Document:

Indenture dated as of January 26, 2004

 Exhibit 4.5 
 EXECUTION COPY 
  

  
 UAP HOLDING CORP. 
  
 10 3/4% SENIOR
DISCOUNT Notes due 2012 
  

  
 INDENTURE 
  
 Dated as of January 26, 2004 
  

  
 JPMORGAN CHASE BANK 
  
 as Trustee 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	ARTICLE 1.
	DEFINITIONS AND INCORPORATION
	BY REFERENCE
			
	 Section 1.01
	 	 Definitions.
	  	1
	 Section 1.02
	 	 Other Definitions.
	  	26
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act.
	  	26
	 Section 1.04
	 	 Rules of Construction.
	  	27
	
	ARTICLE 2.
	THE NOTES
			
	 Section 2.01
	 	 Form and Dating.
	  	27
	 Section 2.02
	 	 Execution and Authentication.
	  	28
	 Section 2.03
	 	 Registrar and Paying Agent.
	  	29
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust.
	  	29
	 Section 2.05
	 	 Holder Lists.
	  	29
	 Section 2.06
	 	 Transfer and Exchange.
	  	30
	 Section 2.07
	 	 Replacement Notes.
	  	42
	 Section 2.08
	 	 Outstanding Notes.
	  	42
	 Section 2.09
	 	 Treasury Notes.
	  	43
	 Section 2.10
	 	 Temporary Notes.
	  	43
	 Section 2.11
	 	 Cancellation.
	  	43
	 Section 2.12
	 	 Defaulted Interest.
	  	43
	 Section 2.13
	 	 CUSIP Numbers.
	  	43
	 Section 2.14
	 	 Issuance of Additional Notes.
	  	44
	
	ARTICLE 3.
	REDEMPTION AND PREPAYMENT
			
	 Section 3.01
	 	 Notices to Trustee.
	  	44
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased.
	  	45
	 Section 3.03
	 	 Notice of Redemption.
	  	45
	 Section 3.04
	 	 Effect of Notice of Redemption.
	  	46
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price.
	  	46
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part.
	  	46
	 Section 3.07
	 	 Optional Redemption.
	  	47
	 Section 3.08
	 	 Mandatory Redemption.
	  	47
	 Section 3.09
	 	 Offer to Purchase by Application of Excess Proceeds.
	  	48
	
	ARTICLE 4.
	COVENANTS
			
	 Section 4.01
	 	 Payment of Notes.
	  	49
	 Section 4.02
	 	 Maintenance of Office or Agency.
	  	50
	 Section 4.03
	 	 Reports.
	  	50
	 Section 4.04
	 	 Compliance Certificate.
	  	51
	 Section 4.05
	 	 Taxes.
	  	52
	 Section 4.06
	 	 Stay, Extension and Usury Laws.
	  	52
	 Section 4.07
	 	 Restricted Payments.
	  	52
	 Section 4.08
	 	 Dividend and Other Payment Restrictions Affecting Subsidiaries.
	  	57

  

 i 

					
	 Section 4.09
	 	 Incurrence of Indebtedness and Issuance of Preferred Stock.
	  	58
	 Section 4.10
	 	 Asset Sales.
	  	63
	 Section 4.11
	 	 Transactions with Affiliates.
	  	64
	 Section 4.12
	 	 Liens.
	  	66
	 Section 4.13
	 	 Corporate Existence.
	  	66
	 Section 4.14
	 	 Offer to Repurchase Upon Change of Control.
	  	67
	 Section 4.15
	 	 Limitation on Issuances of Guarantees of Indebtedness.
	  	68
	 Section 4.16
	 	 Designation of Restricted and Unrestricted Subsidiaries.
	  	68
	 Section 4.17
	 	 Calculation of Original Issue Discount.
	  	69
	
	ARTICLE 5.
	SUCCESSORS
			
	 Section 5.01
	 	 Merger, Consolidation, or Sale of Assets.
	  	69
	 Section 5.02
	 	 Successor Corporation Substituted.
	  	70
	
	ARTICLE 6.
	DEFAULTS AND REMEDIES
			
	 Section 6.01
	 	 Events of Default.
	  	71
	 Section 6.02
	 	 Acceleration.
	  	72
	 Section 6.03
	 	 Other Remedies.
	  	73
	 Section 6.04
	 	 Waiver of Past Defaults.
	  	73
	 Section 6.05
	 	 Control by Majority.
	  	73
	 Section 6.06
	 	 Limitation on Suits.
	  	74
	 Section 6.07
	 	 Rights of Holders of Notes to Receive Payment.
	  	74
	 Section 6.08
	 	 Collection Suit by Trustee.
	  	74
	 Section 6.09
	 	 Trustee May File Proofs of Claim.
	  	74
	 Section 6.10
	 	 Priorities.
	  	75
	 Section 6.11
	 	 Undertaking for Costs.
	  	75
	
	ARTICLE 7.
	TRUSTEE
			
	 Section 7.01
	 	 Duties of Trustee.
	  	76
	 Section 7.02
	 	 Rights of Trustee.
	  	76
	 Section 7.03
	 	 Individual Rights of Trustee.
	  	77
	 Section 7.04
	 	 Trustee’s Disclaimer.
	  	77
	 Section 7.05
	 	 Notice of Defaults.
	  	78
	 Section 7.06
	 	 Reports by Trustee to Holders of the Notes.
	  	78
	 Section 7.07
	 	 Compensation and Indemnity.
	  	78
	 Section 7.08
	 	 Replacement of Trustee.
	  	79
	 Section 7.09
	 	 Successor Trustee by Merger, etc.
	  	80
	 Section 7.10
	 	 Eligibility; Disqualification.
	  	80
	 Section 7.11
	 	 Preferential Collection of Claims Against Company.
	  	80
	
	ARTICLE 8.
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance.
	  	80
	 Section 8.02
	 	 Legal Defeasance and Discharge.
	  	80
	 Section 8.03
	 	 Covenant Defeasance.
	  	81
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance.
	  	81
	 Section 8.05
	 	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.
	  	83

  
  

 ii 

					
	 Section 8.06
	 	 Repayment to Company.
	  	83
	 Section 8.07
	 	 Reinstatement.
	  	83
	
	ARTICLE 9.
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.01
	 	 Without Consent of Holders of Notes.
	  	84
	 Section 9.02
	 	 With Consent of Holders of Notes.
	  	84
	 Section 9.03
	 	 Compliance with Trust Indenture Act.
	  	85
	 Section 9.04
	 	 Revocation and Effect of Consents.
	  	86
	 Section 9.05
	 	 Notation on or Exchange of Notes.
	  	86
	 Section 9.06
	 	 Trustee to Sign Amendments, etc.
	  	86
		
	ARTICLE 10.	  	 
	NOTE GUARANTEES
			
	 Section 10.01
	 	 Guarantee.
	  	86
	 Section 10.02
	 	 Limitation on Guarantor Liability.
	  	88
	 Section 10.03
	 	 Execution and Delivery of Note Guarantee.
	  	88
	 Section 10.04
	 	 Guarantors May Consolidate, etc., on Certain Terms.
	  	88
	 Section 10.05
	 	 Releases.
	  	89
	
	ARTICLE 11.
	SATISFACTION AND DISCHARGE
			
	 Section 11.01
	 	 Satisfaction and Discharge.
	  	90
	 Section 11.02
	 	 Application of Trust Money.
	  	91
	
	ARTICLE 12.
	MISCELLANEOUS
			
	 Section 12.01
	 	 Trust Indenture Act Controls.
	  	91
	 Section 12.02
	 	 Notices.
	  	91
	 Section 12.03
	 	 Communication by Holders of Notes with Other Holders of Notes.
	  	92
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent.
	  	92
	 Section 12.05
	 	 Statements Required in Certificate or Opinion.
	  	93
	 Section 12.06
	 	 Rules by Trustee and Agents.
	  	93
	 Section 12.07
	 	 No Personal Liability of Directors, Officers, Employees and Stockholders.
	  	93
	 Section 12.08
	 	 Governing Law.
	  	93
	 Section 12.09
	 	 No Adverse Interpretation of Other Agreements.
	  	93
	 Section 12.10
	 	 Successors.
	  	94
	 Section 12.11
	 	 Severability.
	  	94
	 Section 12.12
	 	 Counterpart Originals.
	  	94
	 Section 12.13
	 	 Table of Contents, Headings, etc.
	  	94

  

			
	EXHIBITS
	 Exhibit A1
	  	 FORM OF NOTE

	 Exhibit A2
	  	 FORM OF REGULATION S TEMPORARY GLOBAL NOTE

	 Exhibit B
	  	 FORM OF CERTIFICATE OF TRANSFER

	 Exhibit C
	  	 FORM OF CERTIFICATE OF EXCHANGE

	 Exhibit D
	  	 FORM OF NOTE GUARANTEE

	 Exhibit E
	  	 FORM OF SUPPLEMENTAL INDENTURE

  

 iii 

 INDENTURE dated as of January 26, 2004 between UAP Holding Corp., a Delaware corporation (the
“Company”), and JPMorgan Chase Bank, as trustee (the “Trustee”). 
  
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of the
10 3/4% Senior Discount Notes due 2012 (the “Notes”): 
  
 ARTICLE 1. 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
  
 Section 1.01 Definitions. 
  
 “144A Global Note” means a Global Note substantially in the
form of Exhibit A1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that shall be issued in a denomination equal to the
outstanding principal amount at maturity of the Notes sold in reliance on Rule 144A. 
  
 Accreted Value” means, as of any date (the “Specified Date”), the amount provided below for each $1,000 principal amount at maturity of Notes: 
  
 (1) if the Specified Date occurs on one of the following
dates (each, a “Semi-Annual Accrual Date”), the Accreted Value will equal the amount set forth below for such Semi-Annual Accrual Date: 
  

				
	 Semi-Annual Accrual Date

	  	Accreted
Value

	 July 15, 2004
	  	$	693.17
	 January 15, 2005
	  	$	730.42
	 July 15, 2005
	  	$	769.68
	 January 15, 2006
	  	$	811.05
	 July 15, 2006
	  	$	854.65
	 January 15, 2007
	  	$	900.59
	 July 15, 2007
	  	$	948.49
	 January 15, 2008
	  	$	1,000.00

  
 (2)
if the Specified Date occurs before the first Semi-Annual Accrual Date, the Accreted Value will equal the sum of (A) the original issue price of a Note and (B) an amount equal to the product of (x) the Accreted Value for the first Semi-Annual
Accrual Date less such original issue price multiplied by (y) a fraction, the numerator of which is the number of days from the date of the indenture to the Specified Date, using a 360-day year of twelve 30-day months, and the denominator of
which is the number of days elapsed from the date of the indenture to the first Semi-Annual Accrual Date, using a 360-day year of twelve 30-day months; 
  
 (3) if the Specified Date occurs between two Semi-Annual Accrual Dates, the Accreted Value will equal the sum of (A) the Accreted Value
for the Semi-Annual Accrual Date immediately preceding such Specified Date and (B) an amount equal to the product of (x) the Accreted Value for the immediately following Semi-Annual Accrual Date less the Accreted Value for the immediately
preceding Semi-Annual Accrual Date multiplied by (y) a fraction, the numerator of which is the number of days from the immediately preceding Semi-Annual Accrual Date to the Specified Date, using a 360-day year of twelve 30-day months, and the
denominator of which is 180; or 
  

 1 

 (4) if the Specified Date occurs after the last Semi-Annual Accrual Date, the Accreted
Value will equal $1,000. 
  
 “Acquired Debt”
means, with respect to any specified Person: 
  
 (1) Indebtedness of any other Person existing at the time such other Person is merged or consolidated with or into or became a Restricted Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection with,
or in contemplation of, such other Person merging with or into, or becoming a Restricted Subsidiary of, such specified Person; and 
  
 (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 
  
 “Acquisition Documents” means the Stock Purchase Agreement,
Apollo Registration Rights Agreement, Buyer Transition Services Agreement, Seller Transition Services Agreement, Preferred Letter, Canadian Operations Assignment and Assumption Agreement, Merger Agreement, Retention Agreements, Deferred Compensation
Plan, Stock Option Plan, Investor Rights Agreement, Rabbi Trust Agreement and Lease Assignments. 
  
 “Additional Notes” means any Notes (other than the Initial Notes), if any, issued under this Indenture in accordance with Sections 2.02,
2.14 and 4.09 hereof. 
  
 “Affiliate” of any
specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to
any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” shall have correlative meanings. For purposes of this Indenture, ConAgra Foods, Inc. and its Affiliates shall not
be deemed to be an Affiliate of the Company or any of its Subsidiaries so long as they beneficially own securities representing less than 35% of the voting power of the Company; provided that Apollo and its Affiliates beneficially own
securities representing a greater percentage of the voting power of the Company than ConAgra Foods, Inc. and its Affiliates. 
  
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
  
 “Apollo” means Apollo Management V, L.P. 
  
 “Apollo Registration Rights Agreement” means the
registration rights agreement among the Company and the affiliates of Apollo identified on the signature page thereto. 
  
 “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and
procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Asset Sale” means 
  

 2 

 (1) the sale, lease (other than operating leases entered into in the ordinary course of
business), conveyance or other disposition of any assets or rights; provided that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole shall
be governed by Sections 4.14 and 5.01 of this Indenture and not Section 4.10 of this Indenture; and 
  
 (2) the issuance or sale of Equity Interests in any of the Company’s Restricted Subsidiaries (other than directors’ qualifying
shares). 
  
 Notwithstanding the preceding, none of the following
items shall be deemed to be an Asset Sale: 
  
 (1) any single transaction or series of related transactions that involves assets having a Fair Market Value of less than $3.0 million; 
  
 (2) a transfer of Capital Stock or other assets or rights between or among the Company and its Wholly-Owned Restricted Subsidiaries,

  
 (3) an issuance of Capital Stock by a
Restricted Subsidiary of the Company to the Company or to a Wholly-Owned Restricted Subsidiary of the Company; 
  
 (4) the sale or lease of products, services or accounts receivable in the ordinary course of business and any sale or other disposition of
damaged, worn-out or obsolete assets in the ordinary course of business; 
  
 (5) the sale or other disposition of cash or Cash Equivalents; 
  
 (6) a Restricted Payment that does not violate Section 4.07 of this Indenture or a Permitted Investment; 
  
 (7) the sale or transfer of accounts receivable pursuant to
a Qualified Receivables Transaction; 
  
 (8)
sales or grants of licenses to use the Company’s or any Restricted Subsidiary’s patents, trade secrets, know-how and technology to the extent that such license does not prohibit the licensor from using the patent, trade secret, know-how or
technology; 
  
 (9) sales of assets received by
the Company or any of its Restricted Subsidiaries upon the foreclosure on a Lien; 
  
 (10) Capacity Arrangements; 
  
 (11) sales or exchanges of equipment in connection with the purchase or other acquisition of other equipment, in each case used or useful
in a Permitted Business; and 
  
 (12) the disposition of any Capital Stock or other ownership interest in or assets or rights of an
Unrestricted Subsidiary. 
  
 “Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 
  
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “Person”
(as that 
  

 3 

 term is used in Section 13(d)(3) of the Exchange Act), such “Person” shall be deemed to have beneficial
ownership of all securities that such “Person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only after the passage of time. The terms
“Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
  
 “Board of Directors” means: 
  
 (1) with respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such board; 
  
 (2) with respect to a partnership, the Board of Directors of the general partner of the partnership;

  
 (3) with respect to a limited liability
company, the managing member or members or any controlling committee of managing members thereof; and 
  
 (4) with respect to any other Person, the board or committee of such Person serving a similar function. 
  
 “Borrowing Base” means, as of any date, an amount equal to:

  
 (1) 85% of the face amount of all accounts
receivable owned by United Agri Products and its Restricted Subsidiaries as of the end of the most recent fiscal quarter preceding such date that were not more than 60 days past due; plus 
  
 (2) 55% of the book value of all inventory, net of reserves
in accordance with past practice, owned by United Agri Products and its Restricted Subsidiaries as of the end of the most recent fiscal quarter preceding such date; 
  
 provided, however, that any accounts receivable owned by a Receivables Subsidiary, or which United Agri Products or any of its
Subsidiaries has agreed to transfer to a Receivables Subsidiary, shall be excluded for purposes of determining such amount. 
  
 “Business Day” means any day other than a Legal Holiday. 
  
 “Buyer Transition Services Agreement” means the Transition Services Agreement dated as of November 24, 2003
among ConAgra Foods, Inc., the Company and each of the other companies listed on the signature pages thereto. 
  
 “Canadian Operations Assignment and Assumption Agreement” means the UAP Canada Asset Purchase Agreement dated as of November 18, 2003
between ConAgra Limited and United Agri Products Canada Inc. 
  
 “Capacity Arrangements” means any agreement or arrangement involving, relating to or otherwise facilitating, (1) requirement contracts, (2) tolling arrangements or (3) the reservation or presale of production capacity of
the Company or its Restricted Subsidiaries by one or more third parties. 
  
 “Capital Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a
balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without
payment of a penalty. 
  

 4 

 “Capital Stock” means: 
  
 (1) in the case of a corporation, corporate stock; 
  
 (2) in the case of an association or business entity, any
and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
  
 (3) in the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests;
and 
  
 (4) any other interest or participation
that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such
debt securities include any right of participation with Capital Stock. 
  
 “Cash Equivalents” means: 
  
 (1) United States dollars, Canadian dollars, or in the case of any Foreign Subsidiary, such local currencies held by it from time to time in the ordinary course of business; 
  
 (2) securities issued or directly and fully guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof (provided that the full faith and credit of the respective country is pledged in support of those securities) having maturities of not more than one year from the date of acquisition;

  
 (3) certificates of deposit, time deposits
and eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any United States or Canadian commercial
bank having capital and surplus in excess of $250.0 million; 
  
 (4) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clauses (2) and (3) above entered into with any financial institution meeting the qualifications
specified in clause (3) above; 
  
 (5) commercial
paper having one of the two highest ratings obtainable from Moody’s or S&P, or if Moody’s and S&P cease to exist, any other nationally recognized statistical rating organization designated by the Board of Directors of the Company
and in each case maturing within one year after the date of acquisition; 
  
 (6) marketable direct obligations issued by any State of the United States of America or any political subdivision of any such State or any public instrumentality maturing within one year from the date of acquisition
and, at the time of acquisition, having one of the two highest ratings obtainable from either Moody’s or S&P, or if Moody’s and S&P cease to exist, any other nationally recognized statistical rating organization designated by the
Board of Directors of the Company; 
  
 (7)
Indebtedness issued by other Persons (other than Apollo or any of its Affiliates) maturing within one year from the date of acquisition and, at the time of acquisition, having one 
  

 5 

 of the two highest ratings obtainable from either Moody’s or S&P, or if Moody’s and S&P
cease to exist, any other nationally recognized statistical rating organization designated by the Board of Directors of the Company; 
  
 (8) money market funds, substantially all of the assets of which constitute Cash Equivalents of the kinds described in clauses (1) through
(7) of this definition; and 
  
 (9) overnight
deposits and demand deposit accounts (in the respective local currencies) maintained in the ordinary course of business. 
  
 “Change of Control” means the occurrence of any of the following: 
  
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole to any “person” (as that term is used in Section 13(d) of
the Exchange Act) other than a Permitted Holder or a Permitted Group; 
  
 (2) the adoption of a plan relating to the liquidation or dissolution of the Company; 
  
 (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any
“person” (as defined above), other than a Permitted Holder or a Permitted Group, becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Company, measured by voting power rather than number of
shares; or 
  
 (4) after an initial public
offering of the Company or any direct or indirect parent of the Company, the first day on which any “Person” (as defined above) other than a Permitted Holder or Permitted Group, together with any Affiliates or Related Persons of such
Person, shall succeed in having a sufficient number of its nominees elected to the Board of Directors of the Company such that such nominees, when added to any existing director remaining on the Board of Directors of the Company after such election
who was a nominee of, or is an Affiliate or Related Person of, such person, shall constitute a majority of the Board of Directors of the Company. 
  
 “Clearstream” means Clearstream Banking, S.A. 
  
 “Common Stock” means any and all shares, interests or other participations in, and other equivalents (however designated and whether
voting or nonvoting) of, such Person’s common stock, whether outstanding on the date of this Indenture or issued after the date of this Indenture, including all series and classes of such common stock. 
  
 “Company” means UAP Holding Corp., and any and all
successors thereto. 
  
 “Consolidated Cash
Flow” means, with respect to any specified Person for any period, the Consolidated Net Income of such Person for such period plus, without duplication: 
  
 (1) an amount equal to any extraordinary loss plus any net loss realized by such Person or any of its
Restricted Subsidiaries in connection with an Asset Sale, to the extent such losses were deducted in computing such Consolidated Net Income; plus  
  

 6 

 (2) provision for taxes based on income or profits of such Person and its Restricted
Subsidiaries for such period, to the extent that such provision for taxes was deducted in computing such Consolidated Net Income; plus 
  
 (3) the Fixed Charges of such Person and its Restricted Subsidiaries for such period, to the extent that such Fixed Charges were deducted
in computing such Consolidated Net Income; plus 
  
 (4) depreciation, amortization (including amortization of intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses (excluding any such non-cash expense to the extent that
it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period) of such Person and its Restricted Subsidiaries for such period to the extent that such
depreciation, amortization and other non-cash expenses were deducted in computing such Consolidated Net Income; minus 
  
 (5) non-cash items increasing such Consolidated Net Income for such period, other than (a) the accrual of revenue in the ordinary course
of business and (b) reversals of prior accruals and reserves for cash items previously excluded from Consolidated Cash Flow pursuant to clause (4) of this definition; 
  
 in each case, on a consolidated basis and determined in accordance with GAAP. 
  
 “Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate of the
Net Income of such Person and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with GAAP; provided that: 
  

(1) the Net Income (if positive) of any Person that is not a Restricted Subsidiary of the specified Person or that is accounted for by
the equity method of accounting shall be included only to the extent of the amount of dividends or similar distributions paid in cash (or to the extent converted into cash) to the specified Person or a Restricted Subsidiary of the Person;

  
 (2) (a) solely for purposes of computing the
Fixed Charge Coverage Ratio pursuant to clause (i) or (ii) of Section 4.09(a) of this Indenture, the Net Income (but not loss) of any Restricted Subsidiary of United Agri Products that is not a guarantor of the UAP Senior Notes, (b) solely for
purposes of computing the Fixed Charge Coverage Ratio for the Company pursuant to clause (i) of Section 4.09(a) of this Indenture, the Net Income (but not loss) of any Restricted Subsidiary of the Company that is not also a Restricted Subsidiary of
United Agri Products, and (c) solely for purposes of determining the amount available for Restricted Payments under Section 4.07(a)(3)(A) of this Indenture, the Net Income (but not loss) of any Restricted Subsidiary of the specified Person, in each
case, shall be excluded to the extent that the declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that Net Income is not at the date of determination permitted without any prior governmental approval (that
has not been obtained) or, directly or indirectly, by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary or its stockholders,
unless such restrictions with respect to the declaration or payment of dividends or similar distributions have been legally waived (other than as permitted by Section 4.08 of this Indenture); 
  
 (3) the cumulative effect of a change in accounting
principles shall be excluded; 
  

 7 

 (4) any non-cash impairment charges resulting from the application of Statement of
Financial Accounting Standards No. 142 shall be excluded; 
  
 (5) any non-cash compensation expense realized from grants of stock appreciation or similar rights, stock options or other rights to officers, directors and employees of such Person or any of its Restricted
Subsidiaries shall be excluded; 
  
 (6) accruals
and reserves that are established within twelve months after December 16, 2003 and that are so required to be established in accordance with GAAP shall be excluded; and 
  
 (7) solely for purposes of determining the amount available for Restricted Payments under Section
4.07(a)(3)(A) of this Indenture, the amortization of original issue discount and the payment of non-cash interest relating to the Notes shall be excluded. 
  
 “Corporate Trust Office of the Trustee” means the address of the Trustee specified in Section 12.02 or such other address as to which the
Trustee may give notice to the Company. 
  
