Document:

EX-4.43

 Exhibit 4.43 
 English Summary Translation of Finance Agreement dated December 27, 2012 by and among Adecoagro Vale do Ivinhema Ltda., as borrower, Adecoagro Brasil Participações S.A., as participant,
and Banco Nacional de Desenvolvimento Econômico e Social – BNDES, as lender. 
  

					
	 Contract:
	 	Finance Agreement No 12.2.1433.1

					
			
	Parties:	 	•	 	Banco Nacional de Desenvolvimento Econômico e Social – BNDES
			
		 	•	 	Adecoagro Vale do Ivinhema Ltda.
			
		 	•	 	Adecoagro Brasil Participações S.A.
		
	Execution Date:	 	December 27, 2012
		
	Amount:	 	R$215.431.000,00
		
	Type of Credit Facility:	 	Project finance for investment purposes
		
	Use of Proceeds:	 	Acquisition of equipment, construction of electric energy cogeneration plant and development of related project
			
		 	•	 	Sub-credit “A” and “B”: 2.5% per annum
			
	Interest Rate:	 	•	 	Sub-credit “C”: linked to TJLP / 2.02% per annum
			
		 	•	 	Sub-credit “D”: linked to TJLP
		
	Interest Payment Date:	 	Starting from January 15, 2013 on the
15th day of January, April, July and October of each year
until January 15, 2015 and, thereafter, on monthly basis
		
	Maturity Date:	 	January 15, 2023
		
	Early Repayment:	 	Permitted
			
	Obligations and Covenants:	 	•	 	comply with the general terms and conditions applicable to all finance arrangements provided with direct or indirect funds from BNDES
			
		 	•	 	comply with applicable laws, regulations, administrative rules and resolutions of administrative, judicial and governmental authorities

  
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		  	•	  	use the financed funds within 24 months from the execution date (expect otherwise agreed by BNDES)
			
		  	•	  	comply with rules and resolutions of governmental organizations of environmental protection
			
		  	•	  	provide training programs in case of personnel reduction
			
		  	•	  	comply with labor law relating to special need personnel
			
		  	•	  	inform if any remunerated person of the AVI becomes a member of the Brazilian federal congress
			
		  	•	  	maintain the collateral valid and effective at all times
			
		  	•	  	keep available the records with all real estates used in the project and records with the sugar cane suppliers information
			
		  	•	  	present the independent energy producer authorization
			
		  	•	  	present the social project related to Sub-credit “D”
			
		  	•	  	present on annual basis the financial statements
			
		  	•	  	comply with financial covenants, as described in Section 11 (xvii)
			
	Events of Default:	  	•	  	non-compliance with applicable laws, regulations, administrative rules and resolutions of administrative, judicial and governmental authorities
	  	•	  	personnel reduction, without observing item ‘V’ of Clause 11
	  	•	  	final court decision related to any practice related to child work, slavery work or environmental crimes

  
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		 	•	 	amendments to the by-laws to include provisions that limits AVI’s development or capacity to comply with its financial obligations
			
		 	•	 	constitution of pledge over the assets granted as guarantee, without BNDES’s prior and express consent
			
		 	•	 	if the information on the records with the real estates used in the project and records with the sugar cane suppliers information are deemed to be untrue
			
		 	•	 	misuse of proceeds from the project
			
		 	•	 	if any remunerated person becomes a member of the Brazilian federal congress
			
	Security:	 	•	 	Personal guarantee from Adecoagro Brasil Participações S.A.
			
		 	•	 	Pledge of equipment (alienação fiduciária de equipamentos)
			
		 	•	 	Pledge of credit rights (cessão fiduciária)
		
	Applicable Law:	 	Brazilian Law
		
	Jurisdiction:	 	Rio de Janeiro, RJ
		
	Contract:	 	Pledge (cessão fiduciária) of Credit Rights and Administration of Accounts Agreement
			
	Parties:	 	•	 	Banco Nacional de Desenvolvimento Econômico e Social – BNDES
			
		 	•	 	Adecoagro Vale do Ivinhema Ltda.
			
		 	•	 	Itaú Unibanco S.A.
		
	Execution Date:	 	Not provided
		
	Secured Obligations:	 	Finance Agreement No 12.2.1433.1
		
	Description of the Collateral:	 	Credit rights arising from Energy Sale Agreement No 100/10 (Contrato de Energia de Reserva) dated as of February 9, 2011

  
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		  	 	•	  	  	maintain the energy sale agreement in adequate conditions for due collection
			
		  	 	•	  	  	not assign, sell, transfer, exchange, lend, discount or dispose of or create lien on the credit rights
			
	Obligations and Covenants:	  	 	•	  	  	give notice of the terms and conditions of the Agreement to the debtor under the energy sale agreement and cause such debtor to comply with such terms and
conditions
			
		  	 	•	  	  	comply with all acts, lawsuits, proceedings or process that may affect or change the collateral, the energy sale agreement
			
		  	 	•	  	  	maintain deposit in the reserve account a minimum amount until payment of all obligations
		
	Applicable Law:	  	 	Brazilian Law
		
	Jurisdiction:	  	 	Rio de Janeiro, RJ
		
	 Contract:
	  	 	Custody Agreement
			
	 Parties:
	  	•	 	  	  	Adecoagro Vale do Ivinhema Ltda.
			
		  	•	 	  	  	Itaú Unibanco S.A.
		
