Document:

EXHIBIT 10.4

REVOLVING CREDIT NOTE

	
  $10,000,000

  	
   

  	
  March 6, 2007

  
	
   

  	
   

  	
  Ridgefield, Connecticut

  

 

FOR VALUE RECEIVED, COMPLETE TOWER SOURCES, INC., a Louisiana
corporation (the “Borrower”), HEREBY PROMISES TO PAY to the order of NEW STREAM
COMMERCIAL FINANCE, LLC, a Delaware limited liability company (“Lender”), as
Lender under the Loan Agreement (as hereinafter defined), at Lender’s chief
executive office at 38C Grove Street, Ridgefield, Connecticut 06877, or at such
other place as Lender may designate from time to time in writing, in lawful
money of the United States of America and in immediately available funds, the
amount of TEN MILLION DOLLARS AND NO CENTS ($10,000,000) or, if less, the
aggregate unpaid amount of all Revolving Credit Advances made to the Borrower
under the Loan Agreement.  All
capitalized terms used but not otherwise defined herein have the meanings given
to them in the Loan Agreement or in Annex A thereto.

This Revolving Note (a) is the Revolving Credit Note
issued pursuant to that certain Loan and Security Agreement dated as of the
date hereof by and among Borrower, Lender and the other Persons signatory
thereto from time to time as Credit Parties (including all annexes, exhibits
and schedules thereto, and as from time to time amended, restated, supplemented
or otherwise modified, the “Loan Agreement”), and (b) is entitled to the
benefit and security of the Loan Agreement and all of the other Loan Documents
referred to therein.  Reference is hereby
made to the Loan Agreement for a statement of all of the terms and conditions
under which the Loans evidenced hereby are made and are to be repaid.  The date and amount of each Revolving Credit
Advance made by Lender to Borrower, the rates of interest applicable thereto
and each payment made on account of the principal thereof, shall be recorded by
Lender on its books; provided  that the failure of Lender to make
any such recordation shall not affect the obligations of the Borrower to make a
payment when due of any amount owing under the Loan Agreement or this Revolving
Note in respect of the Revolving Credit Advances made by Lender to the Borrower.

The principal amount of the indebtedness evidenced
hereby shall be payable in the amounts and on the dates specified in the Loan
Agreement, the terms of which are hereby incorporated herein by reference.  Interest thereon shall be paid until such
principal amount is paid in full at such interest rates and at such times, and
pursuant to such calculations, as are specified in the Loan Agreement.

If any payment on this Revolving Note becomes due and
payable on a day other than a Business Day, the maturity thereof shall be
extended to the next succeeding Business Day and, with respect to payments of
principal, interest thereon shall be payable at the then applicable rate during
such extension.

Upon and after the occurrence of any Event of Default,
this Revolving Note may, as provided in the Loan Agreement, and without demand,
notice or legal process of any kind, be declared, and immediately shall become,
due and payable.

Time is of the essence of this Revolving Note.  Demand, presentment, protest and notice of
nonpayment and protest are hereby waived by Borrower.

Except as provided in the Loan Agreement, this
Revolving Note may not be assigned by Lender to any Person.

THIS REVOLVING
NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE
STATE OF CONNECTICUT APPLICABLE TO CONTRACTS MADE AND PERFORMED IN THAT STATE.

 

	
  

  	
   

  	
   

  
	
   

  	
  COMPLETE TOWER SOURCES, INC.

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   /s/ Carroll
  Castille

  	
   

  
	
   

  	
  Name: Carroll Castille

  
	
   

  	
  Title: President

  
				

 

 2EXHIBIT 4.6

 

 

 

 

 

BUNGE N.A. FINANCE
L.P.,

as Issuer

 

BUNGE LIMITED,

as Guarantor

 

AND

 

U.S. Bank National
Association,

as Trustee

5.90% Senior Notes
Due 2017

 

 

 

INDENTURE

Dated as of March
22, 2007

 

 

	
  TABLE OF CONTENTS

  	
   

  
	
   

  	
   

  
	
  ARTICLE 1

  	
   

  
	
  Definitions and
  Incorporation by Reference

  	
   

  
	
   

  	
   

  
	
  Section 1.01.   Definitions

  	
  1

  
	
   

  	
   

  
	
  Section 1.02.   Incorporation by
  Reference of Trust Indenture Act

  	
  10

  
	
   

  	
   

  
	
  Section 1.03.   Rules of Construction

  	
  11

  
	
   

  	
   

  
	
  ARTICLE 2

  	
   

  
	
  The Notes

  	
   

  
	
   

  	
   

  
	
  Section 2.01.   Form, Dating and
  Terms

  	
  11

  
	
   

  	
   

  
	
  Section 2.02.   Execution and
  Authentication

  	
  14

  
	
   

  	
   

  
	
  Section 2.03.   Registrar and Paying
  Agent

  	
  15

  
	
   

  	
   

  
	
  Section 2.04.   Paying Agent to Hold
  Money in Trust

  	
  15

  
	
   

  	
   

  
	
  Section 2.05.   Noteholder Lists

  	
  16

  
	
   

  	
   

  
	
  Section 2.06.   Transfer and Exchange

  	
  16

  
	
   

  	
   

  
	
  Section 2.07.   Mutilated, Destroyed,
  Lost or Stolen Notes

  	
  17

  
	
   

  	
   

  
	
  Section 2.08.   Outstanding Notes

  	
  18

  
	
   

  	
   

  
	
  Section 2.09.   Temporary Notes

  	
  19

  
	
   

  	
   

  
	
  Section 2.10.   Cancellation

  	
  19

  
	
   

  	
   

  
	
  Section 2.11.   Payment of Interest;
  Defaulted Interest

  	
  19

  
	
   

  	
   

  
	
  Section 2.12.   Computation of
  Interest

  	
  20

  
	
   

  	
   

  
	
  Section 2.13.   CUSIP and ISIN
  Numbers

  	
  20

  
	
   

  	
   

  
	
  Section 2.14.   Tax Treatment

  	
  20

  
	
   

  	
   

  
	
  ARTICLE 3

  	
   

  
	
  Covenants

  	
   

  
	
   

  	
   

  
	
  Section 3.01.   Payment of Notes

  	
  21

  
	
   

  	
   

  
	
  Section 3.02.   Limitation on Liens

  	
  21

  
	
   

  	
   

  
	
  Section 3.03.   Limitation on
  Sale-Leaseback Transactions

  	
  21

  

 

 i
 

 

	
  Section 3.04.   Exclusion from
  Limitations

  	
  22

  
	
   

  	
   

  
	
  Section 3.05.   Maintenance of Office
  or Agency

  	
  22

  
	
   

  	
   

  
	
  Section 3.06.   Corporate Existence

  	
  22

  
	
   

  	
   

  
	
  Section 3.07.   Maintenance of
  Properties; Insurance

  	
  23

  
	
   

  	
   

  
	
  Section 3.08.   Payment of Taxes and
  Other Claims

  	
  23

  
	
   

  	
   

  
	
  Section 3.09.   Payments for Consent

  	
  23

  
	
   

  	
   

  
	
  Section 3.10.   Compliance
  Certificate

  	
  23

  
	
   

  	
   

  
	
  Section 3.11.   Further Instruments
  and Acts

  	
  23

  
	
   

  	
   

  
	
  Section 3.12.   Statement by Officers
  as to Default

  	
  23

  
	
   

  	
   

  
	
  Section 3.13.   Notice of Change in
  Bermuda Law, Debt Ratings

  	
  24

  
	
   

  	
   

  
	
  Section 3.14.   Offer to Repurchase
  Upon Change of Control

  	
  24

  
	
   

  	
   

  
	
  ARTICLE 4

  	
   

  
	
  Successor
  Guarantor or Issuer

  	
   

  
	
   

  	
   

  
	
  Section 4.01.   Consolidation,
  Merger, Amalgamation and Sale of Assets by the Guarantor or the Company

  	
  26

  
	
   

  	
   

  
	
  ARTICLE 5

  	
   

  
	
  Optional
  Redemption of Notes

  	
   

  
	
   

  	
   

  
	
  Section 5.01.   Optional Redemption
  by the Company

  	
  28

  
	
   

  	
   

  
	
  Section 5.02.   Applicability of
  Article

  	
  28

  
	
   

  	
   

  
	
  Section 5.03.   Election to Redeem;
  Notice to Trustee

  	
  28

  
	
   

  	
   

  
	
  Section 5.04.   Selection by Trustee
  of Notes to Be Redeemed

  	
  28

  
	
   

  	
   

  
	
  Section 5.05.   Notice of Redemption

  	
  29

  
	
   

  	
   

  
	
  Section 5.06.   Deposit of Redemption
  Price

  	
  30

  
	
   

  	
   

  
	
  Section 5.07.   Notes Payable on
  Redemption Date

  	
  30

  
	
   

  	
   

  
	
  Section 5.08.   Notes Redeemed in
  Part

  	
  30

  

 

 ii

	
  ARTICLE 6

  	
   

  
	
  Defaults and
  Remedies

  	
   

  
	
   

  	
   

  
	
  Section 6.01. Events of Default

  	
  30

  
	
   

  	
   

  
	
  Section 6.02. Acceleration

  	
  32

  
	
   

  	
   

  
	
  Section 6.03. Other Remedies

  	
  32

  
	
   

  	
   

  
	
  Section 6.04. Waiver of Past Defaults

  	
  32

  
	
   

  	
   

  
	
  Section 6.05. Control by Majority

  	
  33

  
	
   

  	
   

  
	
  Section 6.06. Limitation on Suits

  	
  33

  
	
   

  	
   

  
	
  Section 6.07. Rights of Holders to Receive Payment

  	
  33

  
	
   

  	
   

  
	
  Section 6.08. Collection Suit by Trustee

  	
  34

  
	
   

  	
   

  
	
  Section 6.09. Trustee May File Proofs of Claim

  	
  34

  
	
   

  	
   

  
	
  Section 6.10. Priorities

  	
  34

  
	
   

  	
   

  
	
  Section 6.11. Undertaking for Costs

  	
  34

  

 

ARTICLE 7

Trustee

	
  Section 7.01. Duties of Trustee

  	
  35

  
	
   

  	
   

  
	
  Section 7.02. Rights of Trustee

  	
  36

  
	
   

  	
   

  
	
  Section 7.03. Individual Rights of Trustee

  	
  37

  
	
   

  	
   

  
	
  Section 7.04. Trustee’s Disclaimer

  	
  38

  
	
   

  	
   

  
	
  Section 7.05. Notice of Defaults

  	
  38

  
	
   

  	
   

  
	
  Section 7.06. Report by Trustee to Holders

  	
  38

  
	
   

  	
   

  
	
  Section 7.07. Compensation and Indemnity

  	
  38

  
	
   

  	
   

  
	
  Section 7.08. Replacement of Trustee

  	
  39

  
	
   

  	
   

  
	
  Section 7.09. Successor Trustee by Merger

  	
  40

  
	
   

  	
   

  
	
  Section 7.10. Eligibility; Disqualification

  	
  40

  
	
   

  	
   

  
	
  Section 7.11. Preferential Collection of Claims
  Against Company

  	
  40

  
	
   

  	
   

  
	
  Section 7.12. Trustee’s Application for Instruction
  from the Company

  	
  40

  

 

 iii
 

ARTICLE 8

Discharge of Indenture; Defeasance

	
  Section 8.01. Discharge of Liability on Notes;
  Defeasance

  	
  41

  
	
   

  	
   

  
	
  Section 8.02. Conditions to Defeasance

  	
  42

  
	
   

  	
   

  
	
  Section 8.03. Application of Trust Money

  	
  43

  
	
   

  	
   

  
	
  Section 8.04. Repayment to Company

  	
  43

  
	
   

  	
   

  
	
  Section 8.05. Indemnity for U.S. Government
  Securities

  	
  44

  
	
   

  	
   

  
	
  Section 8.06. Reinstatement

  	
  44

  

 

ARTICLE 9

Amendments

	
  Section 9.01. Without Consent of Holders

  	
  44

  
	
   

  	
   

  
	
  Section 9.02. With Consent of Holders

  	
  45

  
	
   

  	
   

  
	
  Section 9.03. Compliance with Trust Indenture Act

  	
  46

  
	
   

  	
   

  
	
  Section 9.04. Revocation and Effect of Consents and
  Waivers

  	
  46

  
	
   

  	
   

  
	
  Section 9.05. Notation on or Exchange of Notes

  	
  46

  
	
   

  	
   

  
	
  Section 9.06. Trustee to Sign Amendments

  	
  46

  

 

ARTICLE 10

Guarantee

	
  Section 10.01. Guarantee

  	
  46

  
	
   

  	
   

  
	
  Section 10.02. No Subrogation

  	
  48

  
	
   

  	
   

  
	
  Section 10.03. Consideration

  	
  48

  

 

ARTICLE 11

Miscellaneous

	
  Section 11.01. Trust Indenture Act Controls

  	
  48

  
	
   

  	
   

  
	
  Section 11.02. Notices

  	
  48

  
	
   

  	
   

  
	
  Section 11.03. Communication by Holders with Other
  Holders

  	
  50

  
	
   

  	
   

  
	
  Section 11.04. Certificate and Opinion as to
  Conditions Precedent

  	
  51

  

 

 iv

	
  Section 11.05.  

  	
  Statements Required in Certificate or Opinion

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.06.  

  	
  When Notes Disregarded

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.07.  

  	
  Rules by Trustee, Paying Agent and Registrar

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.08.  

  	
  Legal Holidays

  	
  51

  
	
   

  	
   

  	
   

  
	
  Section 11.09.  

  	
  GOVERNING LAW

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.10.  

  	
  No Recourse Against Others

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.11.  

  	
  Successors

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.12.  

  	
  Consent to Jurisdiction

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.13.  

  	
  Appointment for Agent for Service of Process

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.14.  

  	
  Waiver of Immunities

  	
  52

  
	
   

  	
   

  	
   

  
	
  Section 11.15.  

  	
  Additional Amounts

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.16. 

  	
  Judgment Currency

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.17. 

  	
  No Bankruptcy Petition Against the Company;
  Liability of the Company

  	
  53

  
	
   

  	
   

  	
   

  
	
  Section 11.18. 

  	
  Multiple Originals

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.19. 

  	
  Qualification of Indenture

  	
  54

  
	
   

  	
   

  	
   

  
	
  Section 11.20. 

  	
  Table of Contents; Headings

  	
  54

  

 

	
  EXHIBIT A

  	
   

  	
  Form of the Initial Note and Subsequent Note

  
	
  SCHEDULE 1.1

  	
   

  	
  Material Subsidiaries

  
	
  SCHEDULE 3.4

  	
   

  	
  Existing Liens

  

 

 

CROSS-REFERENCE
TABLE

	
  Trust Indenture

  	
   

  	
   

  	
   

  	
   

  
	
  Act Section

  	
   

  	
  Indenture

  	
   

  	
   

  	
   

  
	
  310(a)(1)

  	
  Section 7.10.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(2)

  	
  Section 7.10.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(3)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(4)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Section 7.08.,
  Section 7.10.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
  311(a)

  	
  Section 7.11.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Section 7.11.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
  312(a)

  	
  Section 2.05.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Section 11.03.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Section 11.03.

  	
   

  	
   

  	
   

  
	
  313(a)

  	
  Section 11.06.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)(1)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)(2)

  	
  Section 7.06.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Section 7.06.

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Section 7.06.

  	
   

  	
   

  	
   

  
	
  314(a)

  	
  Section 3.10.,
  Section 11.02.,

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Section 11.05.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)(1)

  	
  Section 11.04.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)(2)

  	
  Section 11.04.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)(3)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Section 11.05.

  	
   

  	
   

  	
   

  
	
   315(a)

  	
  Section 7.01.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  .Section 7.05.,
  Section 11.02.

  	
   

  	
   

  	
   

  
	
   

  	
  (c)

  	
  Section 7.01.

  	
   

  	
   

  	
   

  
	
   

  	
  (d)

  	
  Section 7.01.

  	
   

  	
   

  	
   

  
	
   

  	
  (e)

  	
  Section 6.11.

  	
   

  	
   

  	
   

  
	
  316(a)(last sentence)

  	
  Section 11.06.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(1)(A)

  	
  Section 6.05.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(1)(B)

  	
  Section 6.04.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(2)

  	
  N.A.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Section 6.08.

  	
   

  	
   

  	
   

  
	
  317(a)(1)

  	
  Section 6.08.

  	
   

  	
   

  	
   

  
	
   

  	
  (a)(2)

  	
  Section 6.09.

  	
   

  	
   

  	
   

  
	
   

  	
  (b)

  	
  Section 2.04.

  	
   

  	
   

  	
   

  
	
  318(a)

  	
  Section 11.01

  	
   

  	
   

  	
   

  
								

 

N.A. means Not
Applicable.

Note: This
Cross-Reference Table shall not, for any purpose, be deemed to be part of this
Indenture.

INDENTURE dated as of March 22, 2007, among BUNGE  N.A. FINANCE L.P., a Delaware limited
partnership (the “Company”), as
issuer, BUNGE LIMITED, a company formed under the laws of Bermuda with limited
liability (the “Guarantor”), as guarantor, and U.S.
BANK NATIONAL ASSOCIATION, a national banking association (the “Trustee”), as trustee.

Each party agrees as follows for the benefit of the
other parties and for the equal and ratable benefit of the Holders of (i) the
Company’s 5.90% Senior Notes Due 2017 issued on the date hereof and the
guarantees thereof by the Guarantor (the “Initial Notes”)
and (ii) if and when issued, additional 5.90% Senior Notes Due 2017 which may
be offered during the Subsequent Issuance Period and the guarantees thereof by
the Guarantor (the “Subsequent Notes”
and together with the Initial Notes, the “Notes”).

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.  Definitions.

“Affiliate” means, with respect
to any specified Person, any other Person, directly or indirectly, controlling
or controlled by or under direct or indirect common control with such specified
Person. For the purposes of this definition, “control” when used with respect
to any Person means the power to direct the management and policies of such
Person, directly or indirectly, whether through the ownership of voting
securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing; provided, however,
that the existence of a management contract by the Company or an Affiliate of
the Company to manage another entity shall not be deemed to be control.

“Agent Member”
has the meaning ascribed to it in Section 2.01(d)(iii) hereof.

“Attributable Indebtedness”
means, when used with respect to any Sale-Leaseback Transaction, as at the time
of determination, the present value (discounted at the rate of interest set
forth in or implicit in the terms of the lease) of the total obligations of the
lessee for rental payments (other than amounts required to be paid on account
of property taxes, maintenance, repairs, insurance, assessments, utilities,
operating and labor costs and other items that do not constitute payments for
property rights) during the remaining term of the lease included in such
Sale-Leaseback Transaction (including any period for which such lease has been
extended).

“Authenticating Agent” has the
meaning ascribed to it in Section 2.02 hereof.

“Below Investment Grade
Rating Event” means the Notes are rated below an Investment Grade
Rating by both Rating Agencies on any date from the date of the public notice
of an event that would, if consummated, result in a Change of Control until the
end of the sixty (60) day period following public notice of the occurrence of
the Change of Control, which sixty (60) day period shall be extended so long as
the rating of the Notes is under publicly announced consideration for possible
downgrade by both of the Rating Agencies.

“Board of Directors” means, with
respect to any Person, the board of directors of such Person or any duly
authorized committee thereof.

 

“Business Day” means a day other
than a Saturday, Sunday or other day on which commercial banking institutions
are authorized or required by law to close in The City of New York, New York.

“Capital Stock” means, with
respect to any Person, any and all shares, interests, rights to purchase,
warrants, options (whether or not currently exercisable), participations or
other equivalents of or interests in (however designated) the equity (which
includes, but is not limited to, common stock or shares, preferred stock or
shares and partnership and joint venture interests) of such Person (excluding
any debt securities convertible into, or exchangeable for, such equity).

“Change of Control”
means the occurrence of any of the following:

(1)           the
Guarantor becomes aware (by way of a report or any other filing pursuant to
Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) of
the acquisition by any Person or group (within the meaning of Section 13(d)(3)
or Section 14(d)(2) of the Exchange Act, or any successor provision), including
any group acting for the purpose of acquiring, holding or disposing of
securities (within the meaning of Rule 13d-5(b)(1) under the Exchange Act), in
a single transaction or in a related series of transactions, by way of merger,
consolidation or other business combination, of 50% or more of the total voting
power of the Voting Stock of the Guarantor then outstanding;

(2)           the
sale, lease or transfer, in one or a series of related transactions, of all or
substantially all of the assets of the Guarantor and its Subsidiaries, taken as
a whole, to any Person that is not a Subsidiary of the Guarantor; or

(3)           the
first day on which a majority of the members of the Guarantor’s Board of
Directors are not Continuing Directors.

