Document:

Untitled Document

Exhibit 10.1 

REGISTRATION RIGHTS AGREEMENT

THIS REGISTRATION RIGHTS
  AGREEMENT (the “ Agreement ”) dated as of December
 12, 2003, among (i) Unibanco – União de Bancos Brasileiros S.A. (“ Unibanco ”),
 a sociedade anônima  organized under the laws of the Federative
 Republic of Brazil (“ Brazil ”), acting through its Grand Cayman Branch and
 (ii) Citigroup Global Markets Inc. as representative on behalf of the Initial
 Purchasers (as defined below) of U.S.$ 200,000,000 of Unibanco's 7.375% Step-Up
 Subordinated Callable Notes due 2013 (the “ Notes ”). Terms not otherwise defined
 herein are used as defined in the Indenture (as defined below). 

WITNESSETH 

WHEREAS, Unibanco is today entering into an Indenture (as defined below),
 pursuant to which it is today issuing U.S.$200,000,000 aggregate principal amount
 of its Notes; 

WHEREAS, in order to provide
  additional liquidity to the holders of the Notes (the “ Holders ”), Unibanco
  is willing to enter into this Registration Rights Agreement providing for the
  registration of the Exchange Securities (as defined below) under the Securities
 Act of 1933, as amended; 

NOW, THEREFORE, the parties hereto agree as follows: 

SECTION 1.  Definitions . 

As used in this Agreement, the following capitalized defined terms shall have
 the following meanings: 

“ Closing Date ” shall
mean the Closing Date as defined in the Purchase Agreement. 

“ Unibanco ” shall
  have the meaning set forth in the preamble and shall also include its successors
 and assigns. 

“ Exchange Act ” shall
 mean the Securities Exchange Act of 1934, as amended from time to time. 

“ Exchange Dates ” shall
have the meaning set forth in section 2(a)(ii) hereof. 

“ Exchange Offer ” shall
  mean the exchange offer by Unibanco of Exchange Securities for Registrable
 Securities pursuant to Section 2(a) hereof. 

“ Exchange Offer Registration ” shall
  mean a registration under the Securities Act effected pursuant to Section 2(a)
 hereof.

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“ Exchange Offer Registration Statement ” shall mean an exchange offer registration
 statement on Form F-1, F-2, F-3 or F-4, as applicable, and all amendments
 and supplements to such registration statement, in each case including the
 Prospectus contained therein, all exhibits thereto and all material incorporated
by reference therein. 

“ Exchange Securities ” shall
  mean securities issued by Unibanco containing terms identical in all material
  respects to the Notes (except that the Exchange Securities will not bear legends
  restricting their transfer) and to be offered to Holders of Notes in exchange
 for Registrable Securities pursuant to the Exchange Offer. 

“ Holder ” shall mean each person or entity that holds Registrable Securities,
 and each of their successors, assigns and direct and indirect transferees who
 become registered owners of Registrable Securities under the Indenture; provided
 that, for purposes of Sections 4 and 5 of this Agreement, the term “Holder” shall
 include Participating Broker-Dealers (as defined in Section 4(a)). 

“ Indenture ” shall mean
  the Indenture relating to the Notes dated the Closing Date, among Unibanco,
  The Bank of New York, as Trustee, and The Bank of New York (Luxembourg) S.A.,
  as Luxembourg paying agent and Luxembourg transfer agent, as the same may be
 amended from time to time in accordance with the terms thereof. 

“ Initial Purchasers ” shall
 mean Citigroup Global Markets Inc. and Unibanco Securities Limited. 

“ Majority Holders ” shall
  mean the Holders of a majority of the aggregate principal amount of outstanding
  Registrable Securities; provided that, whenever the consent or approval
  of Holders of a specified percentage of Registrable Securities is required
  hereunder, Registrable Securities held by Unibanco or any of its affiliates
  (as such term is defined in Rule 405 under the Securities Act) (other than
  the Initial Purchasers or subsequent Holders of Registrable Securities if such
  subsequent holders are deemed to be such affiliates solely by reason of their
  holding of such Registrable Securities) shall not be counted in determining
  whether such consent or approval was given by the Holders of such required
 percentage or amount. 

“ Person ” means an individual,
  partnership, corporation, limited liability company, business trust,
  joint stock company, trust, unincorporated association, joint venture or any
  nation or government, any state, province or other political subdivision thereof,
  any central bank (or similar monetary or regulatory authority) thereof,
  and any entity exercising executive, legislative, judicial, regulatory or administrative
 functions of or pertaining to government. 

“ Prospectus ” shall mean
  the prospectus included in a Registration Statement, including any preliminary
  prospectus, and any such prospectus as amended or supplemented by any prospectus
  supplement and by all other amendments and supplements to such prospectus,
 and in each case including all material incorporated by reference therein.

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“ Purchase Agreement ” shall mean the Purchase Agreement dated as of December 5,
 2003 among Unibanco and the Initial Purchasers relating to the purchase of
the Notes by the Initial Purchasers. 

“ Registrable Securities ” shall mean the Notes; provided , however , that
 such Notes shall cease to be Registrable Securities (i) when a Registration
 Statement with respect to such Notes shall have been declared effective under
 the Securities Act and such Notes shall have been disposed of pursuant to such
 Registration Statement, (ii) when such Notes have been sold to the public
 pursuant to Rule 144(k) (or any similar provision then in force, but not Rule
 144(k)) under the Securities Act or (iii) when the Notes shall have ceased
 to be outstanding; provided further , that the securities with respect to
 which Unibanco have caused to be filed and declared effective an Exchange
 Offer Registration Statement and have commenced an Exchange Offer, in each case
 pursuant to and in accordance with Section 2(a) hereof, and which have not been
 tendered by the last Exchange Date (as defined in Section 2(a)(ii) hereof) by
 the Holder thereof shall be deemed not be to Registrable Securities. 

