Document:

<PAGE>   1
                                  SEMINIS, INC.
                          SEMINIS VEGETABLE SEEDS, INC.
                                SVS HOLLAND B.V.
                       THIRD AMENDMENT TO CREDIT AGREEMENT

Harris Trust and Savings Bank
Chicago, Illinois

The Banks party to the Credit Agreement
  referred to below

Ladies and Gentlemen:

      Reference is hereby made to that certain Credit Agreement dated as of June
28, 1999, as amended (the "Credit Agreement"), among the undersigned, SEMINIS,
INC., a Delaware corporation ("Seminis"), SEMINIS VEGETABLE SEEDS, INC., a
California corporation ("SVS") and SVS HOLLAND B.V., a private company with
limited liability incorporated under the laws of The Netherlands ("SVS Holland"
and, together with Seminis and SVS, individually a "Borrower" and collectively
the "Borrowers"), you (the "Banks") and Harris Trust and Savings Bank, as
administrative agent for the Banks (the "Administrative Agent"). All capitalized
terms used herein shall have the same meaning as in the Credit Agreement unless
otherwise defined herein.

      The Administrative Agent, the Banks and the Borrowers wish to amend
certain provisions of the Credit Agreement, all in the manner set forth in this
Amendment.

1.  AMENDMENTS.

      Upon satisfaction of all of the conditions precedent set forth in Section
2 hereof, the following provisions of the Credit Agreement shall be amended as
follows:

     1.1. Section 1.1(a) of the Credit Agreement shall be amended by adding the
following sentence at the end of the last paragraph thereof:

             "Notwithstanding anything to the contrary contained in this
             Agreement, the Revolving Credit Notes or any other Loan Document,
             (i) the Revolving Credit Commitments (including without limitation
             the Borrowers' ability to obtain L/Cs) were terminated on February
             15, 2001, and (ii) the Revolving Credit Loans shall mature, and
             shall be due and payable in full, on December 31, 2002."

     1.2. Section 1.1(b) of the Credit Agreement shall be amended to read as
follows:

                   "(b) Intentionally omitted."

<PAGE>   2

     1.3. The last paragraph of Section 1.2 of the Credit Agreement shall be
amended to read as follows:

                        "The Term Loan made by each Term Credit Lender to the
                  Domestic Borrowers shall be evidenced by a Term Credit Note of
                  the Domestic Borrowers in the form (with appropriate
                  insertions) attached hereto as Exhibit B-1 payable to the
                  order of such Term Credit Lender in the amount of its Term
                  Loan to the Domestic Borrowers, and each Term Loan made by
                  each Term Credit Lender to SVS Holland shall be evidenced by a
                  Term Credit Note of SVS Holland in the form (with appropriate
                  insertions) attached hereto as Exhibit B-2 payable to the
                  order of such Term Credit Lender in the amount of its Term
                  Loan to SVS Holland (such Term Credit Notes are hereinafter
                  referred to individually as a "Term Credit Note" and
                  collectively as the "Term Credit Notes"). Notwithstanding
                  anything to the contrary contained in this Agreement, the
                  Notes or any other Loan Document, the principal amount of the
                  Term Loans outstanding on the Third Amendment Effective Date
                  shall mature in ten (10) installments payable on the dates
                  specified below and with the aggregate principal amount of
                  each such installment on all Term Loans to be in the amount
                  specified below for each payment date:

<TABLE>
<CAPTION>
                   Principal Payment Date            Amount of Principal Payment
                   ----------------------            ---------------------------
<S>                                                  <C>
                   July 31, 2001                            $ 2,000,000

                   August 31, 2001                          $ 2,000,000

                   September 30, 2001                       $12,000,000

                   October 31, 2001                         $19,000,000

                   February 28, 2002                        $ 2,000,000

                   March 31, 2002                           $ 2,000,000

                   June 30, 2002                            $31,000,000

                   August 31, 2002                          $ 9,000,000

                   October 31, 2002                         $ 5,000,000

                   December 31, 2002                        $99,750,000
</TABLE>

                        The amount of each installment due on the Term Loans
                  held by each Bank shall be a pro rata part (based on the
                  percentage of the aggregate principal amount of all Term Loans
                  then outstanding which is held by each Bank) of each such
                  aggregate amount."

                                      -2-
<PAGE>   3

     1.4. The sixth sentence of Section 1.4(a) of the Credit Agreement shall be
amended by deleting the phrase "for LIBOR Portions of the Revolving Credit
Loans" appearing therein.

     1.5. The last sentence of Section 1.4(a) of the Credit Agreement shall be
amended to read as follows:

             "All L/C Participation Fees shall be payable monthly in arrears on
             the last day of each month and on the final maturity date of the
             Revolving Credit Loans (whether by lapse of time, acceleration or
             otherwise), and all L/C Administrative Fees and L/C Issuance Fees
             shall be payable on the date of issuance of each L/C hereunder and
             on the date required by Harris."

     1.6. Section 1.4 of the Credit Agreement shall be amended by adding the
following provision thereto as subsection (d) thereof:

                   "(d) Notwithstanding anything to the contrary contained in
             this Agreement, Harris may, in its discretion and upon Seminis'
             request, extend (including, without limitation, in the case of any
             L/C with an expiration date that is automatically extended unless
             Harris gives notice that the expiration date will not be extended
             beyond its then scheduled expiration date, by means of not giving a
             notice of non- renewal) the expiration date of any L/C outstanding
             on the Third Amendment Effective Date to a date not later than
             December 31, 2002, provided, that at the time of such extension (or
             on the latest date any such notice of non-renewal was required to
             be given, if applicable) the conditions precedent contained in
             Section 6.2 shall be satisfied."

     1.7. Section 1.8(b) of the Credit Agreement shall be amended to read as
follows:

                   "(b) Intentionally omitted."

     1.8. Section 2 of the Credit Agreement shall be amended to read as follows:

                   "SECTION 2. INTEREST.

                   Section 2.1. Interest. All Loans shall bear interest (which
             the Borrowers jointly and severally promise to pay at the times
             herein provided), at the rate per annum determined by adding the
             Applicable Margin to the Base Rate as in effect from time to time.
             Interest on the Loans shall be payable monthly in arrears on the
             last day of each month in each year and at maturity (whether by
             lapse of time, acceleration or otherwise) of the applicable Notes
             and interest after maturity shall be due and payable upon demand.

                   Section 2.2. Deferred Interest and L/C Participation Fees. In
             addition to the L/C Participation Fees payable pursuant to Section
             1.4(a) hereof and the interest accrued pursuant to Section 2.1,
             from and after May 1, 2001, through the earlier of the date on
             which a Payment Default occurs and March 31, 2002, (x) the L/C
             Participation Fee, and (y) interest on all Loans and Reimbursement
             Obligations shall accrue at an additional rate per annum equal to
             two and a half percent (2.5%) (the

                                      -3-
<PAGE>   4

              "Deferred Interest"). The Deferred Interest shall be payable
              immediately upon the occurrence of a Payment Default; provided,
              however, that (a) if no Payment Default has occurred on or before
              December 31, 2001, no Deferred Interest shall be payable with
              respect to the period from May 1, 2001, through December 31, 2001,
              (b) if no Payment Default occurs between January 1, 2002, and on
              or before March 31, 2002, no Deferred Interest will be payable
              with respect to the period prior to the occurrence of a Payment
              Default from January 1, 2002, and March 31, 2002, and (c) no
              Deferred Interest shall accrue for any period during which the
              Applicable Margins have been increased by 2.5% due to the
              existence of an Event of Default as provided in the first proviso
              to the definition of the term "Applicable Margins" contained in
              Section 4.1 of this Agreement.

                    Section 2.3. Computation. All interest on the Notes and all
              fees, charges and commissions due hereunder shall be computed on
              the basis of a year of 365/366 days for the actual number of days
              elapsed unless otherwise specifically provided in this Agreement."

     1.9. Section 3.1 of the Credit Agreement shall be amended to read as
follows:

                    "Section 3.1. Fees and Other Amounts. (a) The Borrowers
              agree to pay to the Administrative Agent for the account of the
              Banks a restructuring fee in the amount of 2.5% of the aggregate
              principal amount of all Loans and Reimbursement Obligations and
              the maximum amount available to be drawn under all L/Cs
              outstanding on the Third Amendment Effective Date, which shall be
              fully earned on said date and shall be payable in four
              installments as follows: $776,169 on each of July 31, 2001, August
              31, 2001, and June 30, 2002, and $5,433,183 on December 31, 2002;
              provided, however, that the installments due on June 30, 2002 and
              December 31, 2002 shall not be payable if all Loans and
              Reimbursement Obligations have been paid in full and no L/Cs are
              outstanding on such dates.

                    (b) The Additional Margin (as defined in the Modification
              Agreement) payable pursuant to Section 14 of the Modification
              Agreement for the period beginning December 20, 2000, and ending
              April 30, 2001, shall be payable in two equal installments of
              $1,140,777.40 payable on May 31, 2001, and June 30, 2001.

                    (c) The waiver fee payable pursuant to Section 18 of the
              Modification Agreement shall be payable in two installments of
              $396,281.50 each, payable on May 30, 2001, and June 30, 2001."

     1.10. Sections 3.3 and 3.4 of the Credit Agreement shall be amended to read
as follows:

                    "Section 3.3. Prepayments.

                    (a) Optional Prepayments. The Borrowers shall have the
              privilege of prepaying without premium or penalty and in whole or
              in part (but if in part, then in a minimum principal amount of
              $500,000 or such greater amount which is an integral multiple of
              $500,000) any Loan at any time upon prior telecopy or telephonic
              notice

                                      -4-
<PAGE>   5

             from Seminis to the Administrative Agent on or before 11:00 a.m.
             (Chicago time) on the Business Day of such prepayment. Any amount
             prepaid may not be reborrowed.

                   (b) Mandatory Prepayments. The first $18,000,000 of Net Asset
             Sale Proceeds received by Seminis and its Subsidiaries after the
             Third Amendment Effective Date shall be used concurrently with
             their receipt by any Borrower to prepay the Term Loans then
             outstanding ratably in accordance with the outstanding principal
             amounts thereof. The next $5,000,000 of Net Asset Sale Proceeds
             received by Seminis and its Subsidiaries may be retained by the
             Borrowers and used for contingency and working capital purposes.
             All Net Asset Sale Proceeds in excess of $23,000,000 shall be used
             concurrently with their receipt by any Borrower or Third party
             Pledgor to prepay the Term Loans then outstanding ratably in
             accordance with the outstanding principal amounts thereof until all
             Term Loans have been paid in full and then to prepay the Revolving
             Credit Loans then outstanding ratably in accordance with the
             outstanding principal amounts thereof. Net Asset Sale Proceeds
             received by the Borrowers or any Subsidiary from the Third
             Amendment Effective Date through October 31, 2001, shall be applied
             to the principal installments on the Term Loans payable in calendar
             year 2001 in direct order of their maturities, and all Net Asset
             Sale Proceeds received by the Borrowers or any Subsidiary after
             October 1, 2001, shall be applied to the principal installments on
             the Term Loans as follows: 50% of such Net Asset Sale Proceeds
             shall be applied to the principal installments of the Term Loans in
             the inverse order of their respective maturities and the remaining
             50% of all net Asset Sale Proceeds shall be applied to the
             principal installments of the Term Loans in direct order of their
             respective maturities; provided, however, that up to 100% of Net
             Asset Sale Proceeds received after October 31, 2001, may be
             applied, at Seminis' election, to pay up to $20,000,000 of the
             principal installment of the Term Loans that is payable on June 30,
             2002.

                   Section 3.4. Intentionally Omitted."

     1.11. The following definitions appearing in Section 4.1 of the Credit
Agreement shall be amended and restated in their entirety to read as follows:

               "Applicable Margin" shall mean, during each period specified
             below, the rate of interest per annum shown below for the range of
             the aggregate principal amount of the Loans and Reimbursement
             Obligations and the aggregate amount available to be drawn under
             all L/Cs outstanding during such period specified below:

                                      -5-
<PAGE>   6

<TABLE>
<CAPTION>
                                       05/01/01   11/01/01     01/01/02    04/01/02     07/01/02
                    OUTSTANDING         through    through      through       through       and
                       DEBT:           10/31/01   12//31/01    03/31/02     06/30/02    thereafter
<S>                <C>                 <C>        <C>           <C>         <C>         <C>
    Level I        >  $275,000,000       2.50%     3.00%         3.25%        3.50%      3.75%
                   -
    Level 2        $245,000,000 to       2.25%     2.25%         2.50%        2.75%      3.00%
                   $274,999,999

    Level 3        $220,000,000 to       1.75%     1.75%         2.00%        2.25%      2.50%
                   $244,999,999

    Level 4        <$219,999,999         1.25%     1.25%         1.50%        1.75%      2.00%
                   -
</TABLE>

             provided, however, that if and so long as any Event of Default has
             occurred and is continuing, the Applicable Margins as otherwise
             computed hereunder shall be increased by adding 2.5% per annum
             thereto.

                    The Applicable Margins will be adjusted on the first day of
             each period specified above and upon each date on which the
             outstanding principal amount of the Borrowers' Debt is reduced
             (each an "Adjustment Date"). Not later than 2 Business Days after
             each Adjustment Date, the Administrative Agent shall determine the
             outstanding Debt level for the applicable period and shall promptly
             notify the Borrowers and the Banks of such determination and of any
             change in the Applicable Margins resulting therefrom. Any such
             change in the Applicable Margins shall be effective as of the
             relevant Adjustment Date with respect to all Loans outstanding on
             such date, and such new Applicable Margins shall continue in effect
             until the effective date of the next redetermination in accordance
             with this Section. Each determination of the amount of outstanding
             Debt and Applicable Margins by the Administrative Agent in
             accordance with this Section shall be conclusive and binding on the
             Borrowers and the Banks absent manifest error. From the Third
             Amendment Effective Date until the Applicable Margins are first
             adjusted pursuant hereto, the Applicable Margins shall be those set
             forth in Level I.