“Change of Control Offer”
has the meaning ascribed to it in Section 3.14 hereof.

“Change of Control Payment”
has the meaning ascribed to it in Section 3.14 hereof.

“Change of Control Payment
Date” has the meaning ascribed to it in Section 3.14 hereof.

“Change of Control
Triggering Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event.

“Code” means the
U.S. Internal Revenue Code of 1986, as amended.

“Company” means
Bunge N.A. Finance L.P. or its successor.

“Company Order”
has the meaning ascribed to it in Section 2.02 hereof.

“Consolidated Net Tangible
Assets” means, at any date of determination, the total amount of
assets of the Guarantor and its consolidated Subsidiaries after deducting
therefrom:

 2
 

 

(1)           all
current liabilities (excluding any current liabilities that by their terms are
extendable or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being
computed);

(2)           total
prepaid expenses and deferred charges; and

(3)           all
goodwill, trade names, trademarks, patents, licenses, copyrights and other
intangible assets, all as set forth, or on a pro forma basis would be set
forth, on the consolidated balance sheet of the Guarantor and its consolidated
Subsidiaries for its most recently completed fiscal quarter, prepared in
accordance with U.S. GAAP.

“Continuing Directors”
means, as of any date of determination, any member of the Board of Directors of
the Guarantor who (1) was a member of such Board of Directors on the date of
the issuance of the Initial Notes; or (2) was nominated for election, appointed
or elected to such Board of Directors with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of
such nomination or election (either by a specific vote or by approval of the
Guarantor’s proxy statement in which such member was named as a nominee for
election as a director).

“Corporate Trust Office”
has the meaning ascribed to it in Section 3.05 hereof.

“covenant defeasance option”
has the meaning ascribed to it in Section 8.01(b) hereof.

“Default” means
any event which is, or after notice or passage of time or both would be, an
Event of Default.

“Defaulted Interest”
has the meaning ascribed to it in Section 2.11 hereof.

“Definitive Notes”
means certificated Notes.

“DTC” means The
Depository Trust Company, its nominees and their respective successors and
assigns, or such other depository institution hereinafter appointed by the
Company.

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire
Capital Stock, but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock.

“Event of Default”
has the meaning ascribed to it in Section 6.01 hereof.

“Exchange Act”
means the U.S. Securities Exchange Act of 1934, as amended.

“Fair Market Value”
means, with respect to any property, the sale value of such property that would
be realized in an arm’s length sale at such time between an informed and
willing buyer, and an informed and willing seller, under no compulsion to buy
or sell, respectively.

 3
 

 

“Fiscal Year”
means the fiscal year of the Company ending on December 31 of each year.

“General Partners”
shall mean, collectively, Bunge Canada Holdings II ULC, a Nova Scotia unlimited
liability company, and Bunge Alberta I ULC, an Alberta unlimited liability
corporation, and their respective successors and assigns.

“Global Note”
has the meaning ascribed to it in Section 2.01(a) hereof.

“guarantee”
means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person and any
obligation, direct or indirect, contingent or otherwise, of such Person:

(1)           to
purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise); or

(2)           entered
into for purposes of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in
respect thereof (in whole or in part);

provided, however,
that the term “guarantee” will not include endorsements for collection or
deposit in the ordinary course of business. The term “guarantee,” when used as
a verb, has a corresponding meaning.

“Guarantee”
means any guarantee of payment of the Notes and any other obligations of the
Company by the Guarantor pursuant to the terms of this Indenture.

“Guarantor”
means Bunge Limited.

“Hedge Agreements”
means all interest rate swaps, caps or collar agreements or similar
arrangements dealing with interest rates or currency exchange rates or the
exchange of nominal interest obligations, either generally or under specific
contingencies.

“Holder” or “Noteholder” means the Person in whose name a Note is
registered in the Note Register.

“Indebtedness”
means, as to any Person, without duplication, (a) all obligations of such
Person for borrowed money, (b) all obligations of such Person evidenced by
bonds, debentures, notes or other similar instruments, (c) all obligations of
such Person to pay the deferred purchase price of property, except trade
accounts payable arising in the ordinary course of business, (d) all
obligations of such Person as lessee which are capitalized in accordance with
U.S. GAAP, (e) all obligations of such Person created or arising under any
conditional sales or other title retention agreement with respect to any
property acquired by such Person (including without limitation, obligations
under any such agreement which provides that the rights and remedies of the
seller or lender thereunder in the event of default are limited to repossession
or sale of such property), (f) all obligations of such Person with respect to
letters of credit and similar instruments, including

 4
 

 

without limitation
obligations under reimbursement agreements, (g) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has existing right,
contingent or otherwise, to be secured by) a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person, (h) all net
obligations of such Person in respect of equity derivatives and Hedge
Agreements and (i) all guarantees of such Person (other than guarantees of
obligations of direct or indirect Subsidiaries of such Person).

“Indenture”
means this Indenture, as amended or supplemented from time to time in
accordance with its terms.

“Initial Notes”
has the meaning ascribed to it in the second introductory paragraph of this
Indenture.

“Investment Grade Rating”
means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and
BBB- (or the equivalent) by S&P, or an equivalent rating by any other
Rating Agency.

“Issue Date”
means the date on which the Initial Notes are originally issued.

“legal defeasance option”
has the meaning ascribed to it in Section 8.01(b) hereof.

“Legal Holiday”
has the meaning ascribed to it in Section 11.08 hereof.

“Lien” means any
mortgage, lien, security interest, pledge, charge or other encumbrance.

“Material Adverse Effect”
means a material adverse effect, or any development involving a prospective
material adverse effect, in the condition, financial or otherwise, or in the
earnings, business or operations of the Guarantor and its consolidated
Subsidiaries taken as a whole.

“Material Subsidiary”
means, at any time, any Subsidiary of the Guarantor which at such time is a “Significant
Subsidiary” under Regulation S-X of the Exchange Act.  The Material Subsidiaries as of the date
hereof are set forth on Schedule 1.1 hereto.

“Moody’s” means
Moody’s Investors Service, Inc. and any successor to its rating agency
business.

“Note Register”
means the register of Notes, maintained by the Registrar, pursuant to Section
2.03 hereof.

“Notes” means
the collective reference to the Initial Notes and the Subsequent Notes.

“Obligations”
has the meaning ascribed to it in Section 10.01 hereof.

“Officer” means
the Chairman of the Board of Directors, the Chief Executive Officer, the
President, the Chief Financial Officer, any Vice President, the Treasurer, the
Controller or the Secretary of the Company or the Guarantor, as applicable.

 5
 

 

“Officer’s Certificate”
means a certificate signed by an Officer or attorney-in-fact of the Company or
the Guarantor, as applicable.

“Opinion of Counsel”
means a written opinion from legal counsel, which counsel may be an employee of
or counsel to the Company, who shall be acceptable to the Trustee.  The form and substance of such Opinion of
Counsel shall likewise be acceptable to the Trustee.

“Pari Passu Indebtedness”
means Indebtedness for borrowed money and Indebtedness incurred in connection
with Hedge Agreements, in each case which ranks not greater than pari passu (in
priority of payment) with the Notes.

“Paying Agent”
means the Person (including the Company, the Guarantor or any Subsidiary)
authorized by the Company to pay the principal of (or premium, if any) or
interest, if any, on any Notes on behalf of the Company.

“Permitted Indebtedness”
means (a) Indebtedness of the Company under the Notes and (b) Pari Passu
Indebtedness.

“Permitted Liens”
means:

(1)           Liens
for current taxes, assessments or other governmental charges which are not
delinquent or remain payable without any penalty, or the validity of which is
contested in good faith by appropriate proceedings upon stay of execution of
the enforcement thereof or upon posting a bond in connection therewith;

(2)           any
Lien pursuant to any order or attachment or similar legal process arising in
connection with court proceedings; provided that the execution or other
enforcement thereof is effectively stayed or a sufficient bond had been posted
and the claims secured thereby are being contested at the time in good faith by
appropriate proceedings;

(3)           any
Liens securing bonds posted with respect to and in compliance with clauses (1)
and (2) above;

(4)           any
Liens securing the claims of mechanics, laborers, workmen, repairmen,
materialmen, suppliers, carriers, warehousemen, landlords, or vendors or other
claims provided for by mandatory provisions of law which are not yet due and
delinquent, or are being contested in good faith by appropriate proceedings;

(5)           any
Lien on any Restricted Property securing Indebtedness incurred or assumed
solely for the purpose of financing all or any part of the cost of constructing
or acquiring such Restricted Property, which Lien attaches to such Restricted
Property concurrently with or within 120 days after construction, acquisition
or completion of a series of related acquisitions thereof;

(6)           Liens
existing immediately prior to the execution and delivery of this Indenture (and
listed on Schedule 3.4 hereto);

(7)           Liens
to secure bonds posted in order to obtain stays of judgments, attachments or
orders, the existence of which bonds would not otherwise constitute an Event of
Default;

 6
 

 

(8)           Liens
on Restricted Property existing prior to the acquisition of such Restricted
Property or the acquisition of any Subsidiary that is the owner of such
Restricted Property or arising as a result of contractual commitments to grant
a Lien relating to such Restricted Property or such Subsidiary existing prior
to such acquisition;

(9)           Liens
created by a Restricted Subsidiary in favor of the Company, the Guarantor or a
Subsidiary;

(10)         Liens
on any accounts receivable from or invoices to export customers (including, but
not limited to, Subsidiaries) and the proceeds thereof;

(11)         Liens
on rights under contracts to sell, purchase or receive commodities to or from
export customers (including, but not limited to, Subsidiaries) and the proceeds
thereof;

(12)         Liens
on cash deposited as collateral in connection with financings where Liens are
permitted under clause (10) and (11) of this definition;

(13)         Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant
to (i) clauses (1) through (5) and (7) through (12), so long as the principal
amount of the Indebtedness secured by such Lien does not exceed its original
principal amount and (ii) in the case of clause (6), so long as the principal
amount of the Indebtedness secured by such Lien does not exceed the principal
amount thereof outstanding immediately prior to the execution and delivery of
the Indenture;

(14)         minor
survey exceptions or minor encumbrances, easements or reservations, or rights
of others for rights-of-way, utilities and other similar purposes, or zoning or
other restrictions as to the use of real properties that constitute Restricted
Property, which are necessary for the conduct of the activities of the
Guarantor or any Restricted Subsidiary or which customarily exist on properties
of corporations engaged in similar activities and similarly situated and which
do not in any event materially impair their use in the operation of the
business of the Guarantor or any Restricted Subsidiary;

(15)         Liens
on accounts receivable and other related assets arising in connection with
transfers thereof to the extent that such transfers are treated as sales of
financial assets under FASB Statement No. 140, as in effect from time to time;
and

(16)         Liens
on intercompany loans made to the Guarantor or its Subsidiaries or on any notes
or other instruments representing an interest in such intercompany loans.

For purposes of this definition above, (A) the phrases
“accounts receivable from or invoices to export customers” and “contracts to
sell, purchase or receive commodities to (from) export customers” shall refer
to invoices or accounts receivable derived from the sale of, or contracts to
sell, purchase or receive wheat, soybeans or other commodities or products
derived from the processing of wheat, soybeans or other commodities, by or to
the Guarantor or a Restricted Subsidiary that have been or are to be exported
from the country of origin whether or not such sale is made by a Restricted
Subsidiary or to any of its Subsidiaries; and (B) property of a party to a
corporate reorganization which is not the Guarantor or a Restricted Subsidiary
shall be deemed to be or have been “acquired” by the Guarantor or such
Restricted Subsidiary as part

 7
 

 

of such corporate
reorganization even if the Guarantor or such Restricted Subsidiary, as the case
may be, is not the surviving or continuing entity.

“Person” means
any individual, corporation, partnership, joint venture, association,
joint-stock company, trust, unincorporated organization, limited liability
company, government or any agency or political subdivision hereof or any other
entity.

“Principal Trust Office”
means the Corporate Trust Office or such other trust office or agency as may be
designated by the Trustee in writing to the Company from time to time.  The initial Principal Trust Office shall be
the office of the Trustee to which notices are to be sent as set forth in
Section 11.02 hereof.

“Property” means
any property, whether presently owned or hereafter acquired, including any
asset, revenue, or right to receive income or any other property, whether
tangible or intangible, real or personal.

“Rating Agencies”
means Moody’s and S&P or if Moody’s or S&P, or both, cease to rate the
Notes or fails to make a rating of the Notes publicly available, a nationally recognized
statistical rating agency or agencies, as the case may be, selected by Bunge
Limited which shall be substituted for Moody’s or S&P, or both of them, as
the case may be.

“Redemption Date”
means, with respect to any redemption of Notes, the date of redemption with
respect thereto.

“Redemption Price”
has the meaning ascribed to it under the section entitled “Optional Redemption
by the Company” on the reverse side of the Notes, the forms of which are
attached as Exhibits A and B hereto.

“Registrar” has
the meaning ascribed to it in Section 2.03 hereof.

“Representatives to the
Underwriters” means J.P. Morgan Securities Inc. and Morgan Stanley
& Co. Incorporated.

“Restricted Property”
means any building, mine, structure or other facility (together with the land
on which it is erected and fixtures comprising a part thereof) and inventories
now owned or hereafter acquired by the Guarantor or any Subsidiary and used for
oilseed or grain origination, processing, transportation or storage, mining or
fertilizer refining or storage.

“Restricted Subsidiary”
means (a) any Subsidiary which is a “significant subsidiary” under Regulation
S-X under the Securities Act, or (b) any other Subsidiary that owns or leases
any Restricted Property the aggregate Fair Market Value of which, as determined
by the Board of Directors of the Guarantor, exceeds three percent of
Consolidated Net Tangible Assets. 
Notwithstanding the foregoing, Fertilizantes Fosfatados S.A.-Fostertil
shall not be deemed a Restricted Subsidiary of the Guarantor for the purpose of
the covenants described under Section 3.02 and Section 3.03.

“Sale-Leaseback Transaction”
means the sale or transfer by the Guarantor or any Restricted Subsidiary of any
Restricted Property to a Person (other than the Guarantor or a

 8
 

 

Restricted Subsidiary)
and the taking back by the Guarantor or any Restricted Subsidiary, as the case
may be, of a lease of such Restricted Property.

“S&P” means
Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc. and any successor to its rating agency business.

“SEC” means the
U.S. Securities and Exchange Commission.

“Securities Act”
means the U.S. Securities Act of 1933, as amended.

“Securities Custodian”
means the custodian with respect to the Global Note (as appointed by DTC), or
any successor Person thereto and shall initially be the Trustee.

“Special Interest Payment
Date” has the meaning ascribed to it in Section 2.11 hereof.

“Special Record Date”
has the meaning ascribed to it in Section 2.11 hereof.

“Stated Maturity”
means, with respect to any security, the date specified in such security as the
fixed date on which the payment of principal of such security is due and
payable, including pursuant to any mandatory redemption provision, but shall
not include any contingent obligations to repay, redeem or repurchase any such
principal prior to the date originally scheduled for the payment thereof.

“Subsequent Issuance
Period” shall mean the period commencing on the date hereof and
ending on March 31, 2012.

“Subsequent Notes”
has the meaning ascribed to it in the second introductory paragraph of this
Indenture.

“Subsidiary”
means any corporation, limited liability company or other business entity of
which the requisite number of shares of stock or other equity ownership interests
having ordinary voting power (without regard to the occurrence of any
contingency) to elect a majority of the directors, managers or trustees
thereof, or any partnership of which more than 50% of the partners’ equity
interests (considering all partners’ equity interests as a single class) is, in
each case, at the time owned or controlled, directly or indirectly, by a
Person, one or more of the Subsidiaries of such Person, or combination thereof.

“Successor Guarantor”
has the meaning ascribed to it in Section 4.01 hereof.

“Trust Indenture Act”
means the U.S. Trust Indenture Act of 1939, as in effect on the date of this
Indenture.

“Trust Officer”
means, with respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice
president, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the
individuals who at the time shall be such officers, respectively, or to whom
any corporate trust matter is referred because of such individual’s knowledge
of and

 9
 

 

familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Indenture.

“Trustee” means
the party named as such in this Indenture until a successor replaces it and,
thereafter, such successor.

“Underwriters”
means, collectively, J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated.

“U.S. GAAP”
means generally accepted accounting principles in the United States, as in
effect from time to time.

“U.S. Government Securities”
means securities that are (a) direct obligations of the United States of
America for the timely payment of which its full faith and credit is pledged or
(b) obligations of a Person controlled or supervised by and acting as an agency
or instrumentality of the United States of America the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by the
United States of America, which, in either case, are not callable or redeemable
at the option of the issuer thereof, and shall also include a depository
receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act),
as custodian with respect to any such U.S. Government Securities or a specific
payment of principal of or interest on any such U.S. Government Securities held
by such custodian for the account of the holder of such depository receipt;
provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository
receipt from any amount received by the custodian in respect of the U.S.
Government Securities or the specific payment of principal of or interest on
the U.S. Government Securities evidenced by such depository receipt.

“Voting Stock”
of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the Board of Directors of such
Person.

Section 1.02.  Incorporation by Reference of Trust Indenture Act.  This Indenture is subject to the mandatory
provisions of the Trust Indenture Act which are incorporated by reference in
and made a part of this Indenture.  The
following Trust Indenture Act terms have the following meanings:

“Commission” means the SEC.

“indenture securities” means the Notes.

“indenture security holder” means a Noteholder.

“indenture to be qualified” means this Indenture.

“indenture trustee” or “institutional trustee” means
the Trustee.

“obligor” on the indenture securities means the
Company and any other obligor on the indenture securities.

 

 10

All other Trust Indenture Act terms used in this
Indenture that are defined by the Trust Indenture Act, defined in the Trust
Indenture Act by reference to another statute or defined by SEC rule have the
meanings assigned to them by such definitions.

Section 1.03.  Rules of Construction.  Unless the context otherwise requires:

(1)           a
term has the meaning assigned to it;

(2)           an
accounting term not otherwise defined has the meaning assigned to it in
accordance with U.S. GAAP;

(3)           “or”
is not exclusive;

(4)           “including”
means including without limitation;

(5)           words
in the singular include the plural and words in the plural include the
singular; and

(6)           the
principal amount of any noninterest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance
sheet of the issuer dated such date prepared in accordance with U.S. GAAP.

ARTICLE 2

The Notes

Section 2.01.  Form, Dating and Terms.  (a)  The
Initial Notes are being offered and sold by the Company pursuant to an
Underwriting Agreement, dated March 19, 2007 among the Company, the Guarantor
and Representatives to the Underwriters.

Initial Notes offered and sold to the Underwriters
will be issued on the Issue Date in the form of a permanent global Note,
without interest coupons, substantially in the form of Exhibit A hereto, which
is hereby incorporated by reference and made a part of this Indenture,
including appropriate legends as set forth in Section 2.01(c) hereof (the “Global Note”), deposited with the Trustee, as custodian for
DTC, duly executed by the Company and authenticated by the Trustee as
hereinafter provided.  The Global Note
may be represented by more than one certificate, if so required by DTC’s rules
regarding the maximum principal amount to be represented by a single
certificate.  The aggregate principal
amount of the Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided.

Except as described in the succeeding two sentences,
the principal of and premium, if any, and interest on the Notes shall be
payable at the office or agency of the Company maintained for such purpose in
The City of New York, or at such other office or agency of the Company as may
be maintained for such purpose pursuant to Section 2.03 hereof; provided,
however, that, at the option of the Company, each installment of interest may
be paid by check mailed to addresses of the Persons entitled thereto as such
addresses shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including
principal, premium and interest) will be made by wire transfer of immediately
available funds to the

 11
 

accounts specified by
DTC.  Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes represented by Definitive Notes will be made by wire transfer
to a U.S. dollar account maintained by the payee with a bank in the United
States if such Holder elects payment by wire transfer by giving written notice
to the Trustee or the Paying Agent to such effect designating such account no
later than 15 days immediately preceding the relevant due date for payment (or
such other date as the Trustee may accept in its discretion).