“ Registration Expenses ” shall mean any and all expenses incident to performance
 of or compliance by Unibanco with this Agreement, including without limitation:
 (i) all SEC, stock exchange or National Association of Securities Dealers,
 Inc. registration and filing fees, (ii) all fees and expenses incurred
 in connection with compliance with state securities or blue sky laws (including
 reasonable fees and disbursements of counsel for any underwriters or Holders
 in connection with blue sky qualification of any of the Exchange Securities
 or Registrable Securities), (iii) all expenses of any Persons in preparing
 or assisting in preparing, word processing, printing and distributing any Registration
 Statement, any Prospectus, any amendments or supplements thereto, any underwriting
 agreements, securities sales agreements and other documents relating to the
 performance of and compliance with this Agreement, (iv) all rating agency
 fees, (v) all fees and disbursements relating to the qualification of the
 Indenture under applicable securities laws, (vi) the reasonable fees and
 disbursements of the Trustee and its counsel, (vii) the reasonable fees
 and disbursements of counsel for Unibanco and (viii) the reasonable fees
 and disbursements of the independent public accountants of Unibanco, including
 the expenses of any special audits or “cold comfort” letters required by or
 incident to such performance and compliance, but excluding fees and expenses
 of counsel to the underwriters (other than reasonable fees and expenses set
 forth in clause (ii) above) or the Holders and underwriting discounts and
 commissions and transfer taxes, if any, relating to the sale or disposition
 of Registrable Securities by a Holder. 

“ Registration Statement ” shall
  mean any registration statement of Unibanco that covers any of the Exchange
  Securities or Registrable Securities pursuant to the provisions of this
  Agreement and all amendments and supplements to any such Registration Statement,
  including post-effective amendments, in each case including the Prospectus
  contained therein, all exhibits thereto and all material incorporated by reference
 therein. 

“ SEC ” shall mean
  the United States Securities and Exchange Commission.

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“ Securities Act ” shall
mean the Securities Act of 1933, as amended from time to time. 

“ Trustee ” shall mean
the trustee with respect to the Notes under the Indenture. 

SECTION 2. Registration Under the Securities Act.

(a) To the extent not
  prohibited by any applicable law or applicable interpretation of the staff
  of the SEC (the “ Staff ”), Unibanco shall use its
 best efforts to cause to be filed an Exchange Offer Registration Statement
 covering the offer by Unibanco to the Holders to exchange all of the Registrable
 Securities for Exchange Securities and to have such Registration Statement
 remain effective until the closing of the Exchange Offer. Unibanco shall
  commence the Exchange Offer promptly after the Exchange Offer Registration
  Statement has been declared effective by the SEC and use its best efforts
  to have the Exchange Offer consummated not later than 60 days after such
  effective date. Unibanco shall commence the Exchange Offer by mailing
  the related exchange offer Prospectus and accompanying documents to each
  Holder stating, in addition to such other disclosures as are required by applicable
  law: 

(i) that the
  Exchange Offer is being made pursuant to this Agreement and that all
 Registrable Securities validly tendered will be accepted for exchange; 

(ii) the dates of acceptance
  for exchange (which shall be a period of at least 20 business days from
 the date such notice is mailed) (the “ Exchange Dates ”); 

(iii) that any
  Registrable Security not tendered will remain outstanding and continue
 to accrue interest, but will not retain any rights under this Agreement; 

(iv) that Holders
  electing to have a Registrable Security exchanged pursuant to the Exchange
  Offer will be required to surrender such Registrable Security, together
  with the enclosed letters of transmittal, to the institutions and at
  the addresses (located in the Borough of Manhattan, the City of New York)
  specified in the notice prior to the close of business on the last Exchange
  Date; and 

(v) that Holders
  will be entitled to withdraw their election, not later than the close
  of business (New York time) on the last Exchange Date, by sending to
  the institutions and at the addresses (located in the Borough of Manhattan,
  the City of New York) specified in the notice a telegram, telex, facsimile
  transmission or letter setting forth the name of such Holder, the principal
  amount of Registrable Securities delivered for exchange and a statement
  that such Holder is withdrawing his election to have such Notes exchanged. 

(b)  As soon as
 practicable after the last Exchange Date, Unibanco shall: 

(i) accept for exchange Registrable Securities or portions thereof tendered
 and not validly withdrawn pursuant to the Exchange Offer; and 

(ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable
 Securities or portions thereof so accepted for exchange by Unibanco and

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 issue, and cause the Trustee to promptly authenticate and deliver to each
 Holder, an Exchange Security equal in principal amount to the principal amount
of the Registrable Securities surrendered by such Holder. 

(c) Unibanco shall use
  its best efforts to complete the Exchange Offer as provided above and
  shall comply with the applicable requirements of the Securities Act,
  the Exchange Act and other applicable laws and regulations in connection
  with the Exchange Offer. The Exchange Offer shall not be subject to any conditions,
  other than that the Exchange Offer does not violate applicable law or
  any applicable interpretation of the Staff. Unibanco shall inform the
  Initial Purchasers of the names and addresses of the Holders to whom
  the Exchange Offer is made, and the Initial Purchasers shall have the right,
  subject to applicable law, to contact such Holders and otherwise facilitate
  the tender of Registrable Securities in the Exchange Offer. 

(d) In the event
  that Unibanco determines that the Exchange Offer Registration provided
  for in Section 2(a) above is not available or may not be consummated
  as soon as practicable after the last Exchange Date because it would
  violate applicable law or the applicable interpretations of the Staff, or the
  Exchange Offer is not for any reason consummated by the date that is 12 months
  after the Closing Date, then, unless the holders of Notes shall be free to
  resell the Notes without restriction under Rule 144-k or otherwise (and Unibanco
  shall have taken all action necessary to remove the legends on the Notes and
  taken all other action to the satisfaction of the Trustee to facilitate the
  same), Unibanco shall file any Registration Statement with the SEC that wo
  uld result in the Holders of the Notes being able to resell their Notes in
  such a manner that they cease to be Registrable Securities, and upon effectiveness
  of any such Registration Statement, Unibanco shall be deemed to have satisfied
  its obligations hereunder. 

(e) Unibanco
  shall pay all Registration Expenses in connection with the registration
  pursuant to Section 2(a). 

