound as of the Operative Date by the terms of the Indenture as they relate to their respective Note Guarantee. To further evidence such Note Guarantees,
each of Mosaic, Mosaic Fertilizer and Mosaic Crop Nutrition shall execute and deliver to the Trustee in accordance with Section 13.2 of the Original Indenture (as supplemented by this Supplemental Indenture) a notation of such Note Guarantee,
substantially in the form included as Exhibit B to this Supplemental Indenture. 
  
 Section 6.5. No Recourse Against Others. 
  
 No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor, or their respective
successors, under the Existing Securities, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Upon execution of this Supplemental
Indenture, each Holder of the Existing Securities waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Note Guarantees. 
  
 Section 6.6. GOVERNING LAW. 
  
 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 Section
6.7. Counterparts. 
  
 The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 Section 6.8. Successors. 
  
 All agreements of the Company and the Guarantors in this Supplemental Indenture shall bind their respective successors. All agreements of the Trustee in
this Supplemental Indenture shall bind its successors. 
  
 Section 6.9. Severability. 
  
 In case any
provision in this Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  
 Section 6.10. Effect of Headings. 
  
 The headings of the Articles and Sections of this Supplemental Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 
  

 11 

 Section 6.11. Trustee. 
  
 The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Guarantors. 
  
 ***** 
  

 12 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed
as of the date first above written. 
  

			
	MOSAIC GLOBAL HOLDINGS INC.
		
	By:	 	 /s/ Richard L. Mack

	 	 	Name: Richard L. Mack
	 	 	Title:   Vice President and Secretary
	
	 THE MOSAIC COMPANY,
 as
Guarantor

		
	By:	 	 /s/ Richard L. Mack

	 	 	Name: Richard L. Mack
	 	 	Title:   Senior Vice President, General Counsel and Corporate Secretary
	
	 MOSAIC FERTILIZER, LLC,
 as
Guarantor

		
	By:	 	 /s/ Richard L. Mack

	 	 	Name: Richard L. Mack
	 	 	Title:   Vice President
	
	 MOSAIC CROP NUTRITION, LLC,
 as
Guarantor

		
	By:	 	 /s/ Richard L. Mack

	 	 	Name: Richard L. Mack
	 	 	Title:   Vice President
	
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	 /s/ Remo J. Reale

	 	 	Name: Remo J. Reale
	 	 	Title:   Vice President

  

 EXHIBIT A 
  

OFFICERS’ CERTIFICATE 
  
 Reference is made to that certain Supplemental Indenture (the “Supplemental Indenture”) dated as of
                    ,              among Mosaic Global Holdings Inc.
(formerly known as IMC Global Inc.) (the “Company”), The Mosaic Company, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC and The Bank of New York, as Trustee, to the Indenture (such Indenture, as supplemented or amended from time to
time, the “Indenture”) dated as of December 1, 1991 between the Company and The Bank of New York, as Trustee. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture. 
  
 The undersigned,
[            ], the [            ] of the Company, and [        ], the
[            ] of the Company, hereby certify that the Operative Date has occurred as of the date hereof. 
  
 IN WITNESS WHEREOF, we have hereunto signed our names on this
            day of                     ,
            . 
  

			
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 A-1 

 EXHIBIT B 
  

GUARANTEES 
  
 Each of the undersigned (each a “Guarantor” and collectively, if more than one, the “Guarantors”) hereby jointly and severally
unconditionally guarantees, to the extent set forth in the Indenture dated as of December 1, 1991, by and between Mosaic Global Holdings Inc. (formerly known as IMC Global Inc.), as Issuer, and The Bank of New York, as Trustee, (as amended, restated
or supplemented from time to time, the “Indenture”), and subject to the provisions of the Indenture, (a) the due and punctual payment of the principal of, and premium, if any, and interest on the Existing Securities, when and as the same
shall become due and payable, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on overdue principal of, and premium and, to the extent permitted by law, interest, and the due and punctual performance of all
other obligations of the Issuer to the Holders of Existing Securities or the Trustee, all in accordance with the terms set forth in Article XIII of the Indenture, and (b) in case of any extension of time of payment or renewal of any Existing
Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  
 The obligations of each Guarantor to the Holders of Existing Securities and
to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article XIII of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Guarantee. 
  
 [Signatures on Following Pages] 
  

 B-1 

 IN WITNESS WHEREOF, each of the Guarantors has caused this Guarantee to be signed by a duly authorized
officer. 
  

			
	 [Guarantor]

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 B-2

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