Document:

EXECUTION VERSION

                                 US$600,000,000

                               FACILITY AGREEMENT

                             dated 20 December 2006

                                       for

                            BUNGE FINANCE EUROPE B.V.
                                   as Borrower

                                   arranged by

                                   BNP PARIBAS

                                       and

                                  HSBC BANK plc

                           as mandated lead arrangers

                                      with

                                  HSBC BANK plc
                                 acting as Agent

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                          REVOLVING FACILITY AGREEMENT
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                                    CONTENTS
Clause                                                                      Page
1.     Definitions and Interpretation.........................................1
2.     The Facility..........................................................16
3.     Purpose...............................................................16
4.     Conditions of Utilisation.............................................16
5.     Utilisation...........................................................18
6.     Repayment.............................................................19
7.     Prepayment and Cancellation...........................................19
8.     Interest..............................................................22
9.     Interest Periods......................................................23
10.    Changes to the Calculation of Interest................................23
11.    Fees..................................................................24
12.    Tax Gross Up and Indemnities..........................................26
13.    Increased Costs.......................................................29
14.    Other Indemnities.....................................................30
15.    Mitigation by the Lenders.............................................31
16.    Costs And Expenses....................................................32
17.    Representations.......................................................33
18.    Positive Covenants....................................................36
19.    Negative Covenants....................................................39
20.    Covenant of Agent and Lenders.........................................42
21.    Events of Default.....................................................42
22.    Use of Websites.......................................................47
23.    Changes to the Lenders................................................48
24.    Changes to the Borrower...............................................51
25.    Role of the Agent and the Arrangers...................................52
26.    Conduct of Business by the Finance Parties............................57
27.    Sharing Among the Finance Parties.....................................57
28.    Payment Mechanics.....................................................59
29.    Set-Off...............................................................61
30.    Notices...............................................................61
31.    Calculations and Certificates.........................................63

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32.    Partial Invalidity....................................................63
33.    Remedies and Waivers..................................................63
34.    Amendments and Waivers................................................63
35.    Counterparts..........................................................64
36.    Governing Law.........................................................65
37.    Enforcement...........................................................65

SCHEDULE 1 APPLICABLE MARGIN.................................................66

SCHEDULE 2 THE ORIGINAL LENDERS..............................................68

SCHEDULE 3 CONDITIONS PRECEDENT..............................................70

SCHEDULE 4 UTILISATION REQUEST...............................................73

SCHEDULE 5 MANDATORY COST FORMULAE...........................................74

SCHEDULE 6 FORM OF TRANSFER CERTIFICATE......................................77

SCHEDULE 7 TIMETABLES........................................................79

SCHEDULE 8 FORM OF CONFIDENTIALITY UNDERTAKING...............................80

EXHIBIT

FORM OF PARENT GUARANTEE

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THIS AGREEMENT is dated  20 December 2006 and made between:

(1)  BUNGE FINANCE EUROPE B.V. a private company with limited liability
     (besloten vennootschap met beperkte aansprakelijkheid) incorporated under
     the laws of The Netherlands having its seat (statutaire zetel) at
     Rotterdam, The Netherlands and its registered office at 11720 Borman Drive,
     St. Louis, Missouri, 63146, United States and registered with the Chamber
     of Commerce (Kamer van Koophandel) in Rotterdam under number 24347428 (the
     "Borrower");

(2)  BNP PARIBAS and HSBC BANK plc as mandated lead arrangers (each an
     "Arranger" and together the "Arrangers");

(3)  THE FINANCIAL INSTITUTIONS listed on Schedule 2 (The Original Lenders) as
     lenders (the "Original Lenders"); and

(4)  HSBC BANK plc as agent of the other Finance Parties (the "Agent").

IT IS AGREED as follows:

                                 INTERPRETATION

1.   DEFINITIONS AND INTERPRETATION

1.1  Definitions
     In this Agreement:

     "Additional Cost Rate" has the meaning given to it in Schedule 5 (Mandatory
     Cost Formulae).

     "Affiliate" means, with respect to any specified Person, any other Person
     which, directly or indirectly, is in control of, is controlled by, or is
     under common control with, such specified Person. For purposes of this
     definition "control" of a Person means the possession, directly or
     indirectly, of the power to direct or cause the direction of the management
     and policies of such Person, whether through the ownership of voting
     securities or otherwise, and the terms "controlling" and "controlled" have
     meanings correlative to the foregoing.

     "Applicable Margin" means as set out in Schedule 1 (Applicable Margin)
     hereto.

     "Authorisation" means an authorisation, consent, approval, resolution,
     licence, exemption, filing, notarisation or registration.

     "Availability Period" means the period beginning on 1 January 2007 and
     ending on the Final Maturity Date.

     "Available Commitment" means, on any date, a Lender's Commitment minus:

     (a)  its participation in any outstanding Loans on such date; and

     (b)  in relation to any proposed Utilisation, its participation in any
          Loans that are due to be made on or before the proposed Utilisation
          Date,

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                                     - 1 -

          other than that Lender's participation in any Loans that are due to be
          repaid or prepaid on or before the proposed Utilisation Date.

          "Available Facility" means the aggregate for the time being of each
          Lender's Available Commitment.

          "BAFC" means Bunge Asset Funding Corp., a Delaware corporation, and
          its successors and permitted assigns.

          "BLFC" means Bunge Limited Finance Corp., a Delaware corporation, and
          its successors and permitted assigns.

          "Borrower Account" means any account established by or for the
          Borrower, other than the Series 2003-1 Collection Subaccount (or any
          sub-subaccount thereof), for the purpose of depositing funds borrowed
          hereunder or under any Pari Passu Indebtedness and any amounts paid
          pursuant to the Series 2003-1 VFC Certificate and all amounts received
          with respect to Hedge Agreements.

          "Break Costs" means the amount (if any) by which:

          (a)  the interest minus the Applicable Margin which a Lender should
               have received for the period from the date of receipt of all or
               any part of its participation in a Loan or Unpaid Sum to the last
               day of the current Interest Period in respect of that Loan or
               Unpaid Sum, had the principal amount of that Loan or Unpaid Sum
               received been paid on the last day of that Interest Period;

          exceeds:

          (b)  the amount which that Lender would be able to obtain by placing
               an amount equal to the principal amount of that Loan or Unpaid
               Sum received by it on deposit with a leading bank in the London
               interbank market for a period starting on the Business Day
               following receipt or recovery and ending on the last day of that
               Interest Period.

          "Bunge Master Trust" means the trust created pursuant to the Pooling
          Agreement.

          "Business Day" means a day (other than a Saturday or Sunday) on which
          banks are open for general business in London and New York City.

          "Change of Control" means that (i) during any twelve (12) consecutive
          calendar months more than fifty per cent (50%) of the members of the
          Board of Directors of the Parent who were members on the first day of
          such period shall have resigned or been removed or replaced, other
          than as a result of death, disability or change in personal
          circumstances, or (ii) any Person or "Group" (as defined in Section
          13(d)(3) of the United States Securities Exchange Act of 1934, as
          amended, but excluding (a) any employee benefit or stock ownership
          plans of the Parent and (b) members of the Board of Directors and
          executive officers of the Parent as of the date of this Agreement,
          members of the immediate families of such members and executive
          officers, and

                                     - 2 -
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          family trusts and partnerships established by or for the benefit of
          any of the foregoing individuals) shall have acquired more than fifty
          per cent (50%) of the combined voting power of all classes of common
          stock of the Parent, except that the Parent's purchase of its common
          stock outstanding on the date of this Agreement which results in one
          or more of the Parent's shareholders of record as of the date of this
          Agreement controlling more than fifty per cent (50%) of the combined
          voting power of all classes of common stock of the Parent shall not
          constitute an acquisition for the purposes of this Agreement.

          "Commitment" means:

          (a)  in relation to an Original Lender, the amount set opposite its
               name under the heading "Commitment" in Schedule 2 (The Original
               Lenders) and the amount of any other Commitment transferred to it
               under this Agreement; and

          (b)  in relation to any other Lender, the amount of any Commitment
               transferred to it under this Agreement,

          to the extent not cancelled, reduced or transferred by it under this
          Agreement.

          "Confidentiality Undertaking" means a confidentiality undertaking
          substantially in the form set out in Schedule 8 or in any other form
          agreed between the Borrower and the Agent.

          "Contractual Obligation" means as to any Person, any provision of any
          security issued by such Person or of any agreement, instrument or
          other undertaking to which such Person is a party or by which it or
          any of its property is bound.

          "Daily Report" means a report prepared by the Servicer on each
          Business Day required pursuant to Section 4.01 of the Servicing
          Agreement or Clause 18 (Positive Covenants) of this Agreement, in
          substantially the form of Exhibit B attached to the Series 2003-1
          Supplement.

          "Default" means an Event of Default or any event or circumstance
          specified in Clause 21 (Events of Default) which would (with the
          expiry of a grace period, the giving of notice, the making of any
          determination under the Finance Documents or any combination of any of
          the foregoing) be an Event of Default.

          "Defaulted Loan" has the meaning as defined in Annex X of the Pooling
          Agreement.

          "Delinquent Loan" has the meaning as defined in Annex X of the Pooling
          Agreement.

          "Designated Obligors" means the Parent and the Subsidiaries of the
          Parent set forth on Schedule IV to the Parent Guarantee (and their
          successors) and any other Subsidiaries of the Parent designated by the
          Parent from time to time under the Pooling Agreement that satisfy the
          conditions set forth in the definition of "Eligible Obligor" in Annex
          X to the Pooling Agreement. Notwithstanding the immediately preceding
          sentence, with the prior written consent of the Majority Lenders
          (which consent shall not be unreasonably withheld), the Borrower may
          from time to time identify, on the

                                     - 3 -

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          instructions of the Parent, the Parent and certain Subsidiaries that
          shall not be classified as Designated Obligors.

          "DNB" means the Dutch Central Bank (De Nederlandsche Bank N.V.).

          "Dutch Banking Act" means the Dutch Act on the Supervision of the
          Credit System 1992 (Wet toezicht kredietwezen 1992) as amended from
          time to time or any successor legislation thereto.

          "Dutch Civil Code" means the Dutch Civil Code (Burgerlijk Wetboek).

          "Event of Default" means any event or circumstance specified as such
          in Clause 21 (Events of Default).

          "Exemption Regulation" means the exemption regulation to the Dutch
          Banking Act dated 26 June 2002 (as amended from time to time or any
          successor legislation thereto) of the Ministry of Finance of The
          Netherlands (Vrijstellingsregeling Wet toezicht kredietwezen 1992), as
          promulgated in connection with the Dutch Banking Act.

          "Facility" means the revolving loan facility made available under this
          Agreement as described in Clause 2 (The Facility).

          "Facility Office" means the office or offices notified by a Lender to
          the Agent in writing on or before the date it becomes a Lender (or,
          following that date, by not less than five Business Days' written
          notice) as the office or offices through which it will perform its
          obligations under this Agreement.

          "Fee Letter" means the letter dated 16 November 2006 between the
          Arrangers and the Borrower and any letter or letters dated on or about
          the date of this Agreement between the Arrangers and the Borrower (or
          the Agent and the Borrower) setting out any of the fees referred to in
          Clause 11 (Fees).

          "Final Maturity Date" means the date falling 3 years from the date of
          the first Utilisation hereunder, or, if such date is not a Business
          Day, the immediately preceding Business Day.

          "Finance Document" means this Agreement, any Fee Letter, any Transfer
          Certificate, the Parent Guarantee and any other agreement or document
          from time to time entered into pursuant to any of the foregoing
          documents and any other document designated in writing as such by the
          Agent and the Borrower.

          "Finance Party" means the Agent, an Arranger or a Lender.

          "GAAP" means generally accepted accounting principles in the United
          States, as in effect from time to time.

          "Governmental Authority" means any nation or government, any state or
          other political subdivision thereof and any entity exercising
          executive, legislative, judicial, regulatory or administrative
          functions of or pertaining to government.

                                      - 4 -

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          "Group" means the Borrower, the Parent and the Designated Obligors.

          "Guarantee Obligation" means as to any Person (the "guaranteeing
          person"), any obligation of (a) the guaranteeing person or (b) another
          Person (including any bank under any letter of credit) with respect to
          which the guaranteeing person has issued a reimbursement,
          counterindemnity or similar obligation, in either case guaranteeing or
          in effect guaranteeing any Indebtedness, leases, dividends or other
          obligations (the "primary obligations") of any other third Person (the
          "primary obligor") in any manner, whether directly or indirectly,
          including any obligation of the guaranteeing person, whether or not
          contingent, (i) to purchase any such primary obligation or any
          property constituting direct or indirect security therefor, (ii) to
          advance or supply funds (1) for the purchase or payment of any such
          primary obligation or (2) to maintain working capital or equity
          capital of the primary obligor or otherwise to maintain the net worth
          or solvency of the primary obligor, (iii) to purchase property,
          securities or services primarily for the purpose of assuring the owner
          of any such primary obligation of the ability of the primary obligor
          to make payment of such primary obligation or (iv) otherwise to assure
          or hold harmless the owner of any such primary obligation against loss
          in respect thereof; provided, however, that the term Guarantee
          Obligation shall not include endorsements of instruments for deposit
          or collection in the ordinary course of business. The amount of any
          Guarantee Obligation of any guaranteeing person shall be deemed to be
          the lower of (a) an amount equal to the stated or determinable amount
          of the primary obligation in respect of which such Guarantee
          Obligation is made and (b) the maximum amount for which such
          guaranteeing person may be liable pursuant to the terms of the
          instrument embodying such Guarantee Obligation, unless such primary
          obligation and the maximum amount for which such guaranteeing person
          may be liable are not stated or determinable, in which case the amount
          of such Guarantee Obligation shall be such guaranteeing person's
          maximum reasonably anticipated liability in respect thereof as
          determined by the Borrower in good faith.

          "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.

          "Hedge Termination Amounts" means, as the context requires hereunder,
          all amounts (i) due and owing by the Borrower or (ii) received by the
          Borrower, in each case in connection with the termination of a Hedge
          Agreement entered into by the Borrower.

          "Holding Company" means, in relation to a company or corporation, any
          other company or corporation in respect of which it is a Subsidiary.

          "Indebtedness" means, as to any Person, without duplication:

          (a)  all obligations of such Person for borrowed money;

                                     - 5 -

<PAGE>

          (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 capitalised in
               accordance with 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, 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 Guarantee Obligations of such Person (other than guarantees
               of obligations of direct or indirect Subsidiaries of such
               Person).

          "Information Memorandum" means the document in the form approved by
          the Borrower and the Parent concerning the Borrower and the Parent
          which, at their request and on their behalf, was prepared in relation
          to this transaction and distributed by the Arrangers to selected
          financial institutions before the date of this Agreement.

          "Interest Period" means, in relation to a Loan, each period determined
          in accordance with Clause 9 (Interest Periods) and, in relation to an
          Unpaid Sum, each period determined in accordance with Clause 8.3
          (Default interest).

          "Investor Certificateholder" has the meaning as defined in Annex X to
          the Pooling Agreement.

          "Lender" means:

          (a)  any Original Lender; and

          (b)  any bank, financial institution, trust, fund or other entity
               which has become a Party in accordance with Clause 23 (Changes to
               the Lenders),

                                     - 6 -

<PAGE>

          which in each case has not ceased to be a Party in accordance with the
          terms of this Agreement.

          "LIBOR" means, in relation to any Loan:

          (a)  the applicable Screen Rate; or

          (b)  (if no Screen Rate is available for the currency or Interest
               Period of that Loan) the arithmetic mean of the rates (rounded
               upwards to four decimal places) as supplied to the Agent at its
               request quoted by the Reference Banks to leading banks in the
               London interbank market,

          in each case, as of the Specified Time on the Quotation Day for the
          offering of deposits in the currency of that Loan and for a period
          comparable to the Interest Period for that Loan.

          "Lien" means with respect to any asset (a) any mortgage, deed of
          trust, lien, pledge, encumbrance, charge or security interest in or on
          such asset and (b) the interest of a vendor or a lessor under any
          conditional sale agreement, capital lease or title retention agreement
          relating to such asset.

          "Loan" means a loan made or to be made under the Facility or (as the
          context requires) the principal amount outstanding for the time being
          of the loan.

          "Majority Lenders" means:

          (a)  if there are no Loans then outstanding, a Lender or Lenders whose
               Commitments aggregate more than 66 2/3% of the Total Commitments
               (or, if the Total Commitments have been reduced to zero,
               aggregated more than 66 2/3% of the Total Commitments
               immediately prior to the reduction); or

          (b)  at any other time, a Lender or Lenders whose participations in
               the Loans then outstanding aggregate more than 66(2)/3% of all
               the Loans then outstanding.

          "Mandatory Cost" means the percentage rate per annum calculated by the
          Agent in accordance with Schedule 5 (Mandatory Cost Formulae).

          "Master Trust Approved Currencies" means U.S. dollars, euro, sterling
          and yen.

          "Master Trust Guaranty" means the Fifth Amended and Restated Guaranty
          made as of June 28 2004 by the Parent to Cooperatieve Centrale
          Raiffeisen-Boerenleenbank B.A., "Rabobank International", New York
          Branch, as letter of credit agent, JP Morgan Chase Bank, as
          administrative agent, and The Bank of New York, as collateral agent
          and trustee, as the same may be amended, supplemented or otherwise
          modified in accordance with the terms hereof from time to time.

                                     - 7 -

<PAGE>

          "Material Adverse Effect" means:

          (a)  a material adverse effect on the business, property, operations,
               condition (financial or otherwise) or prospects of the Borrower
               or of the Parent and its consolidated Subsidiaries taken as a
               whole;

          (b)  a material impairment of the collectability of the Purchased
               Loans taken as a whole; or

          (c)  a material impairment of the validity or enforceability of this
               Agreement or any of the other Finance Documents or of the
               Transaction Documents or the rights or remedies of the Agent or
               the Lenders against the Borrower or the Parent hereunder or under
               the other Finance Documents.

          "Month" means a period starting on one day in a calendar month and
          ending on the numerically corresponding day in the next calendar
          month, except that:

          (a)  (subject to paragraph (c) below) if the numerically corresponding
               day is not a Business Day, that period shall end on the next
               Business Day in that calendar month in which that period is to
               end if there is one, or if there is not, on the immediately
               preceding Business Day;

          (b)  if there is no numerically corresponding day in the calendar
               month in which that period is to end, that period shall end on
               the last Business Day in that calendar month; and

          (c)  if an Interest Period begins on the last Business Day of a
               calendar month, that Interest Period shall end on the last
               Business Day in the calendar month in which that Interest Period
               is to end.

          The above rules will only apply to the last Month of any period.

          "Monthly Settlement Statement" has the meaning defined in Annex X to
          the Pooling Agreement.

          "Moody's" means Moody's Investors Service, Inc. or any successor of
          Moody's credit ratings service.

          "Obligors" means the Parent and the Borrower.

          "Parent" means Bunge Limited, a company formed under the laws of
          Bermuda having its registered office at Clarendon House, 2 Church
          Street, Hamilton HM 11 Bermuda.

          "Parent Guarantee" means the guarantee given by the Parent in the form
          set out in the Exhibit to this Agreement, as the same may be amended,
          supplemented or otherwise modified in accordance with the terms of the
          Finance Documents.

                                     - 8 -

<PAGE>

          "Pari Passu Indebtedness" means:

          (a)  Indebtedness for borrowed money, the proceeds of which are used
               to increase the Series 2003-1 Invested Amount and/or to refinance
               Indebtedness originally used for such purpose; and

          (b)  Indebtedness incurred in connection with Hedge Agreements entered
               into in connection with the Commitments hereunder and any Pari
               Passu Indebtedness described in paragraph (a) above,

          in each case which ranks not greater than pari passu (in priority of
          payment) with the Loans.

          "Participating Member State" means any member state of the European
          Communities that adopts or has adopted the euro as its lawful currency
          in accordance with legislation of the European Community relating to
          Economic and Monetary Union.

          "Party" means a party to this Agreement.

          "Payment Period" means a period commencing on a date on which the
          Loans (with accrued interest thereon) and all other amounts owing
          under this Agreement and the other Finance Documents have become due
          and payable (whether at the stated maturity, by acceleration or
          otherwise) and ending on the date the Loans (with accrued interest
          thereon) and all such other amounts are paid in full by the Borrower
          or the Parent.

          "Permitted Indebtedness" means:

          (a)  Indebtedness of the Borrower pursuant to this Agreement; and

          (b)  Pari Passu Indebtedness.

          "Person" means an individual, partnership, corporation, limited
          liability company, business trust, joint stock company, trust,
          unincorporated association, joint venture, Governmental Authority or
          other entity of whatever nature.

          "PMP" means a "professional market party" within the meaning of the
          Exemption Regulation.

          "Policy Guidelines" means the 2005 Dutch Central Bank's Policy
          Guidelines (issued in relation to the Exemption Regulation) dated 29
          December 2004 (Beleidsregel 2005 kernbegrippen markttoetreding en
          handhaving Wtk 1992) as amended from time to time.

          "Pooling Agreement" means the Fifth Amended and Restated Pooling
          Agreement, dated as of 28 June 2004, among Bunge Funding, Inc., the
          Servicer and The Bank of New York, as trustee, as the same may be
          amended, supplemented or otherwise modified in accordance with the
          terms hereof from time to time.

                                     - 9 -
<PAGE>

          "Purchased Loan" has the meaning defined in Annex X to the Pooling
          Agreement.

          "Quotation Day" means, in relation to any period for which an interest
          rate is to be determined two Business Days before the first day of
          that period unless market practice differs in the London interbank
          market for dollars in which case the Quotation Day for that currency
          will be determined by the Agent in accordance with market practice in
          the London interbank market (and if quotations would normally be given
          by leading banks in the London interbank market on more than one day,
          the Quotation Day will be the last of those days).

          "Rated Investment Certificateholder" means Bunge Limited Finance
          Corp., provided that at such time it is an Investment
          Certificateholder.

          "Rate of Exchange" means as of the relevant date, the rate of exchange
          set forth on the relevant page of the Telerate screen on or about
          11.00 a.m., New York City time, for the purchase of (as the context
          will require) a Master Trust Approved Currency with any other Master
          Trust Approved Currency on such date.

          "Rating Agencies" means collectively, S&P and Moody's.

          "Ratings" means the ratings of the Rating Agencies applicable to the
          long-term, non-credit enhanced senior unsecured debt of the Parent or
          the Rated Investor Certificateholder of the Bunge Master Trust, as
          announced by the Rating Agencies, and "Rating" means any one of them.

          "Reference Banks" means the principal London offices of BNP Paribas,
          HSBC Bank plc and The Royal Bank of Scotland plc, or such other banks
          as may be appointed by the Agent in consultation with the Borrower.

          "Repeating Representations" means each of the representations set out
          in Clauses 17.1 (Existence: Compliance with Law) to 17.6 (No default),
          paragraph (c) of Clause 17.11 (No misleading information), Clause
          17.12 (No Subsidiaries), Clause 17.14 (Pari passu ranking) and Clause
          17.16 (Limited Purpose), Clause 17.17 (No Change) and Clause 17.19
          (Tax Status).

          "Requirement of Law" means as to any Person, the Certificate of
          Incorporation and By-Laws or other organisational or governing
          documents of such Person, and any law, treaty, rule or regulation or
          determination of an arbitrator or a court or other Governmental
          Authority, in each case applicable to or binding upon such Person or
          any of its property or to which such Person or any of its property is
          subject.

          "Responsible Officer" means any member of the Board of Directors, the
          Chief Executive Officer, the President, the Chief Financial Officer or
          the Treasurer of the Borrower or Parent, as applicable, or any other
          officer of the Borrower or Parent, as applicable, customarily
          performing functions similar to those performed by any of the
          above-designated officers.

                                     - 10 -

<PAGE>

          "Rollover Loan" means one or more Loans:

          (a)  made or to be made on the same day that a maturing Loan is due to
               be repaid;

          (b)  the aggregate amount of which is equal to or less than the
               maturing Loan; and

          (c)  made or to be made for the purpose of refinancing a maturing
               Loan.

          "Sale Agreement" means the Second Amended and Restated Sale Agreement,
          dated as of September 6, 2002, among Bunge Funding Inc., as buyer,
          Bunge Finance Limited, a Bermuda company, as a seller, and Bunge
          Finance North America, Inc. a Delaware corporation, as a seller, as
          the same may be amended, supplemented or otherwise modified in
          accordance with the terms hereof from time to time.

          "S&P" means Standard & Poor's Rating Services, a division of the
          McGraw-Hill Companies, Inc. or any successor of S&P's credit ratings
          service.

          "Screen Rate" means the British Bankers' Association Interest
          Settlement Rate for the relevant currency and period displayed on the
          appropriate page of the Reuters screen. If the agreed page is replaced
          or service ceases to be available, the Agent may specify another page
          or service displaying the appropriate rate after consultation with the
          Borrower and the Lenders.

          "Series 2003-1 Accrued Interest" shall have the meaning assigned in
          subsection 3A.03 of Series 2003-1 Supplement.

          "Series 2003-1 Adjusted Invested Amount" shall mean, as of any date of
          determination, (i) the Series 2003-1 Invested Amount (as defined in
          Annex X to the Pooling Agreement) on such date, minus (ii) the amount
          on deposit in the Series 2003-1 Collection Subaccount on such date
          that is available to reduce the Series 2003-1 Invested Amount up to a
          maximum of the Series 2003-1 Invested Amount.

          "Series 2003-1 Allocated Loan Amount" shall mean, on any date of
          determination, the lower of (i) the Series 2003-1 Target Loan Amount
          on such day and (ii) the product of (x) the Aggregate Loan Amount (as
          defined in Annex X to the Pooling Agreement) on such day times (y) the
          percentage equivalent of a fraction the numerator of which is the
          Series 2003-1 Target Loan Amount on such day and the denominator of
          which is the Aggregate Target Loan Amount (as defined in Annex X to
          the Pooling Agreement) on such day.

          "Series 2003-1 Collection Subaccount" shall have the meaning assigned
          in subsection 3A.02(a) of the Series 2003-1 Supplement.

          "Series 2003-1 Early Amortisation Event" shall have the meanings
          assigned in Section 5.01 of the Series 2003-1 Supplement and Section
          7.01 of the Pooling Agreement.

          "Series 2003-1 Supplement" means the Bunge Master Trust Series 2003-1
          Supplement dated as of May 1, 2003 to the Pooling Agreement among
          Bunge Funding, Inc., as company, the Servicer, the Borrower, as Series
          2003-1 Purchaser and The Bank of

                                     - 11 -

<PAGE>

          New York, as trustee, as the same may be amended, supplemented or
          otherwise modified in accordance with the terms hereof from time to
          time.

          "Series 2003-1 Target Loan Amount" shall mean, on any date of
          determination, the sum of (i) the Series 2003-1 Adjusted Invested
          Amount on such date plus (ii) the result of (a) Series 2003-1 Accrued
          Interest on such day minus (b) the amount on deposit in the Series
          2003-1 Collection Subaccount on such day that is available to pay such
          Series 2003-1 Accrued Interest.