Any Subsequent Notes shall be in the form of Exhibit A
hereto.

The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage, in addition to those set forth
on Exhibit A hereto and in Section 2.01(c) hereof.  The Company and the Trustee shall approve the
forms of the Notes and any notation, endorsement or legend on them.  Each Note shall be dated the date of its
authentication.  The terms of the Notes
set forth in Exhibit A hereto are part of the terms of this Indenture and, to
the extent applicable, the Company and the Trustee, by their execution and
delivery of this Indenture, expressly agree to be bound by such terms.

The Notes shall be subject to repurchase by the
Company pursuant to a Change of Control Offer as provided in Section 3.14
hereof.  The Notes shall not be
redeemable, other than as provided in Article V.

(b)           Denominations.  The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of U.S.$1,000 and
any integral multiple thereof.

(c)           Legends.  Each of the Global Notes, whether or not an
Initial Note, shall bear the following legend on the face thereof:

“UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS
MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

TRANSFERS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 12
 

 

(d)           Book-Entry
Provisions.  (i) This Section 2.01(d)
shall apply only to Global Notes deposited with the Trustee, as custodian for
DTC.

(ii)           Each Global Note initially shall (A)
be registered in the name of DTC or the nominee of DTC, (B) be delivered to the
Trustee as custodian for DTC and (C) bear legends as set forth in Section
2.01(c) hereof.

(iii)          Members of, or participants in, DTC (“Agent Members”) shall have no rights under
this Indenture with respect to any Global Note held on their behalf by DTC or
by the Trustee as the custodian of DTC or under such Global Note, and DTC may
be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Note for all purposes
whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices of DTC governing the
exercise of the rights of a Holder of a beneficial interest in any Global Note.

(iv)          In connection with any transfer of a
portion of the beneficial interest in a Global Note pursuant to Section 2.01(e)
hereof to beneficial owners who are required to hold Definitive Notes, the
Securities Custodian shall reflect on its books and records the date and a
decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be
transferred, and the Company shall execute, and the Trustee shall authenticate
and deliver, one or more Definitive Notes of like tenor and amount.

(v)           In connection with the transfer of an
entire Global Note to beneficial owners pursuant to Section 2.01(e) hereof,
such Global Note shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of
Definitive Notes of authorized denominations.

(vi)          The registered Holder of a Global Note
may grant proxies and otherwise authorize any person, including Agent Members
and persons that may hold interests through Agent Members, to take any action
which a Holder is entitled to take under this Indenture or the Notes.

(e)           Definitive Notes.

(i)            Except as provided below, owners of
beneficial interests in Global Notes will not be entitled to receive Definitive
Notes.  If required to do so pursuant to
any applicable law or regulation, beneficial owners may obtain Definitive Notes
in exchange for their beneficial interests in a Global Note upon written request
in accordance with DTC’s and the Registrar’s procedures.  In addition, Definitive Notes shall be
transferred to all beneficial owners in exchange for their beneficial interests
in a Global Note if (a) DTC notifies the Company that it is unwilling or unable
to continue as depositary for 

 13
 

such Global Note or DTC ceases to be a
clearing agency registered under the Exchange Act, at a time when DTC is
required to be so registered in order to act as depositary, and in each case a
successor depositary is not appointed by the Company within 90 days of such
notice, or (b) subject to the procedures of DTC, the Company or the Guarantor
executes and delivers to the Trustee and Registrar an Officer’s Certificate
stating that such Global Note shall be so exchangeable or (c) an Event of
Default has occurred and is continuing and the Registrar has received a request
from DTC.

(ii)           In connection with the exchange of a
portion of a Definitive Note for a beneficial interest in a Global Note, the
Trustee shall cancel such Definitive Note, and the Company shall execute, and
the Trustee shall authenticate and deliver, to the transferring Holder a new
Definitive Note representing the principal amount not so transferred.

Section 2.02. 
Execution and Authentication.  One Officer shall execute the Notes, on
behalf of the Company, by manual or facsimile signature.  If an Officer whose signature is on a Note no
longer holds that office at the time the Trustee authenticates the Note, the
Note shall be valid nevertheless.

A Note shall not be valid until an authorized
signatory of the Trustee manually authenticates the Note.  The signature of the Trustee on a Note shall
be conclusive evidence that such Note has been duly and validly authenticated
and issued under this Indenture.  A Note
shall be dated the date of its authentication.

The Trustee shall authenticate and make available for
delivery: (1) at any time and from time to time after the execution and
delivery of this Indenture, Initial Notes for original issue on the Issue Date
initially in an aggregate principal amount of U.S. $250,000,000; and (2) at any
time during the Subsequent Issuance Period, if and when issued, the Subsequent
Notes, in each case upon a written order of the Company signed by two Officers
or by an Officer and an Assistant Treasurer or an Assistant Secretary of the
Company (the “Company Order”).  Such Company Order shall specify the amount
of the Notes to be authenticated and the date on which the original issue of
Notes is to be authenticated and whether the Notes are to be Initial Notes or
Subsequent Notes.  The aggregate
principal amount of Notes which may be authenticated and delivered under this
Indenture is initially limited to U.S. $250,000,000 outstanding (plus any Subsequent
Notes), except for Notes authenticated and delivered upon registration or
transfer of, or in exchange for, or in lieu of, other Notes of the same class
pursuant to Section 2.06, Section 2.07, Section 2.09, Section 5.08 or Section
9.05 hereof.  All Notes issued on the
Issue Date and all Subsequent Notes shall be identical in all respects other
than issue dates, the date from which interest accrues and any changes relating
thereto.  Notwithstanding anything to the
contrary contained in this Indenture, the Initial Notes and any Subsequent
Notes will be treated as a single class of securities under this
Indenture.  Without limiting the
generality of the foregoing sentence, all Notes issued under this Indenture
shall vote and consent together on all matters as one class and no Notes will
have the right to vote or consent as a separate class on any matter.  Notwithstanding any provision to the contrary
contained in this Indenture, the Company shall not issue any Subsequent Notes
after the Subsequent Issuance Period.

The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable to the Company
to authenticate the Notes.  Unless
limited by the terms of such appointment, any 

 14
 

such Authenticating Agent
may authenticate Notes whenever the Trustee may do so.  Each reference in this Indenture to
authentication by the Trustee includes authentication by the Authenticating
Agent.  An Authenticating Agent has the
same rights as a Paying Agent to deal with Holders or an Affiliate of the
Company.

Section 2.03.  Registrar and Paying Agent.  The Company shall cause to be kept a register
for the Notes (the “Note Register”)
in which, subject to such reasonable regulations as the Company may prescribe,
the Company shall provide for the registration of the Notes and of all
transfers and exchanges with respect thereto. 
The Note Register shall be maintained by the Trustee or such other
Person (including the Company or the Guarantor) appointed by the Company as the
registrar (the “Registrar”).  The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for
exchange and an office or agency where Notes may be presented for payment (the “Place of Payment”).  The Company shall cause each of the Registrar
and the Paying Agent to maintain an office or agency in the Borough of
Manhattan, The City of New York.  The
Company may have one or more co-registrars and one or more additional paying
agents.  The term “Paying Agent” includes
any additional paying agent.

The Company shall enter into an appropriate agency
agreement with any Registrar and Paying Agent that is not a party to this
Indenture, which shall incorporate the terms of the Trust Indenture Act.  The agreement shall implement the provisions
of this Indenture that relate to such agent. 
The Company shall notify the Trustee of the name and address of each
such agent.  If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall
be entitled to appropriate compensation therefor pursuant to Section 7.07
hereof.  The Company, the Guarantor or
any Subsidiary of the Company or the Guarantor may act as Paying Agent,
Registrar, co registrar or transfer agent.

The Company initially appoints DTC to act as
depository with respect to the Global Notes. 
The Trustee is authorized to enter into a letter of representations with
DTC in the form provided to the Trustee by the Company and to act in accordance
with such letter.

The Company initially appoints the Trustee as
Registrar and Paying Agent for the Notes.

Section 2.04.  Paying Agent to Hold Money in Trust.  By at least 10:00 a.m. (New York City time)
on the date on which any principal of and premium, if any, or interest on any
Note is due and payable, the Company shall deposit with the Paying Agent a sum
sufficient to pay such principal, premium, if any, or interest when due.  The Company shall require each Paying Agent
(other than the Trustee) to agree in writing that such Paying Agent shall hold
in trust for the benefit of Noteholders or the Trustee all money held by such
Paying Agent for the payment of principal of and premium, if any, or interest
on the Notes and shall notify the Trustee in writing of any default by the
Company or the Guarantor in making any such payment.  If the Company, the Guarantor or a Subsidiary
of the Company or the Guarantor acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it as a separate trust fund.  The Company at any time may require a Paying
Agent (other than the Trustee) to pay all money held by it to the Trustee and
to account for any funds disbursed by such Paying Agent.  Upon complying with this Section 2.04, the
Paying Agent (if other than the Company or a Subsidiary of the Company or the
Guarantor) shall have no further liability for the money delivered to the 

 15
 

Trustee.  Upon any bankruptcy, reorganization or
similar proceeding with respect to the Company, the Trustee shall serve as
Paying Agent for the Notes.

Section 2.05.  Noteholder Lists.  The Trustee shall preserve in as current a
form as is reasonably practicable the most recent list available to it of the
names and addresses of Noteholders and shall otherwise comply with Trust
Indenture Act, Section 312(a).  If the
Trustee is not the Registrar, or to the extent otherwise required under the
Trust Indenture Act, the Company, on its own behalf and on behalf of the
Guarantor, shall furnish to the Trustee, in writing at least seven Business
Days before each interest payment date and at such other times as the Trustee may
request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Noteholders and the Company
shall otherwise comply with Trust Indenture Act, Section 312(a).

Section 2.06.  Transfer and Exchange.

(a)           The Registrar shall
retain copies of all letters, notices and other written communications received
pursuant to Section 2.01 hereof or this Section 2.06.  The Company shall have the right to inspect
and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable prior written notice to the
Registrar.

(b)           Obligations with
Respect to Transfers and Exchanges of Notes.

(i)            To permit registrations of transfers
and exchanges, the Company shall, subject to the other terms and conditions of
this Article 2, execute and the Trustee shall authenticate Definitive Notes and
Global Notes at the Registrar’s or co-registrar’s request.

(ii)           No service charge shall be made to a
Holder for any registration of transfer or exchange, but the Company or the
Guarantor may require from a Holder payment of a sum sufficient to cover any
transfer tax, assessments, or similar governmental charge payable in connection
therewith (other than any such transfer taxes, assessments or similar
governmental charges payable upon exchange or transfer pursuant to Section 3.14
and Section 9.05 hereof).

(iii)          The Registrar or co-registrar shall
not be required to register the transfer of, or exchange of, any Note for a
period beginning (1) 15 days before the mailing of a notice of an offer to
repurchase or redeem Notes and ending at the close of business on the day of
such mailing or (2) 15 days before an interest payment date and ending on such
interest payment date.

(iv)          Prior to the due presentation for
registration of transfer of any Note, the Company, the Trustee, the Paying
Agent, the Registrar or any co-registrar may deem and treat the person in whose
name a Note is registered as the absolute owner of such Note for the purpose of
receiving payment of principal of and premium, if any, and interest on such
Note and for all other purposes whatsoever, whether or not such Note is
overdue, and none of the Company, the Trustee, the Paying Agent, the Registrar
or any co registrar shall be affected by notice to the contrary.

 16
 

 

(v)           All Notes issued upon any transfer or
exchange pursuant to the terms of this Indenture shall evidence the same debt,
and shall be entitled to the same benefits under this Indenture, as the Notes
surrendered upon such transfer or exchange.

(vi)          All Global Notes shall be registered
in the name of DTC, or a nominee thereof, and all transfers of beneficial
ownership interests therein will be made in accordance with the rules of
DTC.  No investor or other party purchasing,
selling or otherwise transferring beneficial ownership interests in Global
Notes shall receive, hold or deliver any certificate representing the
same.  The Company, the Guarantor and the
Trustee shall have no responsibility or liability for transfers of beneficial
ownership interests in any Global Note.

(c)           No Obligation of
the Trustee.

(i)            The Trustee shall have no
responsibility or obligation to any beneficial owner of a Global Note, an Agent
Member or any other Person with respect to (A) the accuracy of the records of
DTC or its nominee or of any participant or member thereof, with respect to any
ownership interest in the Notes, (B) the delivery to any participant, member,
beneficial owner or other Person (other than DTC) of any notice (including any
notice of redemption) or the payment of any amount or delivery of any Notes (or
other security or property) under or with respect to such Notes, or (C) the
selection of the particular Notes or portions thereof to be redeemed or
refunded in the event of a partial redemption or refunding of the Notes.  All notices and communications to be given to
the Holders and all payments to be made to Holders in respect of the Notes
shall be given or made only to or upon the order of the registered Holders
(which shall be DTC or its nominee in the case of a Global Note).  The rights of beneficial owners in any Global
Note shall be exercised only through DTC subject to the applicable rules and
procedures of DTC.  The Trustee may rely
and shall be fully protected in relying upon information furnished by DTC with
respect to its members, participants and any beneficial owners.

(ii)           The Trustee shall have no obligation
or duty to monitor, determine or inquire as to compliance with any restrictions
on transfer imposed under this Indenture or under applicable law with respect
to any transfer of any interest in any Note (including any transfers between or
among DTC, its Agent Members or beneficial owners in any Global Note) other
than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly
required by, the terms of this Indenture with respect to transfers between
Holders, and to examine the same to determine substantial compliance as to form
with the express requirements hereof.

Section 2.07.  Mutilated, Destroyed, Lost or
Stolen Notes.  If a mutilated
Note is surrendered to the Registrar or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Company shall issue and
the Trustee shall authenticate a replacement Note if the requirements of
Section 8-405 of the New York Uniform Commercial Code are met and the Holder
satisfies any other reasonable requirements of the Trustee.  If required by the Trustee or the Company,
such Holder shall furnish an indemnity bond sufficient in the judgment of the
Company and the Trustee to protect the Company, the Trustee, the Paying 

 17
 

Agent, the
Registrar and any co-registrar from any loss which any of them may suffer if a Note
is replaced, and, in the absence of notice to the Company, the Guarantor or the
Trustee that such Note has been acquired by a bona fide purchaser, the Company
shall execute and upon Company Order the Trustee shall authenticate and make
available for delivery, in exchange for any such mutilated Note or in lieu of
any such destroyed, lost or stolen Note, a new Note of like tenor and principal
amount, bearing a number not contemporaneously outstanding.

In case any such mutilated, destroyed, lost or stolen
Note has become or is about to become due and payable, the Company in its
discretion may, instead of issuing a new Note, pay such Note.

Upon the issuance of any new Note under this Section
2.07, the Company may require the payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto and any
other expenses (including the fees and expenses of the Trustee) in connection
therewith.

Every new Note issued pursuant to this Section 2.07 in
lieu of any mutilated, destroyed, lost or stolen Note shall constitute an
original additional contractual obligation of the Company, the Guarantor (if
applicable) and any other obligor upon the Notes, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder.

The provisions of this Section 2.07 are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen
Notes.

Section 2.08.  Outstanding
Notes.  Notes outstanding at
any time are all Notes authenticated by the Trustee except  for those canceled by it, those delivered
to it for cancellation and those described in this Section 2.08 as not
outstanding.  A Note ceases to be
outstanding in the event the Company holds the Note, provided, however, that
(i) for purposes of determining which are outstanding for consent or voting
purposes hereunder, Notes shall cease to be outstanding in the event the
Company or an Affiliate of the Company holds the Note and (ii) in determining
whether the Trustee shall be protected in making a determination whether the
Holders of the requisite principal amount of outstanding Notes are present at a
meeting of Holders of Notes for quorum purposes or have consented to or voted
in favor of any request, demand, authorization, direction, notice, consent,
waiver, amendment or modification hereunder, or relying upon any such quorum,
consent or vote, only Notes which a Trust Officer of the Trustee actually knows
to be held by the Company or an Affiliate of the Company shall not be
considered outstanding.

If a Note is replaced pursuant to Section 2.07 hereof,
it ceases to be outstanding unless the Trustee and the Company receive proof
satisfactory to them that the replaced Note is held by a bona fide purchaser.

If the Paying Agent segregates and holds in trust, in
accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal, premium, if any, and 

 18
 

interest payable on that
date with respect to the Notes (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from
paying such money to the Noteholders on that date pursuant to the terms of this
Indenture, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue.

Section 2.09.  Temporary Notes.  Until Definitive Notes are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary
Notes.  Temporary Notes shall be
substantially in the form of Definitive Notes but may have variations that the
Company considers appropriate for temporary Notes.  Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate Definitive Notes.  After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender
of the temporary Notes at any office or agency maintained by the Company for
that purpose and such exchange shall be without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes, the Company shall execute, and the Trustee shall
authenticate and make available for delivery in exchange therefor, one or more
Definitive Notes representing an equal principal amount of Notes.  Until so exchanged, the Holder of temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as a holder of Definitive Notes.

Section 2.10.  Cancellation.  The Company at any time may deliver Notes to
the Trustee for cancellation.  The
Registrar and the Paying Agent shall forward to the Trustee any Notes surrendered
to them for registration of transfer, exchange or payment.  The Trustee, and no one else, shall cancel
and destroy all Notes surrendered for registration of transfer, exchange,
payment or cancellation, in its customary manner.  The Company may not issue new Notes to
replace Notes it has paid or delivered to the Trustee for cancellation for any
reason other than in connection with a transfer or exchange.

Section 2.11.  Payment of
Interest; Defaulted Interest.  Interest
on any Note which is payable, and is punctually paid or duly provided for, on
any interest payment date shall be paid to the Person in whose name such Note
(or one or more predecessor Notes) is registered at the close of business on
the regular record date for such interest at the office or agency of the
Company maintained for such purpose pursuant to Section 2.03 hereof.

Any interest on any Note which is payable, but is not
paid when the same becomes due and payable and such nonpayment continues for a
period of 30 days shall forthwith cease to be payable to the Holder on the
regular record date by virtue of having been such Holder, and such defaulted
interest and (to the extent lawful) interest on such defaulted interest at the
rate borne by the Notes (such defaulted interest and interest thereon herein
collectively called “Defaulted Interest”)
shall be paid by the Company, at its election in each case, as provided in
clause (a) or (b) below:

(a)           The Company may
elect to make payment of any Defaulted Interest to the Persons in whose names the
Notes (or their respective predecessor Notes) are registered at the close of
business on a Special Record Date (as defined below) for the payment of such
Defaulted Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee in
writing of the amount of Defaulted Interest proposed to be paid on each Note
and the date (not less than 30 days after such notice) of the proposed payment
(the “Special Interest Payment Date”),
and at the same time the Company shall deposit with the Trustee an amount of
money 

 19
 

equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to
the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Persons entitled to such Defaulted Interest as in this
clause provided.  Thereupon the Trustee
shall fix a record date (the “Special Record
Date”) for the payment of such Defaulted Interest which shall be not
more than 15 days and not less than 10 days prior to the Special Interest
Payment Date and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment.  The
Trustee shall promptly notify the Company of such Special Record Date, and in
the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date and Special
Interest Payment Date therefor to be given in the manner provided for in
Section 11.02 hereof, not less than 10 days prior to such Special Record
Date.  Notice of the proposed payment of
such Defaulted Interest and the Special Record Date and Special Interest
Payment Date therefor having been so given, such Defaulted Interest shall be
paid on the Special Interest Payment Date to the Persons in whose names the
Notes (or their respective predecessor Notes) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (b).

(b)           The Company may make
payment of any Defaulted Interest in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to
this clause, such manner of payment shall be deemed practicable by the Trustee.

Subject to the foregoing provisions of this Section
2.11, each Note delivered under this Indenture upon registration of, transfer
of or in exchange for or in lieu of any other Note shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Note.

Section 2.12.  Computation of Interest.  Interest on the Notes shall be computed on
the basis of a 360-day year of twelve 30-day months.

Section 2.13.  CUSIP and ISIN Numbers.
 The
Company in issuing the Notes may use “CUSIP” and “ISIN” numbers (if then
generally in use) and, if so, the Trustee shall use “CUSIP” and “ISIN” numbers
in notices of redemption as a convenience to Holders; provided, however, that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Notes or as contained in any notice of
a redemption and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption shall not be affected by
any defect in or omission of such CUSIP or ISIN numbers.  The Company shall promptly notify the Trustee
of any change in the CUSIP and ISIN numbers.