(f) An Exchange Offer
  Registration Statement pursuant to Section 2(a) hereof will not be deemed to
  have become effective unless it has been declared effective by the SEC. As
  provided for in the Indenture, in the event the Exchange Offer is not consummated
  or the Registration Statement referred to in Section 2(d) above has not been
  declared effective on or prior to the date that is twelve (12) months after
  the Closing Date, the annual interest rate on the Notes will be increased to
  7.875% per annum (0.5% in excess of the initial rate at which the Notes bear
  interest pursuant to the Indenture) until the Exchange Offer is consummated
  or the Exchange Offer Registration Statement or the Registration Statement
  referred to in Section 2(d)
  is declared effective by the SEC, whereupon the interest rate will decrease
  permanently to the original interest rate on the Notes, which rate shall
  be subject to increase as provided in the Indenture. 

SECTION 3.  Registration
  Procedures. In connection with the obligations of Unibanco with respect
  to the Registration Statements pursuant to Section 2(a)
 and Section 2(b) hereof, Unibanco shall as expeditiously as possible: 

(i) prepare and file with
  the SEC a Registration Statement on the appropriate form under the Securities
  Act, which form (x) shall be selected by Unibanco
 and (y) shall

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comply as
  to form in all material respects with the requirements of the applicable form
  and include all financial statements required by the SEC to be filed therewith,
  and use its best efforts to cause such Registration Statement to become effective
  and remain effective in accordance with Section 2
 hereof; 

(ii) prepare and file
  with the SEC such amendments and post-effective amendments to each Registration
  Statement as may be necessary to keep such Registration Statement effective
  until the Notes cease to be Registrable Securities and cause each Prospectus
  to be supplemented by any required prospectus supplement and, as so supplemented,
  to be filed pursuant to Rule 424 under the Securities
 Act; to keep each Prospectus current during the period described under Section
 4(3) and Rule 174 under the Securities Act that is applicable to transactions
 by brokers or dealers with respect to the Registrable Securities or Exchange
 Securities; 

(iii) to the extent necessary
  or applicable, use its best efforts to register or qualify the Registrable
  Securities under all applicable state securities or “blue sky” laws of such
  jurisdictions as any Holder of Registrable Securities covered by a Registration
  Statement shall reasonably request in writing by the time the applicable Registration
  Statement is declared effective by the SEC, to cooperate with such Holders
  in connection with any filings required to be made with the National Association
  of Securities Dealers, Inc. and do any and all other acts and things which
  may be reasonably necessary or advisable to enable such Holder to consummate
  the disposition under such Registration Statement in each such jurisdiction
  of such Registrable Securities owned by such Holder; provided, however ,
  that Unibanco shall not be required to (A) qualify as a foreign corporation
  or as a dealer in securities in any jurisdiction where it would not otherwise
  be required to qualify but for this Section 3(a)(iii), (B) file any
  general consent to service of process or (C) subject itself to taxation
  in any such jurisdiction if it is not so subject; 

(iv)  make every
  reasonable effort to obtain the withdrawal of any SEC order suspending the
  effectiveness of a Registration Statement as early as possible after learning
 of such order; 

(v) a reasonable time prior to the filing of any Registration Statement, any Prospectus,
 any amendment to a Registration Statement or amendment or supplement to a Prospectus
 or any document which is to be incorporated by reference into a Registration
 Statement or a Prospectus after the initial filing of a Registration Statement,
 provide copies of such document to the Initial Purchasers and their counsel and
 make such representatives of Unibanco as shall be reasonably requested by the
 Initial Purchasers or their counsel available for discussion of such document,
 and shall not at any time file or make any amendment to the Registration Statement,
 any Prospectus or any amendment of or supplement to a Registration Statement
 or a Prospectus or any document which is to be incorporated by reference into
 a Registration Statement or a Prospectus, of which the Initial Purchasers and
 their counsel shall not have previously been advised and furnished a copy or
to which the Initial Purchasers or their counsel shall reasonably object;

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(vi) obtain a
  CUSIP number for all Exchange Securities or Registrable Securities, as
  the case may be, not later than the effective date of a Registration
  Statement; 

(vii) use its best efforts
  to cause the Indenture to be qualified under the Trust Indenture Act
  of 1939, as amended (the “ TIA ”), in connection
 with the registration of the Exchange Securities or Registrable Securities,
 as the case may be, cooperate with the Trustee and the Holders to effect
 such changes to the Indenture as may be required for the Indenture to be
 so qualified in accordance with the terms of the TIA and execute, and use
  its best efforts to cause the Trustee to execute, all documents as may
  be required to effect such changes and all other forms and documents
  required to be filed with the SEC to enable the Indenture to be so qualified
 in a timely manner; and 

(viii) use its best
  efforts to cause the Exchange Securities to continue to be rated by one
  nationally recognized statistical rating organization (as such term is
  defined in Rule 436(g)(2) under the Securities Act), if the Registrable
  Securities have been rated. 

SECTION 4.  Participation
of Broker-Dealers in Exchange Offer . 

(a) The parties hereto
  acknowledge that the Staff has taken the position that any broker-dealer
  that receives Exchange Securities for its own account in the Exchange Offer
  in exchange for Notes that were acquired by such broker-dealer as a result
  of market-making or other trading activities (a “ Participating
 Broker-Dealer ”), may be deemed to be an “underwriter” within the meaning of
 the Securities Act and must deliver a prospectus meeting the requirements
 of the Securities Act in connection with any resale of such Exchange Securities.
 Unibanco understands that it is the Staff's position that if the Prospectus
 contained in the Exchange Offer Registration Statement includes a plan of
 distribution containing a statement to the above effect and the means by
 which Participating Broker-Dealers may resell the Exchange Securities, without
 naming the Participating Broker-Dealers or specifying the amount of Exchange
 Securities owned by them, such Prospectus may be delivered by Participating
 Broker-Dealers to satisfy their prospectus delivery obligation under the
 Securities Act in connection with resales of Exchange Securities for their
 own accounts, so long as the Prospectus otherwise meets the requirements
 of the Securities Act. 