 “Credit
Agreement” means that certain Credit Agreement, dated as of November 24, 2003 by and among United Agri Products, United Agri Products Canada Inc., the Company, the other persons party thereto that are designated as Credit Parties, General
Electric Capital Corporation, as Agent, L/C Issuer and a Lender, GE Canada Finance, Inc., as Canadian Agent, the other financial institutions party thereto as Lenders, GECC Capital Markets Group, Inc., as Co-Lead Arranger, and UBS Securities LLC, as
Co-Lead Arranger, providing for up to $500.0 million of revolving credit borrowings, including any related Notes, guarantees, collateral documents, instruments and agreements executed in connection therewith, and in each case as amended, restated,
modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
  
 “Credit Facilities” means, one or more debt facilities
(including, without limitation, the Credit Agreement) or commercial paper facilities, in each case with banks or other institutional lenders providing for revolving credit loans, term loans, receivables financing (including through the sale of
receivables to such lenders or to special purpose entities formed to borrow from such lenders against such receivables) or letters of credit, in each case, as amended, restated, modified, renewed, refunded, replaced (whether upon or after
termination or otherwise) or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
  
 “Default” means any event that is, or with the passage of
time or the giving of notice or both would be, an Event of Default. 
  
 “Deferred Compensation Plan” means the Company’s 2003 Deferred Compensation Plan. 
  
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06,
substantially in the form of Exhibit A1 hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
  

 8 

 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in
global form, the Person specified in Section 2.03 as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the applicable provision of this Indenture.

  
 “Disqualified Stock” means any Capital Stock
that, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable, in each case at the option of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date on which the Notes mature; provided that any class of Capital Stock
of a Person that by its terms requires such Person to satisfy its obligations thereunder by delivery of Capital Stock that is not Disqualified Stock shall not be deemed Disqualified Stock. Notwithstanding the preceding sentence, any Capital Stock
that would constitute Disqualified Stock solely because the holders of the Capital Stock have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not constitute
Disqualified Stock if the terms of such Capital Stock provide that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.07. The amount of
Disqualified Stock deemed to be outstanding at any time for the purposes of this Indenture shall be the maximum amount that the Company and its Restricted Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory
redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 
  
 “Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the laws of the United States or any state of the United States or the District of Columbia. 
  
 “Equity Interests” means Capital Stock and all warrants,
options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
  
 “Equity Offering” means a public or private sale of Capital Stock other than Disqualified Stock (other than on Form S-8) of the Company
or any other direct or indirect parent of the Company; provided that with respect to any Equity Offering by any such other direct or indirect parent of the Company, such Person contributes the net cash proceeds from such Equity Offering to
the Company. 
  
 “Euroclear” means Euroclear
Bank, S.A./N.V., as operator of the Euroclear system. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.06(f). 
  
 “Exchange Offer” has the meaning set forth in the
Registration Rights Agreement.  
  
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Excluded Contribution” means Net Cash Proceeds received by the Company from (a) contributions to its common equity capital and (b) the
sale of Capital Stock of the Company (other than Disqualified Stock), in each case designated as Excluded Contributions pursuant to an Officers’ Certificate executed on the date such capital contributions are made or the date such Capital Stock
(other than Disqualified Stock) is sold, as the case may be, which are excluded from the calculation set forth in Section 4.07(a)(3)(B) of this Indenture. 
  

 9 

 “Existing Indebtedness” means Indebtedness of the Company and its Subsidiaries (other
than Indebtedness under the Credit Agreement) in existence on the date of this Indenture, until such amounts are repaid. 
  
 “Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction not
involving distress or necessity of either party, determined in good faith by the Board of Directors of the Company (unless otherwise provided in this Indenture) whose resolution with respect thereto shall be delivered to the Trustee. 
  
 “Fixed Charge Coverage Ratio” means with respect to any
specified Person for any period, the ratio of the Consolidated Cash Flow of such Person for such period to the Fixed Charges of such Person for such period. In the event that the specified Person or any of its Restricted Subsidiaries incurs,
assumes, guarantees, repays, repurchases, redeems, defeases or otherwise discharges any Indebtedness (other than ordinary working capital borrowings) or issues, repurchases or redeems preferred stock subsequent to the commencement of the period for
which the Fixed Charge Coverage Ratio is being calculated and on or prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage
Ratio shall be calculated giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase, redemption, defeasance or other discharge of Indebtedness, or such issuance, repurchase or redemption of preferred stock, and the use
of the proceeds therefrom, as if the same had occurred at the beginning of the applicable four-quarter reference period. 
  
 For purposes of calculating the Fixed Charge Coverage Ratio: 
  
 (1) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries, including through mergers or
consolidations, or any Person or any of its Restricted Subsidiaries acquired by the specified Person or any of its Restricted Subsidiaries, and including any related financing transactions and including increases in ownership of Restricted
Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to the Calculation Date shall be given pro forma effect (including any pro forma expense and cost reductions, adjustments and other
operating improvements or synergies both achieved by such Person during such period as a result of the acquisition and to be achieved by such Person as a result of the acquisition, all as determined in good faith by a responsible financial or
accounting officer) as if they had occurred on the first day of the four-quarter reference period; 
  
 (2) the Consolidated Cash Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations or
businesses (and ownership interests therein) disposed of prior to the Calculation Date, shall be excluded; 
  
 (3) the Fixed Charges attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and
ownership interests therein) disposed of prior to the Calculation Date, shall be excluded, but only to the extent that the obligations giving rise to such Fixed Charges shall not be obligations of the specified Person or any of its Restricted
Subsidiaries following the Calculation Date; 
  
 (4) any Person that is a Restricted Subsidiary on the Calculation Date shall be deemed to have been a Restricted Subsidiary at all times during such four-quarter period; 
  
 (5) any Person that is not a Restricted Subsidiary on the Calculation Date shall be deemed not to have been
a Restricted Subsidiary at any time during such four-quarter period; 
  

 10 

 (6) if any Indebtedness bears a floating rate of interest, the interest expense on such
Indebtedness shall be calculated as if the rate in effect on the Calculation Date had been the applicable rate for the entire period (taking into account any Hedging Obligation applicable to such Indebtedness; and 
  
 (7) if such four-quarter reference period includes any
fiscal quarter of such Person ending prior to August 25, 2003, Consolidated Cash Flow shall (a) be increased by (x) the amount of bad debt expense, before collections of customer accounts previously written-off as bad debts, that exceeded 1% of net
sales of such Person and its Restricted Subsidiaries during the portion of such four-quarter reference period ended prior to August 25, 2003 and (y) the amount of physical inventory adjustments of such Person and its Restricted Subsidiaries during
the portion of such four-quarter reference period ended prior to August 25, 2003 that exceeded 0.5% of the cost of goods sold for fertilizer products and (b) be decreased by the amount of collections from customer accounts previously written-off as
bad debts by such Person and its Restricted Subsidiaries during the portion of such four-quarter reference period ended prior to August 25, 2003. 
  
 “Fixed Charges” means, with respect to any specified Person for any period, the sum, without duplication, of: 
  
 (1) the consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, whether paid or accrued, including, without limitation, amortization of debt issuance costs and original issue discount, non-cash interest payments, the interest component of any deferred payment obligations,
the interest component of all payments associated with Capital Lease Obligations, commissions, discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance financings, and net of the effect of all payments
made or received pursuant to Hedging Obligations in respect of interest rates (but excluding the amortization or write-off of deferred financing fees in connection with the Transactions and the amortization of original issue discount and the payment
of non-cash interest relating to the Initial Notes and the Exchange Notes issued in exchange therefor pursuant to the Registration Rights Agreement); plus  
  
 (2) the consolidated interest expense of such Person and its Restricted Subsidiaries that was capitalized
during such period; plus 
  
 (3) any
interest accruing on Indebtedness of another Person that is guaranteed by such Person or one of its Restricted Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries, whether or not such Guarantee or Lien is
called upon; plus  
  
 (4) to the extent
not included in clause (1) above, the product of (a) all dividends, whether paid or accrued and whether or not in cash, on any series of preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on Equity Interests
payable solely in Equity Interests of the Company (other than Disqualified Stock) or to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of which is one and the denominator of which is one minus the
then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, in each case, determined on a consolidated basis in accordance with GAAP. 
  
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company that is not a Domestic Subsidiary.

  

 11 

 “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession of the United States, which are in effect on December 16, 2003. 
  
 “Global Note Legend” means the legend set forth in Section 2.06(g)(2), which is required to be placed on all Global Notes issued under
this Indenture. 
  
 “Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the Depository or its nominee, substantially in the form of Exhibit A1 hereto and that
bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or 2.06(f). 
  
 “Government Securities” means direct obligations of, or
obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
  
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business,
direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness (whether arising by virtue of
partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 
  
 “Guarantors” means: 
  
 (1) any Domestic Subsidiary that in the future executes a Note Guarantee in accordance with the provisions
of this Indenture; and 
  
 (2) their respective
successors and assigns, in each case, until the Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 
  
 “Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 
  
 (1) interest rate swap agreements (whether from fixed to
floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements; 
  
 (2) other agreements or arrangements designed to manage interest rates or interest rate risk; and 
  
 (3) other agreements or arrangements designed to protect
such Person against fluctuations in currency exchange rates or commodity prices. 
  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade
payables), whether or not contingent: 
  
 (1) in
respect of borrowed money; 
  

 12 

 (2) evidenced by bonds, Notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in respect thereof); 
  
 (3) in respect of banker’s acceptances; 
  
 (4) representing Capital Lease Obligations; 
  
 (5) representing the balance deferred and unpaid of the purchase price of any property or services due more than six months after such property is acquired or such services are completed; or 
  
 (6) representing any Hedging Obligations, 
  
 if and to the extent any of the preceding items (other than letters of credit and Hedging
Obligations) would appear as a liability upon a balance sheet (excluding footnotes thereto) of the specified Person prepared in accordance with GAAP. The term “Indebtedness” includes to the extent not otherwise included (a) the Guarantee
by the specified Person of any Indebtedness of any other Person and (b) all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified Person); provided that the
amount of such Indebtedness shall be the lesser of (x) the Fair Market Value of such asset at such date of determination and (y) the amount of such Indebtedness of such other Person. Notwithstanding the foregoing, however, Indebtedness shall not
include (i) any obligations under the Acquisition Documents to pay Rebates or estimated or final purchase price adjustments to ConAgra Foods, Inc. or any of its Affiliates, (ii) advances to the Company or any of its Restricted Subsidiaries by its
customers in the ordinary course of business or (iii) competitive allowances given by the Company or any of its Restricted Subsidiaries to their customers in the ordinary course of business. 
  
 “Indenture” means this Indenture, as amended or supplemented
from time to time. 
  
 “Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Initial Notes” means the first $125.0 million aggregate principal amount at maturity of Notes issued under this Indenture on the date hereof. 
  
 “Initial Purchasers” means UBS Securities LLC, Goldman,
Sachs & Co. and Bear, Stearns & Co. Inc. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs. 
  
 “Investments” means, with respect to any Person, all direct
or indirect investments by such Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding accounts receivable, trade credit and advances to
customers and commission, travel and similar advances to officers and employees made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities, together with all
items that are or would be classified as investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the
Company such that, after giving effect to any such sale or disposition, such Person is no longer a Subsidiary of the Company, the Company shall be deemed to have made an Investment on the date of any such sale or disposition equal to 
  

 13 

 the Fair Market Value of the Company’s Investments in such Subsidiary that were not sold or disposed of in an amount
determined under Section 4.07(c) of this Indenture. The acquisition by the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person shall be deemed to be an Investment by the Company or such Subsidiary in such
third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided under Section 4.07(c) of this Indenture. Except as otherwise provided in this
Indenture, the amount of an Investment shall be determined at the time the Investment is made and without giving effect to subsequent changes in value. 
  
 “Investor Rights Agreement” means the Investor Rights Agreement among the Company and the holders that are parties thereto. 

 
 “Issue Date” means the date of this Indenture.

  
 “Lease Assignments” means the Lease
Assumption Agreement dated as of November 23, 2003 between ConAgra Limited and United Agri Products, the Lease Assumption Agreement dated as of November 23, 2003 between ConAgra Foods, Inc. and United Agri Products and the Assignment of Vehicle
Lease Agreement—Assumption of Performance by Assignee dated as of November 23, 2003 between ConAgra Foods, Inc. and United Agri Products. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York are authorized by law,
regulation or executive order to remain closed. If a payment date is a Legal Holiday, payment may be made at a place of payment on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening
period. 
  
 “Letter of Transmittal” means the
letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of
such asset, whether or not filed, recorded or otherwise perfected under applicable law including any conditional sale or other title retention agreement, any lease in the nature thereof, any agreement to sell or give a security interest and, except
in connection with any Qualified Receivables Transaction, any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall any operating
lease, option or other agreement to sell be deemed to constitute a Lien. 
  
 “Liquidated Damages” means all liquidated damages then owing pursuant to the Registration Rights Agreement. 
  
 “Management Agreement” means the Management Consulting Agreement dated as of November 21, 2003 between United Agri Products (as successor
to UAP Acquisition Corp.) and Apollo. 
  
 “Merger
Agreement” means the Agreement and Plan of Merger dated as of November 24, 2003 between United Agri Products and UAP Acquisition Corp. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Net Income” means, with respect to any specified Person, the net income (loss) of such Person, determined
in accordance with GAAP and before any reduction in respect of preferred stock dividends, excluding, however: 
  
 (1) any gain or loss, together with any related provision for taxes on such gain or loss, realized in connection with: (a) any Asset Sale;
or (b) the disposition of any securities by such Person or any of its Restricted Subsidiaries or the extinguishment of any Indebtedness of such Person or any of its Restricted Subsidiaries; and 
  

 14 

  
 (2) any
extraordinary gain or loss and any nonrecurring gains, losses, income or expenses (including, without limitation, expenses related to the Transactions and any severance and transition expenses incurred as a direct result of the transition of the
Company to an independent operating company in connection with the Transactions), in each case together with any related provision for taxes on such items; provided that with respect to any such nonrecurring loss or expense, the Company
delivers to the Trustee an Officers’ Certificate specifying and quantifying such item. 
  
 “Net Proceeds” means the aggregate proceeds in the form of cash or Cash Equivalents received by the Company or any of its Restricted Subsidiaries in respect of any Asset Sale (including, without
limitation, any cash or Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset Sale and any cash payments received by way of deferred payment of principal pursuant to a note or installment
receivable or otherwise, but only as and when received, but excluding the assumption by the acquiring person of Indebtedness relating to the disposed assets), net of the direct costs relating to such Asset Sale and the sale or disposition of such
non-cash consideration, including, without limitation, legal, accounting and investment banking fees, and sales commissions, and any relocation expenses incurred as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in
each case, after taking into account any available tax credits or deductions and any tax sharing arrangements, amounts required to be applied to the repayment of Indebtedness, other than Indebtedness under a Credit Facility, secured by a Lien on the
asset or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP. 
  
 “Non-Recourse Debt” means Indebtedness: 
  
 (1) as to which neither the Company nor any of its Restricted Subsidiaries (a) provides credit support of
any kind (including any undertaking, agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable as a guarantor or otherwise or (c) constitutes the lender; 
  
 (2) as to which the lenders have recourse to any of the
assets of the Company or any of its Restricted Subsidiaries; and 
  
 (3) as to which the lenders have been notified in writing that they shall not have any recourse to the stock or assets of the Company or any of its Restricted Subsidiaries. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person.

  
 “Note Guarantee” means the Guarantee, if any,
by any Guarantor of the Company’s obligations under this Indenture and on the Notes, executed pursuant to the provisions of this Indenture. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and
other liabilities payable under the documentation governing any Indebtedness. 
  

 15 

 “Officer” means, with respect to any Person (other than the Trustee), the Chairman of
the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on
behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section
12.05. 
  
 “Opinion of Counsel” means an opinion
from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 12.05. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
  
 “Participant” means, with respect to the Depositary,
Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Participating Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 

 
 “Permitted Business” means the business of the Company
and its Subsidiaries as existing on December 16, 2003 and any other businesses that are the same, similar or reasonably related, ancillary or complementary thereto and reasonable extensions thereof. 
  
 “Permitted Group” means any group of investors that is
deemed to be a “Person” (as that term is used in Section 13(d)(3) of the Exchange Act) at any time prior to the Company’s or its direct or indirect parent’s initial public offering of common stock; provided that no single
Person (other than the Permitted Holder) Beneficially Owns (together with its Affiliates) more of the Voting Stock of the Company that is Beneficially Owned by such group of investors than is then collectively Beneficially Owned by Permitted Holders
in the aggregate. 
  
 “Permitted Holder” means
(1) Apollo, (2) each investment fund managed, operated or controlled by, or affiliated with, Apollo and (3) any Related Party of Apollo. 
  
 “Permitted Investments” means: 
  
 (1) any Investment in the Company or in a Restricted Subsidiary of the Company; 
  
 (2) any Investment in Cash Equivalents; 
  
 (3) any Investment by the Company or any Restricted
Subsidiary of the Company in a Person (including payments to the holders of Equity Interests in such Person), if as a result of such Investment: 
  
 (a) such Person becomes a Restricted Subsidiary of the Company; or 
  
 (b) such Person is merged, consolidated or amalgamated with or into, or transfers or conveys substantially
all of its assets to, or is liquidated into, the Company or a Restricted Subsidiary of the Company; 
  
 (4) any Investment made as a result of the receipt of non-cash consideration from (a) an Asset Sale that was made pursuant to and in
compliance with the Section 4.10 of this Indenture or (b) a transaction that would be an Asset Sale if not for the threshold set forth in clause (1) of the second paragraph of the definition of Asset Sale; 
  

 16 

 (5) Investments acquired in exchange for, or out of the net cash proceeds of an offering
within 30 days of, Capital Stock (other than Disqualified Stock) of the Company; provided that the amount of any such net cash proceeds that are utilized for any such Investment pursuant to this clause (5) shall be excluded from clause (3)
(B) of Section 4.07(a) of this Indenture; 
  
 (6)
any Investments received in compromise or resolution of (a) obligations of trade creditors, suppliers or customers that were incurred in the ordinary course of business of the Company or any of its Restricted Subsidiaries, including pursuant to any
plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any trade creditor, supplier or customer; or (b) litigation, arbitration or other disputes with Persons who are not Affiliates; 
  
 (7) Investments represented by Hedging Obligations;

  
 (8) loans or advances to employees and
officers of the Company and its Restricted Subsidiaries made (a) in the ordinary course of business in an aggregate principal amount not to exceed $5.0 million at any one time outstanding or (b) to fund purchases of Capital Stock of the Company or
United Agri Products under any stock option plan, stock ownership plan or other similar employment arrangements so long as no cash is actually advanced by the Company or any of its Restricted Subsidiaries to such employees and officers to fund such
purchases; 
  
 (9) repurchases of the Notes;

  
 (10) Investments existing on the date of this
Indenture; 
  
 (11) Guarantees of Indebtedness to
the extent permitted pursuant to Sections 4.09 and 4.15; 
  
 (12) the acquisition by a Receivables Subsidiary in connection with a Qualified Receivables Transaction of Equity Interests of a trust or other Person established by such Receivables Subsidiary to effect such
Qualified Receivables Transaction; and any other Investment by the Company or a Subsidiary of the Company in a Receivables Subsidiary or any Investment by a Receivables Subsidiary in any other Person in connection with a Qualified Receivables
Transaction; provided that such other Investment is in the form of a note or other instrument that the Receivables Subsidiary or other Person is required to repay as soon as practicable from available cash collections less amounts required to
be established as reserves pursuant to contractual agreements with entities that are not Affiliates of the Company entered into as part of a Qualified Receivables Transaction; 
  
 (13) Investments of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary of the Company or at the time such Person merges or consolidates with the Company or any of its Restricted Subsidiaries, in either case in compliance with this Indenture; provided that such Investments were not made in
connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such merger or consolidation; and 
  
 (14) other Investments having an aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect
to subsequent changes in value), when 
  

 17 

 
taken together with all other Investments made pursuant to this clause (14) that are at the time outstanding not to exceed $45.0 million less the aggregate
Fair Market Value of all Investments made since December 16, 2003 through the date of this Indenture pursuant to clause (14) of the definition of “Permitted Investments” in the UAP Senior Notes Indenture to the extent such Investments
remain outstanding; provided that if an Investment pursuant to this clause (14) is made in any Person that is not a Restricted Subsidiary of the Company at the date of the making of the Investment and such Person becomes a Restricted
Subsidiary after such date, such Investment shall thereafter be deemed to have been made pursuant to clause (1) above, and shall cease to have been made pursuant to this clause (14). 
  
 “Permitted Liens” means: 
  
 (1) Liens on assets of the Company or any of its Restricted Subsidiaries securing Indebtedness and other
Obligations under Credit Facilities that was incurred pursuant to either clause (1), clause (14) of the definition of Permitted Debt and/or securing Hedging Obligations related thereto; 
  
 (2) Liens in favor of the Company or any Wholly-Owned Subsidiary; 
  
 (3) Liens securing Indebtedness of a Restricted Subsidiary
of the Company (including, without limitation, Liens created for the benefit of (or to secure) the UAP Senior Notes or the related Guarantees of the UAP Senior Notes); provided such Indebtedness was permitted to be incurred under Section 4.09 of
this Indenture; 
  
 (4) Liens on property of a
Person existing at the time such Person is merged with or into or consolidated with the Company or any Subsidiary of the Company; provided that such Liens were in existence prior to the contemplation of such merger or consolidation and do not
extend to any assets other than those of the Person merged into or consolidated with the Company or the Subsidiary; 
  
 (5) Liens on property (including Capital Stock) existing at the time of acquisition of the property by the Company or any Subsidiary of
the Company; provided that such Liens were in existence prior to, and not incurred in contemplation of, such acquisition; 
  
 (6) Liens to secure Indebtedness (including Capital Lease Obligations) permitted under Section 4.09(b)(5) of this Indenture covering only
the assets acquired with or financed by such Indebtedness; 
  
 (7) Liens existing on the date of this Indenture; 
  
 (8) Liens for taxes, assessments or governmental charges or claims that are not yet delinquent or that are being contested in good faith
by appropriate proceedings promptly instituted and diligently concluded; provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 
  
 (9) Liens imposed by law, such as carriers’,
warehousemen’s, landlord’s and mechanics’ Liens, in each case, incurred in the ordinary course of business; 
  
 (10) survey exceptions, easements or reservations of, or rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph
and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property that were not incurred in connection with Indebtedness and that do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of such Person; 
  

 18 

 (11) Liens created for the benefit of (or to secure) the Notes (or any Note Guarantees);

  
 (12) Liens to secure any Permitted
Refinancing Indebtedness permitted to be incurred under this Indenture; provided, however, that: 
  
 (a) the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to
which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof); and 
  
 (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the outstanding principal amount
or, if greater, committed amount, of the Permitted Referencing Indebtedness and (y) an amount necessary to pay any fees and expenses, including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge;

  
 (13) Liens incurred or deposits made in the
ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course or business consistent with past
practice in connection therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of
obligations for the payment of borrowed money); 
  
 (14) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances or similar credit transactions issued or created for the account of such
Person to facilitate the purchase, shipment, or storage of such inventory or other goods; 
  
 (15) judgment Liens not giving rise to an Event of Default; 
  
 (16) Liens on assets of the Company or a Receivables Subsidiary incurred in connection with a Qualified
Receivables Transaction; 
  
 (17) Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
  
 (18) Liens securing Hedging Obligations which Hedging Obligations relate to Indebtedness that is otherwise permitted under this Indenture;

  
 (19) Liens arising out of conditional sale,
title retention, consignment or similar arrangements for the sale of goods entered into by the Company or any of its Restricted Subsidiaries in the ordinary course of business; 
  
 (20) leases or subleases granted to others that do not materially interfere with the ordinary course of
business of the Company and its Restricted Subsidiaries; 
  

 19 

 (21) Liens arising from filing Uniform Commercial Code financing statements regarding
leases; 
  
 (22) Liens encumbering deposits made
to secure obligations arising from statutory, regulatory, contractual, or warranty requirements of the Company or any of its Restricted Subsidiaries, including rights of offset and set-off; 
  
 (23) Liens securing insurance premium financing
arrangements; provided that such Lien is limited to the applicable insurance contracts; 
  
 (24) Liens securing reimbursement obligations with respect to commercial letters of credit that encumber documents and other property
relating to such letters of credit and products and proceeds thereof; 
  
 (25) Liens securing Indebtedness incurred under Section 4.09(b)(19) and Section 4.09(b)(20); provided that such Liens do not extend to or cover any of the cash or Cash Equivalents that have been deposited with
the Trustee pursuant to Article VIII of this Indenture; and 
  
 (26) Liens incurred in the ordinary course of business of the Company or any Subsidiary of the Company with respect to obligations that do not exceed $10.0 million at any one time outstanding. 
  