                    "EBITDA" shall mean for any period, Net Income for such
             period plus all amounts deducted in arriving at such Net Income
             amount in respect of (a) Interest Expense, amortization or
             write-off of debt discount and debt issuance costs and other fees
             and charges associated with Debt (including the Loans), (b)
             foreign, federal, state and local income taxes for such period, (c)
             all amounts properly charged for depreciation of fixed assets and
             amortization of intangible assets during such period, (d)
             Extraordinary expenses or losses as defined by generally accepted
             accounting principles, consistently applied, (e) losses from sale
             of assets outside the ordinary course of business, (f) the legal
             and consulting fees for restructuring, (g) unrealized gains or
             losses under Interest Rate Protection Agreements, (h) expenses or
             charges related to closing or down-sizing facilities or corporate
             entities ("Down-Sizing Expenses"), (i) minus (in the case of gains)
             or plus (in the case of losses) non-cash charges relating to
             foreign currency gains or losses, (j) write-offs of non-cash
             inventory, (k) non-cash charges for impairment of long-lived
             assets, (l) non-cash minority interest expense, (m) minus non-cash
             minority interest income, and (n) plus

                                      -6-
<PAGE>   7

             (in the case of items deducted in arriving at Net Income) and minus
             (in the case of items added in arriving at Net Income) non-cash
             charges resulting from changes in accounting principals; and minus,
             to the extent included in the statement of such Net Income for such
             period, the sum of (a) interest income, (b) Extraordinary income or
             gains as defined by generally accepted accounting principles,
             consistently applied, (c) gains on sale of assets outside the
             ordinary course of business; provided, however that the amount
             added to Net Income pursuant to clauses (d), (e) and (f) and (h)
             paid in cash shall not exceed $ 11,500,000 at any time.

                    "Hungnong" shall mean Seminis Korea Inc., a corporation
             organized under the laws of Korea and formerly known as Hungnong
             Seed Co., Ltd.

                    "Interest Coverage Ratio" shall mean, as of any date, the
             ratio of (a) EBITDA of Seminis and its Subsidiaries for the 12
             consecutive months ended on such date, to (b) the Interest Expense
             of Seminis and its Subsidiaries for the same period; provided,
             however, that (i) the Interest Coverage Ratio as of June 30, 2001
             shall be the ratio of EBITDA of Seminis and its Subsidiaries for
             the six month ended on such date to the Interest Expense of Seminis
             and its Subsidiaries for the same period, and (ii) the Interest
             Coverage Ratio as of September 30, 2001 shall be the ratio of
             EBITDA of Seminis and its Subsidiaries for the nine consecutive
             months ended on such date to the Interest Expense of Seminis and
             its Subsidiaries for the same period.

                    "Interest Expense" shall mean, with reference to any period,
             the sum of all interest charges (including imputed interest charges
             with respect to Capitalized Lease Obligations, and all amortization
             of debt discount and expense) of Seminis and its Subsidiaries for
             such period determined on a consolidated basis in accordance with
             generally accepted accounting principles, consistently applied.

                    "Interest Rate Protection Agreements" shall mean any
             interest rate swap, interest rate cap, interest rate collar or
             other interest rate hedging agreement or arrangement.

                    "Net Income" means, with reference to any period, the net
             income (or net loss) of Seminis and its Subsidiaries for such
             period as computed on a consolidated basis in accordance with
             generally accepted accounting principles, consistently applied,
             and, without limiting the foregoing, after deduction from gross
             income of all expenses and reserves, including reserves for all
             taxes on or measured by income.

                    "Security Documents" shall mean the Security Agreement, the
             Intellectual Property Security Agreement, the Current Asset
             Security Agreement, the General Security Agreement, the Peto
             Notarial Deed of Pledge, the SVS Notarial Deed of Pledge, any and
             all other security agreements, mortgages, deeds of trust, pledge
             agreements and other instruments and documents that grant or create
             a Lien in favor of the Administrative Agent for the benefit of the
             Banks, all stock powers delivered in connection therewith, all
             acknowledgements and other instruments and documents received
             pursuant to any of the foregoing and all financing statements filed
             in connection therewith.

                                      -7-
<PAGE>   8

    1.12. Section 4.1 of the Credit Agreement shall be amended by adding the
following definitions thereto in the appropriate alphabetical order:

                   "Cash Flow Projections" shall mean the projected cash flow
             from SVS for its fiscal years ending on September 30, 2001 and
             September 30, 2002 attached hereto as Exhibit R.

                   "General Security Agreement" shall mean the General Security
             Agreement dated as of December 29, 2000, from Seminis, SVS, and the
             other debtors named therein to the Administrative Agent, as the
             same may be amended, modified, supplemented or restated from time
             to time."

                   "Modification Agreement" shall mean the Modification and
             Interim Waiver Agreement dated as of December 29, 2000, among the
             Borrowers, the Agent and the Banks.

                   "Net Asset Sale Proceeds" shall mean the cash proceeds
             received by Seminis or its Subsidiaries in respect of any sale or
             other disposition of Property, less (a) any transaction expenses
             reasonably incurred by Seminis or its Subsidiaries in respect of
             such sale, and (b) (i) the amount of any Debt secured by a Lien on
             such Property and required to be discharged from, and actually
             discharged from, the proceeds thereof, and (ii) any taxes actually
             paid or payable by Seminis or its Subsidiaries concurrently with
             the completion of such sale or other disposition or within 30 days
             thereafter (as estimated by a senior financial or accounting
             officer of Seminis, giving effect to the overall tax position of
             the Borrowers); provided, however, that Net Asset Sale Proceeds
             shall not include any proceeds from sales or other dispositions of
             (x) real estate and improvements thereon located in Saticoy,
             California, Filer, Idaho and Rengo, Chile, and (y) any other
             Property by any Korean Foreign Subsidiary to the extent and for so
             long as such Korean Foreign Subsidiary is prohibited by applicable
             law from remitting such proceeds to a Borrower and, if applicable
             law permits such a remittance with the consent of any governmental
             authority, such consent has been requested and denied.

                   "Payment Default" shall mean an Event of Default under
             Section 8.1(a) hereof.

                   "Third Amendment Effective Date" shall mean May 31, 2001."

      1.13. Section 7.4 of the Credit Agreement shall be amended to read as
follows:

                    "Section 7.4. Financial Reports. Each Borrower will, and
             will cause each Material Subsidiary to, maintain a system of
             accounting in accordance with sound accounting practice and will
             furnish promptly to each of the Banks and their duly authorized
             representatives such information respecting the business and
             financial condition of such Borrower and its Material Subsidiaries
             as may be reasonably requested and, without any request, Seminis
             will furnish each Bank:

                                      -8-
<PAGE>   9

                    (a) as soon as available, and in any event within 45 days
             after the close of each of the first three quarterly fiscal periods
             in each fiscal year of Seminis and within 60 days after the close
             of the fourth quarterly fiscal period in each fiscal year of
             Seminis a copy of consolidated and consolidating balance sheets,
             consolidated and consolidating income statements and consolidated
             cash flow statements for Seminis and its consolidated Subsidiaries
             for such quarterly period and the year to date and for the
             corresponding periods of the preceding fiscal year, all in
             reasonable detail, prepared by Seminis and certified by the chief
             financial officer or vice president world-wide corporate controller
             of Seminis;

                    (b) as soon as available, and in any event within 90 days
             after the close of each fiscal year of Seminis, a copy of the audit
             report for such year and accompanying financial statements,
             including consolidated balance sheets, change in stockholder
             equity, statements of income and statements of cash flow for
             Seminis and its consolidated Subsidiaries showing in comparative
             form the figures for the previous fiscal year of Seminis and its
             consolidated Subsidiaries, all in reasonable detail, prepared and
             certified by Price Waterhouse LLP or any of the other independent
             public accountants of nationally recognized standing commonly known
             as the "Big Five" accounting firms selected by Seminis;

                    (c) no later than 45 days after the last day of each fiscal
             quarter in each fiscal year of Seminis and within 60 days after the
             close of the fourth quarterly fiscal period in each fiscal year of
             Seminis, a Compliance Certificate in the form of Exhibit D attached
             hereto, prepared and signed by the chief financial officer or vice
             president world-wide corporate controller of Seminis;

                    (d) promptly upon their becoming available, copies of all
             registration statements and regular periodic reports, if any, which
             Seminis shall have filed with the Securities and Exchange
             Commission or any governmental agency substituted therefor, or any
             national securities exchange, including copies of Seminis' form
             10-K annual report, its form 10-Q quarterly report to the
             Securities and Exchange Commission and any Form 8-K filed by
             Seminis with the Securities and Exchange Commission;

                    (e) promptly upon the mailing thereof to the shareholders of
             Seminis generally, copies of all financial statements, reports and
             proxy statements so mailed; and

                    (f) as soon as available but in any event within 30 days
             after the close of each of the first two months of each fiscal
             quarter of Seminis, commencing January, 2001, consolidated balance
             sheets, income statements and statements of cash flow for Seminis
             and not less than 90% of Seminis' consolidated Subsidiaries for
             such month and the year to date period, all in reasonable detail,
             prepared by Seminis in accordance with generally accepted
             accounting principles, consistently applied, and certified by the
             chief financial officer or vice president world-wide corporate
             controller of Seminis;

                                      -9-
<PAGE>   10

                    (g) together with the financial statements delivered
              pursuant to Section 7.4(f), a Compliance Certificate in the form
              of Exhibit S attached hereto, prepared and signed by the chief
              financial officer or vice president world-wide corporate
              controller of Seminis;

                    (h) as soon as available but in any event within 30 days
              after the close of each month, commencing December, 2000, a
              comparison (including without limitation a detail of grower
              payments variance to budget) of Seminis' actual financial
              performance for such month and the year to date period (except
              that for Seminis' fiscal year ending September 30, 2001, such year
              to date comparison shall commence as of December 1, 2000) to the
              Cash Flow Projections, all in reasonable detail, prepared by
              Seminis and certified by the chief financial officer or vice
              president world-wide corporate controller of Seminis;

                    (i) as soon as available but in any event within 30 days
              after the close of each month, commencing April, 2001, a written
              report on the progress and status of Seminis' proposed and pending
              asset sales, certified by Seminis' chief financial officer or vice
              president world-wide corporate controller;

                    (j) promptly upon receiving or completing the same, copies
              of all letters of intent, written offers and purchase agreements
              entered into by Seminis and its Subsidiaries in connection with
              any asset sale;

                    (k) as soon as available but in any event within 30 days
              after the close of each month, commencing May, 2001, a summary of
              Seminis' and its Subsidiaries' accounts receivable aging and
              accounts payable aging by major Subsidiary and on a global basis
              and an inventory report by major categories of inventory,
              including reserves by type, all in reasonable detail, prepared and
              certified by Seminis' chief financial officer or vice president
              world-wide corporate controller;

                    (l) no later than the day of each month, lists of the
              accounts receivable of SVS Holland and its Subsidiaries (the
              "Dutch Pledgors") in the form required by the deeds of pledge
              executed and delivered by the Dutch Pledgors to the Administrative
              Agent; and

                    (m) no later than 3 Business Days after any Foreign
              Subsidiary incurs any Debt permitted by Section 7.8(g) hereof, a
              written notice of such incurrence describing the principal amount
              of such Debt and the collateral security therefor, if any."

      1.14. Section 7.6(b) of the Credit Agreement shall be amended to read as
follows:

                    "(b) Intentionally omitted."

      1.15. Sections 7.8 and 7.9 of the Credit Agreement shall be amended to
read as follows:

                    "Section 7.8. Borrowings and Guaranties. Each Borrower will
              not, and will not permit any Subsidiary to, issue, incur, assume,
              create or have outstanding any

                                      -10-
<PAGE>   11

              Debt, nor be or remain liable, whether as endorser, surety,
              guarantor or otherwise, for or in respect of any Debt of any other
              Person, other than:

                    (a) indebtedness of the Borrowers arising under or pursuant
              to this Agreement or the other Loan Documents;

                    (b) the liability of the Borrowers and their Subsidiaries
              arising out of the endorsement for deposit or collection of
              commercial paper received in the ordinary course of business;

                    (c) indebtedness of the Borrowers and their Subsidiaries
              existing on the Third Amendment Effective Date and disclosed on
              Schedule 7.8 hereof and any refinancings thereof which do not
              increase the principal amount thereof;

                    (d) indebtedness of (i) any Foreign Subsidiary that is a
              member of the Restricted Group to any other Foreign Subsidiary
              that is a member of the Restricted Group, and (ii) Seminis and any
              Domestic Subsidiary that is a member of the Restricted Group to
              Seminis and any other Domestic Subsidiary that is a member of the
              Restricted Group;

                    (e) Debt arising out of any currency or commodity hedging
              transactions entered into in the ordinary course of business that
              is outstanding on the Third Amendment Effective Date and listed on
              Schedule 7.8;

                    (f) Debt in a principal amount not to exceed $15,000,000 and
              on market terms and conditions approved by the Required Banks
              (which approval shall not be unreasonably withheld); provided that
              the proceeds of such Debt are used solely to repay a portion of
              the principal balance of the Loans;

                    (g) any other Debt of Seminis' Foreign Subsidiaries (other
              than SVS Holland's Debt under the Loan Documents) so long as (i)
              the aggregate principal amount of all such Debt shall not exceed
              [$75,000,000], and (ii) except in the case of Hungnong, Choong Ang
              and their Korean Subsidiaries, all proceeds thereof in excess of
              [$40,000,000] are used by such Foreign Subsidiaries to repay Debt
              owed by them to the Borrowers and concurrently used by the
              Borrowers to repay Loans outstanding under this Agreement; and

                    (h) indebtedness incurred to finance the purchase of
              machinery and equipment by Seminis and its Domestic Subsidiaries
              in the ordinary course of their business as presently conducted,
              provided, that the principal amount of such indebtedness does not
              exceed the fair market value of the Property acquired with the
              proceeds thereof.