          "Series 2003-1 VFC Certificate" shall mean the Series 2003-1 VFC
          Certificate executed by Bunge Funding, Inc. and authenticated by or on
          behalf of The Bank of New York, as trustee, substantially in the form
          of Exhibit A attached to the Series 2003-1 Supplement.

          "Servicer" means Bunge Management Services, Inc., a Delaware
          corporation, and any "Successor Servicer" (as defined in Annex X to
          the Pooling Agreement).

          "Servicing Agreement" means the Third Amended and Restated Servicing
          Agreement, dated as of 23 December 2003 among Bunge Funding, Inc., the
          Servicer and The Bank of New York, as trustee, as the same may be
          amended, supplemented or otherwise modified in accordance with the
          terms hereof from time to time.

          "Solvent" means with respect to any Person on a particular date, that
          on such date (a) the fair value of the property of such Person is
          greater than the total amount of liabilities, including, without
          limitation, contingent liabilities, of such Person, (b) the present
          fair saleable value of the assets of such Person is not less than the
          amount that will be required to pay the probable liability of such
          Person on its debts as they become absolute and matured, (c) such
          Person does not intend to, and does not believe that it will, incur
          debts or liabilities beyond such Person's ability to pay debts and
          liabilities as they mature and (d) such Person is not engaged in
          business or a transaction, and is not about to engage in business or a
          transaction, for which such Person's property would constitute an
          unreasonably small capital. The amount of contingent liabilities at
          any such time shall be computed as the amount that, in the light of
          all the facts and circumstances existing at such time, represents the
          amount that can reasonably be expected to become an actual or matured
          liability.

          "Specified Time" means a time determined in accordance with Schedule 7
          (Timetables).

          "Subsidiary" means as to any Person, a corporation, partnership,
          limited liability company or other entity of which shares of stock or
          other ownership interests having ordinary voting power (other than
          stock or such other ownership interests having such power only by
          reason of the happening of a contingency) to elect a majority of the
          board of directors or other managers of such corporation, partnership
          or other entity are at the time owned, or the management of which is
          otherwise controlled, directly or indirectly through one or more
          intermediaries, or both, by such Person. Unless otherwise qualified,
          all references to a "Subsidiary" or to "Subsidiaries" in this
          Agreement shall refer to a Subsidiary or Subsidiaries of the Parent.

                                     - 12 -

<PAGE>

          "Tax" means any tax, levy, impost, duty or other charge or withholding
          of a similar nature (including any penalty or interest payable in
          connection with any failure to pay or any delay in paying any of the
          same).

          "Total Commitments" means the aggregate of the Commitments, being
          $600,000,000 at the date of this Agreement.

          "Transfer Certificate" means a certificate substantially in the form
          set out in Schedule 6 (Form of Transfer Certificate) or any other form
          agreed between the Agent and the Borrower.

          "Transfer Date" means, in relation to a transfer, the later of:

          (a)  the proposed transfer date specified in the Transfer Certificate;
               and

          (b)  the date on which the Agent executes the Transfer Certificate.

          "Transaction Documents" means the Master Trust Guaranty, the Pooling
          Agreement, the Series 2003-1 Supplement, the Series 2003-1 VFC
          Certificate, the Sale Agreement and the Servicing Agreement.

          "Unpaid Sum" means any sum due and payable but unpaid by the Borrower
          under the Finance Documents.

          "US" and "United States" means the United States of America, its
          territories, possessions and other areas subject to the jurisdiction
          of the United States of America.

          "Utilisation" means a utilisation of the Facility.

          "Utilisation Date" means the date of a Utilisation, being the date on
          which the relevant Loan is to be made.

          "Utilisation Request" means a notice substantially in the form set out
          in Schedule 4 (Utilisation Request).

     1.2  Construction

          (a)  Unless a contrary indication appears any reference in this
               Agreement to:

               (i)  the "Agent", any "Arranger", any "Finance Party", any
                    "Lender", any "Obligor" or any "Party" shall be construed so
                    as to include its successors in title, permitted assigns and
                    permitted transferees;

               (ii) "assets" of any Person shall be construed as a reference to
                    the whole or any part of its business, undertaking,
                    property, assets, rights and revenues (including any right
                    to receive revenues);

               (iii) a "Finance Document" or any other agreement or instrument
                    is a reference to that Finance Document or other agreement
                    or instrument as amended, supplemented or novated;

                                     - 13 -

<PAGE>

               (iv) a "regulation" includes any regulation, rule, official
                    directive, request or guideline (whether or not having the
                    force of law) of any governmental, intergovernmental or
                    supranational body, agency, department or regulatory,
                    self-regulatory or other authority or organisation;

               (v)  a provision of law is a reference to that provision as
                    amended or re-enacted; and

               (vi) a time of day is a reference to London time.

          (b)  Section, Clause and Schedule headings are for ease of reference
               only.

          (c)  Unless a contrary indication appears, a term used in any other
               Finance Document or in any notice given under or in connection
               with any Finance Document has the same meaning in that Finance
               Document or notice as in this Agreement.

          (d)  In this Agreement, where it relates to a Dutch entity, a
               reference to:

               (i)  a necessary action to authorise where applicable, includes
                    without limitation:

                    (A)  any action required to comply with the Dutch Works
                         Councils Act (Wet op de ondernemingsraden); and

                    (B)  obtaining an unconditional positive advice (advies)
                         from the competent works council(s);

               (ii) a winding-up, administration or dissolution includes a Dutch
                    entity being:

                    (A)  declared bankrupt (failliet verklaard);

                    (B)  dissolved (ontbonden);

               (iii) a moratorium includes surseance van betaling and granted a
                    moratorium includes surseance verleend;

               (iv) a trustee in bankruptcy includes a curator;

               (v)  an administrator includes a bewindvoerder;

               (vi) a(n) (administrative) receiver does not include a curator or
                    bewindvoerder; and

               (vii) an attachment includes a beslag.

     1.3  Currency Symbols and Definitions "$" and "dollars" denote lawful
          currency of the United States, "EUR" and "euro" means the single
          currency unit of the Participating Member States, "(pound)" and
          "sterling"

                                     - 14 -

<PAGE>

          denote lawful currency of the United Kingdom of Great Britain and
          Northern Ireland and "yen" means the lawful currency of Japan.

     1.4  Third party rights

          (a)  Unless expressly provided to the contrary in a Finance Document a
               person who is not a Party has no right under the Contracts
               (Rights of Third Parties) Act 1999 (the "Third Parties Act") to
               enforce or to enjoy the benefit of any term of this Agreement.

          (b)  Notwithstanding any term of any Finance Document, the consent of
               any person who is not a Party is not required to rescind or vary
               this Agreement at any time.

                                     - 15 -

<PAGE>

                                  THE FACILITY

2.   THE FACILITY

2.1  The Facility
     Subject to the terms of this Agreement, the Lenders make available to the
     Borrower a dollar revolving loan facility in an aggregate amount equal to
     the Total Commitments.

2.2  Finance Parties' rights and obligations
     (a)  The obligations of each Finance Party under the Finance Documents are
          several. Failure by a Finance Party to perform its obligations under
          the Finance Documents does not affect the obligations of any other
          Party under the Finance Documents. No Finance Party is responsible for
          the obligations of any other Finance Party under the Finance
          Documents.

     (b)  The rights of each Finance Party under or in connection with the
          Finance Documents are separate and independent rights and any debt
          arising under the Finance Documents to a Finance Party from an Obligor
          shall be a separate and independent debt.

     (c)  A Finance Party may, except as otherwise stated in the Finance
          Documents, separately enforce its rights under the Finance Documents.

3.   PURPOSE

3.1  Purpose
     The Facility shall be available solely to enable the Borrower to make
     advances to the Bunge Master Trust pursuant to the Series 2003-1 VFC
     Certificate. The Borrower undertakes that all amounts advanced to the Bunge
     Master Trust will be used by the Bunge Master Trust to make intercompany
     loans to the Designated Obligors for general corporate purposes.

3.2  Monitoring
     No Finance Party is bound to monitor or verify the application of any
     amount borrowed pursuant to this Agreement.

4.   CONDITIONS OF UTILISATION

4.1  Initial conditions precedent
     The Borrower may not deliver a Utilisation Request unless the Agent has
     received all of the documents and other evidence listed in Schedule 3
     (Conditions Precedent) and copies of any other document, authorisation,
     opinion or assurance reasonably requested by the Agent in form and
     substance reasonably satisfactory to the Agent. The Agent shall notify the
     Borrower and the Lenders promptly upon being so satisfied.

                                     - 16 -

<PAGE>

4.2  Further conditions precedent
     The Lenders will only be obliged to comply with Clause 5.4 (Lenders'
     participation) if on the date of the Utilisation Request and on the
     proposed Utilisation Date:

     (a)  in the case of a Rollover Loan, no Event of Default is continuing or
          would result from the proposed Loan and, in the case of any other
          Loan, no Default is continuing or would result from the proposed Loan;
          and

     (b)  the Repeating Representations to be made by the Borrower under this
          Agreement and the representations to be made by the Parent under
          Section 7 of the Parent Guarantee are true in all material respects.

4.3  Maximum number of Loans
     The Borrower may not deliver a Utilisation Request if as a result of the
     proposed Utilisation more than 20 Loans shall be outstanding.

                                     - 17 -

<PAGE>

                                   UTILISATION

5.   UTILISATION

5.1  Delivery of a Utilisation Request
     The Borrower may utilise the Facility by delivery to the Agent of a duly
     completed Utilisation Request not later than the Specified Time.

5.2  Completion of a Utilisation Request
     (a)  Each Utilisation Request is irrevocable and will not be regarded as
          having been duly completed unless:

          (i)  the proposed Utilisation Date is a Business Day within the
               Availability Period and, in the case of the first Utilisation
               Date, a Business Day no later than 31 January 2007;

          (ii) the currency and amount of the Utilisation comply with Clause 5.3
               (Currency and amount); and

          (iii) the proposed Interest Period complies with Clause 9 (Interest
               Periods).

     (b)  Only one Loan may be requested in each Utilisation Request.

5.3  Currency and amount
     (a)  The currency specified in a Utilisation Request must be dollars.

     (b)  The amount of the proposed Loan must be a minimum of $10,000,000 or,
          if less, the Available Facility.

5.4  Lenders' participation
     (a)  If the conditions set out in this Agreement have been met, each Lender
          shall make its participation in each Loan available by the Utilisation
          Date through its Facility Office.

     (b)  The amount of each Lender's participation in each Loan will be equal
          to the proportion borne by its Available Commitment to the Available
          Facility immediately prior to making the Loan.

     (c)  The Agent shall notify each Lender of the amount of each Loan and the
          amount of its participation in that Loan, in each case by the
          Specified Time.

                                     - 18 -

<PAGE>

                     REPAYMENT, PREPAYMENT AND CANCELLATION

6.   REPAYMENT
     The  Borrower shall repay each Loan on the last day of its Interest Period.

7.   PREPAYMENT AND CANCELLATION

7.1  Illegality
     If, it becomes unlawful, in any applicable jurisdiction for a Lender to
     perform any of its obligations as contemplated by this Agreement or to fund
     or maintain its participation in any Loan:

     (a)  that Lender shall promptly notify the Agent upon becoming aware of
          that event;

     (b)  upon the Agent notifying the Borrower, the Commitment of that Lender
          will be immediately cancelled; and

     (c)  the Borrower shall repay that Lender's participation in the Loans made
          to the Borrower on the last day of the Interest Period for each Loan
          occurring after the Agent has notified the Borrower or, if earlier,
          the date specified by the Lender in the notice delivered to the Agent
          (being no earlier than the last day of any applicable grace period
          permitted by law).

7.2  Change of control
     If after the date of this Agreement (i) any Change of Control shall occur
     with respect to the Parent, or (ii) the Borrower shall not be directly, or
     indirectly wholly-owned by the Parent:

     (a)  the Borrower shall promptly notify the Agent upon becoming aware of
          that event; and

     (b)  the Agent, acting on the instructions of the Majority Lenders, shall
          by not less than 5 days' notice to the Borrower, cancel the Facility
          and declare all outstanding Loans, together with accrued interest, and
          all other amounts accrued under the Finance Documents immediately due
          and payable, whereupon the Facility will be cancelled and all such
          outstanding amounts will become immediately due and payable.

7.3  Voluntary cancellation
     The Borrower may, if it gives the Agent not less than 5 Business Days' (or
     such shorter period as the Majority Lenders may agree) prior notice, cancel
     the whole or any part (being a minimum amount of $5,000,000) of the
     Available Facility. Any cancellation under this Clause 7.3 shall reduce the
     Commitments of the Lenders rateably. Any amounts cancelled under this
     Clause 7.3 may not be reinstated.

7.4  Voluntary Prepayment of Loans
     The Borrower may, if it gives the Agent not less than 5 Business Days' (or
     such shorter period as the Majority Lenders may agree) prior notice, prepay
     the whole or

                                     - 19 -

<PAGE>

     any part of a Loan (but if in part, being an amount that reduces the Loan
     by a minimum amount of $5,000,000).

7.5  Right of repayment and cancellation in relation to a single Lender
     (a)  If:

          (i)  any sum payable to any Lender by the Borrower is required to be
               increased under paragraph (c) of Clause 12.2 (Tax gross-up);

          (ii) any Lender claims indemnification from the Borrower under Clause
               12.3 (Tax indemnity) or Clause 13.1 (Increased costs),

               the Borrower may, whilst the circumstance giving rise to the
               requirement or indemnification continues, give the Agent notice
               of cancellation of the Commitment of that Lender and its
               intention to procure the repayment of that Lender's participation
               in the Loans.

     (b)  On receipt of a notice referred to in paragraph (a) above, the
          Commitment of that Lender shall immediately be reduced to zero.

     (c)  On the last day of each Interest Period which ends after the Borrower
          has given notice under paragraph (a) above (or, if earlier, the date
          specified by the Borrower in that notice), the Borrower shall repay
          that Lender's participation in that Loan.

7.6  Restrictions
     (a)  Any notice of cancellation or prepayment given by any Party under this
          Clause 7 shall be irrevocable and, unless a contrary indication
          appears in this Agreement, shall specify the date or dates upon which
          the relevant cancellation or prepayment is to be made and the amount
          of that cancellation or prepayment.

     (b)  Any prepayment under this Agreement shall be made together with
          accrued interest on the amount prepaid and, subject to any Break
          Costs, without premium or penalty.

     (c)  Unless a contrary indication appears in this Agreement, any part of
          the Facility which is prepaid may be reborrowed in accordance with the
          terms of this Agreement.

     (d)  The Borrower shall not repay or prepay all or any part of the Loans or
          cancel all or any part of the Commitments except at the times and in
          the manner expressly provided for in this Agreement.

     (e)  No amount of the Total Commitments cancelled under this Agreement may
          be subsequently reinstated.

     (f)  If the Agent receives a notice under this Clause 7 it shall promptly
          forward a copy of that notice to either the Borrower or the affected
          Lender, as appropriate.

                                     - 20 -

<PAGE>

                                     - 21 -

<PAGE>

                              COSTS OF UTILISATION

8.   INTEREST

8.1  Calculation of interest
     The rate of interest on each Loan for each Interest Period is the
     percentage rate per annum which is the aggregate of the:

     (a)  Applicable Margin;

     (b)  LIBOR; and

     (c)  Mandatory Cost, if any.

8.2  Payment of interest
     On the last day of each Interest Period the Borrower shall pay accrued
     interest on the Loan to which that Interest Period relates (and, if the
     Interest Period is longer than six Months, on the dates falling at six
     Monthly intervals after the first day of the Interest Period).

8.3  Default interest
     (a)  If the Borrower fails to pay any amount payable by it under a Finance
          Document on its due date, interest shall accrue on the overdue amount
          from the due date up to the date of actual payment (both before and
          after judgement) at a rate which, subject to paragraph (b) below, is
          two per cent. per annum higher than the rate which would have been
          payable if the overdue amount had, during the period of non-payment,
          constituted a Loan in the currency of the overdue amount for
          successive Interest Periods, each of a duration selected by the Agent
          (acting reasonably). Any interest accruing under this Clause 8.3 shall
          be immediately payable by the Borrower on demand by the Agent.

     (b)  If any overdue amount consists of all or part of a Loan which became
          due on a day which was not the last day of an Interest Period relating
          to that Loan:

          (i)  the first Interest Period for that overdue amount shall have a
               duration equal to the unexpired portion of the current Interest
               Period relating to that Loan; and

          (ii) the rate of interest applying to the overdue amount during that
               first Interest Period shall be two per cent. per annum higher
               than the rate which would have applied if the overdue amount had
               not become due.

     (c)  Default interest (if unpaid) arising on an overdue amount will be
          compounded with the overdue amount at the end of each Interest Period
          applicable to that overdue amount but will remain immediately due and
          payable.

8.4  Notification of rates of interest
     The Agent shall promptly notify the Lenders and the Borrower of the
     determination of a rate of interest under this Agreement.

                                     - 22 -

<PAGE>

9.   INTEREST PERIODS

9.1  Selection of Interest Periods
     (a)  The Borrower may select an Interest Period for a Loan in the
          Utilisation Request for that Loan.

     (b)  Subject to this Clause 9, the Borrower may select an Interest Period
          of one, two, three or six Months or any other period agreed between
          the Borrower and the Agent (acting on the instructions of all the
          Lenders).

     (c)  An Interest Period for a Loan shall not extend beyond the Final
          Maturity Date.

     (d)  A Loan has one Interest Period only.

9.2  Non-Business Days
     If an Interest Period would otherwise end on a day which is not a Business
     Day, that Interest Period will instead end on the next Business Day in that
     calendar month (if there is one) or the preceding Business Day (if there is
     not).

10.  CHANGES TO THE CALCULATION OF INTEREST

10.1 Absence of quotations
     Subject to Clause 10.2 (Market disruption), if LIBOR is to be determined by
     reference to the Reference Banks but a Reference Bank does not supply a
     quotation by the Specified Time on the Quotation Day, the applicable LIBOR
     shall be determined on the basis of the quotations of the remaining
     Reference Banks.

10.2 Market disruption
     (a)  If a Market Disruption Event occurs in relation to a Loan for any
          Interest Period, then subject to Clause 10.3 (Alternative basis of
          interest or funding) the rate of interest on each Lender's share of
          that Loan for the Interest Period shall be the rate per annum which is
          the sum of:

          (i)  the Applicable Margin;

          (ii) the rate notified to the Agent by that Lender as soon as
               practicable and in any event before interest is due to be paid in
               respect of that Interest Period, to be that which expresses as a
               percentage rate per annum the cost to that Lender of funding its
               participation in that Loan from whatever source it may reasonably
               select; and

          (iii) the Mandatory Cost, if any, applicable to that Lender's
               participation in the Loan.

     (b)  In this Agreement "Market Disruption Event" means:

          (i)  at or about noon on the Quotation Day for the relevant Interest
               Period the Screen Rate is not available and none or only one of
               the Reference Banks supplies a rate to the Agent to determine
               LIBOR for the relevant Interest Period; or

                                     - 23 -

<PAGE>

          (ii) before close of business in London on the Quotation Day for the
               relevant Interest Period, the Agent receives notifications from a
               Lender or Lenders (whose participations in a Loan exceed 35 per
               cent. of that Loan) that the cost to it of obtaining matching
               deposits in the London interbank market would be in excess of
               LIBOR.

10.3 Alternative basis of interest or funding
     (a)  If a Market Disruption Event occurs and the Agent or the Borrower so
          requires, the Agent and the Borrower shall enter into negotiations
          (for a period of not more than thirty days) with a view to agreeing a
          substitute basis for determining the rate of interest.

     (b)  Any alternative basis agreed pursuant to paragraph (a) above shall,
          with the prior consent of all the Lenders and the Borrower, be binding
          on all Parties.

10.4 Break Costs
(a)  The Borrower shall, within three Business Days of demand by a Finance
     Party, pay to that Finance Party its Break Costs attributable to all or any
     part of a Loan or Unpaid Sum being paid by the Borrower on a day other than
     the last day of an Interest Period for that Loan or Unpaid Sum.

(b)  Each Lender shall, as soon as reasonably practicable after a demand by the
     Agent or the Borrower, provide a certificate confirming the amount of its
     Break Costs for any Interest Period in which they accrue.

11.  FEES
11.1 Commitment fee
     (a)  The Borrower shall pay to the Agent (for the account of each Lender) a
          fee computed at the rate of 35 per cent. of the Applicable Margin on
          the Available Facility unless:

          (i)  the Applicable Margin is 0.75 per cent. per annum, in which case
               the fee shall be computed at a rate of 37.5 per cent. of the
               Applicable Margin; or

          (ii) the Applicable Margin is 0.85 per cent. per annum, in which case
               the fee shall be computed at a rate of 40 per cent. of the
               Applicable Margin.

     (b)  The accrued commitment fee is payable in arrears on the last day of
          each successive period of three Months which ends during the
          Availability Period, on the last day of the Availability Period and,
          if cancelled in full, on the cancelled amount of the relevant Lender's
          Commitment at the time the cancellation is effective.

11.2 Arrangement and participation fees
     The Borrower shall pay to the Arrangers the arrangement and participation
     fees in the amount and at the times agreed in a Fee Letter.

                                     - 24 -

<PAGE>

11.3 Agency fee
     The Borrower shall pay to the Agent (for its own account) an agency fee in
     the amount and at the times agreed in a Fee Letter.

                                     - 25 -

<PAGE>

                         ADDITIONAL PAYMENT OBLIGATIONS

12.  TAX GROSS UP AND INDEMNITIES

12.1 Definitions
     (a)  In this Agreement:

          "Protected Party" means a Finance Party which is or will be subject to
          any liability, or required to make any payment, for or on account of
          Tax in relation to a sum received or receivable (or any sum deemed for
          the purposes of Tax to be received or receivable) under a Finance
          Document.

          "Tax Credit" means a credit against, relief or remission for, or
          repayment of any Tax.

          "Tax Deduction" means a deduction or withholding for or on account of
          Tax from a payment under a Finance Document unless such deduction or
          withholding was required by law on the date of this Agreement or
          results from a Finance Party's failure to comply with sub-clause
          12.2(f).

          "Tax Payment" means either the increase in a payment made by the
          Borrower to a Finance Party under Clause 12.2 (Tax gross-up) or a
          payment under Clause 12.3 (Tax indemnity).

     (b)  Unless a contrary indication appears, in this Clause 12 a reference to
          "determines" or "determined" means a determination made in the
          reasonable discretion of the person making the determination.

12.2 Tax gross-up
     (a)  The Borrower shall make all payments to be made by it without any Tax
          Deduction, unless a Tax Deduction is required by law.

     (b)  The Borrower shall promptly upon becoming aware that it must make a
          Tax Deduction (or that there is any change in the rate or the basis of
          a Tax Deduction) notify the Agent accordingly. Similarly, a Lender
          shall notify the Agent on becoming so aware in respect of a payment
          payable to that Lender. If the Agent receives such notification from a
          Lender it shall notify the Borrower.

     (c)  If a Tax Deduction is required by law to be made by the Borrower, the
          amount of the payment due from the Borrower shall be increased to an
          amount which (after making any Tax Deduction) leaves an amount equal
          to the payment which would have been due if no Tax Deduction had been
          required.

     (d)  If the Borrower is required to make a Tax Deduction, the Borrower
          shall make that Tax Deduction and any payment required in connection
          with that Tax Deduction within the time allowed and in the minimum
          amount required by law.

                                     - 26 -

<PAGE>

     (e)  Within thirty days of making either a Tax Deduction or any payment
          required in connection with that Tax Deduction, the Borrower shall
          deliver to the Agent for the Finance Party entitled to the payment
          evidence reasonably satisfactory to that Finance Party that the Tax
          Deduction has been made or (as applicable) any appropriate payment
          paid to the relevant taxing authority.

     (f)  The Borrower hereby confirms to each Lender that it has made an
          election to be disregarded as an entity separate from its parent,
          Bunge N.A. Holdings, Inc., for U.S. federal income tax purposes.
          Accordingly, each Lender shall, to the extent permitted by law,
          deliver to the Agent for transmission to the Borrower (on or before
          the date of the first interest payment after such Lender becomes a
          party to this Agreement) a duly completed copy of Internal Revenue
          Service Form W-8BEN, or Form W-ECI, if applicable, or any successor
          forms, or any other forms as may be necessary to establish a reduction
          in, or complete exemption from, U.S. withholding tax on payments under
          the Series 2003-1 VFC Certificate or, as the case may be, on payments
          of interest on the Loans. To the extent that any such forms become
          obsolete as a result of lapse in time or change in circumstance, each
          Lender shall (promptly upon the request of the Borrower in the case of
          such form becoming obsolete as a result of lapse in time), to the
          extent permitted by law, deliver to the Agent for transmission to the
          Borrower, revised forms as may be necessary to establish a reduction
          in, or complete exemption from, U.S. withholding tax on such payments.

12.3 Tax indemnity
     (a)  The Borrower shall (within three Business Days of demand by the Agent)
          pay to a Protected Party an amount equal to the loss, liability or
          cost which that Protected Party determines will be or has been
          (directly or indirectly) suffered for or on account of Tax by that
          Protected Party in respect of a Finance Document.

     (b)  Paragraph (a) above shall not apply:

          (i)  with respect to any loss, liability or cost related to any Tax
               assessed on a Finance Party:

               (A)  under the law of the jurisdiction in which that Finance
                    Party is incorporated or, if different, the jurisdiction (or
                    jurisdictions) in which that Finance Party is treated as
                    resident for tax purposes;

               (B)  under the law of the jurisdiction in which that Finance
                    Party's Facility Office is located in respect of amounts
                    received or receivable in that jurisdiction; or

               (C)  under the law of any jurisdiction in which that Finance
                    Party otherwise does business,

                                     - 27 -

<PAGE>

                    if that Tax is imposed on or calculated by reference to the
                    overall net income of that Finance Party (or a branch
                    thereof); or

          (ii) to the extent a loss, liability or cost:

               (A)  is compensated for by an increased payment under Clause 12.2
                    (Tax gross-up); or

               (B)  would have been compensated for by an increased payment
                    under Clause 12.2 (Tax gross-up) but was not so compensated
                    as a result of a Finance Party's failure to comply with
                    sub-clause 12.2(f).

     (c)  A Protected Party making, or intending to make a claim under paragraph
          (a) above shall promptly notify the Agent of the event which will
          give, or has given, rise to the claim, following which the Agent shall
          notify the Borrower.

     (d)  A Protected Party shall, on receiving a payment from the Borrower
          under this Clause 12.3, notify the Agent.

12.4 Tax Credit
     If the Borrower makes a Tax Payment and the relevant Finance Party
     determines that:

     (a)  a Tax Credit is attributable either to an increased payment of which
          that Tax Payment forms part, or to that Tax Payment; and

     (b)  that Finance Party has obtained and utilised that Tax Credit,

     the Finance Party shall pay an amount to the Borrower which that Finance
     Party determines will leave it (after that payment) in the same after-Tax
     position as it would have been in had the Tax Payment not been required to
     be made by the Borrower. To the extent the Finance Party loses a Tax Credit
     for which it has made a payment hereunder, the Finance Party shall so
     notify the Borrower and the Borrower shall refund the amounts paid to such
     Borrower with respect to such Tax Credit.