Section 2.14.  Tax Treatment.  The Company and the Holders
intend, and will take all actions consistent with the intention, that the Notes
be treated as indebtedness for all federal, state, local, and foreign income and
franchise tax purposes.  The Company, by
entering into this Indenture, and each Holder, by its acceptance of its Note,
agree to treat the Notes as indebtedness for federal, state, local and foreign
income and franchise tax purposes.

 20

ARTICLE 3

Covenants

Section 3.01.  Payment of
Notes.  The Company shall
promptly pay the principal of and premium, if any, and interest on the Notes on
the dates and in the manner provided in the Notes and in this Indenture.  Principal and interest shall be considered
paid on the date due if on such date the Trustee or the Paying Agent holds in
accordance with this Indenture money sufficient to pay all principal and
interest then due and the Trustee or the Paying Agent, as the case may be, is
not prohibited from paying such money to the Noteholders on that date.

The Company shall pay interest on overdue principal
and premium, if any, at the rate specified therefor in the Notes, and it shall
pay interest on overdue installments of interest at the same rate to the extent
lawful.

Notwithstanding anything to the contrary contained in
this Indenture and subject to Section 11.15, the Company may, to the extent it
is required to do so by law, deduct or withhold income or other taxes imposed
by the United States of America (or any political subdivision thereof) from
principal or interest payments hereunder.

Section 3.02.  Limitation on Liens.
 The
Guarantor shall not, and shall not permit any Restricted Subsidiary to, create,
assume, incur or suffer to exist any Lien, other than a Permitted Lien, upon or
with respect to any of its Restricted Property or the shares of stock or
Indebtedness of any Restricted Subsidiary to secure any Indebtedness incurred
or guaranteed by the Guarantor or any Restricted Subsidiary (other than the
Notes), unless all of the outstanding Notes and the Guarantee are secured
equally and ratably with, or prior to, such Indebtedness for so long as such
Indebtedness shall be so secured.

Section 3.03.  Limitation on Sale-Leaseback
Transactions.  The Guarantor
shall not, and shall not permit any Restricted Subsidiary to, enter into any
Sale-Leaseback Transaction unless:

(a)           the Sale-Leaseback
Transaction occurs within six months from the date of the acquisition of the
Restricted Property subject  thereto or
the date of the completion of construction or commencement of full operations
of such Restricted Property, whichever is later; or

(b)           the Sale-Leaseback
Transaction is between the Guarantor and a Restricted Subsidiary of the
Guarantor, or between Restricted Subsidiaries of the Guarantor; or

(c)           the Sale-Leaseback
Transaction involves a lease for a period, including renewals, of not more than
three years; or

(d)           the Sale-Leaseback
Transaction constitutes a Permitted Lien for the purposes of Section 3.02
hereof; or

(e)           the Guarantor or
such Restricted Subsidiary, within a one year period after such Sale-Leaseback
Transaction, (i) applies or causes to be applied an amount not less than the
Attributable Indebtedness from such Sale-Leaseback Transaction to the
prepayment, repayment, redemption, reduction or retirement of any Indebtedness
of the Guarantor or any Subsidiary 

 21
 

having a
maturity of more than one year that is not subordinated to the Notes or the
Guarantee or (ii) enters into a bona fide commitment to expend an amount not
less than the Attributable Indebtedness for such Sale-Leaseback Transaction
during such one-year period to the acquisition, construction or development of
other similar Property.

Section 3.04.  Exclusion from Limitations.  Notwithstanding Sections 3.02 and 3.03
hereof, the Guarantor may, and may permit any Restricted Subsidiary to, create,
assume, incur or suffer to exist any Lien (other than a Permitted Lien) upon
any Restricted Property to secure Indebtedness incurred or guaranteed by the
Guarantor or any Restricted Subsidiary (other than the Notes) or effect any
Sale-Leaseback Transaction of a Restricted Property that is not excepted by
Section 3.03(a), (b), (c), (d) or (e) hereof, without equally and ratably
securing the Notes or the Guarantee provided that, after giving effect thereto,
the aggregate principal amount of outstanding Indebtedness (other than the
Notes) secured by Liens (other than Permitted Liens) upon Restricted Property
plus the Attributable Indebtedness from Sale-Leaseback Transactions of
Restricted Property not so excepted, do not exceed 15% of the Consolidated Net
Tangible Assets.

Section 3.05.  Maintenance
of Office or Agency.  The
Company will maintain in The City of New York, an office or agency where the Notes
may be presented or surrendered for payment, where, if applicable, the Notes
may be surrendered for registration of transfer or exchange and where notices
and demands to or upon the Company in respect of the Notes and this Indenture
may be served.  The office or agency (the
“Corporate Trust Office”) used by
the Trustee in The City of New York as its office or agency for receiving
securities, as the same may from time to time be designated by the Trustee,
shall be such office or agency of the Company, unless the Company shall
designate and maintain some other office or agency for one or more of such
purposes.  The Company will give prompt
written notice to the Trustee of any change in the location of any such office
or agency.  If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.

The Company may also from time to time designate one
or more other offices or agencies (in or outside of The City of New York) where
the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind any such designation; provided, however, that no such
designation or rescission shall in any manner relieve the Company of its
obligation to maintain an office or agency in The City of New York for such
purposes.  The Company will give prompt
written notice to the Trustee of any such designation or rescission and any
change in the location of any such other office or agency.

Section 3.06.  Corporate Existence.  Subject to Article 4 hereof, each of the
Company and the Guarantor will do or cause to be done all things necessary to
preserve, renew and keep in full force and effect its corporate or partnership
existence and take all reasonable action to maintain its corporate or
partnership rights (charter and statutory), licenses, privileges and
franchises; provided, however, that the Company and the Guarantor shall not be
required to preserve any such right, license, privilege or franchise if the
General Partners of the Company or the Board of Directors of the Guarantor, as
applicable, shall determine that the preservation 

 22
 

thereof is no
longer desirable in the conduct of its business and that the loss thereof is
not, and will not be, disadvantageous in any material respect to the Holders;
and provided further, the Guarantor may amalgamate or merge in accordance with
Section 4.01 hereof.

Section 3.07.  Maintenance
of Properties; Insurance.  The
Guarantor shall, and shall cause each of its Subsidiaries to, keep all property
useful and necessary in its business in good working order and condition,
except where failure to do so would not have a Material Adverse Effect; and the
Guarantor shall maintain with financially sound and reputable insurance
companies insurance on all its property in at least such amounts and against at
least such risks as are customary for the Guarantor’s type of business.

Section 3.08.  Payment of
Taxes and Other Claims.  Each
of the Company and the Guarantor shall pay, discharge or otherwise satisfy at
or before maturity or before they become delinquent, as the case may be, all
federal income and other material taxes, assessments and similar governmental
charges imposed on it, except where (i) the amount or validity thereof is
currently being contested in good faith by appropriate proceedings and reserves
to the extent required by U.S. GAAP with respect thereto have been provided on
the books of the Company or the Guarantor or (ii) the nonpayment of such
federal income and other material taxes, assessments and claims in the
aggregate could not reasonably be expected to have a Material Adverse Effect.

Section 3.09.  Payments for
Consent.  Neither the Company,
the Guarantor nor any Subsidiaries of the Company or the Guarantor will,
directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fees or otherwise, to any Holder of any Notes for or as an
inducement to any consent, waiver or amendment of any of the terms or
provisions of this Indenture or the Notes unless such consideration is offered
to be paid or is paid to all Holders of the Notes that consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to
such consent, waiver or agreement.

Section 3.10.  Compliance Certificate.  The Company and the Guarantor shall deliver
to the Trustee within 120 days after the end of each Fiscal Year of the Company
and the Guarantor a certificate signed by the principal executive officer,
principal financial officer or principal accounting officer of the Company and
the Guarantor, respectively, stating that in the course of the performance by
the signer of his or her duties as an officer of the Company and the Guarantor
he or she would normally have knowledge of any Default or Event of Default and
whether or not the signer knows of any Default or Event of Default that
occurred during such period.  If he or
she does, the certificate shall describe the Default or Event of Default, its
status and what action the Company is taking or proposes to take with respect
thereto.  The Company also shall comply
with Trust Indenture Act, Section 314(a)(4).

Section 3.11.  Further Instruments and Acts.
 Upon
request of the Trustee, the Company will execute and deliver such further
instruments and do such further acts as may be reasonably necessary or proper
to carry out more effectively the purpose of this Indenture.

Section 3.12.  Statement by
Officers as to Default.  The Company shall deliver to the
Trustee, as soon as possible and in any event within 10 days after the Company
becomes aware of the occurrence of any Event of Default or an event which, with
notice or the lapse of time or 

 23
 

both, would
constitute an Event of Default, an Officer’s Certificate setting forth the
details of such Event of Default or default and the action which the Company
proposes to take with respect thereto.

Section 3.13.  Notice of Change in Bermuda
Law, Debt Ratings.  The
Guarantor shall give notice to the Trustee promptly after becoming aware of (i)
any changes in taxes, duties or other fees of Bermuda or any political
subdivision or taxing authority thereof or any change in any laws of Bermuda,
in each case, that may affect any payment due under this Indenture, (ii) any
change in such Guarantor’s public or private debt ratings by a “nationally
recognized statistical rating organization,” as such term is defined by the SEC
for purposes of Rule 436(g)(2) under the Securities Act, and (iii) any
development or event which has had, or which the Guarantor in its good faith
judgment believes will have, a Material Adverse Effect; provided that the
Trustee shall have no responsibilities or duties with respect to any such
notice.  Delivery of any such notice to
the Trustee is for informational purposes only and the Trustee’s receipt of
such notice shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates).

Section 3.14.  Offer to
Repurchase Upon Change of Control. 
(a)  If a Change of Control
Triggering Event occurs, unless the Company has previously or concurrently
irrevocably exercised its right to redeem all the outstanding Notes as
described under Section 5.05 hereof without such redemption being subject to
any conditions precedent, the Company shall make an offer to purchase all of
the Notes pursuant to the offer described below (the “Change of Control Offer”) at a price in
cash (the “Change of Control Payment”)
equal to 101% of the aggregate principal amount thereof plus accrued and unpaid
interest, if any, to, but excluding, the date of purchase, subject to the right
of Holders of the Notes of record on the relevant record date to receive
interest due on the relevant interest payment date.  Within 60 days following any Change of
Control Triggering Event, the Company shall send notice of such Change of
Control Offer by first-class mail, with a copy to the Trustee, to each Holder
of Notes to the address of such Holder appearing in the security register or
otherwise in accordance with the procedures of DTC with a copy to the Trustee,
with the following information:

(i)            that a Change of Control Offer is
being made pursuant to this Section 3.14 and that all Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment by the
Company;

(ii)           the date of the Change of Control
Triggering Event;

(iii)          the date, which will be no earlier
than 30 days nor later than 60 days from the date such notice is mailed, by
which the Company must purchase the Notes (the “Change of Control Payment Date”);

(iv)          the price that the Company must pay
for the Notes it is obligated to purchase;

(v)           the name and address of the Trustee;

 24
 

 

(vi)          that any Note not properly tendered
will remain outstanding and continue to accrue interest;

(vii)         that unless the Company defaults in the
payment of the Change of Control Payment, all Notes accepted for payment
pursuant to the Change of Control Offer will cease to accrue interest on the
Change of Control Payment Date;

(viii)        that Holders electing to have any Notes
purchased pursuant to a Change of Control Offer will be required to surrender
such Notes, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of such Notes completed, to the paying agent specified in the notice at
the address specified in the notice prior to the close of business on the third
Business Day preceding the Change of Control Payment Date;

(ix)           that Holders shall be entitled to
withdraw their tendered Notes and their election to require the Company to
purchase such Notes; provided that the paying agent receives, not later than
the close of business on the 30th day following the date of the Change of
Control notice, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder of the Notes, the principal amount of Notes
tendered for purchase, and a statement that such Holder is withdrawing its
tendered Notes and its election to have such Notes purchased;

(x)            that if the Company is repurchasing
less than all of the Notes, the Holders of the remaining Notes will be issued
new Notes and such new Notes will be equal in principal amount to the
unpurchased portion of the Notes surrendered. 
The unpurchased portion of the Notes must be equal to $1,000 or an
integral multiple of $1,000 in excess thereof; and

(xi)           the other instructions, as determined
by the Company, consistent with this Section 3.14, that a Holder must follow.

The notice, if mailed in a manner herein provided,
shall be conclusively presumed to have been given, whether or not the Holder
receives such notice.  If (a) the notice
is mailed in a manner herein provided and (b) any Holder fails to receive such
notice or a Holder receives such notice but it is defective, such Holder’s
failure to receive such notice or such defect shall not affect the validity of
the proceedings for the purchase of the Notes as to all other Holders that
properly received such notice without defect. 
The Company shall comply with all federal and state securities laws,
including, specifically, Rule 13e-4, if applicable, under the Exchange Act, and
any related Schedule 13E-4 required to be submitted under that rule, to the
extent such laws or regulations are applicable in connection with the
repurchase of Notes pursuant to a Change of Control Offer.  To the extent that the provisions of any
securities laws or regulations conflict with the provisions of this Section
3.14, the Company shall comply with the applicable securities laws and
regulations and shall not be deemed to have breached its obligations under this
Section 3.14 by virtue thereof.

(b)           On the Change of
Control Payment Date, the Company shall, to the extent permitted by law,

 25
 

 

(i)            accept for payment all Notes issued
by it or portions thereof properly tendered pursuant to the Change of Control
Offer,

(ii)           deposit with the Paying Agent an
amount equal to the aggregate Change of Control Payment in respect of all Notes
or portions thereof so tendered, and

(iii)          deliver, or cause to be delivered, to
the Trustee for cancellation the Notes so accepted together with an Officer’s
Certificate to the Trustee stating the aggregate principle amount of such Notes
or portions thereof that have been tendered to, and purchased by, the Company.

(c)           The Company shall
not be required to make a Change of Control Offer following a Change of Control
Triggering Event if a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set
forth in this Section 3.14 applicable to a Change of Control Offer made by the
Company and purchases all Notes validly tendered and not withdrawn under such
Change of Control Offer.  Notwithstanding
anything to the contrary herein, a Change of Control Offer may be made in
advance of a Change of Control Triggering Event, conditional upon such Change
of Control Triggering Event, if a definitive agreement is in place for the
Change of Control at the time of making of the Change of Control Offer.

(d)           Other than as
specifically provided in this Section 3.14, any purchase pursuant to this
Section 3.14 shall be made pursuant to the provisions of Section 5.04, 5.06 and
5.08 hereof.

(e)           Notwithstanding any
provision to the contrary in this Indenture, the Company shall not purchase any
Notes if there has occurred and is continuing an Event of Default, unless such
Event of Default results from the Company’s failure to pay the Change of
Control Payment following the occurrence of a Change of Control Triggering
Event.

ARTICLE 4

Successor Guarantor or Issuer

Section 4.01.  Consolidation, Merger,
Amalgamation and Sale of Assets by the Guarantor or the Company.  The Guarantor shall not, and shall not cause
or permit any Subsidiary to, consolidate with or merge or amalgamate with or
into, or sell, lease, or convey all or substantially all its assets to, any
Person, unless:

(a)           in the case of the
Guarantor:

(i)            the resulting, surviving or
transferee Person (the “Successor Guarantor”)
shall be either the Guarantor or a Person organized under the laws of Bermuda,
the United States of America, any State thereof or the District of Columbia,
any full member state of the European Union, Canada, Australia or Switzerland,
and the Successor Guarantor (if not the Guarantor) shall expressly assume, by
supplemental indenture, executed and delivered to the Trustee, all the
obligations of the Guarantor under the Guarantee and this Indenture; and

 26
 

 

(ii)           immediately after giving effect to
such transaction, no Event of Default or event which with notice or lapse of
time would be an Event of Default has occurred and is continuing; or

(b)           in the case of the
Company:

(i)            the continuing, resulting, surviving
or transferee Person (the “Successor Issuer”)
shall be either the Company or a direct or indirect Subsidiary of Bunge Limited
(or any successor or continuing company of Bunge Limited) organized under the
laws of Bermuda, the United States of America, any State thereof or the
District of Columbia, any full member state of the European Union, Canada,
Australia or Switzerland, and the Successor Issuer (if not the Company) shall
expressly assume, by supplemental indenture, executed and delivered to the
Trustee, all the obligations of the Company under this Indenture; and

(ii)           immediately after giving effect to
such transaction, no Event of Default or event which with notice or lapse of
time would be an Event of Default has occurred and is continuing; or

(c)           in the case of any
Subsidiary of the Guarantor (other than the Company):

(i)            such transaction is a merger or
amalgamation of such Subsidiary with or into, or a consolidation of such
Subsidiary with, the Guarantor (so long as the Guarantor is the surviving,
continuing or resulting entity) or another Subsidiary of the Guarantor or the
sale or other disposition by such Subsidiary of all or substantially all of its
property to the Guarantor or another Subsidiary of the Guarantor; or

(ii)           such transaction is the merger or
amalgamation of such Subsidiary with or into, the consolidation of such
Subsidiary with, or the sale or other disposition by such Subsidiary of all or
substantially all of its property to, another Person (provided that such Person
is not an Affiliate of such Subsidiary), so long as immediately prior to, and after
giving effect to such transaction, no Default or Event of Default exists or
would exist.

For purposes of this Section 4.01, the sale, lease,
conveyance, assignment, transfer, or other disposition of all or substantially
all of the properties and assets of one or more Subsidiaries of the Guarantor,
which properties and assets, if held by the Guarantor instead of such
Subsidiaries, would constitute all or substantially all of the properties and
assets of the Guarantor on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the
Guarantor.

If the Company or the Guarantor engages in one of the
transactions described above and complies with the conditions listed above, the
Successor Issuer or the Successor Guarantor, as the case may be, will succeed
to, and be substituted for, and may exercise every right and power of, the
Company or the Guarantor, as the case may be, under this Indenture, but, in the
case of a lease of all or substantially all its assets, the Company or the
Guarantor, as the case may be, will not be released from the obligation to pay
the principal of and premium, if any, and interest on the Notes.

 27
 

 

In the event that the Company or the Guarantor
consolidates with or merges or amalgamates with or into, or sells, leases or
conveys all or substantially all of its assets to, another Person subject to
the terms of this Section 4.01 (a “Transfer”) and
the Successor Issuer or the Successor Guarantor, as the case may be, is a
Person organized under the laws of a member state of the European Union,
Canada, Australia or Switzerland, then the Company and the Successor Issuer or
the Guarantor and the Successor Guarantor, as the case may be, shall, as a
condition to such Transfer, (A) enter into a supplemental indenture with the
Trustee providing for full, unconditional and irrevocable indemnification of
the Holders of the Notes and the Trustee against any tax or duty of whatever
nature (other than a net income tax) which is incurred or otherwise suffered by
such Holders and the Trustee with respect to the Notes and which would not have
been incurred or otherwise suffered in the absence of such Transfer; and (B)
deliver to the Trustee, for the benefit of the Holders of the Notes, legal
opinions of independent legal counsel in New York and the applicable member
state of the European Union, Canada, Australia or Switzerland the laws of which
the successor or continuing company is organized under, as applicable, to the
effect that the Obligations of the Successor Issuer with respect to this
Indenture or the Successor Guarantor with respect to the Guarantee, as the case
may be, are legal, valid, binding and enforceable in accordance with their
terms.

ARTICLE 5

Optional
Redemption of Notes

Section 5.01.  Optional Redemption by the
Company.  The Notes may be redeemed at any
time as a whole or from time to time in part, subject to the conditions and at
the Redemption Prices specified in the form of Notes set forth in Exhibit A
hereto, which are hereby incorporated by reference and made a part of this
Indenture, together with accrued and unpaid interest to the Redemption Date.

Section 5.02.   Applicability of Article.  Redemption
of Notes at the election of the Company or otherwise, as permitted or required
by any provision of this Indenture, shall be made in accordance with such
provision and this Article 5.

Section 5.03.  Election to Redeem; Notice to Trustee.  The
election of the Company to redeem any Notes pursuant to Section 5.01 hereof
shall be evidenced by a resolution of the General Partners of the Company.  In case of any redemption at the election of
the Company, the Company shall, upon not later than the earlier of the date
that is 30 days prior to the Redemption Date fixed by the Company or the date on
which notice is given to the Holders (except as provided in Section 5.05 hereof
or unless a shorter notice shall be satisfactory to the Trustee), notify the
Trustee of such Redemption Date and of the principal amount of Notes to be
redeemed and shall deliver to the Trustee such documentation and records as
shall enable the Trustee to select the Notes to be redeemed pursuant to Section
5.04 hereof.