	 Execution Date:
	  	 	February 25, 2013
			
	 Amount:
	  	•	 	  	  	R$3.500,00 payable on the execution date
			
		  	•	 	  	  	R$3.900,00 payable on a monthly basis
		
	 Purpose:
	  	 	Custody services provided by Itaú Unibanco to AVI
			
	 Termination:
	  	•	 	  	  	breach of obligations not cured within 5 days
			
		  	•	 	  	  	presentation for protest of title relating to non-payment of indebtedness

  
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		  	•	  	insolvency, bankruptcy, judicial or extrajudicial recovery
		
	Applicable Law:	  	Brazilian Law
		
	Jurisdiction:	  	São Paulo, SP

  
 5EX-4.44

 Exhibit 4.44 
 English Summary Translation of Credit Agreement dated December 27, 2012 by and among Adecoagro Vale do Ivinhema Ltda., as borrower, and Adecoagro Brasil Participações S.A. as
participant, and Banco do Brasil S.A., Banco Itaú BBA S.A., as lenders, and Banco Nacional de Desenvolvimento Econômico e Social – (BNDES), as guarantor. 

 

					
	Contract:	 	Bank Credit Certificate No 21/00310-6
			
		 	•	 	Banco do Brasil S.A.
			
	Parties:	 	•	 	Banco Itaú BBA S.A.
			
		 	•	 	Adecoagro Vale do Ivinhema Ltda.
			
		 	•	 	Adecoagro Brasil Participações S.A.
		
	Execution Date:	 	December 27, 2012
		
	Amount:	 	R$273.207.000,00
		
	Type of Credit Facility:	 	Project finance for investment purposes
		
	Use of Proceeds:	 	Construction of a sugar and ethanol plant, as more fully described in the agreement
			
		 	•	 	Sub-credit “D” and “I”: BNDES funding rate plus 4.05% per annum
			
		 	•	 	Sub-credit “A”, “E” and “F”: 2.5% per annum
			
	Interest Rate:	 	•	 	Sub-credit “B” and “G”: linked to TJLP / TJLP plus 4.05% per annum
			
		 	•	 	Sub-credit “C” and “H”: linked to TJLP / TJLP plus 4.05% and 1% per annum
			
		 	•	 	Sub-credits “D” and “I”: on the
15th day of January, April, July and October during the
grace period and on monthly basis during amortization period
			
	Interest Payment Date:	 	•	 	Other Sub-credits: on quarterly basis during the grace period and on monthly basis during amortization period or on a monthly basis during amortization period for the interest
that incorporated to principal

  
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	 (Maturity Date:
	 	 January 15, 2023

		
	Early Repayment:	 	Permitted, upon prior and express consent of BNDES and the lenders
			
		 	•	 	comply with the general terms and conditions applicable to all finance arrangements provided with direct or indirect funds from BNDES
			
		 	•	 	comply with applicable laws, regulations, administrative rules and resolutions of administrative, judicial and governmental authorities
			
		 	•	 	demonstrate investment of the proceeds in the project pursuant to the schedule of investments established with BNDES
			
		 	•	 	make equity investments pursuant to the schedule of investments established with BNDES
			
		 	•	 	submit for BNDES and the lenders’ approval report on the conclusion of the project
			
	Obligations and Covenants:	 	•	 	comply with rules and resolutions of governmental organizations of environmental protection
			
		 	•	 	maintain 130% of the outstanding amount in collateral
			
		 	•	 	inform if any remunerated person becomes a member of the Brazilian federal congress
			
		 	•	 	keep available updated records with real estates used in the project and records with the sugar cane suppliers information
			
		 	•	 	not change the corporate purpose
			
		 	•	 	permit access to the facilities and accounting books
			
		 	•	 	maintain valid the energy sale agreement
			
		 	•	 	not change the control, without prior express consent

  
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		 	•	 	not distribute dividends, interests on equity return or any profit sharing which may affect the financial covenants or otherwise the business of the companies
			
		 	•	 	comply with the financial covenants as described in section ‘vv’ of Clause 16
			
		 	•	 	other as more fully described in section 16
			
		 	•	 	non-compliance with BNDES regulations
			
		 	•	 	breach of the obligations
			
		 	•	 	breach of agreements entered into with third parties that could cause a material adverse effect
			
	Events of Default:	 	•	 	amendments to the by-laws to include provisions that limits AVI’s development or capacity to comply with the financial obligations
			
		 	•	 	final court decision related to breach of legislation of racial prejudice, child work, slavery work, moral and sexual harassment and environmental crimes
			
		 	•	 	failure to provide or update the records with all real estates used in the project and records with the sugar cane suppliers information
			
		 	•	 	occurrence of events provided in articles 333 and 1,425 of the Brazilian Civil Code
			
		 	•	 	insolvency, bankruptcy, judicial or extrajudicial recovery
			
		 	•	 	cross-default of any other agreement entered into with the lenders or third parties
			
		 	•	 	failure to contract insurance policies
			
		 	•	 	lack of physical or financial evidence of implementation of the project

  
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		 	•	 	if any document, information, representation or warranty proves to be false or incorrect
			
		 	•	 	deterioration of the credit risk or any material adverse effect on the capacity to comply with the obligations
			
		 	•	 	merger, spin-off, incorporation or any corporate restructuring
			
		 	•	 	change of corporate purpose
			
		 	•	 	sale, expropriation or transfer of any assets of the project
			
		 	•	 	lack of applicable environmental licenses and permits
			
		 	•	 	 Personal guarantee from Adecoagro Brasil Participações S.A.

			
		 	•	 	Pledge of equipment (alienação fiduciária de equipamentos)
			
	Security:	 	•	 	Mortgage of first priority on the real estate subject to the record No 10,888 (to be created and perfected)
			
		 	•	 	Mortgage of second priority on the real estate subject to the record No 2,737 (to be created and perfected)
			
		 	•	 	Pledge of credit rights (cessão fiduciária de direitos e créditos) (to be created and perfected)
		
	Applicable Law:	 	Brazilian Law
		
	Jurisdiction:	 	São Paulo, SP

  
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