12.5 Stamp taxes
     The Borrower shall pay and, within three Business Days of demand, indemnify
     each Finance Party against any cost, loss or liability that Finance Party
     incurs in relation to all stamp duty, registration and other similar Taxes
     payable in respect of any Finance Document.

12.6 Value added tax
     (a)  All consideration expressed to be payable under a Finance Document by
          any Party to a Finance Party shall be deemed to be exclusive of any
          VAT. If VAT is chargeable on any supply made by any Finance Party to
          any Party in connection with a Finance Document, that Party shall pay
          to the Finance Party an amount equal to the amount of the VAT.

     (b)  Where a Finance Document requires any Party to reimburse a Finance
          Party for any costs or expenses, that Party shall also pay and
          indemnify the Finance Party against all VAT incurred by the Finance
          Party in respect of the costs or

                                     - 28 -

<PAGE>

          expenses to the extent that the Finance Party reasonably determines
          that it is not entitled to credit or repayment of the VAT.

13.  INCREASED COSTS

13.1 Increased costs
     (a)  Subject to Clause 13.2 (Increased cost claims) and Clause 13.3
          (Exceptions) the Borrower shall, within three Business Days of a
          demand by the Agent, pay for the account of a Finance Party the amount
          of any Increased Costs incurred by that Finance Party or any of its
          Affiliates as a result of (i) the introduction of or any change in (or
          in the interpretation, administration or application of) any law or
          regulation or (ii) compliance with any law or regulation made after
          the date of this Agreement, or, if later, the date on which the
          relevant Finance Party became a Party to this Agreement.

     (b)  In this Agreement "Increased Costs" means:

          (i)  a reduction in the rate of return from the Facility or on a
               Finance Party's (or its Affiliate's) overall capital;

          (ii) an additional or increased cost; or

          (iii) a reduction of any amount due and payable under any Finance
               Document,

          which is incurred or suffered by a Finance Party or any of its
          Affiliates to the extent that it is attributable to that Finance Party
          having entered into its Commitment or funding or performing its
          obligations under any Finance Document.

13.2 Increased cost claims
     (a)  A Finance Party intending to make a claim pursuant to Clause 13.1
          (Increased costs) shall notify the Agent of the event giving rise to
          the claim, following which the Agent shall promptly notify the
          Borrower. The Borrower shall not be required to compensate a Lender
          pursuant to Clause 13 (Increased costs) for any amounts incurred more
          than six months prior to the date the Borrower receives notification
          of such claim; provided, that if the circumstances giving rise to such
          claim have a retroactive effect, then such six month period shall be
          extended to include the period of such retroactive effect.

     (b)  Each Finance Party shall, as soon as practicable after a demand by the
          Agent or the Borrower, provide a certificate confirming the amount of
          its Increased Costs (setting out reasonable information showing the
          basis for and calculation of such amount).

13.3 Exceptions
     Clause 13.1 (Increased costs) does not apply to the extent any Increased
     Cost is:
     (a)  attributable to Tax;

                                     - 29 -

<PAGE>

     (b)  compensated for by the payment of the Mandatory Cost;

     (c)  attributable to the breach by the relevant Finance Party or its
          Affiliates of any law or regulation; or

     (d)  attributable to the implementation or application of or compliance
          with the "International Convergence of Capital Measurement and Capital
          Standards, a Revised Framework" published by the Basel Committee on
          Banking Supervision in June 2004 in the form existing on the date of
          this Agreement ("Basel II") or any other law or regulation which
          implements Basel II (whether such implementation, application or
          compliance is by a government, regulator, Finance Party or any of its
          Affiliates).

14.  OTHER INDEMNITIES

14.1 Currency indemnity
     (a)  If any sum due from the Borrower under the Finance Documents (a
          "Sum"), or any order, judgement or award given or made in relation to
          a Sum, has to be converted from the currency (the "First Currency") in
          which that Sum is payable into another currency (the "Second
          Currency") for the purpose of:

          (i)  making or filing a claim or proof against the Borrower;

          (ii) obtaining or enforcing an order, judgement or award in relation
               to any litigation or arbitration proceedings,

          the Borrower shall as an independent obligation, within three Business
          Days of demand, indemnify each Finance Party to whom that Sum is due
          against any cost, loss or liability arising out of or as a result of
          the conversion including any discrepancy between (A) the rate of
          exchange used to convert that Sum from the First Currency into the
          Second Currency and (B) the rate or rates of exchange available to
          that person at the time of its receipt of that Sum.

     (b)  The Borrower waives any right it may have in any jurisdiction to pay
          any amount under the Finance Documents in a currency or currency unit
          other than that in which it is expressed to be payable.

14.2 Other indemnities
     The Borrower shall, within three Business Days of demand, indemnify each
     Finance Party against any cost, loss or liability incurred by that Finance
     Party as a result of:

     (a)  the occurrence of any Event of Default;

     (b)  a failure by the Borrower to pay any amount due under a Finance
          Document on its due date, including without limitation, any cost, loss
          or liability arising as a result of Clause 27 (Sharing among the
          Finance Parties);

     (c)  funding, or making arrangements to fund, its participation in a Loan
          requested by it in a Utilisation Request but not made by reason of the
          operation of any

                                     - 30 -

<PAGE>

          one or more of the provisions of this Agreement (other than by reason
          of default or negligence by that Finance Party alone); or

     (d)  a Loan (or part of a Loan) not being prepaid in accordance with a
          notice of prepayment given by the Borrower.

14.3 Indemnity to the Agent
     The Borrower shall promptly indemnify the Agent against any cost, loss or
     liability incurred by the Agent (acting reasonably) as a result of:

     (a)  investigating any event which it reasonably believes is a Default; or

     (b)  acting or relying on any notice, request or instruction which it
          reasonably believes to be genuine, correct and appropriately
          authorised;

     except to the extent such cost, loss or liability arises from (i) the
     wilful misconduct or gross negligence of the Agent or (ii) the Agent's
     breach of express duties under the Finance Documents.

15.  MITIGATION BY THE LENDERS

15.1 Mitigation
     (a)  Each Finance Party shall, in consultation with the Borrower, take all
          reasonable steps to mitigate any circumstances which arise and which
          would result in any amount becoming payable under or pursuant to, or
          cancelled pursuant to, any of Clause 7.1 (Illegality), Clause 12 (Tax
          gross-up and indemnities), Clause 13 (Increased costs) or paragraph 3
          of Schedule 5 (Mandatory Cost Formulae) including (but not limited to)
          transferring its rights and obligations under the Finance Documents to
          another Facility Office or bank or financial institution reasonably
          acceptable to the Borrower.

     (b)  Paragraph (a) above does not in any way limit the obligations of the
          Borrower under the Finance Documents.

15.2 Limitation of liability
     (a)  The Borrower shall indemnify each Finance Party for all costs and
          expenses reasonably incurred by that Finance Party as a result of
          steps taken by it under Clause 15.1 (Mitigation).

     (b)  A Finance Party is not obliged to take any steps under Clause 15.1
          (Mitigation) if, in the opinion of that Finance Party (acting
          reasonably), to do so might be prejudicial to it.

                                     - 31 -

<PAGE>

16.  COSTS AND EXPENSES

16.1 Transaction expenses
     The Borrower shall promptly on demand pay the Agent and the Arrangers the
     amount of all costs and expenses (including legal fees) reasonably incurred
     by any of them in connection with the negotiation, preparation, printing,
     execution and syndication of:

     (a)  this Agreement and any other documents referred to in this Agreement;
          and

     (b)  any other Finance Documents executed after the date of this Agreement.

16.2 Amendment costs
     If the Borrower requests an amendment, waiver or consent the Borrower
     shall, within three Business Days of demand, reimburse the Agent for the
     amount of all costs and expenses (including legal fees) reasonably incurred
     by the Agent in responding to, evaluating, negotiating or complying with
     that request or requirement.

16.3 Enforcement costs
     The Borrower shall, within three Business Days of demand, pay to each
     Finance Party the amount of all costs and expenses (including legal fees)
     incurred by that Finance Party in connection with the enforcement of, or
     the preservation of any rights under, any Finance Document.

                                     - 32 -

<PAGE>

               REPRESENTATIONS, UNDERTAKINGS AND EVENTS OF DEFAULT

17.  REPRESENTATIONS

     The Borrower makes the representations and warranties set out in this
     Clause 17 (other than 17.20) to each Finance Party on the date of this
     Agreement.

17.1 Existence; Compliance with Law
     The Borrower (a) is duly organised, validly existing and in good standing
     under the laws of the jurisdiction of its organisation, (b) has the power
     and authority, and the legal right, to own and operate its property and to
     conduct the business in which it is currently engaged, (c) is duly
     qualified as a foreign corporation and in good standing under the laws of
     each jurisdiction where its ownership or operation of property or the
     conduct of its business requires such qualification and (d) is in
     compliance with all Requirements of Law except to the extent that the
     failure to comply therewith could not, in the aggregate, reasonably be
     expected to have a Material Adverse Effect.

17.2 Power; Authorisation; Enforcement Obligations
     The Borrower has the power and authority, and the legal right, to make,
     deliver and perform the Finance Documents to which it is a party and to
     obtain Loans hereunder. The Borrower has taken all necessary organisational
     action to authorise the execution, delivery and performance of the Finance
     Documents to which it is a party and to authorise the Loans on the terms
     and conditions of this Agreement. Subject to any qualification as to legal
     matters contained in the legal opinions referred to in Schedule 3
     (Conditions Precedent), no consent or authorisation of, filing with, notice
     to or other act by or in respect of, any Governmental Authority or any
     other Person is required in connection with the Loans hereunder or with the
     execution, delivery, performance, validity or enforceability of this
     Agreement or any of the Finance Documents to which the Borrower is a party.
     Each Finance Document to which the Borrower is a party has been duly
     executed and delivered on behalf of the Borrower. Subject to any
     qualification as to legal matters contained in the legal opinions referred
     to in Schedule 3 (Conditions Precedent), this Agreement constitutes, and
     each other Finance Document to which the Borrower is a party, upon
     execution will constitute, a legal, valid and binding obligation of the
     Borrower, enforceable against the Borrower in accordance with the terms.

17.3 No Legal Bar
     The execution, delivery and performance of this Agreement and the other
     Finance Documents to which the Borrower is a party, the borrowings
     hereunder and the use of the proceeds thereof will not violate any
     Requirement of Law or any Contractual Obligation of the Borrower and will
     not result in, or require, the creation or imposition of any Lien on any of
     its properties or revenues pursuant to any Requirement of Law or any such
     Contractual Obligation. No Requirement of Law or Contractual Obligation
     applicable to the Borrower could reasonably be expected to have a Material
     Adverse Effect.

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<PAGE>

17.4 Governing law and enforcement
     Subject to any qualifications as to legal matters contained in the legal
     opinions referred to in Schedule 3 (Conditions Precedent):

     (a)  The choice of English law as the governing law of this Agreement and
          New York law as the governing law of the Parent Guarantee will be
          recognised and enforced in its jurisdiction of incorporation; and

     (b)  Any judgement obtained in England in relation to this Agreement and in
          New York in relation to the Parent Guarantee will be recognised and
          enforced in its jurisdiction of incorporation.

17.5 Litigation
     No litigation, investigation or proceeding of or before any arbitrator or
     Governmental Authority is pending or, to the knowledge of the Borrower,
     threatened by or against the Borrower or against any of its properties or
     revenues (a) with respect to any of the Finance Documents to which the
     Borrower is a party or any of the transactions contemplated hereby or
     thereby, or (b) that could reasonably be expected to have a Material
     Adverse Effect.

17.6 No Default
     The Borrower is not in default under or with respect to any of its
     Contractual Obligations in any respect that could reasonably be expected to
     have a Material Adverse Effect. No Default or Event of Default has occurred
     and is continuing.

17.7 Ownership of Property; Liens
     The Borrower has good title to all its property, and none of such property
     is subject to any Lien (except for any Lien arising by virtue of the
     maintenance of a credit balance on any Dutch bank account by the Borrower
     pursuant to the general terms and conditions of the bank with which such
     account is held).

17.8 Taxes
     The Borrower has filed or caused to be filed all material corporate income
     tax returns that are required to be filed and has paid all taxes shown to
     be due and payable on said returns or on any assessments made against it or
     any of its property and all other taxes, fees or other charges imposed on
     it or any of its property by any Governmental Authority (other than any the
     amount or validity of which are currently being contested in good faith by
     appropriate proceedings and with respect to which reserves in conformity
     with GAAP have been provided on the books of the Borrower); to the
     knowledge of the Borrower, no claim is being asserted, with respect to any
     such tax, fee or other charge.

17.9 Deduction of Tax
     The Borrower is not required under Netherlands law to make any deduction
     for or on account of Tax from any payment it may make under any Finance
     Document.

17.10 No filing or stamp taxes
     Under the law of its jurisdiction of incorporation it is not necessary that
     the Finance Documents be filed, recorded or enrolled with any court or
     other authority in that

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<PAGE>

     jurisdiction or that any stamp, registration or similar tax be paid on or
     in relation to the Finance Documents or the transactions contemplated by
     the Finance Documents.

17.11 No misleading information
     (a)  Any factual information provided by the Borrower for the purposes of
          the Information Memorandum was in all material respects taken as a
          whole true and accurate as at the date it was provided or as at the
          date (if any) at which it is stated.

     (b)  Nothing has occurred or been omitted from the Information Memorandum
          and no information has been given or withheld that results in the
          information contained in the Information Memorandum being untrue or
          misleading in any material respect in light of the circumstances under
          which such information was supplied.

     (c)  All written information supplied by the Borrower is in all material
          respects taken as a whole with other written information supplied by
          the Borrower true and accurate and is not misleading in light of the
          circumstances under which such information was supplied as at the date
          it was provided or as at the date (if any) at which it is stated.

17.12 No Subsidiaries
     It has no Subsidiaries.

17.13 Use of Proceeds
     The proceeds of the Loans shall be used solely to make advances under the
     Series 2003-1 VFC Certificate.

17.14 Pari passu ranking
     Its payment obligations under the Finance Documents rank at least pari
     passu with the claims of all its other unsecured and unsubordinated
     creditors.

17.15 Solvency
     Each member of the Group that is a party to a Finance Document, is, and
     after giving effect to the incurrence of all Indebtedness and obligations
     being incurred in connection herewith and therewith will be and will
     continue to be, Solvent.

17.16 Limited Purpose
     It is a single purpose entity that was formed for the sole purpose of (a)
     holding the Series 2003-1 VFC Certificate, (b) borrowing under this
     Agreement, (c) incurring Pari Passu Indebtedness and (d) entering into
     Hedge Agreements in connection with this Agreement and such Pari Passu
     Indebtedness. Other than cash derived from Hedge Agreements and
     distributions of Series 2003-1 Accrued Interest and Series 2003-1 Invested
     Amount (as defined in Annex X to the Pooling Agreement) to the Borrower
     under the Series 2003-1 VFC Certificate, which cash shall be used by the
     Borrower solely to make interest, principal and premium (if any) payments
     under this Agreement and under any Pari Passu Indebtedness and to pay for
     its reasonable operating expenses (and, in the case of cash derived from
     Hedge Agreements, to make advances under the

                                     - 35 -

<PAGE>

     Series 2003-1 VFC Certificate), the Series 2003-1 VFC Certificate is the
     sole asset of the Borrower.

17.17 No Change
     Since 31 December 2005, in respect of the Parent and its consolidated
     Subsidiaries, and since the date of this Agreement in respect of the
     Borrower, there has been no development or event that has had or could
     reasonably be expected to have a Material Adverse Effect.

17.18 Dutch Banking Act
     It is in compliance with the Dutch Banking Act and any regulations issued
     pursuant thereto (including, but not limited to, the Policy Guidelines and
     Exemption Regulation).

17.19 Tax Status
     No notice under Section 36 of the Tax Collection Act (Invorderingswet 1990)
     has been given by any member of the Group.

17.20 PMP Representations-Lenders
     (a)  Each Lender which is a party to this Agreement on the date hereof
          represents and warrants to the Borrower that it is a PMP.

     (b)  If on the date on which a New Lender as defined in Clause 23 (Changes
          to the Lenders) becomes a Lender, it is a requirement of Dutch law
          that such New Lender is a PMP, each New Lender represents and warrants
          to the Borrower on the date on which it becomes a party to this
          Agreement as a Lender that it is a PMP.

     (c)  Each such Lender and New Lender acknowledges that each Dutch Borrower
          has relied upon such representation and warranty.

17.21 Repetition
     The Repeating Representations are deemed to be made by the Borrower (by
     reference to the facts and circumstances then existing) on the date of each
     Utilisation Request and the first day of each Interest Period.

18.  POSITIVE COVENANTS

     The covenants in this Clause 18 remain in force from the date of this
     Agreement for so long as any amount is outstanding under the Finance
     Documents or any Commitment is in force.

     The Borrower shall:

18.1 Information Miscellaneous
     Provide the Agent all information that the Agent may reasonably request in
     writing concerning the business of the Borrower within a reasonable period
     of time considering the nature of the request; provided that with respect
     to any information relating to an annual audited report, the same may be
     delivered within 120 calendar days after the end of the Borrower's fiscal
     year.

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18.2 Bunge Master Trust information
     Furnish or cause to be furnished to the Agent in sufficient number for each
     Lender, copies of all

     (a)  Daily Reports prepared by the Servicer pursuant to Clause 18.14 below;

     (b)  notices of Series 2003-1 Early Amortisation Events; and

     (c)  Monthly Settlement Statements;

     provided that the documents set forth in paragraphs (a) and (c) above of
     this sub-Clause 18.2 shall be provided only upon request of the Agent or
     the Majority Lenders.

18.3 Taxes
     Take all actions necessary to ensure that all taxes and other governmental
     claims in respect of the Borrower's operations and assets are promptly paid
     when due, except those contested in good faith.

18.4 Compliance
     Comply with all Requirements of Law except where the failure to so comply
     would not reasonably be expected to have a Material Adverse Effect on its
     ability to perform its obligations under the Finance Documents.

18.5 Audited financial statements
     Beginning with the fiscal year commencing in 2006, furnish to the Agent in
     sufficient number for each Lender as soon as available, but in any event
     within one hundred and twenty (120) days after the end of each fiscal year
     of the Borrower, audited financial statements consisting of the balance
     sheet of the Borrower as of the end of such year and the related statements
     of income and retained earnings and statements of cash flow for such year,
     setting forth in each case in comparative form the corresponding figures
     for the previous fiscal year (provided that comparative figures shall not
     be required with respect to such financial statements delivered at the end
     of the Borrower's fiscal year ending in 2006), certified by independent
     certified public accountants satisfactory to the Agent to the effect that
     such financial statements fairly present in all material respects the
     financial condition and results of operations of the Borrower in accordance
     with GAAP consistently applied.

18.6 Unaudited financial statements
     Beginning with the fiscal year commencing in 2006, furnish to the Agent as
     soon as available but in any event within sixty (60) days after the end of
     each of the first three quarters for each fiscal year of the Borrower,
     unaudited financial statements consisting of a balance sheet of the
     Borrower as at the end of such quarter and a statement of income and
     retained earnings for such quarter, setting forth (in the case of financial
     statements furnished for calendar quarters subsequent to the first full
     calendar year of the Borrower) in comparative form the corresponding
     figures for the corresponding quarter of the preceding fiscal year.

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18.7 Financial statements certificate
     Furnish, or cause to be furnished, to the Agent together with the financial
     statements required pursuant to Clause 18.5 and Clause 18.6 a certificate
     of a Responsible Officer of the Borrower stating (a) that the attached
     financial statements have been prepared in accordance with GAAP and
     accurately reflect the financial condition of the Borrower, (b) that the
     Borrower is in compliance with Clause 18.10 and (c) all information and
     calculations necessary for determining compliance by the Borrower with
     Clause 19.1 as of the last day of the fiscal quarter or fiscal year of the
     Borrower, as the case may be.

18.8 Corporate existence, Conduct of business
     (a)  Except as otherwise permitted by the Finance Documents, preserve,
          renew and keep in full force and effect its corporate existence; and

     (b)  take all reasonable action to maintain all rights, privileges and
          franchises necessary or desirable in the normal conduct of its
          business.

18.9 Notification of default
     Notify the Agent of any:

     (a)  Default (and the steps, if any, being taken to remedy it) promptly
          upon becoming aware of its occurrence, and

     (b)  development or event which has had, or which the Borrower in its good
          faith judgement believes will have, a Material Adverse Effect.

18.10 Proceeds
     Loan all of the proceeds from the Loans hereunder, and the proceeds of any
     Pari Passu Indebtedness, to Bunge Funding, Inc. pursuant to the Series
     2003-1 VFC Certificate.

18.11 Notification of amounts due
     On each day after the Loans (with accrued interest thereon) and all other
     amounts owing under this Agreement and the other Finance Documents have
     become due and payable (whether at the stated maturity, by acceleration, or
     otherwise), give the notice contemplated by Section 2.06 of the Series
     2003-1 Supplement, such notice to specify an amount equal to the lesser of
     (i) the funds on deposit in the Series 2003-1 Collection Subaccount on such
     day and (ii) the outstanding principal amount of the Loans (with accrued
     interest thereon) and all other amounts owing under this Agreement and the
     other Finance Documents.

18.12 Notification of Parent Rating
     Promptly notify the Agent of any change in a Rating of the Parent or any
     other relevant entity or trust referred to in Schedule 1 (Applicable
     Margin).

18.13 Direction of Trustee
     At the direction of the Agent or the Majority Lenders, exercise its right
     under Section 8.14 of the Pooling Agreement to direct the trustee under the
     Bunge Master Trust when the Lenders are affected by the conduct of any
     proceeding or the exercise of any right conferred on the trustee under the
     Bunge Master Trust.

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18.14 Submission of Daily Report
     On each Utilisation Date on which a Loan is made, cause the Servicer to
     submit a Daily Report to the Borrower and to the trustee under the Bunge
     Master Trust no later than 12:00 (Noon), New York City time, setting forth
     the information required by Section 4.01 of the Servicing Agreement.

19.  NEGATIVE COVENANTS

     The covenants in this Clause 19 remain in force from the date of this
     Agreement for so long as any amount is outstanding under the Finance
     Documents or any Commitment is in force.

     The Borrower will not:

19.1 Series 2003-1 Allocated Loan Amount
     Permit the Series 2003-1 Allocated Loan Amount to be less than the result
     of:

     (a)  adding (i) the aggregate principal amount of and accrued interest on
          the Loans outstanding hereunder and (ii) all other Pari Passu
          Indebtedness outstanding (including any net payment obligations of the
          Borrower related to Hedge Agreements, but excluding all Hedge
          Termination Amounts due and owing by the Borrower) calculated by
          converting any Master Trust Approved Currency other than dollars into
          dollars at the Rate of Exchange; and deducting therefrom; and

     (b)  the aggregate amount of any Master Trust Approved Currency (including
          any net receipts from Hedge Agreements, but excluding any Hedge
          Termination Amounts received by the Borrower) on deposit in any
          Borrower Account or the Series 2003-1 Collection Subaccount (or any
          sub-subaccount thereof), calculated by converting any Master Trust
          Approved Currencies other than dollars into dollars at the Rate of
          Exchange, that are unconditionally available to repay the aggregate
          amount of the Indebtedness and interest accrued thereon described in
          the foregoing sub-clauses (a)(i) and (ii) of this sub-clause 19.1 (or
          with respect to the Series 2003-1 Collection Subaccount (or any
          sub-subaccount thereof), unconditionally available to repay the
          principal and accrued interest on the Series 2003-1 VFC Certificate
          which Master Trust Approved Currency amounts are in turn
          unconditionally available to make such payments on the principal of
          and accrued interest on the Loans and other Pari Passu Indebtedness in
          the foregoing sub-clauses (a)(i) and (ii) of this sub-clause 19.1.

19.2 Negative Pledge
     Contract for, create, incur, assume or suffer to exist any Lien, security
     interest, charge or other encumbrance of any nature upon any of its
     property or assets, including without limitation the Series 2003-1 VFC
     Certificate, whether now owned or hereafter required (except for any Lien
     arising by virtue of the maintenance of a credit balance on any Dutch bank
     account by the Borrower pursuant to the general terms and conditions of the
     bank with which such account is held).

                                     - 39 -

<PAGE>

19.3 Indebtedness
     Create, incur, assume or suffer to exist any Indebtedness, whether current
     or funded, or any other liability except Permitted Indebtedness.

19.4 Loans and Guarantees
     Except as contemplated by the Finance Documents or the Transaction
     Documents, make any loan or advance or credit to, or guarantee (directly or
     indirectly or by an instrument having the effect of assuring another's
     payment or performance on any obligation or capability of so doing or
     otherwise), endorse or otherwise become contingently liable, directly or
     indirectly, in connection with the obligations, stocks or dividends of, or
     own, purchase, repurchase or acquire (or agree contingently to do so) any
     assets, stock, obligations or securities of, or any other interest in, or
     make any capital contribution to, any other Person.

19.5 Merger
     Enter into any amalgamation, merger, consolidation, joint venture,
     syndicate or other form of combination with any Person, or sell, lease or
     transfer or otherwise dispose of any of its assets or receivables or
     purchase any asset.

19.6 Other Agreements
     (a)  Enter into or be a party to any agreement or instrument other than the
          Finance Documents, the Transaction Documents to which it is a party,
          and any agreement or instrument related to the incurrence of Pari
          Passu Indebtedness; or

     (b)  Enter into or be a party to any agreement or instrument related to the
          incurrence of Pari Passu Indebtedness that does not include a
          provision substantially to the effect set forth in Clause 20.

19.7 Expenditure
     Except as permitted by any Transaction Document, make any expenditure (by
     long-term or operating lease or otherwise), excluding those relating to
     foreclosure, for capital assets (both realty and personalty), unless such
     expenditure is approved in writing by the Agent.

19.8 Restriction of business
     Engage in any business or enterprise or enter into any material transaction
     other than as contemplated by the Finance Documents and the Transaction
     Documents.

19.9 Constitutional Documents
     Amend its constitutional documents without the prior written consent of the
     Agent.

19.10 Amendments to Transaction Documents
     Amend, supplement, waive or modify, or consent to any amendment,
     supplement, waiver or modification of, any Transaction Document except in
     accordance with the provisions of this sub-clause 19.10. Any provision of
     any Transaction Document may be amended, waived, supplemented, restated,
     discharged or terminated without the consent of the Agent or the Lenders;
     provided such amendment, waiver, supplement or restatement does not:

                                     - 40 -

<PAGE>

     (a)  render the Series 2003-1 VFC Certificate subordinate in payment to any
          other Series under the Bunge Master Trust;

     (b)  reduce in any manner the amount of, or delay the timing of,
          distributions which are required to be made on the Series 2003-1 VFC
          Certificate; or

     (c)  change the definition of or the manner of calculating the interest of
          the Borrower; and

     provided further that the Agent shall have received prior notice thereof
     together with copies of any documentation related thereto. Any amendment,
     waiver, supplement or restatement of a provision of a Transaction Document
     (including any exhibit thereto) of the type described in sub-clauses (a),
     (b) or (c) above shall require the written consent of the Agent acting at
     the direction of the Majority Lenders.