(b) In light of the above,
  notwithstanding the other provisions of this Agreement, Unibanco agrees
  to take all actions necessary to ensure the effectiveness of the Registration
  Statement referred to in Section 2 as may be reasonably requested by
  the Initial Purchasers or by one or more Participating Broker-Dealers, in each
  case as provided in clause (ii) below, in order to expedite or facilitate the
  disposition of any Exchange Securities by Participating Broker-Dealers consistent
  with the positions of the Staff recited in Section 4(a) above
 provided that: 

(c) Unibanco shall not
  be required to amend or supplement the Prospectus contained in the Exchange
  Offer Registration Statement for a period exceeding 180 days after the
  last Exchange Date (as such period may be extended pursuant to this Agreement)
  and Participating Broker-Dealers shall not be authorized by Unibanco
  to

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deliver and shall not
  deliver such Prospectus after such period in connection with the resales contemplated
 by this Section 4; and 

(ii) any application of
  the procedures to an Exchange Offer Registration, to the extent not required
  by the positions of the Staff or the Securities Act and the rules and
  regulations thereunder, will be in conformity with the reasonable request
  to Unibanco by the Initial Purchasers or with the reasonable request in writing
  to Unibanco by one or more broker-dealers who certify to the Initial
  Purchasers and Unibanco in writing that they anticipate that they will be Participating
  Broker-Dealers; and provided further that, in connection with such application
  of any procedures to an Exchange Offer Registration, Unibanco shall be
  obligated (x) to
  deal only with one entity representing the Participating Broker-Dealers,
  which shall be Citigroup Global Markets Inc. unless it elects not to
  act as such representative, (y) to pay the reasonable fees and expenses
  of only one counsel representing the Participating Broker-Dealers, which shall
  be counsel to the Initial Purchasers unless such counsel elects not to so
  act and (z) to
 cause to be delivered only one, if any, “cold comfort” letter with respect to
 the Prospectus in the form existing on the last Exchange Date and with respect
 to each subsequent amendment or supplement, if any, effected in connection
 therewith. 

(c) The Initial
  Purchasers shall have no liability to Unibanco or any Holder with respect
  to any request that they may make pursuant to Section 4(b) above. 

SECTION 5.  Indemnification
and Contribution . 

(a) Unibanco agrees to
  indemnify and hold harmless the Initial Purchasers, each Holder and each
  Person, if any, who controls the Initial Purchasers or any Holder within
  the meaning of either Section 15 of the Securities Act or Section 20 of the
  Exchange Act, or is under common control with, or is controlled by, the
  Initial Purchasers or any Holder, from and against all losses, claims,
  damages and liabilities (including, without limitation, any legal or other
  expenses reasonably incurred by the Initial Purchasers, any Holder or any such
  controlling or affiliated Person in connection with defending or investigating
  any such action or claim) caused by any untrue statement or alleged untrue
  statement of a material fact contained in any Registration Statement (or any
  amendment thereto) pursuant to which Exchange Securities or Registrable Securities
  were registered under the Securities Act, including all documents incorporated
  therein by reference, or caused by any omission or alleged omission to
  state therein a material fact required to be stated therein or necessary to
  make the statements therein not misleading, or caused by any untrue statement
  or alleged untrue statement of a material fact contained in any Prospectus
  (as amended or supplemented if Unibanco shall have furnished any amendments
  or supplements thereto), or caused by any omission or alleged omission to state
  therein a material fact necessary to make the statements therein, in
  light of the circumstances under which they were made, not misleading, except
  insofar as such losses, claims, damages or liabilities are caused by any such
  untrue statement or omission or alleged untrue statement or omission based
  upon information relating to the Initial Purchasers or any Holder furnished
  to Unibanco in writing through Citigroup Global Markets Inc. or any selling
  Holder expressly for use therein; provided  that
 the foregoing indemnity agreement shall not inure to the benefit of any Holder
 or any person controlling such Holder with respect to any sale or disposition
 of Registrable Securities by such Holder in violation of Section 4 above; provided
 further  that the

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foregoing
  indemnity agreement shall not inure to the benefit of any Holder from
  whom the person asserting any such losses, claims, damages or liabilities purchased
  Notes, or any person controlling such Holder, if a copy of the final
  Prospectus (as then amended or supplemented if Unibanco shall have furnished
  any amendments or supplements thereto) was not sent or given by or on behalf
  of such Holder to such person, if required by law so to have been delivered,
  at or prior to the written confirmation of the sale of the Notes to such person,
  and if the final Prospectus (as so amended or supplemented) would have
 cured the defect giving rise to such loss, claim, damage or liability. 

(b) To the extent
  relevant with respect to a Registration Statement pursuant to Section
  2(d), each Holder agrees, severally and not jointly, to indemnify and
  hold harmless Unibanco, the Initial Purchasers and the other selling Holders,
  and each of their respective directors, officers who sign the Registration
  Statement and each Person, if any, who controls Unibanco, the Initial Purchasers
  and any other selling Holder within the meaning of either Section 15 of the
  Securities Act or Section 20 of the Exchange Act to the same extent as the
  foregoing indemnity from Unibanco to the Initial Purchasers and the Holders,
  but only with reference to information relating to such Holder furnished to
  Unibanco in writing by or on behalf of such Holder expressly for use in any
  Registration Statement (or any amendment thereto) or any Prospectus (or any
  amendment or supplement thereto). 