                    Section 7.9. Liens. Each Borrower will not, and will not
              permit any Subsidiary to, pledge, mortgage or otherwise encumber
              or subject to or permit to exist upon or be subjected to any lien,
              charge or security interest of any kind (including any conditional
              sale or other title retention agreement and any lease in the
              nature thereof),

                                      -11-
<PAGE>   12

              on any of its Properties of any kind or character at any time
              owned by such Borrower or any Subsidiary, other than:

                    (a) liens, pledges or deposits for worker's compensation,
              unemployment insurance, old age benefits or social security
              obligations, taxes, assessments, statutory obligations or other
              similar charges, good faith deposits made in connection with
              tenders, contracts or leases to which a Borrower or a Subsidiary
              is a party or other deposits required to be made in the ordinary
              course of business, provided in each case the obligation secured
              is not overdue or, if overdue, is being contested in good faith by
              appropriate proceedings and adequate reserves have been provided
              therefor in accordance with generally accepted accounting
              principles and that the obligation is not for borrowed money,
              customer advances, trade payables, or obligations to agricultural
              producers;

                    (b) the pledge of assets for the purpose of securing an
              appeal or stay or discharge in the course of any legal
              proceedings, provided that the aggregate amount of liabilities of
              any Borrower or a Subsidiary so secured by a pledge of property
              permitted under this subsection (b) including interest and
              penalties thereon, if any, shall not be in excess of $10,000,000
              at any one time outstanding;

                    (c) liens, pledges, mortgages, security interests or other
              charges existing on the Third Amendment Effective Date and
              disclosed on Schedule 7.9 hereto;

                    (d) liens, pledges, mortgages, security interests and other
              encumbrances on Property which secure only indebtedness permitted
              by Section 7.8(h) incurred to finance the acquisition of such
              Property (but only to the extent of the fair market value of such
              Property);

                    (e) liens for property taxes and assessments or governmental
              charges or levies which are not yet due and payable or which are
              being contested in good faith by appropriate proceedings and for
              which adequate reserves have been established in accordance with
              generally accepted accounting principles consistently applied;

                    (f) liens incidental to the conduct of business or the
              ownership of properties and assets (including warehousemen's,
              grower's lien and attorneys' liens and statutory landlords' liens)
              or other liens of like general nature incurred in the ordinary
              course of business and not in connection with the borrowing of
              money, provided in each case, the obligation secured is not
              overdue or, if overdue, is being contested in good faith by
              appropriate actions or proceedings;

                    (g) 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 Borrowers and their 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 Borrowers and their Subsidiaries;

                                      -12-
<PAGE>   13

                    (h) liens and security interests in favor of the
              Administrative Agent;

                    (i) liens and security interests in favor of the holders of
              liens otherwise permitted hereby in all supporting evidence and
              documents relating to any of the above-described property,
              including, without limitation, computer programs, disks, tapes and
              related electronic data processing media, and all rights of such
              Borrower or Subsidiary to retrieve the same from third parties,
              written applications, credit information, account cards, payment
              records, correspondence, delivery and installation certificates,
              invoice copies, delivery receipts, notes and other evidences of
              indebtedness, insurance certificates and the like, together with
              all books of account, ledgers and cabinets in which the same are
              reflected or maintained, all whether now existing or hereafter
              arising;

                    (j) liens and security interests not otherwise permitted
              hereby that are granted by Foreign Subsidiaries, provided that (i)
              such liens and security interests do not attach to any Collateral,
              and (ii) such liens and security interests secure only Debt of the
              Foreign Subsidiaries granting such liens that is listed on
              Schedule 7.8 attached hereto and Debt of Foreign Subsidiaries
              permitted by Section 7.8(g); and

                    (k) any liens and security interests replacing any of the
              foregoing."

      1.16. Sections 7.10(b) and (c) of the Credit Agreement shall be amended to
read as follows:

                    "(b) loans and advances from (i) any Foreign Subsidiary that
              is a member of the Restricted Group to any other Foreign
              Subsidiary that is a member of the Restricted Group, and (ii)
              Seminis and any Domestic Subsidiary that is a member of the
              Restricted Group to Seminis and any other Domestic Subsidiary that
              is a member of the Restricted Group;

                    (c) Intentionally omitted;".

      1.17. Sections 7.11 of the Credit Agreement shall be amended to read as
follows:

                    "Section 7.11. Sale of Property. The Borrowers will not and
              will not permit any Subsidiary to, sell, lease, assign, transfer
              or otherwise dispose of all or any part of their Property to any
              other Person during any fiscal year; provided, however, that each
              Borrower and their Subsidiaries may make:

                    (a) sales and other dispositions of Inventory in the
              ordinary course of business;

                    (b) sales or leases of machinery and equipment that is
              obsolete, unusable or not needed for such Borrower's or
              Subsidiary's operations in the ordinary course of its business;

                    (c) dispositions permitted by Sections 4 and 6(b) of the
              Intellectual Property Security Agreement;

                                      -13-
<PAGE>   14

                    (d) transfers from (i) any Foreign Subsidiary that is a
              member of the Restricted Group to any other Foreign Subsidiary
              that is a member of the Restricted Group, and (ii) Seminis and any
              Domestic Subsidiary that is a member of the Restricted Group to
              Seminis and any other Domestic Subsidiary that is a member of the
              Restricted Group;

                    (e) any other sales and dispositions of Property, provided
              that, (i) such sales and other dispositions are bona fide sales
              and dispositions to unaffiliated third parties negotiated at arm's
              length and for a consideration which the relevant Borrower's or
              Subsidiary's Board of Directors deems fair value in the exercise
              of its business judgment, and (ii) the Net Asset Sale Proceeds of
              such sales and dispositions are applied as required by Section
              3.3(b) hereof.

  The Borrowers shall cause their respective Foreign Subsidiaries to remit to
  such Borrower or SVS all Net Asset Sale Proceeds received by such Foreign
  Subsidiaries concurrently with their receipt thereof, except to the extent and
  for so long as such Foreign Subsidiaries are prohibited by mandatory
  provisions of applicable law from so remitting any Korean Net Asset Sale
  Proceeds and, if such remittance is permitted with the consent of any
  governmental authority, such consent has been requested and denied."

      1.18. Section 7.18 of the Credit Agreement shall be amended to read as
follows:

                    "Section 7.18. Capital Expenditures. without the Required
              Banks' prior written consent (which consent will not be
              unreasonably withheld), no Borrower shall expend or incur, or
              permit any of its Subsidiaries to expend or incur, for:

                    (a) Capital Expenditures outside of the United States of
              America ("International Capital Expenditures") in an amount in
              excess of the amounts contemplated in the cash flows for such
              Subsidiaries as shown on the Cash Flow Projections,

                    (b) Capital Expenditures within the United States of America
              other than Capital Expenditures in an amount reasonably determined
              by Seminis and scheduled on the Cash Flow Projections to be the
              minimum amount necessary for the maintenance of the Property of
              Seminis and its Domestic Subsidiaries in the United States of
              America; or

                    (c) Capital Expenditures made by Choong Ang, Hungnong and
              their Subsidiaries, unless such Capital Expenditures are funded
              with funds generated by Choong Ang, Hungnong and their
              Subsidiaries;

              provided, however, that the aggregate amount of all International
              Capital Expenditures and Capital Expenditures permitted by
              subsections (a), (b) and (c) shall not exceed $14,000,000 during
              the period commencing April 1, 2001, and ending September 30,
              2001, and $16,000,000 during Seminis' fiscal year ending September
              30, 2002."

                                      -14-
<PAGE>   15

      1.19. Sections 7.20, 7.21, 7.22 and 7.23 of the Credit Agreement shall be
to read as follows:

                     "Section 7.20. Minimum Interest Coverage Ratio. Seminis
              shall maintain an Interest Coverage Ratio as of the last day of
              each fiscal quarter of Seminis of not less than the ratio
              specified for such date below:

<TABLE>
<CAPTION>
                                                 INTEREST COVERAGE RATIO
                 FISCAL QUARTER ENDING            SHALL NOT BE LESS THAN
                 ---------------------            ----------------------
<S>                                              <C>
                      June 30, 2001                     [3.00 to 1]
                    September 30, 2001                  [2.20 to 1]
                    December 31, 2001                   [2.04 to 1]
                      March 31, 2002                    [1.42 to 1]
                      June 30, 2002                     [1.74 to 1]
                    September 30, 2002                  [1.85 to 1]
</TABLE>

                     Section 7.21. Intentionally omitted.

                    Section 7.22. Maximum Debt Ratio. Seminis shall not permit,
              as of the last day of any fiscal quarter, its Debt Ratio to be
              greater than the ratio specified for such date below:

<TABLE>
<CAPTION>
                                                DEBT RATIO SHALL NOT BE
                FISCAL QUARTER ENDING                 GREATER THAN
                ---------------------           ------------------------
<S>                                             <C>
                      June 30, 2001                     [11.50 to 1]
                   September 30, 2001                   [6.00 to 1]
                    December 31, 2001                   [6.00 to 1]
                     March 31, 2002                     [5.00 to 1]
                      June 30, 2002                     [5.00 to 1]
                   September 30, 2002                   [4.00 to 1]"
</TABLE>

                     Section 7.23. Minimum EBITDA. (a) Cumulative. Seminis shall
              maintain EBITDA for each period commencing on the first day of
              each fiscal year specified below and ending on the last day of
              each fiscal quarter specified below in an amount not less than the
              amount specified below for such period:

<TABLE>
<CAPTION>
                                                         EBITDA FOR PERIODS
                FISCAL YEAR          FISCAL QUARTER        SHALL NOT BE LESS
                   ENDING                ENDING                 THAN
                -----------          --------------      --------------------
<S>                                 <C>                  <C>
             September 30, 2001        June 30, 2001         [$43,363,000]
             September 30, 2001     September 30, 2001       [$60,351,000]
             September 30, 2002     December 31, 2001        [-$11,749,700]
             September 30, 2002       March 31, 2002         [$35,105,300]
             September 30, 2002        June 30, 2002         [$51,192,300]
             September 30, 2002     September 30, 2002       [$73,419,300]
</TABLE>

                                      -15-
<PAGE>   16

                   (b) Quarterly. Seminis shall maintain EBITDA for each fiscal
             quarter specified below in an amount not less than the amount
             specified below for such fiscal quarter:

<TABLE>
<CAPTION>
                                            EBITDA FOR PERIODS SHALL NOT
               FISCAL QUARTER ENDING                 BE LESS THAN
               ---------------------        -----------------------------
<S>                                         <C>
                     June 30, 2001                  [$7,506,000]
                  September 30, 2001                [$10,713,000]
                  December 31, 2001                 [-$11,749,700]
                    March 31, 2002                  [$38,697,300]
                     June 30, 2002                  [$7,929,000]
                  September 30, 2002                [$14,069,300]
</TABLE>

      1.20. Section 7.26 of the Credit Agreement shall be amended to read as
follows:

                   "Section 7.26. Restricted Payments.  Seminis will not:

                   (a) declare or pay any dividends or other distributions,
             either in cash or Property, on any capital stock of Seminis (except
             distributions payable solely in capital stock of Seminis); or

                   (b) directly or indirectly, through any Subsidiary or
             otherwise, purchase, redeem or retire any of its capital stock or
             make any other payment or distribution, either directly or
             indirectly, through any Subsidiary or otherwise, in respect of its
             capital stock, other than in consideration for the issuance or sale
             of capital stock of Seminis;

             (such purchases, redemptions or retirements of equity interests and
             all such dividends and other distributions and all such payments,
             prepayments, redemptions, acquisitions and set-offs being herein
             collectively "Restricted Payments"); provided, however, that so
             long as no Event of Default or Potential Default shall exist both
             before and after giving effect thereto, Seminis may make the
             following Restricted Payments:

                     (i) Seminis may pay dividends in an aggregate amount of up
             to $2,000,000 in each year on its Class B Preferred Stock, provided
             that concurrently with the payment of such dividends the Borrowers
             shall repay the Term Loans and, if all Term Loans have been fully
             paid, the Revolving Credit Loans, in an aggregate principal amount
             equal to three times the amount of such dividends; and

                    (ii) Seminis may pay dividends on its Class C Preferred
             Stock so long as such dividends are paid solely in additional
             shares of Class C Preferred Stock."

      1.21. The Credit Agreement shall be amended by adding the following
provisions thereto as Sections 7.29 and 7.30:

                    "Section 7.29. Additional Collateral Matters. (a) The
              Borrowers will, and will cause their respective Subsidiaries to,

                                      -16-
<PAGE>   17

             (i) provide to the Administrative Agent all information regarding
             the valuation of the Spanish patents and trademarks necessary to
             complete the Spanish security documents at the times specified on
             Schedule 7.29 (as such times may be extended by the Administrative
             Agent in its sole discretion) and all information regarding the
             value of the real estate collateral as the Administrative Agent
             requests in order to obtain title insurance on the real estate
             collateral and record the Georgia real estate mortgages (or
             equivalent), and (ii) proceed to convert its Chilean Subsidiary
             from a non-stock entity into a stock entity and thereafter grant to
             the Administrative Agent for the benefit of the Banks a security
             interest in 65% of such Subsidiary's issued and outstanding stock.

                    (b) No later than June 30, 2001, (or such later date as the
             Administrative Agent and Seminis may agree upon with respect to
             Collateral located outside the United States) the Borrowers will,
             and will cause their Subsidiaries to, execute and deliver to the
             Administrative Agent such amendments and supplements to the
             Security Documents to which they are a party as the Administrative
             Agent may request in order to ensure that the Liens granted to it
             pursuant thereto secure the Term Loans as extended by the last
             paragraph of Section 1.2 and the Revolving Credit Loans as extended
             by the last paragraph of Section 1.1(a).