Section 5.04.  Selection by Trustee of Notes
to Be Redeemed.  If less than all the Notes are to
be redeemed at any time pursuant to an optional redemption, the particular
Notes to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the outstanding Notes not previously
called for redemption, in compliance with the requirements of the principal
securities exchange, if any, on which such Notes are listed, or, if such Notes
are not so listed, on a pro rata basis, by lot or by such other method as the
Trustee 

 28
 

shall deem
fair and appropriate and which may provide for the selection for redemption of
portions of the principal of the Notes; provided, however, that no such partial
redemption shall reduce the portion of the principal amount of a Note not
redeemed to less than U.S. $1,000.

The Trustee shall promptly notify the Company in
writing of the Notes selected for redemption and, in the case of any Notes
selected for partial redemption, the principal amount thereof to be redeemed.

For all purposes of this Indenture, unless the context
otherwise requires, all provisions relating to redemption of Notes shall
relate, in the case of any Note redeemed or to be redeemed only in part, to the
portion of the principal amount of such Note which has been or is to be
redeemed.

Section 5.05.  Notice of
Redemption.  Notice of redemption shall be
given in the manner provided for in Section 11.02 hereof not less than 30 nor
more than 60 days prior to the Redemption Date, to each Holder of Notes to be
redeemed.  The Trustee shall give notice
of redemption in the Company’s name and at the Company’s expense; provided,
however, that the Company shall deliver to the Trustee, at least 15 days prior
to the date the notice of redemption is to be given (unless a shorter period
shall be acceptable to the Trustee), an Officer’s Certificate requesting that
the Trustee give such notice and setting forth the information to be stated in
such notice as provided in the following items.

All notices of redemption shall state:

(1)           the
Redemption Date,

(2)           the
Redemption Price and the amount of accrued interest to the Redemption Date
payable as provided in Section 5.07 hereof, if any,

(3)           if
less than all outstanding Notes are to be redeemed, the identification of the
particular Notes (or portion thereof) to be redeemed, as well as the aggregate
principal amount of Notes to be redeemed and the aggregate principal amount of
Notes to be outstanding after such partial redemption,

(4)           in
case any Note is to be redeemed in part only, the notice which relates to such
Note shall state that on and after the Redemption Date, upon surrender of such
Note, the Holder will receive, without charge, a new Note or Notes of
authorized denominations for the principal amount thereof remaining unredeemed,

(5)           that
on the Redemption Date the Redemption Price (and accrued interest, if any, to
the Redemption Date payable as provided in Section 5.07 hereof) will become due
and payable upon each such Note, or the portion thereof, to be redeemed, and,
unless the Company defaults in making the redemption payment, that interest on
Notes called for redemption (or the portion thereof) will cease to accrue on
and after said date,

(6)           the
place or places where such Notes are to be surrendered for payment of the
Redemption Price and accrued interest, if any,

 29
 

 

(7)           the
name and address of the Paying Agent,

(8)           that
Notes called for redemption must be surrendered to the Paying Agent to collect
the Redemption Price, and

(9)           the
CUSIP number, and that no representation is made as to the accuracy or
correctness of the CUSIP number, if any, listed in such notice or printed on
the Notes.

Section 5.06.  Deposit of
Redemption Price.  Prior to
any Redemption Date, the Company shall deposit with the Trustee or with a
Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 2.04 hereof) an amount of money
sufficient to pay the Redemption Price of, and accrued interest on, all the
Notes which are to be redeemed on that date.

Section 5.07.  Notes Payable on Redemption
Date.  Notice of redemption having been
given as aforesaid, the Notes to be redeemed shall, on the Redemption Date,
become due and payable at the Redemption Price therein specified (together with
accrued interest, if any, to the Redemption Date), and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Notes shall cease to bear interest.  Upon surrender of any such Note for
redemption in accordance with said notice, such Note shall be paid by the
Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date (subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).

If any Note called for redemption shall not be so paid
upon surrender thereof for redemption, the principal and premium, if any,
shall, until paid, bear interest from the Redemption Date at the rate borne by
the Notes.

Section 5.08.  Notes Redeemed in Part.  Any Note which is to be redeemed only in part
(pursuant to the provisions of this Article 5) shall be surrendered at the
office or agency of the Company maintained for such purpose pursuant to Section
3.05 hereof (with, if the Company or the Trustee so requires, due endorsement
by, or a written instrument of transfer in form satisfactory to the Company and
the Trustee duly executed by, the Holder thereof or such Holder’s attorney duly
authorized in writing), and the Company shall execute, and the Trustee shall
authenticate and make available for delivery to the Holder of such Note at the
expense of the Company, a new Note or Notes, of any authorized denomination as
requested by such Holder, in an aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Note so
surrendered, provided that each such new Note will be in a principal amount of
U.S.$1,000 or integral multiple thereof. 
Notwithstanding the foregoing, DTC shall select the Notes for redemption
if evidenced by a Global Note according to DTC’s stated procedures therefor.

ARTICLE 6

Defaults and Remedies

Section 6.01.  Events of
Default.  An “Event of Default” occurs if:

 30

(1)           the
Company defaults in any payment of interest on any Note when the same becomes
due and payable, and such default continues for a period of 30 days;

(2)           the
Company defaults in the payment of the principal or premium, if any, on any
Note when the same becomes due and payable at its Stated Maturity, upon
optional redemption, upon declaration of acceleration or otherwise;

(3)           the
Company or the Guarantor defaults in the performance of or a breach by the
Company or the Guarantor of any other covenant or agreement in this Indenture
or under the Notes (other than those referred to in (1) or (2) above) and such
default continues for 60 days after written notice from the Trustee or the
Holders of at least 25% in principal amount of the outstanding Notes;

(4)           the
Company, the Guarantor or any Subsidiary shall (i) default in making any
payment of any principal of any indebtedness for borrowed money, including
obligations evidenced by any mortgage, indenture, bond, debenture, note,
guarantee or other similar instruments to which it is a party on the scheduled
or original due date with respect thereto; or (ii) default in making any
payment of any interest on any such indebtedness beyond the period of grace, if
any, provided in the instrument or agreement under which such indebtedness was
created; or (iii) default in the observance or performance of any other
agreement or condition relating to any such indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, the effect of
which default or condition is to cause, or to permit the holder or beneficiary
of such indebtedness (or a trustee or agent on behalf of such holder or
beneficiary) to cause, with the giving of notice if required, such indebtedness
to become due prior to its stated maturity or (in the case of any such
indebtedness constituting a guarantee) to become payable and such acceleration
has not been cured within 15 days after notice of acceleration; provided, that
a default, event or condition described in clause (i), (ii) or (iii) of this
paragraph (4) shall not at any time constitute an Event of Default unless, at
such time, one or more defaults, events or conditions of the type described in
clauses (i), (ii) and (iii) of this paragraph (4) shall have occurred and be continuing
with respect to such indebtedness in an amount exceeding U.S. $50,000,000;

(5)           (i)
the Company, the Guarantor or any Material Subsidiary shall commence any case,
proceeding or other action (A) under any existing or future law of any
jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
reorganization or relief of debtors, seeking to have an order for relief
entered with respect to it, or seeking to adjudicate it bankrupt or insolvent,
or seeking reorganization, arrangement, adjustment, winding up, liquidation,
dissolution, composition or other relief with respect to it or its debts, or
(B) seeking appointment of a receiver, trustee, custodian, conservator or other
similar official for it or for all or any substantial part of its assets, or
the Company, the Guarantor or any Material Subsidiary shall make a general
assignment for the benefit of its creditors; or (ii) there shall be commenced
against the Company, the Guarantor or any Material Subsidiary any case,
proceeding or other action of a nature referred to in clause (i) above that (A)
results in the entry of an order for relief or any such adjudication or
appointment or (B) remains undismissed, undischarged or unbonded for a period
of 60 days; or (iii) there shall be commenced against the Company, the
Guarantor or any Material Subsidiary any case, proceeding or other action
seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or any substantial part of its assets

 31
 

 

that results in the entry
of an order for any such relief that shall not have been vacated, discharged,
or stayed or bonded pending appeal within 60 days from the entry thereof; or
(iv) the Company, the Guarantor or any Material Subsidiary shall take any
action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Company, the Guarantor or any Material Subsidiary shall generally
not, or shall be unable to, or shall admit in writing its inability to, pay its
debts as they become due.

The foregoing will constitute Events of Default
whatever the reason for any such Event of Default and whether it is voluntary
or involuntary or is effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

The Company shall deliver to the Trustee, within 10
days after the occurrence thereof, written notice in the form of an Officer’s
Certificate of any Default or Event of Default under clauses (3), (4) or (5) of
this Section 6.01, which such notice shall contain the status thereof and a
description of the action being taken or proposed to be taken by the Company in
respect thereof.

Section 6.02.  Acceleration.  If an Event of Default occurs and is
continuing, the Trustee by written notice to the Company, or the Holders of at
least 25% in outstanding principal amount of the Notes by written notice to the
Company and the Trustee, may, and the Trustee at the request of such Holders
shall, declare the principal of and premium, if any, and accrued and unpaid
interest on all the Notes to be due and payable.  Upon such a declaration, such principal,
premium, if any, and accrued and unpaid interest shall be immediately due and
payable.  If an Event of Default
described in paragraph (5) of Section 6.01 hereof occurs and is continuing,
then in each and every such case, the principal amount of the Notes, the
premium, if any, and all accrued and unpaid interest shall be immediately due
and payable without any declaration or other act on the part of the Trustee or
the Holders.

Section 6.03.  Other
Remedies.  If an Event of
Default occurs and is continuing, the Trustee may pursue any available remedy
to collect the payment of principal of and premium, if any, or interest on the
Notes or to enforce the performance of any provision of the Notes or this
Indenture.

The Trustee may maintain a proceeding even if it does
not possess any of the Notes or does not produce any of them in the
proceeding.  A delay or omission by the
Trustee or any Noteholder in exercising any right or remedy accruing upon an
Event of Default shall not impair the right or remedy or constitute a waiver of
or acquiescence in the Event of Default. 
No remedy is exclusive of any other remedy.  All available remedies are cumulative.

Section 6.04.  Waiver of
Past Defaults.  The Holders of
a majority in aggregate principal amount of the outstanding Notes by notice to
the Trustee may (a) waive, by their consent (including, without limitation
consents obtained in connection with a purchase of, or tender offer or exchange
offer for, Notes), an existing Default or Event of Default and its consequences
except (i) a Default or Event of Default in the payment of the principal of and
premium, if any, or interest on a Note or (ii) a Default or Event of Default in
respect of a provision that under

 32
 

 

Section 9.02 hereof cannot be amended without the consent of
each Noteholder affected and (b) rescind any such acceleration with respect to
the Notes and its consequences if (1) rescission would not conflict with any
judgment or decree of a court of competent jurisdiction and (2) all existing
Events of Default, other than the nonpayment of the principal of and premium,
if any, and interest on the Notes that have become due solely by such
declaration of acceleration, have been cured or waived.  When a Default or Event of Default is waived,
it is deemed cured, but no such waiver shall extend to any subsequent or other
Default or Event of Default or impair any consequent right.

Section 6.05.  Control by
Majority.  The Holders of a
majority in principal amount of the outstanding Notes may direct the time,
method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee.  However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.01
and Section 7.02 hereof, that the Trustee determines is unduly prejudicial to
the rights of other Noteholders or would involve the Trustee in personal
liability; provided, however, that the Trustee may take any other action deemed
proper by the Trustee that is not inconsistent with such direction.  Prior to taking any action hereunder, the
Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such
action.

Section 6.06.  Limitation
on Suits.  Subject to Section
6.07 hereof, a Noteholder may not pursue any remedy with respect to this
Indenture or the Notes unless:

(1)           the
Holder gives to the Trustee written notice stating that an Event of Default is
continuing;

(2)           the
Holders of at least 25% in outstanding principal amount of the Notes make a
request to the Trustee to pursue the remedy;

(3)           such
Holder or Holders offer to the Trustee reasonable security or indemnity
satisfactory to the Trustee against any loss, liability or expense;

(4)           the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

(5)           the
Holders of a majority in principal amount of the Notes do not give the Trustee
a direction that, in the opinion of the Trustee, is inconsistent with such
request during such 60-day period.

A Noteholder may not use this Indenture to prejudice
the rights of another Noteholder or to obtain a preference or priority over
another Noteholder.

Section 6.07.  Rights of
Holders to Receive Payment. 
Notwithstanding any other provision of this Indenture (including,
without limitation, Section 6.06 hereof), the right of any Holder to receive
payment of principal of and  premium, if
any, or interest on the Notes held by such Holder, on or after the respective
due dates expressed in the Notes (including in connection with a Change of
Control Offer), or to bring suit for the enforcement of any such payment on or
after such respective dates, shall not be impaired or affected without the
consent of such Holder.

 33
 

 

Section 6.08.  Collection
Suit by Trustee.  If an Event
of Default specified in Section 6.01 (1) or (2) hereof occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of
an express trust against the Company for the whole amount then due and owing
(together with interest on any unpaid interest to the extent lawful) and the
amounts provided for in Section 6.07 hereof.

Section 6.09.  Trustee May
File Proofs of Claim.  The
Trustee may file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including
any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and the Noteholders allowed in any
judicial proceedings relative to the Company, the Guarantor, any of the
Subsidiaries or their respective creditors or properties and, unless prohibited
by law or applicable regulations, may be entitled and empowered to participate
as a member of any official committee of creditors appointed in such matter
and, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other Person performing similar functions, and any custodian in
any such judicial proceeding is hereby authorized by each Holder to make
payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel, and any other amounts due
the Trustee under Section 7.07 hereof.

Section 6.10.  Priorities.  If the Trustee collects any money or property
pursuant to this Article 6, it shall pay out the money or property in the
following order:

FIRST:  to the
Trustee for amounts due under Section 7.07 hereof;

SECOND:  to
Noteholders for amounts due and unpaid on the Notes for principal  and premium, if any, and interest, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest, respectively; and

THIRD:  to the
Company.

The Trustee may fix a record date and payment date for
any payment to Noteholders pursuant to this Section 6.10.  At least 15 days before such record date, the
Company shall mail to each Noteholder and the Trustee a notice that states the
record date, the payment date and amount to be paid.

Section 6.11.  Undertaking
for Costs.  In any suit for
the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court
in its discretion may require the filing by any party litigant in the suit of
an undertaking to pay the costs of the suit, and the court in its discretion may
assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant.  This Section 6.11 does not apply to a suit by
the Trustee, a suit by the Company, a suit by a Holder pursuant to Section 6.07
hereof or a suit by Holders of more than 10% in outstanding principal amount of
the Notes.

 34
 

 

ARTICLE 7

Trustee

Section 7.01.  Duties of
Trustee.  (a) If an Event of
Default has occurred and is continuing, the Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and
skill in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs; provided that if an
Event of Default occurs and is continuing, the Trustee will be under no
obligation to exercise any of the rights or powers under this Indenture at the
request or direction of any of the Holders unless such Holders have offered to
the Trustee indemnity or security reasonably satisfactory to it against loss,
liability or expense.

Except during the continuance of an Event of Default:

(1)           the
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

(2)           in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. 
However, in the case of any such certificates or opinions which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such certificates and opinions to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

(b)           The Trustee may not
be relieved from liability for its own negligent action, its own negligent
failure to act or its own willful misconduct, except that:

(1)           this
paragraph does not limit the effect of the second paragraph of Section 7.01(a);

(2)           the
Trustee shall not be liable for any error of judgment made in good faith by a
Trust Officer unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts; and

(3)           the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to
Section 6.05 hereof.

(c)           Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs Section 7.01(a) and (b) hereof.

(d)           The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.

(e)           Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.

 35
 

 

(f)            No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

(g)           Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section 7.01 and to the provisions of the Trust Indenture Act.

(h)           Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.

(i)            The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders unless such Holders shall have offered to the Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction.

Section 7.02. 
Rights of Trustee.  Subject to Section 7.01 hereof:

(a)           The
Trustee may conclusively rely on any document (whether in its original or
facsimile form) reasonably believed by it to be genuine and to have been signed
or presented by the proper person.  The
Trustee need not investigate any fact or matter stated in the document.  The Trustee shall receive and retain
financial reports and statements of the Company as provided herein, but shall
have no duty to review or analyze such reports or statements to determine
compliance under covenants or other obligations of the Company;

(b)           Before
the Trustee acts or refrains from acting, it may require an Officer’s
Certificate and/or an Opinion of Counsel. 
The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on an Officer’s Certificate or Opinion of Counsel;

(c)           The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care;

(d)           The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers,
provided however, that the Trustee’s conduct does not constitute willful
misconduct or negligence;

(e)           The
Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in respect
to any action taken, omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel;

(f)            The
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Trust Officer of the Trustee has actual knowledge thereof or unless
written notice of any

 36
 

 

event which is in fact such a default is received by the Trustee at the
Principal Trust Office of the Trustee, and such notice references the Notes and
this Indenture;

(g)           The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder
(including Registrar and Paying Agent), and each agent, custodian and other
Person employed to act hereunder; and

(h)           The
Trustee may request that the Company deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.

(i)            The
Trustee is not required to give any bond or surety with respect to the
performance of its duties or the exercise of its powers under this Indenture.

(j)            The
Trustee’s rights, powers, indemnities, immunities and protections from
liability and its rights to compensation and indemnification in connection with
the performance of its duties under this Indenture shall extend to (1) the
Trustee, whether serving in any other capacity hereunder, including without
limitation, in the capacity of Paying Agent or Registrar and (2) the Trustee’s
officers, directors, agents, counsel and employees.  Such immunities and protections and rights to
indemnification, together with the Trustee’s right to compensation, shall
survive the Trustee’s resignation or removal, the discharge of this Indenture
and final payment of the Notes.

(k)           The
Trustee shall have no responsibility for any information in any offering
document or other disclosure material distributed with respect to any series of
Notes, and the Trustee shall have no responsibility for compliance with any
state or federal securities laws in connection with the Notes, other than the
filing of any documents required to be filed by an indenture trustee pursuant
to the Trust Indenture Act or otherwise required in this Indenture.

(l)            Notwithstanding
anything else herein contained, whenever any provision of this Indenture
indicates that any confirmation of a condition or event is qualified by the
words “to the knowledge of” or “known to” the Trustee or other words of similar
meaning, said words shall mean and refer to the current awareness of one or
more Trust Officers who are located at the Principal Trust Office of the
Trustee or who are otherwise responsible for administering the trusts created
under this Indenture

Section 7.03.  Individual
Rights of Trustee.  The
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Company or its Affiliates with the
same rights it would have if it were not Trustee.  Any Paying Agent, Registrar, co-registrar or
co-paying agent may do the same with like rights.  However, the Trustee must comply with Section
7.10 and Section 7.11 hereof.  In addition,
the Trustee shall be permitted to engage in transactions with the Company;
provided, however, that if the Trustee acquires any conflicting interest the
Trustee must (i) eliminate such conflict within 90 days of acquiring such
conflicting interest, (ii) apply to the Commission for permission to continue

 37
 

 

acting as Trustee or (iii) resign.

Section 7.04.  Trustee’s
Disclaimer.  The Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, shall not be accountable for the
Company’s use of the proceeds from the Notes, shall not be responsible for the
use or application of any money received by any Paying Agent other than the
Trustee and shall not be responsible for any statement of the Company in this
Indenture or in any document issued in connection with the sale of the Notes or
in the Notes other than the Trustee’s certificate of authentication.

Section 7.05.  Notice of
Defaults.  If a Default or
Event of Default occurs and is continuing and if a Trust Officer has actual
knowledge thereof, the Trustee shall mail to each Noteholder at the address set
forth in the Note Register notice of the Default or Event of Default within 90
days after it occurs.  Except in the case
of a Default or Event of Default in payment of principal of and premium, if
any, or interest on any Note (including payments pursuant to the optional
redemption or required repurchase provisions of such Note, if any), the Trustee
may withhold the notice if and so long as the Trustee’s Board of Directors or
an executive committee thereof or a trust committee of its directors and/or
officers in good faith determines that withholding the notice is in the
interests of Noteholders.