19.11 Powers of Attorney
     Grant any powers of attorney to any Person for any purposes except where
     permitted by the Finance Documents.

19.12 Increase in Series 2003-1 Investment Amount
     Increase the Series 2003-1 Invested Amount during any Payment Period.

19.13 Servicer
     Take any action which would permit the Servicer to have the right to refuse
     to perform any of its respective obligations under the Servicing Agreement.

19.14 Hedge Agreements
     Enter into any Hedge Agreement other than Hedge Agreements entered into in
     the ordinary course of business to hedge or mitigate risks directly arising
     from its borrowings under this Agreement or other Pari Passu Indebtedness.

20.  COVENANT OF AGENT AND LENDERS AND PATRIOT ACT NOTICE

20.1 No Bankruptcy Petition Against the Borrower; Liability of the Borrower
     (a)  Each of the Agent and the Lenders hereby covenants and agrees that,
          prior to the date which is one year and one day after the payment in
          full of all Loans and other amounts payable hereunder and all Pari
          Passu Indebtedness, it will not institute against, or join with or
          assist any other Person in instituting against, the Borrower, any
          bankruptcy, reorganization, arrangement, insolvency or liquidation
          proceedings, or other proceedings under any applicable insolvency
          laws. This Clause 20 shall survive the termination of this Agreement.

     (b)  Notwithstanding any other provision hereof or of any other Finance
          Documents, the sole remedy of the Agent, any Lender or any other
          Person against the Borrower in respect of any obligation, covenant,
          representation, warranty or agreement of the Borrower under or related
          to this Agreement or any other Finance Document shall be against the
          assets of the Borrower. Neither the Agent, nor any Lender nor any
          other Person shall have any claim

                                     - 41 -

<PAGE>

          against the Borrower 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 Clause 20 apply solely
          to the obligations of the Borrower and shall not extinguish such
          shortfall or otherwise restrict such Person's rights or remedies
          against the Parent.

20.2 PATRIOT act Notice
     Each Finance Party hereby notifies the Borrower that, pursuant to the
     requirements of the PATRIOT Act, it may be required to obtain, verify and
     record information that identifies the Borrower, which information includes
     the name and address of the Borrower and other information that will allow
     such Finance Party to identify the Borrower in accordance with the PATRIOT
     Act.

     In this Clause "PATRIOT Act" shall mean the USA PATRIOT Act, Title III of
     Pub. L. 107-56, signed into law 26 October 2001.

21.  EVENTS OF DEFAULT

     If any of the following events shall occur and be continuing:

21.1 Non-payment
     any Obligor shall fail to pay any principal of any Loan when due in
     accordance with the terms hereof; or any Obligor shall fail to pay any
     interest on any Loan or any other amount payable hereunder or under any
     other Finance Document, within five Business Days after any such interest
     or other amount becomes due in accordance with the terms hereof; or

21.2 Misrepresentation
     any representation or warranty made or deemed made by the Borrower or the
     Parent herein or in any other Finance Document or that is contained in any
     certificate, document or financial or other statement furnished by it at
     any time under or in connection with this Agreement or any such other
     Finance Document shall prove to have been inaccurate in any material
     respect on or as of the date made or deemed made; or

21.3 Other Obligations

     (a)  the Borrower shall default in the observance or performance of any
          agreement contained in Clause 19 of this Agreement or the Parent shall
          default in the observance or performance of any agreement contained in
          Sections 8.1(c), 8.1(g)(i), 8.1(h), 8.1(j) or 8.2 of the Parent
          Guarantee; or

     (b)  the Borrower or the Parent shall default in the observance or
          performance of any other agreement contained in this Agreement or any
          other Finance Document (other than as provided in sub-clause 21.3(a)
          of this Clause), and such default shall continue unremedied for a
          period of 30 days after the earlier of (i) the date on which a
          Responsible Officer of the Borrower or the Parent

                                     - 42 -

<PAGE>

          has knowledge of such default and (ii) the Borrower or the Parent
          receives written notice thereof from the Agent or the Majority
          Lenders; or

21.4 Cross default
     the Borrower, BAFC, BLFC or any other Investor Certificateholder that is an
     Affiliate of the Parent shall

     (a)  default in making any payment of any principal of any Indebtedness
          (including any Guarantee Obligation, but excluding the Loans) or of
          any material amounts under any other agreement to which it is a party
          on the scheduled or original due date with respect thereto; or

     (b)  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

     (c)  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, or
          any other event shall occur or condition exist, the effect of which
          default or other event 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 Obligation) to become payable; provided that:

          (i)  a default, event or condition described in clause (a), (b) or (c)
               of this sub-clause 21.4 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 (a), (b) and (c) of
               this sub-clause 21.4 shall have occurred and be continuing with
               respect to Indebtedness or other amounts the outstanding
               principal amount of which exceeds in the aggregate $25,000,000;
               provided further that the proviso specified in sub-clause
               21.4(c)(i) shall be deemed inapplicable at any time that any
               Purchased Loan shall constitute a Defaulted Loan or shall have
               constituted a Delinquent Loan for a period of more than three (3)
               successive Business Days; and

          (ii) sub-clause 21.4(c) shall be deemed inapplicable if the occurrence
               of such event or condition referred to above gives rise to an
               obligation to make a mandatory prepayment without further demand
               of any person on terms agreed prior to the occurrence of such
               event or condition; or

21.5 Group default
     any member of the Group (other than the Borrower) shall

     (a)  default in making any payment of any principal of any Indebtedness
          (including any Guarantee Obligation, but excluding the Loans) or of
          any material

                                     - 43 -

<PAGE>

          amounts under any other agreement to which it is a party on the
          scheduled or original due date with respect thereto; or

     (b)  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

     (c)  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, or
          any other event shall occur or condition exist, the effect of which
          default or other event 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 Obligation) to become payable; provided that:

          (i)  a default, event or condition described in Clauses (a), (b) or
               (c) of this sub-clause 21.5 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 (a), (b)
               and (c) of this sub-clause 21.5 shall have occurred and be
               continuing with respect to Indebtedness or other amounts the
               outstanding principal amount of which exceeds in the aggregate
               $50,000,000; and

          (ii) this sub-clause 21.5(c) shall be deemed inapplicable if the
               occurrence of such event or condition referred to above gives
               rise to an obligation to make a mandatory prepayment without
               further demand of any person on terms agreed prior to the
               occurrence of such event or condition; or

21.6 Insolvency Proceedings
     (a)  any member of the Group or Bunge Funding Inc. shall commence any case,
          proceedings or other action (i) under any existing or future law of
          any jurisdiction, domestic or foreign, relating to bankruptcy,
          insolvency, reorganisation or relief of debtors, seeking to have an
          order for relief entered with respect to it, or seeking to adjudicate
          it a bankrupt or insolvent, or seeking reorganisation, arrangement,
          adjustment, winding-up, liquidation, dissolution, composition or other
          relief with respect to it or its debts, or (ii) 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 any member
          of the Group or Bunge Funding Inc. shall make a general assignment for
          the benefit of its creditors; or

     (b)  there shall be commenced against any member of the Group or Bunge
          Funding Inc. any case, proceeding or other action of a nature referred
          to in clause (a) above that (i) results in the entry of an order for
          relief or any such adjudication or appointment or (ii) remains
          undismissed, undischarged or unbonded for a period of 60 days; or

                                     - 44 -

<PAGE>

     (c)  there shall be commenced against any member of the Group or Bunge
          Funding Inc. any case, proceeding or other action seeking issuance of
          a warrant of expropriation, attachment, sequestration, distress,
          execution, distraint or similar process against all or any substantial
          part of its assets 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

     (d)  any member of the Group or Bunge Funding, Inc. 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 (a), (b), or (c)
          above; or

     (e)  any member of the Group or Bunge Funding, Inc. shall generally not, or
          shall be unable to, or shall admit in writing its inability to pay its
          debts as they become due; or

21.7 Final Judgement against Group
     one or more final judgements or orders shall be entered against any member
     of the Group (other than the Borrower) involving in the aggregate a
     liability (not paid or fully covered by insurance as to which the relevant
     insurance company has acknowledged coverage) of $50,000,000 or more, and
     all such final judgements or orders shall not have been vacated,
     discharged, stayed or bonded pending appeal within 30 days from the entry
     thereof; or

21.8 Final Judgement against Borrower
     one or more final judgements or orders shall be entered against the
     Borrower involving in the aggregate a liability (not paid or fully covered
     by insurance as to which the relevant insurance company has acknowledged
     coverage) of $50,000 or more, and all such final judgements or orders shall
     not have been vacated, discharged, stayed or bonded pending appeal within
     30 days from the entry thereof; or

21.9 Unlawfulness
     it is or becomes unlawful for an Obligor to perform any of its obligations
     under the Finance Documents; or

21.10 Repudiation
     an Obligor repudiates a Finance Document or evidences an intention to
     repudiate a Finance Document; or

21.11 Effectiveness
     any of the Finance Documents or the Transaction Documents shall cease, for
     any reason, to be in full force and effect or the Borrower or the Parent
     shall so assert in writing,

     then, and in any such event, the Agent may, and shall if so directed by the
     Majority Lenders, by notice to the Borrower:

     (a)  cancel the Total Commitments whereupon they shall immediately be
          cancelled;

                                     - 45 -

<PAGE>

     (b)  declare that all or part of the Loans, together with accrued interest,
          and all other amounts accrued or outstanding under the Finance
          Documents be immediately due and payable, whereupon they shall become
          immediately due and payable; and/or

     (c)  with the consent of the Majority Lenders, the Agent may, or upon the
          request of the Majority Lenders, the Agent shall, by notice to the
          Borrower, instruct the Borrower to, and in such event the Borrower
          shall, instruct the trustee of the Bunge Master Trust to declare the
          principal and accrued interest in respect of the Purchased Loans to be
          due and payable. Except as expressly provided above in this Clause,
          presentment, demand, protest and all other notices of any kind are
          hereby expressly waived by the Borrower,

     provided that if an Event of Default under Clause 21.6 (Insolvency
     Proceedings) shall occur in respect of the Group or Bunge Funding, Inc.,
     then without notice or any other act by the Agent or any other person, the
     Loans, interest thereon and all other amounts owed under the Finance
     Documents shall become immediately due and payable without presentment,
     demand, protest or notice of any kind, all of which are expressly waived.

22.  USE OF WEBSITES

22.1
     (a)  The Borrower may satisfy its obligation to deliver any public
          information to the Lenders by posting this information onto an
          electronic website designated by the Borrower and the Agent (the
          "Designated Website") by notifying the Agent (i) of the address of the
          website together with any relevant password specifications and (ii)
          that such information has been posted on the website.

     (b)  In any event the Borrower shall supply the Agent with one copy in
          paper form of any information which is posted onto the website.

22.2 The Agent shall supply each Lender with the address of and any relevant
     password specifications for the Designated Website following designation of
     that website by the Borrower and the Agent.

22.3 The Borrower shall promptly upon becoming aware of its occurrence notify
     the Agent if:

     (a)  the Designated Website cannot be accessed due to technical failure;

     (b)  the password specifications for the Designated Website change;

     (c)  any new information which is required to be provided under this
          Agreement is posted onto the Designated Website;

     (d)  any existing information which has been provided under this Agreement
          and posted onto the Designated Website is amended; or

                                     - 46 -

<PAGE>

     (e)  the Borrower becomes aware that the Designated Website or any
          information posted onto the Designated Website is or has been infected
          by any electronic virus or similar software.

     If the Borrower notifies the Agent under paragraph 22.3(a) or paragraph
     22.3(e) above, all information to be provided by the Borrower under this
     Agreement after the date of that notice shall be supplied in paper form
     unless and until the Agent is satisfied that the circumstances giving rise
     to the notification are no longer continuing.

                                     - 47 -

<PAGE>

                               CHANGES TO PARTIES

23.  CHANGES TO THE LENDERS

23.1 Assignments and transfers by the Lenders
     Subject to this Clause 23, a Lender (the "Existing Lender") may:

     (a)  assign any of its rights; or

     (b)  transfer by novation any of its rights and obligations,

     to another bank or financial institution or to a trust, fund or other
     entity which is regularly engaged in or established for the purpose of
     making, purchasing or investing in loans, securities or other financial
     assets (the "New Lender").

23.2 Conditions of assignment or transfer
     (a)  The consent of the Borrower (not to be unreasonably withheld or
          delayed) is required for an assignment or transfer by a Lender, unless
          the assignment or transfer is to another Lender or an Affiliate of a
          Lender, or an Event of Default has occurred and has not been waived.

     (b)  The Borrower will be deemed to have given its consent five Business
          Days after the Lender has requested it unless consent is expressly
          refused by the Borrower within that time.

     (c)  The consent of the Borrower to an assignment or transfer must not be
          withheld solely because the assignment or transfer may result in an
          increase to the Mandatory Cost.

     (d)  An assignment will only be effective on receipt by the Agent of
          written confirmation from the New Lender (in form and substance
          satisfactory to the Agent) that the New Lender will assume the same
          obligations to the other Finance Parties as it would have been under
          if it was an Original Lender.

     (e)  A transfer will only be effective if the procedure set out in Clause
          23.5 (Procedure for transfer) is complied with.

     (f)  If:

          (i)  a Lender assigns or transfers any of its rights or obligations
               under the Finance Documents or changes its Facility Office; and

          (ii) as a result of circumstances existing at the date the assignment,
               transfer or change occurs, the Borrower would be obliged to make
               a payment to the New Lender or Lender acting through its new
               Facility Office under Clause 12 (Tax gross-up and indemnities) or
               Clause 13 (Increased costs),

          then the New Lender or Lender acting through its new Facility Office
          is only entitled to receive payment under those Clauses to the same
          extent as the

                                     - 48 -

<PAGE>

          Existing Lender or Lender acting through its previous Facility Office
          would have been if the assignment, transfer or change had not
          occurred.

     (g)  An assignment or transfer of part (but not all) of a Lender's
          Commitment and Loans must (unless such transfer or assignment is to an
          Existing Lender or an an Event of Default has occurred and is
          continuing) be in a minimum aggregate amount of $5 million.

23.3 Assignment or transfer fee
     The New Lender shall, on the date upon which an assignment or transfer
     takes effect, pay to the Agent (for its own account) a fee of $1,500.

23.4 Limitation of responsibility of Existing Lenders
     (a)  Unless expressly agreed to the contrary, an Existing Lender makes no
          representation or warranty and assumes no responsibility to a New
          Lender for:

          (i)  the legality, validity, effectiveness, adequacy or enforceability
               of the Finance Documents or any other documents;

          (ii) the financial condition of any Obligor;

          (iii) the performance and observance by any Obligor of its obligations
               under the Finance Documents or any other documents; or

          (iv) the accuracy of any statements (whether written or oral) made in
               or in connection with any Finance Document or any other document,

          and any representations or warranties implied by law are excluded.

     (b)  Each New Lender confirms to the Existing Lender and the other Finance
          Parties that it:

          (i)  has made (and shall continue to make) its own independent
               investigation and assessment of the financial condition and
               affairs of any member of the Group and its related entities in
               connection with its participation in this Agreement and has not
               relied exclusively on any information provided to it by the
               Existing Lender in connection with any Finance Document; and

          (ii) will continue to make its own independent appraisal of the
               creditworthiness of each Obligor and its related entities whilst
               any amount is or may be outstanding under the Finance Documents
               or any Commitment is in force.

     (c)  Nothing in any Finance Document obliges an Existing Lender to:

          (i)  accept a re-transfer from a New Lender of any of the rights and
               obligations assigned or transferred under this Clause 23; or

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<PAGE>

          (ii) support any losses directly or indirectly incurred by the New
               Lender by reason of the non-performance by any Obligor of its
               obligations under the Finance Documents or otherwise.

23.5 Procedure for transfer
     (a)  Subject to the conditions set out in Clause 23.2 (Conditions of
          assignment or transfer) a transfer is effected in accordance with
          paragraph (b) below when the Agent executes an otherwise duly
          completed Transfer Certificate delivered to it by the Existing Lender
          and the New Lender. The Agent shall, as soon as reasonably practicable
          after receipt by it of a duly completed Transfer Certificate appearing
          on its face to comply with the terms of this Agreement and delivered
          in accordance with the terms of this Agreement, execute that Transfer
          Certificate.

     (b)  On the Transfer Date:

          (i)  to the extent that in the Transfer Certificate the Existing
               Lender seeks to transfer by novation its rights and obligations
               under the Finance Documents each of the Obligors and the Existing
               Lender shall be released from further obligations towards one
               another under the Finance Documents and their respective rights
               against one another under the Finance Documents shall be
               cancelled (being the "Discharged Rights and Obligations");

          (ii) each of the Obligors and the New Lender shall assume obligations
               towards one another and/or acquire rights against one another
               which differ from the Discharged Rights and Obligations only
               insofar as that Obligor and the New Lender have assumed and/or
               acquired the same in place of that Obligor and the Existing
               Lender;

          (iii)the Agent, the Arrangers, the New Lender and other Lenders shall
               acquire the same rights and assume the same obligations between
               themselves as they would have acquired and assumed had the New
               Lender been an Original Lender with the rights and/or obligations
               acquired or assumed by it as a result of the transfer and to that
               extent the Agent, the Arrangers and the Existing Lender shall
               each be released from further obligations to each other under the
               Finance Documents; and

          (iv) the New Lender shall become a Party as a "Lender".

23.6 Disclosure of information
     Any Lender may disclose to any of its Affiliates and any other person:

     (a)  to (or through) whom that Lender assigns or transfers (or may
          potentially assign or transfer) all or any of its rights and
          obligations under this Agreement; or

                                     - 50 -

<PAGE>

     (b)  with (or through) whom that Lender enters into (or may potentially
          enter into) any sub-participation, any securitisation, or any hedge,
          in relation to, or any other transaction under which payments are to
          be made by reference to, this Agreement or any Obligor;

     any information about the Borrower, the Group and the Finance Documents as
     that Lender shall consider appropriate if, in relation to paragraphs (a)
     and (b) above, the person to whom the information is to be given has
     entered into a Confidentiality Undertaking. In addition, a Lender may make
     any disclosure of information required by any applicable law or regulation.

24.  CHANGES TO THE BORROWER
     The Borrower may not assign any of its rights or transfer any of its rights
     or obligations under the Finance Documents.

                                     - 51 -

<PAGE>

                               THE FINANCE PARTIES

25.  ROLE OF THE AGENT AND THE ARRANGERS

25.1 Appointment of the Agent
     (a)  Each other Finance Party appoints the Agent to act as its agent under
          and in connection with the Finance Documents.

     (b)  Each other Finance Party authorises the Agent to exercise the rights,
          powers, authorities and discretions specifically given to the Agent
          under or in connection with the Finance Documents together with any
          other incidental rights, powers, authorities and discretions.

25.2 Duties of the Agent
     (a)  The Agent shall promptly forward to a Party the original or a copy of
          any document which is delivered to the Agent for that Party by any
          other Party.

     (b)  Except where a Finance Document specifically provides otherwise, the
          Agent is not obliged to review or check the adequacy, accuracy or
          completeness of any document it forwards to another Party.

     (c)  If the Agent receives notice from a Party referring to this Agreement,
          describing a Default and stating that the circumstance described is a
          Default, it shall promptly notify the other Finance Parties.

     (d)  If the Agent is aware of the non-payment of any principal, interest,
          commitment fee or other fee payable to a Finance Party (other than the
          Agent or the Arrangers) under this Agreement it shall promptly notify
          the other Finance Parties.

     (e)  The Agent's duties under the Finance Documents are solely mechanical
          and administrative in nature.

25.3 Role of the Arrangers
     Except as specifically provided in the Finance Documents, the Arrangers
     have no obligations of any kind to any other Party under or in connection
     with any Finance Document.

25.4 No fiduciary duties
     (a)  Nothing in this Agreement constitutes the Agent or the Arrangers as a
          trustee or fiduciary of any other person.

     (b)  Neither the Agent nor the Arrangers shall be bound to account to any
          Lender for any sum or the profit element of any sum received by it for
          its own account.

25.5 Business with the Group
     The Agent and the Arrangers may accept deposits from, lend money to and
     generally engage in any kind of banking or other business with any member
     of the Group.

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<PAGE>

25.6 Rights and discretions of the Agent
     (a)  The Agent may rely on:

          (i)  any representation, notice or document believed by it to be
               genuine, correct and appropriately authorised; and

          (ii) any statement made by a director, authorised signatory or
               employee of any person regarding any matters which may reasonably
               be assumed to be within his knowledge or within his power to
               verify.

     (b)  The Agent may assume (unless it has received notice to the contrary in
          its capacity as agent for the Lenders) that:

          (i)  no Default has occurred (unless it has actual knowledge of a
               Default arising under Clause 21.1 (Non-payment)); and

          (ii) any right, power, authority or discretion vested in any Party or
               the Majority Lenders has not been exercised.

     (c)  The Agent may engage, pay for and rely on the advice or services of
          any lawyers, accountants, surveyors or other experts.

     (d)  The Agent may act in relation to the Finance Documents through its
          personnel and agents.

     (e)  The Agent may disclose to any other Party any information it
          reasonably believes it has received as agent under this Agreement.

     (f)  Notwithstanding any other provision of any Finance Document to the
          contrary, neither the Agent nor any Arranger is obliged to do or omit
          to do anything if it would or might in its reasonable opinion
          constitute a breach of any law or regulation or a breach of a
          fiduciary duty or duty of confidentiality.

25.7 Majority Lenders' instructions
     (a)  Unless a contrary indication appears in a Finance Document, the Agent
          shall (i) exercise any right, power, authority or discretion vested in
          it as Agent in accordance with any instructions given to it by the
          Majority Lenders (or, if so instructed by the Majority Lenders,
          refrain from exercising any right, power, authority or discretion
          vested in it as Agent) and (ii) not be liable for any act (or
          omission) if it acts (or refrains from taking any action) in
          accordance with an instruction of the Majority Lenders.

     (b)  Unless a contrary indication appears in a Finance Document, any
          instructions given by the Majority Lenders will be binding on all the
          Finance Parties.

     (c)  The Agent may refrain from acting in accordance with the instructions
          of the Majority Lenders (or, if appropriate, the Lenders) until it has
          received such security as it may require for any cost, loss or
          liability (together with any associated VAT) which it may incur in
          complying with the instructions.

                                     - 53 -

<PAGE>

     (d)  In the absence of instructions from the Majority Lenders, (or, if
          appropriate, the Lenders) the Agent may act (or refrain from taking
          action) as it considers to be in the best interest of the Lenders.

     (e)  The Agent is not authorised to act on behalf of a Lender (without
          first obtaining that Lender's consent) in any legal or arbitration
          proceedings relating to any Finance Document.

25.8 Responsibility for documentation
     Neither the Agent nor any Arranger:

     (a)  is responsible for the adequacy, accuracy and/or completeness of any
          information (whether oral or written) supplied by the Agent, an
          Arranger, an Obligor or any other Person given in or in connection
          with any Finance Document or the Information Memorandum; or

     (b)  is responsible for the legality, validity, effectiveness, adequacy or
          enforceability of any Finance Document or any other agreement,
          arrangement or document entered into, made or executed in anticipation
          of or in connection with any Finance Document.

25.9 Exclusion of liability
     (a)  Without limiting paragraph (b) below, the Agent will not be liable for
          any action taken by it under or in connection with any Finance
          Document, unless directly caused by its gross negligence or wilful
          misconduct.

     (b)  No Party (other than the Agent) may take any proceedings against any
          officer, employee or agent of the Agent in respect of any claim it
          might have against the Agent or in respect of any act or omission of
          any kind by that officer, employee or agent in relation to any Finance
          Document and any officer, employee or agent of the Agent may rely on
          this Clause subject to Clause 1.4 (Third Party Rights) and the
          provisions of the Third Parties Act.

     (c)  The Agent will not be liable for any delay (or any related
          consequences) in crediting an account with an amount required under
          the Finance Documents to be paid by the Agent if the Agent has taken
          all necessary steps as soon as reasonably practicable to comply with
          the regulations or operating procedures of any recognised clearing or
          settlement system used by the Agent for that purpose.

25.10 Lenders' indemnity to the Agent
     Each Lender shall (in proportion to its share of the Total Commitments or,
     if the Total Commitments are then zero, to its share of the Total
     Commitments immediately prior to their reduction to zero) indemnify the
     Agent, within three Business Days of demand, against any cost, loss or
     liability incurred by the Agent (otherwise than by reason of the Agent's
     gross negligence or wilful misconduct) in acting as Agent under the Finance
     Documents (unless the Agent has been reimbursed by an Obligor pursuant to a

                                     - 54 -

<PAGE>

     Finance Document, and provided that such Lender indemnification shall not
     affect any Obligor's reimbursement obligations to such Lender under any
     Finance Document).

25.11 Resignation of the Agent
     (a)  The Agent may resign and appoint one of its Affiliates acting through
          an office as successor by giving notice to the other Finance Parties
          and the Borrower.

     (b)  Alternatively the Agent may resign by giving notice to the other
          Finance Parties and the Borrower, in which case the Majority Lenders
          (after consultation with the Borrower) may appoint a successor Agent.

     (c)  If the Majority Lenders have not appointed a successor Agent in
          accordance with paragraph (b) above within 30 days after notice of
          resignation was given, the Agent (after consultation with the
          Borrower) may appoint a successor Agent.

     (d)  The retiring Agent shall, at its own cost, make available to the
          successor Agent such documents and records and provide such assistance
          as the successor Agent may reasonably request for the purposes of
          performing its functions as Agent under the Finance Documents.

     (e)  The Agent's resignation notice shall only take effect upon the
          appointment of a successor.

     (f)  Upon the appointment of a successor, the retiring Agent shall be
          discharged from any further obligation in respect of the Finance
          Documents but shall remain entitled to the benefit of this Clause 25.
          Its successor and each of the other Parties shall have the same rights
          and obligations amongst themselves as they would have had if such
          successor had been an original Party.

     (g)  After consultation with the Borrower, the Majority Lenders may, by
          notice to the Agent, require it to resign in accordance with paragraph
          (b) above. In this event, the Agent shall resign in accordance with
          paragraph (b) above.

25.12 Confidentiality
     (a)  In acting as agent for the Finance Parties, the Agent shall be
          regarded as acting through its agency division which shall be treated
          as a separate entity from any other of its divisions or departments.

     (b)  If information is received by another division or department of the
          Agent, it may be treated as confidential to that division or
          department and the Agent shall not be deemed to have notice of it.

25.13 Relationship with the Lenders
     (a)  The Agent may treat each Lender as a Lender entitled to payments under
          this Agreement and acting through its Facility Office unless it has
          received not less than five Business Days prior notice from that
          Lender to the contrary in accordance with the terms of this Agreement.

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<PAGE>

     (b)  Each Lender shall supply the Agent with any information required by
          the Agent in order to calculate the Mandatory Cost in accordance with
          Schedule Schedule 5 (Mandatory Cost Formula).