                   Section 7.30. Retention of Investment Bank. No later than
             June 15, 2001, Seminis shall retain a nationally recognized
             investment banking firm or other nationally recognized
             professionals for that purpose to assist Seminis in evaluating its
             capital structure and lines of business, including, without
             limitation, evaluating the capital structure of Seminis and its
             Subsidiaries, identifying alternative sources of equity capital and
             debt financing for Seminis and its Subsidiaries and assisting
             Seminis in identifying and evaluating assets to be sold by Seminis
             and its Subsidiaries. No later than July 31, 2001, Seminis and such
             investment banking firm or other professionals shall meet with the
             Banks and present their proposed time line for the foregoing."

      1.22. Section 8.1(a) of the Credit Agreement shall be amended to read as
follows:

                   "(a)(i) Default in the payment when due of any principal of
             or interest (including without limitation Deferred Interest) on any
             Note or any Reimbursement Obligation, whether at the stated
             maturity thereof or at any other time provided in this Agreement,
             or (ii) default in the payment when due of any other fee or other
             amount payable by any Borrower pursuant to this Agreement;".

      1.23. Section 8.1(b) of the Credit Agreement shall be amended to read as
follows:

                   "(b) Default in the observance or performance of any covenant
             set forth in Sections 7.4, 7.6, 7.8, 7.9, 7.10, 7.11, 7.16, 7.17,
             7.18, 7.20, 7.21, 7.22, 7.23, 7.24, 7.26, 7.27, 7.29 or 7.30 hereof
             or of any provision of any of the Security Documents requiring the
             maintenance of insurance on the Collateral subject thereto or
             dealing with the use or remittance of proceeds of such
             Collateral;".

      1.24. Section 10 of the Credit Agreement shall be amended by adding the
following provision thereto as Section 10.16:

                                      -17-
<PAGE>   18

                    "Section 10.16. Authorization to Release Liens. The
             Administrative Agent is hereby irrevocably authorized by each of
             the Banks to release (a) any liens and security interests covering
             any Property of the Borrowers or any of their Subsidiaries that is
             the subject of a sale or other disposition which is permitted by
             this Agreement or which has been consented to in accordance with
             Section 12.1, and (b) its security interest in 15/65 of the shares
             of capital stock of Choong Ang pledged to it and sold to Hungnong."

      1.25. Clause (a)(iv ) of Section 12.17 of the Credit Agreement shall be
amended to read as follows:

                    "(iv) the Administrative Agent must consent, which consent
             shall not be unreasonably withheld, to each such assignment
             (provided no such consent is required for any assignment to any
             affiliate of the assigning Bank),".

      1.26. Section 12.1 of the Credit Agreement shall be amended to read as
follows:

                    "Section 12.1. Amendments and Waivers Any term, covenant,
             agreement or condition of this Agreement and the other Loan
             Documents may be amended only by a written amendment executed by
             the Borrowers, the Required Banks and, if the rights or duties of
             an Agent are affected thereby, such Agent, or compliance therewith
             only may be waived (either generally or in a particular instance
             and either retroactively or prospectively), if the Borrowers shall
             have obtained the consent in writing of the Required Banks and, if
             the rights or duties of an Agent are affected thereby, such Agent,
             provided, however, that:

                    (a) without the consent in writing of the holders of all
             outstanding Notes and unpaid Reimbursement Obligations, or all
             Banks if no Notes or Reimbursement Obligations are outstanding, no
             such amendment or waiver shall (i) change the amount or postpone
             the date of payment of any scheduled payment or required prepayment
             of principal of the Notes or Reimbursement Obligations or extend
             the term of any L/C at a time that the Borrowers would not be able
             to obtain a Loan or L/C hereunder or reduce the rate or extend the
             time of payment of interest on the Notes or Reimbursement
             Obligations, or reduce the amount of principal thereof, or modify
             any of the provisions of the Notes with respect to the payment or
             prepayment thereof, (ii) give to any Note or Reimbursement
             Obligations any preference over any other Notes or Reimbursement
             Obligations, (iii) amend the definition of Required Banks, (iv)
             alter, modify or amend the provisions of this Section 12.1, (v)
             change the amount or term of any of the Banks' Revolving Credit
             Commitments, (vi) alter, modify or amend the provisions of Section
             6.1 of this Agreement, (vii) alter, modify or amend any Bank's
             right hereunder to consent to any action, make any request or give
             any notice, (viii) release any Borrower from its obligations
             hereunder, including without limitation release any Domestic
             Borrower from its obligations as a guarantor under Section 11 of
             this Agreement, (ix) except as permitted by the Loan Documents,
             release any of the Collateral; or (x) reduce any fee payable to the
             Administrative Agent or the Banks pursuant to this Agreement or
             extend the time for payment thereof;

                                      -18-
<PAGE>   19

                    (b) without the consent of all of the Term Credit Lenders no
             such amendment or waiver shall alter, modify, waive or amend the
             provisions of Section 6.2 with respect to any requested Term Loan;
             and

                    (c) without the consent of all of the Revolving Credit
             Lenders no such amendment or waiver shall alter, modify, waive or
             amend the provisions of Section 6.2 of this Agreement with respect
             to any Revolving Credit Loan or L/C.

             Any such amendment or waiver shall apply equally to all Banks and
             the holders of the Notes and Reimbursement Obligations and shall be
             binding upon them, upon each future holder of any Note and
             Reimbursement Obligation and upon each Borrower, whether or not
             such Note shall have been marked to indicate such amendment or
             waiver. No such amendment or waiver shall extend to or affect any
             obligation not expressly amended or waived."

    1.27. Exhibit D and Schedules 7.8 and 7.9 to the Credit Agreement shall be
replaced by Exhibit D and Schedules 7.8 and 7.9 attached hereto, respectively.

    1.28. The Credit Agreement shall be amended by adding thereto as Exhibits R
and S and Schedule 7.29 the forms attached to this Amendment as Exhibits R and S
and Schedule 7.29, respectively.

    1.29. The Borrowers acknowledge and agree that until all of the Borrowers'
indebtedness, obligations and liabilities to the Administrative Agent and the
Banks have been fully paid and all L/Cs have terminated or expired, the
Administrative Agent may in its discretion retain Ernst & Young (or other
consultants selected by the Administrative Agent) as a financial consultant to
the Administrative Agent in connection with this Agreement, the transactions
contemplated hereby, the Collateral and any proposed changes to the Borrowers'
capital structure and asset sales to be made by the Borrowers and their
Subsidiaries. The Borrowers further agree to pay to the Administrative Agent, on
demand, all fees and expenses of Ernst & Young (or such other consultants, if
applicable) up to an aggregate amount of $50,000 per calendar quarter commencing
with the calendar quarter ending on , 2001.

2.  CONDITIONS PRECEDENT.

      This Amendment shall become effective upon the satisfaction of all of the
following conditions precedent:

      2.1. The Administrative Agent, the Banks and the Borrowers shall have
executed and delivered this Amendment.

      2.2. The Borrowers shall have delivered to the Administrative Agent for
the benefit of the Banks in sufficient counterparts for distribution to the
Banks:

                    (a) copies of the Articles of Incorporation, and all
             amendments thereto, of each Domestic Borrower, certified by the
             Secretary of State of its state of incorporation not earlier than
             May 1, 2001;

                                      -19-
<PAGE>   20

                    (b) copies of the Articles of Association of SVS Holland,
             certified as true, correct and complete on the date hereof by a
             Managing Director of SVS Holland;

                   (c) copies of the By-Laws, and all amendments thereto, of
             each Domestic Borrower, certified as true, correct and complete on
             the date hereof by the Secretary or Assistant Secretary of each
             Domestic Borrower;

                   (d) good standing certificates for each Domestic Borrower
             issued by the Secretary of State of the state of its incorporation
             and each state in which it is qualified to do business as a foreign
             corporation, dated no earlier than May 1, 2001;

                   (e) copies, certified as true, correct and complete by the
             Secretary or Assistant Secretary of each Domestic Borrower and a
             Managing Director of SVS Holland, of resolutions regarding the
             transactions contemplated by this Amendment, duly adopted by the
             Board of Directors of each Domestic Borrower and the Managing
             Director of SVS Holland, respectively, and satisfactory in form and
             substance to all of the Banks;

                    (f) an incumbency and signature certificate for each
             Borrower satisfactory in form and substance to all of the Banks;.

      2.3. Legal matters incident to the execution and delivery of this
Agreement and the other Loan Documents contemplated hereby shall be satisfactory
to each of the Banks and their legal counsel; and the Administrative Agent shall
have received the favorable written opinion of Milbank, Tweed, Hadley & McCloy,
L.L.P., counsel for the Domestic Borrowers, substantially in the form of Exhibit
T, and the favorable written opinion of Stibbe Simont Monahan Duhot, counsel to
SVS Holland and SVS Europe, substantially in the form of Exhibit U.

      2.4. Each of the representations and warranties set forth in Section 5 of
the Credit Agreement shall be and remain true and correct as to each of the
Borrowers, except that the representations and warranties made under Section 5.2
(except the last sentence thereof) shall be deemed to refer to the most recent
financial statements furnished to the Banks pursuant to Section 7.4 of the
Credit Agreement.

      2.5. No Potential Default or Event of Default shall have occurred and be
continuing.

      2.6. The Borrowers shall have paid the Administrative Agent such fees and
expenses, including legal fees and the fees for the Administrative Agent's
industry consultants and financial consultants, for which the Administrative
Agent has submitted an invoice.

      2.7. The Borrowers and their Subsidiaries shall have executed and
delivered to the Administrative Agent or its counsel all documents, instruments,
certificates and other items required in order to grant to the Administrative
Agent valid and perfected lien in the collateral agreed upon in Brazil, Chile,
Korea, Mexico and Spain, and shall have made authorized officers available to
the Administrative Agent and its counsel to the extent necessary for such liens
and security interests to be perfected in a manner satisfactory to the
Administrative Agent and its counsel in each of those countries.

                                      -20-
<PAGE>   21

      2.8. The Dutch Pledgors shall have executed and delivered to the
Administrative Agent lists that are current as of May 25, 2001, of their
accounts receivable in the form required by the deeds of pledge executed and
delivered by the Dutch Pledgors to the Administrative Agent.

3.  REPRESENTATIONS AND WARRANTIES.

      The Borrowers represent and warrant to the Administrative Agent and the
Banks as follows:

     3.1. Each of the representations and warranties set forth in Section 5 of
the Credit Agreement are true and correct as to each of the Borrowers as of the
effective date hereof, except that the representations and warranties made under
Section 5.2 (except the last sentence thereof) shall be deemed to refer to the
most recent financial statements furnished to the Banks pursuant to Section 7.4
of the Credit Agreement.

     3.2. The Borrowers are in full compliance with all of the terms and
conditions of the Loan Documents and no Event of Default or Potential Default
shall have occurred and be continuing thereunder or shall result after giving
effect to this Amendment.

4.  MISCELLANEOUS.

     4.1. The Borrowers have heretofore executed and delivered to the
Administrative Agent certain Security Documents, and the Borrowers hereby agree
that the Security Documents shall secure all of the Borrowers' indebtedness,
obligations and liabilities to the Administrative Agent and the Banks under the
Credit Agreement as amended by this Amendment, that notwithstanding the
execution and delivery of this Amendment, the Security Documents shall be and
remain in full force and effect and that any rights and remedies of the
Administrative Agent thereunder, obligations of the Borrowers thereunder and any
liens or security interests created or provided for thereunder shall be and
remain in full force and effect and shall not be affected, impaired or
discharged thereby. Nothing herein contained shall in any manner affect or
impair the priority of the liens and security interests created and provided for
by the Security Documents as to the indebtedness which would be secured thereby
prior to giving effect to this Amendment.

     4.2. Each Borrower hereby represents, warrants, acknowledges and agrees
that (i) there are no set offs, counterclaims or defenses against the Notes, the
Credit Agreement (as amended or otherwise modified hereby) or any other Loan
Documents (as amended or otherwise modified hereby or by the security agreement
amendments) and (ii) there are no claims (absolute or contingent or matured or
unmatured) or causes of action by any Borrower against any Bank or any Agent in
connection with the Credit Agreement, the Notes and the other Loan Documents.
Notwithstanding the immediately preceding sentence and as further consideration
for the agreements and understandings contained herein, each Borrower hereby
releases the Agents and the Banks, their respective predecessors, officers,
directors, employees, agents, attorneys, affiliates, subsidiaries, successors
and assigns, from any liability, claim, right or cause of action which now
exists or hereafter arises as a result of acts, omissions or events occurring on
or prior to the date hereof, whether known or unknown, in connection with the
Credit Agreement, the Notes and the other Loan Documents.

                                      -21-
<PAGE>   22

     4.3. Reference to this specific Amendment need not be made in any note,
document, letter, certificate, the Credit Agreement itself, or any communication
issued or made pursuant to or with respect to the Credit Agreement, any
reference to the Credit Agreement being sufficient to refer to the Credit
Agreement as amended hereby.

     4.4. This Amendment may be executed in any number of counterparts, and by
the different parties on different counterparts, all of which taken together
shall constitute one and the same agreement. Any of the parties hereby may
execute this Amendment by signing any such counterpart and each of such
counterparts shall for all purposes be deemed to be an original. This Amendment
shall be governed by the internal laws of the State of Illinois.

                                      -22-
<PAGE>   23

      Upon acceptance hereof by the Administrative Agent and the Banks in the
manner hereinafter set forth, this Amendment shall be a contract between us for
the purposes hereinabove set forth.

      Dated as of May 31, 2001.

                                       SEMINIS, INC.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       SEMINIS VEGETABLE SEEDS, INC.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       SVS HOLLAND B.V

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                      -23-
<PAGE>   24

Accepted and agreed to as of the day and year last above written.