Section 7.06.  Report by
Trustee to Holders.  Within 60
days after each December 15 beginning with the December 15 following the date
of this Indenture, and in any event prior to March 15 in each year, the Trustee
shall mail to each Noteholder a brief report dated as of such December 15  that complies with Trust Indenture Act,
Section 313(a), but only if required under such Section.  The Trustee also shall comply with Trust
Indenture Act, Section 313(b).  The
Trustee shall also transmit by mail all reports required by Trust Indenture
Act, Section 313(c).

A copy of each report at the time of its mailing to
Noteholders shall be filed with the SEC and each stock exchange (if any) on
which the Notes are listed.  The Company
agrees to notify promptly the Trustee whenever the Notes become listed on any
stock exchange and of any delisting thereof.

Section 7.07. 
Compensation
and Indemnity.  The Company
shall pay to the Trustee such compensation for its acceptance of this Indenture
and for its services hereunder as Trustee, Paying Agent, Registrar and in all
other capacities in which it is serving hereunder as the Company and the
Trustee shall from time to time agree in writing.  The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust.  The Company shall reimburse the Trustee upon
request for all reasonable out-of-pocket expenses incurred or made by it,
including costs of collection, costs of preparing and reviewing reports,
certificates and other documents, costs of preparation and mailing of notices
to Noteholders and reasonable costs of counsel retained by the Trustee, in
addition to the compensation for its services. 
Such expenses shall include the reasonable compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and
experts.  The Company shall indemnify the
Trustee, and any predecessor Trustee and their respective officers, directors,
employees, counsel and agents, against any and all loss, liability, damages,
claims or expense (including reasonable attorneys’ fees and expenses) incurred
by it without negligence or willful misconduct on its part in connection with
the administration of this trust or the performance of its duties hereunder,

 38
 

 

including the costs and expenses of enforcing this Indenture (including
this Section 7.07) and of defending itself against any claims (whether asserted
by any Noteholder, the Company or otherwise). 
The Trustee shall notify the Company promptly of any claim for which it
may seek indemnity.  Failure by the
Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder.  The Company shall
defend the claim and the Trustee may have separate counsel and the Company
shall pay the fees and expenses of such counsel, provided that the Company
shall not be required to pay such fees and expenses if it assumes the
obligation for defending the Trustee, and, in the reasonable judgment of the
Trustee, there is no conflict of interest between the Company and the Trustee
in connection with such action and there is no defense that could not be adequately
raised if the Company assumes such obligation. 
The Company need not reimburse any expense or indemnify against any
loss, liability or expense incurred by the Trustee through the Trustee’s own
willful misconduct, negligence or bad faith.

To secure the Company’s payment obligations in this
Section 7.07, the Trustee shall have a lien prior to the Notes on all money or
property held or collected by the Trustee other than money or property held in
trust to pay principal of and premium, if any, and interest on particular
Notes.  Such lien shall survive the
satisfaction and discharge of this Indenture. 
The Trustee’s right to receive payment of any amounts due under this
Section 7.07 shall not be subordinate to any other liability or Indebtedness of
the Company.

The Company’s payment obligations pursuant to this
Section 7.07 shall survive the discharge of this Indenture.  When the Trustee incurs expenses after the
occurrence of a Default specified in Section 6.01(5) hereof with respect to the
Company, the expenses are intended to constitute expenses of administration
under any bankruptcy law.

Section 7.08.  Replacement
of Trustee.  The Trustee may
resign at any time by so notifying the Company. 
The Holders of a majority in principal amount of the Notes may remove
the Trustee by so notifying the Trustee and may appoint a successor
Trustee.  The Company shall remove the
Trustee if:

(1)           the
Trustee fails to comply with Section 7.10 hereof;

(2)           the
Trustee is adjudged bankrupt or insolvent;

(3)           a
receiver or other public officer takes charge of the Trustee or its property;
or

(4)           the
Trustee otherwise becomes incapable of acting.

If the Trustee resigns or is removed by the Company or
by the Holders of a majority in principal amount of the Notes and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists
in the office of the Trustee for any reason (the Trustee in such event being
referred to herein as the retiring Trustee), the Company shall promptly appoint
a successor Trustee.

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Company.  Thereupon the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of
its succession to

 39

Noteholders.  The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the
lien provided for in Section 7.07 hereof.

If a successor Trustee does not take office within 60
days after the retiring Trustee resigns or is removed, the retiring Trustee or
the Holders of 10% in principal amount of the Notes may petition, at the
Company’s expense, any court of competent jurisdiction for the appointment of a
successor Trustee.

If the Trustee fails to comply with Section 7.10
hereof, any Noteholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor Trustee.

Notwithstanding the replacement of the Trustee
pursuant to this Section 7.08, the Company’s obligations under Section 7.07
hereof shall continue for the benefit of the retiring Trustee.

Section 7.09.  Successor Trustee by Merger.
 If
the Trustee consolidates with, merges or converts into, or transfers all or
substantially all its corporate trust business or assets to, another
corporation or banking association, the resulting, surviving or transferee
corporation without any further act shall be the successor Trustee.

In case at the time such successor or successors by
merger, conversion, consolidation or transfer of assets to the Trustee shall
succeed to the trusts created by this Indenture, any of the Notes shall have
been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor trustee, and deliver
such Notes so authenticated; and in case at that time any of the Notes shall
not have been authenticated, any successor to the Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Trustee.

Section 7.10.  Eligibility; Disqualification.  The Trustee shall at all times satisfy the
requirements of Trust Indenture Act, Section 310(a).  The Trustee shall have a combined capital and
surplus of at least U.S. $50,000,000 as set forth in its most recent filed
annual report of condition.  The Trustee
shall comply with Trust Indenture Act, Section 310(b); provided, however, that
there shall be excluded from the operation of Trust Indenture Act, Section
310(b)(1) any indenture or indentures under which other securities or
certificates of interest or participation in other securities of the Company
are outstanding if the requirements for such exclusion set forth in Trust
Indenture Act, Section 310(b)(1) are met.

Section 7.11.  Preferential Collection of Claims Against
Company.  The Trustee shall comply with
Trust Indenture Act, Section 311(a), excluding any creditor relationship listed
in Trust Indenture Act, Section 311(b). 
A Trustee who has resigned or been removed shall be subject to Trust
Indenture Act, Section 311(a) to the extent indicated.

Section 7.12.  Trustee’s Application for Instruction from
the Company.  Any application by the Trustee for
written instructions from the Company may, at the option of the Trustee, set forth
in writing any action proposed to be taken or omitted by the Trustee under this
Indenture and the date on and/or after which such action shall be taken or such
omission shall be effective.  The Trustee
shall not be liable for any action taken by, or omission of, the Trustee in
accordance 

 40
 

with a proposal included
in such application on or after the date specified in such application (which
date shall not be less than three Business Days after the date any officer of
the Company actually receives such application, unless any such officer shall
have consented in writing to any earlier date) unless prior to taking any such
action (or the effective date in the case of an omission), the Trustee shall
have received written instructions in response to such application specifying
the action to be taken or omitted.

ARTICLE 8

Discharge of Indenture; Defeasance

Section 8.01.  Discharge of Liability on
Notes; Defeasance.   (a) Subject to Section 8.01(b)
hereof, when (i)(x) the Company delivers to the Trustee all outstanding Notes
(other than Notes replaced pursuant to Section 2.07 hereof) for cancellation or
(y) all outstanding Notes not theretofore delivered for cancellation have
become due and payable, whether at maturity or upon redemption or will become
due and payable within one year or are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name and at the expense of the Company and the
Company or the Guarantor irrevocably deposits or causes to be deposited with
the Trustee as trust funds in trust solely for the benefit of the Holders money
in U.S. dollars, non-callable U.S. Government Securities, or a combination
thereof, in such amounts as will be sufficient without consideration of any
reinvestment of interest to pay and discharge the entire indebtedness on such
Notes not theretofore delivered to the Trustee for cancellation for principal
and premium, if any, and accrued interest to the date of maturity or redemption,
(ii) no Default or Event of Default shall have occurred and be continuing on
the date of such deposit or shall occur as a result of such deposit and such
deposit will not result in a breach or violation of, or constitute a default
under, any other instrument to which the Company or the Guarantor is a party or
by which the Company or the Guarantor is bound; (iii) the Company or the
Guarantor has paid or caused to be paid all sums payable by it under this
Indenture and the Notes; and (iv) the Company has delivered irrevocable
instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of such Notes at maturity or the Redemption Date, as the
case may be, then the Trustee shall acknowledge satisfaction and discharge of this
Indenture on demand of the Company (accompanied by an Officer’s Certificate and
an Opinion of Counsel stating that all conditions precedent specified herein
relating to the satisfaction and discharge of this Indenture have been complied
with) and at the cost and expense of the Company.

(b)           Subject to Section
8.01(c) and Section 8.02 hereof, the Company at any time may terminate (i) all
its obligations under the Notes and this Indenture (“legal defeasance option”), and after giving effect to such
legal defeasance, any omission to comply with such obligations shall no longer
constitute a Default or Event of Default or (ii) its obligations under, Section
3.02, Section 3.03, Section 3.04, Section 3.07, Section 3.08 and Section 3.14
hereof, and the Company may omit to comply with and shall have no liability in
respect of any term, condition or limitation set forth in any such covenant,
whether directly or indirectly, by reason of any reference elsewhere herein to
any such covenant or by reason of any reference in any such covenant to any
other provision herein or in any other document, and the operation of Section
6.01(3) (only with respect to the covenants terminated pursuant to this Section
8.01(b)(ii)), Section 6.01(4) and Section 6.01(5) hereof, and the events
specified in such Sections shall no longer constitute an Event of Default
(clause (ii) being referred to as the “covenant
defeasance 

 41
 

option”),
but except as specified above, the remainder of this Indenture and the Notes
shall be unaffected thereby.  The Company
may exercise its legal defeasance option notwithstanding its prior exercise of
its covenant defeasance option. If the Company exercises its covenant
defeasance option, the Company may elect to have the Guarantee terminate.

If the Company exercises its legal defeasance option,
payment of the Notes may not be accelerated because of an Event of Default, and
the Guarantee shall terminate.  If the
Company exercises its covenant defeasance option, payment of the Notes may not
be accelerated because of an Event of Default specified in Section 6.01(3)
(only with respect to the covenants terminated pursuant to Section 8.01(b)(ii)
above), Section 6.01(4) and Section 6.01(5) hereof.

Upon satisfaction of the conditions set forth herein
and upon request of the Company, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates.

(c)           Notwithstanding the
provisions of Section 8.01(a) and (b) hereof, the Company’s obligations in
Section 2.02, Section 2.03, Section 2.04, Section 2.05, Section 2.06, Section
2.07, Section 2.08, Section 2.09, Section 2.10, Section 3.01, Section 3.05,
Section 3.06, Section 3.09, Section 3.10, Section 3.11, Section 3.12, Section
3.13, Section 6.07, Section 7.07, Section 7.08 hereof and in this Article 8
shall survive until the Notes have been paid in full.  Thereafter, the Company’s obligations in
Section 7.07, Section 8.04 and Section 8.05 hereof shall survive.

Section 8.02.  Conditions
to Defeasance.  The Company
may exercise its legal defeasance option or its covenant defeasance option only
if:

(1)           the
Company irrevocably deposits in trust with the Trustee for the benefit of the
Holders money in U.S. dollars or U.S. Government Securities or a combination
thereof for the payment of principal of and premium, if any, and interest on
the Notes to maturity or redemption, as the case may be;

(2)           the
Company delivers to the Trustee a certificate from a firm of independent
accountants expressing their opinion that the payments of principal and interest
when due and without reinvestment on the deposited U.S. Government Securities
plus any deposited money without investment will provide cash at such times and
in such amounts as will be sufficient to pay principal and interest when due on
all the Notes to maturity;

(3)           no
Default or Event of Default shall have occurred and be continuing on the date
of such deposit or, with respect to certain bankruptcy or insolvency Events of
Default, on the 91st day after such date of deposit;

(4)           such
legal defeasance or covenant defeasance shall not result in a breach or
violation of, or constitute a Default under, this Indenture or any other
material agreement or instrument to which the Company, the Guarantor or any of
its Subsidiaries is a party or by which the Company, the Guarantor or any of
its Subsidiaries is bound;

(5)           the
Company shall have delivered to the Trustee an Opinion of Counsel (subject to
customary assumptions and exclusions) to the effect that (A) the Notes and (B)
assuming no intervening bankruptcy of the Company between the date of deposit
and the 91st day following 

 42
 

the deposit and that no
Holder of the Notes is an insider of the Company, after the 91st day following
the deposit, the trust funds will not be subject to the effect of any
applicable bankruptcy, insolvency, reorganization or similar laws affecting
creditors’ right generally;

(6)           the
deposit does not constitute a default under any other agreement binding on the
Company;

(7)           the
Company delivers to the Trustee an Opinion of Counsel (subject to customary
assumptions and exclusions) to the effect that the trust resulting from the
deposit does not constitute, or is qualified as, a regulated investment company
under the U.S. Investment Company Act of 1940, as amended;

(8)           in
the case of the legal defeasance option, the Company shall have delivered to
the Trustee an Opinion of Counsel (subject to customary assumptions and
exclusions) in the United States stating that (i) the Company has received
from, or there has been published by, the U.S. Internal Revenue Service a
ruling, or (ii) since the date of this Indenture there has been a change in the
applicable federal income tax law, in either case to the effect that, and based
thereon such Opinion of Counsel shall confirm that, the Noteholders will not
recognize income, gain or loss for federal income tax purposes as a result of
such defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such
legal defeasance had not occurred;

(9)           in
the case of the covenant defeasance option, the Company shall have delivered to
the Trustee an Opinion of Counsel (subject to customary assumptions and
exclusions) in the United States to the effect that the Noteholders will not
recognize income, gain or loss for federal income tax purposes as a result of
such deposit and covenant defeasance and will be subject to federal income tax
on the same amount, in the same manner and at the same times as would have been
the case if such deposit and covenant defeasance had not occurred; and

(10)         the
Company delivers to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance and
discharge of the Notes and this Indenture as contemplated by this Article 8
have been complied with.

Section 8.03.  Application
of Trust Money.  The Trustee
shall hold in trust money or U.S. Government Securities deposited with it
pursuant to this Article 8.  It shall
apply the deposited money and the money from U.S. Government Securities through
the Paying Agent and in accordance with this Indenture to the payment of
principal of and premium, if any, and interest on the Notes.

Section 8.04.  Repayment to
Company.  The Trustee and the Paying Agent
shall promptly turn over to the Company upon request any excess money or
securities held by them upon payment of all the obligations under this
Indenture.

Subject to any applicable abandoned property law, the
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal of and premium, if any, or interest
on the Notes that remains unclaimed for two years, and, thereafter, Noteholders
entitled to the money must look to the Company for payment as general creditors.

 43
 

 

Section 8.05.  Indemnity for
U.S. Government Securities.  The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Securities or
the principal and interest received on such U.S. Government Securities.

Section 8.06.  Reinstatement.  If the Trustee or Paying Agent is unable to
apply any money or U.S. Government Securities in accordance with this Article 8
by reason of any legal proceeding or by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the obligations of the Company under this Indenture and the
Notes shall be revived and reinstated as though no deposit had occurred pursuant
to this Article 8 until such time as the Trustee or Paying Agent is permitted
to apply all such money or U.S. Government Securities in accordance with this
Article 8; provided, however, that, if the Company has made any payment of
interest on or principal of any Notes because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Notes to receive such payment from the money or U.S. Government Securities
held by the Trustee or Paying Agent.

The Trustee’s rights under this Article 8 shall
survive termination of this Indenture and the resignation or removal of the
Trustee.

ARTICLE 9

Amendments

Section 9.01.  Without
Consent of Holders.  The
Company, the Guarantor and the Trustee may amend this Indenture or the Notes
without notice to or consent of any Noteholder:

(1)           to
cure any ambiguity, omission, defect or inconsistency;

(2)           to
comply with Article 4 in respect of the assumption by a Successor Guarantor or
Successor Issuer of the respective obligation of the Guarantor or the Company
under this Indenture;

(3)           to
provide for uncertificated Notes in addition to or in place of certificated
Notes; provided, however, that the uncertificated Notes are issued in
registered form for purposes of Section 163(f) of the Code or in a manner such
that the uncertificated Notes are described in Section 163(f)(2)(B) of the
Code;

(4)           to
add guarantees with respect to the Notes;

(5)           to
secure the Notes;

(6)           to
add to the covenants of the Company or the Guarantor for the benefit of the
Holders or to surrender any right or power herein conferred upon the Company or
the Guarantor;

(7)           to
make any change that does not adversely affect the interests of any Noteholder;

(8)           to
provide for the issuance of any Subsequent Notes; or

 44
 

 

(9)           to
comply with any requirement of the SEC in connection with the qualification of
this Indenture under the Trust Indenture Act.

After an amendment under this Section 9.01 becomes
effective, the Company shall mail to Noteholders a notice briefly describing
such amendment.  The failure to give such
notice to all Noteholders at the address set forth in the Note Register, or any
defect therein, shall not impair or affect the validity of an amendment under
this Section 9.01.

Section 9.02.  With
Consent of Holders.  The
Company, the Guarantor and the Trustee may amend this Indenture or the Notes
without notice to any Noteholder but with the written consent of the Holders of
at least a majority in principal amount of the Notes then outstanding
(including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Notes).  However, without the consent of each
Noteholder affected, an amendment may not:

(1)           reduce
the amount of Notes whose Holders must consent to an amendment of this
Indenture or the Notes;

(2)           reduce
the stated rate of or extend the stated time for payment of interest on any
Note;

(3)           reduce
the principal of, or extend the Stated Maturity of, any Note;

(4)           reduce
the premium payable upon the redemption of any Note as described above under
Article 5 hereof or any similar provision, whether through an amendment to or
waiver of Article 5 hereof, a definition or otherwise;

(5)           make
any Note payable in money other than that stated in the Note;

(6)           impair
the right of any Holder to receive payment of principal of and premium, if any,
and interest on such Holder’s Notes on or after the due dates therefor or to
institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes;

(7)           make
any change to the amendment provisions which require each Holder’s consent or
to the waiver provisions; or

(8)           release
the Guarantor or modify the Guarantee other than in accordance with the
provisions of this Indenture.

It shall not be necessary for the consent of the
Holders under this Section 9.02 to approve the particular form of any proposed
amendment, but it shall be sufficient if such consent approves the substance
thereof.

After an amendment under this Section 9.02 becomes
effective, the Company shall mail to Noteholders a notice briefly describing
such amendment.  The failure to give such
notice to all Noteholders, or any defect therein, shall not impair or affect
the validity of an amendment under this Section 9.02.

 45
 

 

Section 9.03.  Compliance
with Trust Indenture Act.  Every
amendment to this Indenture or the Notes shall comply with the Trust Indenture
Act as then in effect.

Section 9.04.  Revocation
and Effect of Consents and Waivers. 
A consent to an amendment or a waiver by a Holder of a Note shall bind
the Holder and every subsequent Holder of that Note or portion of the Note that
evidences the same debt as the consenting Holder’s Note, even if notation of
the consent or waiver is not made on the Note. 
However, any such Holder or subsequent Holder may revoke the consent or
waiver as to such Holder’s Note or portion of the Note if the Trustee receives
the notice of revocation before the date the amendment or waiver becomes
effective or otherwise in accordance with any related solicitation documents.  After an amendment or waiver becomes
effective, it shall bind every Noteholder. 
An amendment or waiver shall become effective upon receipt by the
Trustee of the requisite number of written consents under Section 9.01 or 9.02
hereof, as applicable.

The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Noteholders entitled to give
their consent or take any other action described above or required or permitted
to be taken pursuant to this Indenture. 
If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Noteholders at such record date (or
their duly designated proxies), and only those Persons, shall be entitled to
give such consent or to revoke any consent previously given or to take any such
action, whether or not such Persons continue to be Holders after such record
date.  No such consent shall become valid
or effective more than 120 days after such record date.

Section 9.05.  Notation on
or Exchange of Notes.  If an
amendment changes the terms of a Note, the Trustee may require the Holder of
the Note to deliver it to the Trustee. 
The Trustee may place an appropriate notation on the Note regarding the
changed terms and return it to the Holder. 
Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms. 
Failure to make the appropriate notation or to issue a new Note shall not
affect the validity of such amendment.