 “Permitted Payments to Holdings” means, without duplication
as to amounts: 
  
 (1) payments of dividends or
other distributions or amounts by the Company to any direct or indirect parent of the Company in amounts required for such parent or any of its direct or indirect parents to pay franchise taxes and other fees required to maintain its existence and
provide for all other operating costs of such parent or any of its direct or indirect parents to operate as a public or private holding company, including, without limitation, in respect of director fees and expenses, administrative, legal and
accounting services provided by third parties and other costs and expenses, including all costs and expenses with respect to filings with the SEC; and 
  
 (2) for so long as the Company files a consolidated, combined, affiliated or unitary tax return with any direct or indirect parent of the
Company, payments of dividends or other distributions or amounts by the Company to such parent in amounts required to pay the tax obligations of the Company and its Subsidiaries and the tax obligations of such parent or any of its direct or indirect
parents attributable to the Company and its Subsidiaries; provided that the amount of dividends paid pursuant to this clause (2) to enable such parent or any of its direct or indirect parents to pay Federal, state or local income taxes at any
time shall not exceed the amount of the relevant tax (including any penalties and interest) that the Company would owe if the Company were filing a separate tax return (or a separate consolidated or combined return with its Subsidiaries that are
members of the consolidated or combined group), taking into account any carryovers or carrybacks of tax attributes (such as net operating loses) of the Company and such Subsidiaries from prior years; provided further that any refunds received
by such parent or any of its direct or indirect parents attributable to the Company and its Subsidiaries shall be promptly returned by such parent or any of its direct or indirect parents to the Company. 
  

 20 

 “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to refund, refinance, replace, defease or discharge other Indebtedness of the Company or any of its Restricted Subsidiaries (other than intercompany Indebtedness);
provided that: 
  
 (1) the principal
amount (or accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus
all accrued interest on the Indebtedness and the amount of all fees and expenses, including premiums, incurred in connection therewith); 
  
 (2) such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a Weighted Average
Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 
  
 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged is
subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least as favorable to the
Holders of Notes as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
  

(4) such Indebtedness is incurred either by the Company or by the Restricted Subsidiary who is the obligor on the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged. 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
  
 “Preferred Letter” means the letter agreement between
ConAgra Foods, Inc. and the Company regarding the issuance of additional shares of the Company’s Series A preferred stock. 
  
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) to be placed on all Notes issued under this Indenture except
where otherwise permitted by the provisions of this Indenture. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Qualified Receivables Transaction” means any transaction or series of transactions entered into by the Company or any of its Restricted
Subsidiaries pursuant to which the Company or any of its Restricted Subsidiaries sells, conveys or otherwise transfers to (i) a Receivables Subsidiary (in the case of a transfer by the Company or any of its Restricted Subsidiaries) and (ii) any
other Person (in the case of a transfer by a Receivables Subsidiary), or grants a security interest in, any accounts receivable (whether now existing or arising in the future) of the Company or any of its Restricted Subsidiaries, and any assets
related thereto including, without limitation, all collateral securing such accounts receivable, all contracts and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets
which are customarily transferred or in respect of which security interests are customarily granted in connection with asset securitization transactions involving accounts receivable and any Hedging Obligations entered into by the Company or any
such Subsidiary in connection with such accounts receivable. 
  
 “Rabbi Trust Agreement” means the Trust Agreement for the Company’s 2003 Deferred Compensation Plan. 
  

 21 

 “Rebates” means rebates, incentives, loyalty and other bonuses, freight or other similar
refunds, rebillings, performance or award payments, marketing payments, warehousing and interest payments, program payments, products furnished on a discounted or “no charge” basis and all other such payments and forms of compensation and
the proceeds thereof, that are now or may hereafter be payable by vendors to the Company or any of its Subsidiaries as a result of product sales (whether wholesale, retail or otherwise), service or other performance criteria. 
  
 “Receivables Subsidiary” means a Wholly-Owned Restricted
Subsidiary of United Agri Products which engages in no activities other than in connection with the financing of accounts receivable and which is designated by the Board of Directors of the Company (as provided below) as a Receivables Subsidiary (a)
no portion of the Indebtedness or any other Obligations (contingent or otherwise) of which (i) is guaranteed by the Company or any Restricted Subsidiary of the Company (excluding guarantees of Obligations (other than the principal of, and interest
on, Indebtedness) pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables Transaction), (ii) is recourse to or obligates the Company or any
Restricted Subsidiary of the Company in any way other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables Transaction or (iii) subjects
any property or asset of the Company or any Restricted Subsidiary of the Company (other than accounts receivable and related assets as provided in the definition of “Qualified Receivables Transaction”), directly or indirectly, contingently
or otherwise, to the satisfaction thereof, other than pursuant to representations, warranties, covenants and indemnities entered into in the ordinary course of business in connection with a Qualified Receivables Transaction, (b) with which neither
the Company nor any Restricted Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the
time from Persons who are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing accounts receivable and (c) with which neither the Company nor any Restricted Subsidiary of the Company
has any obligation to maintain or preserve such Subsidiary’s financial condition or cause such Subsidiary to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing
conditions. 
  
 “Registration Rights Agreement”
means, with respect to the Initial Notes, the Registration Rights Agreement, dated as of January 26, 2004, among the Company and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from
time to time and, with respect to any Additional Notes, one or more registration rights agreements among the Company, the Guarantors, if any, and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to
time, relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes under the Securities Act. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S Permanent Global
Note, as appropriate. 
  
 “Regulation S Permanent Global
Note” means a permanent Global Note in the form of Exhibit A1 hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a
denomination equal to the outstanding principal amount at maturity of the Regulation S Temporary Global Note upon expiration of the Restricted Period. 
  

 22 

 “Regulation S Temporary Global Note” means a temporary Global Note in the form of
Exhibit A2 hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of
Regulation S. 
  
 “Related Party” of a specified
Person means: 
  
 (1) any controlling
stockholder, more than 50%-owned Subsidiary, or immediate family member (in the case of an individual) of such Person; or 
  
 (2) any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members,
owners or Persons beneficially holding a more than 50% interest of which consist of such Person and/or such other Persons referred to in the immediately preceding clause (1). 
  
 “Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee within the
Institutional Trust Services – Conventional Debt Unit (or any successor unit, department or division of the Trustee) located at the Corporate Trust Office of the Trustee who has direct responsibility for the administration of this Indenture
and, for the purposes of Sections 7.01(c)(2) and 7.05, also means any other officer or person performing similar functions to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular
subject. 
  
 “Restricted Definitive Note” means a
Definitive Note bearing the Private Placement Legend. 
  
 “Restricted Global Note” means a Global Note bearing the Private Placement Legend. 
  
 “Restricted Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Note” means a Global Note or Definitive Note
bearing the Private Placement Legend. 
  
 “Restricted
Period” means the 40-day distribution compliance period as defined in Regulation S. 
  
 “Restricted Subsidiary” of a Person means any Subsidiary of the referent Person that is not an Unrestricted Subsidiary. 
  
 “Retention Agreements” means the Retention Agreements dated as of November 18, 2003 between the Company and
the employees signatory thereto. 
  
 “Rule 144”
means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 903” means Rule 903 promulgated under the Securities Act. 
  
 “Rule 904” means Rule 904 promulgated under the Securities Act. 
  
 “S&P” means Standard & Poor’s Ratings Services. 
  
 “SEC” means the United States Securities and Exchange
Commission. 
  
 “Securities Act” means the
Securities Act of 1933, as amended, or any successor statute or statutes thereto. 
  

 23 

 “Seller Transition Services Agreement” means the Seller Transition Services Agreement
dated as of November 24, 2003 among ConAgra Foods, Inc., the Company, United Agri Products and each of the other companies listed on the signature pages thereto. 
  
 “Shelf Registration Statement” means the Shelf Registration Statement as defined in the Registration Rights
Agreement. 
  
 “Significant Subsidiary” means any
Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1–02 of Regulation S–X, promulgated pursuant to the Securities Act, as such Regulation is in effect on December 16, 2003. 
  
 “Stated Maturity” means, with respect to any installment of
interest or principal on any series of Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of December 16, 2003, and shall not include any contingent
obligations to repay, redeem or repurchase any such interest or principal prior to the date originally scheduled for the payment thereof. 
  
 “Stock Option Plan” means the Company’s 2003 Stock Option Plan and all stock option agreements entered into in connection therewith.

  
 “Stock Purchase Agreement” means the Stock
Purchase Agreement by and among the Company, ConAgra Foods, Inc. and United Agri Products, dated as of October 29, 2003, as amended. 
  
 “Subsidiary” means, with respect to any specified Person: 
  
 (1) any corporation, association or other business entity of which more than 50% of the total voting power
of shares of Capital Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors,
managers or trustees of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

  
 (2) any partnership (a) the sole general
partner or the managing general partner of which is such Person or a Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C.
§§ 77aaa-77bbbb) as in effect on the date on which this Indenture is qualified thereunder. 
  
 “Transactions” means the transactions contemplated by the Stock Purchase Agreement, the related borrowings under the Credit Agreement and
the issuance of the UAP Senior Notes on December 16, 2003. 
  
 “Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

  
 “UAP Senior Notes” means United Agri
Products’ 8 1/4% Senior Notes due 2011 issued pursuant to the UAP Senior Notes Indenture. 

 

 24 

 “UAP Senior Notes Indenture” means the indenture, dated as of December 16, 2003, among
United Agri Products, the guarantors party thereto and JPMorgan Chase Bank, as trustee, relating to the UAP Senior Notes. 
  
 “United Agri Products” means United Agri Products, Inc., a Delaware corporation, and its successors and assigns. 
  
 “Unrestricted Global Note” means a Global Note that does not
bear and is not required to bear the Private Placement Legend. 
  
 “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend. 
  
 “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board of Directors of the Company as an
Unrestricted Subsidiary pursuant to a resolution of the Board of Directors, but only to the extent that such Subsidiary: 
  
 (1) has no Indebtedness other than Non-Recourse Debt; 
  
 (2) except as permitted by Section 4.11, is not party to any agreement, contract, arrangement or
understanding with the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Company or such Restricted Subsidiary than those that might be
obtained at the time from Persons who are not Affiliates of the Company; 
  
 (3) is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve
such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 
  
 (4) has not guaranteed or otherwise directly or indirectly provided credit support for any Indebtedness of the Company or any of its
Restricted Subsidiaries. 
  
 “U.S. Person” means
a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 
  
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. 

 
 “Weighted Average Life to Maturity” means, when applied
to any Indebtedness at any date, the number of years obtained by dividing: 
  
 (1) the sum of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in
respect of the Indebtedness, by (y) the number of years (calculated to the nearest one-twelfth) that shall elapse between such date and the making of such payment; by 
  
 (2) the then outstanding principal amount of such Indebtedness. 
  

 25 

 “Wholly-Owned Restricted Subsidiary” of any Person means a Subsidiary of such Person all
of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be owned by such Person or by one or more Wholly-Owned Restricted Subsidiaries of such Person and one or more
Wholly-Owned Restricted Subsidiaries of such Person. 
  
 Section 1.02 Other Definitions. 
  

			
	 Term

	  	Defined
in
Section

	 “Affiliate Transaction”
	  	4.11
	 “Asset Sale Offer”
	  	3.09
	 “Authentication Order”
	  	2.02
	 “Change of Control Offer”
	  	4.14
	 “Change of Control Payment”
	  	4.14
	 “Change of Control Payment Date”
	  	4.14
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Excess Proceeds”
	  	4.10
	 “incur”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “Offer Amount”
	  	3.09
	 “Offer Period”
	  	3.09
	 “Paying Agent”
	  	2.03
	 “Permitted Debt”
	  	4.09
	 “Payment Default”
	  	6.01
	 “Purchase Date”
	  	3.09
	 “Registrar”
	  	2.03
	 “Restricted Payments”
	  	4.07

  
 Section 1.03 Incorporation by Reference of Trust Indenture Act. 
  
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security holder” means a Holder of a Note;

  
 “indenture to be qualified” means this
Indenture; 
  
 “indenture trustee” or
“institutional trustee” means the Trustee; and 
  
 “obligor” on the Notes and the Note Guarantees, if any, means the Company and the Guarantors, if any, respectively, and any successor obligor upon the Notes and the Note Guarantees, respectively. 
  

 26 

 All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another
statute or defined by SEC rule under the TIA and not otherwise defined herein have the meanings so assigned to them. 
  
 Section 1.04 Rules of Construction. 
  
 Unless the context otherwise requires: 
  
 (1) a term has the meaning assigned to it; 
  
 (2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 
  
 (3) “or” is not exclusive; 
  
 (4) words in the singular include the plural, and in the
plural include the singular; 
  
 (5) provisions
apply to successive events and transactions; 
  
 (6) “including” means including, without limitation; and 
  
 (7) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 
  
 ARTICLE 2. 
 THE NOTES 
  
 Section 2.01 Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A1 or A2 hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or
usage. Each Note shall be dated the date of its authentication. The Notes shall be in denominations of $1,000 in principal amount at maturity and integral multiples thereof. 
  
 The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture,
and the Company and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
  
 (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibits A1 or A2 attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests
in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A1 attached hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified therein and each shall provide that it represents the aggregate principal amount at maturity of outstanding Notes from time to
time endorsed thereon and that the aggregate principal amount at maturity of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note
to reflect the amount of any increase or decrease in the aggregate principal 

  

 27 

 
amount at maturity of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance
with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S shall be issued initially in the form of the Regulation S Temporary Global Note, which shall be deposited on behalf of the
purchasers of the Notes represented thereby with the Trustee, at its New York office, as custodian for the Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the accounts of designated agents holding on
behalf of Euroclear or Clearstream, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The Restricted Period shall be terminated upon the receipt by the Trustee of: 
  
 (1) a written certificate from the Depositary, together with
copies of certificates from Euroclear and Clearstream certifying that they have received certification of non-United States beneficial ownership of 100% of the aggregate principal amount at maturity of the Regulation S Temporary Global Note (except
to the extent of any beneficial owners thereof who acquired an interest therein during the Restricted Period pursuant to another exemption from registration under the Securities Act and who shall take delivery of a beneficial ownership interest in a
144A Global Note bearing a Private Placement Legend, all as contemplated by Section 2.06(b)); and 
  
 (2) an Officers’ Certificate from the Company. 
  
 Following the termination of the Restricted Period, beneficial interests in the Regulation S Temporary Global Note shall be
exchanged for beneficial interests in Regulation S Permanent Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of Regulation S Permanent Global Note, the Trustee shall cancel the Regulation S Temporary Global
Note. The aggregate principal amount at maturity of the Regulation S Temporary Global Note and the Regulation S Permanent Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee and the
Depositary or its nominee, as the case may be, in connection with transfers of interest as hereinafter provided. 
  
 (d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the Regulation S
Temporary Global Note and the Regulation S Permanent Global Notes that are held by Participants through Euroclear or Clearstream. 
  
 Section 2.02 Execution and Authentication. 
  
 At least one Officer must sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the
time a Note is authenticated, the Note shall nevertheless be valid. 
  
 A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee shall authenticate and deliver: (i) on the Issue Date, Initial
Notes for original issue in an aggregate principal amount at maturity of $125.0 million, (ii) Additional Notes for an original issue in an aggregate principal amount at maturity specified in the written order of the Company pursuant to this Section
2.02 and (iii) Exchange Notes for issue only in an Exchange Offer pursuant to the Registration 
  

 28 

 Rights Agreement, for a like Accreted Value and principal amount at maturity of Initial Notes or Additional Notes, in
each case upon a written order of the Company signed by an Officer of the Company (an “Authentication Order”). Such Authentication Order shall specify the amount of the Notes to be authenticated and the date on which the original
issue of the Notes is to be authenticated. 
  
 The
Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders, the Company or an Affiliate of the Company. 
  
 Section 2.03 Registrar and Paying Agent. 
  

The Company shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”)
and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Company may appoint one or more co-registrars and one or
more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without notice to
any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.
The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
  
 The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to
the Global Notes. 
  
 Section 2.04 Paying
Agent to Hold Money in Trust. 
  
 The Company shall require
each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of Accreted Value of, or premium or Liquidated
Damages, if any, or interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee.
The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the
Trustee shall serve as Paying Agent for the Notes. 
  
 Section 2.05 Holder Lists. 
  
 The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee on or before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of
Notes and the Company shall otherwise comply with TIA § 312(a). 
  

 29 

 Section 2.06 Transfer and Exchange. 
  
 (a) Transfer and Exchange of Global Notes. A Global Note may not be
transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee
of such successor Depositary. All Global Notes shall be exchanged by the Company for Definitive Notes if: 
  
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 120 days after the date of such notice from the Depositary; or 
  
 (2) the Company in its sole discretion determines that the
Global Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; provided that in no event shall the Regulation S Temporary Global Note be exchanged by the Company
for Definitive Notes prior to (x) the expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act. 
  
 Upon the occurrence of either of the preceding events in (1) or (2) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for
another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f). 
  
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes.
The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes
shall be subject to restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 
  
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Temporary Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the
Registrar to effect the transfers described in this Section 2.06(b)(1). 
  

 30 

 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 
  
 (A) both: 
  
 (i) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged; and 
  
 (ii) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
  
 (B) both: 
  
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
  
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Temporary Global Note prior to (A)
the expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903 under the Securities Act. Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f), the
requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global
Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal
amount at maturity of the relevant Global Note(s) pursuant to Section 2.06(h). 
  
 (3) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

  
 (A) if the transferee shall take delivery in
the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if the transferee shall take delivery in the form of a
beneficial interest in the Regulation S Temporary Global Note or the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof. 
  

 31 

 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes
delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration
Rights Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Participating
Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
  
 (C) such
transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  
 (ii) if the holder of such beneficial interest in a
Restricted Global Note proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof; 
  
 and, in
each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at
a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an
aggregate principal amount at maturity equal to the aggregate principal amount at maturity of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  

 32 

 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons
who take delivery thereof in the form of, a beneficial interest in a Restricted Global Note. 
  
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by
the Registrar of the following documentation: 
  
 (A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof; 
  
 (B) if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such beneficial interest is being transferred to a
Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such beneficial interest is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such beneficial interest is being transferred to an
Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  
 (F) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  
 (G) if such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in
item (3)(c) thereof, 
  
 the Trustee shall cause the aggregate principal amount at
maturity of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount at maturity. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names
such Notes are so registered. 
  

 33 

 Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note pursuant to this Section
2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (2) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes. Notwithstanding Sections 2.06(c)(1)(A) and (C)
hereof, a beneficial interest in the Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the expiration of the Restricted
Period and (B) the receipt by the Registrar of any certificates required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a transfer pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 903 or Rule 904. 
  
 (3)
Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such
beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Participating Broker-Dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar
so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  

 34 

 (4) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2), the Trustee shall cause the aggregate principal amount at maturity of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h), and
the Company shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount at maturity. Any Definitive Note issued in exchange for a beneficial interest
pursuant to this Section 2.06(c)(4) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the
Depositary and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(4) shall not bear the Private Placement Legend. 
  
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 
  
 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon
receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the
certifications in item (2)(b) thereof; 
  
 (B) if
such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such Restricted Definitive Note is being transferred
to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such Restricted Definitive Note is being transferred
pursuant to an exemption from the registration requirements of the Securities Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such Restricted Definitive Note is being transferred
to an Institutional Accredited Investor in reliance on an exemption from the registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto,
including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable; 
  
 (F) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  

 35 

 (G) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount at
maturity of, in the case of clause (A) above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above and the Regulation S Global Note. 
  
 (2) Restricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (i) a Participating Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company;

  
 (B) such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with
the Registration Rights Agreement; or 
  
 (D) the
Registrar receives the following: 
  
 (i) if the
Holder of such Definitive Notes proposes to exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or

  
 (ii) if the Holder of such Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
  
 and, in each such case set forth in this
subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2), the Trustee
shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount at maturity of the Unrestricted Global Note. 
  

 36 

 (3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount at
maturity of one of the Unrestricted Global Notes. 
  
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount at maturity equal to the principal amount at maturity of Definitive
Notes so transferred. 
  
 (e) Transfer and Exchange of
Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed
by such Holder or by its attorney, duly authorized in writing. The requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

  
 (1) Restricted Definitive Notes to
Restricted Definitive Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  
 (A) if the transfer shall be made pursuant to Rule 144A,
then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if the transfer shall be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit
B hereto, including the certifications in item (2) thereof; and 
  
 (C) if the transfer shall be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted Definitive Note may be exchanged by the Holder
thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Company; 
  

 37 

 (B) any such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement; 
  
 (C) any such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with
the Securities Act. 
  
 (3) Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company shall issue and,
upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee shall authenticate: 
  
 (1) one or more Unrestricted Global Notes in an aggregate principal amount at maturity equal to the principal amount at maturity of the
beneficial interests in the Restricted Global Notes accepted for exchange in the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Participating Broker-Dealers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined in Rule 144) of the Company; and 
  
 (2) Unrestricted Definitive Notes in an aggregate principal amount at maturity equal to the principal amount at maturity of the Restricted
Definitive Notes accepted for exchange in the Exchange Offer. 
  
 Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal amount at maturity of the applicable Restricted Global Notes to be reduced accordingly, and the Company 

  

 38 

 
shall execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive
Notes in the appropriate principal amount at maturity. 
  
 (g)
Legends. The following legends shall appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (1) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each
Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form. 
  
 “THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH
PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE
HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF UAP HOLDING CORP. THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(A) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (C)
OUTSIDE THE UNITED STATES TO A PERSON THAT IS NOT A U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3)
OR (7) UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) THAT IS PURCHASING AT LEAST $100,000 OF NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF AN INSTITUTIONAL ACCREDITED INVESTOR (AND BASED UPON AN OPINION OF COUNSEL IF
UAP HOLDING CORP. SO REQUESTS) OR (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, PROVIDED THAT IN THE CASE OF A TRANSFER UNDER CLAUSE (E) SUCH TRANSFER IS SUBJECT TO THE RECEIPT BY THE TRUSTEE (AND
UAP HOLDING CORP., IF IT SO REQUESTS) OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO UAP HOLDING CORP. OR ANY OF ITS SUBSIDIARIES OR (3) UNDER AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND THE INDENTURE GOVERNING THE NOTES AND (B) THE
HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. IF ANY RESALE OR OTHER TRANSFER OF ANY NOTE IS PROPOSED TO BE MADE UNDER CLAUSE
(A)(1)(D) ABOVE WHILE THESE TRANSFER RESTRICTIONS ARE IN FORCE, THEN THE TRANSFEROR SHALL DELIVER A LETTER FROM THE TRANSFEREE TO 

  

 39 

 
UAP HOLDING CORP. AND THE TRUSTEE WHICH SHALL PROVIDE, AMONG OTHER THINGS, THAT THE TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR AND THAT IT IS
ACQUIRING THE SECURITIES FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT.” 
  
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3), (c)(4), (d)(2),
(d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 
  
 (2) Global Note Legend. Each Global Note shall bear a legend in substantially the following form:

  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE
GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE
INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
  
 (3) Regulation S Temporary Global Note Legend. Each Regulation S Temporary Global Note shall bear a
legend in substantially the following form: 
  
 “THE RIGHTS ATTACHING TO
THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATES NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S
TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.” 
  

 40 

 (4) Original Issue Discount Legend. Each Note will bear a legend in substantially
the following form: 
  
 “THIS NOTE WAS ISSUED WITH ‘ORIGINAL ISSUE
DISCOUNT’ WITHIN THE MEANING OF SECTION 1272, ET SEQ., OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON WRITTEN REQUEST, THE COMPANY WILL PROVIDE TO ANY HOLDER OF THE NOTE (1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF
ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE ORIGINAL YIELD TO MATURITY OF THE NOTE. SUCH REQUEST SHOULD BE SENT TO THE COMPANY AT UAP HOLDING CORP., C/O UNITED AGRI PRODUCTS, 7251 W. 4TH STREET, GREELEY, COLORADO 80634, ATTN: CHIEF FINANCIAL OFFICER.” 
  