                                       HARRIS TRUST AND SAVINGS BANK,
                                         individually and as Administrative
                                         Agent

                                       By
                                         ---------------------------------------
                                         Its Vice President

                                       CREDIT AGRICOLE INDOSUEZ

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       BANK OF AMERICA, N.A.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       THE BANK OF NOVA SCOTIA

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       COMERICA BANK

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       BANK ONE, NA

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                      -24-
<PAGE>   25

                                       BNP PARIBAS

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       UNION BANK OF CALIFORNIA, N.A.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       FLEET NATIONAL BANK

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       FORTIS CAPITAL CORP.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       COOPERATIEVE CENTRALE RAIFFEISEN-
                                         BOERENLEENBANK B.A., "RABOBANK
                                         NEDERLAND", New York Branch

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       SANWA BANK CALIFORNIA

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                      -25-
<PAGE>   26

                                       THE FUJI BANK, LIMITED

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       THE MITSUBISHI TRUST & BANKING
                                         CORPORATION

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       US BANCORP AG CREDIT, INC.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                       THE DAI-ICHI KANGYO BANK, LTD.

                                       By
                                         ------------------------------------
                                         Its
                                            ---------------------------------

                                      -26-
<PAGE>   27

                                    EXHIBIT D

                                  SEMINIS, INC.
                          SEMINIS VEGETABLE SEEDS, INC.
                                SVS HOLLAND B.V.

                             COMPLIANCE CERTIFICATE

      This Compliance Certificate is furnished to Harris Trust and Savings Bank
and the other Banks (collectively, the "Banks") and Harris Trust and Savings
Bank as Administrative Agent (the "Administrative Agent") for the Banks,
pursuant to that certain Credit Agreement dated as of June 28, 1999, as amended,
by and among Seminis, Inc., a Delaware corporation ("Seminis"), Seminis
Vegetable Seeds, Inc., a California corporation, and SVS Holland B.V., a private
company with limited liability incorporated under the laws of The Netherlands
(the "Borrowers") and the Banks (the "Agreement"). Unless otherwise defined
herein, the terms used in this Compliance Certificate have the meanings ascribed
thereto in the Agreement.

      THE UNDERSIGNED HEREBY CERTIFIES THAT:

                  1. I am the duly elected chief financial officer or vice
            president world-wide corporate controller of Seminis;

                  2. I have reviewed the terms of the Agreement and I have made,
            or have caused to be made under my supervision, a detailed review of
            the transactions and conditions of the Borrowers during the
            accounting period covered by the attached financial statements
            sufficient for me to provide this Certificate;

                  3. The examinations described in paragraph 2 did not disclose,
            and I have no knowledge of, the existence of any condition or event
            which constitutes a Potential Default or Event of Default during or
            at the end of the accounting period covered by the attached
            financial statements or as of the date of this Certificate, except
            as set forth below; and

                  4. If attached financial statements are being furnished
            pursuant to Section 7.4(a) of the Agreement, Schedule I attached
            hereto sets forth financial data and computations evidencing the
            Borrowers' compliance with certain covenants of the Agreement, all
            of which data and computations are true, complete and correct.

      Described below are the exceptions, if any, to paragraph 3 by listing, in
detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrowers have taken, are taking or proposes to
take with respect to each such condition or event:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>   28

      The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this __ day of ________ , 200_.

                                       -----------------------------------------

                                      D-2

<PAGE>   29
                                   SCHEDULE 1
                            TO COMPLIANCE CERTIFICATE

                                  SEMINIS, INC.
                          SEMINIS VEGETABLE SEEDS, INC.
                                SVS HOLLAND B.V.

                           COMPLIANCE CALCULATIONS FOR
             CREDIT AGREEMENT DATED AS OF JUNE 28, 1999, AS AMENDED

                            CALCULATIONS AS OF , 200_

<TABLE>
<S>                                                                     <C>
SECTION 7.20.   MINIMUM INTEREST COVERAGE RATIO..

      (a)    EBITDA (see attached computation) .......................  $_______
      (b)    Interest Expense ........................................  $_______
      (c)    Interest Coverage Ratio
             ((a)/(b)) ...............................................   _____to 1*

             *Required to be no less than____ to 1

             Compliance ..............................................   Yes____
             ..............................................  No_______

SECTION 7.22. MAXIMUM DEBT RATIO.

      (a)    Debt ....................................................  $_______

      (b)    EBITDA ..................................................  $_______

      (c)    Debt Ratio ((a)/(b)) ....................................  _____to 1(*)

             *Required to be no greater than_____to 1

             Compliance ..............................................   Yes____
             ..............................................  No______

SECTION 7.23.   MINIMUM EBITDA.

A.    Cumulative
</TABLE>

<PAGE>   30
<TABLE>
<S>                                                                     <C>
     (a)     Cumulative EBITDA .......................................  $_______*

             *Required to be no less than $________

             Compliance ..............................................   Yes____
             ..............................................  No_______

B.    Quarterly

      (c)    Quarterly EBITDA                                           $_______*

             *Required to be no less than $________

             Compliance                                                  Yes____
             ..............................................  No_______
</TABLE>

                                      -2-
<PAGE>   31

                                    EXHIBIT R

                             CASH FLOW PROJECTIONS

<PAGE>   32

                                    EXHIBIT S

                                  SEMINIS, INC.
                          SEMINIS VEGETABLE SEEDS, INC.
                                SVS HOLLAND B.V.

                             COMPLIANCE CERTIFICATE

      This Compliance Certificate is furnished to Harris Trust and Savings Bank
and the other Banks (collectively, the "Banks") and Harris Trust and Savings
Bank as Administrative Agent (the "Administrative Agent") for the Banks,
pursuant to that certain Credit Agreement dated as of June 28, 1999, as amended,
by and among Seminis, Inc., a Delaware corporation ("Seminis"), Seminis
Vegetable Seeds, Inc., a California corporation, and SVS Holland B.V., a private
company with limited liability incorporated under the laws of The Netherlands
(the "Borrowers") and the Banks (the "Agreement"). Unless otherwise defined
herein, the terms used in this Compliance Certificate have the meanings ascribed
thereto in the Agreement.

      THE UNDERSIGNED HEREBY CERTIFIES THAT:

                  1. I am the duly elected chief financial officer or vice
            president world-wide corporate controller of Seminis;

                  2. I have reviewed the terms of the Agreement and I have made,
            or have caused to be made under my supervision, a detailed review of
            the transactions and conditions of the Borrowers during the
            accounting period covered by the attached financial statements
            sufficient for me to provide this Certificate;

                  3. The examinations described in paragraph 2 did not disclose,
            and I have no knowledge of, the existence of any condition or event
            which constitutes a Potential Default or Event of Default during or
            at the end of the accounting period covered by the attached
            financial statements or as of the date of this Certificate, except
            as set forth below; and

      Described below are the exceptions, if any, to paragraph 3 by listing, in
detail, the nature of the condition or event, the period during which it has
existed and the action which the Borrowers have taken, are taking or proposes to
take with respect to each such condition or event:

--------------------------------------------------------------------------------

--------------------------------------------------------------------------------

<PAGE>   33

      The foregoing certifications, together with the computations set forth in
Schedule I hereto and the financial statements delivered with this Certificate
in support hereof, are made and delivered this __ day of ________ , 200_.

                                       -----------------------------------------

<PAGE>   34

                                    EXHIBIT T

                      OPINION OF MILBANK, TWEED, HADLEY &
                                 MCCLOY, L.L.P.

<PAGE>   35

                                   EXHIBIT U

                     OPINION OF STIBBE SIMONT MONAHAN DUHOT

<PAGE>   36

                                  SCHEDULE 7.8

                             EXISTING INDEBTEDNESS

<PAGE>   37

                                  SCHEDULE 7.9

                                 EXISTING LIENS

<PAGE>   38

                                  SCHEDULE 7.29

                         ADDITIONAL COLLATERAL MATTERS

     1.   The Borrowers will provide all information relating to Spanish patents
and trademarks described in Section 7.29(a)(i) no later than June 30, 2001.

     2.   The Borrowers shall provide all information relating to real estate
values described in Section 7.29(a)(i) no later than June 15, 2001.

     3.   Seminis shall convert its Chilean Subsidiary into a stock company and
grant the Administrative Agent a security interest in 65% of its stock as
described in Section 7.29(a)(ii) no later than August 31, 2001.

     4.   The Borrowers and their Subsidiaries will execute and deliver to the
Administrative Agent the Security Documents for collateral located in Chile
(other than the collateral described in 3 above) no later than 10 Business Days
after the Foreign Ministry of Chile legalizes the relevant powers of attorney
executed by Seminis and its Subsidiaries and for the collateral located in Spain
no later July 31, 2001.<PAGE>   1
                                                                   Exhibit 10.20

                          AMENDED AND RESTATED GUARANTY

               This AMENDED AND RESTATED GUARANTY (as amended, modified or
supplemented prior to the date hereof, this "Amended and Restated Guaranty")
dated as of July 19, 2001 is made by THE CRONOS GROUP, a societe anonyme holding
organized and existing under the laws of the Grand Duchy of Luxembourg
("Guarantor"), in favor of FORTIS BANK (NEDERLAND) N.V., a Naamloze
Vennootschap, as agent (the "Agent"), on behalf of, and for the benefit of,
itself and the other holders of the notes (the "Notes") issued by Cronos Finance
(Bermuda) Limited ("Noteholders").

                                    RECITALS

               WHEREAS, Cronos Finance (Bermuda) Limited, a company organized
and existing under the laws of the Islands of Bermuda (the "Issuer"), the Agent
and the Noteholders have entered into a certain Amended and Restated Loan
Agreement, dated as of July 19, 2001 (as the same may from time to time be
amended, modified, supplemented or restated in accordance with its terms, the
"Loan Agreement"), pursuant to which the Noteholders have agreed to make loans
to the Issuer from time to time up to a specified aggregate principal amount;

               WHEREAS, pursuant to the terms of the guaranty dated as of July
30, 1999 (the "Original Guaranty"), the Guarantor agreed to guarantee, subject
to the terms set forth therein, (i) the obligations of the Issuer under the
notes issued pursuant to the terms of the loan agreement, dated as of July 30,
1999 (the "Original Agreement") and the other Transaction Documents and (ii) the
performance by each Seller and the Manager of their respective obligations
arising under any Transaction Document;

               WHEREAS, Guarantor is the direct or indirect parent of the
Issuer, each Seller and the Manager and will obtain substantial direct and
indirect benefit from the purchase of the Notes by the Noteholders and is
willing to affirm the continued effectiveness of its guaranty;

               NOW, THEREFORE, in consideration of the foregoing recitals and
other good consideration, the receipt and adequacy is hereby acknowledged, and
intending to be legally bound, the parties hereto do hereby agree as follows:

                                    AGREEMENT

                SECTION 1. DEFINITIONS. Unless otherwise defined in this
Guaranty, capitalized terms used herein shall have the meanings set forth in the
Loan Agreement.

               "SOLVENT": As to any Person at any time means, that (a) the fair
value of the property of such Person is greater than the amount of such Person's
liabilities (including disputed, contingent and unliquidated liabilities) as
such value is established and liabilities evaluated for purposes of Section
101(31) of Title 11 of the Bankruptcy Code or the Bermuda Bankruptcy Act, 1989,
as applicable; (b) the present fair saleable value of the property in an orderly
liquidation 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 is able to realize upon its property and pay its
debts and other liabilities (including

<PAGE>   2

                                      -2-

disputed, contingent and unliquidated liabilities) as they mature in the normal
course of business; (d) such Person does not intend to, and does not believe
that it will, incur debts or liabilities beyond such Person's ability to pay as
such debts and liabilities mature; and (e) 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 unreasonably
small capital.

               SECTION 2.    ACKNOWLEDGMENT; GUARANTY.

               (a) Guarantor hereby consents to Issuer's issuance of the Notes
under the terms and conditions set forth in the Loan Agreement and the purchase
of the Notes by Noteholders pursuant to the terms of the Loan Agreement.
Guarantor hereby unconditionally, absolutely and irrevocably guarantees to the
Agent and the Noteholders (each, a "Guaranteed Party" and collectively, the
"Guaranteed Parties"): (i) the full and prompt payment when due of the principal
balance of the Notes and the indebtedness represented thereby, whether at the
stated maturity thereof or at such earlier date as may result from the
acceleration thereof as a result of the occurrence of an Event of Default (as
such term is defined in the Loan Agreement); (ii) the full and prompt payment
when due of interest on the outstanding principal balance of the Notes, whether
at the stated maturity date thereof or at such earlier date as may result from
the acceleration thereof following an Event of Default; (iii) the full and
prompt payment of an amount equal to any and all payments and other sums when
and as the same shall become due, required to be paid by the Issuer, each Seller
and the Manager to any Guaranteed Party under the terms of the Loan Agreement or
any other Transaction Document; and (iv) the full and prompt performance and
observance by the Issuer, any Seller or the Manager of all of their respective
obligations, covenants and agreements required to be performed and observed
pursuant to the terms of the Loan Agreement or any other Transaction Document
(items (i) through (iv) collectively, the "Guaranteed Obligations"); provided,
however, that, subject to the provisions of Section 15 hereof, the maximum
aggregate amount of funds paid by the Guarantor under this Guaranty (such
maximum aggregate amount, the "Aggregate Maximum Guaranteed Payment") throughout
the entire term of this Guaranty shall not exceed an amount equal to twenty-four
million dollars ($24,000,000).

               (b) The Agent, on behalf of the Noteholders, shall be entitled to
submit one or more claims under this Guaranty on the date on which any amount is
due under the Loan Agreement or any other Transaction Documents or on any date
thereafter on which such amount remains unpaid for an amount not to exceed an
amount equal to the difference of (x) the Aggregate Maximum Guaranteed Payment
and (y) the aggregate amount of all payments previously made by the Guarantor
under this Guaranty.

               (c) In order to secure the Guaranteed Obligations, subject to the
Aggregate Maximum Guaranteed Payment, and the performance of all of the
Guarantor's covenants and agreements in this Guaranty and all other Transaction
Documents, subject to the Aggregate Maximum Guaranteed Payment, the Guarantor:
(i) hereby assigns, conveys, mortgages, pledges, hypothecates and transfers to
Agent, for the benefit of Noteholders to the extent provided herein, a security
interest in and to all of the Guarantor's right, title and interest in, to and
under the Class C Note to the Agent, for the benefit of Noteholders; and (ii)
has pledged all of its shares of Cronos Holdings Investments (US) Inc. to the
Agent, on behalf of the Noteholders, pursuant to an Amended and Restated Stock
Pledge Agreement dated as of July 19, 2001, between The

<PAGE>   3

                                      -3-

Cronos Group and Fortis Bank (Nederland) N.V. (f/k/a MeesPierson N.V.), as
agent. Notwithstanding the foregoing, limitations on the Guarantor's liability
provided by the Aggregate Maximum Guaranteed Payment shall not apply to breach
of Guarantor's representations and warranties set forth in Sections 6(i), 6(j)
and 6(k) hereof.