25.14 Credit appraisal by the Lenders
     Without affecting the responsibility of any Obligor for information
     supplied by it or on its behalf in connection with any Finance Document,
     each Lender confirms to the Agent and the Arrangers that it has been, and
     will continue to be, solely responsible for making its own independent
     appraisal and investigation of all risks arising under or in connection
     with any Finance Document including but not limited to:

     (a)  the financial condition, status and nature of each member of the
          Group;

     (b)  the legality, validity, effectiveness, adequacy or enforceability of
          any Finance Document and any other agreement, arrangement or document
          entered into, made or executed in anticipation of, under or in
          connection with any Finance Document;

     (c)  whether that Lender has recourse, and the nature and extent of that
          recourse, against any Party or any of its respective assets under or
          in connection with any Finance Document, the transactions contemplated
          by the Finance Documents or any other agreement, arrangement or
          document entered into, made or executed in anticipation of, under or
          in connection with any Finance Document; and

     (d)  the adequacy, accuracy and/or completeness of the Information
          Memorandum and any other information provided by the Agent, any Party
          or by any other person under or in connection with any Finance
          Document, the transactions contemplated by the Finance Documents or
          any other agreement, arrangement or document entered into, made or
          executed in anticipation of, under or in connection with any Finance
          Document.

25.15 Reference Banks
     If a Reference Bank (or, if a Reference Bank is not a Lender, the Lender of
     which it is an Affiliate) ceases to be a Lender, the Agent shall (in
     consultation with the Borrower) appoint another Lender or an Affiliate of a
     Lender to replace that Reference Bank.

25.16 Deduction from amounts payable by the Agent
     If any Party owes an amount to the Agent under the Finance Documents the
     Agent may, after giving notice to that Party, deduct an amount not
     exceeding that amount from any payment to that Party which the Agent would
     otherwise be obliged to make under the Finance Documents and apply the
     amount deducted in or towards satisfaction of the amount owed. For the
     purposes of the Finance Documents that Party shall be regarded as having
     received any amount so deducted.

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<PAGE>

26.  CONDUCT OF BUSINESS BY THE FINANCE PARTIES

     No provision of this Agreement will:

     (a)  interfere with the right of any Finance Party to arrange its affairs
          (tax or otherwise) in whatever manner it thinks fit;

     (b)  oblige any Finance Party to investigate or claim any credit, relief,
          remission or repayment available to it or the extent, order and manner
          of any claim; or

     (c)  oblige any Finance Party to disclose any information relating to its
          affairs (tax or otherwise) or any computations in respect of Tax.

27.  SHARING AMONG THE FINANCE PARTIES

27.1 Payments to Finance Parties
     If a Finance Party (a "Recovering Finance Party") receives or recovers any
     amount from an Obligor other than in accordance with Clause 28 (Payment
     mechanics) and applies that amount to a payment due under the Finance
     Documents then:

     (a)  the Recovering Finance Party shall, within three Business Days, notify
          details of the receipt or recovery, to the Agent;

     (b)  the Agent shall determine whether the receipt or recovery is in excess
          of the amount the Recovering Finance Party would have been paid had
          the receipt or recovery been received or made by the Agent and
          distributed in accordance with Clause 28 (Payment mechanics), without
          taking account of any Tax which would be imposed on the Agent in
          relation to the receipt, recovery or distribution; and

     (c)  the Recovering Finance Party shall, within three Business Days of
          demand by the Agent, pay to the Agent an amount (the "Sharing
          Payment") equal to such receipt or recovery less any amount which the
          Agent determines may be retained by the Recovering Finance Party as
          its share of any payment to be made, in accordance with Clause 28.5
          (Partial payments).

27.2 Redistribution of payments
     The Agent shall treat the Sharing Payment as if it had been paid by the
     Borrower and distribute it between the Finance Parties (other than the
     Recovering Finance Party) in accordance with Clause 28.5 (Partial
     payments).

27.3 Recovering Finance Party's rights
     (a)  On a distribution by the Agent under Clause 27.2 (Redistribution of
          payments), the Recovering Finance Party will be subrogated to the
          rights of the Finance Parties which have shared in the redistribution.

     (b)  If and to the extent that the Recovering Finance Party is not able to
          rely on its rights under paragraph (a) above, the Borrower shall be
          liable to the Recovering Finance Party for a debt equal to the Sharing
          Payment which is immediately due and payable.

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<PAGE>

27.4 Reversal of redistribution
     If any part of the Sharing Payment received or recovered by a Recovering
     Finance Party becomes repayable and is repaid by that Recovering Finance
     Party, then:

     (a)  each Finance Party which has received a share of the relevant Sharing
          Payment pursuant to Clause 27.2 (Redistribution of payments) shall,
          upon request of the Agent, pay to the Agent for account of that
          Recovering Finance Party an amount equal to the appropriate part of
          its share of the Sharing Payment (together with an amount as is
          necessary to reimburse that Recovering Finance Party for its
          proportion of any interest on the Sharing Payment which that
          Recovering Finance Party is required to pay); and

     (b)  that Recovering Finance Party's rights of subrogation in respect of
          any reimbursement shall be cancelled and the Borrower will be liable
          to the reimbursing Finance Party for the amount so reimbursed.

27.5 Exceptions

     (a)  This Clause 27 shall not apply to the extent that the Recovering
          Finance Party would not, after making any payment pursuant to this
          Clause, have a valid and enforceable claim against the Borrower.

     (b)  A Recovering Finance Party is not obliged to share with any other
          Finance Party any amount which the Recovering Finance Party has
          received or recovered as a result of taking legal or arbitration
          proceedings, if:

          (i)  it notified that other Finance Party of the legal or arbitration
               proceedings; and

          (ii) that other Finance Party had an opportunity to participate in
               those legal or arbitration proceedings but did not do so as soon
               as reasonably practicable having received notice and did not take
               separate legal or arbitration proceedings.

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<PAGE>

                                 ADMINISTRATION

28.  PAYMENT MECHANICS

28.1 Payments to the Agent
     On each date on which the Borrower or a Lender is required to make a
     payment under a Finance Document, the Borrower or Lender shall make the
     same available to the Agent (unless a contrary indication appears in a
     Finance Document) for value on the due date at the time and in such funds
     specified by the Agent as being customary at the time for settlement of
     transactions in dollars in the place of payment.

28.2 Distributions by the Agent
     Each payment received by the Agent under the Finance Documents for another
     Party shall, subject to Clause 28.3 (Distributions to an Obligor), Clause
     28.4 (Clawback) and Clause 25.16 (Deduction from amounts payable by the
     Agent) be made available by the Agent as soon as practicable after receipt
     to the Party entitled to receive payment in accordance with this Agreement
     (in the case of a Lender, for the account of its Facility Office), to such
     account as that Party may notify to the Agent by not less than five
     Business Days' notice.

28.3 Distributions to the Borrower
     The Agent may (with the consent of the Borrower or in accordance with
     Clause 29 (Set-off)) apply any amount received by it for the Borrower in or
     towards payment (on the date and in the currency and funds of receipt) of
     any amount due from the Borrower under the Finance Documents or in or
     towards purchase of any amount of any currency to be so applied.

28.4 Clawback
     (a)  Where a sum is to be paid to the Agent under the Finance Documents for
          another Party, the Agent is not obliged to pay that sum to that other
          Party (or to enter into or perform any related exchange contract)
          until it has been able to establish to its satisfaction that it has
          actually received that sum.

     (b)  If the Agent pays an amount to another Party and it proves to be the
          case that the Agent had not actually received that amount, then the
          Party to whom that amount (or the proceeds of any related exchange
          contract) was paid by the Agent shall on demand refund the same to the
          Agent together with interest on that amount from the date of payment
          to the date of receipt by the Agent, calculated by the Agent to
          reflect its cost of funds.

28.5 Partial payments
     (a)  If the Agent receives a payment that is insufficient to discharge all
          the amounts then due and payable by the Borrower under the Finance
          Documents, the Agent shall apply that payment towards the obligations
          of the Borrower under the Finance Documents in the following order:

          (i)  first, in or towards payment pro rata of any unpaid fees, costs
               and expenses of the Agent and the Arrangers under the Finance
               Documents;

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<PAGE>

          (ii) secondly, in or towards payment pro rata of any accrued interest,
               fee or commission due but unpaid under this Agreement;

          (iii)thirdly, in or towards payment pro rata of any principal due but
               unpaid under this Agreement; and

          (iv) fourthly, in or towards payment pro rata of any other sum due but
               unpaid under the Finance Documents.

     (b)  The Agent shall, if so directed by the Majority Lenders, vary the
          order set out in paragraphs (a)(ii) to (iv) above.

     (c)  Paragraphs (a) and (b) above will override any appropriation made by
          the Borrower.

28.6 No set-off by the Borrower
     All payments to be made by the Borrower under the Finance Documents shall
     be calculated and be made without (and free and clear of any deduction for)
     set-off or counterclaim.

28.7 Business Days
     (a)  Any payment which is due to be made on a day that is not a Business
          Day shall be made on the next Business Day in the same calendar month
          (if there is one) or the preceding Business Day (if there is not).

     (b)  During any extension of the due date for payment of any principal or
          Unpaid Sum under this Agreement interest is payable on the principal
          or Unpaid Sum at the rate payable on the original due date.

28.8 Currency of account
     (a)  Subject to paragraphs (b) to (e) below, dollars is the currency of
          account and payment for any sum due from the Borrower under any
          Finance Document.

     (b)  A repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum
          shall be made in the currency in which that Loan or Unpaid Sum is
          denominated on its due date.

     (c)  Each payment of interest shall be made in the currency in which the
          sum in respect of which the interest is payable was denominated when
          that interest accrued.

     (d)  Each payment in respect of costs, expenses or Taxes shall be made in
          the currency in which the costs, expenses or Taxes are incurred.

     (e)  Any amount expressed to be payable in a currency other than dollars
          shall be paid in that other currency.

29.  SET-OFF
     A Finance Party may set off any matured obligation due from the Borrower
     under the Finance Documents (to the extent beneficially owned by that
     Finance Party) against

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<PAGE>

     any matured obligation owed by that Finance Party to the Borrower,
     regardless of the place of payment, booking branch or currency of either
     obligation. If the obligations are in different currencies, the Finance
     Party may convert either obligation at a market rate of exchange in its
     usual course of business for the purpose of the set-off.

30.  NOTICES

30.1 Communications in writing
     Except as otherwise provided in Clause 22 (Use of Websites), any
     communication to be made under or in connection with the Finance Documents
     shall be made in writing and, unless otherwise stated, may be made by fax
     or letter.

30.2 Addresses
     The address and fax number (and the department or officer, if any, for
     whose attention the communication is to be made) of each Party for any
     communication or document to be made or delivered under or in connection
     with the Finance Documents is:

     (a)  in the case of the Borrower, that identified with its name below;

     (b)  in the case of each Lender, that notified in writing to the Agent on
          or prior to the date on which it becomes a Party; and

     (c)  in the case of the Agent, that identified with its name below,

     or any substitute address, fax number, or department or officer as the
     Party may notify to the Agent (or the Agent may notify to the other
     Parties, if a change is made by the Agent) by not less than five Business
     Days' notice.

30.3 Delivery
     (a)  Except as otherwise provided in Clause 22 (Use of Websites), any
          communication or document made or delivered by one person to another
          under or in connection with the Finance Documents will only be
          effective:

          (i)  if by way of fax, when received in legible form; or

          (ii) if by way of letter, when it has been left at the relevant
               address or five Business Days after being deposited in the post
               postage prepaid in an envelope addressed to it at that address;

          and, if a particular department or officer is specified as part of its
          address details provided under Clause 30.2 (Addresses), if addressed
          to that department or officer.

     (b)  Except as otherwise provided in Clause 22 (Use of Websites), any
          communication or document to be made or delivered to the Agent will be
          effective only when actually received by the Agent and then only if it
          is expressly marked for the attention of the department or officer
          identified with the Agent's signature below (or any substitute
          department or officer as the Agent shall specify for this purpose).

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<PAGE>

     (c)  All notices from or to the Borrower shall be sent through the Agent.

30.4 Notification of address and fax number
     Promptly upon receipt of notification of an address and fax number or
     change of address or fax number pursuant to Clause 30.2 (Addresses) or
     changing its own address or fax number, the Agent shall notify the other
     Parties.

30.5 Electronic communication
     (a)  Any communication to be made between the Agent and a Lender under or
          in connection with the Finance Documents may be made by electronic
          mail or other electronic means, if the Agent and the relevant Lender:

          (i)  agree that, unless and until notified to the contrary, this is to
               be an accepted form of communication;

          (ii) notify each other in writing of their electronic mail address
               and/or any other information required to enable the sending and
               receipt of information by that means; and

          (iii) notify each other of any change to their address or any other
               such information supplied by them.

     (b)  Any electronic communication made between the Agent and a Lender will
          be effective only when actually received in readable form and in the
          case of any electronic communication made by a Lender to the Agent
          only if it is addressed in such a manner as the Agent shall specify
          for this purpose.

30.6 English language
     (a)  Any notice given under or in connection with any Finance Document must
          be in English.

     (b)  All other documents provided under or in connection with any Finance
          Document must be:

          (i)  in English; or

          (ii) if not in English, and if so required by the Agent, accompanied
               by a certified English translation and, in this case, the English
               translation will prevail unless the document is a constitutional,
               statutory or other official document.

31.  CALCULATIONS AND CERTIFICATES

31.1 Accounts
     In any litigation or arbitration proceedings arising out of or in
     connection with a Finance Document, the entries made in the accounts
     maintained by a Finance Party are prima facie evidence of the matters to
     which they relate.

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<PAGE>

31.2 Certificates and Determinations
     Any certification or determination by a Finance Party of a rate or amount
     under any Finance Document is, in the absence of manifest error, conclusive
     evidence of the matters to which it relates.

31.3 Day count convention
     Any interest, commission or fee accruing under a Finance Document will
     accrue from day to day and is calculated on the basis of the actual number
     of days elapsed and a year of 360 days or, in any case where the practice
     in the London interbank market differs, in accordance with that market
     practice.

32.  PARTIAL INVALIDITY

     If, at any time, any provision of the Finance Documents is or becomes
     illegal, invalid or unenforceable in any respect under any law of any
     jurisdiction, neither the legality, validity or enforceability of the
     remaining provisions nor the legality, validity or enforceability of such
     provision under the law of any other jurisdiction will in any way be
     affected or impaired.

33.  REMEDIES AND WAIVERS

     No failure to exercise, nor any delay in exercising, on the part of any
     Finance Party, any right or remedy under the Finance Documents shall
     operate as a waiver, nor shall any single or partial exercise of any right
     or remedy prevent any further or other exercise or the exercise of any
     other right or remedy. The rights and remedies provided in this Agreement
     are cumulative and not exclusive of any rights or remedies provided by law.

34.  AMENDMENTS AND WAIVERS

34.1 Required consents
     (a)  Subject to Clause 34.2 (Exceptions) any term of this Agreement may be
          amended or waived only with the consent of the Majority Lenders and
          the Borrower and any such amendment or waiver will be binding on all
          Parties.

     (b)  The Agent may effect, on behalf of any Finance Party, any amendment or
          waiver permitted by this Clause.

34.2 Exceptions
     (a)  An amendment or waiver that has the effect of changing or which
          relates to:

          (i)  the definition of "Majority Lenders" in Clause 1.1 (Definitions);

          (ii) an extension to the date of payment of any amount under this
               Agreement;

          (iii) a reduction in the Applicable Margin or a reduction in the
               amount of any payment of principal, interest, fees or commission
               payable;

          (iv) an increase in or an extension of any Commitment;

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<PAGE>

          (v)  a change to the Borrower;

          (vi) any provision which expressly requires the consent of all the
               Lenders;

          (vii) Clause 2.2 (Finance Parties' rights and obligations), Clause
               19.5 (Merger), Clause 23 (Changes to the Lenders) or this Clause
               34; or

          (viii) Any release of the Guaranty or change to the Guarantor

          shall not be made without the prior consent of all the Lenders.

     (b)  An amendment or waiver which relates to the rights or obligations of
          the Agent or the Arrangers may not be effected without the consent of
          the Agent or the Arrangers.

35.  COUNTERPARTS

     Each Finance Document may be executed in any number of counterparts, and
     this has the same effect as if the signatures on the counterparts were on a
     single copy of the Finance Document.

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<PAGE>

                          GOVERNING LAW AND ENFORCEMENT

36.  GOVERNING LAW

     This Agreement is governed by English law.

37.  ENFORCEMENT

37.1 Jurisdiction

     (a)  The courts of England have exclusive jurisdiction to settle any
          dispute arising out of or in connection with this Agreement (including
          a dispute regarding the existence, validity or termination of this
          Agreement) (a "Dispute").

     (b)  The Parties agree that the courts of England are the most appropriate
          and convenient courts to settle Disputes and accordingly no Party will
          argue to the contrary.

     (c)  This Clause 37.1 is for the benefit of the Finance Parties only. As a
          result, no Finance Party shall be prevented from taking proceedings
          relating to a Dispute in any other courts with jurisdiction. To the
          extent allowed by law, the Finance Parties may take concurrent
          proceedings in any number of jurisdictions.

37.2 Service of process
     Without prejudice to any other mode of service allowed under any relevant
     law, the Borrower:

     (a)  irrevocably appoints Law Debenture Corporate Services Limited (Fifth
          Floor, 100 Wood Street, London EC2V 7EX) as its agent for service of
          process in relation to any proceedings before the English courts in
          connection with any Finance Document; and

     (b)  agrees that failure by a process agent to notify the Borrower of the
          process will not invalidate the proceedings concerned.

This Agreement has been entered into on the date stated at the beginning of this
Agreement.

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<PAGE>

                                   SCHEDULE 1
                                APPLICABLE MARGIN

1.   The Applicable Margin is 0.60 per cent. per annum unless:

(a)  an Event of Default has occurred and is continuing and/or the certificate
     required to be delivered under Clause 18.7 has not been delivered, in which
     case the Applicable Margin shall be 0.85 per cent. per annum; or

(b)  Moody's are publishing a Rating in respect of the Parent (or, if no Moody's
     Rating is assigned to the Parent, in respect of the Rated Investor
     Certificateholder) (the "Moody's Rating") and/or S&P are publishing a
     Rating in respect of the Parent (or, if no S&P Rating is assigned to the
     Parent, in respect of the Rated Investor Certificateholder) (the "S&P
     Rating"), in which case the Applicable Margin is the percentage rate per
     annum that corresponds to that rating, as in effect from time to time as
     set out in the following table:

     -------------------------- ------------------------- ----------------------
            S&P Rating               Moody's Rating          Applicable Margin
                                                               (% per annum)
     -------------------------- ------------------------- ----------------------
           BBB+ or above             Baa1 or above                 0.425
     -------------------------- ------------------------- ----------------------
                BBB                       Baa2                     0.55
     -------------------------- ------------------------- ----------------------
               BBB-                       Baa3                     0.65
     -------------------------- ------------------------- ----------------------
           BB+ or below               Ba1 or below                 0.85
     -------------------------- ------------------------- ----------------------
     provided that if (i) paragraph (a) above applies, and/or (ii) neither the
     Moody's Rating nor the S&P Rating is in respect of the Parent, the
     Applicable Margin shall be 0.85 per cent. per annum.

2.   If the applicable Moody's Rating and the applicable S&P Rating appear on
     different lines of the table at Clause 1 of this Schedule, the Applicable
     Margin will be determined as follows:

     (a)  if there is a split rating of one notch, the Applicable Margin shall
          be the average of the Applicable Margin of the two notches;

     (b)  if there is a split rating of two notches, the Applicable Margin shall
          be the Applicable Margin for the intermediate notch;

     (c)  if only one of the Rating Agencies provides a Rating then the
          Applicable Margin shall be calculated at 0.85 per cent. per annum.

3.   Any change to the Applicable Margin shall take effect on the first Business
     Day after the announcement of the change in rating by the relevant Rating
     Agency.

4.   If the long term unsecured debt ratings service provided by S&P or Moody's
     ceases to be available, the Agent can, after consultation with the Borrower
     and the Lenders,

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<PAGE>

     specify an alternative provider of an equivalent service for the purposes
     of calculating the Applicable Margin.

                                     - 67 -

<PAGE>

                                   SCHEDULE 2
                              THE ORIGINAL LENDERS

Name of Original Lender                                             Commitment
                                                                        $mm
BNP Paribas                                                            37.5

HSBC Bank PLC                                                          37.5

Banco Bilbao Vizcaya Argentaria S.A.                                    29

The Bank of Tokyo-Mitsubishi UFJ, Ltd.                                  29

Calyon New York Branch                                                 14.5

Caisse Regional du Credit Agricole Mutuel                              14.5
de Paris et d'Ile de France

Credit Suisse                                                           29

DBS Bank Ltd.                                                           29

Fortis Bank (Nederland) N.V.                                            29

HSH - Nordbank AG New York Branch                                       29

ING Bank N.V.                                                           29

KBC Bank Nederland N.V.                                                 29

Mizuho Corporate Bank Nederland N.V.                                    29

Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A.                    29
(Rabobank International) London Branch

The Royal Bank of Scotland plc                                          29

Banco Santander Central Hispano, S.A. London Branch                     29

SOCIETE GENERALE                                                        29

Standard Chartered Bank                                                 29

Commerzbank Aktiengesellschaft, London Branch                           18

Intesa Bank Ireland plc                                                 18

                                     - 68 -

<PAGE>

Banca Monte Dei Paschi Di Siena  S.p.A.                                 18
Frankfurt  am Main Branch

Natixis                                                                 18

Sumitomo Mitsui Banking Corp., New York                                 18

TOTAL:                                                                 600

                                     - 69 -

<PAGE>

                                   SCHEDULE 3
                              CONDITIONS PRECEDENT

                   Conditions precedent to initial Utilisation

1.   Obligors

     (a)  A copy of the constitutional documents of each Obligor or, in the case
          of each Dutch Obligor, a copy of the articles of association
          (statuten) and deed of incorporation (oprichtings akte) as well as an
          extract (uittreksel) from the relevant Chamber of Commerce (Kamer van
          Koophandel) of such Dutch Obligor(s).

     (b)  A copy of a resolution of the board of directors of each Obligor:

          (i)  approving the terms of, and the transactions contemplated by, the
               Finance Documents to which it is a party and resolving that it
               execute the Finance Documents to which it is a party;

          (ii) authorising a specified person or persons to execute the Finance
               Documents to which it is a party on its behalf; and

          (iii) authorising a specified person or persons, on its behalf, to
               sign and/or despatch all documents and notices (including, if
               relevant, any Utilisation Request) to be signed and/or despatched
               by it under or in connection with the Finance Documents to which
               it is a party.

(c)  A specimen of the signature of each person authorised by the resolution
     referred to in paragraph (b) above.

(d)  A copy of the articles of association (statuten) and deed of incorporation
     (oprichtings akte) of each Dutch Obligor as well as an extract (uittreksel)
     from the relevant Chamber of Commerce (Kamer van Koophandel) of such Dutch
     Obligor(s).

(e)  A specimen of the signature of each person authorised by the resolution
     referred to in paragraph (b) above in relation to the Finance Documents and
     such other evidence as may be required to ensure that the Finance Parties
     are in compliance with the Wet Identificatie Financiele Dienstverlening.

(f)  A certificate of each Obligor (signed by a Responsible Officer) confirming
     that borrowing or guaranteeing, as appropriate, the Total Commitments would
     not violate any borrowing or, guaranteeing limit set forth in any
     Contractual Obligation or Requirement of Law binding on the respective
     Obligor.

(g)  A certificate of an authorised signatory of the Obligor certifying that
     each copy document relating to it specified in this Schedule 3 is correct,
     complete and in full force and effect as at a date no earlier than the date
     of this Agreement.

                                     - 70 -

<PAGE>

2.   Legal opinions

     (a)  A legal opinion of Clifford Chance LLP legal advisers to the Arrangers
          and the Agent, opining, notably to the validity under English law of
          the obligations of the Borrower under this Agreement.

     (b)  A legal opinion of Clifford Chance LLP legal advisers to the Arrangers
          and the Agent as to matters of Dutch law, opining notably as to (i)
          the capacity of the Borrower to enter into and perform its obligations
          under the Finance Documents, (ii) the recognition under Dutch law of
          the validity of such obligations of the Borrower under this Agreement
          and (iii) the recognition and enforcement in The Netherlands of any
          judgement rendered against the Borrower pursuant to the jurisdiction
          provisions of the Financing Documents.

     (c)  A legal opinion of Conyers Dill & Pearman as to matters of Bermuda
          law, opining notably as to (i) the capacity of the Parent to enter
          into and perform its obligations under the Parent Guarantee, (ii) the
          recognition under Bermuda law of the validity of such obligations and
          the choice of law expressed in the Parent Guarantee and (iii) the
          recognition and enforcement in Bermuda of any judgement rendered
          against the Parent pursuant to the jurisdiction provisions of the
          Parent Guarantee.

     (d)  A legal opinion of Winston & Strawn as to matters of New York law,
          opining notably as to the validity under New York law of the
          obligations of the Parent under the Parent Guarantee.

     (e)  A legal opinion of Winston & Strawn opining notably as to the
          enforceability of the Transaction Documents.

3.   Other documents and evidence

     (a)  One signed original of the Parent Guarantee.

     (b)  Delivery of a copy of each of the Transaction Documents.

     (c)  Evidence that any process agent referred to in Clause 37.2 (Service of
          process), has accepted its appointment.

     (d)  A certificate of the Parent confirming the prevalent Ratings in
          respect of the Parent on the day of this Agreement.

     (e)  The latest annual consolidated audited and certified financial
          statements of the Parent.

     (f)  Evidence that the fees, costs and expenses then due from the Borrower
          pursuant to Clause 11 (Fees) and Clause 16 (Costs and expenses) have
          been paid or will be paid by the first Utilisation Date.

                                     - 71 -

<PAGE>

     (g)  A copy of any other document, authorisation, opinion or assurance
          reasonably requested by the Agent.

                                     - 72 -

<PAGE>

                                   SCHEDULE 4
                               UTILISATION REQUEST

From: Bunge Finance Europe B.V. as Borrower

To:   HSBC Bank plc as Agent

Dated:

Dear Sirs

We refer to the revolving facility agreement (the "Agreement") dated [o] and
made between, Bunge Finance Europe B.V., as Borrower, the Arrangers named
therein, the Agent and certain Lenders named therein.

1.   This is a Utilisation Request. Terms defined in the Agreement have the same
     meaning in this Utilisation Request unless given a different meaning in
     this Utilisation Request.

2.   We wish to borrow a Loan on the following terms:

     Proposed Utilisation Date:       [   ] (or, if that is not a Business Day,
                                      the next Business Day)

     Amount:                          [   ] or, if less, the Available Facility

     Interest Period:                 [   ]

3.   We confirm that each condition specified in Clause 4.2 (Further conditions
     precedent) is satisfied on the date of this Utilisation Request.