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance with
Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount at maturity of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who shall take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  

(i) General Provisions Relating to Transfers and Exchanges. 
  
 (1) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall
authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 
  
 (2) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.09, 4.10, 4.14 and 9.05). 
  
 (3) The Registrar shall not be required to register the transfer of or exchange of any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part. 
  
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (5) Neither the Registrar nor the Company shall be required: 
  
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening
of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection; 
  

 41 

 (B) to register the transfer of or to exchange any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part; or 
  
 (C) to register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (6) Prior to due presentment for the registration of a
transfer of any Note, the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of Accreted Value of and interest on such Notes
and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 
  
 (7) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02. 
  
 (8) All certifications, certificates and Opinions of Counsel
required to be submitted to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 Section 2.07 Replacement Notes. 
  
 If any mutilated Note is surrendered to the Trustee or the Company, or the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may
charge for its expenses in replacing a Note, including reasonable fees and expenses of counsel. 
  
 Every replacement Note is an additional obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
  
 Section 2.08 Outstanding Notes. 
  
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; however,
Notes held by the Company or a Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(a). 
  
 If a Note is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is
held by a protected purchaser. 
  
 If the Accreted Value of any
Note is considered paid under Section 4.01, it ceases to be outstanding and ceases to accrue interest or accrete in value, as the case may be. 
  
 If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient
to pay all of the Accreted Value of, premium, if 

  

 42 

 
any, and interest and Liquidated Damages, if any, due on the Notes payable on that date, then on and after that date such Notes shall be deemed to be no
longer outstanding and shall cease to accrue interest or accrete in value, as the case may be. 
  
 Section 2.09 Treasury Notes. 
  
 In determining whether the Holders of the required principal amount at maturity of Notes have concurred in any direction, waiver or consent, Notes owned
by the Company or any of its Affiliates (including the Guarantors, if any) shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
  
 Section 2.10 Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this Indenture. 
  
 Section 2.11 Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall
dispose of canceled Notes in accordance with its customary practices (subject to the record retention requirement of the Exchange Act). Certification of the destruction of all canceled Notes shall be delivered to the Company. The Company may not
issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  
 Section 2.12 Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each such special record date and payment date, provided that no such special record date may be less than 10
days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or
cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 Section 2.13 CUSIP Numbers. 
  
 The Company in issuing the Notes may use CUSIP, ISIN or other such numbers (if then generally in use), and, if so, the Trustee shall use CUSIP, ISIN or
other such numbers in notices of redemption or 

  

 43 

 
exchange as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption or exchange and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or exchange shall not be affected by any
defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the CUSIP, ISIN or other numbers. 
  
 Section 2.14 Issuance of Additional Notes. 
  
 The Company shall be entitled, from time to time, subject to its compliance with Section 4.09, and provided that the
Additional Notes will be treated as part of the same issue as the Initial Notes for U.S. federal income tax purposes, without consent of the Holders, to issue Additional Notes under this Indenture with identical terms as the Initial Notes issued on
the Issue Date other than with respect to (i) the date of issuance, (ii) the issue price, (iii) the amount of interest payable on the first interest payment date and (iv) any adjustments in order to conform to and ensure compliance with the
Securities Act (or other applicable securities laws). The Initial Notes issued on the Issue Date, any Additional Notes and all Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes under this Indenture.

  
 With respect to any Additional Notes, the Company shall set
forth in an Officers’ Certificate pursuant to a resolution of the Board of Directors of the Company, copies of which shall be delivered to the Trustee, the following information: 
  
 (1) the aggregate principal amount at maturity of such Additional Notes to be authenticated and delivered
pursuant to this Indenture; 
  
 (2) the issue
price, the issue date and the CUSIP number of such Additional Notes; and 
  
 (3) whether such Additional Notes shall be Restricted Notes or shall be issued in the form of Exchange Notes. 
  
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT

  
 Section 3.01 Notices to Trustee.

  
 If the Company elects to redeem Notes pursuant to the
optional redemption provisions of Section 3.07, it must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date (unless a shorter notice shall be agreed to by the Trustee in writing), an Officers’ Certificate
setting forth: 
  
 (1) the clause of this
Indenture pursuant to which the redemption shall occur; 
  
 (2) the redemption date; 
  
 (3) the principal amount at maturity of Notes to be redeemed; and 
  
 (4) the redemption price. 
  

 44 

 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 
  
 If less than all of the Notes are to be redeemed or purchased in an offer to
purchase at any time, the Trustee shall select Notes for redemption or purchase as follows: 
  
 (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed; or 
  
 (2) if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by such method as the Trustee shall deem fair and appropriate. 
  
 In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or purchased shall be selected,
unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 
  
 The Trustee shall promptly notify the Company in writing of the Notes
selected for redemption or purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount at maturity thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in principal amounts at
maturity of $1,000 or whole multiples of $1,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if the principal amount at maturity of such Notes is not a
multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase.

  
 Section 3.03 Notice of Redemption.

  
 Subject to the provisions of Section 3.09, at least 30 days
but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may
be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 of this Indenture. 
  
 The notice shall identify the Notes to be redeemed and shall state:

  
 (1) the redemption date; 
  
 (2) the redemption price; 
  
 (3) if any Note is being redeemed in part, the portion of
the principal amount at maturity of such Note to be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount at maturity equal to the unredeemed portion shall be issued upon cancellation of
the original Note; 
  
 (4) the name and address
of the Paying Agent; 
  
 (5) that Notes called
for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  

 45 

 (6) that, unless the Company defaults in making such redemption payment, Accreted Value
ceases to accrete and interest on Notes called for redemption ceases to accrue, as the case may be, on and after the redemption date; 
  
 (7) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

  
 (8) that no representation is made as to the
correctness or accuracy of the CUSIP, ISIN or other such number, if any, listed in such notice or printed on the Notes. 
  
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however,
that the Company has delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter period acceptable to the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the
information to be stated in such notice as provided in the preceding paragraph. 
  
 Section 3.04 Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.03, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  
 Section 3.05 Deposit of Redemption or Purchase Price. 
  
 At or before 11:00 a.m. (New York time) on the redemption or purchase date, the Company shall deposit with the Trustee or
with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Liquidated Damages, if any, on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Liquidated Damages, if any, on, all Notes to be redeemed or
purchased. 
  
 If the Company complies with the provisions of the
preceding paragraph, on and after the redemption or purchase date, Accreted Value will cease to increase and interest shall cease to accrue on, as the case may be, the Notes or the portions of Notes called for redemption or purchase. If a Note is
redeemed or purchased on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such
record date. If any Note called for redemption or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid Accreted Value,
from the redemption or purchase date until such Accreted Value is paid, and to the extent lawful on any interest not paid on such unpaid Accreted Value, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  
 Section 3.06 Notes Redeemed or Purchased in Part.

  
 Upon surrender of a Note that is redeemed or purchased in
part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount at maturity to the unredeemed or unpurchased portion of the
Note surrendered. 
  

 46 

 Section 3.07 Optional Redemption. 
  
 (a) At any time prior to January 15, 2007, the Company may on any one or
more occasions redeem (i) up to 40% of the aggregate principal amount at maturity of Notes originally issued under this Indenture and (ii) all or a portion of any Additional Notes issued under this Indenture, in each case at a redemption price of
110.750% of the Accreted Value thereof, plus Liquidated Damages, if any, to the redemption date, with the net cash proceeds of one or more Equity Offerings; provided that: 
  
 (1) at least 60% of the aggregate principal amount at maturity of Notes originally issued under this
Indenture (excluding Notes held by the Company and its Subsidiaries) remains outstanding immediately after the occurrence of such redemption; and 
  
 (2) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 
  
 (b) Prior to January 15, 2008, upon the occurrence of a Change of Control,
the Company may redeem the Notes, in whole and not in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at the redemption prices (expressed as percentages of
Accreted Value) set forth below, plus Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on January 15 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2004
	  	116.125	%
	 2005
	  	113.438	%
	 2006
	  	110.750	%
	 2007
	  	108.063	%

  
 (c) Except as set
forth in Sections 3.07(a) and (b) above, the Company shall not have the option to redeem the Notes prior to January 15, 2008. At any time and from time to time on or after January 15, 2008, the Company may redeem all or a part of the Notes, upon not
less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of Accreted Value) set forth below, plus accrued and unpaid interest and Liquidated Damages, if any, on the Notes redeemed to the applicable
redemption date, if redeemed during the twelve-month period beginning on January 15 of the years indicated below, subject to the rights of Holders of Notes on the relevant record date to receive interest on the relevant interest payment date:

  

				
	 Year

	  	Percentage

	 
	 2008
	  	105.375	%
	 2009
	  	102.688	%
	 2010 and thereafter
	  	100.000	%

  
 (d) Any redemption
pursuant to this Section 3.07 shall be made pursuant to the provisions of Section 3.01 through 3.06. 
  
 Section 3.08 Mandatory Redemption. 
  
 The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes. 
  

 47 

 Section 3.09 Offer to Purchase by Application of Excess Proceeds. 
  
 In the event that, pursuant to Section 4.10, the Company is required to
commence an offer to all Holders to purchase Notes (an “Asset Sale Offer”), it shall follow the procedures specified below. 
  
 The Asset Sale Offer shall be made to all Holders and, at the option of the Company, all holders of other Indebtedness that is pari passu with the
Notes. The Asset Sale Offer shall remain open for a period of at least 20 Business Days following its commencement and not more than 30 Business Days, except to the extent that a longer period is required by applicable law (the “Offer
Period”). No later than three Business Days after the termination of the Offer Period (the “Purchase Date”), the Company shall apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes and
such other pari passu Indebtedness (on a pro rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so
purchased shall be made in the same manner as interest payments are made. 
  
 If the Purchase Date is on or after an interest record date and on or before the related interest payment date, any accrued and unpaid interest and Liquidated Damages, if any, shall be paid to the Person in whose name
a Note is registered at the close of business on such record date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Asset Sale Offer. 
  
 Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a notice to the Trustee and each
of the Holders. The notice shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The notice, which shall govern the terms of the Asset Sale Offer, shall state: 
  
 (1) that the Asset Sale Offer is being made pursuant to this
Section 3.09 and Section 4.10 and the length of time the Asset Sale Offer shall remain open; 
  
 (2) the Offer Amount, the purchase price and the Purchase Date; 
  
 (3) that any Note not tendered or accepted for payment shall continue to accrue interest or accrete in
value, as the case may be; 
  
 (4) that, unless
the Company defaults in making such payment, any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest or accrete in value, as the case may be, after the Purchase Date; 
  
 (5) that Holders electing to have a Note purchased pursuant
to an Asset Sale Offer may elect to have Notes purchased in integral multiples of $1,000 in principal amount at maturity only; 
  
 (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer shall be required to surrender the Note, with the form
entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice at least
three days before the Purchase Date; 
  
 (7) that
Holders shall be entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission or letter setting
forth the name of the Holder, the principal amount at maturity, of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 
  

 48 

 (8) that, if the Accreted Value or the aggregate principal amount, as applicable, of
Notes and other pari passu Indebtedness surrendered by holders thereof exceeds the Offer Amount, the Trustee shall select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis based on the Accreted
Value and the aggregate principal amount, as applicable, of Notes and such other pari passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the Trustee so that only Notes in denominations of $1,000 of principal
amount at maturity, or integral multiples thereof, shall be purchased); and 
  
 (9) that Holders whose Notes were purchased only in part shall be issued new Notes equal in principal amount at maturity to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer).

  
 On or before the Purchase Date, the Company shall, to the
extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes tendered,
and shall deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for payment by the Company in accordance with the terms of
this Section 3.09. The Company, the Depositary or the Paying Agent, as the case may be, shall promptly (but in any case not later than five Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount equal to the
purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon written request from the Company shall authenticate and mail or deliver (or cause to
be transferred by book entry) such new Note to such Holder, in a principal amount at maturity equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be promptly mailed or delivered by the Company to the Holder
thereof. The Company shall publicly announce the results of the Asset Sale Offer on the Purchase Date. 
  
 Other than as specifically provided in this Section 3.09, any purchase pursuant to this Section 3.09 shall be made pursuant to the provisions of Sections
3.01 through 3.06. 
  
 ARTICLE 4. 
 COVENANTS 
  
 Section 4.01 Payment of Notes. 
  
 The Company shall pay or cause to be paid the Accreted Value of, premium, if any, and interest and Liquidated Damages, if any, on the Notes on the dates
and in the manner provided in the Notes. Accreted Value, premium, if any, and interest and Liquidated Damages, if any, shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof, holds as of 11:00
a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all Accreted Value, premium, if any, and interest then due. The Company shall pay all Liquidated Damages, if
any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
  
 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue Accreted Value at the rate equal
to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated
Damages (without regard to any applicable grace period), if any, at the same rate to the extent lawful. 
  

 49 

 Section 4.02 Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, the City of New
York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the
Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company fails to maintain any
such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company may also from time to time designate one or more other offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of
its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location
of any such other office or agency. 
  
 The Company hereby
designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03. 
  
 Section 4.03 Reports. 
  
 (a) Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Company shall furnish to the Holders of
Notes or cause the Trustee to furnish to the Holders of Notes, within the time periods specified in the SEC’s rules and regulations: 
  
 (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required
to file such reports (it being expressly understood that the first of such quarterly reports to be furnished to the holders of the Notes shall be a report for the quarter ended November 23, 2003 which shall be required to be furnished on or prior to
the 45th day following the date of this Indenture); and 
  
 (2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports. 
  
 All such reports shall be prepared in all material respects in accordance with all of the rules and regulations applicable
to such reports. Each annual report on Form 10-K shall include a report on the Company’s consolidated financial statements by the Company’s certified independent accountants. Following the consummation of the Exchange Offer contemplated by
the Registration Rights Agreement, the Company shall file a copy of each of the reports referred to in clauses (1) and (2) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such
reports (unless the SEC will not accept such a filing) and shall post the reports on its website within those time periods. The Company shall at all times comply with TIA §314(a). 
  
 (b) If, at any time after consummation of the Exchange Offer contemplated by
the Registration Rights Agreement, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company shall nevertheless continue filing the reports specified 

  

 50 

 
in Section 4.03(a) above with the SEC within the time periods specified unless the SEC will not accept such a filing. The Company shall not take any action
for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing, the SEC shall not accept the Company’s filings for any reason, the Company shall post the reports referred to in Section 4.03(a) on its
website within the time periods that would apply if the Company were required to file those reports with the SEC. 
  
 (c) If the Company has designated any of its Subsidiaries as Unrestricted Subsidiaries, and such Subsidiary, either individually or taken together with
all other Unrestricted Subsidiaries, constitutes a Significant Subsidiary, then the quarterly and annual financial information required by Section 4.03(a) shall include a reasonably detailed presentation, either on the face of the financial
statements or in the footnotes thereto, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the
Company. 
  
 (d) For so long as any Notes remain outstanding, if
at any time the Company is not required to file with the SEC the reports required by this Section 4.03, the Company shall furnish to the Holders and to securities analysts and prospective investors, upon their request, the information required to be
delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
  
 (e) In the event that (1) the rules and regulations of the SEC permit the Company and any direct or indirect parent company of the Company to report at such parent entity’s level on a consolidated basis and (2) such parent entity of
the Company is not engaged in any business in any material respect other than incidental to its ownership, directly or indirectly of the Capital Stock of the Company and its Affiliates, the information and reports required by this Section 4.03 may
be those of such parent company on a consolidated basis. 
  
 Section 4.04 Compliance Certificate. 
  
 (a) The Company and any Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating
that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained
in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which
he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the
Accreted Value of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (b) So long as not contrary to the then current recommendations of the
American Institute of Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.03 above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of
established national reputation) that in making the examination necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4
or Article 5, insofar as they relate to accounting matters, or, if any such violation has occurred, specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any
Person for any failure to obtain knowledge of any such violation. 
  

 51 

 (c) So long as any of the Notes are outstanding, the Company shall deliver to the Trustee, forthwith upon
any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. 
  
 Section 4.05 Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the
Holders of the Notes. 
  
 Section 4.06 Stay,
Extension and Usury Laws. 
  
 Each of the Company and the
Guarantors, if any, covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now
or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each of the Company and the Guarantors, if any, hereby expressly waives (to the extent that it may lawfully do so) all benefit or advantage of
any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been
enacted. 
  
 Section 4.07 Restricted
Payments. 
  
 (a) The Company shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any other payment or distribution on account of the Company’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation
involving the Company) or to the direct or indirect holders of the Company’s Equity Interests in their capacity as such (other than dividends or distributions payable in Equity Interests (other than Disqualified Stock) of the Company);

  
 (2) purchase, redeem or otherwise acquire or
retire for value (including without limitation, in connection with any merger or consolidation involving the Company) any Equity Interests of the Company or any direct or indirect parent of the Company (other than any such Equity Interests owned by
the Company or any Restricted Subsidiary of the Company); 
  
 (3) make any principal payment on or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any Indebtedness of the Company that is contractually subordinated to the Notes (excluding
any intercompany Indebtedness between or among the Company and any of its Restricted Subsidiaries), except a payment of principal at the Stated Maturity of the Indebtedness; or 
  

 52 

 (4) make any Restricted Investment (all such payments and other actions set forth in
these clauses (1) through (4) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
  
 (1) no Default or Event of Default has occurred and is continuing or would occur as a consequence of such
Restricted Payment; 
  
 (2) the Company would, at
the time of such Restricted Payment and after giving pro forma effect thereto as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in clause (i) of Section 4.09(a); and 
  
 (3) such Restricted Payment, together with the aggregate amount of all other Restricted Payments made by the Company and its Restricted
Subsidiaries since December 16, 2003 (excluding Restricted Payments permitted by clauses (2), (3), (5), (7), (11), (12), (13) and (17) of Section 4.07(b) below), is less than the sum, without duplication, of: 
  
 (A) 50% of the Consolidated Net Income of the Company for
the period (taken as one accounting period) from November 24, 2003 to the date on which such Restricted Payment occurs or, if Consolidated Net Income is not reasonably determinable to such date, to the end of the Company’s most recently ended
fiscal period for which internal financial statements are available at the time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit, less 100% of such deficit), plus 
  
 (B) 100% of the aggregate net cash proceeds, and the Fair
Market Value of property other than cash, received by the Company since December 16, 2003 as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue
or sale of Disqualified Stock or debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the Company)
less any Excluded Contributions, plus 
  
 (C) 50% of any dividends or distributions received by the Company or a Restricted Subsidiary of the Company after December 16, 2003 from an Unrestricted Subsidiary of the Company, to the extent that such dividends were not otherwise
included in Consolidated Net Income of the Company for such period, plus 
  
 (D) the net cash proceeds, and the Fair Market Value of property other than cash, received by the Company or any of its Restricted
Subsidiaries from the sale or other disposition (other than to the Company or a Subsidiary of the Company) of any Restricted Investment made after December 16, 2003 and repurchases and redemptions of such a Restricted Investment by any Person (other
than the Company or a Subsidiary of the Company) and repayments of loans or advances that constituted such a Restricted Investment by any Person (other than the Company or a Subsidiary of the Company), plus 
  
 (E) to the extent that any Unrestricted Subsidiary of the
Company designated as such after December 16, 2003 is redesignated as a Restricted Subsidiary or merges or consolidates with or into, or transfers or conveys its assets to, or is liquidated into, the 

  

 53 

 
Company or any of its Restricted Subsidiaries, in each case after December 16, 2003, the Fair Market Value of the Company’s Investment in such
Subsidiary as of the date of such redesignation, merger, consolidation, transfer, conveyance or liquidation. 
  
 (b) The provisions of Section 4.07(a) shall not prohibit: 
  
 (1) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days after the date of
declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if at the date of declaration or notice, the dividend, distribution or redemption payment would have complied with the provisions of this Indenture;

  
 (2) so long as no Default has occurred and is
continuing or would be caused thereby, the making of any Restricted Payment in exchange for, or out of the net cash proceeds of the sale within 30 days (other than to a Subsidiary of the Company) of, Equity Interests of the Company (other than
Disqualified Stock) or from the contribution within 30 days of common equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment shall be excluded from clause (3)(B)
of Section 4.07(a); 
  
 (3) so long as no Default
has occurred and is continuing or would be caused thereby, the repurchase, redemption, defeasance or other acquisition or retirement for value of Indebtedness of the Company that is contractually subordinated to the Notes with the net cash proceeds
from and/or in exchange for, an incurrence within 30 days of Permitted Refinancing Indebtedness; 
  
 (4) so long as no Default has occurred and is continuing or would be caused thereby, the repurchase, redemption or other acquisition or
retirement for value by the Company or any of its Restricted Subsidiaries of (and/or the making of payments on Notes previously issued by the Company representing the consideration for the previous repurchase of), any Equity Interests of the Company
held by any current, future or former officer, director, employee or consultant of the Company or any Subsidiary of the Company or their authorized representatives (x) upon the death, disability or termination of employment of such officer,
director, employee or consultant or to the extent required pursuant to employee benefit plans, employment agreements or consulting agreements or (y) pursuant to any other agreements with such officer, director, employee or consultant;
provided that the aggregate price paid for all such repurchased, redeemed, acquired or retired Equity Interests may not exceed $2.5 million in any calendar year (with unused amounts in any calendar year being carried over to the four
succeeding calendar years); provided further, that such amount in any calendar year may be increased by an amount not to exceed (a) the cash proceeds received by the Company or any Restricted Subsidiary of the Company from sales of Equity
Interests (other than Disqualified Stock) of the Company or United Agri Products to officers, directors, employees or consultants of the Company and Restricted Subsidiaries of the Company that occur after December 16, 2003 (provided that the
amount of such cash proceeds utilized for any such repurchase, redemption, acquisition or retirement shall not increase the amount available for Restricted Payments under clause (3)(B) of Section 4.07(a) plus (b) the cash proceeds of key man life
insurance policies received by the Company or any Restricted Subsidiary of the Company after December 16, 2003 (provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (a) and (b)
above in any calendar year); provided, still further, that the cancellation of Indebtedness owing to the Company or any Restricted Subsidiary of the Company from such officers, directors, employees or consultants in connection with a
repurchase of Equity Interests of the Company or any Restricted Subsidiary of the Company shall not be deemed to constitute a Restricted Payment under this Indenture; 
  

 54 

 (5) the repurchase of Equity Interests deemed to occur upon the exercise of stock
options, warrants or other convertible securities to the extent such Equity Interests represent a portion of the exercise price of those stock options, warrants or other convertible securities; 
  
 (6) so long as no Default has occurred and is continuing or
would be caused thereby, the declaration and payment of regularly scheduled or accrued dividends to (a) holders of any class or series of Disqualified Stock of the Company or any class or series of Disqualified Stock or preferred stock of any
Restricted Subsidiary of the Company issued on or after December 16, 2003 in accordance with Section 4.09(a) and (b) holders of any class or series of preferred stock (other than Disqualified Stock) of the Company issued after December 16, 2003;
provided that at the time of such issuance and after giving pro forma effect thereto, the Company would have been able to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth under Section
4.09(a)(i); 
  
 (7) Permitted Payments to
Holdings; 
  
 (8) other Restricted Payments in an
aggregate amount not to exceed $25.0 million since December 16, 2003; 
  
 (9) so long as no Default has occurred and is continuing or would be caused thereby, the payment of dividends on the Company’s Common Stock, following the first public offering of the Company’s Common Stock
after the date of this Indenture, of up to 7.5% per annum of the net proceeds received by the Company in such public offering, other than public offerings with respect to the Company’s Common Stock registered on Form S-8; 
  
 (10) so long as no Default has occurred and is continuing or
would be caused thereby, payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with the provisions of this Indenture applicable
to mergers, consolidations and transfers of all or substantially all of the property and assets of the Company; 
  
 (11) Investments that are made with Excluded Contributions; 
  
 (12) payments made by the Company to consummate the Transactions pursuant to or as contemplated by the
Acquisition Documents in effect on December 16, 2003, including, without limitation, payments made to (a) satisfy the Company’s obligations under the Acquisition Documents (other than any obligations of the Company to purchase, redeem, defease
or otherwise acquire or retire for value any Equity Interest or Indebtedness of the Company) and/or (b) fund the ongoing payments of fees pursuant to the Management Agreement that are permitted to be paid in accordance with Section 4.11, in each
case, as such agreements and documents are in effect on December 16, 2003, as amended from time to time so long as such amendment is in the good faith judgment of the Board of Directors of the Company not more disadvantageous to the Holders of the
Notes in any material respect than such agreement or document as in effect on December 16, 2003; 
  
 (13) the acquisition of any shares of Disqualified Stock of the Company either: 
  
 (A) solely in exchange for shares of Disqualified Stock of
the Company or 
  

 55 

 (B) through the application of the net proceeds of a substantially concurrent sale for
cash (other than to a Subsidiary of the Company) of shares of Disqualified Stock of the Company; provided that the amount of any such net proceeds that are utilized for any such acquisition shall be excluded from clause (3)(B) of Section
4.07(a); 
  
 (14) so long as no Default has
occurred and is continuing or would be caused thereby, the repurchase, redemption or other acquisition or retirement for value of Indebtedness that is contractually subordinated to the Notes (a) with Excess Proceeds to the extent such Excess
Proceeds are permitted to be used for general corporate purposes under Section 4.10 or (b) with, after the completion of a Change of Control Offer as set forth under Section 4.14, cash offered to redeem Notes pursuant to such Change of Control Offer
less any cash paid to Holders of the Notes pursuant to such Change of Control Offer; 
  
 (15) so long as no Default or Event of Default has occurred and is continuing or would be caused thereby, payments of cash in lieu of the
issuance of fractional shares upon the exercise of warrants or upon the conversion or exchange of, or issuance of Capital Stock in lieu of cash dividends on, any Capital Stock of the Company; 
  
 (16) the repurchase, redemption, acquisition or retirement
for value of shares of Series A Redeemable Preferred Stock of the Company, which shares were issued by the Company on November 24, 2003 or subsequently issued in respect of payable-in-kind dividend payments thereon or issued upon transfers, stock
splits, reclassifications or otherwise in respect thereof, in all such cases, which shares are held by a Person other than Apollo or any Affiliate of Apollo with, after the completion of a Change of Control Offer as set forth under Section 4.14,
cash offered to redeem Notes pursuant to such Change of Control Offer less any cash paid to Holders of the Notes pursuant to such Change of Control Offer; and 
  

(17) the redemption of shares of Series A Redeemable Preferred Stock of the Company and the declaration and payment of dividends to
holders of the Company’s common stock with the proceeds (net of discount and commissions to the initial purchasers) received by the Company from the sale of the Initial Notes. 
  