               SECTION 3. GUARANTY UNCONDITIONAL. The obligations of Guarantor
hereunder are irrevocable, absolute and unconditional, irrespective of the
value, genuineness, regularity, validity or enforceability of the Guaranteed
Obligations or any other circumstance which might otherwise constitute a legal
or equitable discharge or defense of a surety or guarantor. No set-off,
abatement, recoupment, counterclaim, off-set, reduction or diminution of an
obligation, or any defense of any kind or nature (other than performance by
Guarantor of its obligations hereunder) which Guarantor has or may have with
respect to a claim under this Guaranty, shall be available hereunder to
Guarantor against the Agent or any Noteholder. The Guaranteed Obligations are
direct, unconditional and completely independent of the obligations of any other
Person or entity, and a separate cause of action or separate causes of action
may be brought and prosecuted against the Guarantor without the necessity of
joining any other party or previous proceeding with or exhausting any other
remedy against any other Person who might have become liable for the
indebtedness or of realizing upon any security held by or for the benefit of the
Agent.

               SECTION 4. PAYMENTS. All payments to be made by Guarantor to or
for the benefit of the Guaranteed Party hereunder shall be made in lawful money
of the United States of America, in immediately available funds for deposit into
the Trust Account and shall be accompanied by a notice from Guarantor stating
that such payments are made under this Guaranty.

                SECTION 5. REPRESENTATIONS AND WARRANTIES OF GUARANTOR.
Guarantor hereby represents and warrants to the Agent and the Noteholders as of
the Closing Date that:

               (a) The Guarantor is a societe anonyme duly organized, validly
existing and in good standing under the laws of Luxembourg, has the power to own
its assets and to engage in the activities in which it is now engaged and is
duly qualified and in good standing under the laws of each jurisdiction where
the conduct of its activities requires such qualification, if the failure to so
qualify would have a material adverse effect (a) on the financial condition of
the Guarantor, (b) the enforceability or effectiveness of this Guaranty or (c)
the transactions contemplated by the Loan Agreement and the other Transaction
Documents;

               (b) The Guarantor has full power, authority and legal right to
execute, deliver and perform this Guaranty and each other Transaction Document
to which it is a party (collectively, the "GUARANTOR DOCUMENTS") and has taken
all necessary action to authorize the execution, delivery and performance by it
of the Guarantor Documents. No consent, license, permit, approval or
authorization of, exemption by, notice or report to, or registration, filing or
declaration with, any Governmental Authority or body or official is required for
the execution, delivery and performance by the Guarantor of the Guarantor
Documents which has not been obtained, made, given or accomplished. Each of the
Guarantor Documents has been duly executed and delivered by a duly authorized
representative of the Guarantor, and each such

<PAGE>   4
                                      -4-

Guarantor Document constitutes the valid, legal and binding obligations of the
Guarantor, enforceable against the Guarantor in accordance with its terms;

               (c) The execution, delivery and performance by the Guarantor of
the Guarantor Documents will not violate any provision of any existing law or
regulation applicable to the Guarantor, or of any order, judgment, award or
decree of any court, arbitrator or governmental authority applicable to the
Guarantor or the organizational documents of the Guarantor or any mortgage,
indenture, lease, contract or other agreement, instrument or undertaking to
which the Guarantor is a party or by which the Guarantor or any of its assets
may be bound, and will not result in, or require, the creation or imposition of
any Lien on any of its property, assets or revenues pursuant to the provisions
of any such mortgage, indenture, lease, contract or other agreement, instrument
or undertaking;

               (d) No litigation, investigation or administrative proceeding of
or before any court, arbitrator or governmental authority is pending or, to the
Guarantor's knowledge, threatened against the Guarantor which if decided
adversely to the Guarantor, would materially affect the condition (financial or
otherwise), business or operations of the Guarantor, or the ability of the
Guarantor to perform its obligations under the Guarantor Documents;

               (e) All approvals, authorizations, consents, orders or other
actions of any person, corporation or other organization, or of any court
required in connection with the execution and delivery of the Guarantor
Documents by the Guarantor, have been or will be taken or obtained on or prior
to the Closing Date;

               (f) The consolidated balance sheet of the Guarantor at March 31,
2001 and the consolidated statements of income, retained earnings and cash flows
for the fiscal quarter then ended fairly present in all material respects,
subject to normal year-end audit adjustments and the absence of footnotes to
such statements, the financial condition of the Guarantor and the results of the
operations for the period ended on such date, all in accordance with generally
accepted accounting principles applied on a consistent basis.

               (g) Guarantor is Solvent as of the Closing Date and will be
Solvent after giving effect to the transactions contemplated by the Transaction
Documents. The incurrence of Guarantor's obligations under the Guarantor
Documents will not cause Guarantor: (i) to be left with unreasonably small
capital for any business or transaction in which Guarantor is presently engaged
or plans to be engaged; or (ii) to be unable to pay its debts as such debts
mature.

               (h) The Guarantor has good title to the Class C Note, free and
clear of all liens, claims and encumbrances.

               (i) The Guarantor is the owner of all of the issued and
outstanding shares of Cronos Holdings Investments (US) Inc., which in turn owns
all of the issued and outstanding shares of Cronos Capital Corp.

                (j) After giving effect to the transactions on the Closing Date,
Cronos Capital Corp. will not have any unpaid Indebtedness.

<PAGE>   5
                                      -5-

               (k) This Guaranty creates in favor of the Agent a valid lien in
all of Guarantor's right, title and interest in and to the Class C Note, which
lien is prior to all liens, claims and encumbrances.

               SECTION 6. COVENANTS OF THE GUARANTOR. The Guarantor agrees that,
so long as this Guaranty shall remain in effect or any Outstanding Obligations
under the Loan Agreement shall be outstanding, it shall or, in the case of
paragraphs (h) and (i) below, it shall not, without the prior written consent of
the Agent and all of the Noteholders in each instance (which consent shall not
be unreasonably withheld or delayed):

               (a) Preservation of Properties; Enforcement of Rights. Materially
preserve and protect the usefulness and value of its properties and assets,
maintain the same in good repair, working order and condition, and from time to
time make, or cause to be made, all needed and proper repairs, renewals,
replacements, betterments and improvements thereto.

               (b) Payment of Debts. Pay its debts, liabilities and obligations
when due except those which are contested in good faith and for which the
Guarantor has maintained adequate reserves satisfactory to Agent; provided that
such contest shall not result in a material lien being placed on its properties
and assets or any part thereof or result in any of its properties and assets
being subject to loss or forfeiture.

               (c) Payment of Taxes and Claims. Prepare and timely file all tax
returns required to be filed by Guarantor and pay and discharge all taxes,
assessments and other governmental charges or levies imposed upon Guarantor or
in respect of any of its properties and assets before the same shall become in
default, as well as all lawful claims which, if unpaid, might become a material
lien or charge upon its properties and assets or any part thereof, except those
which are contested in good faith by the Guarantor and for which the Guarantor
has maintained adequate reserves satisfactory to the Agent; provided that such
contest shall not result in a material lien being placed on any of its
properties and assets or any part thereof being subject to forfeiture.

               (d) Notification of Event of Default. Give prompt written notice
to the Agent of (i) any Guarantor Event of Default hereunder or (to the extent
to which Guarantor has actual or constructive notice thereof) any Event of
Default under the Loan Agreement or a default under any other Transaction
Document or of any condition, event or act which with the giving of notice or
the passage of time, or both, would constitute a Guarantor Event of Default,
specifying the same and the steps being taken to remedy the same and (ii) any
default, event of default or any condition, event or act which, with the giving
of notice or the lapse of time, or both would constitute such a default or event
of default under any agreement or contract to which Guarantor is a party or by
which any of its property or assets is bound.

               (e) Existence. Keep in full effect its existence, rights and
franchises as a company under the laws of Luxembourg, and will obtain and
preserve its qualification as a foreign company in each jurisdiction in which
such qualification is necessary to protect the validity and enforceability of
this Guaranty.

<PAGE>   6
                                      -6-

               (f) Notification of Litigation and Adverse Business Development.
Give immediate written notice to Agent of (a) any action, proceeding or
investigation pending or threatened against Guarantor before any court or
governmental instrumentality or other administrative agency which involves the
possibility of any judgment or liability which would result in any material
adverse change in the business, properties or assets of Guarantor, and (b) any
Materially Adverse Change in the financial condition, assets, liabilities,
business or operations of Guarantor.

                (g) Financial Statements. Deliver to the Agent and to the
Noteholders:

                    (1) Annual Statements -- within 120 days after the end of
each fiscal year of The Cronos Group, one copy of:

                        (i)  consolidated balance sheets of The Cronos Group and
                             its consolidated subsidiaries, at the end of such
                             fiscal year; and

                        (ii) consolidated statements of income, retained
                             earnings and cash flows of The Cronos Group and its
                             consolidated subsidiaries for the fiscal year then
                             ended, setting forth in each case in comparative
                             form the figures for the previous fiscal year, all
                             in reasonable detail and accompanied by an opinion
                             of a firm of independent certified public
                             accountants of recognized national standing,
                             stating that such financial statements present
                             fairly in all material respects the financial
                             condition of The Cronos Group and its consolidated
                             subsidiaries and have been prepared in accordance
                             with generally accepted accounting principles
                             consistently applied (except for changes in
                             application in which such accountants concur and
                             footnote), and that the examination of such
                             accountants in connection with such financial
                             statements has been made in accordance with
                             generally accepted auditing standards;

                    (2) Quarterly Statements -- within 60 days after the end of
each fiscal quarter of The Cronos Group, one copy of:

                        (i)  consolidated balance sheets of The Cronos Group and
                             its consolidated subsidiaries, at the end of such
                             fiscal quarter; and

                        (ii) consolidated statements of income, retained
                             earnings and cash flows of The Cronos Group and its
                             consolidated subsidiaries for the fiscal quarter
                             and that portion of the fiscal year then ended,
                             setting forth in each case in comparative form the
                             figures for the equivalent timeframe for the
                             previous year;

<PAGE>   7
                                      -7-

                    (3) SEC and Other Reports -- promptly upon their becoming
available, one copy of each report (if any), definitive proxy statement,
registration statement (upon it becoming effective) and definitive prospectus
filed by The Cronos Group with or delivered to any securities exchange or the
Securities and Exchange Commission or any successor agency; and

                    (4) Requested Information -- with reasonable promptness, but
in any event within two calendar weeks of the date requested, (A) any data and
information so requested and (B) any other publicly available information with
respect to The Cronos Group, in each case as may be reasonably requested from
time to time by the Agent or any Noteholder.

               (h) Merger and Sale of Assets.

                   (1) Not merge, consolidate with or sell substantially all of
its assets to any other Person unless (i) all of the requirements set forth in
the immediately succeeding paragraph have been satisfied, and (ii) the surviving
entity, if not the Guarantor, is capable of performing all the obligations of
Guarantor hereunder, shall execute and deliver to the Agent, in form and
substance satisfactory to Agent, an instrument in writing expressly assuming all
the obligations of the Guarantor hereunder; provided, however that, except as
specifically set forth above, (x) any Person succeeding to the business of the
Guarantor shall be the successor of the Guarantor hereunder, without the
execution or filing of any paper or any further act on the part of any of the
parties hereto, anything herein to the contrary notwithstanding, (y) nothing
contained herein shall be deemed to release the Guarantor from any obligation in
the event that the Guarantor continues to exist after the consummation of such
transaction (other than if Guarantor continues to exist for the sole purpose of
winding up and dissolving and the surviving entity has taken all of the actions
and met all of the requirements of this Section 6(h)) and (z) the successor or
surviving Person to the Guarantor shall execute such agreement(s) evidencing
such succession and assumption as the Agent may request.

                   (2) The Guarantor shall provide prior written notice to the
Agent and each Noteholder of any merger, consolidation or succession pursuant to
this Section 6(h). Notwithstanding the permissive provisions of Section(h)(1)
and the giving of such notice, the Guarantor shall not merge or consolidate with
any other Person or permit any other Person to become a successor to the
Guarantor's business, unless (x) immediately after giving effect to such
transaction, the covenant made pursuant to Section 6(h)(1) shall not have been
breached (for purposes hereof, such covenant shall speak as of the date of the
consummation of such merger, consolidation, or succession) and no event that,
after notice or lapse of time, or both, would become a Guarantor Event of
Default, Potential Event of Default, Event of Default or Manager Default shall
have occurred and be continuing and (y) the Guarantor shall have delivered to
the Agent an Officer's Certificate stating that such consolidation, merger or
succession and such agreement of assumption comply with this Section 6(h) and
that all conditions precedent, if any, provided for in this Guaranty relating to
such transaction have been complied with. In addition to the foregoing, if any
such merger, consolidation or succession of the Guarantor shall result in a
Change of Control of the Guarantor, then the Noteholders shall have the rights
set forth in the Loan Agreement.

<PAGE>   8
                                      -8-

               (i) Restrictions on Dividends. Until such time as the Solvency
Level of The Cronos Group, as computed based on the most recently available
financial statements delivered by the Guarantor pursuant to Section 6(g) hereof,
exceeds 30%, the Guarantor shall not declare or pay any dividend, in cash or in
kind. For purposes of this Section 6(i), "Solvency Level" shall mean a fraction
(expressed as a percentage) the numerator of which shall be an amount equal to
the Tangible Net Worth of The Cronos Group and the denominator of which shall be
equal to the total assets of The Cronos Group.