4.   The proceeds of this Loan should be credited to [account].

5.   This Utilisation Request is irrevocable.

                                Yours faithfully

                         ...............................
                            authorised signatory for
                            Bunge Finance Europe B.V.

                                     - 73 -

<PAGE>

                                   SCHEDULE 5
                             MANDATORY COST FORMULAE

1.   The Mandatory Cost is an addition to the interest rate to compensate
     Lenders for the cost of compliance with (a) the requirements of the Bank of
     England and/or the Financial Services Authority (or, in either case, any
     other authority which replaces all or any of its functions), (b) the
     requirements of the European Central Bank, or (c) the requirements of the
     Swiss Banking Code Commission and/ or the Swiss National Bank.

2.   On the first day of each Interest Period (or as soon as possible
     thereafter) the Agent shall calculate, as a percentage rate, a rate (the
     "Additional Cost Rate") for each Lender, in accordance with the paragraphs
     set out below. The Mandatory Cost will be calculated by the Agent as a
     weighted average of the Lenders' Additional Cost Rates (weighted in
     proportion to the percentage participation of each Lender in the relevant
     Loan) and will be expressed as a percentage rate per annum.

3.   The Additional Cost Rate for any Lender lending from a Facility Office in a
     Participating Member State will be the percentage notified by that Lender
     to the Agent. This percentage will be certified by that Lender in its
     notice to the Agent to be its reasonable determination of the cost
     (expressed as a percentage of that Lender's participation in all Loans made
     from that Facility Office) of complying with the minimum reserve
     requirements of the European Central Bank in respect of loans made from
     that Facility Office.

4.   The Additional Cost Rate for any Lender lending from a Facility Office in
     the United Kingdom will be calculated by the Agent as follows:

                  E x 0.01
                  -------- per cent. per annum.
                    300

     Where:
     E is designed to compensate Lenders for amounts payable under the Fees
     Rules and is calculated by the Agent as being the average of the most
     recent rates of charge supplied by the Reference Banks to the Agent
     pursuant to paragraph 6 below and expressed in pounds per (pound)1,000,000.

5.   For the purposes of this Schedule:

     (a)  "Fees Rules" means the rules on periodic fees contained in the FSA
          Supervision Manual or such other law or regulation as may be in force
          from time to time in respect of the payment of fees for the acceptance
          of deposits;

     (b)  "Fee Tariffs" means the fee tariffs specified in the Fees Rules under
          the activity group A.1 Deposit acceptors (ignoring any minimum fee or
          zero rated fee required pursuant to the Fees Rules but taking into
          account any applicable discount rate);

                                     - 74 -

<PAGE>

     (c)  "Tariff Base" has the meaning given to it in, and will be calculated
          in accordance with, the Fees Rules; and

     (d)  "Participating Member State" means any member state of the European
          Communities that adopts or has adopted the euro as its lawful currency
          in accordance with legislation of the European Community relating to
          Economic and Monetary Union.

6.   If requested by the Agent, each Reference Bank shall, as soon as
     practicable after publication by the Financial Services Authority, supply
     to the Agent, the rate of charge payable by that Reference Bank to the
     Financial Services Authority pursuant to the Fees Rules in respect of the
     relevant financial year of the Financial Services Authority (calculated for
     this purpose by that Reference Bank as being the average of the Fee Tariffs
     applicable to that Reference Bank for that financial year) and expressed in
     pounds per (pound)1,000,000 of the Tariff Base of that Reference Bank.

7.   Each Lender shall supply any information required by the Agent for the
     purpose of calculating its Additional Cost Rate. In particular, but without
     limitation, each Lender shall supply the following information on or prior
     to the date on which it becomes a Lender:

     (a)  the jurisdiction of its Facility Office; and

     (b)  any other information that the Agent may reasonably require for such
          purpose.

     Each Lender shall promptly notify the Agent of any change to the
     information provided by it pursuant to this paragraph.

8.   The rates of charge of each Reference Bank for the purpose of E above shall
     be determined by the Agent based upon the information supplied to it
     pursuant to paragraphs 6 and 7 above.

9.   The Agent shall have no liability to any person if such determination
     results in an Additional Cost Rate which over or under compensates any
     Lender and shall be entitled to assume that the information provided by any
     Lender or Reference Bank pursuant to paragraphs 3, 6 and 7 above is true
     and correct in all respects.

10.  The Agent shall distribute the additional amounts received as a result of
     the Mandatory Cost to the Lenders on the basis of the Additional Cost Rate
     for each Lender based on the information provided by each Lender and each
     Reference Bank pursuant to paragraphs 3, 6 and 7 above.

11.  Any determination by the Agent pursuant to this Schedule in relation to a
     formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
     to a Lender shall, in the absence of manifest error, be conclusive and
     binding on all Parties.

12.  The Agent may from time to time, after consultation with the Borrower and
     the Lenders, determine and notify to all Parties any amendments which are
     required to be

                                     - 75 -

<PAGE>

     made to this Schedule in order to comply with any change in law, regulation
     or any requirements from time to time imposed by the Bank of England, the
     Financial Services Authority, the European Central Bank, the Swiss Banking
     Code Commission and/ or the Swiss National Bank (or, in any case, any other
     authority which replaces all or any of its functions) and any such
     determination shall, in the absence of manifest error, be conclusive and
     binding on all Parties.

                                     - 76 -

<PAGE>

                                   SCHEDULE 6
                          FORM OF TRANSFER CERTIFICATE

To:   HSBC Bank plc as Agent

From: [The Existing Lender] (the "Existing Lender") and [The New Lender] (the
      "New Lender")

Dated:

We refer to the revolving facility agreement (the "Agreement") dated [o] between
Bunge Finance Europe B.V., as Borrower, the Arrangers named therein, the Agent
and certain Lenders named therein.

1.   This is a Transfer Certificate. Terms defined in the Agreement have the
     same meaning in this Transfer Certificate unless given a different meaning
     in this Transfer Certificate.

2.   We refer to Clause 23.5 (Procedure for transfer):

     (a)  The Existing Lender and the New Lender agree to the Existing Lender
          transferring to the New Lender by novation all or part of the Existing
          Lender's Commitment, rights and obligations referred to in the
          Schedule in accordance with Clause 23.5 (Procedure for transfer).

     (b)  The proposed Transfer Date is [ ].

     (c)  The Facility Office and address, fax number and attention details for
          notices of the New Lender for the purposes of Clause 30.2 (Addresses)
          are set out in the Schedule.

3.   The New Lender expressly acknowledges the limitations on the Existing
     Lender's obligations set out in paragraph (c) of Clause 23.4 (Limitation of
     responsibility of Existing Lenders).

4.   The New Lender confirms on the date on which it becomes a party to this
     Agreement that it is a PMP.

5.   This Transfer Certificate may be executed in any number of counterparts and
     this has the same effect as if the signatures on the counterparts were on a
     single copy of this Transfer Certificate.

6.   This Transfer Certificate is governed by English law.

                                     - 77 -

<PAGE>

                                  THE SCHEDULE

               Commitment/rights and obligations to be transferred

                            [insert relevant details]
   [Facility Office address, fax number and attention details for notices and
                         account details for payments.]

        [Existing Lender]                           [New Lender]

        By:                                         By

        This Transfer Certificate is accepted by the Agent and the Transfer Date
        is confirmed as [           ].

        HSBC Bank plc

        By:

                                     - 78 -

<PAGE>

                                   SCHEDULE 7
                                   TIMETABLES

                                                           Loans in dollars
  Delivery of a duly completed Utilisation Request                    U-3
  (Clause 5.1 (Delivery of a Utilisation Request)
                                                                    10.00 am

  Agent notifies the Lenders of the Loan in                           U-3
  accordance with Clause 5.4 (Lenders' participation)
                                                                    3.00 pm
  LIBOR                                                    Quotation Day as of
                                                         11:00 a.m. London time

  "U" = date of utilisation

  "U - X" = X Business Days prior to date of utilisation

                                     - 79 -

<PAGE>

                                   SCHEDULE 8
                       FORM OF CONFIDENTIALITY UNDERTAKING
                             [Letterhead of Lender]

To:          [o]

Re:          The Facility

---------------------------------------------------
Borrower:    BUNGE FINANCE EUROPE B.V.

Amount:      [o]

Agent:       HSBC BANK plc
---------------------------------------------------
Dear Sirs

We understand that you are considering participating in the Facility. In
consideration of us agreeing to make available to you certain information, by
your signature of a copy of this letter you agree as follows:

1.   Confidentiality Undertaking You undertake:

     (a)  to keep the Confidential Information confidential and not to disclose
          it to anyone except as provided for by paragraph 2 below and to ensure
          that the Confidential Information is protected with security measures
          and a degree of care that would apply to your own confidential
          information;

     (b)  to keep confidential and not disclose to anyone the fact that the
          Confidential Information has been made available or that discussions
          or negotiations are taking place or have taken place between us in
          connection with the Facility;

     (c)  to use the Confidential Information only for the Permitted Purpose;

     (d)  to use all reasonable endeavours to ensure that any person to whom you
          pass any Confidential Information (unless disclosed under paragraph
          2(b) below) acknowledges and complies with the provisions of this
          letter as if that person were also a party to it; and

     (e)  not to make enquiries of any member of the Group or any of their
          officers, directors, employees or professional advisers relating
          directly or indirectly to the Facility.

2.   Permitted Disclosure We agree that you may disclose Confidential
     Information:

     (a)  to members of the Participant Group and their officers, directors,
          employees and professional advisers to the extent necessary for the
          Permitted Purpose and to any auditors of members of the Participant
          Group;

     (b)  (i) where requested or required by any court of competent jurisdiction
          or any competent judicial, governmental, supervisory or regulatory
          body, (ii) where required by the rules of any stock exchange on which
          the shares or other

                                     - 80 -

<PAGE>

          securities of any member of the Participant Group are listed or (iii)
          where required by the laws or regulations of any country with
          jurisdiction over the affairs of any member of the Participant Group;
          or

     (c)  with the prior written consent of us and Bunge.

3.   Notification of Required or Unauthorised Disclosure You agree (to the
     extent permitted by law) to inform us of the full circumstances of any
     disclosure under paragraph 2(b) or upon becoming aware that Confidential
     Information has been disclosed in breach of this letter.

4.   Return of Copies If we so request in writing, you shall return all
     Confidential Information supplied to you by us or a member of the Group and
     destroy or permanently erase all copies of Confidential Information made by
     you and use all reasonable endeavours to ensure that anyone to whom you
     have supplied any Confidential Information destroys or permanently erases
     such Confidential Information and any copies made by them, in each case
     save to the extent that you or the recipients are required to retain any
     such Confidential Information by any applicable law, rule or regulation or
     by any competent judicial, governmental, supervisory or regulatory body or
     in accordance with internal policy, or where the Confidential Information
     has been disclosed under paragraph 2(b) above.

5.   Continuing Obligations The obligations in this letter are continuing and,
     in particular, shall survive the termination of any discussions or
     negotiations between you and us. Notwithstanding the previous sentence, the
     obligations in this letter shall cease (a) if you become a party to or
     otherwise acquired (by assignment or sub participation) an interest, direct
     or indirect in the Facility or (b) twelve months after you have returned
     all Confidential Information supplied to you by us or a member of the Group
     and destroyed or permanently erased all copies of Confidential Information
     made by you (other than any such Confidential Information or copies which
     have been disclosed under paragraph 2 above (other than sub-paragraph 2(a))
     or which, pursuant to paragraph 4 above, are not required to be returned or
     destroyed).

6.   No Representation; Consequences of Breach, etc You acknowledge and agree
     that:

     (a)  neither we nor any of our officers, employees or advisers (each a
          "Relevant Person") (i) make any representation or warranty, express or
          implied, as to, or assume any responsibility for, the accuracy,
          reliability or completeness of any of the Confidential Information or
          any other information supplied by us or any member of the Group or the
          assumptions on which it is based or (ii) shall be under any obligation
          to update or correct any inaccuracy in the Confidential Information or
          any other information supplied by us or any member of the Group or be
          otherwise liable to you or any other person in respect to the
          Confidential Information or any such information; and

     (b)  we or members of the Group may be irreparably harmed by the breach of
          the terms of this letter and damages may not be an adequate remedy;
          each Relevant Person or member of the Group may be granted an
          injunction or

                                     - 81 -

<PAGE>

          specific performance for any threatened or actual breach of the
          provisions of this letter by you.

7.   No Waiver; Amendments, etc This letter sets out the full extent of your
     obligations of confidentiality owed to us in relation to the information
     the subject of this letter. No failure or delay in exercising any right,
     power or privilege under this letter will operate as a waiver thereof nor
     will any single or partial exercise of any right, power or privilege
     preclude any further exercise thereof or the exercise of any other right,
     power or privileges under this letter. The terms of this letter and your
     obligations under this letter may only be amended or modified by written
     agreement between us; provided, that any amendment or modification of a
     material term of this letter (including, without limitation, paragraphs 1
     and 2 and the definition of "Confidential Information") shall also require
     Bunge's prior written consent.

8.   Inside Information You acknowledge that some or all of the Confidential
     Information is or may be price-sensitive information and that the use of
     such information may be regulated or prohibited by applicable legislation
     relating to insider dealing and you undertake not to use any Confidential
     Information for any unlawful purpose.

9.   Nature of Undertakings The undertakings given by you under this letter are
     given to us and (without implying any fiduciary obligations on our part)
     are also given for the benefit of Bunge, the Borrower and each other member
     of the Group.

10.  Third party rights

     (a)  Subject to paragraph 6 and paragraph 9 the terms of this letter may be
          enforced and relied upon only by you and us and the operation of the
          Contracts (Rights of Third Parties) Act 1999 is excluded.

     (b)  Notwithstanding any provisions of this letter, (but subject to the
          proviso set forth below) the parties to this letter do not require the
          consent of any Relevant Person or any member of the Group to vary this
          letter at any time; provided, that any variation of a material term of
          this letter (including, without limitation, paragraphs 1 and 2 and the
          definition of "Confidential Information") shall require Bunge's prior
          written consent.

11.  Governing Law and Jurisdiction This letter (including the agreement
     constituted by your acknowledgement of its terms) shall be governed by and
     construed in accordance with the laws of England and the parties submit to
     the non-exclusive jurisdiction of the English courts.

12.  Definitions In this letter (including the acknowledgement set out below):

     "Borrower" means Bunge Finance Europe B.V., a company formed under the laws
     of The Netherlands, and its successors and permitted assigns;

                                     - 82 -

<PAGE>

     "Bunge" means Bunge Limited, a company formed under the laws of Bermuda,
     and its successors and permitted assigns;

     "Confidential Information" means any information relating to Bunge, the
     Borrower, the Group, and the Facility including, without limitation, the
     Information Memorandum, provided to you by us or any member of the Group or
     any of their respective affiliates or advisers, in whatever form, and
     includes information given orally and any document, electronic file or any
     other way of representing or recording information which contains or is
     derived or copied from such information but excludes information that (a)
     is or becomes generally available to the public knowledge other than as a
     direct or indirect result of any breach of this letter or (b) is known by
     you before the date the information is disclosed to you by us or any member
     of the Group or any of their respective affiliates or advisers or is
     lawfully obtained by you after that date, other than from a source which is
     connected with the Group and which, in either case, as far as you are
     aware, has not been obtained in violation of, and is not otherwise subject
     to, any obligation of confidentiality;

     "Group" means Bunge and each of its holding companies and subsidiaries and
     each subsidiary of each of its holding companies (as each such term is
     defined in the Companies Act 1985);

     "Information Memorandum" means the Confidential Information Memorandum
     dated November 2006;

     "Participant Group" means you, each of your holding companies and
     subsidiaries and each subsidiary of each of your holding companies (as each
     such term is defined in the Companies Act 1985); and

     "Permitted Purpose" means considering and evaluating whether to enter into
     the Facility.

Please acknowledge your agreement to the above by signing and returning the
enclosed copy.

Yours faithfully

...................................
For and on behalf of

[o Lender]

To:      Bunge Limited

We acknowledge and agree to the above:

...................................

For and on behalf of

[[o]]

                                     - 83 -

<PAGE>

                                   SIGNATURES

THE BORROWER

BUNGE FINANCE EUROPE B.V.

By:                                /s/ Morris Kalef
                                   ----------------------
                                   MORRIS KALEF

Address:                           11720 Borman Drive
                                   St. Louis, Missouri 63146

Attention:                         John Gilsinn

Fax:                               (314) 292 2530

with a copy to:

Bunge Limited

Address:                           50 Main Street
                                   White Plains,
                                   New York 10606

Attention:                         Morris Kalef

Fax:                               (914) 684 3283

                                     - 84 -

<PAGE>

THE ARRANGERS

BNP PARIBAS

By:                                /s/ Sue Mingay             /s/ Stuart Perry
                                   ----------------------     ------------------
                                   SUE MINGAY                 STUART PERRY

HSBC BANK plc

By:                                /s/ John Haire
                                   ----------------------
                                   JOHN HAIRE

THE ORIGINAL LENDERS

For the purposes of the Dutch Banking Act, each Lender expressly confirms the
representations given by it in Clause 17.20 (PMP Representations - Lenders)

BNP PARIBAS

By:                                /s/ Sue Mingay             /s/ Stuart Perry
                                   ----------------------     ------------------
                                   SUE MINGAY                 STUART PERRY

HSBC BANK plc

By:                                /s/ John Haire
                                   ----------------------
                                   JOHN HAIRE

BANCO BILBAO VIZCAYA ARGENTARIA S.A.

By:                                /s/ A. M. Sarfati          /s/ Jay Levit
                                   ----------------------     ------------------
                                   A. M. SARFATI              JAY LEVIT

THE BANK OF TOKYO-MITSUBISHI UFJ, LTD

By:                                /s/ Andrew Trenouth
                                   ----------------------
                                   ANDREW TRENOUTH

CALYON NEW YORK BRANCH

By:                                /s/ Lee E. Grieve   /s/ Gregory S. Hennenfent
                                   ------------------  -------------------------
                                   LEE E. GRIEVE       GREGORY S. HENNENFENT

CAISSE REGIONAL DU CREDIT AGRICOLE MUTUEL DE PARIS ET D'ILE DE FRANCE

By:                                /s/ Laurent Carlo
                                   ----------------------
                                   LAURENT CARLO

                                     - 85 -

<PAGE>

CREDIT SUISSE

By:                                s/ Gianni Sargenti         /s/ Manuela Genoud
                                   ----------------------     ------------------
                                   GIANNI SARGENTI            MANUELA GENOUD

DBS BANK LTD

By:                                /s/ David Walker-Smith
                                   ----------------------
                                   DAVID WALKER-SMITH

                                     - 86 -

<PAGE>

FORTIS BANK (NEDERLAND) N.V.

By:                                /s/ J. G. H. M. Hanegraaf
                                   -------------------------
                                   J. G. H. M. HANEGRAAF

HSH - NORDBANK AG NEW YORK BRANCH

By:                                /s/ David Lopez Menendez   /s/ Rhona Aledia
                                   ------------------------   ------------------
                                   DAVID LOPEZ MENENDEZ       RHONA ALEDIA

ING BANK N.V.

By:                                /s/ R. A.  Marlenburgh     /s/ L. V. Mews
                                   ----------------------     ------------------
                                   R. A. MARLENBURGH          L. V. MEWS

KBC BANK NEDERLAND N.V.
By:                                /s/ Kris Denissen          /s/ Kris Arts
                                   ----------------------     ------------------
                                   KRIS DENISSEN              KRIS ARTS

MIZUHO CORPORATE BANK NEDERLAND N.V.

By:                                /s/ A. Ditja               /s/ H. Takahashi
                                   ----------------------     ------------------
                                   A. DITJA                   H. TAKAHASHI

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A. (RABOBANK
INTERNATIONAL) LONDON BRANCH

By:                                /s/ E. Harman              /s/ S. P. Tyler
                                   ----------------------     ------------------
                                   E. HARMAN                  S. P. TYLER

THE ROYAL BANK OF SCOTLAND PLC

By:                                /s/ J. P. Jones
                                   ----------------------
                                   J. P. JONES

BANCO SANTANDER CENTRAL HISPANO, S.A. LONDON BRANCH

By:                                /s/ Steven Wahnon          /s/ Grant Sessions
                                   ----------------------     ------------------
                                   STEVEN WAHNON              GRANT SESSIONS

                                     - 87 -

<PAGE>

SOCIETE GENERALE

By:                                /s/ Eric Le Lay
                                   ----------------------
                                   ERIC LE LAY

STANDARD CHARTERED BANK

By:                                /s/ Hiren Singharay
                                   ----------------------
                                   HIREN SINGHARAY

COMMERZBANK AKTIENGESELLSCHAFT

By:                                /s/ W. Freckel
                                   ----------------------
                                   W. FRECKEL

INTESA BANK IRELAND PLC

By:                                /s/ Richard Barkley        /s/ Andrew Plomp
                                   ----------------------     ------------------
                                   RICHARD BARKLEY            ANDREW PLOMP

BANCA MONTE DEI PASCHI DI SIENA S.p.A. FRANKFURT AM MAIN BRANCH

By:                                /s/ Enrico Vignoli       /s/ Berthold Biehler
                                   ----------------------   --------------------
                                   ENRICO VIGNOLI           BERTHOLD BIEHLER

                                     - 88 -

<PAGE>

NATIXIS

By:                                /s/ Vincent Mazeli       /s/ Anne-Luis Dupuis
                                   ----------------------   --------------------
                                   VINCENT MAZELI           ANNE-LUIS DUPUIS

By:                                /s/ Shigeru Tsuru
                                   ----------------------
                                   SHIGERU TSURU

THE AGENT

HSBC BANK plc

By:                                /s/ John Haire
                                   ----------------------
                                   JOHN HAIRE

Address:                           Level 17
                                   8 Canada Square
                                   London E14 5HQ

Fax:                               0207 991 4347

Attention:                         Khalid Raja

                                     - 89 -

<PAGE>

                                     EXHIBIT

                            FORM OF PARENT GUARANTEE

                                     - 90 -EXECUTION VERSION

                                    GUARANTY

            This Guaranty (as amended, supplemented or otherwise modified in
accordance with the terms hereof and in effect from time to time, this
"Guaranty") is made as of the 20th day of December, 2006 by Bunge Limited, a
company incorporated under the laws of Bermuda (together with any successors or
assigns permitted hereunder, "BL" or "Guarantor") to HSBC Bank plc ("HSBC"), in
its capacity as the agent (together with its successors and assigns, the
"Agent") under the U.S.$600,000,000 Facility Agreement, dated December 20, 2006
(as amended, supplemented or otherwise modified from time to time in accordance
with the terms thereof, the "Facility Agreement"), among Bunge Finance Europe
B.V., a company incorporated under the laws of The Netherlands ("BFE"), the
Agent, BNP Paribas and HSBC Bank plc, as Mandated Lead Arrangers (collectively,
the "Arrangers"), and the financial institutions from time to time party thereto
(each a "Lender" and collectively, the "Lenders"), for the benefit of the
Lenders.

                                   WITNESSETH:

            WHEREAS, pursuant to the Facility Agreement the Lenders have agreed
to make revolving loans (the "Loans") to BFE from time to time;

            WHEREAS, the execution and delivery of this Guaranty is a condition
precedent to the effectiveness of the Facility Agreement;

            NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein, the parties hereby agree as follows:

            Section 1. Definitions. For all purposes of this Guaranty, except as
otherwise expressly provided in Annex A hereto or unless the context otherwise
requires, capitalized terms used herein shall have the meanings assigned to such
terms in the Facility Agreement.

            Section 2. Guaranty. Subject to the terms and conditions of this
Guaranty, the Guarantor hereby unconditionally and irrevocably guarantees
(collectively, the "Guaranty Obligations") (a) the prompt and punctual payment
of all amounts due and owing (whether at the stated maturity, by acceleration,
or otherwise) in respect of Loans made by the Lenders to BFE under the Facility
Agreement and the other Finance Documents and (b) all fees, expenses and
indemnifications of the Lenders and the Agent owed by BFE under the Facility
Agreement and the other Finance Documents, in any case described in (a) or (b)
above whether direct or indirect, absolute or contingent, due or to become due,
or now existing or hereafter incurred. This Guaranty is a guaranty of payment
and not of collection. All payments by the Guarantor under this Guaranty shall
be made in United States dollars, and (i) with respect to Loans, shall be made
to the Agent for disbursement pro rata to the Lenders in accordance with the
proportion that each Lender's respective Commitment bears to the Total
Commitments (each such proportion constituting the respective Lender's
"Aggregate Exposure Percentage"), (ii) with respect to fees, expenses and
indemnifications owed to the Lenders, shall be made to the Agent for
disbursement pro rata to the Lenders in accordance with their respective
Aggregate Exposure Percentages and

<PAGE>

(iii) with respect to fees, expenses and indemnifications owed to the Agent,
shall be made to the Agent. This Guaranty shall remain in full force and effect
until the Guaranty Obligations are paid in full and the Commitments are
terminated, notwithstanding that from time to time prior thereto BFE may be free
from any payment obligations under the Finance Documents.

            Section 3. Guaranty Absolute. The Guarantor guarantees that the
Guaranty Obligations will be paid, regardless of any applicable law, regulation
or order now or hereinafter in effect in any jurisdiction affecting any of such
terms or the rights of the Agent or any Lender with respect thereto. The
liability of the Guarantor under this Guaranty shall be absolute and
unconditional irrespective of:

                  (a) Any lack of validity or enforceability of or defect or
         deficiency in the Facility Agreement, any Transaction Document or other
         Finance Document or any other agreement or instrument executed in
         connection with or pursuant thereto;

                  (b) Any change in the time, manner, terms or place of payment
         of, or in any other term of, all or any of the Guaranty Obligations, or
         any other amendment or waiver of or any consent to departure from the
         Facility Agreement, any Transaction Document or other Finance Document
         or any other agreement or instrument relating thereto or executed in
         connection therewith or pursuant thereto;

                  (c) Any sale, exchange or non-perfection of any property
         standing as security for the liabilities hereby guaranteed or any
         liabilities incurred directly or indirectly hereunder or any setoff
         against any of said liabilities, or any release or amendment or waiver
         of or consent to departure from any other guaranty, for all or any of
         the Guaranty Obligations;

                  (d) The failure of the Agent or a Lender to assert any claim
         or demand or to enforce any right or remedy against BFE or any other
         Person hereunder or under the Facility Agreement or any Transaction
         Document or other Finance Document;

                  (e) Any failure by BFE in the performance of any obligation
         with respect to the Facility Agreement or any other Finance Document;

                  (f) Any bankruptcy of BFE;

                  (g) Any other circumstance which might otherwise constitute a
         defense available to, or a discharge of, the Guarantor, BFE or any
         other Person (including any other guarantor) that is a party to any
         document or instrument executed in respect of the Guaranty Obligations;
         or

                  (h) Any limitation of BFE's obligations pursuant to subsection
         20(b) of the Facility Agreement.