(c) In case any proceeding
  (including any governmental investigation) shall be instituted involving
  any Person in respect of which indemnity may be sought pursuant to either
  paragraph (a) or paragraph (b) above, such Person (the “ Indemnified Party ”)
 shall promptly notify the Person against whom such indemnity may be sought
  (the “ Indemnifying
 Party ”) in writing (but the failure to so notify an Indemnifying Party shall
 not relieve it from any liability which it may have under this Section 5,
 except to the extent that such Indemnifying Party has been prejudiced in
 any material respect by such failure, or from any liability it may otherwise
 have) and the Indemnifying Party, upon request of the Indemnified Party,
 shall retain counsel reasonably satisfactory to the Indemnified Party to
 represent the Indemnified Party and any others the Indemnifying Party may designate
 in such proceeding and shall pay the fees and disbursements of such counsel
 related to such proceeding. In any such proceeding, any Indemnified Party
 shall have the right to retain its own counsel, but the fees and expenses of
 such counsel shall be at the expense of such Indemnified Party unless (i) the
 Indemnifying Party and the Indemnified Party shall have mutually agreed to
 the retention of such counsel or (ii) the
 named parties to any such proceeding (including any impleaded parties) include
 both the Indemnifying Party and the Indemnified Party and representation
 of both parties by the same counsel would be inappropriate due to actual
 or potential differing interests between them. It is understood that the
 Indemnifying Party shall not, in connection with any proceeding or related
 proceedings in the same jurisdiction, be liable for (A) the reasonable
 fees and expenses of more than one separate firm (in addition to any local counsel)
 for the Initial Purchasers and all Persons, if any, who control any of the Initial
 Purchasers within the meaning of either Section 15 of the Securities Act
 or Section 20 of the Exchange Act, (B) the reasonable fees and expenses
 of more than one separate firm (in addition to any local counsel) for Unibanco,
 its directors and officers who sign the Registration Statement and each Person,
 if any, who controls Unibanco within the meaning of either such Section and
 (C) the reasonable fees and expenses of more than one separate firm (in addition
 to any local counsel) for all Holders and all Persons, if any, who control
 any Holders within the meaning of either such Section, and that all such fees
 and

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expenses
  shall be reimbursed as they are incurred. In such case involving the
  Initial Purchasers and any Person who controls any of the Initial Purchasers,
  such firm shall be designated in writing by Citigroup Global Markets Inc. In
  such case involving the Holders and such Persons who control Holders, such
  firm shall be designated in writing by the Majority Holders. In all other cases,
  such firm shall be designated by Unibanco. The Indemnifying Party shall
  not be liable for any settlement of any proceeding effected without its written
  consent but, if settled with such consent or if there be a final judgment
  for the plaintiff, the Indemnifying Party agrees to indemnify the Indemnified
  Party from and against any loss or liability by reason of such settlement or
  judgment. Notwithstanding the foregoing sentence, if at any time an Indemnified
  Party shall have requested an Indemnifying Party to reimburse the Indemnified
  Party for fees and expenses of counsel as contemplated in this paragraph, the
  Indemnifying Party agrees that it shall be liable for any settlement of any
  proceeding effected without its written consent if (x) such settlement is entered
  into more than 30 days after receipt by such Indemnifying Party of the aforesaid
  request and (y) such Indemnifying Party shall not have reimbursed the Indemnified
  Party for such fees and expenses of counsel in accordance with such request
  prior to the date of such settlement. No Indemnifying Party shall, without
  the prior written consent of the Indemnified Party (which consent shall not
  be unreasonably withheld), effect any settlement of any pending or threatened
  proceeding in respect of which such Indemnified Party is or could have been
  a party and indemnity could have been sought hereunder by such Indemnified
  Party, unless such settlement includes an unconditional release of such Indemnified
 Party from all liability on claims that are the subject matter of such proceeding. 

(d) To the extent
  the indemnification provided for in paragraph (a) or paragraph (b) of
  this Section 5 is unavailable to an Indemnified Party or insufficient
  in respect of any losses, claims, damages or liabilities referred to
  therein, then each Indemnifying Party under such paragraph, in lieu of
  indemnifying such Indemnified Party thereunder, shall contribute to the amount
  paid or payable by such Indemnified Party as a result of such losses, claims,
  damages or liabilities in such proportion as is appropriate to reflect the
  relative fault of the Indemnifying Party or parties on the one hand and of
  the Indemnified Party or parties on the other hand in connection with the statements
  or omissions that resulted in such losses, claims, damages or liabilities,
  as well as any other relevant equitable considerations. The relative
  fault of Unibanco and the Holders shall be determined by reference to, among
  other things, whether the untrue or alleged untrue statement of a material
  fact or the omission or alleged omission to state a material fact relates to
  information supplied by Unibanco or by the Holders and the parties' relative
  intent, knowledge, access to information and opportunity to correct or prevent
  such statement or omission. The Holders' respective obligations to contribute
  pursuant to this Section 5(d) are several in proportion to the respective principal
  amount of Registrable Securities of such Holder that were registered pursuant
  to a Registration Statement. 

(e) Unibanco and each
  Holder agree that it would not be just or equitable if contribution pursuant
  to this Section 5 were determined by pro rata allocation or by any other
  method of allocation that does not take account of the equitable considerations
  referred to in paragraph (d) above. The amount paid or payable by an
  Indemnifying Party as a result of the losses, claims, damages and liabilities
  referred to in paragraph (d) above shall be deemed to include, subject to the
  limitations set forth above, any legal or other expenses reasonably incurred
  by such Indemnified Party in connection with investigating or defending any
  such action or claim. Notwithstanding the provisions of this Section 5, no
Holder shall be required to

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indemnify or contribute
  any amount in excess of the amount by which the total price at which Registrable
  Securities were sold by such Holder exceeds the amount of any damages that
  such Holder has otherwise been required to pay by reason of such untrue or
  alleged untrue statement or omission or alleged omission. No Person guilty
  of fraudulent misrepresentation (within the meaning of Section 11(f) of the
  Securities Act) shall be entitled to contribution from any Person who was not
  guilty of such fraudulent misrepresentation. The remedies provided for in this
  Section 5 are not exclusive and shall not limit any
 rights or remedies which may otherwise be available to any Indemnified Party
 at law or in equity. 

(f) The indemnity and
  contribution provisions contained in this Section 5 shall remain operative
  and in full force and effect regardless of (i) any termination of this
  Agreement, (ii) any
  investigation made by or on behalf of the Initial Purchasers, any Holder
  or any Person controlling any of the Initial Purchasers or any Holder,
  or by or on behalf of Unibanco, its officers or directors, or any Person controlling
  Unibanco, (iii) acceptance
 of any of the Exchange Securities and (iv) any sale of Registrable Securities
 pursuant to any shelf or other Registration Statement. 

SECTION 6.  Miscellaneous
.. 