Section 9.06.  Trustee to
Sign Amendments.  The Trustee shall sign any
amendment authorized pursuant to this Article 9 if the amendment does not
affect the rights, duties, protections, privileges, indemnities, powers,
liabilities or immunities of the Trustee. 
If it does, the Trustee may but need not sign it.  In signing such amendment the Trustee shall
be entitled to receive indemnity reasonably satisfactory to it and shall be
provided with, and (subject to Sections 7.01 and 7.02 hereof), shall be fully
protected in relying upon an Officer’s Certificate and an Opinion of Counsel
stating that such amendment is authorized or permitted by this Indenture, that
it conforms to the applicable requirements of the Trust Indenture Act and that
such amendment is the legal, valid and binding obligation of the Company and
any Guarantors, enforceable against them in accordance with its terms, subject
to customary exceptions and complies with the provisions hereof (including
Section 9.03 hereof).

ARTICLE 10

Guarantee

Section 10.01. 
Guarantee.  The Guarantor hereby fully, unconditionally
and irrevocably 

 46
 

guarantees, as
primary obligor and not merely as surety, to each Holder of the Notes and the
Trustee the full and punctual payment when due, whether at maturity, by
acceleration, by redemption or otherwise, of the principal of and premium, if
any, and interest on the Notes and all other obligations of the Company under
this Indenture, including, without limitation, the obligations of the Company
under Section 7.07 hereof (all the foregoing being hereinafter collectively
called the “Obligations”).  The Guarantor further agrees (to the extent
permitted by law) that the Obligations may be extended or renewed, in whole or
in part, without notice or further assent from it, and that it will remain
bound under this Article 10 notwithstanding any extension or renewal of any
Obligation.

The Guarantor waives presentation to, demand of
payment from and protest to the Company of any of the Obligations and also
waives notice of protest for nonpayment. 
The Guarantor waives notice of any default under the Notes or the
Obligations.  The obligations of the
Guarantor hereunder shall not be affected by (a) the failure of the Trustee or
any Holder to assert any claim or demand or to enforce any right or remedy
against the Company or any other person under this Indenture, the Notes or any
other agreement or otherwise; (b) any extension or renewal of any thereof; (c)
any rescission, waiver, amendment or modification of any of the terms or
provisions of this Indenture, the Notes or any other agreement; (d) the release
of any security held by any Holder or the Trustee for the Obligations or any of
them; or (e) any change in the ownership of the Company.

The Guarantor further agrees that the Guarantee herein
constitutes a guarantee of payment when due (and not a guarantee of collection)
and waives any right to require that any resort be had by any Holder or the
Trustee to any security held for payment of the Obligations.

The obligations of the Guarantor hereunder shall not
be subject to any reduction, limitation, impairment or termination for any
reason (other than payment of the Obligations in full), including any claim of
waiver, release, surrender, alteration or compromise, and shall not be subject
to any defense of setoff, counterclaim, recoupment or termination whatsoever or
by reason of the invalidity, illegality or unenforceability of the Obligations
or otherwise.  Without limiting the
generality of the foregoing, the obligations of the Guarantor herein shall not
be discharged or impaired or otherwise affected by the failure of any Holder to
assert any claim or demand or to enforce any remedy under this Indenture, the
Notes or any other agreement, by any waiver or modification of any thereof, by
any default, failure or delay, willful or otherwise, in the performance of the
Obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of
the Guarantor or would otherwise operate as a discharge of the Guarantor as a
matter of law or equity.

The Guarantor further agrees that the Guarantee herein
shall continue to be effective or be reinstated, as the case may be, if at any
time payment, or any part thereof, of principal of and premium, if any, or
interest on any of the Obligations is rescinded or must otherwise be restored
by any Holder upon the bankruptcy or reorganization of the Company or
otherwise.

In furtherance of the foregoing and not in limitation
of any other right which any Holder has at law or in equity against the
Guarantor by virtue hereof, upon the failure of the Company to pay any of the
Obligations when and as the same shall become due, whether at maturity, by
acceleration, by redemption or otherwise, the Guarantor hereby promises to and
will, upon 

 47
 

receipt of written demand
by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an
amount equal to the sum of (i) the unpaid amount of such Obligations then due
and owing and (ii) accrued and unpaid interest on such Obligations then due and
owing (but only to the extent not prohibited by law).

The Guarantor further agrees that, as between the
Guarantor, on the one hand, and the Holders, on the other hand, (x) the
maturity of the Obligations guaranteed hereby may be accelerated as provided in
this Indenture for the purposes of the Guarantee herein, notwithstanding any
stay, injunction or other prohibition preventing such acceleration in respect of
the Obligations guaranteed hereby and (y) in the event of any such declaration
of acceleration of such Obligations, such Obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantor for the
purposes of this Guarantee.

The Guarantor also agrees to pay any and all
reasonable costs and expenses (including reasonable attorneys’ fees) incurred
by the Trustee or the Holders in enforcing any rights under this Section.

Section 10.02.  No
Subrogation.  Notwithstanding any payment or
payments made by the Guarantor hereunder, the Guarantor shall not be entitled
to be subrogated to any of the rights of the Trustee or any Holder against the
Company or any collateral security or guarantee or right of offset held by the
Trustee or any Holder for the payment of the Obligations, nor shall the
Guarantor seek or be entitled to seek any contribution or reimbursement from
the Company in respect of payments made by the Guarantor hereunder, until all
amounts owing to the Trustee and the Holders, as well as the holders of any
other Permitted Indebtedness, by the Company on account of the Obligations are
paid in full.  If any amount shall be
paid to the Guarantor on account of such subrogation rights at any time when
all of the Obligations shall not have been paid in full, such amount shall be
held by the Guarantor in trust for the Trustee and the Holders, segregated from
other funds of the Guarantor, and shall, forthwith upon receipt by the
Guarantor, be turned over to the Trustee in the exact form received by the
Guarantor (duly indorsed by the Guarantor to the Trustee, if required), to be
applied against the Obligations.

Section 10.03.  Consideration.
 The
Guarantor has received, or will receive, direct or indirect benefits from the
making of the Guarantee.

ARTICLE 11

Miscellaneous

Section 11.01.  Trust
Indenture Act Controls.  If
any provision of this Indenture limits, qualifies or conflicts with another
provision which is required to be included in this Indenture by the Trust
Indenture Act, the provision required by the Trust Indenture Act shall
control.  The Guarantor in addition to
performing its obligations under the Guarantee shall perform such other
obligations as may be imposed upon it with respect to this Indenture under the
Trust Indenture Act.

Section 11.02.  Notices.  Any notice or communication shall be in
writing and (a) delivered in person, (b) sent by a recognized overnight
delivery service (with charges prepaid), or (c) sent by telecopy if the sender
on the same day sends a confirming copy of such notice by a 

 48
 

recognized
overnight delivery service (charges prepaid), addressed as follows:

 49
 

 

	
  

  	
  If to the
  Company:

  	
   

  
	
   

  	
  Bunge N.A.
  Finance L.P.

  	
   

  
	
   

  	
  2190 South
  Service Road West

  	
   

  
	
   

  	
  Oakville,
  Ontario L6L 5N1

  	
   

  
	
   

  	
  Attention: Frank
  Marchiony

  	
   

  
	
   

  	
  Telephone: (905)
  825-7900

  	
   

  
	
   

  	
  Telecopy: (905)
  847-8843

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  with a copy to:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Hunter Smith

  	
   

  
	
   

  	
  Telecopy: (914)
  684-3283

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  If to the
  Guarantor:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Bunge Limited

  	
   

  
	
   

  	
  50 Main Street

  	
   

  
	
   

  	
  White Plains,
  New York 10606

  	
   

  
	
   

  	
  Attention:
  Hunter Smith

  	
   

  
	
   

  	
  Telephone: (914)
  684-3450

  	
   

  
	
   

  	
  Telecopy: (914)
  684-3283

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  if to the
  Trustee:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  U.S. Bank
  Corporate Trust Services

  	
   

  
	
   

  	
  1349 W.
  Peachtree Street NW

  	
   

  
	
   

  	
  Town Mid-Town
  Plaza, Suite 1050

  	
   

  
	
   

  	
  Atlanta, Georgia
  30309

  	
   

  
	
   

  	
  Attention: Esther
  Fannin

  	
   

  
	
   

  	
  Telephone: (404)
  898-8823

  	
   

  
	
   

  	
  Telecopy: (404)
  898-8844

  	
   

  

 

The Company or the Trustee by notice to the other may
designate additional or different addresses for subsequent notices or
communications.

Any notice or communication mailed to a registered
Noteholder shall be mailed to the Noteholder at the Noteholder’s address as it
appears on the registration books of the Registrar and shall be sufficiently
given if so mailed within the time prescribed.

Failure to mail a notice or communication to a Noteholder
or any defect in it shall not affect its sufficiency with respect to other
Noteholders.  If a notice or
communication is sent in the manner provided above, it is duly given, whether
or not the addressee receives it, except that notices to the Trustee shall be
effective only upon receipt.

Section 11.03.  Communication
by Holders with Other Holders. 
Noteholders may communicate pursuant to Trust Indenture Act, Section
312(b) with other Noteholders with respect to their rights under this Indenture
or the Notes.  The Company, the Trustee,
the Registrar

 50

and anyone
else shall have the protection of Trust Indenture Act, Section 312(c).

Section 11.04.  Certificate
and Opinion as to Conditions Precedent.  Upon any request or application by the
Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

(1)           an
Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee stating that, in the opinion of the signer, all conditions precedent,
if any, provided for in this Indenture relating to the proposed action have
been complied with; and

(2)           an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent
have been complied with.

Section 11.05.  Statements
Required in Certificate or Opinion. 
Each certificate or opinion with respect to compliance with a covenant
or condition provided for in this Indenture shall include:

(1)           a
statement that the individual making such certificate or opinion has read such
covenant or condition;

(2)           a
brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion
are based;

(3)           a
statement that, in the opinion of such individual, he has made such examination
or investigation as is necessary to enable him to express an informed opinion
as to whether or not such covenant or condition has been complied with; and

(4)           a
statement as to whether or not, in the opinion of such individual, such
covenant or condition has been complied with.

In giving such Opinion of Counsel, counsel may rely as
to factual matters on an Officer’s Certificate or on certificates of public
officials.

Section 11.06.  When
Notes Disregarded.  In
determining whether the Holders of the required principal amount of Notes have
concurred in any direction, waiver or consent, Notes owned by the Company or by
an Affiliate of the Company shall be disregarded and deemed not to be
outstanding, except that, for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Notes which a Trust Officer of the Trustee actually knows are so owned shall be
so disregarded.  Also, subject to the
foregoing, only Notes outstanding at the time shall be considered in any such
determination.

Section 11.07.  Rules by
Trustee, Paying Agent and Registrar.  The
Trustee may make reasonable rules for action by, or a meeting of,
Noteholders.  The Registrar and the Paying
Agent may make reasonable rules for their functions.

Section 11.08.  Legal
Holidays.  A “Legal Holiday”
is a Saturday, a Sunday or other day on which commercial banking institutions
are authorized or required to be closed in New York,

 51
 

New York or
Hamilton, Bermuda.  If a payment date is
a Legal Holiday, payment shall be made on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue for the intervening period.  If a regular record date is a Legal Holiday,
the record date shall not be affected.

Section 11.09.  GOVERNING
LAW.  THIS INDENTURE AND THE NOTES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

Section 11.10.  No Recourse
Against Others.  An
incorporator, director, officer, employee, affiliate or stockholder of the
Company or the Guarantor, solely by reason of this status, shall not have any
liability for any obligations of the Company under the Notes, this Indenture or
the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder shall waive and release all such
liability.  The waiver and release shall
be part of the consideration for the issue of the Notes.

Section 11.11.  Successors.  All agreements of the Company in this
Indenture and the Notes shall bind their respective successors.  All agreements of the Trustee in this
Indenture shall bind its successors.

Section 11.12.  Consent to
Jurisdiction.   The Guarantor irrevocably submits
to the non-exclusive jurisdiction of any New York state or U.S. federal court
sitting in the Borough of Manhattan, The City of New York, in any action or
proceeding relating to its obligations, liabilities or any other matter arising
out of or in connection with this Indenture or the Notes.  The Guarantor hereby irrevocably agrees that
all claims in respect of any such action or proceeding may be heard and
determined in such New York state or U.S. federal court.  The Guarantor also hereby irrevocably waives,
to the fullest extent permitted by law, any objection to venue or the defense
of an inconvenient forum to the maintenance of any such action or proceeding in
any such court.

Section 11.13.  Appointment
for Agent for Service of Process. 
The Guarantor hereby (i) irrevocably designates and appoints its Chief
Financial Officer (from time to time) at its principal executive offices at 50
Main Street, White Plains, New York 10606 (the “Authorized Agent”), as its agent upon which process may be
served in any suit, action or proceeding described in the first sentence of
Section 11.12 hereof and represents and warrants that the Authorized Agent has
accepted such designation and (ii) agrees that service of process upon the
Authorized Agent and written notice of said service to the Guarantor mailed or
delivered to its Secretary at its registered office at 2 Church Street,
Hamilton, Bermuda, shall be deemed in every respect effective service of
process upon the Guarantor in any such suit or proceeding.  The Guarantor further agrees to take any and
all action, including the execution and filing of any and all such documents
and instruments, as may be necessary to continue such designation and
appointment of the Authorized Agent in full force and effect so long as any of
the Notes shall be outstanding.

Section 11.14.  Waiver of
Immunities.  To the extent
that the Guarantor or any of its properties, assets or revenues may have or may
hereafter become entitled to, or have attributed to them, any right of
immunity, on the grounds of sovereignty, from any legal action, suit or 

 52
 

proceeding,
from set-off or counterclaim, from the jurisdiction of any court, from service
of process, from attachment upon or prior to judgment, or from attachment in
aid of execution of judgment, or from execution of judgment, or other legal
process or proceeding for the giving of any relief or for the enforcement of
any judgment, in any jurisdiction in which proceedings may at any time be
commenced, with respect to its obligations, liabilities or any other matter under
or arising out of or in connection with this Indenture or the Notes, the
Guarantor hereby irrevocably and unconditionally, to the extent permitted by
applicable law, waives and agrees not to plead or claim any such immunity and
consents to such relief and enforcement.

Section 11.15.  Additional
Amounts.  The Company will pay
to the Holder of any Note any additional amounts as may be necessary so that
every net payment made by the Company of the principal of and premium, if any,
and interest on such Note, after deducting or withholding for or on account of
any present or future tax, duty, assessment or other similar governmental
charge duly imposed by Canada, will not be less than the amount provided in
that Note to be then due and payable.  In
the event that payments are required to be made by the Guarantor pursuant to
its obligations under the Guarantee, the Guarantor will pay to the Holder of
any Note additional amounts as may be necessary so that every net payment made
by the Guarantor of the principal of and premium, if any, and interest on such
Note, after deducting or withholding for or on account of any present or future
tax, duty, assessment or other similar governmental charge duly imposed by
Bermuda, will not be less than the amount provided in that Note to be then due
and payable.  The Company or the
Guarantor will not be required, however, to make any payment of additional
amounts for or on account of any such tax imposed by reason of the Holder
having some connection with Canada or Bermuda, as applicable, other than its
participation as a Holder under this Indenture.

Section 11.16.  Judgment
Currency.  If for the purposes
of obtaining judgment in any court it is necessary to convert a sum due
hereunder into any currency other than U.S. dollars, the parties hereto agree,
to the fullest extent permitted by law, that the rate of exchange used shall be
the rate at which in accordance with normal banking procedures the Trustee or
any Holder, as the case may be, could purchase U.S. dollars with such other
currency in New York City on the Business Day preceding that on which final
judgment is given.  The obligation of the
Guarantor with respect to any sum due from it to the Trustee or any Holder
shall, notwithstanding any judgment in a currency other than U.S. dollars, be
discharged only if and to the extent that on the first Business Day following
receipt by the Trustee or such Holder, as the case may be, of any sum adjudged
to be so due in such other currency, the Trustee or such Holder may in accordance
with normal banking procedures purchase U.S. dollars with such other
currency.  If the U.S. dollars so
purchased are less than the sum originally due to the Trustee or such Holder
hereunder, the Guarantor agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify the Trustee or such Holder against such
loss.  If the U.S. dollars so purchased
are greater than the sum originally due to the Trustee or such Holder
hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the
Guarantor an amount equal to the excess of the U.S. dollars so purchased over
the sum originally due to the Trustee or such Holder hereunder.

Section 11.17.  No Bankruptcy
Petition Against the Company; Liability of the Company.  Each of the Noteholders and the Trustee hereby
covenants and agrees that, prior to the date which is one year and one day
after the payment in full of the last maturing Note and all other 

 53
 

Indebtedness
of the Company ranking equal with or junior to the Notes in right of payment,
it will not institute against, or join with or assist any other Person in
instituting against, the Company, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings, or other proceedings under any
applicable insolvency laws.

Notwithstanding any other provision hereof, the sole
remedy of any Noteholder, the Trustee or any other Person against the Company
in respect of any obligation, covenant, representation, warranty or agreement
of the Company under or related to this Indenture or the Notes shall be against
the assets of the Company.  Neither the
Trustee, nor any Noteholder nor any other Person shall have any claim against
the Company to the extent that such assets are insufficient to meet such
obligations, covenant, representation, warranty or agreement (the difference
being referred to herein as a “shortfall”) and
all claims in respect of the shortfall shall be extinguished; provided,
however, that the provisions of this Section 11.17 apply solely to the
obligations of the Company and shall not extinguish such shortfall or otherwise
restrict such Person’s rights or remedies against the Guarantor for purposes of
the obligations of the Guarantor to any Person under the Guarantee.

The provisions of this Section 11.17 shall survive the
termination of this Indenture and the resignation or removal of the Trustee .

Section 11.18.  Multiple
Originals.  The parties may
sign any number of copies of this Indenture. 
Each signed copy shall be an original, but all of them together represent
the same agreement.  One signed copy is
enough to prove this Indenture.

Section 11.19.  Qualification
of Indenture.  The Company
shall qualify this Indenture under the Trust Indenture Act and shall pay all
reasonable costs and expenses (including attorneys’ fees and expenses for the
Company, the Trustee and the Holders) incurred in connection therewith,
including, but not limited to, costs and expenses of qualification of this
Indenture and the Notes and printing this Indenture and the Notes.  The Trustee shall be entitled to receive from
the Company any such Officer’s Certificates, Opinions of Counsel or other
documentation as it may reasonably request in connection with any such
qualification of this Indenture under the Trust Indenture Act.

Section 11.20.  Table of
Contents; Headings.  The table of contents,
cross-reference sheet and headings of the Articles and Sections of this
Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

 54
 

 

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

	
   

  	
  BUNGE N.A. FINANCE L.P., as
  Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew J. Burke

  	
   

  
	
   

  	
   

  	
  Name: Andrew J.
  Burke

  
	
   

  	
   

  	
  Title: President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BUNGE LIMITED,
  as Guarantor

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ William M. Wells

  	
   

  
	
   

  	
   

  	
  Name: William M.
  Wells

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Morris M. Kalef

  	
   

  
	
   

  	
   

  	
  Name: Morris M.
  Kalef

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION, 

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Esther Fannin

  	
   

  
	
   

  	
   

  	
  Name: Esther
  Fannin

  
	
   

  	
   

  	
  Title: Vice
  President

  
					

 

 

 55

EXHIBIT A

[FORM OF FACE OF INITIAL NOTE AND SUBSEQUENT NOTE]

[Depository Legend, if applicable]

	
  No. [         ]

  	
   

  	
  Principal Amount U.S. $[            ],
  as revised by the Schedule of Increases and Decreases in Global Note attached
  hereto  

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CUSIP NO. 120569
  AA6

  
	
   

  	
   

  	
  ISIN:
  US120569AA64

  

 

5.90% Senior Notes
Due 2017

Bunge N.A. Finance L.P.,
a Delaware limited partnership, promises to pay to CEDE & CO., or
registered assigns, the principal sum of [                        ]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in Note
attached hereto, on April 1, 2017.

Interest Payment Dates:
April 1 and October 1

Record Dates: March 15
and September 15

Additional provisions of
this Note are set forth on the reverse side hereof.

 A-1
 

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed.

	
  

  	
  BUNGE N.A. FINANCE L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, certifies that this is one of

the Notes referred to in
the Indenture.