                                       2

<PAGE>

            The obligations of the Guarantor under this Guaranty shall not be
affected by the amount of credit extended to BFE, any repayment by BFE to the
Agent or the Lenders (in each case, other than the full and final payment of all
of the Guaranty Obligations), the allocation by the Agent or the Lenders of any
repayment, any compromise or discharge of the Guaranty Obligations, any
application, release or substitution of collateral or other security therefor,
the release of any guarantor, surety or other person obligated in connection
with any document or instrument executed in respect of the Guaranty Obligations,
or any further advances to BFE.

            Section 4. Waiver. The Guarantor hereby waives (a) promptness,
diligence, notice of acceptance, presentment, demand, protest, notice of protest
and dishonor, notice of default, notice of intent to accelerate, notice of
acceleration and any other notice with respect to any of the Guaranty
Obligations and this Guaranty, and (b) any requirement that the Agent or the
Lenders protect, secure, perfect or insure any security interest or Lien on any
property subject thereto or exhaust any right or take any action against BFE or
any other Person or entity or any collateral or that BFE or any other Person or
entity be joined in any action hereunder. All dealings between BFE or the
Guarantor, on the one hand, and the Agent and the Lenders, on the other hand,
shall likewise be conclusively presumed to have been had or consummated in
reliance upon this Guaranty. Should the Agent seek to enforce the obligations of
the Guarantor hereunder by action in any court, the Guarantor waives any
necessity, substantive or procedural, that a judgment previously be rendered
against BFE or any other Person, or that any action be brought against BFE or
any other Person, or that BFE or any other Person should be joined in such
cause. Such waiver shall be without prejudice to the Agent at its option to
proceed against BFE or any other Person, whether by separate action or by
joinder. The Guarantor further expressly waives each and every right to which it
may be entitled by virtue of the suretyship law of the State of New York or any
other applicable jurisdiction.

            Section 5. Several Obligations. The obligations of the Guarantor
hereunder are separate and apart from BFE or any other Person (other than the
Guarantor), and are primary obligations concerning which the Guarantor is the
principal obligor. The Guarantor agrees that this Guaranty shall not be
discharged except by payment in full of the Guaranty Obligations, termination of
the Commitments and complete performance of the obligations of the Guarantor
hereunder. The obligations of the Guarantor hereunder shall not be affected in
any way by the release or discharge of BFE from the performance of any of the
Guaranty Obligations, whether occurring by reason of law or any other cause,
whether similar or dissimilar to the foregoing.

            Section 6. Subrogation Rights. If any amount shall be paid to the
Guarantor on account of subrogation rights at any time when all the Guaranty
Obligations shall not have been paid in full, such amount shall be held in trust
for the benefit of the Agent and shall forthwith be paid to the Agent to be
applied to the Guaranty Obligations as specified in the Finance Documents. If
(a) the Guarantor makes a payment to the Agent of all or any part of the
Guaranty Obligations and (b) all the Guaranty Obligations have been paid in full
and the Commitments have terminated, the Agent will, at the Guarantor's request,
execute and deliver to the Guarantor appropriate documents, without recourse and
without representation or warranty of any kind whatsoever, necessary to evidence
the transfer by subrogation to the Guarantor of any interest in

                                       3

<PAGE>

the Guaranty Obligations resulting from such payment by the Guarantor. The
Guarantor hereby agrees that it shall have no rights of subrogation with respect
to amounts due to the Agent or the Lenders until such time as all obligations of
BFE to the Lenders and the Agent have been paid in full, the Commitments have
been terminated and the Facility Agreement has been terminated.

            Section 7. Representations and Warranties. The Guarantor hereby
represents and warrants as follows:

                  (a) Financial Condition.

                        (i) The consolidated balance sheet of the Guarantor and
            its consolidated Subsidiaries as at December 31, 2005 and the
            related consolidated statements of income for the fiscal year ended
            on such date, reported on by the Guarantor's independent public
            accountants, copies of which have heretofore been furnished to the
            Agent, are complete and correct, in all material respects, and
            present fairly the financial condition of the Guarantor and its
            consolidated Subsidiaries as at such date, and the results of
            operations for the fiscal year then ended. Such financial
            statements, including any related schedules and notes thereto, have
            been prepared in accordance with GAAP applied consistently
            throughout the periods involved (except as approved by the external
            auditors and as disclosed therein, if any).

                        (ii) Except as disclosed in Schedule VI attached hereto,
            neither the Guarantor nor its consolidated Subsidiaries had, at the
            date of the most recent balance sheet referred to above, any
            material guarantee obligation, contingent liability (as defined in
            accordance with GAAP), or any long-term lease or unusual forward or
            long-term commitment, including, without limitation, any interest
            rate or foreign currency swap or exchange transaction, which is not
            reflected in the foregoing statements or in the notes thereto,
            except for guarantees, indemnities or similar obligations of the
            Guarantor or a consolidated Subsidiary supporting obligations of one
            Subsidiary to another Subsidiary.

                        (iii) During the period from December 31, 2005 to and
            including the date hereof, except as disclosed in Schedule VI
            attached hereto, neither the Guarantor nor its consolidated
            Subsidiaries has sold, transferred or otherwise disposed of any
            material part of its business or property, nor has it purchased or
            otherwise acquired any business or property (including any capital
            stock of any other Person) material in relation to the consolidated
            financial condition of the Guarantor and its consolidated
            Subsidiaries at December 31, 2005.

                  (b) No Change. Since December 31, 2005, except as disclosed in
         Schedule I hereof, there has been no development or event which has had
         or could, in the Guarantor's good faith reasonable judgment, reasonably
         be expected to have a Material Adverse Effect.

                                       4

<PAGE>

                  (c) Corporate Existence; Compliance with Law. The Guarantor
         and each of its Subsidiaries (i) is duly organized and validly existing
         under the laws of the jurisdiction of its incorporation, (ii) has the
         corporate power and authority, and the legal right, to own and operate
         its property, to lease the property it operates as lessee and to
         conduct the business in which it is currently engaged, (iii) is duly
         qualified under the laws of each jurisdiction where its ownership,
         lease or operation of property or the conduct of its business requires
         such qualification, except where the failure to be so duly qualified
         could not reasonably be expected to have a Material Adverse Effect, and
         (iv) is in compliance with all Requirements of Law and Contractual
         Obligations, except any non-compliance which could not reasonably be
         expected to have a Material Adverse Effect.

                  (d) Corporate Power; Authorization; Enforceable Obligations.
         The Guarantor and each of its Subsidiaries has the corporate power and
         authority, and the legal right, to make, deliver and perform this
         Guaranty and each of the other Finance Documents and Transaction
         Documents to which it is a party and to borrow thereunder and has taken
         all necessary corporate action to authorize (i) the borrowings on the
         terms and conditions of the Finance Documents, (ii) the execution,
         delivery and performance of this Guaranty and each of the other Finance
         Documents and Transaction Documents to which it is a party and (iii)
         the remittance of payments of all amounts payable hereunder and
         thereunder. No consent or authorization of, filing with, notice to or
         other act by or in respect of, any Governmental Authority or any other
         Person is required in connection with the borrowings under the Finance
         Documents or Transaction Documents, the remittance of payments in
         accordance with the terms hereof and thereof or with the execution,
         delivery, performance, validity or enforceability of this Guaranty and
         each of the other Finance Documents and Transaction Documents. This
         Guaranty and each of the other Finance Documents and Transaction
         Documents to which they are a party have been duly executed and
         delivered on behalf of the Guarantor and each of its Subsidiaries. Each
         of this Guaranty and each of the other Finance Documents and
         Transaction Documents to which they are a party constitutes a legal,
         valid and binding obligation of the Guarantor and each of its
         Subsidiaries enforceable against the Guarantor and each of its
         Subsidiaries in accordance with its terms, except as enforceability may
         be limited by applicable bankruptcy, insolvency, reorganization,
         moratorium or similar laws affecting the enforcement of creditors'
         rights generally and by general equitable principles (whether
         enforcement is sought by proceedings in equity or law).

                  (e) No Legal Bar. The execution, delivery and performance by
         the Guarantor of this Guaranty, and by it and each of its Subsidiaries
         of the other Finance Documents and Transaction Documents to which each
         such entity is a party, the borrowings thereunder and the use of the
         proceeds thereof will not violate any Requirement of Law or Contractual
         Obligation or any agreement, instrument or other undertaking to which
         the Guarantor or its Subsidiaries is a party or by which it is bound
         and will not result in, or require, the creation or imposition of any
         Lien on any of the properties or revenues of any of the Guarantor or
         its Subsidiaries pursuant to any such Requirement of Law or agreement,
         instrument or undertaking.

                                       5

<PAGE>

                  (f) No Material Litigation. Except as disclosed in Schedule
         VII attached hereto, no litigation, investigation or proceeding of or
         before any arbitrator or Governmental Authority is pending or, to the
         knowledge of the Guarantor, threatened by or against the Guarantor or
         any of its Subsidiaries or against any of their respective properties
         or revenues (a) with respect to this Guaranty or the other Finance
         Documents or Transaction Documents or any of the transactions
         contemplated hereby or (b) which could reasonably be expected to have a
         Material Adverse Effect.

                  (g) Ownership of Property; Liens. The Guarantor and each of
         its Subsidiaries has good record and marketable title in fee simple to,
         or a valid leasehold interest in, all its material real property, and
         good title to, or a valid leasehold interest in, all its other material
         property except for defects in title which would not have a Material
         Adverse Effect, and none of the property is subject to any Lien, other
         than Permitted Liens.

                  (h) Environmental Matters. The Guarantor and its Subsidiaries
         have obtained all permits, licenses and other authorizations that are
         necessary to operate their respective business and required under all
         applicable Environmental Laws, except where the failure to do so would
         not reasonably be expected to have a Material Adverse Effect. Except as
         set forth on Schedule II, (i) Hazardous Materials have not at any time
         been generated, used, treated or stored on, released or disposed of on,
         or transported to or from, any property owned, leased, used, operated
         or occupied by the Guarantor or any of its Subsidiaries or, to the best
         of the Guarantor's knowledge, any property adjoining or in the vicinity
         of any such property except in compliance with all applicable
         Environmental Laws other than where the failure to do so would not
         reasonably be expected to have a Material Adverse Effect and (ii) there
         are no past, pending or threatened (in writing) Environmental Claims
         against the Guarantor or any of its Subsidiaries or any property owned,
         leased, used, operated or occupied by the Guarantor or any of its
         Subsidiaries that individually or in the aggregate would reasonably be
         expected to have a Material Adverse Effect. The operations of the
         Guarantor and its Subsidiaries are in compliance in all material
         respects with all terms and conditions of the required permits,
         licenses, certificates, registrations and authorizations, and are also
         in compliance in all material respects with all other limitations,
         restrictions, conditions, standards, prohibitions, requirements,
         obligations, schedules and timetables contained in the Environmental
         Laws, except where the failure to do so would not reasonably be
         expected to have a Material Adverse Effect.

                  (i) No Default. Except with respect to the Indebtedness set
         forth on Schedule III, neither the Guarantor nor any of its
         Subsidiaries is in default under or with respect to any agreement,
         instrument or undertaking to which it is a party or by which it is
         bound in any respect which could reasonably be expected to have a
         Material Adverse Effect. No Series 2003-1 Early Amortization Event,
         Potential Series 2003-1 Early Amortization Event or Event of Default
         has occurred and is continuing.

                                       6

<PAGE>

                  (j) Taxes. Under the laws of Bermuda, the execution, delivery
         and performance by the Guarantor of this Guaranty and by it and -----
         each of its Subsidiaries of the other Finance Documents and Transaction
         Documents to which they are a party and all payments of principal,
         interest, fees and other amounts hereunder and thereunder are exempt
         from all income or withholding taxes, stamp taxes, charges or
         contributions of Bermuda or any political subdivision or taxing
         authority thereof, irrespective of the fact that the Agent or any of
         the Lenders may have a representative office or subsidiary in Bermuda.
         The Guarantor is validly obligated to make all payments due under this
         Guaranty and each of its Subsidiaries is validly obligated to make all
         payments due under the other Finance Documents and Transaction
         Documents free and clear of any such tax, withholding or charge so that
         the Agent and the Lenders shall receive the amounts due as if no such
         tax, withholding or charge had been imposed.

                  (k) Pari Passu Status. The obligations of the Guarantor
         hereunder constitute direct, general obligations of the Guarantor and
         rank at least pari passu (in priority of payment) with all other
         unsecured, unsubordinated obligations of the Guarantor resulting from
         any indebtedness for borrowed money or guarantee.

                  (l) Purpose of Loans. The proceeds of the Loans under the
         Facility Agreement shall be used by BFE solely to make advances under
         the Series 2003-1 VFC.

                  (m) Information. All information (including, with respect to
         the Guarantor, without limitation, the financial statements required to
         be delivered pursuant hereto), which has been made available to the
         Agent or any Lender by or on behalf of the Guarantor in connection with
         the transactions contemplated hereby and the other Finance Documents
         and Transaction Documents is complete and correct in all material
         respects and does not contain any untrue statement of a material fact
         or omit to state a material fact necessary in order to make the
         statements contained therein not materially misleading in light of the
         circumstances under which such statements were made.

                  (n) Designated Obligors. On the date hereof, BL directly or
         indirectly owns the percentage of the voting stock of each Designated
         Obligor (other than BL) set forth on Schedule IV hereto.

                  (o) Restrictions on Designated Obligors. There is no legal or
         regulatory restriction on the ability of any Designated Obligor to pay
         dividends to the Guarantor out of earnings at such times as such
         Designated Obligor is not deemed to be insolvent pursuant to the laws
         of its jurisdiction of incorporation nor any legal or regulatory
         restriction preventing the Guarantor from converting such dividend
         payments to Dollars.

                  (p) Federal Regulations. No part of the proceeds of any loans
         under the Investor Certificates will be used for "purchasing" or
         "carrying" any "margin stock" within the respective meanings of each of
         the quoted terms under Regulation U of the

                                       7

<PAGE>

         Board of Governors of the Federal Reserve System of the United States
         as now and from time to time hereafter in effect.

                  (q) Investment Company Act. The Guarantor is not an
         "investment company", or a company "controlled" by an "investment
         company", within the meaning of the 1940 Act.

                  (r) Solvency. The Guarantor is, individually and together with
         its Subsidiaries, Solvent.

                  (s) Consideration. The Guarantor has received, or will
         receive, direct or indirect benefit from the making of this Guaranty.

                  (t) Security Interest.

                        (i) All filings and other acts (including but not
            limited to the acts required by subsection 2.01(b) of the Sale
            Agreement and subsection 2.01(b) of the Pooling Agreement and
            notifying related Obligors of the assignment of a Purchased Loan,
            except to the extent that the relevant UCC and other similar laws
            (to the extent applicable) permit a Seller (or Bunge Funding, Inc.
            or its assignees) to provide such notification subsequent to the
            applicable Loan Purchase Date without materially impairing the
            Trust's ownership or security interest in the Trust Assets and
            without incurring material expenses in connection with such
            notification) necessary or advisable under the relevant UCC or under
            other applicable laws of jurisdictions outside the United States (to
            the extent applicable) shall have been made or performed in order to
            grant the Trust (for the benefit of each holder of Investor
            Certificates) a full legal and beneficial ownership or first
            priority perfected security interest in respect of all Purchased
            Loans.

                        (ii) BFE is the lawful owner of, and has good and
            marketable title to, the Series 2003-1 VFC, free and clear of all
            Liens.

The Guarantor agrees that the foregoing representations and warranties shall be
deemed to have been made by the Guarantor on the date of each Utilisation
Request by BFE and each Utilisation Date under the Facility Agreement on and as
of such dates.

            Section 8. Covenants.

                  8.1 Affirmative Covenants. The Guarantor hereby agrees that,
         so long as (i) any Loan remains outstanding and unpaid or any other
         amount is owing to the Agent or any Lender under the Facility Agreement
         or (ii) the Commitments have not been terminated:

                                       8

<PAGE>

                        (a) Financial Statements. The Guarantor shall post on a
            website, the address and any relevant password specifications of
            which shall have been given to the Agent, and shall provide to the
            Agent one paper copy of:

                           (i) promptly after each annual meeting of the
                  Guarantor, but in any event within 120 days after the end of
                  each fiscal year of the Guarantor, a copy of the audited
                  consolidated balance sheet of the Guarantor and its
                  consolidated Subsidiaries at the end of such year and related
                  audited consolidated statements of income and retained
                  earnings and of cash flows for such year, setting forth in
                  each case in comparative form the figures for the previous
                  year, certified by independent public accountants reasonably
                  acceptable to the Agent;

                           (ii) as soon as available, but in any event not later
                  than 60 days after the end of each of the first three quarters
                  of each fiscal year of the Guarantor, the unaudited
                  consolidated balance sheet of the Guarantor as at the end of
                  such quarter and the related unaudited consolidated statement
                  of income for such quarter and the portion of the fiscal year
                  through the end of such quarter, setting forth in each case in
                  comparative form the figures for the previous year, each in
                  the form reasonably acceptable to the Agent, certified by the
                  chief financial officer of the Guarantor; and

                           (iii) such additional financial and other information
                  as the Agent (at the request of any Lender or otherwise) may
                  from time to time reasonably request;

            all such financial statements furnished under clause (i) above to be
            complete and correct in all material respects and prepared in
            reasonable detail in accordance with GAAP applied consistently
            throughout the periods reflected therein and with prior periods
            (except as approved by such accountants or officer, as the case may
            be, and disclosed therein).

                        (b) Quarterly Compliance Certificates. The Guarantor
            shall, within 60 days after the end of each of the first three
            fiscal quarters of each fiscal year and 120 days after the end of
            each fiscal year, furnish to the Agent its certificate signed by its
            chief financial officer, treasurer or controller stating that, to
            the best of such officer's knowledge, during such period each of the
            Guarantor and BFE has observed or performed all of its covenants and
            other agreements, and satisfied every condition contained in this
            Guaranty and the other Finance Documents and Transaction Documents
            and any other related documents to be observed, performed or
            satisfied by each of them, and that such officer has obtained no
            knowledge of any Series 2003-1 Early Amortization Event, Potential
            Series 2003-1 Early Amortization Event or Event of Default except as
            specified in

                                       9

<PAGE>

            such certificate and showing in reasonable detail the calculations
            evidencing compliance with the covenants in subsection 8.2(a).

                        (c) Conduct of Business and Maintenance of Existence.
            The Guarantor shall, and shall cause each of the Designated Obligors
            to: (i) except as permitted by subsection 8.2(b), preserve, renew
            and keep in full force and effect its corporate existence; and (ii)
            take all reasonable action to maintain all rights, privileges and
            franchises necessary or desirable in the normal conduct of its
            business, except where the failure to maintain the same would not
            have a Material Adverse Effect.

                        (d) Compliance with Laws and Contractual Obligations;
            Authorization. The Guarantor shall, and shall cause each of its
            Subsidiaries to, comply in all respects with all Requirements of Law
            and Contractual Obligations, except where failure to so comply would
            not have a Material Adverse Effect, and the Guarantor shall obtain,
            comply with the terms of and do all that is necessary to maintain in
            full force and effect all authorizations, approvals, licenses and
            consents required in or by any applicable laws and regulations to
            enable it lawfully to enter into and perform its obligations under
            this Guaranty or to ensure the legality, validity, enforceability or
            admissibility in evidence of this and the other Finance Documents
            and Transaction Documents.

                        (e) Maintenance of Property; 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 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.

                        (f) Inspection of Property; Books and Records. The
            Guarantor shall, and shall cause each of the Designated Obligors to,
            keep proper books of records and account in which full, true and
            correct entries in conformity with GAAP and all Requirements of Law
            shall be made of all dealings and transactions in relation to its
            business and activities; and permit representatives of the Agent and
            each Lender to visit and inspect any of its properties and examine
            and make abstracts from any of its books and records at any time and
            as often as may reasonably be desired, provided that the Agent and
            each Lender has given reasonable prior written notice and the Agent
            and each Lender has executed a confidentiality agreement reasonably
            satisfactory to the Guarantor.

                        (g) Notices. The Guarantor shall give notice to the
            Agent promptly after becoming aware of the same, of (i) the
            occurrence of any Series 2003-1 Early Amortization Event, Potential
            Series 2003-1 Early Amortization Event or Event of Default; (ii) any
            changes in taxes, duties or other fees of

                                       10

<PAGE>

            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 Guaranty or the other Finance Documents and
            Transaction Documents; (iii) any change in such Guarantor's public
            or private debt ratings by a Rating Agency; and (iv) any development
            or event which has had, or which the Guarantor in its good faith
            judgment believes will have, a Material Adverse Effect.

                        (h) Pari Passu Obligations. The Guarantor shall ensure
            that its obligations hereunder at all times constitute direct,
            general obligations of the Guarantor ranking at least pari passu in
            right of payment with all other unsecured, unsubordinated
            Indebtedness (other than Indebtedness that is preferred by mandatory
            provisions of law) of the Guarantor.

                        (i) Maintenance of Designated Obligors. The Guarantor
            will not and will not permit any of its Subsidiaries directly or
            indirectly to convey, sell, transfer or otherwise dispose of, or
            grant any Person an option to acquire, in one transaction or a
            series of transactions more than 50% of the voting stock of a
            Designated Obligor (other than BL) unless such conveyance, sale,
            transfer or disposition does not cause a Series 2003-1 Early
            Amortization Event, Potential Series 2003-1 Early Amortization Event
            or Event of Default and either (i) such conveyance, sale, transfer
            or disposition is among the Guarantor and its Subsidiaries or (ii)
            (A) the Guarantor or such Subsidiary uses the net proceeds of such
            stock conveyance, sale, transfer or disposition to repay in full the
            aggregate principal and interest due and owing with respect to all
            Intercompany Loans outstanding as to which the Designated Obligor is
            the Obligor and (B) to the extent such net proceeds exceed the
            amounts required to be paid pursuant to clause (A), the Guarantor or
            such Subsidiary either (1) reinvests or enters into a contract to
            reinvest all such excess net proceeds in productive replacement
            fixed assets of a kind then used or usable in the business of the
            Guarantor or any of its Subsidiaries or (2) uses such excess net
            proceeds to make payments on the Guarantor's or its Subsidiaries'
            other Indebtedness.

                        (j) Payment of Taxes. The Guarantor shall pay, discharge
            or otherwise satisfy at or before maturity or before they become
            delinquent, as the case may be, all taxes, assessments and similar
            governmental charges imposed on it, its incomes, profits or
            properties, except where the amount or validity thereof is currently
            being contested in good faith by appropriate proceedings and
            reserves to the extent required by GAAP with respect thereto have
            been provided on the books of the Guarantor.

                        (k) Environmental Laws. Unless, in the good faith
            judgment of the Guarantor, the failure to do so would not reasonably
            be expected to have a Material Adverse Effect, the Guarantor will
            comply in all material respects, and cause each of its Subsidiaries
            to comply in all material respects, with the

                                       11

<PAGE>

            requirements of all applicable Environmental Laws and will
            immediately pay or cause to be paid all costs and expenses incurred
            in such compliance, except such costs and expenses which are being
            contested in good faith by appropriate proceedings if the Guarantor
            or such Subsidiary, as applicable, is maintaining adequate reserves
            (in the good faith judgment of the management of the Guarantor) with
            respect thereto in accordance with GAAP. Unless the failure to do so
            would not reasonably be expected to have a Material Adverse Effect,
            the Guarantor shall not, nor shall it permit or suffer any of its
            Subsidiaries to, generate, use, manufacture, refine, transport,
            treat, store, handle, dispose of, transfer, produce or process
            Hazardous Materials other than in the ordinary course of business
            and in material compliance with all applicable Environmental Laws,
            and shall not, and shall not permit or suffer any of its
            Subsidiaries to, cause or permit, as a result of any intentional or
            unintentional act or omission on the part of the Guarantor or any
            Subsidiary thereof, the installation or placement of Hazardous
            Materials in material violation of or actionable under any
            applicable Environmental Laws onto any of its property or suffer the
            material presence of Hazardous Materials in violation of or
            actionable under any applicable Environmental Laws on any of its
            property without having taken prompt steps to remedy such violation.
            Unless its failure to do so would not reasonably be expected to have
            a Material Adverse Effect, the Guarantor shall, and shall cause each
            of its Subsidiaries to, promptly undertake and diligently pursue to
            completion any investigation, study, sampling and testing, as well
            as any cleanup, removal, remedial or other action required of the
            Guarantor or any Subsidiary under any applicable Environmental Laws
            in the event of any release of Hazardous Materials.

                        (l) ERISA. The Guarantor shall give notice to the Agent:

                           (i) ERISA Events. Promptly and in any event within 10
                  days after the Guarantor or any ERISA Affiliate knows or has
                  reason to know that any ERISA Event has occurred, a statement
                  of the chief financial officer of the Guarantor or such ERISA
                  Affiliate describing such ERISA Event and the action, if any,
                  that the Guarantor or such ERISA Affiliate has taken and
                  proposes to take with respect thereto;

                           (ii) Plan Terminations. Promptly and in any event
                  within two (2) Business Days after receipt thereof by the
                  Guarantor or any ERISA Affiliate, copies of each notice from
                  the PBGC stating its intention to terminate any Plan or to
                  have a trustee appointed to administer any Plan; and

                           (iii) Multiemployer Plan Notices. Promptly and in any
                  event within five (5) Business Days after receipt thereof by
                  the Guarantor or any ERISA Affiliate from the sponsor of a
                  Multiemployer Plan, copies

                                       12

<PAGE>

                  of each notice concerning (A) the imposition of Withdrawal
                  Liability by any such Multiemployer Plan, (B) the
                  reorganization or termination, within the meaning of Title IV
                  of ERISA, of any such Multiemployer Plan or (C) the amount of
                  liability incurred, or that may be incurred, by the Guarantor
                  of any ERISA Affiliate in connection with any event described
                  in clause (A) or (B) above.

                  8.2 Negative Covenants. The Guarantor hereby agrees that, so
         long as (i) any Loan remains outstanding and unpaid or any other amount
         is owing to the Agent or any Lender under the Facility Agreement or
         (ii) the Commitments have not been terminated:

                        (a) the Guarantor shall not at any time permit:

                           (i) its Consolidated Net Worth (as calculated at the
                  end of each fiscal quarter of the Guarantor) to be less than
                  U.S.$1,350,000,000;

                           (ii) the ratio of its consolidated Adjusted Net Debt
                  to consolidated Adjusted Capitalization (each as calculated at
                  the end of each fiscal quarter of the Guarantor) to be greater
                  than 0.635:1.0; and

                           (iii) the ratio of its total consolidated current
                  assets to total consolidated current liabilities, each as
                  calculated at the end of each fiscal quarter of the Guarantor
                  and as determined in accordance with GAAP, to be less than 1.1
                  to 1.0.

                        (b) Limitation of Fundamental Changes. The Guarantor
            shall not enter into any transaction of merger, consolidation or
            amalgamation (other than any merger or amalgamation of any
            Subsidiary with and into the Guarantor so long as the Guarantor
            shall be the surviving, resulting, or continuing company) or
            liquidate, wind up or dissolve itself (or suffer any liquidation or
            dissolution), or convey, sell, lease, assign, transfer or otherwise
            dispose of, all or substantially all of its property, business or
            assets.