(a) No Inconsistent
  Agreements . Unibanco has not entered into, and on or after the date
  of this Agreement will not enter into, any agreement, which is inconsistent
  with the rights granted to the Holders of Registrable Securities in this
  Agreement or otherwise conflicts with the provisions hereof. The rights
  granted to the Holders hereunder do not in any way conflict with and are not
  inconsistent with the rights granted to the holders of any of Unibanco's other
 issued and outstanding securities under any such agreements. 

(b) Amendments
  and Waivers . The provisions of this Agreement, including the provisions
  of this sentence, may not be amended, modified or supplemented, and waivers
  or consents to departures from the provisions hereof may not be given,
  unless Unibanco has obtained the written consent of Holders of at least a majority
  in aggregate principal amount of the outstanding Registrable Securities
  affected by such amendment, modification, supplement, waiver or consent;
  provided , however , that no amendment, modification, supplement, waiver or
  consent to any departure from the provisions of Section 5 hereof shall be effective
  as against any Holder of Registrable Securities unless consented to in
 writing by such Holder. 

(c) Notices . All notices
  and other communications provided for or permitted hereunder shall be
  made in writing by hand-delivery, registered first-class mail, telex,
  telecopier, or any courier guaranteeing overnight delivery (i) if to
  a Holder, at the most current address given by such Holder to Unibanco by means
  of a notice given in accordance with the provisions of this Section 6(c), which
  address initially is, with respect to the Initial Purchasers, the address
  set forth in the Purchase Agreement; and (ii) if to Unibanco, initially at
  Unibanco's address set forth in the Purchase Agreement and thereafter at such
  other address, notice of which is given in accordance with the provisions of
  this Section 6(c). All such notices and communications shall be deemed to have
  been duly given: at the time delivered by hand, if personally delivered; five
  business days after being deposited in the mail, postage prepaid, if mailed;
  when answered back, if telexed; when receipt is acknowledged, if telecopied;
  and on the next business day if timely delivered to an air courier guaranteeing
  overnight delivery. Copies of all such notices, demands,

12

or other
  communications shall be concurrently delivered by the Person giving the
 same to the Trustee, at the address specified in the Indenture. 

(d) Successors
  and Assigns . This Agreement shall inure to the benefit of and be binding
  upon the successors, assigns and transferees of each of the parties,
  including, without limitation and without the need for an express assignment,
  subsequent Holders; provided that nothing herein shall be deemed to permit
  any assignment, transfer or other disposition of Registrable Securities in
  violation of the terms of the Purchase Agreement, the Indenture or the Notes.
  If any transferee of any Holder shall acquire Registrable Securities, in any
  manner, whether by operation of law or otherwise, such Registrable Securities
  shall be held subject to all of the terms of this Agreement, and by taking
  and holding such Registrable Securities such Person shall be conclusively deemed
  to have agreed to be bound by and to perform all of the terms and provisions
  of this Agreement and such Person shall be entitled to receive the benefits
  hereof. The Initial Purchasers (in their capacity as Initial Purchasers) shall
  have no liability or obligation to Unibanco with respect to any failure by
  a Holder to comply with, or any breach by any Holder of, any of the obligations
 of such Holder under this Agreement. 

(e) Purchases
  and Sales of Securities . Unibanco shall have the right to purchase Registrable
  Securities only as contemplated in the Indenture; provided , however , that,
  notwithstanding the foregoing, Unibanco shall not, and Unibanco shall use its
  best efforts to cause its affiliates (as defined in Rule 405 under the Securities
  Act) not to, purchase and then resell or otherwise transfer any Registrable
 Securities, if doing so adversely affects the rights of the Holders hereunder. 

 (f) Third Party
  Beneficiary . The Holders shall be third party beneficiaries to the agreements
  made hereunder between Unibanco, on the one hand, and the Initial Purchasers,
  on the other hand, and shall have the right to enforce such agreements
  directly to the extent they deem such enforcement necessary or advisable
 to protect their rights hereunder. 

(g) Counterparts
  . This Agreement may be executed in any number of counterparts and by
  the parties hereto in separate counterparts, each of which when so executed
  shall be deemed to be an original and all of which taken together shall
 constitute one and the same agreement. 

(h) Headings
  . The headings in this Agreement are for convenience of reference only
 and shall not limit or otherwise affect the meaning hereof. 

(i) Governing
  Law . This Agreement shall be governed by the laws of the State of New
 York . 

(j) Severability
  . In the event that any one or more of the provisions contained herein,
  or the application thereof in any circumstance, is held invalid, illegal
  or unenforceable, the validity, legality and enforceability of any such provision
  in every other respect and of the remaining provisions contained herein
 shall not be affected or impaired thereby. 

(k) Jurisdiction .

13

(a) Unibanco agrees that
  any legal suit, action or proceeding arising out of or relating to this Agreement
  or the transactions contemplated herein may be instituted in any U.S. federal
  or New York State court in the Borough of Manhattan in the City of New
  York (each a “ New York court ”) and Unibanco hereby
 waives any objection which it may now or hereafter have to the laying of
  venue of any such proceeding, and irrevocably submits to the jurisdiction
  of such courts, with respect to actions brought against it as defendant, in
 any suit, action or proceeding. 

(b) Unibanco (A) irrevocably
  appoints Unibanco, at 65 East 55 th Street, 29 th Floor, New York, NY
  10022 (together with any successor, the “ Process
 Agent ”), as its authorized agent in the Borough of Manhattan in The City of
 New York upon which process may be served in any such suit, action or proceeding,
 acknowledges that the Process Agent has accepted such designation and agrees
 that service of process upon the Process Agent, and written notice of such
 service to Unibanco, by the person serving the same to the address set forth
 in the Purchase Agreement, shall be deemed in every respect effective service
 of process upon Unibanco in any such suit, action or proceeding and (B) 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 Process Agent in full force and effect so long as
 any of the Notes shall be outstanding. 

(l) Waiver of Immunity . To the extent that Unibanco has or hereafter may acquire
 any immunity from jurisdiction of any court or from any legal process (whether
 through service of notice, attachment prior to judgment, attachment in aid of
 execution, execution or otherwise) with respect to itself or its property, it
 hereby irrevocably waives such immunity in respect of its obligations under this
 Agreement to the fullest extent permitted by law.