 (c) The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the date of the Restricted
Payment of the asset(s) or securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to
be valued by this Section 4.07 shall be determined in good faith by the Company and (a) in the case of assets or securities with a Fair Market Value in excess of $10 million, shall be set forth in an officer’s certificate delivered to the
Trustee or (b) in the case of assets or securities with a Fair Market Value in excess of $20 million, shall be set forth in a resolution adopted by the Board of Directors of the Company whose resolution with respect thereto shall be delivered to the
Trustee. 
  
 (d) For purposes of determining compliance with this
Section 4.07, if a Restricted Payment meets the criteria of more than one of the exceptions described in clauses (1) through (17) of Section 4.07(b) or is entitled to be made pursuant to Section 4.07(a), the Company may, in its sole discretion,
classify the Restricted Payment in any manner that complies with this Section 4.07. 
  
 Notwithstanding the foregoing provisions of this Section 4.07, if and to the extent United Agri Products or any Restricted Subsidiary (as defined in the UAP Senior Notes Indenture) of United Agri Products would be
permitted to make a Restricted Payment (as defined in the UAP Senior Notes Indenture) pursuant to the UAP Senior Notes Indenture, United Agri Products or such Restricted Subsidiary, as the case may be, shall be permitted to make hereunder a
Restricted Payment permitted to be made thereunder. 
  

 56 

 Section 4.08 Dividend and Other Payment Restrictions Affecting Subsidiaries.

  
 (a) The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 
  
 (1) pay dividends or make any other distributions on its
Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits, or pay any indebtedness owed to the Company or any of its Restricted Subsidiaries (it being
understood that the priority of any preferred stock in receiving dividends or liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to pay dividends or
make any other distributions on Capital Stock); 
  
 (2) make loans or advances to the Company or any of its Restricted Subsidiaries (it being understood that any requirement for the subordination of loans or advances made to the Company or any Restricted Subsidiary of the Company to other
Indebtedness incurred by the Company or such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 
  
 (3) sell, lease or transfer any of its properties or assets to the Company or any of its Restricted Subsidiaries. 
  
 (b) The restrictions in Section 4.08(a) shall not apply to encumbrances or
restrictions existing under or by reason of: 
  
 (1) agreements governing Existing Indebtedness and Credit Facilities as in effect on the date of this Indenture (including, without limitation, the UAP Senior Notes Indenture, the UAP Senior Notes and the related Guarantees of the UAP
Senior Notes); 
  
 (2) this Indenture and the
Notes; 
  
 (3) applicable law, rule, regulation
or order; 
  
 (4) any instrument governing
Indebtedness or Capital Stock of a Person acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such acquisition (except to the extent such Indebtedness was incurred or such Capital Stock was issued in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; provided
that, in the case of Indebtedness, such Indebtedness was permitted by the terms of this Indenture to be incurred; 
  
 (5) customary non-assignment provisions in contracts, leases and licenses entered into in the ordinary course of business; 
  
 (6) purchase money obligations for property acquired in the
ordinary course of business and Capital Lease Obligations that impose restrictions on the property purchased or leased of the nature described in clause (3) of Section 4.08(a); 
  

 57 

 (7) any agreement for the sale or other disposition of all the Capital Stock of, or all
or substantially all of the assets of, a Restricted Subsidiary that restricts distributions by that Restricted Subsidiary pending the sale or other disposition; 
  
 (8) Liens permitted to be incurred under the provisions of Section 4.12 that limit the right of the debtor
to dispose of the assets subject to such Liens; 
  
 (9) provisions limiting the disposition or distribution of assets or property in joint venture agreements, asset sale agreements, sale-leaseback agreements, stock sale agreements and other similar agreements entered into with the approval
of the Company’s Board of Directors, which limitation is applicable only to the assets that are the subject of such agreements; 
  
 (10) restrictions on cash or other deposits or net worth under contracts entered into in the ordinary course of business; 
  
 (11) Indebtedness or other contractual requirements of a
Receivables Subsidiary in connection with a Qualified Receivables Transaction; provided that such restrictions apply only to such Receivables Subsidiary; 
  
 (12) Indebtedness incurred by Restricted Subsidiaries of the Company pursuant to Section 4.09(a);
provided either (y) the provisions relating to such encumbrance or restriction contained in such Indebtedness, taken as a whole, are no less favorable to the Company in any material respect as determined by the Board of Directors of the Company
in its reasonable and good faith judgment than the provisions contained in the Credit Agreement, the UAP Senior Notes Indenture or in the indenture, in each case, as in effect on the date of the indenture or (z) any encumbrance or restriction
contained in such Indebtedness does not prohibit (except upon a default or event of default thereunder) the payment of dividends in an amount sufficient, as determined by the Board of Directors of the Company in its reasonable and good faith
judgment, to make scheduled payments of cash interest on the Notes beginning on July 15, 2008; 
  
 (13) Indebtedness incurred pursuant to clause (14) of Section 4.09(b); provided, however, that the Board of Directors of the
Company determines in good faith at the time such dividend or other payment restrictions are created that they do not materially adversely affect the Company’s ability to fulfill its Obligations under the Notes; and 
  
 (14) any encumbrances or restrictions of the type referred
to in clauses (1), (2) and (3) of Section 4.08(a) imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses
(1) through (13) of this Section 4.08(b); provided that such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in the good faith judgment of the senior management or Board
of Directors of the Company, not materially more restrictive with respect to such dividend and other payment restrictions than those contained in those contracts, instruments or obligations prior to such amendment, modification, restatement,
renewal, increase, supplement, refunding, replacement or refinancing. 
  
 Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired 

  

 58 

 
Debt), and the Company shall not, and shall not permit any of its Restricted Subsidiaries to, issue any Disqualified Stock; provided, however,
that (i) the Company may incur Indebtedness (including Acquired Debt) or issue Disqualified Stock, if the Fixed Charge Coverage Ratio for the Company’s most recently ended four full fiscal quarters for which internal financial statements are
available immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock is issued, as the case may be, would have been at least 2.0 to 1, and (ii) any Restricted Subsidiary of the Company may incur
Indebtedness (including Acquired Debt) or issue Disqualified Stock if the Fixed Charge Coverage Ratio for United Agri Products’ most recently ended four full fiscal quarters for which internal financial statements are available immediately
preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock is issued, as the case may be, would have been at least 2.0 to 1, in each case, determined on a pro forma basis (including a pro forma application of the
net proceeds therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock had been issued, as the case may be, and the application of proceeds therefrom had occurred at the beginning of such four-quarter period.

  
 (b) The provisions of Section 4.09(a) shall not prohibit the
incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
  
 (1) the incurrence by the Company and any Restricted Subsidiary of the Company of additional Indebtedness and letters of credit under
Credit Facilities in an aggregate principal amount at any one time outstanding under this clause (1) (with letters of credit being deemed to have a principal amount equal to the face amount thereof) not to exceed the greater of (x) $500.0 million or
(y) the amount of the Borrowing Base, in each case less the amount of any Indebtedness outstanding under clause (13) below and in the case of clause (x) less the aggregate amount of all Net Proceeds of Asset Sales applied by the
Company or any of its Restricted Subsidiaries since December 16, 2003 to repay any term Indebtedness under a Credit Facility or to repay any revolving credit Indebtedness under a Credit Facility and effect a corresponding commitment reduction
thereunder pursuant to Section 4.10; provided that the amount of Indebtedness permitted to be incurred pursuant to the Credit Agreement in accordance with this clause (1) shall be in addition to any Indebtedness to be incurred pursuant to the
Credit Agreement in reliance on and in accordance with clauses (5) and (14) of this Section 4.09(b); 
  
 (2) the incurrence by the Company and its Restricted Subsidiaries of the Existing Indebtedness; 
  
 (3) the incurrence by the Company of Indebtedness
represented by the Notes to be issued on the date of this Indenture and the Exchange Notes to be issued pursuant to the Registration Rights Agreement; 
  
 (4) the incurrence by any Restricted Subsidiary of the Company of Indebtedness represented by the UAP Senior Notes and the related
Guarantees of the UAP Senior Notes issued on December 16, 2003 and the exchange Notes in respect of the UAP Senior Notes and related Guarantees to be issued pursuant to the registration rights agreement dated as of December 16, 2003 relating to the
UAP Senior Notes; 
  
 (5) the incurrence by the
Company or any of its Restricted Subsidiaries of (a) Indebtedness, including Capital Lease Obligations, mortgage financings or purchase money obligations, in each case incurred for the purpose of financing all or any part of the purchase price or
cost of design, construction, installation or improvement of property (real or personal), plant or equipment used in the business of the Company or any of its Restricted Subsidiaries or (b) Acquired Debt, in an aggregate principal amount, including
all Permitted Refinancing 

  

 59 

 
Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (5), not to exceed $30.0
million at any time outstanding less the aggregate principal amount of Indebtedness incurred pursuant to Section 4.09(b)(4) of the UAP Senior Notes Indenture since December 16, 2003 through the date of this Indenture to the extent such Indebtedness
remains outstanding and constitutes Existing Indebtedness under this Indenture; provided that all or a portion of the $30.0 million permitted to be incurred under this clause (5) may, at the option of the Company, be incurred under the Credit
Agreement (in addition to the amount that would otherwise be permitted to be incurred under clause (1) of this Section 4.09(b)) or clause (14) below (in addition to the amount set forth therein); 
  
 (6) the incurrence by the Company or any of its Restricted
Subsidiaries of Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge any Indebtedness (other than intercompany Indebtedness) that was permitted by this
Indenture to be incurred under Section 4.09(a) or clauses (2), (3), (4), (5), (6) or (14) of this Section 4.09(b); 
  
 (7) the incurrence by the Company or any of its Restricted Subsidiaries of intercompany Indebtedness between or among the Company and any
of its Restricted Subsidiaries; provided, however, that: 
  
 (a) if the Company is the obligor on such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Obligations then due with respect to the Notes, and 
  
 (b) (i) any subsequent issuance or transfer of Equity
Interests that results in any such Indebtedness being held by a Person other than (x) the Company, (y) a Restricted Subsidiary of the Company or (z) the lenders or collateral agent under any Credit Facility if such issuance or transfer is in
connection with a foreclosure on the collateral securing the Credit Facility and (ii) any sale or other transfer of any such Indebtedness to a Person that is not either (x) the Company, (y) a Restricted Subsidiary of the Company or (z) the lenders
or collateral agent under any Credit Facility if such sale or transfer is in connection with a foreclosure on the collateral securing the Credit Facility shall be deemed, in each case, to constitute an incurrence of such Indebtedness by the Company
or such Restricted Subsidiary, as the case may be, that was not permitted by this clause (7); 
  
 (8) the issuance by any of the Company’s Restricted Subsidiaries to the Company or to any of its Restricted Subsidiaries of shares of
Disqualified Stock; provided, however, that: 
  
 (a) any subsequent issuance or transfer of Equity Interests that results in any such Disqualified Stock being held by a Person other than (x) the Company, (y) a Restricted Subsidiary of the Company or (z) the lenders or collateral agent
under any Credit Facility if such issuance or transfer is in connection with a foreclosure on the collateral securing the Credit Facility; and 
  
 (b) any sale or other transfer of any such Disqualified Stock to a Person that is not either (x) the Company, (y) a Restricted Subsidiary
of the Company or (z) the lenders or collateral agent under any Credit Facility if such sale or transfer is in connection with a foreclosure on the collateral securing the Credit Facility; shall be deemed, in each case, to constitute an issuance of
such Disqualified Stock by such Restricted Subsidiary that was not permitted by this clause (8);  
  

 60 

 (9) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations in the ordinary course of business; 
  
 (10) the guarantee by the Company or any Restricted Subsidiary of the Company of Indebtedness of the Company or a Restricted Subsidiary of the Company that was permitted to be incurred by another provision of this Section 4.09; provided
that if the Indebtedness being guaranteed is subordinated to or pari passu with the Notes, then the guarantee shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness guaranteed; 
  
 (11) the incurrence by the Company or any of its Restricted
Subsidiaries of Indebtedness constituting reimbursement obligations with respect to letters of credit issued in the ordinary course of business and other Indebtedness in respect of workers’ compensation claims, self-insurance obligations,
bankers’ acceptances, performance, bid and surety bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
  
 (12) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness arising from the
honoring by a bank or other financial institution of a check, draft or similar instrument inadvertently drawn against insufficient funds, so long as such Indebtedness is covered within five Business Days; 
  
 (13) the incurrence by a Receivables Subsidiary of
Indebtedness in a Qualified Receivables Transaction that is without recourse to the Company or to any Restricted Subsidiary of the Company or their assets (other than such Receivables Subsidiary and its assets and, as to the Company or any
Restricted Subsidiary of the Company, other than pursuant to representations, warranties, covenants and indemnities customary for such transactions) and is not guaranteed by any such Person; 
  
 (14) the incurrence by the Company or any of its Restricted
Subsidiaries of additional Indebtedness, and the issuance by the Company or any of its Restricted Subsidiaries of Disqualified Stock, in an aggregate amount (or accreted value or liquidation preference, as applicable) at any time outstanding,
including all Permitted Refinancing Indebtedness incurred to renew, refund, refinance, replace, defease or discharge any Indebtedness incurred pursuant to this clause (14), not to exceed $50.0 million (which amount may, but need not, be incurred in
whole or in part under the Credit Agreement) plus up to an additional amount as contemplated by, and to the extent not incurred under, clause (5) of this Section 4.09(b) minus the aggregate amount of Indebtedness incurred pursuant to Section
4.09(b)(13) of the UAP Senior Notes Indenture since December 16, 2003 through the date of the indenture to the extent such Indebtedness remains outstanding and constitutes Existing Indebtedness under this Indenture; 
  
 (15) Indebtedness arising from agreements of the Company or
a Restricted Subsidiary of the Company providing for indemnification, adjustment of purchase price or similar obligations, in each case, incurred in connection with the acquisition or disposition of any business, assets or a Subsidiary of the
Company in accordance with the terms of this Indenture, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition; 
  

 61 

 (16) pledges, deposits or payments made or given in the ordinary course of business in
connection with or to secure statutory, regulatory or similar obligations, including obligations under health, safety or environmental obligations, or arising from guarantees to suppliers, lessors, licensees, contractors, franchisees or customers of
obligations, other than Indebtedness, made in the ordinary course of business; 
  
 (17) Indebtedness of the Company or any of its Restricted Subsidiaries consisting of (x) the financing of insurance premiums in the
ordinary course of business or (y) take-or-pay obligations contained in supply arrangements entered into in the ordinary course of business; 
  
 (18) Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit issued pursuant to any Credit Facility, in a
principal amount not in excess of the stated amount of such letter of credit; provided such letter of credit was permitted to be issued under clause (1) above; 
  
 (19) the incurrence by the Company or any of its Restricted Subsidiaries of Indebtedness, the net proceeds
of which are used to defease the Notes pursuant to Article 8; and 
  
 (20) the incurrence by any of the Company’s Restricted Subsidiaries of Indebtedness, the net proceeds of which are used to defease the UAP Senior Notes in accordance with the UAP Senior Notes Indenture.

  
 (c) The Company shall not incur any Indebtedness (including
Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Company unless such Indebtedness is also contractually subordinated in right of payment to the Notes on substantially identical terms;
provided, however, that no Indebtedness shall be deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien
basis. 
  
 (d) For purposes of determining compliance with this
Section 4.09, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (1) through (20) of Section 4.09(b) or is entitled to be incurred pursuant to Section
4.09(a), the Company shall be permitted to classify such item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.09. Indebtedness under
Credit Facilities outstanding on the date on which Notes are first issued and authenticated under this Indenture shall initially be deemed to have been incurred in reliance on the exception provided by clause (1) of the definition of Permitted Debt.
The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of Disqualified Stock as Indebtedness due
to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock shall not be deemed to be an incurrence of Indebtedness or an issuance of Disqualified
Stock for purposes of this covenant. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.09 shall not be deemed to be
exceeded solely as a result of fluctuations in exchange rates or currency values. 
  
 (e) The amount of any Indebtedness outstanding as of any date shall be: 
  
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; 
  

 62 

 (2) the principal amount of the Indebtedness, in the case of any other Indebtedness; and 
  
 (3) in respect of Indebtedness of another Person secured by a Lien on the
assets of the specified person, the lesser of: 
  
 (A) the Fair Market Value of such assets at the date of determination, and 
  
 (B) the amount of the Indebtedness of the other Person. 
  
 Section 4.10 Asset Sales. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

  
 (1) the Company (or the Restricted
Subsidiary, as the case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value (as determined in good faith by the Company’s senior management or, in the case of an Asset Sale in excess of $5.0
million, the Company’s Board of Directors) of the assets or Equity Interests issued or sold or otherwise disposed of; and 
  
 (2) at least 75% of the consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the form of cash or
Cash Equivalents. For purposes of this provision, each of the following shall be deemed to be cash: 
  
 (A) any liabilities as shown on the Company’s most recent consolidated balance sheet, of the Company or any Restricted Subsidiary
(other than contingent liabilities for which a reserve has not been established in accordance with GAAP and which are not otherwise quantifiable and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are
assumed by the transferee of any such assets; 
  
 (B) any securities, Notes, other obligations or other assets received by the Company or any such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash within 180 days after such
Asset Sale to the extent of the cash received in that conversion; and 
  
 (C) any stock or assets of the kind referred to in clauses (3) or (5) of Section 4.10(b). 
  
 (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company (or the applicable Restricted Subsidiary, as the case may be)
may apply such Net Proceeds at its option: 
  
 (1) to repay secured Indebtedness and other secured Obligations under Credit Facilities and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; 
  
 (2) to repay or repurchase Indebtedness of the
Company’s Restricted Subsidiaries and, if the Indebtedness repaid is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto; provided that if an offer to repay or repurchase any Indebtedness of any
Restricted Subsidiary of the Company is made in accordance with the terms of such Indebtedness, the obligation to permanently reduce Indebtedness of a Restricted 
  

 63 

 Subsidiary will be deemed to be satisfied to the extent of the amount of the offer, whether or not
accepted by the holders thereof, and no Excess Proceeds (as defined below) in the amount of such offer will be deemed to exist following such offer; 
  
 (3) to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to
any such acquisition of Capital Stock, the Permitted Business is or becomes a Restricted Subsidiary of the Company; 
  
 (4) to make capital expenditures; 
  
 (5) to acquire other assets that are used or useful in a Permitted Business; or 
  
 (6) to do any combination of the foregoing. 
  
 Pending the final application of any Net Proceeds, the Company may temporarily reduce
revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not prohibited by this Indenture. 
  
 (c) Any Net Proceeds from Asset Sales that are not applied or invested as provided in Section 4.10(b) shall constitute “Excess Proceeds.”
When the aggregate amount of Excess Proceeds exceeds $10.0 million, within five days thereof, the Company shall make an Asset Sale Offer pursuant to Section 3.09 to all Holders of Notes and, at the option of the Company, all holders of other
Indebtedness that is pari passu with the Notes to purchase the maximum principal amount at maturity of Notes and such other pari passu Indebtedness, if applicable, that may be purchased out of the Excess Proceeds. The offer price in
any Asset Sale Offer shall be equal to 100% of the Accreted Value of the Notes on the date of purchase plus accrued and unpaid interest and Liquidated Damages, if any, to the date of purchase, which price shall be payable in cash. If any Excess
Proceeds remain after consummation of an Asset Sale Offer, the Company may use such Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate Accreted Value of Notes and the aggregate principal amount of such other
pari passu Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
  
 (d) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection
with each repurchase of Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of Section 3.09 or this Section 4.10, the Company shall comply with the applicable
securities laws and regulations and shall not be deemed to have breached its obligations under Section 3.09 or this Section 4.10 by virtue of such compliance. The provisions of this Section 4.10 may be waived or modified with the written consent of
the Holders of a majority in principal amount at maturity of Notes. 
  
 Section 4.11 Transactions with Affiliates. 
  
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase any property
or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each an “Affiliate Transaction”), unless:

  
 (1) such Affiliate Transaction is on terms
that are no less favorable to the Company or the relevant Restricted Subsidiary than those that would reasonably have been obtained in a comparable transaction at such time by the Company or such Restricted Subsidiary with an unrelated Person; and

  

 64 

 (2) the Company delivers to the Trustee: 
  
 (A) with respect to any Affiliate Transaction or series of
related Affiliate Transactions involving aggregate consideration in excess of $5.0 million, an Officers’ Certificate attaching a resolution of the Board of Directors of the Company stating that such Affiliate Transaction complies with this
Section 4.11 and that such Affiliate Transaction has been approved by the Board of Directors of the Company; and 
  
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration in excess of
$15.0 million, an opinion as to the fairness to the Company or such Subsidiary of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of national standing. 
  