                        (c) Liens. The Guarantor shall not nor shall it permit
            any Subsidiary to create or suffer to exist any Lien (including,
            without limitation, any equivalent created or arising under the laws
            of any jurisdiction in which the Guarantor or a Subsidiary does
            business), upon or with respect to any of its present or future
            property including any asset, revenue, or right to receive income or
            any other property, whether tangible or intangible, real or personal
            (all of the foregoing hereinafter called "Property"), in each case
            to secure Indebtedness unless the Guaranty Obligations are equally
            and ratably secured, except: (i) 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

                                       13

<PAGE>

            contested in good faith by appropriate proceedings upon stay of
            execution of the enforcement thereof or upon posting a bond in
            connection therewith; (ii) 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; (iii) any Liens securing
            bonds posted with respect to and in compliance with clauses (i) and
            (ii) above; (iv) 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; (v)
            Liens which are Excluded Liens (as defined below); (vi) any Lien on
            any Property securing Indebtedness incurred or assumed solely for
            the purpose of financing all or any part of the cost of constructing
            or acquiring such Property, which Lien attaches to such Property
            concurrently with or within 90 days after the construction,
            acquisition or completion of a series of related acquisitions
            thereof; (vii) Liens existing immediately prior to the execution of
            this Guaranty and set forth in Schedule V to this Guaranty; (viii)
            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; (ix) Liens on Property
            existing prior to the acquisition of such Property or the
            acquisition of any Subsidiary that is the owner of such Property;
            (x) Liens created by a Subsidiary in favor of the Guarantor or a
            Subsidiary; (xi) Liens on any accounts receivable from or invoices
            to export customers (including, but not limited to, Subsidiaries)
            and the proceeds thereof; (xii) 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; (xiii) Liens on cash deposited as collateral in connection
            with financings where Liens are permitted under clause (xi) and
            (xii) of this subsection 8.2(c); (xiv) Liens extending, renewing or
            replacing, in whole or in part Liens permitted pursuant to clauses
            (i) through (xi), so long as the principal amount of the
            Indebtedness secured by such Lien does not exceed its original
            principal amount; (xv) 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, which are
            necessary for the conduct of the activities of the Guarantor or the
            Subsidiaries 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 the Subsidiaries;
            (xvi) Liens incurred pursuant to the Finance Documents and
            Transaction Documents; (xvii) Liens on accounts receivable and other
            related assets arising in connection with transfers thereof to the
            extent such transfers are treated as true sales of financial assets
            under FASB Statement No. 140, as in effect from time to time; and
            (xviii) Liens (other than Liens otherwise permitted by clauses (i)
            through (xvii) above) incurred by the

                                       14

<PAGE>

            Guarantor or a Subsidiary which, at the time incurred do not,
            together with all other Liens incurred by the Guarantor and the
            Subsidiaries (other than Liens otherwise permitted by clauses (i)
            through (xvii) above) secure an aggregate principal amount exceeding
            (at the time such Lien is issued or created) $250,000,000
            (collectively, Liens described in clauses (i)-(xviii) are referred
            to herein as "Permitted Liens"); provided, however, that
            Indebtedness incurred in connection with any permitted sale and
            leaseback transactions which are treated as debt in accordance with
            generally accepted accounting principles applicable to such
            Subsidiary will be included in such determination and treated as
            being secured by Liens not otherwise permitted by clauses (i)
            through (xvii). For purposes of interpreting the terms of this
            Guaranty, (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 Subsidiary that have been or are to be
            exported from the country of origin whether or not such sale is made
            by a Subsidiary or to any of its Subsidiaries; and (B) property of a
            party to a corporate reorganization which is not the Guarantor or a
            Subsidiary shall be deemed "acquired" by the Guarantor or such
            Subsidiary as part of such corporate reorganization even if the
            Guarantor or Subsidiary, as the case may be, is not the surviving or
            resulting entity.

                        As used in this subsection, the term "Excluded Lien"
            shall mean any Lien (i) granted by the Guarantor or any Subsidiary
            to secure (A) loans from banks controlled by governmental agencies
            or (B) loans from other lenders in connection with government
            programs, or (ii) which secures Indebtedness owing to a Person by
            any of its Subsidiaries.

                        (d) Restrictions on Dividends or Loans by Designated
            Obligors. The Guarantor shall not permit any Designated Obligor to
            enter into any agreement restricting the payment of dividends or the
            making of loans by it to the Guarantor or to any other Designated
            Obligor, except that the Guarantor may permit a Designated Obligor
            to be party to agreements (i) limiting the payment of dividends by
            such Designated Obligor following a default or an event of default
            under such agreement and (ii) requiring the compliance by such
            Designated Obligor with specified net worth, working capital or
            other similar financial tests and (iii) restricting loans to be made
            by such Designated Obligor to any other Obligor or the Guarantor to
            such loans which accrue interest at a rate greater than or equal to
            such lending Designated Obligor's average cost of funds as
            determined in good faith by the Board of Director of such Designated
            Obligor.

            Section 9. Amendments. No amendment or waiver of any provision of
this Guaranty nor consent to any departure by the Guarantor therefrom shall in
any event be effective

                                       15

<PAGE>

unless such amendment or waiver shall be in writing and signed by the Guarantor
and the Agent who shall act following the receipt of the consent of all of the
Lenders. Such waiver or consent shall be effective only in the specific instance
and for the specific purpose for which given.

            Section 10. Notices, Etc. All notices, demands, instructions and
other communications required or permitted to be given to or made upon any
Person pursuant hereto shall be in writing and shall be personally delivered or
sent by registered, certified or express mail, postage prepaid, return receipt
requested, or by facsimile transmission, and shall be deemed to be given for
purposes of this Guaranty, in the case of a notice sent by registered, certified
or express mail, on the date that such writing is actually delivered to the
intended recipient thereof in accordance with the provisions of this Section 10,
or in the case of facsimile transmission, when received and telephonically
confirmed. Unless otherwise specified in a notice sent or delivered in
accordance with the foregoing provisions of this Section 10, notices, demands,
instructions and other communications in writing shall be given to or made upon
the subject parties at their respective Notice Addresses (or to their respective
facsimile transmission numbers) or at such other address or number as any party
may notify to the other parties in accordance with the provisions of this
Section 10.

            Section 11. No Waiver; Remedies. No failure on the part of the Agent
to exercise, and no delay in exercising, any right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any right hereunder
preclude any other or further exercise thereof or the exercise of any other
right. The remedies herein provided are cumulative and not exclusive of any
remedies provided by law.

            Section 12. Costs and Expenses. The Guarantor agrees to pay, and
cause to be paid, on demand all costs and expenses actually incurred by the
Agent in connection with the enforcement of this Guaranty including, without
limitation, the fees and out-of-pocket expenses of outside counsel to the Agent
with respect thereto. The agreements of the Guarantor contained in this Section
12 shall survive the payment of all other amounts owing hereunder or under any
of the other Guaranty Obligations.

            Section 13. Separability. Should any clause, sentence, paragraph,
subsection or Section of this Guaranty be judicially declared to be invalid,
unenforceable or void, such decision will not have the effect of invalidating or
voiding the remainder of this Guaranty, and the parties hereto agree that the
part or parts of this Guaranty so held to be invalid, unenforceable or void will
be deemed to have been stricken herefrom and the remainder will have the same
force and effectiveness as if such part or parts had never been included herein.

            Section 14. Captions. The captions in this Guaranty have been
inserted for convenience only and shall be given no substantive meaning or
significance whatever in construing the terms and provisions of this Guaranty.

            Section 15. Successors and Assigns. This Guaranty shall (a) be
binding upon the Guarantor and its successors and assigns and (b) inure to the
benefit of and be enforceable by the Agent and its successors, transferees and
assigns; provided, however, that any assignment by the

                                       16

<PAGE>

Guarantor of its obligations hereunder shall (i) be subject to the prior written
consent of the Agent acting on the instructions of all of the Lenders at their
complete discretion, and (ii) only be made to a one hundred percent (100%) owned
Affiliate of the Guarantor.

            Section 16. Limitation by Law. All rights, remedies and powers
provided in this Guaranty may be exercised only to the extent that the exercise
thereof does not violate any applicable provision of law, and all the provisions
of this Guaranty are intended to be subject to all applicable mandatory
provisions of law which may be controlling and to be limited to the extent
necessary so that they will not render this Guaranty invalid, unenforceable, in
whole or in part, or not entitled to be recorded, registered or filed under the
provisions of any applicable law.

            Section 17. Substitution of Guaranty. Subject to the prior written
consent of the Agent acting on the instructions of all of the Lenders at their
complete discretion, the Guarantor shall, during the term of this Guaranty, be
permitted at its option to provide collateral to the Agent or another form of
credit support as a substitute for its obligations under this Guaranty. The
Guarantor agrees to execute whatever security or credit support documents the
Agent reasonably requests in order to effectuate the provisions of this Section
17.

            Section 18. GOVERNING LAW; FOREIGN PARTY PROVISIONS.

                        (a) THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN
            ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                        (b) 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 Guaranty or the other Finance Documents and Transaction
            Documents. 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.

                        (c) Appointment of 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
            subsection 18(b) hereof and represents and warrants that the
            Authorized Agent has accepted such designation, (ii) agrees that
            service of process in any proceeding may be effected by mailing a
            copy thereof by registered or certified mail or by overnight courier
            service, postage prepaid, to its Chief Financial Officer at its
            principal executive offices at 50 Main Street, White

                                       17

<PAGE>

            Plains, New York 10606 and (iii) 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 the Guaranty is in existence.

                        (d) 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 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
            Guaranty or any other Finance Documents and Transaction Documents,
            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.

                        (e) Foreign Taxes. Any payments by the Guarantor to the
            Agent hereunder shall be made free and clear of, and without
            deduction or withholding for or on account of, any and all present
            and future income, stamp or other taxes, levies, imposts, duties,
            charges, fees, deductions or withholdings, now or hereinafter
            imposed, levied, collected, withheld or assessed by Bermuda or any
            other jurisdiction in which the Guarantor has an office from which
            payment is made or deemed to be made, excluding (i) any such tax
            imposed by reason of the Agent, having some connection with any such
            jurisdiction other than its participation as the Agent under the
            Finance Documents and Transaction Documents, and (ii) any income or
            franchise tax on the overall net income of the Agent imposed by the
            United States or by the State of New York or any political
            subdivision of the United States or of the State of New York on the
            office of the Agent through which it is acting in connection with
            this transaction (all such non-excluded taxes, "Foreign Taxes"). If
            the Guarantor is prevented by operation of law or otherwise from
            paying, causing to be paid or remitting that portion of amounts
            payable hereunder represented by Foreign Taxes withheld or deducted,
            then amounts payable under this Guaranty shall, to the extent
            permitted by law, be increased to such amount as is necessary to
            yield and remit to the Agent an amount which, after deduction of all
            Foreign Taxes (including all Foreign Taxes payable on such increased
            payments) equals the amount that would have been payable if no
            Foreign Taxes applied.

                                       18

<PAGE>

                        (f) Judgment Currency. The obligations of the Guarantor
            in respect of any sum due to the Agent or any Lender hereunder or
            any holder of the obligations owing hereunder (the "Applicable
            Creditor") shall, notwithstanding any judgment in a currency (the
            "Judgment Currency") other than the currency in which such sum is
            stated to be due hereunder (the "Agreement Currency"), be discharged
            only to the extent that, on the Business Day following receipt by
            the Applicable Creditor of any sum adjudged to be so due in the
            Judgment Currency, the Applicable Creditor may in accordance with
            normal banking procedures in the relevant jurisdiction purchase the
            Agreement Currency with the Judgment Currency; if the amount of the
            Agreement Currency so purchased is less than the sum originally due
            to the Applicable Creditor in the Agreement Currency, the Guarantor
            as a separate obligation and notwithstanding any such judgment,
            agrees to indemnify the Applicable Creditor against such loss. The
            obligations of the Guarantor contained in this Section shall survive
            the termination of this Guaranty and the Facility Agreement and the
            payment of all other amounts owing hereunder and thereunder.

            Section 19. Reinstatement. This Guaranty shall be reinstated to the
extent of payments made to the Guarantor as reimbursement of amounts advanced by
the Guarantor hereunder. The Guarantor agrees that this Guaranty shall continue
to be effective or be reinstated, as the case may be, if at any time any part of
any payment of principal of, or interest on, the Guaranty Obligations is stayed,
rescinded or must otherwise be restored by the Agent upon the bankruptcy or
reorganization of BFE or any other Person.

            Section 20. HSBC Conflict Waiver. HSBC Bank plc acts as Agent and
Lender and may provide other services or facilities from time to time (the "HSBC
Roles"). The Guarantor hereto acknowledges and consents to any and all HSBC
Roles, waives any objections it may have to any actual or potential conflict of
interest caused by HSBC Bank plc acting as Agent or as Lender hereunder and
acting as or maintaining any of the HSBC Roles, and agrees that in connection
with any HSBC Role, HSBC Bank plc may take, or refrain from taking, any action
which it in its discretion deems appropriate.

            Section 21. Setoff. In addition to any rights now or hereafter
granted under applicable law and not by way of limitation of any such rights,
upon the occurrence of an Event of Default or a Series 2003-1 Early Amortization
Event, each Lender is hereby authorized at any time or from time to time,
without notice to the Guarantor or to any other Person, any such notice being
hereby expressly waived, to setoff and to appropriate and apply any and all
deposits (general or special) and any other indebtedness at any time held or
owing by such Lender, to or for the credit or the account of the Guarantor
against and on account of the obligations and liabilities of the Guarantor to
such Lender, as applicable, under this Guaranty or any other Finance Document,
including, without limitation, all claims of any nature or description arising
out of or connected with this Guaranty or any other Finance Document,
irrespective of whether or not such Lender shall have made any demand hereunder
and although said obligations, liabilities or claims, or any of them, shall be
contingent or unmatured.

                                       19

<PAGE>

            If any Lender, whether by setoff or otherwise, has payment made to
it under this Guaranty or any other Finance Document upon its Loans in a greater
proportion than that received by any other Lender, such Lender agrees, promptly
upon demand, to purchase a portion of the Loans held by the other Lenders so
that after such purchase each Lender will hold its ratable proportion of Loans.

                                       20

<PAGE>

            IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be
duly executed by its officers thereunto duly authorized, as of the date first
written above.

                                                 GUARANTOR:

                                                 BUNGE LIMITED,
                                                 a Bermuda company

                                                 By:____________________________
                                                      Name:  ___________________
                                                      Title:  __________________

                                                 By:____________________________
                                                      Name:  ___________________
                                                      Title:  __________________

<PAGE>

                                                                      Schedule I

                              Material Developments
                              ---------------------

                                      None

                                     SI - 1

<PAGE>

                                                                     Schedule II

                              Environmental Matters
                              ---------------------

This Schedule II to the Guaranty hereby incorporates by reference all disclosure
related to environmental matters set forth in BL's Annual Report on Form 10-K
for the fiscal year ended December 31, 2005, which was filed on March 15, 2006.

                                     SII - 1

<PAGE>

                                                                    Schedule III

                              Defaulted Facilities
                              --------------------

                                      None

                                    SIII - 1

<PAGE>

                                                                     Schedule IV

                               Designated Obligors
                               -------------------

     Name                                      Percentage Directly or Indirectly
     ----                                      ---------------------------------
                                                           Owned by BL
                                                           -----------
     Bunge Limited                                             --
     Bunge Global Markets Inc.                                100%
     Bunge N.A. Holdings, Inc.                                100%
     Bunge North America, Inc.                                100%
     Koninklijke Bunge B.V.                                   100%
     Bunge Argentina S.A.                                     100%
     Bunge S.A.                                               100%
     Bunge Fertilizantes International                        100%
     Limited
     Bunge Alimentos S.A.                                      91%
     Bunge Fertilizantes S.A. (Brazil)                        100%
     Ceval International Limited                               91%
     Bunge Europe Finance B.V.                                100%

                                    SIV - 1

<PAGE>

                                                                      Schedule V

                                 Permitted Liens
                                 ---------------
<TABLE>
<CAPTION>
--------------------------- ------------------------ ---------------------- ---------------------------------------
Subsidiary/Joint Ventures   Facility                 Amount Outstanding     Description of Collateral
<C>                         <C>                      <C>                    <C>

--------------------------- ------------------------ ---------------------- ---------------------------------------
Bunge Argentina S.A.        IFC Loan                 $5.0 million           Land, buildings and shares of
                                                                            Terminal Bahia Blanca

--------------------------- ------------------------ ---------------------- ---------------------------------------
Terminal 6 and Terminal     IFC Loan (Bunge's        $13.0 million          Shares of stock of Terminal 6
6I (unconsolidated joint    share)
ventures)

--------------------------- ------------------------ ---------------------- ---------------------------------------
Bunge Alimentos S.A.        Bank                     $7.2 million           Land, buildings and
                                                                            equipment

--------------------------- ------------------------ ---------------------- ---------------------------------------
Bunge Fertilizantes S.A./   BNDES (various)          $44.5 million          Shares of stock of Fosfertil
Fosfertil S.A.                                                              S.A./Ultrafertil S.A/. and Bunge
                                                                            Fertilizantes S.A.

                            Other                    $4.5 million           Land and buildings
--------------------------- ------------------------ ---------------------- ---------------------------------------
</TABLE>

                                     SV - 1

<PAGE>

                                                                     Schedule VI

           Material Contingent Liabilities and Material Disposition or
           -----------------------------------------------------------
                             Acquisition of Assets
                             ---------------------

This Schedule VI to the Guaranty hereby incorporates by reference all
disclosures set forth in the Form 10-Q that was filed by BL on November 9, 2006.

                                      SVI-1

<PAGE>

                                                                    Schedule VII

                               Material Litigation
                               -------------------

This Schedule VII to the Guaranty hereby incorporates by reference all
disclosure related to legal proceedings set forth in BL's Annual Report on Form
10-K for the fiscal year ended December 31, 2005, which was filed on March 15,
2006.

                                     SVII-1

<PAGE>

                                     ANNEX A
                                     -------

"1940 Act": the United States Investment Company Act of 1940, as amended.

"Adjusted Capitalization": the sum of the Guarantor's Consolidated Net Worth and
the Guarantor's consolidated Adjusted Net Debt.

"Adjusted Net Debt": with respect to any Person on any date of determination,
(a) the aggregate principal amount of Indebtedness of such Person on such date
minus (b) the sum of all cash, marketable securities and Liquid Inventory of
such Person on such date.

"Aggregate Exposure Percentage": as defined in Section 2.

"BFE": as defined in the preamble hereto.

"BL": Bunge Limited, a company organized under the laws of Bermuda, and its
successors and permitted assigns.

"Consolidated Net Worth": the Net Worth of the Guarantor and its consolidated
Subsidiaries determined on a consolidated basis in accordance with GAAP, plus
minority interests in Subsidiaries.

"Dollars" and "$": dollars in lawful currency of the United States.

"Environmental Claim": any and all administrative, regulatory or judicial
actions, suits, demands, demand letters, claims, liens, notices of
non-compliance or violation, investigations or proceedings relating in any way
to any Environmental Law or any permit issued under any such law (hereinafter
"Claims"), including, without limitation, (a) any and all Claims by governmental
or regulatory authorities for enforcement, cleanup, removal, response, remedial
or other actions or damages pursuant to any applicable Environmental Law and (b)
any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting or
arising from alleged or actual injury or threat of injury to the environment by
reason of a violation of or liability arising under any Environmental Law.

"Environmental Law": any and all federal, state, local or foreign laws, rules,
orders, regulations, statutes, ordinances, codes, decrees, requirements of any
Governmental Authority or other Requirements of Law (including common law)
regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time
hereafter be in effect.

                                     A - 1

<PAGE>

"ERISA": shall mean the United States Employee Retirement Income Security Act of
1974, as amended.

"ERISA Affiliate": with respect to any Person, any trade or business (whether or
not incorporated) that is a member of a group of which such Person is a member
and which is treated as a single employer under Section 414 of the Code.

"ERISA Event": (a) (i) the occurrence of a reportable event, within the meaning
of Section 4043 of ERISA, with respect to any Plan unless the 30-day notice
requirement with respect to such event has been waived by the PBGC or (ii) the
requirements of Section 4043(b) of ERISA apply with respect to a contributing
sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and an event
described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c) of ERISA
is reasonably expected to occur with respect to such Plan within the following
30 days; (b) the application for a minimum funding waiver with respect to a
Plan; (c) the provision by the administrator of any Plan of a notice of intent
to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA (including any
such notice with respect to a plan amendment referred to in Section 4041(e) of
ERISA); (d) the cessation of operations at a facility of the Guarantor or any
ERISA Affiliate in the circumstances described in Section 4062(e) of ERISA; (e)
the withdrawal by the Guarantor or any ERISA Affiliate from a Multiple Employer
Plan during a plan year for which it was a substantial employer, as defined in
Section 4001(a)(2) of ERISA; (f) the conditions for imposition of a lien under
Section 302(f) of ERISA shall have been met with respect to any Plan; (g) the
adoption of an amendment to a Plan requiring the provision of security to such
Plan pursuant to Section 307 of ERISA; or (h) the institution by the PBGC of
proceedings to terminate a Plan pursuant to Section 4042 of ERISA, or the
occurrence of any event or condition described in Section 4042 of ERISA that
constitutes grounds for the termination of, or the appointment of a trustee to
administer, such Plan.

"Excluded Lien": as defined in Section 8.2(c).

"Facility Agreement": as defined in the preamble hereto.

"Foreign Taxes": as defined in Section 18(e).

"GAAP": generally accepted accounting principles in the United States as in
effect from time to time.

"Guarantor": BL.

"Guaranty": as defined in the preamble hereto.

                                     A - 2

<PAGE>

"Guaranty Obligations": as defined in Section 2.

"Hazardous Materials": (a) any petroleum or petroleum products, radioactive
materials, asbestos in any form that is or could become friable, urea
formaldehyde foam insulation, transformers or other equipment that contain
dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;
(b) any chemicals, materials or substances defined as or included in the
definition of "hazardous substances," "hazardous waste," "hazardous materials,"
"extremely hazardous waste," "restricted hazardous waste," "toxic substances,"
"toxic pollutants," "contaminants," or "pollutants," or words of similar import,
under any applicable Environmental Law; and (c) any other chemical, material or
substance, exposure to which is prohibited, limited or regulated by any
governmental authority having jurisdiction over the Guarantor or its
Subsidiaries and the manufacturing, trading or extraction of which constitutes a
material portion of the business of the Guarantor or any of its Subsidiaries.

"Hedge Agreements": 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.

"HSBC Roles": as defined in Section 20.

"Indebtedness": 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 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 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 by such Person of
Indebtedness of others (other than guarantees of obligations of direct or
indirect Subsidiaries of such Person).

"Indebtedness for Borrowed Money": all items that, in accordance with GAAP,
would be classified as indebtedness on a consolidated balance sheet of the
Guarantor.

"Intercompany Loans": Loans, as defined in Annex X to the Pooling Agreement.

                                     A - 3

<PAGE>

"Investor Certificates": as defined in Annex X to the Pooling Agreement.

"Judgment Currency": as defined in Section 18(f).

"Lien": with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, encumbrance, charge or security interest in or on such asset and (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement relating to such asset.

"Liquid Inventory": as to the Guarantor and its consolidated Subsidiaries at any
time, its inventory at such time of commodities which are traded on any
recognized commodities exchange, valued depending on the type of such commodity
at either (a) the lower of cost or the market value at such time or (b) the
market value at such time.

"Loan Purchase Date": as defined in Annex X to the Pooling Agreement.

"Multiple Employer Plan": a single employer plan, as defined in Section
4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or
any ERISA Affiliate and at least one Person other than the Guarantor and the
ERISA Affiliates or (b) was so maintained and in respect of which the Guarantor
or any ERISA Affiliate could have liability under Section 4064 or 4069 of ERISA
in the event such plan has been or were to be terminated.

"Net Worth": with respect to any Person, the sum of such Person's capital stock,
capital in excess of par or stated value of shares of its capital stock,
retained earnings and any other account which, in accordance with GAAP,
constitutes stockholders' equity, excluding any treasury stock.

"Notice Address":

                                     A - 4

<PAGE>

     -------------------------- ----- -----------------------------------------
     Agent:                           HSBC BANK PLC
                                      Level 17
                                      8 Canada Square
                                      London E14 5HQ
                                      Facsimile:   44 020 7991 4347

                                      Operational Agency Matters:

                                      Attention: Khalid Raja
                                      Tel. No.: 44 20 7992 2038
     -------------------------- ----- -----------------------------------------
     Guarantor:                       BUNGE LIMITED
                                      50 Main Street
                                      White Plains, New York 10606
                                      Attention: Morris Kalef
                                      Tel. No:     (914) 684-3440
                                      Telecopy:    (914) 684-3283
     -------------------------- ----- -----------------------------------------

"Obligor": as defined in Annex X to the Pooling Agreement.

"PBGC": the Pension Benefit Guaranty Corporation established pursuant to
Subtitle A of Title IV of ERISA and any Person succeeding to the functions
thereof.

"Permitted Lien": as defined in Section 8.2(c).

"Plan": a Single Employer Plan or a Multiple Employer Plan.

"Pooling Agreement": the Fifth Amended and Restated Pooling Agreement, dated as
of June 28, 2004, among Bunge Funding, Inc., Bunge Management Services, Inc., as
servicer, and The Bank of New York, as trustee, and all amendments thereof and
supplements thereto.

"Property": as defined in Section 8.2(c).

"Purchased Loan": as defined in Annex X to the Pooling Agreement.

"Rating Agency": either one of (a) Standard & Poor's Ratings Services, a
division of The McGraw-Hill Companies, Inc., or any successor thereto, or (b)
Moody's Investors Service, Inc. or any successor thereto.

                                     A - 5

<PAGE>

"Sale Agreement": the Second Amended and Restated Sale Agreement, dated as of
September 6, 2002, among the Sellers and Bunge Funding, Inc., as amended,
supplemented or otherwise modified from time to time in accordance with the
Transaction Documents.

"Sellers": Bunge Finance Limited and Bunge Finance North America, Inc. and their
respective successors and permitted assigns and any additional Seller that
becomes a party to the Sale Agreement in accordance with the terms of the
Transaction Documents.

"Series 2003-1 VFC": the Series 2003-1 VFC Certificate executed by Bunge
Funding, Inc. and authenticated by or on behalf of The Bank of New York, as
trustee.

"Single Employer Plan": a single employer plan, as defined in Section
4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or
any ERISA Affiliate and no Person other than the Guarantor and the ERISA
Affiliates or (b) was so maintained and in respect of which the Guarantor or any
ERISA Affiliate could have liability under Section 4069 of ERISA in the event
such plan has been or were to be terminated.

"Transaction Documents": as defined in Annex X to the Pooling Agreement.

"Trust": the Bunge Master Trust created by the Pooling Agreement.

"Trust Assets": as defined in Annex X to the Pooling Agreement.

"UCC": the Uniform Commercial Code, as amended, replaced or otherwise revised
from time to time, as in effect in any specified jurisdiction.

"Withdrawal Liability": as defined in Part I of Subtitle E of Title IV of ERISA.

                                     A - 6

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