               (j) Covenants with respect to Cronos Holdings Investments (US)
Inc. and Cronos Capital Corp.

                   (i) The Guarantor shall (A) at all times maintain Cronos
               Holdings Investments (U.S.), Inc. as a direct wholly-owned
               subsidiary and (B) shall cause Cronos Holdings Investments
               (U.S.), Inc. to at all times maintain Cronos Capital Corp. as a
               direct wholly-owned subsidiary.

                   (ii) The Guarantor shall cause each of Cronos Holdings
               Investments (U.S.), Inc. and Cronos Capital Corp. (each, a
               "Company") to not seek dissolution or liquidation in whole or in
               part or reorganization of its business or affairs. In addition,
               the Guarantor shall cause each such Company to be operated in
               such a manner that it shall not be substantively consolidated
               with the trust estate of any other person in the event of the
               bankruptcy or insolvency of such Company or such other person.

                   (iii) The Guarantor shall not sell, assign, transfer, pledge
               or otherwise encumber its shareholdings in Cronos Holdings
               Investments (U.S.), Inc., and shall cause Cronos Holdings
               Investment (U.S.), Inc. to not assign, transfer, sell, pledge or
               otherwise encumber the shares of Cronos Capital Corp.

                   (iv) Notwithstanding any provision of law which otherwise
               empowers each Company, the Guarantor shall not permit either
               Cronos Holdings Investments (U.S.), Inc. or Cronos Capital Corp.
               to (i) consolidate or merge with or into any other person or
               dissolve or liquidate in whole or in part or transfer its
               properties and assets substantially as an entirety to any other
               person, (ii) hold itself out as being liable for the debts of any
               other person, (iii) act other than in its corporate name and
               through its duly authorized officers or agents, (iv) loan monies
               to or guarantee the Indebtedness of any Affiliate thereof, (v)
               commingle its funds or other assets with those of any other
               person, (vi) create, incur, assume, guarantee or in any manner
               become liable in respect of any funded Indebtedness, or (vii)
               take any other action or engage in any other activity that would
               be inconsistent with maintaining the separate legal identity of
               such Company.

               SECTION 7. GUARANTOR EVENTS OF DEFAULT. Any one or more of the
following events shall constitute a Guarantor Event of Default:

               (a) the Guarantor shall default in making payment when due of any
Guaranteed Obligation;

<PAGE>   9
                                      -9-

               (b) breach by the Guarantor of any of the covenants set forth in
Section 6(g) (which breach of such Section 6(g) shall not have been cured within
10 days), Section 6(h) or Section 6(i) hereof;

               (c) default in the performance, or breach, of any covenant of the
Guarantor in any Transaction Document, (to the extent not otherwise addressed in
this Section 7) which breach materially and adversely affects the interest of
the Agent or any Noteholder and continues for a period of 30 days after the
earliest of (i) any Authorized Officer of the Guarantor, first acquiring
knowledge thereof, (ii) the Agent's giving written notice thereof to the
Guarantor, or (iii) any Noteholder giving written notice thereof to the
Guarantor and the Agent;

               (d) any representation or warranty of the Guarantor made in any
other Transaction Document shall prove to be incorrect in any material respect
as of the time when the same shall have been made which breach materially and
adversely affects the interest of the Agent or any Noteholder;

               (e) the entry of a decree or order for relief by a court having
jurisdiction in respect of the Guarantor in any involuntary case under any
applicable Insolvency Law, or other similar law now or hereafter in effect, or
appointing a receiver, liquidator, assignee, custodian, trustee, or sequestrator
(or other similar official) for the Guarantor, or for any substantial part of
its properties, or ordering the winding up or liquidation of their respective
affairs, and the continuance of any such decree or order unstayed and in effect
for a period of 60 consecutive days;

               (f) the commencement by the Guarantor of a voluntary case under
any applicable Insolvency Law, or other similar law now or hereafter in effect,
or the consent by the Guarantor to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee or sequestrator (or other
similar official) of the Guarantor or any substantial part of their respective
properties, or the making by the Guarantor of any general assignment for the
benefit of creditors, or the failure by the Guarantor generally to pay its debts
as they become due, or the taking of any action by the Issuer in furtherance of
any such action; and
               (g) if any judgment against the Guarantor or any attachment,
execution, levy or restraining notice against its property in excess of
$1,000,000 remains unpaid, unstayed on appeal, undischarged, unbonded or
undismissed for a period of thirty (30) days;

               (h) if Guarantor shall default (as principal or guarantor or
other surety) in any payment of principal or interest on any obligation for
money borrowed (other than the Obligations) the aggregate principal balance of
which is in an amount equal to or greater than $350,000, or if any other default
under any material agreement after expiration of any applicable grace period
under which any such obligation is created or under any instrument securing or
evidencing such obligation, if the effect of such other default is to cause, or
permit the holder of such obligation to cause, such obligation to become due
prior to its stated maturity;

               (i) if the validity or enforceability of this Guaranty or any
other Guarantor Document is contested (by the Guarantor or any Affiliate
thereof) or if Guarantor or party to any other Guarantor Document denies
liability thereunder.

<PAGE>   10
                                      -10-

               SECTION 8. REMEDIES. In case an Event of Default shall have
occurred under Subsection 7(e), all of the Guaranteed Obligations shall
forthwith automatically be immediately due and payable, subject to the Aggregate
Maximum Guaranteed Payment, and the Agent shall have all the rights and remedies
set forth below in Subsections 8(b) through 8(e). In case any other Guarantor
Event of Default shall have occurred the Agent shall have the following rights
and remedies:

               (a) at any time thereafter and so long as such Guarantor Event of
Default shall be continuing, to declare all of the Guaranteed Obligations to be
immediately due and payable;

               (b) upon the occurrence of a Guarantor Event of Default, to
demand payment of an amount equal to the difference between (x) the Aggregate
Maximum Guaranteed Payment and (y) the aggregate amount of all payments
previously made by the Guarantor under this Guaranty;

               (c) to take any action at law or in equity to enforce payment,
performance and observance of the Guaranteed Obligations, or to recover damages
for breach thereof;

               (d) to exercise any and all rights under the Guaranty and each of
the other Transaction Documents;

               (e) to exercise any and all rights and remedies conferred upon
the Agent by applicable law; and

               (f) to exercise the right of setoff against any assets of the
Guarantor held by Agent.

               The Agent, in its sole discretion, shall have the right to
proceed first and directly against Guarantor under this Guaranty without
proceeding against or exhausting any other remedies which it may have and
without resorting to any other security held by the Agent under the other
Transaction Documents.

               SECTION 9. CONSENTS. Guarantor hereby consents that any or all of
the following actions may be taken or things done without notice to Guarantor
and without affecting the liability of Guarantor under this Guaranty:

               (a) The time for Issuer's, Seller's or Manager's performance of
or compliance with any of the obligations under the Loan Agreement or any
Transaction Document may be accelerated or extended or such performance or
compliance may be waived by the Agent, acting on behalf of and as directed by
the Noteholders (including, without limitation, the renewal, extension,
acceleration or other change in the time of payment, or other terms of, the
indebtedness, such as an increase or decrease in the rate of interest thereon);

               (b) Any of the acts referred to in the Transaction Documents may
be performed, upon default thereunder, by, or on behalf of Agent; and

               (c) The terms of any of the Guaranteed Obligations or any term or
condition in the Loan Agreement may be amended as provided for therein by Issuer
and the Agent for the

<PAGE>   11
                                      -11-

purpose of adding any provisions thereto or changing in any manner the rights or
obligations of Issuer or the Agent thereunder; provided, however, that no such
amendment shall, without Guarantor's consent, increase the limit on the
Guarantor's liability hereunder as provided in the Aggregate Maximum Guaranteed
Payment.

               SECTION 10. DUE DILIGENCE. Guarantor acknowledges, independently
of and without reliance on the Agent, Noteholders or any other party to the
Transaction Documents, that it is satisfied that the Issuer has the resources to
meet its obligations under the Transaction Documents and performed its own legal
review of this Guaranty, the Loan Agreement and all of the other Transaction
Documents and all related filings, and Guarantor is not relying on any of such
Persons with respect to any of the aforesaid items. Guarantor has established
adequate means of obtaining from Issuer, each Seller and the Manager on a
continuing basis financial and other information pertaining to its financial
condition. Guarantor agrees to keep adequately informed from such means of any
facts, events or circumstances which might in any way affect Guarantor's risks
hereunder, and Guarantor further agrees that neither the Agent nor any
Noteholder shall have any obligation to disclose to Guarantor information or
material with respect to Issuer, any Seller or the Manager acquired in the
course of each such person's respective relationships with those Persons.

               SECTION 11. TOLLING OF STATUTE OF LIMITATIONS. Guarantor agrees
that any payment or performance of any of the Guaranteed Obligations or other
acts which tolls any statute of limitations applicable to the Guaranteed
Obligations shall also toll the statute of limitations applicable to Guarantor's
liability under this Guaranty.

               SECTION 12. WAIVER. Guarantor hereby expressly waives diligence,
presentment, demand for payment, protest, benefit of any statute of limitations
affecting Issuer's liability under the Notes, the Loan Agreement or any other
Transaction Document or the enforcement of this Guaranty, discharge due to any
disability of Issuer, any Seller or the Manager, any defenses of Issuer, any
Seller or the Manager to its obligations under the Notes, the Loan Agreement or
any other Transaction Document which under the law has the effect of discharging
such Person from the Guaranteed Obligations as to which this Guaranty is sought
to be enforced, the benefit of any act or omission by any Person which directly
or indirectly results in or aids the discharge of Issuer from any of the
Guaranteed Obligations by operation of law or otherwise, all notices whatsoever,
including, without limitation, notice of acceptance of this Guaranty and the
incurring of the Guaranteed Obligations, and any requirement that the Agent
exhaust any right, power or remedy or proceed against Issuer, the Collateral or
any other guarantor of, or any other Person liable for, any of the Guaranteed
Obligations, or any portion thereof. Guarantor specifically agrees that it will
not be necessary or required, and Guarantor shall not be entitled to require,
that the Agent file suit or proceed to assert or obtain a claim for personal
judgment against Issuer, any Seller or the Manager, as applicable for the
Guaranteed Obligations or to make any effort at collection or enforcement of the
Guaranteed Obligations from Issuer or file suit or proceed to obtain or assert a
claim for personal judgment against Guarantor or any other guarantor or other
party liable for the Guaranteed Obligations or make any effort at collection of
the Guaranteed Obligations from any such party or exercise or assert any other
right or remedy to which the Agent is or may be entitled in connection with the
Guaranteed Obligations or guaranty relating thereto or assert or file any claim
against the assets of Issuer, before or as a condition of enforcing the
liability of Guarantor under this Guaranty.

<PAGE>   12
                                      -12-

               SECTION 13. CERTAIN RIGHTS. In pursuing their respective rights
under this Guaranty, neither the Agent nor any Noteholders need (i) join
Guarantor in any suit against the Issuer, any Seller or the Manager, as the case
may be, nor (ii) join the Issuer, any Seller or the Manager, as the case may be,
in any suit against Guarantor or any Affiliate of the Guarantor.

               SECTION 14. CONTINUING GUARANTY. This Guaranty shall be a
continuing guaranty and any other guarantors of all or a portion of the
Guaranteed Obligations may be released without affecting the liability of
Guarantor hereunder.

               SECTION 15. INDEMNITY. In addition to and without limiting or
impairing in any manner whatsoever Guarantor's other obligations under this
Guaranty or any other document executed and delivered by Guarantor to a
Noteholder or the Agent, Guarantor agrees to indemnify the Agent and each
Noteholder, from and against any and all reasonable costs, expenses, losses and
liabilities relating to the enforcement of claims under this Guaranty
(including, without limitation, enforcement of this Guaranty), except claims,
costs, expenses, losses or liabilities resulting from such Noteholder's or
Agent's gross negligence or willful misconduct. The amount of the indemnities
payable by the Guarantor pursuant to this Section 15 shall not be subject to the
limitation on payments set forth in Section 2 of this Guaranty.

               SECTION 16. NOTICE. All notices and other communications provided
for hereunder shall be in writing or telex: if to Guarantor, at its address at
16 Allee Marconi L-2120 Luxembourg, Attention: Chief Financial Officer, Fax #
352-453-147, copy to Cronos Containers Limited at Orchard Lea, Winkfield Lane,
Winkfield Windsor, Berkshire SL4 4RU, England, if to the Agent, at the address
set forth in Section 1107 of the Loan Agreement, and if to any Noteholder, at
the respective addresses set forth in the Note Register. All such notices and
communications shall be sent in the manner, and shall be effective on the dates,
set forth in Section 1207 of the Loan Agreement.

               SECTION 17. REINSTATEMENT. Notwithstanding any provision in the
Loan Agreement, the Notes or any other Transaction Document to the contrary, the
liability of Guarantor hereunder shall be reinstated and revived and the rights
of each Guaranteed Party shall continue if and to the extent that for any reason
any payment by or on behalf of Issuer, any Seller or the Manager, as the case
may be, is rescinded or must be otherwise restored by a Guaranteed Party,
whether as a result of any proceedings in bankruptcy or reorganization or
otherwise, all as though such amount had not been paid. The determination as to
whether any such payment must be rescinded or restored shall be made by such
Guaranteed Party in its sole discretion; provided, however, that if any
Guaranteed Party chooses to contest any such matter at the request of Guarantor,
Guarantor agrees to indemnify and hold harmless any such Guaranteed Party from
all costs and expenses (including, without limitation, attorneys' fees) related
to such request.

               SECTION 18. NO WAIVER, AMENDMENTS, ETC. No failure on the part of
any Guaranteed Party to exercise, no delay in exercising and no course of
dealing with respect to, 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. This Guaranty may not be amended or modified except by written
agreement executed by

<PAGE>   13
                                      -13-

each of the Guarantor, the Agent and each Noteholder and no consent or waiver
hereunder shall be valid unless in writing and executed in accordance with the
provisions of this Guaranty.