14

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first written above. 

	 	UNIBANCO – UNIÃO
     DE BANCOS BRASILEIROS S.A., 

   By: /s/ Luiz Mauricio Jardim

    Name: Luiz Mauricio Jardim

   Title: 

   By: _ /s/ Marcelo Fanganiello

   Name: Marcelo Fanganiello

   Title: 

   UNIBANCO – UNIÃO DE BANCOS BRASILEIROS S.A., 

   acting through its Grand Cayman Branch 

   By: /s/ Luiz Mauricio Jardim

   Name: Luiz Mauricio Jardim

   Title: Director 

   By: _ /s/ Marcelo Fanganiello

   Name: Marcelo Fanganiello

   Title: 
	WITNESSES: 

   1. /s/ Helga Mendonça Camacho

   Name: Helga Mendonça Camacho 

   2. /s/ Claudia C.R. Viliotti

   Name: Claudia C.R. Viliotti	 

15

The foregoing Agreement is hereby 

confirmed and accepted as of the 

date first above written. 

CITIGROUP GLOBAL MARKETS INC., 

 as representative on behalf of the Initial Purchasers 

By: /s/ Alexander B. Severino

Name: Alexander B. Severino 

 Title: Director

    Exhibit
      10.1 

    	STATE OF NEW YORK

         

      COUNTY OF NEW YORK	)

       )   ss:

      ) 
      

    On this 12th day of December, 2003 before me, a notary public within
     and for said county, personally appeared Alexander Severino, to me personally
     known who being duly sworn, did say that [he/she] is a Director of Citigroup
     Global Markets, one of the persons described in and which executed the
     foregoing instrument, and acknowledge said instrument to be the free act
    and deed of said corporation. 

    On this 12th day of December, 2003, before me personally came _________________
     and ________________ to me personally known, who being by me sworn, did
     depose and say that they signed their names to the foregoing instrument
     as witnesses. 

     

    	/s/ Barbara Rittberg

Notary Public

COMMISSION EXPIRES: August 31, 2006

      

    

        [Notarial Seal]

     

 Exhibit
    10.1 

 REGISTRATION RIGHTS AGREEMENT

 Dated December 12 2003

 between

 UNIBANCO – UNIÃO DE BANCOS BRASILEIROS S.A.,

 acting
   through its Grand Cayman Branch

 as Issuer

 and

 CITIGROUP GLOBAL MARKETS INC.

 as representative on behalf of
   itself and the other Initial PurchasersFIRST AMENDMENT TO TERM LOAN, REVOLVING CREDIT, GUARANTEE AND SECURITY
AGREEMENT

FIRST AMENDMENT TO TERM LOAN,
REVOLVING CREDIT, GUARANTEE AND

SECURITY AGREEMENT

                FIRST AMENDMENT (this "Amendment"), dated as
of July 30, 2004, to the Term Loan, Revolving Credit, Guarantee and Security
Agreement, dated as of July 1, 2004 (as heretofore amended, supplemented or
otherwise modified, the "Credit Agreement"), among MISSISSIPPI CHEMICAL
CORPORATION (the "Borrower"), the subsidiaries of the Borrower party
thereto (collectively, the "Guarantors"), each a debtor and
debtor-in-possession in a case pending under Chapter 11 of the Bankruptcy Code,
the several banks and other financial institutions or entities from time to
time parties thereto (the "Lenders"), CITICORP NORTH AMERICA, INC as
administrative agent for the Lenders (in such capacity, the "Administrative
Agent") and CITIGROUP GLOBAL MARKETS INC., and PERRY PRINCIPALS
INVESTMENTS, LLC as Joint Lead Arrangers.

W I T N E S S
E T H :

               WHEREAS, the Borrower, the Guarantors, the Lenders, the
Administrative Agent and the Joint Lead Arrangers are parties to the Credit
Agreement;

               WHEREAS, the Borrower and Guarantors have requested that
the Lenders agree to amend certain provisions of the Credit Agreement as more
fully set forth below; and

               WHEREAS, the Lenders are willing to agree to such
requested amendments, but only upon the terms and conditions of this Amendment;

               NOW, THEREFORE, in consideration of the premises and for
other good and valuable consideration the receipt of which is hereby
acknowledged, the parties hereto agree as follows:

               1.      Defined
Terms.  Unless otherwise defined herein, capitalized terms are used herein
as defined in the Credit Agreement.

               2.     
Amendment to Section 5.11 (Approved Plan) of the Credit Agreement. 
Section 5.11 of the Credit Agreement is hereby amended by deleting the date
"July 31, 2004" where it appears therein and by inserting in-lieu thereof the
date:  "August 23, 2004".

               3.     
Amendment to Section 5.12 (Bank Accounts).  Section 5.12 of the
Credit Agreement is hereby amended by so that it reads as set forth below:

               "5.12 Bank Accounts.  (i) Maintain the Collection
Accounts listed on Schedule 5.12 with the banks listed thereon (or with such
other banks as may be acceptable to the Administrative Agent) and deposit all
proceeds of Collateral and all revenues, income and cash flow of the Borrower
and the Guarantors into a Collection Account immediately upon receipt, (ii) on
or before August 31, 2004 ensure that the Administrative Agent has exclusive
dominion and control over the Collection Accounts maintained with La Salle
Bank, National Association  and the proceeds of collection deposited therein,
either (A) pursuant to account control agreements reasonably acceptable to the
Administrative Agent, or (B) if such account control agreements are not entered
into by August 16, 2004, pursuant to such arrangements with respect to such
accounts as may be acceptable to the Administrative Agent including, without
limitation, by closing such Collection Accounts and establishing new Collection
Accounts with the Administrative Agent or an Affiliate of the Administrative
Agent, and (iii) until such time as the Administrative Agent has exclusive
dominion and control over the Collection Accounts, by no later than 2:00 P.M. New
  York City time on each Business Day, transfer the balances in the Collection
Accounts (in excess of $1,000,000 in the aggregate) to the Concentration
Account."