 (b) The following items shall not be deemed to be Affiliate Transactions and,
therefore, shall not be subject to the provisions of Section 4.11(a): 
  
 (1) any employment or other compensation arrangement or agreement, employee benefit plan, stock option plan, stock ownership plan or any similar arrangement entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business and payments, awards and grants pursuant thereto; 
  
 (2) transactions between or among the Company and any of its Restricted Subsidiaries; 
  
 (3) transactions with a Person (other than an Unrestricted
Subsidiary of the Company) that is an Affiliate of the Company solely because the Company owns, directly or through a Restricted Subsidiary, an Equity Interest in, or controls, such Person; 
  
 (4) payment of reasonable directors’ fees to Persons
who are not otherwise Affiliates of the Company and the payment of customary indemnification to directors, officers, employees and consultants of the Company, any Restricted Subsidiary of the Company or any direct or indirect parent of the Company;

  
 (5) any issuance of Equity Interests (other
than Disqualified Stock) of the Company to Affiliates of the Company or any contribution to the capital of the Company by Affiliates of the Company; 
  
 (6) Permitted Investments and Restricted Payments that do not violate Section 4.07; 
  
 (7) payment of fees pursuant to the Management Agreement as
in effect on December 16, 2003 or pursuant to any amendment, restatement or replacement thereof to the extent that such amendment, restatement or replacement does not provide for any fees or other payments in excess of those set forth in the
Management Agreement as in effect on December 16, 2003; 
  
 (8) loans or advances to officers, directors, employees or consultants that are approved by the Company’s Board of Directors in good faith; 
  

 65 

 (9) any agreement as in effect and entered into as of the date of this Indenture or any
amendment thereto or any transaction contemplated thereby (including pursuant to any amendment thereto) in any replacement agreement thereto so long as any such amendment or replacement agreement is not more disadvantageous to the Holders of the
Notes in any material respect than the original agreement as in effect on the date of this Indenture; 
  
 (10) the payment of all fees and expenses related to the Transactions; 
  
 (11) transactions with customers, clients, suppliers or purchasers or sellers of goods or services, in each
case in the ordinary course of business and otherwise in compliance with the terms of this Indenture that are on terms no less favorable than those that would reasonably have been obtained in a comparable transaction at such time with an unrelated
party or that are fair to the Company and its Restricted Subsidiaries in the reasonable determination of the Board of Directors of the Company or the senior management of the Company; 
  
 (12) transactions in which the Company or any of its Restricted Subsidiaries, as the case may be, delivers
to the Trustee a letter from an independent financial advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of clause (1) of Section 4.11(a); and

  
 (13) any tax sharing agreement or arrangement
and payments pursuant thereto among the Company and its Subsidiaries and any other Person with which the Company or its Subsidiaries is required or permitted to file a consolidated tax return or with which the Company or any of its Restricted
Subsidiaries is or could be part of a consolidated group for tax purposes in amounts not otherwise prohibited by this Indenture. 
  
 Notwithstanding the foregoing provisions of this Section 4.11, if and to the extent any action by United Agri Products or any Restricted Subsidiary (as
defined in the UAP Senior Notes Indenture) of United Agri Products is not deemed to be an Affiliate Transaction (as defined in the UAP Senior Notes Indenture) under the UAP Senior Notes Indenture, such action by United Agri Products or such
Restricted Subsidiary, as the case may be, shall not be deemed to be an Affiliate Transaction hereunder and, therefore, will not be subject to the provisions of this covenant. 
  
 Section 4.12 Liens. 
  
 The Company shall not, directly or indirectly, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind (other than Permitted Liens) upon any of its property or assets, now directly owned or hereafter acquired, unless all payments due under this Indenture and the Notes are secured: 
  
 (1) in the event that such Lien secures Indebtedness of the
Company that is subordinate or junior in right of payment to the Notes, by a Lien that is expressly made prior and senior in priority to the Lien securing such other Indebtedness of the Company; or 
  
 (2) in all other cases, on an equal and ratable basis with
the obligations of the Company so secured until such time as such obligations are no longer secured by a Lien. 
  
 Section 4.13 Corporate Existence. 
  
 Subject to Article 5, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
  

 66 

 (1) its corporate existence, and the corporate, partnership or other existence of each of
its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; and 
  
 (2) the rights (charter and statutory), licenses and
franchises of the Company and its Restricted Subsidiaries; provided, however, that the Company and its Restricted Subsidiaries shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other
existence of any of the Company’s Restricted Subsidiaries, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.14 Offer to Repurchase Upon Change of Control. 
  
 (a) If a Change of Control occurs, the Company shall make an offer (a “Change of Control Offer”) to each
Holder to repurchase all or any part (equal to $1,000 in principal amount at maturity or an integral multiple of $1,000) of such Holder’s Notes at a purchase price equal to 101% of the Accreted Value thereof, plus accrued and unpaid interest
and Liquidated Damages, if any, on the Notes repurchased to the date of purchase, subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date (the “Change of
Control Payment”). Within 45 days following any Change of Control, the Company shall mail a notice to each Holder describing the transaction or transactions that constitute the Change of Control and stating: 
  
 (1) that the Change of Control Offer is being made pursuant
to this Section 4.14 and that all Notes tendered will be accepted for payment; 
  
 (2) the purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice
is mailed (the “Change of Control Payment Date”); 
  
 (3) that any Note not tendered shall continue to accrue interest or accrete in value, as the case may be; 
  
 (4) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the
Change of Control Offer shall cease to accrue interest or accrete in value, as the case may be, after the Change of Control Payment Date; 
  
 (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with
the form entitled “Option of Holder to Elect Purchase” attached to the Notes completed, or transfer by book-entry transfer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day
preceding the Change of Control Payment Date; 
  
 (6) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile
transmission or letter setting forth the name of the Holder, the principal amount at maturity of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and 
  
 (7) that Holders whose Notes are being purchased only in
part shall be issued new Notes equal in principal amount at maturity to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $1,000 in principal amount at maturity or an integral multiple thereof. 

 

 67 

 The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other
securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or
regulations conflict with the provisions of this Section 4.14, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.14 by virtue of such
compliance. 
  
 (b) On the Change of Control Payment Date, the
Company shall, to the extent lawful: 
  
 (1)
accept for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer; 
  
 (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly
tendered; and 
  
 (3) deliver or cause to be
delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate principal amount at maturity of Notes or portions of Notes being purchased by the Company. 
  
 The Paying Agent shall promptly mail (but in any case not later than five
days after the Change of Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a
new Note equal in principal amount at maturity to any unpurchased portion of the Notes surrendered, if any; provided that each new Note shall be in a principal amount at maturity of $1,000 or an integral multiple of $1,000. 
  
 (c) Notwithstanding anything to the contrary in this Section 4.14, the
Company shall not be required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section
4.14 and purchases all Notes validly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07, unless and until there is a default in payment of the applicable redemption
price. 
  
 Section 4.15 Limitation on
Issuances of Guarantees of Indebtedness. 
  
 The Company
shall not permit any of its Domestic Subsidiaries, directly or indirectly, to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company (other than Indebtedness and other obligations under the Credit Agreement and
other Indebtedness of the Company consisting solely of Guarantees of Indebtedness of one or more of the Company’s Restricted Subsidiaries) unless such Domestic Subsidiary simultaneously executes and delivers a supplemental indenture to this
Indenture providing for the Guarantee of the payment of the Notes by such Domestic Subsidiary, which Guarantee shall be senior to or pari passu with such Domestic Subsidiary’s Guarantee of or pledge to secure such other Indebtedness.

  
 Section 4.16 Designation of Restricted and
Unrestricted Subsidiaries. 
  
 The Board of Directors of the
Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is 

  

 68 

 
designated as an Unrestricted Subsidiary, the aggregate Fair Market Value of all outstanding Investments owned by the Company and its Restricted Subsidiaries
in the Subsidiary designated as Unrestricted shall be deemed to be an Investment made as of the time of the designation and shall reduce the amount available for Restricted Payments under Section 4.07 or under one or more clauses of the definition
of Permitted Investments, as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The
Board of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 
  
 Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary shall be evidenced to the Trustee by filing with the Trustee a certified copy
of the resolutions of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the preceding conditions and was permitted under Section 4.07. If, at any
time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness of such Subsidiary shall be
deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under Section 4.09, the Company shall be in default of Section 4.09. The Board of Directors of
the Company may at any time designate any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation shall be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of
any outstanding Indebtedness of such Unrestricted Subsidiary and such designation shall only be permitted if (1) such Indebtedness is permitted by Section 4.09, calculated on a pro forma basis as if such designation had occurred at the beginning of
the four-quarter reference period; and (2) no Default or Event of Default would be in existence following such designation. 
  
 Section 4.17 Calculation of Original Issue Discount. 
  
 The Company shall deliver to the Trustee within 30 days after the end of each calendar year (i) a written notice specifying
the amount of original issue discount (including daily rates and accrual periods) accrued on outstanding Notes as of the end of such year and (ii) such other specific information relating to such original issue discount as the Trustee may reasonably
request in order to comply with any informational reporting requirements to Holders under the Internal Revenue Code of 1986, as amended from time to time. 
  
 ARTICLE 5. 
 SUCCESSORS

  
 Section 5.01 Merger, Consolidation, or
Sale of Assets. 
  
 (a) The Company shall not, directly or
indirectly: (1) consolidate or merge with or into another Person (whether or not the Company is the surviving corporation) or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or assets of the
Company and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
  
 (1) either: 
  
 (A) the Company is the surviving corporation; or 
  

(B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability company 

  

 69 

 
organized or existing under the laws of the United States, any state of the United States or the District of Columbia; provided that if the Person is
a partnership or limited liability company, a corporation wholly owned by such Person organized or existing under the laws of the United States, any state of the United States or the District of Columbia that does not and will not have any material
assets or operations becomes a co-issuer of the Notes pursuant to a supplemental indenture substantially in the form of Exhibit E attached hereto; 
  
 (2) the Person formed by or surviving any such consolidation or merger (if other than the Company) or the Person to which such sale,
assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights Agreement pursuant to agreements reasonably satisfactory to the Trustee;

  
 (3) immediately after such transaction, no
Default or Event of Default exists; and 
  
 (4)
the Company or the Person formed by or surviving any such consolidation or merger (if other than the Company), or to which such sale, assignment, transfer, conveyance or other disposition has been made would, on the date of such transaction after
giving pro forma effect thereto and any related financing transactions as if the same had occurred at the beginning of the applicable four-quarter period, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge
Coverage Ratio test set forth in clause (i) of Section 4.09(a). 
  
 (b) The Company shall not, directly or indirectly, lease all or substantially all of its properties and assets of it and its Restricted Subsidiaries taken as a whole, in one or more related transactions, to any other Person. 
  
 (c) This Section 5.01 shall not apply to: 
  
 (1) a merger of the Company with an Affiliate solely for the
purpose of reincorporating the Company in another jurisdiction; 
  
 (2) any sale, assignment, transfer, conveyance, lease or other disposition of assets between or among the Company and its Wholly-Owned Restricted Subsidiaries that are Domestic Subsidiaries; or 
  
 (3) any consolidation or merger between or among the Company
and any of its Wholly-Owned Restricted Subsidiaries that are Domestic Subsidiaries. 
  
 Section 5.02 Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or
substantially all of the assets of the Company in a transaction that is subject to, and that complies with the provisions of, Section 5.01, the successor corporation formed by such consolidation or into or with which the Company is merged or to
which such sale, assignment, transfer, lease, conveyance or other disposition is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to the successor corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein; provided, however, that the 

  

 70 

 
predecessor Company shall not be relieved from the obligation to pay the Accreted Value of and interest on the Notes except in the case of a sale of all of
the Company’s assets in a transaction that is subject to, and that complies with the provisions of, Section 5.01. 
  
 ARTICLE 6. 
 DEFAULTS AND REMEDIES

  
 Section 6.01 Events of Default.

  
 Each of the following is an “Event of
Default”: 
  
 (1) the Company defaults
for 30 days in the payment when due of interest on, or Liquidated Damages, if any, with respect to, the Notes; 
  
 (2) the Company defaults in the payment when due (at maturity, upon redemption or otherwise) of the Accreted Value of, or premium, if any,
on the Notes, including the failure to make a payment to purchase Notes called for redemption pursuant to Section 3.07, Section 3.09, Section 4.10 or Section 4.14; 
  
 (3) the Company or any of its Restricted Subsidiaries fails to comply with any of the other agreements in
this Indenture for 45 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the Notes then outstanding voting as a single class; 
  
 (4) a default occurs under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries), whether such Indebtedness or guarantee now exists, or is created after the date of this Indenture, if that default: 
  
 (A) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
  
 (B) results in the acceleration of such Indebtedness prior to its express maturity, 
  
 and, in each case, the principal amount of any such Indebtedness, together
with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $20.0 million or more; 
  
 (5) a failure by the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary to pay
final judgments entered by a court or courts of competent jurisdiction aggregating in excess of $10.0 million (net of any amounts that are covered by enforceable insurance policies issued by solvent carriers), which judgments are not paid,
discharged or stayed for a period of 60 days after such judgments become final and nonappealable; 
  
 (6) the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of Bankruptcy Law: 
  

 71 

 (A) commences a voluntary case, 
  
 (B) consents to the entry of an order for relief against it
in an involuntary case, 
  
 (C) consents to the
appointment of a custodian of it or for all or substantially all of its property, or 
  
 (D) makes a general assignment for the benefit of its creditors; and 
  
 (7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

 
 (A) is for relief against the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary in an involuntary case; 
  
 (B) appoints a custodian of the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary or for all or substantially all of the property of the Company or any of
its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; or 
  
 (C) orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Significant
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Significant Subsidiary; 
  
 and the order or decree remains unstayed and in effect for 60 consecutive days; and 
  
 (8) if any Note Guarantees are issued pursuant to this
Indenture, except as permitted by this Indenture, any Note Guarantee made by a Guarantor that is a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or
any such Guarantor, or any Person acting on behalf of any such Guarantor, denies or disaffirms its obligations under its Note Guarantee; provided that (A) (i) a Guarantee made by such Guarantor of other Indebtedness of the Company also is
held to be unenforceable or invalid or ceases for any reason to be in full force and effect and (ii) such unenforceability, invalidity or failure to be in full force and effect constitutes an event of default under such other Indebtedness that
permits the holder of such other Indebtedness to cause such Indebtedness to become due before its Stated Maturity (with or without the passage of time, the giving of notice or both) and, in the case of a secured Guarantee permitted to be incurred
under this Indenture, such event of default has not been waived by the requisite holders of such other Indebtedness prior to the expiration of any applicable grace period and (B) all Guarantees by such Guarantor of other Indebtedness have not been
discharged or released by or as a result of payment under any such Guarantee. 
  
 Section 6.02 Acceleration. 
  
 In the case of an Event of Default specified in clause (6) or (7) of Section 6.01, with respect to the Company, all Accreted Value of, and accrued and unpaid interest, if any, on all outstanding Notes shall become due and payable
immediately without further action or notice. If any other Event of Default 

  

 72 

 
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the then outstanding Notes may declare all
Accreted Value of, and accrued and unpaid interest, if any, on all Notes to be due and payable immediately; provided that so long as any Indebtedness permitted to be incurred pursuant to any Credit Facilities is outstanding, such acceleration
shall not be effective until the earlier of (1) the acceleration of such Indebtedness under the Credit Facilities or (2) five Business Days after receipt by the Company of written notice of such acceleration. 
  
 Upon any such declaration, the Accreted Value of, and accrued and unpaid
interest, if any, on all Notes shall become due and payable immediately. 
  
 The Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, rescind an acceleration and its consequences if
the recission would not conflict with any judgment or decree and if all Events of Default (except nonpayment of Accreted Value, interest or premium or Liquidated Damages, if any, that has become due solely because of the acceleration) have been
cured or waived. 
  
 Section 6.03 Other
Remedies. 
  
 If an Event of Default occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment of Accreted Value, premium and Liquidated Damages, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture.

  
 The Trustee may maintain a proceeding even if it does not
possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law. 
  
 Section 6.04 Waiver of Past Defaults. 
  
 Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all
of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the Accreted Value of, premium and Liquidated Damages, if any, or interest on, the Notes
(including in connection with an offer to purchase); provided, however, that the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may rescind an acceleration and its consequences, including any
related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05 Control by Majority. 
  
 Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be
unduly prejudicial to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  

 73 

 Section 6.06 Limitation on Suits. 
  
 Except to enforce the right to receive payment of Accreted Value, premium,
if any, or Liquidated Damages, if any, or interest when due, no Holder may pursue any remedy with respect to this Indenture or the Notes unless: 
  
 (1) such Holder gives to the Trustee written notice that an Event of Default is continuing; 
  
 (2) Holders of at least 25% in aggregate principal amount at
maturity of the then outstanding Notes request the Trustee to pursue the remedy; 
  
 (3) such Holder or Holders offer to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense; 
  
 (4) the Trustee does not comply
with the request within 60 days after receipt of the request and the offer of security or indemnity, if requested; and 
  
 (5) during such 60-day period the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes do not
give the Trustee a direction inconsistent with the request. 
  
 A
Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07 Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any
Holder of a Note to receive payment of Accreted Value of, premium and Liquidated Damages, if any, and interest on a Note, on or after the respective due dates expressed in such Note (including in connection with an offer to purchase), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08 Collection Suit by Trustee. 
  

If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and
as trustee of an express trust against the Company for the whole amount of Accreted Value of, premium and Liquidated Damages, if any, and interest remaining unpaid on the Notes and interest on overdue Accreted Value and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 Section 6.09 Trustee May File Proofs of Claim.

  
 The Trustee is authorized to file such proofs of claim and
other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders
of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable
or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, 

  

 74 

 
and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  
 Section 6.10 Priorities. 
  
 If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property, or, after an Event of Default has
occurred, any money or other property distributable in respect of the Company’s obligations under this Indenture shall be paid, in the following order: 
  
 First: to the Trustee (including any predecessor Trustee), its agents and attorneys for amounts due under Section 7.07, including
payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders of Notes for amounts due and unpaid on the Notes for Accreted Value, premium and Liquidated Damages, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for Accreted Value, premium and Liquidated Damages, if any, and interest, respectively; and 
  
 Third: to the Company or to such party as a court of
competent jurisdiction shall direct. 
  
 The Trustee may fix a
record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  
 Section 6.11 Undertaking for Costs. 
  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section
6.07, or a suit by Holders of more than 10% in principal amount at maturity of the then outstanding Notes. 
  

 75 

 ARTICLE 7. 
 TRUSTEE 
  
 Section 7.01 Duties of Trustee. 
  
 (a) If an
Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to
the requirements of this Indenture. 
  
 (c) The Trustee may not be
relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
  
 (1) this Section 7.01(c) does not limit the effect of Section 7.01(b); 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer,
unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 6.05. 
  
 (d) Whether or not
therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b), and (c) of this Section 7.01. 
  
 (e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with
the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 Section 7.02 Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such
Officers’ Certificate or Opinion of Counsel. The Trustee may consult with 

  

 76 

 
counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of
any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by
an Officer of the Company. 
  
 (f) The Trustee shall be under no
obligation to exercise any of its rights and powers under this Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable security and indemnity satisfactory to it against the losses,
expenses and liabilities that might be incurred by it in compliance with such request or direction. 
  
 (g) The Trustee shall not be charged with knowledge or be deemed to have notice of any Default or Event of Default unless such notice is delivered as set
forth under Section 12.02 hereof and such notice identifies such a Default or Event of Default and references this Indenture. 
  
 (h) The delivery of any reports, information and documents to the Trustee pursuant to Section 4.03 is for informational purposes only and the
Trustee’s receipt of such reports, information or documents shall not constitute notice or constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with
any of its covenants under this Indenture (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 
  
 (i) The permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture shall not be construed as a delay.

  
 (j) The rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act
hereunder. 
  
 Section 7.03 Individual Rights
of Trustee. 
  
 The Trustee in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is
also subject to Sections 7.10 and 7.11. 
  
 Section 7.04 Trustee’s Disclaimer. 
  
 The
Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or
upon the Company’s direction under any provision 

  

 77 

 
of this Indenture, it shall not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and it shall not
be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.05 Notice of Defaults. 
  
 If a Default or Event of Default occurs and is continuing and if it is known
to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of Accreted Value of, premium or Liquidated
Damages, if any, or interest on, any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes.

  
 Section 7.06 Reports by Trustee to Holders
of the Notes. 
  
 (a) Within 60 days after each May 15
beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but
if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by mail all
reports as required by TIA § 313(c). 
  
 (b) A copy of each
report at the time of its mailing to the Holders of Notes shall be mailed by the Trustee to the Company and filed by the Trustee with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company
shall promptly notify the Trustee when the Notes are listed on any stock exchange. 
  
 Section 7.07 Compensation and Indemnity. 
  

(a) The Company shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services, except any such disbursements, advances and expenses as may be attributable to the Trustee’s negligence or willful misconduct. Such expenses shall include the reasonable compensation,
disbursements and expenses of the Trustee’s agents and counsel. 
  
 (b) The Company shall indemnify the Trustee and its directors, officers, employees, and agents against any and all losses, liabilities or expenses (including reasonable attorneys’ fees and expenses) incurred by it or them arising out
of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company (including this Section 7.07) and defending itself against any claim
(whether asserted by the Company, any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to
its negligence or willful misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The
Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel; provided, however, that the Company will
not be required to pay such fees and expenses if, subject to the approval of the Trustee, it assumes the Trustee’s defense 

  

 78 

 
and there is no conflict of interest between the Company and the Trustee subject to the claim in connection with such defense as reasonably determined by the
Trustee. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 (c) The obligations of the Company under this Section 7.07 shall survive the resignation or removal of the Trustee, the termination and satisfaction and
discharge of this Indenture. 
  
 (d) To secure the Company’s
payment obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay Accreted Value and interest on particular Notes. Such Lien shall
survive the resignation or removal of the Trustee, the termination and satisfaction and discharge of this Indenture. 
  
 (e) In addition to and without prejudice to its other rights hereunder, when the Trustee incurs expenses or renders services after an Event of Default
specified in Section 6.01(6) or (7) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law.

  
 (f) The Trustee shall comply with the provisions of TIA §
313(b)(2) to the extent applicable. 
  
 Section
7.08 Replacement of Trustee. 
  
 (a) A resignation or
removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 
  
 (b) The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the
Company. The Holders of a majority in principal amount at maturity of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 
  
 (1) the Trustee fails to comply with Section 7.10;

  
 (2) the Trustee is adjudged a bankrupt or an
insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (3) a receiver, custodian or public officer takes charge of the Trustee or its property; or 
  
 (4) the Trustee becomes incapable of acting. 
  
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount at maturity of the then outstanding Notes may appoint a
successor Trustee to replace the successor Trustee appointed by the Company. 
  
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in principal amount at maturity of the
then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

 79 

 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months,
fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section
7.07. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09 Successor Trustee by Merger, etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another Person, the successor Person without any further act shall be the successor Trustee. 
  
 Section 7.10 Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the
United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at
least $100.0 million as set forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
  
 Section 7.11 Preferential Collection of Claims Against
Company. 
  
 The Trustee is subject to TIA § 311(a),
excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  
 ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at its option, and at any time, elect to have either Section 8.02 or 8.03 be applied to all outstanding Notes upon compliance with the
conditions set forth below in Section 8.04. 
  
 Section 8.02 Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from its
obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and
discharged the entire Indebtedness represented by the 

  

 80 

 
outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this
Indenture referred to in clauses (1) and (2) below, and to have satisfied all its other obligations under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which shall survive until otherwise terminated or discharged hereunder: 
  
 (1) the rights of Holders of outstanding Notes to receive payments in respect of Accreted Value of, or interest or premium and Liquidated
Damages, if any, on such Notes when such payments are due from the trust referred to in Section 8.04; 
  
 (2) the Company’s obligations with respect to such Notes under Article 2 and Section 4.02; 
  
 (3) the rights, powers, trusts, duties and immunities of the
Trustee hereunder and the Company’s obligations in connection therewith; and 
  
 (4) this Article 8. 
  
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03. 
  
 Section 8.03 Covenant
Defeasance. 
  
 Upon the Company’s exercise under
Section 8.01 of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 3.09, 4.03, 4.07,
4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.15, and 4.16, clause (4) of Section 5.01(a) and 5.01(b) with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified
above, the remainder of this Indenture and such Notes shall be unaffected thereby. Upon the Company’s exercise under Section 8.01 of the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section
8.04, Sections 6.01(3) through 6.01(5) and 6.01(8) shall not constitute Events of Default. 
  
 Section 8.04 Conditions to Legal or Covenant Defeasance. 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03: 
  
 (1) the Company must irrevocably deposit with the Trustee,
in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm, or firm
of independent public accountants, to pay the Accreted 

  

 81 

 
Value of, premium and Liquidated Damages, if any, and interest on the outstanding Notes on the stated date for payment thereof or on the applicable
redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date; 
  
 (2) in the case of an election under Section 8.02, the Company must deliver to the Trustee an Opinion of
Counsel confirming that: 
  
 (A) the Company has
received from, or there has been published by, the Internal Revenue Service a ruling; or 
  
 (B) since the date of this Indenture, there has been a change in the applicable federal income tax law, 
  
 in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall be subject to federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of an election under Section 8.03, the Company must deliver to the Trustee an Opinion of Counsel confirming that the
Holders of the outstanding Notes shall not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and shall be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (4) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of
Default resulting from the borrowing of funds to be applied to such deposit) and the deposit shall not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company is a party or by which the
Company is bound; 
  
 (5) such Legal Defeasance
or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or material instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound; 
  
 (6) the Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company with the intent of
defeating, hindering, delaying or defrauding any other creditors of the Company or others; and 
  
 (7) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  

 82 

 Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. 
  