               SECTION 19. COMPROMISE AND SETTLEMENT. No compromise, settlement,
release, renewal, extension, indulgence, change in, waiver or modification of
any of the Guaranteed Obligations or the release or discharge of Issuer, any
Seller or Manager, as the case may be, from the performance of any of the
Guaranteed Obligations shall release or discharge Guarantor from this Guaranty.

               SECTION 20. INSOLVENCY. The voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets
and liabilities, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, or other proceeding affecting any Issuer,
any Seller, the Manager or the Guarantor or the disaffirmance of Notes, the Loan
Agreement or any Transaction Document, or Guarantor's obligations hereunder in
any such proceeding shall not release or discharge Guarantor from this Guaranty.

               SECTION 21. EXPENSES. In addition to its guaranty hereunder of
the Guaranteed Obligations, Guarantor hereby agrees to pay all reasonable costs
and expenses, including, without limitation, attorneys' fees, paid or incurred
by the Agent and each Noteholder in collecting or enforcing any or all of the
Guaranteed Obligations or in connection with the enforcement of this Guaranty.

               SECTION 22. ENTIRE AGREEMENT. This Guaranty and all documents
mentioned or contemplated herein constitute and contain the entire agreement of
the parties and supersede any and all prior and contemporaneous agreements,
negotiations, correspondence, understandings and communications between the
parties, whether written or oral, respecting the subject matter hereof.

               SECTION 23. SEVERABILITY. If any provision of this Guaranty is
held to be unenforceable for any reason, it shall be adjusted, if possible,
rather than voided in order to achieve the intent of the parties to the extent
possible. In any event, all other provisions of this Guaranty shall be deemed
valid and enforceable to the fullest extent possible.

               SECTION 24. SUBORDINATION OF INDEBTEDNESS. Any indebtedness or
other obligation of Issuer, any Seller or Manager now or hereafter held by or
owing to Guarantor is hereby subordinated in time and right of payment of the
Guaranteed Obligations to the Guaranteed Parties; and any such indebtedness to
Guarantor is assigned to the Guaranteed Parties, as collateral security for this
Guaranty and the Guaranteed Obligations, and if any the Guaranteed Parties so
requests, shall be collected, enforced and received by Guarantor in trust for
the Guaranteed Parties, and be paid over to the Guaranteed Parties, but without
reducing or affecting in any manner the liability of Guarantor under the other
provisions of this Guaranty. Any notes now or hereafter evidencing any such
indebtedness to Guarantor shall be marked with a legend that the same are
subject to this Guaranty and shall be delivered to the Agent. Guarantor will,
and the Agent is hereby authorized, in the name of Guarantor from time to time,
to execute and file financing statements and continuation statements and execute
such other documents and take such other action as the Agent deems necessary or
appropriate to perfect, preserve and enforce the rights of the Guaranteed
Parties hereunder.

<PAGE>   14
                                      -14-

               SECTION 25. GOVERNING LAW. This Guaranty shall be governed by,
and construed in accordance with, the laws of the State of New York without
giving effect to the conflict of laws principles thereof.

               SECTION 26. ACTIONS BY NOTEHOLDERS. Subject to the limitations
and subordination set forth in the Loan Agreement, each Noteholder shall have
the power to enforce this Guaranty against Guarantor to the full extent of
Guarantor's obligations hereunder.

               SECTION 27. CONSENT TO JURISDICTION. Guarantor hereby irrevocably
consents to the non-exclusive personal jurisdiction of the State and Federal
courts located in the Southern District of New York, in any action, claim or
other proceeding arising out of any dispute in connection with this Guaranty,
any rights or obligations hereunder or thereunder or the performance of such
rights and obligations. Guarantor hereby irrevocably consents to the service of
a summons and complaint and other process in any action, claim or proceeding
brought by any Noteholder in connection with this Guaranty, any rights or
obligations hereunder or thereunder or the performance of such rights and
obligations, on behalf of itself or its property, in the manner specified in
Section 16 above. Nothing in this Section 27 shall affect the right of any
Noteholder to serve legal process in any other manner permitted by applicable
law or affect the right of any Noteholder to bring any action or proceeding
against Guarantor or its properties in the courts of any other jurisdictions.

               SECTION 28. TERMINATION OF GUARANTY. This Guaranty shall
terminate upon payment in full of the Guaranteed Obligations in full; provided,
however, this Section shall not affect the obligations of Guarantor pursuant to
Section 15 of this Guaranty.

               SECTION 29. WAIVER OF JURY TRIAL. GUARANTOR HEREBY IRREVOCABLY
WAIVES ITS RIGHTS TO A JURY TRIAL WITH RESPECT TO ANY ACTION, CLAIM OR OTHER
PROCEEDING ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS GUARANTY, ANY
RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE PERFORMANCE OF SUCH RIGHTS
AND OBLIGATIONS.

               SECTION 30. WAIVER OF SPECIFIC RIGHTS. GUARANTOR HEREBY
IRREVOCABLY WAIVES AND RELEASES:

               (a) ANY AND ALL RIGHTS IT MAY HAVE AT ANY TIME (WHETHER ARISING
DIRECTLY OR INDIRECTLY, BY OPERATION OF LAW, CONTRACT OR OTHERWISE) TO REQUIRE
THE MARSHALING OF ANY ASSETS OF ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY
BE, WHICH RIGHT OF MARSHALING MIGHT OTHERWISE ARISE FROM ANY SUCH PAYMENTS MADE
OR OBLIGATIONS PERFORMED;

               (b) UNTIL SUCH TIME AS THE GUARANTEED OBLIGATION ARE PAID IN FULL
AND ALL RIGHTS THAT WOULD RESULT IN GUARANTOR BEING DEEMED A "CREDITOR" OF
ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY BE, UNDER THE UNITED STATES
BANKRUPTCY CODE, ON ACCOUNT OF PAYMENTS MADE OR OBLIGATIONS PERFORMED BY
GUARANTOR TO THE

<PAGE>   15
                                      -15-

EXTENT SUCH CHARACTERIZATION MATERIALLY IMPAIRS THE RIGHT OF ANY GUARANTEED
PARTY HEREUNDER; AND

               (c) ANY CLAIM, RIGHT OR REMEDY WHICH GUARANTOR MAY NOW HAVE OR
HEREAFTER ACQUIRE AGAINST ISSUER, ANY SELLER OR MANAGER, AS THE CASE MAY BE,
THAT ARISES HEREUNDER AND/OR FROM THE PERFORMANCE BY GUARANTOR HEREUNDER
INCLUDING, WITHOUT LIMITATION, ANY CLAIM, REMEDY OR RIGHT OF SUBROGATION,
REIMBURSEMENT, EXONERATION, CONTRIBUTION, INDEMNIFICATION, OR PARTICIPATION IN
ANY CLAIM, RIGHT OR REMEDY OF ANY GUARANTEED PARTY AGAINST ISSUER, ANY SELLER OR
MANAGER, AS THE CASE MAY BE, OR ANY COLLATERAL SECURITY WHICH ANY GUARANTEED
PARTY NOW HAS OR MAY HEREAFTER ACQUIRE, WHETHER OR NOT SUCH CLAIM, RIGHT OR
REMEDY ARISES IN EQUITY, UNDER CONTRACT, BY STATUTE, UNDER COMMON LAW OR
OTHERWISE.

               (d) ANY RIGHT TO ASSERT A COUNTERCLAIM IN ANY ACTION OR
PROCEEDING BROUGHT AGAINST IT BY THE AGENT OR ANY LENDER.

               SECTION 31. GENERAL INTERPRETIVE PRINCIPLES. For purposes of this
Guaranty except as otherwise expressly provided or unless the context otherwise
requires:

               (a) the terms defined in this Guaranty have the meanings assigned
to them in this Guaranty and include the plural as well as the singular, and the
use of any gender herein shall be deemed to include the other gender;

               (b) accounting terms not otherwise defined herein have the
meanings assigned to them in accordance with generally accepted accounting
principles as in effect on the date hereof;

               (c) references herein to "Articles", "Sections", "Subsections",
"paragraphs", and other subdivisions without reference to a document are to
designated Articles, Sections, Subsections, paragraphs and other subdivisions of
this Guaranty;

               (d) a reference to a Subsection without further reference to a
Section is a reference to such Subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to paragraphs and
other subdivisions;

               (e) the words "herein", "hereof", "hereunder" and other words of
similar import refer to this Guaranty as a whole and not to any particular
provision; and

               (f) the term "include" or "including" shall mean without
limitation by reason of enumeration.

               SECTION 32. FURTHER ASSURANCES. Guarantor agrees to do such
further acts and things and to execute and deliver such additional assignments,
agreements, powers and instruments as are required to carry into effect the
purposes of this Guaranty or to better assure and confirm unto the Agent or the
Noteholders their rights, powers and remedies hereunder.

<PAGE>   16
                                      -16-

               SECTION 33. COUNTERPARTS. This Guaranty may be executed in two or
more counterparts (and by different parties on separate counterparts), each of
which shall be an original, but all of which shall constitute one and the same
instrument.

               SECTION 34. WAIVER OF IMMUNITY. To the extent that any party
hereto or any of its property is or becomes entitled at any time to any immunity
on the grounds of sovereignty or otherwise from any legal actions, suits or
proceedings, from set-off or counterclaim, from the jurisdiction or judgment of
any competent court, from service of process, from execution of a judgment, from
attachment prior to judgment, from attachment in aid of execution, or from
execution prior to judgment, or other legal process in any jurisdiction, such
party, for itself and its successors and assigns and its property, does hereby
irrevocably and unconditionally waive, and agrees not to plead or claim, any
such immunity with respect to its obligations, liabilities or any other matter
under or arising out of or in connection with this Guaranty, the other
Transaction Documents or the subject matter hereof or thereof, subject, in each
case, to the provisions of the Transaction Documents and mandatory requirements
of applicable law.

               SECTION 35. JUDGMENT CURRENCY. This is an international financing
transaction in accordance with which the specification of Dollars is of the
essence, and Dollars shall be the currency of account in the case of all
obligations under the Transaction Documents. The payment obligations of any
Person under the Transaction Documents shall not be discharged by an amount paid
in a currency, or in a place other than that specified with respect to such
obligations, whether pursuant to a judgment or otherwise, to the extent that the
amount so paid on prompt conversion to Dollars and transfer to the specified
place of payment under normal banking procedures does not yield the amount of
Dollars, in such place, due under the governing Transaction Documents. In the
event that any payment, whether pursuant to a judgment or otherwise, upon
conversion and transfer does not result in payment of such amount of Dollars in
the specified place of payment, the obligee of such payment shall have a
separate cause of action against the party making the same for the additional
amount necessary to yield the amount due and owing under such Transaction
Documents. If, for the purpose of obtaining a judgment in any court with respect
to any obligation of a party under any of the Transaction Documents or any of
the agreements contemplated thereby, it shall be necessary to convert to any
other currency any amount in Dollars due thereunder and a change shall occur
between the rate of exchange applied in making such conversion and the rate of
exchange prevailing on the date of payment of such judgment, the respective
judgment debtor agrees to pay such additional amounts (if any) as may be
necessary to insure that the amount paid on the date of payment is the amount in
such other currency which, when converted into Dollars and transferred to New
York, New York, in accordance with normal banking procedures will result in the
amount then due under the respective Transaction Document in Dollars. Any amount
due from the respective judgment debtor shall be due as a separate debt and
shall not be affected by or merged into any judgment being obtained for any
other sum due under or in respect of any Transaction Document. In no event,
however, shall the respective judgment debtor be required to pay a larger amount
in such other currency, at the rate of exchange in effect on the date of payment
than the amount of Dollars stated to be due under the respective Transaction
Document, so that in any event the obligations of the respective judgment debtor
under the Transaction Document will be effectively maintained as Dollar
obligations.

<PAGE>   17
                                      -17-

               SECTION 36. NO SUBROGATION. Notwithstanding any payments made by
the Guarantor hereunder, or any set-off or application of funds of the Guarantor
by the Agent or the Noteholders, the Guarantor waives, for so long as the
Guaranteed Obligations remain outstanding, any right that it may have to be
subrogated to any of the rights of the Agent or the Noteholders against any
Person or any right of offset held by the Agent for the payment of the
Guaranteed Obligations or to otherwise seek reimbursement, indemnity or
contribution or any other payment from the any Person.

               SECTION 37. SUCCESSORS AND ASSIGNS. This Guaranty shall be
binding upon the Guarantor and its permitted successors and assigns, and shall
inure to the benefit of the Agent and the Noteholders and their respective
successors and assigns. The Guarantor shall not assign its obligations hereunder
without the prior written consent of the Agent and the Majority of the Holders.

               SECTION 38. BENEFICIARIES. The Guarantor is issuing this Guaranty
for the sole and exclusive benefit of the Agent and the Noteholders.

               SECTION 39. EFFECT OF AMENDMENT. Notwithstanding that Amended and
Restated Guaranty is being amended and restated as of July 19, 2001, nothing
contained herein shall be deemed to cause a novation of the liabilities and
obligations pursuant to the Original Guaranty.

               SECTION 40. AFFIRMATION OF REVISED LOAN AGREEMENT. The Guarantor
hereby acknowledges that it has received and reviewed the Loan Agreement and
hereby consents to the changes set forth therein.

<PAGE>   18
                                      -18-

               IN WITNESS WHEREOF, Guarantor has executed and delivered this
Guaranty as of the date first written above.

                                            THE CRONOS GROUP

                                            By:  /s/ DENNIS J TIETZ

                                            Name:  Dennis J Tietz

                                            Title: Chief Executive Officer

APPROVED AND ACCEPTED

FORTIS BANK (NEDERLAND) N.V.,
as Agent and Noteholder

By:  /s/ MENNO VAN LACUM

Name: Menno van Lacum

Title: Senior Manager

By:  /s/ BIRGITTE KOOL

Name: Birgitte Kool

Title: Senior Manager

                                                                        GUARANTY

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00028-of-00352.parquet"}]]