               4.     
Amendment to Section 7(o). Section 7(o) of the Credit Agreement
is hereby amended by deleting the phrase "Financing Order" where is appears
therein and by inserting in-lieu thereof the word: "Orders".

               5.      Representations
and Warranties; No Default.  After giving effect to this Amendment, each of
the Borrower and the Guarantors hereby represents and warrants that all
representations and warranties contained in the Credit Agreement are true and
correct on and as of the date hereof (unless stated to relate to a specific
earlier date, in which case, such representations and warranties shall be true
and correct as of such earlier date) and that no Default or Event of Default
shall have occurred and be continuing or would result from the execution and
delivery of this Amendment.

               6.     
Conditions to Effectiveness of this Amendment.  This Amendment
shall become effective as of the date hereof upon receipt by the Administrative
Agent of counterparts of this Amendment duly executed by the Borrower, the
Guarantors and the Required Lenders.

               7.     
Continuing Effect; No Other Amendments or Waivers.  Except as
expressly amended pursuant to this Amendment, the Credit Agreement and the
other Loan Documents are and shall continue to be in full force and effect in
accordance with their respective terms, and this Amendment shall not constitute
the Lenders' consent or indicate their willingness to consent to any other
amendment, modification or waiver of the Credit Agreement or any other Loan
Document, including without limitation, any amendment, modification or waiver
of any Section amended pursuant to this Amendment for any other date or time
period or in connection with any other transaction.

               8.     
Counterparts.  This Amendment may be executed by one or more of
the parties hereto in any number of separate counterparts (which may include
counterparts delivered by facsimile transmission), and all of said counterparts
taken together shall be deemed to constitute one and the same instrument.

               9.     
Governing Law.  THIS AMENDMENT SHALL BE GOVERNED BY,
AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
  YORK.

               IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

                                                                                                           MISSISSIPPI CHEMICAL CORPORATION, as

                                                                                                           Debtor and
Debtor-In-Possession, and Borrower

                                                                                                          
By:    /s/ Timothy A. Dawson         
                        

                                                                                                                 
Name:  Timothy A. DAWSON

                                                                                                                 
Title:  Senior Vice President and

                                                                                                                           Chief Financial Officer

 

                                 
MISSISSIPPI NITROGEN, INC., as Debtor and

                                  Debtor-In-Possession

                                                                                                         
By:    /s/
Timothy A. Dawson                            

                                                                                                               
Name:  Timothy A. DAWSON

                                                                                                               
Title:  Vice President of Finance

 

                               
MISSCHEM NITROGEN, L.L.C.., as Debtor and

                                Debtor-In-Possession

                                                                                                        By:    /s/
Timothy A. Dawson                             

                                                                                                             
Name:  Timothy A. DAWSON

                                                                                                             
Title:  Vice President of Finance

 

                              
MISSISSIPPI CHEMICAL COMPANY, L.P., as

                               Debtor and Debtor-In-Possession

 

                               By:
MISSISSIPPI CHEMICAL MANAGEMENT

                              
COMPANY, Sole General Partner

 

                                                                                                      
By:   /s/
Timothy A. Dawson                            

                                                                                                            
Name:  Timothy A. DAWSON

                                                                                                            
Title:  Vice President of Finance

 

                             
MISSISSIPPI CHEMICAL MANAGEMENT

                             
COMPANY, as Debtor and Debtor-In-Possession

                                                                                                      By:     /s/
Timothy A. Dawson                            

                                                                                                           
Name:  Timothy A. DAWSON

                                                                                                           
Title:  Vice President of Finance

 

                            
MISSISSIPPI PHOSPHATES CORPORATION, as

                             Debtor and Debtor-In-Possession

                                                                                                     By:     /s/
Timothy A. Dawson                            

                                                                                                          
Name:  Timothy A. DAWSON

                                                                                                          
Title:  Vice President of Finance

 

                            
MISSISSIPPI POTASH, INC., as Debtor and

                             Debtor-In-Possession

                                                                                                   
By:   
/s/ Timothy A. Dawson                           

                                                                                                         
Name:  Timothy A. DAWSON

                                                                                                         
Title:  Vice President of Finance

 

                           
EDDY POTASH, INC., as Debtor and Debtor-In-

                            Possession

                                                                                                   
By:    /s/
Timothy A. Dawson                            

                                                                                                         
Name:  Timothy A. DAWSON

                                                                                                         
Title:  Vice President of Finance

 

                          
TRIAD NITROGEN, L.L.C., as Debtor and Debtor-

                           In-Possession

                                                                                                  
By:     Timothy A. Dawson                               

                                                                                                         
Name:  Timothy A. DAWSON

                                                                                                         
Title:  Vice President of Finance

 

                         
MELAMINE CHEMICALS, INC. as Debtor and

                          Debtor-In-Possession

                                                                                                  By:     Timothy
A. Dawson                                

                                                                                                       
Name:  Timothy A. DAWSON

                                                                                                       
Title:  Vice President of Finance

                         ADMINISTRATIVE
AGENT AND LENDERS:

                         CITICORP NORTH AMERICA,
INC., as

                         Administrative Agent and Lender 

                         By:     /s/ Keith R. Karako                                

                        
Name:  Keith R. Karako

                        
Title:    Vice President

                  CITIGROUP FINANCIAL
PRODUCTS INC., as

                  Lender

                        By:     /s/
Jeffrey S. Jacob                                 

                       
Name:  Jeffrey S. Jacob

                       
Title:    Managing Director

                       PERRY PRINCIPALS INVESTMENTS LLC,
as

                       Lender

 

                     
By:    /s/
Nathaniel J. Klipper                           

                     
Name:  Nathaniel J. Klipper

                     
Title:    Managing Director

                      VARDE
INVESTMENT PARTNERS, L.P.

                By: Varde
Investment Partners G.P., LLC, its

                      General Partner

                      By: Varde
Partners, L.P., its Managing

                      Member

                      By: Varde
Partners, Inc., its General Partner

                     

               
By:     /s/ George G. Hicks                                

                      
Name:  George G. Hicks

                      
Title:    Managing Partner

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