 Subject to Section 8.06, all
cash and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect
of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying
Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of Accreted Value, premium and Liquidated Damages, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law. 
  
 The Company shall pay
and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any
such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. 
  
 Notwithstanding anything in this Article 8 to the contrary, the Trustee shall deliver or pay to the Company from time to time upon the request of the
Company any cash or non-callable Government Securities held by it as provided in Section 8.04 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the
Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section 8.06 Repayment to Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by
the Company, in trust for the payment of the Accreted Value of, premium or Liquidated Damages, if any, or interest on any Note and remaining unclaimed for two years after such Accreted Value, premium or Liquidated Damages, if any, or interest has
become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter be permitted to look only to the Company for payment thereof, and
all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to
make any such repayment, may at the expense of the Company cause to be published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 
  
 Section 8.07 Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any cash or non-callable Government Securities in accordance with Article
8, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the Notes shall be
revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply all such cash or non-callable Government securities in accordance with this Article 8, as the
case may be; provided, however, that, if the Company makes any payment of Accreted Value of, premium or Liquidated Damages, if any, or interest on any Note following the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Notes to receive such payment from the cash or non-callable Government Securities held by the Trustee or Paying Agent. 
  

 83 

 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01 Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors, if any, and the Trustee may amend or supplement this Indenture, the Note Guarantees, if any, or the Notes without the consent of any Holder
of a Note: 
  
 (1) to cure any ambiguity, defect
or inconsistency; 
  
 (2) to provide for
uncertificated Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Company’s or a Guarantor’s obligations to the Holders of the Notes and the Note Guarantees in the case of a merger or consolidation or sale of all or substantially
all of the Company’s or such Guarantor’s assets, as applicable; 
  
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights hereunder of any Holder of the Notes; 
  
 (5) to comply with requirements of the SEC in order to
effect or maintain the qualification of this Indenture under the TIA; 
  
 (6) to conform the text of this Indenture, the Notes or the Note Guarantees, if any, to any provision of the Description of Notes contained in the Offering Memorandum dated January 20, 2004, to the extent that such
provision in the Description of Notes was intended to be a verbatim recitation of a provision of this Indenture, the Notes or the Note Guarantees, if any; 
  
 (7) to provide for the issuance of Additional Notes, in accordance with the limitations set forth in this Indenture as of the date hereof;
or 
  
 (8) to allow any Guarantor to execute a
supplemental indenture and/or a Note Guarantee with respect to the Notes. 
  
 Section 9.02 With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without limitation, Section 3.09, 4.10 and 4.14), the Note Guarantees, if any, and the
Notes with the consent of the Holders of at least a majority in aggregate principal amount at maturity of the Notes then outstanding voting as a single class (including, without limitation, consents obtained in connection with a tender offer or
exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07, any existing Default or Event of Default or compliance with any provision of this Indenture, the Note Guarantees, if any, or the Notes may be waived with the
consent of the Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes).

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

 84 

 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall
mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any
such amended or supplemental indenture or waiver. Subject to Sections 6.04 and 6.07, the Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding voting as a single class may waive compliance in a particular
instance by the Company with any provision of this Indenture, the Notes, or the Note Guarantees, if any. However, without the consent of each Holder affected, an amendment, supplement or waiver under this Section 9.02 may not (with respect to any
Notes held by a non-consenting Holder): 
  
 (1)
reduce the principal amount at maturity of Notes whose Holders must consent to an amendment, supplement or waiver; 
  
 (2) reduce the Accreted Value of or change the fixed maturity of any Note or alter any of the provisions with respect to the redemption of
the Notes other than provisions relating to the covenants as set forth in Section 3.09, Section 4.10 and Section 4.14; 
  
 (3) reduce the rate of or change the time for payment of interest, including default interest, on any Note; 
  
 (4) waive a Default or Event of Default in the payment of
Accreted Value of or premium or Liquidated Damages, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount at maturity of the then outstanding Notes and
a waiver of the payment default that resulted from such acceleration); 
  
 (5) make any Note payable in money other than that stated in the Notes; 
  
 (6) make any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive
payments of Accreted Value of, or interest or premium or Liquidated Damages, if any, on the Notes; 
  
 (7) waive a redemption payment with respect to any Note (other than a payment required by Section 3.09, 4.10 or 4.14); or 
  
 (8) make any change to this Section 9.02. 
  
 In addition, unless (x) the release of any Guarantor is permitted in
accordance with Section 10.05, Article 8, Article 11 or any other provisions of this Indenture or (y) the consent of the Holders of more than a majority in aggregate principal amount at maturity of Notes is required by the TIA, the Company and the
Trustee may release any Guarantor from any of its obligations under its Note Guarantee or this Indenture with the consent of the Holders of at least a majority in aggregate principal amount at maturity of the Notes then outstanding voting as a
single class. 
  
 Section 9.03 Compliance with
Trust Indenture Act. 
  
 Every amendment or supplement to
this Indenture or the Notes shall be set forth in a amended or supplemental indenture that complies with the TIA as then in effect. 
  

 85 

 Section 9.04 Revocation and Effect of Consents. 
  
 Until an amendment, supplement or waiver becomes effective, a consent to it
by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any
Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05 Notation on or Exchange of Notes. 
  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated.
The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment,
supplement or waiver. 
  
 Section 9.06 Trustee
to Sign Amendments, etc. 
  
 The Trustee shall sign any
amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental
indenture until the Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition to
the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  
 ARTICLE 10. 
 NOTE GUARANTEES 
  
 Section 10.01 Guarantee. 
  
 (a) Subject to this Article 10, each of the Guarantors, if any, upon the execution and delivery of a supplemental indenture pursuant to Section 4.15, shall hereby, jointly and severally, unconditionally guarantees to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 

 
 (1) the Accreted Value of, premium and Liquidated
Damages, if any, and interest on the Notes shall be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue Accreted Value of and interest on the Notes, if any, if lawful, and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (2) in case of any extension of time of payment or renewal
of any Notes or any of such other obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  

 86 

 Failing payment when due of any amount so guaranteed or failing performance of any other obligation of
the Company so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay, or to perform or cause the performance of, the same immediately. Each Guarantor, upon the execution and delivery of a supplemental
indenture pursuant to Section 4.15, shall agree that this is a guarantee of payment and not a guarantee of collection. 
  
 (b) Each of the Guarantors, if any, upon the execution and delivery of a supplemental indenture pursuant to Section 4.15, shall agree that its obligations
hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor, if any, upon the
execution and delivery of a supplemental indenture pursuant to Section 4.15, shall hereby waive diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a
proceeding first against the Company, protest, notice and all demands whatsoever and covenant that this Note Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

 
 (c) If any Holder or the Trustee is required by any court or otherwise to
return to the Company, any Guarantor or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Note Guarantee, to the
extent theretofore discharged, shall be reinstated in full force and effect. 
  
 In addition, if the Company’s obligations under this Indenture and the Notes are revived and reinstated as described in Section 8.07 or Section 11.02 of this Indenture, then any Guarantor’s obligations under
this Indenture and the Note Guarantees previously released pursuant to Articles 8 or 11 of this Indenture will also be revived and reinstated. 
  
 This Section 10.01(c) shall not apply if (1) prior to any reinstatement pursuant to this Section 10.01(c), such Guarantor would have been released from
its obligations under its Note Guarantee pursuant to Section 10.05 of this Indenture had its Note Guarantee been in full force and effect and (2) the creation of a Note Guarantee of such Guarantor is not required at the time of reinstatement
pursuant to the terms of Section 4.15 of this Indenture. 
  
 (d) Each Guarantor, if any, upon the execution and delivery of a supplemental indenture pursuant to Section 4.15, shall agree that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor, if any, upon the execution and delivery of a supplemental indenture pursuant to Section 4.15, shall further agree that, as between the Guarantors, on the
one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Note Guarantee. 
  

 87 

 Section 10.02 Limitation on Guarantor Liability. 
  
 Each Guarantor, if any, upon the execution and delivery of a supplemental indenture, pursuant to Section 4.15, shall confirm
and by its acceptance of Notes, each Holder hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably
agree that the obligations of such Guarantor shall be limited to the maximum amount that shall, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after
giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such
Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance. 
  
 Section 10.03 Execution and Delivery of Note Guarantee. 
  
 To evidence its Note Guarantee set forth in Section 10.01, each Guarantor, if any, upon the execution and delivery of a supplemental indenture pursuant to
Section 4.15, shall hereby agree that a notation of such Note Guarantee substantially in the form attached as Exhibit D hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this
Indenture shall be executed on behalf of such Guarantor by one of its Officers. 
  
 Each Guarantor, if any, upon the execution and delivery of a supplemental indenture pursuant to Section 4.15, shall hereby agree that its Note Guarantee set forth in Section 10.01 shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 
  
 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee shall be
valid nevertheless. 
  
 The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors. 
  
 Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 
  
 Except as otherwise provided in Section 10.05, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor, unless: 
  
 (1) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
  
 (2) either: 
  
 (a) subject to Section 10.05, the Person acquiring the assets in any such
sale or disposition or the Person formed by or surviving any such consolidation or merger (if other than that Guarantor) assumes all the obligations of that Guarantor under this Indenture and the Note Guarantee, pursuant to a supplemental indenture
in form and substance reasonably satisfactory to the Trustee, and the Registration Rights Agreement (it being understood and agreed that such Person shall only be required to assume such obligations if such Person is, or upon giving effect to such
transaction would be, required to Guarantee or pledge any assets to secure the payment of any other Indebtedness of the Company (other than Indebtedness and other obligations under the Credit Agreement)), or 
  

 88 

 (b) the Net Proceeds of such sale or other disposition are applied in accordance with the applicable
provisions of this Indenture, including without limitation, Section 4.10. 
  
 Upon satisfaction of the conditions described in the foregoing paragraph, the successor Person (if such Person is required to assume the obligations of a Guarantor under the foregoing paragraph (2)(a)) shall succeed
to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable
hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Note Guarantees theretofore
and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution hereof. 
  

Except as set forth in Articles 4 and 5, and notwithstanding clauses (a) and (b) above, nothing contained in this Indenture or in any of the Notes
shall prevent any consolidation or merger of a Guarantor with or into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Company or another
Guarantor. 
  
 Section 10.05 Releases. 
  
 (a) In the event of (1) any sale or other disposition of all or
substantially all of the assets of any Guarantor (including by way of merger, consolidation) or (2) any sale or other disposition of all of the Capital Stock of any Guarantor, in each case to a Person that is not (either before or after giving
effect to such transaction) the Company or a Restricted Subsidiary of the Company, the applicable Guarantor shall be automatically and unconditionally released and relieved of any obligations under its Note Guarantee; provided that in each
case, the Net Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without limitation Section 4.10. Upon delivery by the Company to the Trustee of an Officers’
Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the provisions of this Indenture, including without limitation Section 4.10, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Guarantor from its obligations under its Note Guarantee. 
  
 (b) Upon designation of any Guarantor as an Unrestricted Subsidiary in accordance with the terms of this Indenture, such Guarantor shall be automatically
and unconditionally released and relieved of any obligations under its Note Guarantee. 
  
 (c) Upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 or satisfaction and discharge of this Indenture in accordance with Article 11, each Guarantor shall be automatically and unconditionally
released and relieved of any obligations under its Note Guarantee. 
  
 (d) Upon the release or discharge of the Guarantee that resulted in the creation of a Note Guarantee pursuant to the terms of Section 4.15, except a discharge or release by or as a result of payment under such Guarantee, the Guarantor under
such Note Guarantee shall be automatically and unconditionally released and relieved of any obligations under such Note Guarantee; provided such Guarantor has not, directly or indirectly, Guaranteed or pledged any assets to secure the payment
of any other Indebtedness of the Company that would require the creation of a Note Guarantee pursuant to the terms of Section 4.15. 
  

 89 

 Any Guarantor not released from its obligations under its Note Guarantee as provided in this Section
10.05 shall remain liable for the full amount of Accreted Value of and interest on the Notes and for the other obligations of the Company under this Indenture as provided in this Article 10. 
  
 ARTICLE 11. 
 SATISFACTION AND DISCHARGE 
  
 Section 11.01 Satisfaction and Discharge. 
  
 This
Indenture shall be discharged and shall cease to be of further effect as to all Notes issued hereunder, when: 
  
 (1) either: 
  
 (a) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company) have been delivered to the Trustee for cancellation; or 
  
 (b) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption
or otherwise or shall become due and payable within one year and the Company has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination thereof, in such amounts as shall be sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation
for Accreted Value, premium, and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption; 
  
 (2) no Default or Event of Default has occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit) and the deposit shall not result in a breach or violation of, or constitute a default under, any other material instrument to which the Company is a party or by which the Company
is bound; 
  
 (3) the Company has paid or caused
to be paid all sums payable by it under this Indenture; and 
  
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of the Notes at maturity or on the redemption date, as the case may be.

  
 The Company must deliver an Officers’ Certificate and an Opinion of
Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 
  
 Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of
this Section 11.01, the provisions of Sections 11.02 and 8.06 shall survive. Nothing in this Section 11.01 shall be deemed to discharge those provisions of Section 7.07, that, by their terms, survive the satisfaction and discharge of this Indenture.

  

 90 

 Section 11.02 Application of Trust Money. 
  
 Subject to the provisions of Section 8.06, all cash or non-callable Government Securities deposited with the Trustee
pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the Accreted Value (and premium, if any) and interest for whose payment such cash or non-callable Government Securities has been deposited with the Trustee; but such cash or
non-callable Government Securities need not be segregated from other funds except to the extent required by law. 
  
 If the Trustee or Paying Agent is unable to apply any cash or non-callable Government Securities in accordance with Section 11.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of Accreted Value of, or premium, if any, or interest on any Notes because of the reinstatement of its obligations, the
Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the cash or non-callable Government Securities held by the Trustee or Paying Agent. 
  
 ARTICLE 12. 
 MISCELLANEOUS 
  
 Section 12.01 Trust Indenture Act
Controls. 
  
 If any provision of this Indenture limits,
qualifies or conflicts with the duties imposed by TIA §318(c), the imposed duties shall control. 
  
 Section 12.02 Notices. 
  
 Any notice or communication by the Company or the Trustee to the other is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telecopier or overnight air
courier guaranteeing next day delivery, to the other’s address: 
  
 If to the Company: 
  
 UAP Holding Corp. 
 c/o United Agri Products 
 7251 W.
4th Street 
 Greeley, CO 80634 
 Telecopier No.: (970) 347-1560 
 Attention: Chief Financial Officer 
  
 With a copy to: 
 O’Melveney & Myers 
 30 Rockefeller Plaza 
 New York, New York 10112 
 Telecopier No.: (212) 408-2420 
 Attention:
Rosa A. Testani, Esq. 
  

 91 

 If to the Trustee: 
 JPMorgan Chase Bank 
 Institutional Trust Services 
 4 New York Plaza, 15th Floor 
 New York, NY 10004 
 Telecopier No.: (212) 623-6167 
 Attention: James D. Heaney 
  
 The Company or the Trustee, by notice to the other, may designate additional
or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if
mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery; provided, however, all notices and communications given
to the Trustee shall not be deemed to have been given until actually received by the Trustee at the address designated above. 
  
 Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
  
 If the Company mails a notice or communication to Holders,
it shall mail a copy to the Trustee and each Agent at the same time. 
  
 Section
12.03 Communication by Holders of Notes with Other Holders of Notes. 
  
 Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the
protection of TIA § 312(c). 
  
 Section 12.04 Certificate and Opinion as
to Conditions Precedent. 
  
 Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 
  
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.05) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (2) an Opinion of Counsel in form and substance reasonably
satisfactory to the Trustee (which must include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  

 92 

 Section 12.05 Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or
covenant provided for in this Indenture (other than a certificate provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
  
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition;

  
 (2) a brief statement as to the nature and
scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied; provided that
with respect to matters of fact, an Opinion of Counsel may rely on an Officer’s Certificate or certificates of public officials. 
  
 Section 12.06 Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
  
 Section 12.07 No Personal Liability of
Directors, Officers, Employees and Stockholders. 
  
 No
director, officer, employee, incorporator or stockholder of the Company, any Guarantors or any of their Affiliates, as such, shall have any liability for any obligations of the Company or the Guarantors, if any, under the Notes, this Indenture, the
Note Guarantees, if any, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
  
 Section 12.08 Governing Law. 
  
 THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES, IF ANY, WITHOUT GIVING
EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  
 Section 12.09 No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any
such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  

 93 

 Section 12.10 Successors. 
  
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee in
this Indenture shall bind its successors. All agreements of any Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.05. 
  
 Section 12.11 Severability. 
  
 In case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby. 
  
 Section 12.12
Counterpart Originals. 
  
 The parties may sign any number
of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 Section 12.13 Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 (Signature Pages Follow) 
  

 94 

 SIGNATURES 
  
 Dated as of January 26, 2004 
  

			
	 UAP HOLDING CORP.

		
	 By:
	 	 /s/ Dave Bullock

	 	 	 Name: Dave Bullock

	 	 	 Title: Executive Vice President and Chief

	 	 	 Financial Officer

	
	 JPMORGAN CHASE BANK, as Trustee

		
	 By:
	 	 /s/ James D. Heaney

	 	 	 Name: James D. Heaney

	 	 	 Title: Vice President

 EXHIBIT A-1 
  
 [Face of Note] 

 “THIS NOTE WAS ISSUED WITH ‘ORIGINAL ISSUE DISCOUNT’ WITHIN THE MEANING OF SECTION 1272, ET SEQ., OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON WRITTEN REQUEST, THE COMPANY WILL PROVIDE TO ANY HOLDER OF THE NOTE (1)
THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE ORIGINAL YIELD TO MATURITY OF THE NOTE. SUCH REQUEST SHOULD BE SENT TO THE COMPANY AT UAP HOLDING CORP., C/O UNITED AGRI PRODUCTS, 7251 W.
4TH STREET, GREELEY, COLORADO 80634, ATTN: CHIEF FINANCIAL OFFICER.” 
  
 CUSIP/CINS
                     
  
 10 3/4% Senior
Discount Notes due 2012 
  

			
	No.     	 	$            

  
 UAP HOLDING CORP.

  
 promises to pay to
[                ] or registered assigns,  
  
 the principal sum of
                                        
                                        
                                        
         DOLLARS on July 15, 2012. 
  
 Interest Payment Dates: January 15 and July 15, commencing July 15, 2008 
  
 Record Dates: January 1 and July 1 
  
 Dated:
                    , 200_ 
  

			
	 UAP HOLDING CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

			
	 This is one of the Notes referred to

	 in the within-mentioned Indenture:

	
	 JPMorgan Chase Bank,

	 as Trustee

		
	 By:
	 	  

	 	 	Authorized Officer

  

  

 A1-1 

 [Back of Note] 
 10 3/4% Senior Discount Notes due 2012 
  
 [Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture]

  
 [Insert the Private Placement Legend, if applicable pursuant to the
provisions of the Indenture] 
  
 Capitalized terms used
herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 (1) INTEREST. No interest will accrue on this Note prior to January 15, 2008. Instead, the Accreted
Value of this Note will increase (representing amortization of original issue discount) from the date of original issuance to but not including January 15, 2008 at a rate of 103⁄4% per annum calculated on a semi-annual basis using a 360-day year
comprised of 12 30-day months, such that the Accreted Value on January 15, 2008 will be equal to the full principal amount at maturity of this Note. Beginning on January 15, 2008, interest on this Note will accrue at a rate of 103⁄4% per annum
and will be payable in cash semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”), and UAP Holding Corp., a
Delaware corporation (the “Company”), promises to so pay cash interest on the principal amount of this Note at 103⁄4% per annum from January 15, 2008 until maturity. Interest on this Note will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from January 15, 2008; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be July 15, 2008. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue Accreted Value and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 (2) METHOD OF PAYMENT. The Company shall pay interest on the Notes
(except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of the Notes at the close of business on the January 1 or July 1 next preceding the Interest Payment Date, even if such Note is canceled after such
record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. The Notes shall be payable as to Accreted Value, premium and Liquidated Damages, if any, and interest at
the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Liquidated Damages, if any, may be made by check mailed to the Holders at
their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds shall be required with respect to Accreted Value of and interest, premium and Liquidated Damages, if any, on, all
Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts. 
  

 A1-2 

 (3) PAYING AGENT AND
REGISTRAR. Initially, JPMorgan Chase Bank, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or
any of its Subsidiaries may act in any such capacity. 
  
 (4) INDENTURE. The Company issued the Notes under an Indenture dated as of January 26, 2004 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those
stated in the Indenture and those made part of the Indenture by reference to the TIA (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such
terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. 
  
 (5) OPTIONAL
REDEMPTION. 
  
 (a) Except as set forth in
subparagraphs (b) and (c) of this Paragraph 5, the Company shall not have the option to redeem the Notes prior to January 15, 2008. At any time and from time to time on or after January 15, 2008, the Company shall have the option to redeem all or
part of the Notes, upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as percentages of Accreted Value) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the
applicable redemption date, if redeemed during the twelve-month period beginning on January 15 of the years indicated below subject to the rights of Holders of the Notes on the relevant record date to receive interest on the relevant interest
payment date: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	105.375	%
	 2009
	  	102.688	%
	 2010 and thereafter
	  	100.000	%

  
 (b) Prior to January
15, 2008, upon the occurrence of a Change of Control, the Company may redeem the Notes, in whole and not in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at
the redemption prices (expressed as percentages of Accreted Value) set forth below, plus Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on January 15
of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2004
	  	116.125	%
	 2005
	  	113.438	%
	 2006
	  	110.750	%
	 2007
	  	108.063	%

  
 (c) Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to January 15, 2007, the Company may on any one or more occasions redeem (i) up to 40% of the aggregate principal amount at maturity of Notes originally issued under the
Indenture and (ii) all or a portion of any Additional Notes issued under the Indenture, in each case at a redemption price of 110.750% of the Accreted Value, plus Liquidated Damages, if any, to the redemption date, with the net proceeds of one or
more Equity Offerings; provided that at least 60% in aggregate principal amount at maturity of the Notes originally issued under the Indenture (excluding the Notes held by the Company and its Subsidiaries) remains outstanding immediately
after the occurrence of such redemption and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 
  

 A1-3 

 (6) MANDATORY REDEMPTION. 
  
 The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes. 
  
 (7)
REPURCHASE AT THE OPTION OF HOLDER. 
  
 (a) If there is a Change of Control, each Holder shall have the right to require the Company to repurchase all or any part (equal to $1,000 in principal
amount at maturity or an integral multiple thereof) of that Holder’s Notes (a “Change of Control Offer”) at a purchase price equal to 101% of the Accreted Value thereof plus accrued and unpaid interest and Liquidated Damages
thereon, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date. Within 45 days
following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
  
 (b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within five days of each date on
which the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company shall commence an offer to all Holders of Notes and, at the option of the Company, all holders of other Indebtedness that is pari passu with the Notes (an
“Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount at maturity of Notes and other pari passu Indebtedness, if applicable, that may be purchased out of the Excess Proceeds at
an offer price in cash in an amount equal to 100% of the Accreted Value of the Notes plus accrued and unpaid interest and Liquidated Damages thereon, if any, to the date of purchase, in accordance with the procedures set forth in the Indenture. To
the extent that the aggregate Accreted Value of Notes and the aggregate principal amount of such other pari passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use such deficiency for
any purpose not otherwise prohibited by the Indenture. If the aggregate Accreted Value of Notes and the aggregate principal amount of other pari passu Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the
Trustee shall select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Holders of Notes that are the subject
of an offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached
to the Notes. 
  
 (8) NOTICE
OF REDEMPTION. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $1,000
in principal amount at maturity may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date Accreted Value ceases to increase and interest ceases to
accrue on Notes or portions thereof called for redemption. 
  
 (9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $1,000 in principal amount at maturity and
integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as 

  

 A1-4 

 
provided in the Indenture. The Company, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except
for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date
and the corresponding Interest Payment Date. 
  