	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  , 2007

  	
   

  	
   

  	
   

  
									

 

 A-2
 

 

[FORM OF REVERSE
SIDE OF INITIAL NOTE AND SUBSEQUENT NOTE]

5.90% Senior Note Due 2017

1.                                       General

Bunge N.A. Finance L.P., a Delaware limited
partnership (such partnership, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the “Company”), issued the Notes under an Indenture, dated as of
March 22, 2007, among the Company, the Guarantor and the Trustee (as such
Indenture may be amended or supplemented from time to time in accordance with
the terms thereof, the “Indenture”).  The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust Indenture Act”). 
Capitalized terms used herein and not defined herein have the meanings
ascribed thereto in the Indenture.  The
Notes are subject to all such terms, and Noteholders are referred to the
Indenture and the Trust Indenture Act for a statement of those terms.

The Notes are general unsecured senior obligations of
the Company, including (a) U.S. $250,000,000 in aggregate principal amount of
Notes being offered on the Issue Date (subject to Section 2.07 of the
Indenture) and (b) any Subsequent Notes. 
The Notes rank equally with all other unsecured and unsubordinated
indebtedness of the Company.  This Note
is one of the [Initial Notes] [Subsequent Notes] referred to in the Indenture.

The Company may from time to time during the
Subsequent Issuance Period, without the consent of existing Holders, create and
issue Subsequent Notes having the same terms and conditions as the Initial
Notes in all respects, except for the Issue Date, issue price and first payment
of interest thereon.  Subsequent Notes
issued in this manner will be consolidated with and will form a single class
with the previously outstanding Notes.

The Initial Notes and any Subsequent Notes will be
treated as a single class of securities under the Indenture.  The Indenture includes various covenants that
limit the ability of the Company, among other things, to incur Indebtedness or
Liens or enter into any consolidations, mergers or amalgamations.  In addition, the Indenture imposes certain
limitations on, among other things, (i) the incurrence of Liens by the
Guarantor or any Restricted Subsidiary, (ii) Sale-Leaseback Transactions by the
Guarantor or any Restricted Subsidiary and (iii) consolidations, mergers,
amalgamations and sales of assets of the Guarantor, the Company or any
Subsidiary.

To guarantee the due and punctual payment of the
principal of and premium, if any, and interest on the Notes and all other
amounts payable by the Company under the Indenture and the Notes when and as
the same shall be due and payable, whether at maturity, by acceleration or
otherwise, according to the terms of the Notes and the Indenture, the Guarantor
has unconditionally guaranteed such obligations pursuant to the terms of the
Indenture.  The Guarantee is an unsecured
and unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 A-3
 

 

2.                                       Interest

The Company promises to pay interest on the principal
amount of this Note at the rate per annum shown above.

The Company will pay interest semi-annually on April 1
and October 1 of each year commencing October 1, 2007.  Interest on the Notes will accrue from the
most recent date to which interest has been paid on the Notes or, if no
interest has been paid, from March 22, 2007. 
The Company shall pay interest on overdue principal or premium, if any,
plus interest on such interest to the extent lawful, at the rate borne by the
Notes to the extent lawful.  Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

3.                                       Method
of Payment

By at least 10:00 a.m. (New York City time) on the
date on which any principal of and premium, if any, or interest on any Note is
due and payable, the Company shall irrevocably deposit with the Trustee or the
Paying Agent money sufficient to pay such principal, premium, if any, and/or
interest.  The Company will pay interest
(except Defaulted Interest) to the Persons who are registered Holders of Notes
at the close of business on the March 15 or September 15 next preceding the
interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Except as described
in the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section
2.03 of the Indenture; provided, however,
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including
principal, premium, if any, and interest) will be made by wire transfer of
immediately available funds to the account specified by The Depository Trust
Company.  Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least U.S.$1,000,000 aggregate principal amount
of Notes will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by
wire transfer by giving written notice to the Trustee or the Paying Agent to
such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

4.                                       Paying
Agent and Registrar

Initially, U.S. Bank National Association (the “Trustee”), will act as Trustee, Paying Agent and Registrar.  The Company may appoint and change any Paying
Agent, Registrar or co-registrar without notice to any Noteholder.  The Company, the Guarantor or any Subsidiary
may act as Paying Agent, Registrar or co-registrar.

 A-4
 

 

5.                                       Optional
Redemption by the Company

The Notes will be redeemable at the option of the
Company, in whole at any time or in part from time to time, on at least 30 days
but not more than 60 days’ prior notice mailed to the registered address of
each Holder of Notes to be so redeemed, at a redemption price equal to (a) the
greater of (i) 100% of their principal amount to be redeemed or (ii) the sum of
the present values of the remaining scheduled payments of principal and
interest thereon from the date of redemption to the date of maturity (except
for currently accrued but unpaid interest) discounted to the date of
redemption, on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months), at the applicable Treasury Yield (as defined below),
plus 25 basis points (such greater amount, the “Redemption
Price”), plus (b) accrued and unpaid interest, if any, to the date
of redemption.

For purposes of determining the Redemption Price, the
following definitions are applicable:

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment
Banker as having a maturity comparable to the remaining term of the Notes that
would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of such Notes.

“Comparable Treasury Price”
means, with respect to any redemption date, (a) the bid price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount)
at 4:00 P.M. on the third business day preceding such redemption date, as set
forth on “Telerate Page 500” (or such other page as may replace Telerate Page
500), or (b) if such page (or any successor page) is not displayed or does not
contain such bid prices at such time (i) the average of the Reference Treasury
Dealer Quotations or (ii) if the Trustee is unable to obtain at least four such
Reference Treasury Dealers Quotations, the average of all Reference Treasury
Dealer Quotations obtained by the Trustee.

“Independent Investment
Banker” means any of J.P. Morgan Securities Inc. or Morgan Stanley
& Co. Incorporated, or, if all such firms are unwilling or unable to select
the applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.

“Reference Treasury Dealer”
means J.P. Morgan Securities Inc. and Morgan Stanley & Co. Incorporated,
and two other primary U.S. Government securities dealer in New York City
selected by the Independent Investment Banker (each, a “Primary Treasury Dealer”);
provided however, that if any of the foregoing shall cease to be a Primary
Treasury Dealer, the Company will substitute another Primary Treasury Dealer.

“Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date for the Notes, an average, as determined by the
Trustee, of the bid and asked prices for the Comparable Treasury Issue for the
Notes (expressed in each case as a percentage of its principal amount) quoted
in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the
third business day preceding such redemption date.

 A-5
 

 

“Treasury Yield”
means, with respect to any redemption date applicable to the Notes, the rate
per annum equal to the semi-annual equivalent yield to maturity (computed as of
the third Business Day immediately preceding such redemption date) of the
Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the applicable
Comparable Treasury Price for such redemption date.

In the case of any partial redemption, selection of
the Notes for redemption will be made by the Trustee in compliance with the
requirements of the principal national securities exchange, if any, on which
the Notes are listed or, if the Notes are not listed, then on a pro rata basis,
by lot or by such other method as the Trustee in its sole discretion shall deem
to be fair and appropriate, although no Notes of U.S. $1,000 in original
principal amount or less will be redeemed in part.  If any Note is to be redeemed in part only,
the notice of redemption relating to such Note shall state the portion of the
principal amount thereof to be redeemed. 
A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the
original Note.  On and after the
redemption date, interest will cease to accrue on Notes or portions thereof
called for redemption as long as the Company has deposited with the Paying
Agent funds in satisfaction of the applicable Redemption Price pursuant to the
Indenture.

6.                                       Offers
to Repurchase

Upon the occurrence of a Change of Control Triggering
Event, the Company shall make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $1,000 or an integral
multiple of $1,000 thereof) of each Holder’s Notes at a purchase price equal to
101% of the aggregate principal amount thereof plus accrued and unpaid interest
thereon, if any, to, but excluding, the date of purchase (the “Change of Control Payment”). 
The Change of Control Offer shall be made in accordance with Section
3.14 of the Indenture.

7.                                       Additional
Amounts

The Company will, subject to certain limitations set
forth in the Indenture, pay to the Holder of any Note additional amounts as
necessary so that every net payment made by the Company of the principal of and
premium, if any, and interest on such Note, after deducting or withholding for
or on account of any present or future tax, duty, assessment or other similar
governmental charge duly imposed by Canada, will not be less than the amount
provided in such Note to be then due and payable.  In addition, the Guarantor will, subject to
certain limitations set forth in the Indenture, pay to the Holder of any Note
additional amounts as necessary so that every net payment made by the Guarantor
of principal of and premium, if any, and interest on such Note, after deducting
or withholding for or on account of any present or future tax, duty, fee,
assessment or other governmental charge imposed on that Holder by Bermuda, will
not be less than the amount provided in such Note to be then due and payable.

8.                                       Denominations;
Transfer; Exchange

The Notes are in registered form without coupons in
denominations of principal amount of U.S. $1,000 and whole multiples of U.S.
$1,000.  A Holder may transfer or
exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to

 A-6
 

 

furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by
law or permitted by the Indenture.  The
Registrar need not register the transfer of or exchange (i) any Notes selected
for redemption (except, in the case of a Note to be redeemed in part, the
portion of the Note not to be redeemed) for a period beginning 15 days before
the mailing of a notice of Notes to be redeemed and ending on the date of such
mailing or (ii) any Notes for a period beginning 15 days before an interest
payment date and ending on such interest payment date.

9.                                       Persons
Deemed Owners

The registered Holder of this Note may be treated as
the owner of it for all purposes.

10.                                 Unclaimed
Money

If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the
money back to the Company at its request unless an abandoned property law
designates another Person.  After any
such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.

11.                                 Defeasance

Subject to certain conditions set forth in the
Indenture, the Company at any time may terminate some or all of its obligations
under the Notes and the Indenture if the Company deposits with the Trustee
money or U.S. Government Securities for the payment of principal and interest
on the Notes to redemption or maturity, as the case may be.

12.                                 Amendment,
Waiver

The Indenture or the Notes may be amended with the
written consent of the Holders of at least a majority in principal amount of
the then outstanding Notes; provided, however,
that the consent of each Noteholder affected is required to (i) reduce the
amount of Notes whose Holders must consent to an amendment of the Indenture or
the Notes, (ii) reduce the stated rate or extend the stated time for payment of
interest on a Note, (iii) reduce the principal of or extend the Stated Maturity
of a Note, (iv) reduce the premium payable upon redemption of a Note, (v) make
any Note payable in money other than that stated herein, (vi) impair the right
of a Holder to receive payment under the Note or institute suit for the
enforcement of such payment, (vii) make any change to the amendment provisions
which require each Holder’s consent or the waiver provisions, or (viii) release
the Guarantor or modify the Guarantee.

Subject to certain exceptions set forth in the
Indenture, without the consent of any Noteholder, the Company and the Trustee
may amend the Indenture or the Notes to cure any ambiguity, omission, defect or
inconsistency, or to comply with Article 4 of the Indenture, or to provide for
uncertificated Notes in addition to or in place of certificated Notes, or to
add guarantees with respect to the Notes, or to secure the Notes, or to add
additional covenants of the Company, the Guarantor or any Subsidiary, or
surrender rights and powers conferred on the Company, the Guarantor or any
Subsidiary, issue Subsequent Notes, or to comply with any

 A-7
 

 

requirement of the SEC in
connection with qualifying the Indenture under the Trust Indenture Act, or to
make any change that does not adversely affect the rights of any Noteholder.

Subject to certain exceptions set forth in the
Indenture, any default (other than with respect to nonpayment or in respect of
a provision that cannot be amended without the written consent of each
Noteholder affected) or noncompliance with any provision may be waived with the
written consent of the Holders of a majority in principal amount of the then
outstanding Notes.

13.                                 Defaults
and Remedies

Under the Indenture, Events of Default include (1)
default for 30 days in payment of interest or additional interest when due on
the Notes; (2) default in payment of principal of or premium, if any, on the
Notes at Stated Maturity, upon optional redemption, upon declaration or
otherwise; (3)  the failure by the
Company or the Guarantor to comply for 60 days after written notice with its
other agreements contained in the Indenture or under the Notes (other than
those referred to in (1) or (2) above); (4) the failure of the Company, the
Guarantor or any Subsidiary (a) to pay the principal of any indebtedness for
borrowed money, including obligations evidenced by any mortgage, indenture,
bond, debenture, note, guarantee or other similar instruments, on the scheduled
or original date due; (b) to pay interest on any such indebtedness beyond any
provided grace period; or (c) to observe or perform any agreement or condition
relating to such indebtedness, the effect of which is to cause such
indebtedness to become due prior to its stated maturity and such acceleration
has not been cured within 15 days after notice of acceleration; provided that
an event described in clause (a), (b) or (c) above shall not constitute an
Event of Default unless, at such time, one or more events of the type described
in clauses (a), (b) or (c) shall have occurred or be continuing with respect to
indebtedness in an amount exceeding U.S. $50,000,000; or (5) certain events of
bankruptcy, insolvency or reorganization of the Company, the Guarantor or any
Material Subsidiary (the “bankruptcy events”).  However, a default under clause (3) will not
constitute an Event of Default until the Trustee or the Holders of at least 25%
in principal amount of the outstanding Notes notify the Company or the
Guarantor, as the case may be, of the default and the Company or the Guarantor,
as the case may be, does not cure such default within the time specified in
clause (3) hereof after receipt of such notice.

If an Event of Default other than a bankruptcy event
occurs and is continuing, the Trustee or the Holders of at least 25% in
principal amount of the Notes may declare all the Notes by written notice to
the Company to be due and payable immediately. 
If an Event of Default in connection with a bankruptcy event occurs and
is continuing, the principal amount of the Notes, the premium, if any, and all
accrued and unpaid interest shall be immediately due and payable without any
action or other act on the part of the Trustee or the Holders.

Noteholders may not enforce the Indenture or the Notes
except as provided in the Indenture.  The
Trustee may refuse to enforce the Indenture or the Notes unless it receives
reasonable indemnity or security. 
Subject to certain limitations, Holders of a majority in principal
amount of the Notes may direct the Trustee in its exercise of any trust or
power.  The Trustee may withhold from
Noteholders notice of any continuing Default or Event of Default (except a Default
or Event of Default in payment of principal or interest) if it determines that
withholding notice is in their interest.

 A-8
 

 

14.                                 Trustee
Dealings with the Company

Subject to certain limitations set forth in the
Indenture, the Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Company or its Affiliates and may
otherwise deal with the Company or its Affiliates with the same rights it would
have if it were not Trustee.

15.                                 No
Recourse Against Others

An incorporator, director, officer, employee,
affiliate, stockholder or partner (other than a general partner of the Company
and any stockholder of any such general partner that is an unlimited liability
company, in each case that would otherwise be liable) of each of the Company or
the Guarantor, solely by reason of this status, shall not have any liability
for any obligations of the Company under the Notes, the Indenture or the
Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the consideration
for the issue of the Notes.

16.                                 No
Petition

By its acquisition of this Note, each Holder hereof
agrees that neither it nor the Trustee on its behalf may commence, or join with
any other person in the commencement of, a bankruptcy, reorganization,
arrangement, insolvency or liquidation proceeding with respect to the Company
under any applicable insolvency laws until one year and one date after the
Notes and all other Indebtedness of the Company ranking equal with or junior to
the Notes in right of payment, including all interest and premium thereon, if
any, are paid in full.

17.                                 Authentication

This Note shall not be valid until an authorized
signatory of the Trustee (or an authenticating agent acting on its behalf)
manually signs the certificate of authentication appearing on this Note.

18.                                 Abbreviations

Customary abbreviations may be used in the name of a
Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT
(=tenants by the entirety), JT TEN (=joint tenants with rights of survivorship
and not as tenants in common), CUST (=custodian) and U/G/M/A (=Uniform Gift to
Minors Act).

19.                                 CUSIP
Numbers

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Company has caused
CUSIP numbers to be printed on the Notes and has directed the Trustee to use
CUSIP numbers in notices of redemption as a convenience to Noteholders.  No representation is made as to the accuracy
of such numbers either as printed on

 A-9
 

 

the Notes or as contained
in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

20.                                 Governing
Law

This Note shall be governed by, and construed in
accordance with, the laws of the State of New York.

The Company will furnish to any Noteholder upon
written request and without charge to the Noteholder a copy of the
Indenture.  Requests may be made to:

Bunge N.A. Finance L.P.

2190 South Service Road
West

Oakville, Ontario L6L 5N1

Attention:  Frank Marchiony

Telephone:  (905) 825-7900

Telecopy:  (905) 847-8843

 A-10

ASSIGNMENT FORM

	
  To assign this Note, fill in the form below:

  
	
   

  
	
  I or we assign and transfer this Note to

  
	
   

  
	
   

  	
   

  	
   

  
	
  (Print or type
  assignee’s name, address and zip code)

  
	
   

  
	
   

  	
   

  	
   

  
	
  (Insert
  assignee’s soc. sec. or tax I.D. No.)

  
	
   

  
	
  and irrevocably appoint

  	
   

  	
   agent to
  transfer this Note on the books of the Company. The agent may substitute

  
	
  another to act for him.

  
	
   

  
	
   

  
	
   

  
	
  Date:

  	
   

  	
   Your
  Signature

  	
   

  
	
   

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
  (Signature must be guaranteed)

  
	
   

  	
   

  
	
   

  
	
  Sign exactly as your name appears on the other side
  of this Note.

  
												

 

The signature(s) should
be guaranteed by an eligible guarantor institution (banks, stockbrokers,
savings and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 A-11
 

[TO BE ATTACHED TO NOTES]

SCHEDULE OF
INCREASES OR DECREASES IN NOTE

The following
increases or decreases in this Note have been made:

	
  Date of Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount of this

  Note

  	
   

  	
  Amount of increase in

  Principal Amount of this

  Note

  	
   

  	
  Principal Amount of this

  Note following such

  decrease or increase

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Securities Custodian

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

 A-12
 

OPTION OF HOLDER
TO ELECT PURCHASE

If
you want to elect to have this Note purchased by the Company pursuant to Section 3.14
of the Indenture, check the box below:

[   ] Section 3.14

If
you want to elect to have only part of this Note purchased by the Issuer pursuant
to Section 3.14 of the Indenture, state the amount you elect to have purchased:

	
  $

  	
   

  	
   

  

 

	
  Date:

  	
   

  	
   

  

 

	
   

  	
  Your Signature:

  	
   

  
	
   

  	
  (Sign exactly as your name appears on

  the face of this Note)

  
	
   

  	
   

  
	
  Tax Identification No.:

  	
   

  
	
   

  	
   

  
	
  Signature Guarantee*:

  	
   

  	
   

  
						

*                    Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the
Trustee).

 A-13
 

SCHEDULE 1.1

The following Subsidiaries constitute all of the
Material Subsidiaries as of the date hereof:

·              Bunge Fertilizantes S.A.

·              Bunge Alimentos S.A.

·              Bunge North America, Inc.

·              Bunge N.A. Holdings, Inc.

·              Fertilizantes Fosfatados S.A. -
Fosfertil

·              Koninklijke Bunge B.V.

 A-14
 

SCHEDULE 3.4

Existing Liens

	
  Subsidiary/Joint

  Ventures

  	
   

  	
  Facility

  	
   

  	
  Amount

  Outstanding

  	
   

  	
  Description
  of Collateral

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge Argentina S.A.

  	
   

  	
  IFC Loan

  	
   

  	
  $5.0 million

  	
   

  	
  Land, buildings and shares of Terminal Bahia Blanca

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Terminal 6 and

  Terminal 6I

  (unconsolidated

  joint ventures)

  	
   

  	
  IFC Loan

  (Bunge’s share)

  	
   

  	
  $6.3 million

  	
   

  	
  Shares of stock of Terminal 6

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge Alimentos S.A.

  	
   

  	
  Bank

  

  BNDES

  	
   

  	
  $6.9 million

  

  $63.0 million

  	
   

  	
  Land, buildings and

  equipment

  

  Land, buildings and

  equipment

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge

  Fertilizantes S.A./

  Fosfertil S.A.

  	
   

  	
  BNDES (various)

  

  

  

  Other

  	
   

  	
  $45.7 million

  

  

  

  $4.0 million

  	
   

  	
  Shares of stock of Fosfertil

  S.A./Ultrafertil S.A/. and

  Bunge Fertilizantes S.A.

  

  Land and buildings

  	
   

  

 

 A-15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00120-of-00352.parquet"}]]