 (10) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 (11) AMENDMENT, SUPPLEMENT AND
WAIVER. Subject to certain exceptions, the Indenture, the Note Guarantees, if any, or the Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount at maturity
of the then outstanding Notes, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Note Guarantees, if any, or the Notes may be waived with the consent of the Holders of a majority in aggregate
principal amount at maturity of the then outstanding Notes. Without the consent of any Holder of a Note, the Indenture, the Note Guarantees, if any, or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to
provide for uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes in case of a merger or consolidation, or sale of all
or substantially all of the Company’s or such Guarantor’s assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of
any such Holder, to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA, to conform the text of the Indenture, the Notes or the Note Guarantees, if any, to any provision of the
Description of Notes contained in the Offering Memorandum dated January 20, 2004, to the extent that such provision in the Description of Notes was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note
Guarantees, to provide for the issuance of Additional Notes, in accordance with the limitations set forth in the Indenture as of the date thereof, or to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee
with respect to the Notes. 
  
 (12)
DEFAULTS AND REMEDIES. Events of Default include: (i) default for 30 days in the payment when due of interest or Liquidated Damages on the Notes; (ii) default in payment when due (at
maturity, upon redemption or otherwise) of Accreted Value of or premium, if any, on the Notes (including in connection with an offer to redeem or purchase), (iii) failure by the Company or any of its Restricted Subsidiaries for 45 days after notice
to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the Notes then outstanding voting as a single class to comply with any other agreements in the Indenture; (iv) default under certain other
agreements relating to Indebtedness of the Company, which default is caused by a failure to pay principal of, or interest or premium on, such Indebtedness or results in the acceleration of such Indebtedness prior to its express maturity; (v) failure
to pay certain final judgments for the payment of money that are not paid, discharged or stayed for a period of 60 days after becoming final and nonappealable; (vi) certain events of bankruptcy or insolvency with respect to the Company or any of its
Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, when taken together, would constitute a Significant Subsidiary and (vii) if any Note Guarantees are issued pursuant to the Indenture, except as
permitted by the Indenture, any Note Guarantee made by a Guarantor that is a Significant Subsidiary is held in any judicial proceeding to be unenforceable or invalid or ceases for any 

  

 A1-5 

 
reason to be in full force and effect or any such Guarantor, or any Person acting on behalf of any such Guarantor, denies or disaffirms its obligations under
its Note Guarantee; provided that (A) (x) a Guarantee made by such Guarantor of other Indebtedness of the Company also is held to be unenforceable or invalid or ceases for any reason to be in full force and effect and (y) such
unenforceability, invalidity or failure to be in full force and effect constitutes an event of default under such other Indebtedness that permits the holder of such other Indebtedness to cause such Indebtedness to become due before its Stated
Maturity (with or without the passage of time, the giving of notice or both) and, in the case of a secured Guarantee permitted to be incurred under the Indenture, such event of default has not been waived by the requisite holders of such other
Indebtedness prior to the expiration of any applicable grace period and (B) all Guarantees by such Guarantor of other Indebtedness have not been discharged or released by or as a result of payment under any such Guarantee. If any Event of Default
occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the then outstanding Notes may declare all Accreted Value of, and accrued and unpaid interest, if any on all Notes to be due and
payable; provided that so long as any Indebtedness permitted to be incurred pursuant to any Credit Facilities is outstanding, such acceleration shall not be effective until the earlier of (1) the acceleration of such Indebtedness under the
Credit Facilities or (2) five Business Days after receipt by the Company of written notice of such acceleration. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect
to the Company, all Accreted Value of, and accrued and unpaid interest, and Liquidated Damages, if any, on all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except
as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from
Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of Accreted Value, interest, premium or Liquidated Damages) if it determines that withholding notice is in their
interest. The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes rescind an acceleration or waive any existing Default or Event of
Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest, premium or Liquidated Damages, if any, on, or the Accreted Value of, the Notes. The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

 
 (13) TRUSTEE DEALINGS
WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the
Company or its Affiliates, as if it were not the Trustee. 
  
 (14) NO RECOURSE AGAINST OTHERS. No director, officer, employee, incorporator or stockholder of the Company, any Guarantors or any of
their Affiliates, as such, shall have any liability for any obligations of the Company or the Guarantors, if any, under the Notes, the Indenture, the Note Guarantees, if any, or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws. 
  
 (15)
AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  

 A1-6 

 (16) ABBREVIATIONS. Customary abbreviations may be
used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform
Gifts to Minors Act). 
  
 (17)
ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE
NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights
Agreement dated as of January 26, 2004, among the Company and the other parties named on the signature pages thereof. 
  
 (18) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
  
 The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and/or the
Registration Rights Agreement. Requests may be made to: 
  
 UAP Holding Corp.

 c/o United Agri Products 
 7251 W. 4th Street 
 Greeley, CO 80634

  
 Attention: Chief Financial Officer 
  

 A1-7 

 EXHIBIT A1 
  
 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  
 (I) or (we) assign and transfer this Note to:                       
                                        
                                        
                                 
 (Insert assignee’s legal name) 
  
                                       
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s soc. sec. or tax I.D. no.) 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
 (Print or type
assignee’s name, address and zip code) 
  
 and irrevocably appoint
                                        
                                        
                                        
                                        
            
 to transfer this Note on the books of the Company. The agent may substitute another
to act for him. 
  
 Date:
                                   
  

			
	 Your Signature:

	 (Sign exactly as your name appears on the face of this Note)

  

			
	 Signature Guarantee*:

  

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

  

 A1-8 

 EXHIBIT A1 
  
 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.10 or 4.14 of the Indenture, check the appropriate box below: 
  
 Section 4.10                    Section 4.14 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount
you elect to have purchased: 
  
 $                     
  
 Date:
                                   
  

			
	 Your Signature:

	 (Sign exactly as your name appears on the face of this Note)

	
	     Tax Identification No.:

  

			
	 Signature Guarantee*:

  

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

  

 A1-9 

 EXHIBIT A1 
  
 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 
  
 The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another
Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of
 decrease in
 Principal Amount
 at Maturity of
 this Global Note

	 	 Amount of
 increase in
 Principal Amount
 at Maturity of
 this Global Note

	  	 Principal Amount
 at Maturity
 of this Global Note
 following such
 decrease
 (or increase)

	  	 Signature of
 authorized officer
 of Trustee or
 Custodian

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

	*	This schedule should be included only if the Note is issued in global form.  

  

 A1-10 

 EXHIBIT A2 
  
 [Face of Regulation S Temporary Global Note] 

 “THIS NOTE WAS ISSUED WITH ‘ORIGINAL ISSUE DISCOUNT’ WITHIN THE MEANING OF SECTION 1272, ET SEQ., OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. UPON
WRITTEN REQUEST, THE COMPANY WILL PROVIDE TO ANY HOLDER OF THE NOTE (1) THE ISSUE PRICE AND DATE OF THE NOTE, (2) THE AMOUNT OF ORIGINAL ISSUE DISCOUNT ON THE NOTE AND (3) THE ORIGINAL YIELD TO MATURITY OF THE NOTE. SUCH REQUEST SHOULD BE SENT TO
THE COMPANY AT UAP HOLDING CORP., C/O UNITED AGRI PRODUCTS, 7251 W. 4TH STREET, GREELEY, COLORADO 80634, ATTN: CHIEF
FINANCIAL OFFICER.” 
  
 CUSIP/CINS                                     

 
 10 3/4% Senior Discount Notes due 2012 
  

			
	 No.        
	 	$            

  
 UAP HOLDING CORP.

  
 promises to pay to
[                    ] or registered assigns,  
  

the principal sum of
                                        
                                        
                                        
DOLLARS on             , 2012. 
  
 Interest Payment Dates: January 15 and July 15, commencing July 15, 2008 
  
 Record Dates: January 1 and July 1 
  
 Dated:
            , 200   
  

			
	 UAP HOLDING CORP.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  
 This is one of the Notes
referred to 
 in the within-mentioned Indenture: 
  
 JPMorgan Chase Bank, 
 as Trustee 
  

			
	 By:
	 	  

	 	 	Authorized Officer

  

  

 A-2 

 [Back of Regulation S Temporary Global Note] 
 10 3/4% Senior Discount Notes due 2012 
  
 THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST
HEREON. 
  
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED
PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF
THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF
THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  
 THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THE NOTE EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF
THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE
NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF UAP HOLDING CORP. THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(A) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A UNDER THE SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES 
  

 A2-2 

 ACT, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES TO
A PERSON THAT IS NOT A U.S. PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES
ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) THAT IS PURCHASING AT LEAST $100,000 OF NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF AN INSTITUTIONAL ACCREDITED INVESTOR (AND BASED UPON AN OPINION OF COUNSEL IF UAP HOLDING CORP. SO
REQUESTS) OR (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, PROVIDED THAT IN THE CASE OF A TRANSFER UNDER CLAUSE (E) SUCH TRANSFER IS SUBJECT TO THE RECEIPT BY THE TRUSTEE (AND UAP HOLDING CORP.,
IF IT SO REQUESTS) OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO UAP HOLDING CORP. OR ANY OF ITS SUBSIDIARIES OR (3) UNDER AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND THE INDENTURE GOVERNING THE NOTES AND (B) THE HOLDER WILL, AND EACH
SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. IF ANY RESALE OR OTHER TRANSFER OF ANY NOTE IS PROPOSED TO BE MADE UNDER CLAUSE (A)(1)(D) ABOVE WHILE
THESE TRANSFER RESTRICTIONS ARE IN FORCE, THEN THE TRANSFEROR SHALL DELIVER A LETTER FROM THE TRANSFEREE TO UAP HOLDING CORP. AND THE TRUSTEE WHICH SHALL PROVIDE, AMONG OTHER THINGS, THAT THE TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR AND
THAT IT IS ACQUIRING THE SECURITIES FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT. 
  
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 (1) INTEREST. No
interest will accrue on this Note prior to January 15, 2008. Instead, the Accreted Value of this Note will increase (representing amortization of original issue discount) from the date of original issuance to but not including January 15, 2008 at a
rate of 10 3/4% per annum calculated on a semi-annual basis using a 360-day year comprised of 12 30-day months,
such that the Accreted Value on January 15, 2008 will be equal to the full principal amount at maturity of this Note. Beginning on January 15, 2008, interest on this Note will accrue at a rate of 10 3/4% per annum and will be payable in cash semi-annually in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the
next succeeding Business Day (each, an “Interest Payment Date”), and UAP Holding Corp., a Delaware corporation (the “Company”), promises to so pay cash interest on the principal amount of this Note at 10 3/4% per annum from January 15, 2008 until maturity. Interest on this Note will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from January 15, 2008; provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face
hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be July 15, 2008. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue Accreted Value and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of 
  

 A2-3 

 interest and Liquidated Damages, if any, (without regard to any applicable grace periods) from time to
time on demand at the same rate to the extent lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  
 Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Note, the Holder hereof shall not be entitled to
receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 
  
 (2) METHOD OF
PAYMENT. The Company shall pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of the Notes at the close of business on the January 1 or
July 1 next preceding the Interest Payment Date, even if such Note is canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.11 of the Indenture with respect to defaulted interest. The Notes
shall be payable as to Accreted Value, premium and Liquidated Damages, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York, or, at the option of the Company,
payment of interest and Liquidated Damages, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds shall be required
with respect to Accreted Value of and interest, premium and Liquidated Damages, if any, on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment
shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 (3) PAYING AGENT AND REGISTRAR. Initially, JPMorgan
Chase Bank, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

 
 (4) INDENTURE. The
Company issued the Notes under an Indenture dated as of January 26, 2004 (the “Indenture”) between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of such terms. To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Company. 
  
 (5) OPTIONAL REDEMPTION. 
  
 (a) Except as set forth in subparagraphs (b) and (c) of this Paragraph 5,
the Company shall not have the option to redeem the Notes prior to January 15, 2008. At any time and from time to time on or after January 15, 2008, the Company shall have the option to redeem all or part of the Notes, upon not less than 30 nor more
than 60 days’ notice, at the redemption prices (expressed as percentages of Accreted Value) set forth below plus accrued and unpaid interest and Liquidated Damages, if any, thereon to the applicable redemption date, if redeemed during the
twelve-month period beginning on January 15 of the years indicated below subject to the rights of Holders of the Notes on the relevant record date to receive interest on the relevant interest payment date: 
  

				
	 Year

	  	Percentage

	 
	 2008
	  	105.375	%
	 2009
	  	102.688	%
	 2010 and thereafter
	  	100.000	%

  

 A2-4 

 (b) Prior to January 15, 2008, upon the occurrence of a Change of Control, the Company may redeem the
Notes, in whole and not in part, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at the redemption prices (expressed as percentages of Accreted Value) set forth
below, plus Liquidated Damages, if any, on the Notes redeemed to the applicable redemption date, if redeemed during the twelve-month period beginning on January 15 of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2004
	  	116.125	%
	 2005
	  	113.438	%
	 2006
	  	110.750	%
	 2007
	  	108.063	%

  
 (c) Notwithstanding
the provisions of subparagraph (a) of this Paragraph 5, at any time prior to January 15, 2007, the Company may on any one or more occasions redeem (i) up to 40% of the aggregate principal amount at maturity of Notes originally issued under the
Indenture and (ii) all or a portion of any Additional Notes issued under the Indenture, in each case at a redemption price of 110.750% of the Accreted Value, plus Liquidated Damages, if any, to the redemption date, with the net proceeds of one or
more Equity Offerings; provided that at least 60% in aggregate principal amount at maturity of the Notes originally issued under the Indenture (excluding the Notes held by the Company and its Subsidiaries) remains outstanding immediately
after the occurrence of such redemption and that such redemption occurs within 90 days of the date of the closing of such Equity Offering. 
  
 (6) MANDATORY REDEMPTION. 
  
 The Company is not required to make mandatory redemption or sinking fund
payments with respect to the Notes. 
  
 (7)
REPURCHASE AT THE OPTION OF HOLDER. 
  
 (a) If there is a Change of Control, each Holder shall have the right to require the Company to repurchase all or any part (equal to $1,000 in principal
amount at maturity or an integral multiple thereof) of that Holder’s Notes (a “Change of Control Offer”) at a purchase price equal to 101% of the Accreted Value thereof plus accrued and unpaid interest and Liquidated Damages
thereon, if any, to the date of purchase (the “Change of Control Payment”), subject to the rights of the Holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date. Within 45 days
following any Change of Control, the Company shall mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 
  
 (b) If the Company or a Restricted Subsidiary of the Company consummates any Asset Sales, within five days of each date on
which the aggregate amount of Excess Proceeds exceeds $10.0 million, the Company shall commence an offer to all Holders of Notes and, at the option of the Company, all holders of other Indebtedness that is pari passu with the Notes (an
“Asset Sale Offer”) pursuant to Section 3.09 of the Indenture to purchase the maximum principal amount at maturity of Notes and other pari passu Indebtedness, if applicable, that may be purchased out of the Excess Proceeds at
an offer price 
  

 A2-5 

 in cash in an amount equal to 100% of the Accreted Value of the Notes plus accrued and unpaid interest and Liquidated
Damages thereon, if any, to the date of purchase, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate Accreted Value of Notes and the aggregate principal amount of such other pari passu Indebtedness
tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use such deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate Accreted Value of Notes and the aggregate principal amount of
other pari passu Indebtedness surrendered by holders thereof exceeds the amount of Excess Proceeds, the Trustee shall select the Notes and other pari passu Indebtedness to be purchased on a pro rata basis. Upon completion of
each Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. Holders of Notes that are the subject of an offer to purchase shall receive an Asset Sale Offer from the Company prior to any related purchase date and may elect to have
such Notes purchased by completing the form entitled “Option of Holder to Elect Purchase” attached to the Notes. 
  
 (8) NOTICE OF REDEMPTION. Notice of redemption shall be mailed at least
30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $1,000 in principal amount at maturity may be redeemed in part but only in whole multiples of $1,000, unless all of the
Notes held by a Holder are to be redeemed. On and after the redemption date Accreted Value ceases to increase and interest ceases to accrue on Notes or portions thereof called for redemption. 
  
 (9) DENOMINATIONS,
TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $1,000 in principal amount at maturity and integral multiples of $1,000. The transfer of Notes may be
registered and Notes may be exchanged as provided in the Indenture. The Company, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 (10) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 (11) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to
certain exceptions, the Indenture, the Note Guarantees, if any, or the Notes may be amended or supplemented with the consent of the Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes, and any existing
Default or Event of Default or compliance with any provision of the Indenture, the Note Guarantees, if any, or the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount at maturity of the then outstanding
Notes. Without the consent of any Holder of a Note, the Indenture, the Note Guarantees, if any, or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in
place of certificated Notes, to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes in case of a merger or consolidation, or sale of all or substantially all of the Company’s or such
Guarantor’s assets, to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, 
  

 A2-6 

 to comply with the requirements of the SEC in order to effect or maintain the qualification of the
Indenture under the TIA, to conform the text of the Indenture, the Notes or the Note Guarantees, if any, to any provision of the Description of Notes contained in the Offering Memorandum dated January 20, 2004, to the extent that such provision in
the Description of Notes was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the Note Guarantees, to provide for the issuance of Additional Notes, in accordance with the limitations set forth in the Indenture as of
the date thereof, or to allow any Guarantor to execute a supplemental indenture to the Indenture and/or a Note Guarantee with respect to the Notes. 
  
 (12) DEFAULTS AND REMEDIES. Events of Default include: (i) default for
30 days in the payment when due of interest or Liquidated Damages on the Notes; (ii) default in payment when due (at maturity, upon redemption or otherwise) of Accreted Value of or premium, if any, on the Notes (including in connection with an offer
to redeem or purchase), (iii) failure by the Company or any of its Restricted Subsidiaries for 45 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount at maturity of the Notes then outstanding
voting as a single class to comply with any other agreements in the Indenture; (iv) default under certain other agreements relating to Indebtedness of the Company, which default is caused by a failure to pay principal of, or interest or premium on,
such Indebtedness or results in the acceleration of such Indebtedness prior to its express maturity; (v) failure to pay certain final judgments for the payment of money that are not paid, discharged or stayed for a period of 60 days after becoming
final and nonappealable; (vi) certain events of bankruptcy or insolvency with respect to the Company or any of its Restricted Subsidiaries that is a Significant Subsidiary or any group of Restricted Subsidiaries that, when taken together, would
constitute a Significant Subsidiary and (vii) if any Note Guarantees are issued pursuant to the Indenture, except as permitted by the Indenture, any Note Guarantee made by a Guarantor that is a Significant Subsidiary is held in any judicial
proceeding to be unenforceable or invalid or ceases for any reason to be in full force and effect or any such Guarantor, or any Person acting on behalf of any such Guarantor, denies or disaffirms its obligations under its Note Guarantee;
provided that (A) (x) a Guarantee made by such Guarantor of other Indebtedness of the Company also is held to be unenforceable or invalid or ceases for any reason to be in full force and effect and (y) such unenforceability, invalidity or
failure to be in full force and effect constitutes an event of default under such other Indebtedness that permits the holder of such other Indebtedness to cause such Indebtedness to become due before its Stated Maturity (with or without the passage
of time, the giving of notice or both) and, in the case of a secured Guarantee permitted to be incurred under the Indenture, such event of default has not been waived by the requisite holders of such other Indebtedness prior to the expiration of any
applicable grace period and (B) all Guarantees by such Guarantor of other Indebtedness have not been discharged or released by or as a result of payment under any such Guarantee. If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount at maturity of the then outstanding Notes may declare all Accreted Value of, and accrued and unpaid interest, if any on all Notes to be due and payable; provided that so long as any
Indebtedness permitted to be incurred pursuant to any Credit Facilities is outstanding, such acceleration shall not be effective until the earlier of (1) the acceleration of such Indebtedness under the Credit Facilities or (2) five Business Days
after receipt by the Company of written notice of such acceleration. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency with respect to the Company, all Accreted Value of, and
accrued and unpaid interest, and Liquidated Damages, if any, on all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, Holders of a majority in aggregate principal amount at maturity of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any
continuing Default or Event 
  

 A2-7 

 of Default (except a Default or Event of Default relating to the payment of Accreted Value, interest,
premium or Liquidated Damages) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount at maturity of the Notes then outstanding by notice to the Trustee may on behalf of the Holders of
all of the Notes rescind an acceleration or waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest, premium or Liquidated Damages, if any,
on, or the Accreted Value of, the Notes. The Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver
to the Trustee a statement specifying such Default or Event of Default. 
  
 (13) TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  
 (14) NO RECOURSE AGAINST OTHERS. No director, officer,
employee, incorporator or stockholder of the Company, any Guarantors or any of their Affiliates, as such, shall have any liability for any obligations of the Company or the Guarantors, if any, under the Notes, the Indenture, the Note Guarantees, if
any, or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
  
 (15) AUTHENTICATION. This Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. 
  
 (16)
ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of
survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 (17) ADDITIONAL RIGHTS OF HOLDERS OF
RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the
Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement dated as of January 26, 2004, among the Company and the other parties named on the signature pages
thereof. 
  
 (18) CUSIP
NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification
numbers placed thereon. 
  
 The Company shall furnish to any
Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  
 UAP Holding Corp. 
 c/o United Agri Products 
 7251 W. 4th Street 
 Greeley, CO 80634 
  
 Attention: Chief Financial Officer 
  

 A2-8 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  
 (I) or (we) assign and transfer this Note to:                        
                                        
                                        
                               
 (Insert assignee’s legal name) 
  
                                       
                                        
                                        
                                        
                                        
                    
 (Insert
assignee’s soc. sec. or tax I.D. no.) 
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
  
                                       
                                        
                                        
                                        
                                        
                    
 (Print or type
assignee’s name, address and zip code) 
  
 and irrevocably
appoint                                       
                                        
                                        
                                        
              
 to transfer this Note on the books of the Company. The agent may
substitute another to act for him. 
  
 Date:
                     
  

			
	 Your Signature:

	 (Sign exactly as your name appears on the face of this Note)

  

			
	 Signature Guarantee*:

  

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

  

 A2-9 

 OPTION OF HOLDER TO ELECT
PURCHASE 
  
 If you want to elect to have this Note
purchased by the Company pursuant to Section 4.10 or 4.14 of the Indenture, check the appropriate box below: 
  
  ̈ Section
4.10                                       
  ̈ Section 4.14 
  
 If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.10 or Section 4.14 of the Indenture, state the amount
you elect to have purchased: 
  
 $                                 
  
 Date:
                                 
  

			
	 Your Signature:

	 (Sign exactly as your name appears on the face of this Note)

	
	     Tax Identification No.:

  

			
	 Signature Guarantee*:

  

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

  

 A2-10 

 SCHEDULE OF EXCHANGES OF REGULATION S TEMPORARY GLOBAL NOTE 
  
 The following exchanges of a part of this Regulation S Temporary Global Note
for an interest in another Global Note, or exchanges in part of another other Restricted Global Note for an interest in this Regulation S Temporary Global Note, have been made: 
  

									
	 Date of Exchange

	 	 Amount of
 decrease in
 Principal Amount
 at Maturity of
 this Global Note

	 	 Amount of
 increase in
 Principal Amount
 at Maturity of
 this Global Note

	  	 Principal Amount
 at Maturity
 of this Global Note
 following such
 decrease
 (or increase)

	  	 Signature of
 authorized officer
 of Trustee or
 Custodian

	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 
	 	 	 	 	 	  	 	  	 

  

 A2-11 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRANSFER 
  
 UAP Holding Corp. 
 c/o United Agri Products 
 7251 W. 4th Street 
 Greeley, CO 80634 
  
 JPMorgan Chase Bank 
 Institutional Trust Services 
 4 New York Plaza, 15th Floor 
 New York, NY 10004 
  
 Re: 10 3/4% Senior
Discount Notes due 2012 
  
 Reference is hereby made to the
Indenture, dated as of January 26, 2004 (the “Indenture”), between UAP Holding Corp., as issuer (the “Company”) and JPMorgan Chase Bank, as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture. 
  
                         , (the “Transferor”) owns and proposes to transfer the Note[s] or
interest in such Note[s] specified in Annex A hereto, in the principal amount at maturity of $                         in
such Note[s] or interests (the “Transfer”), to                          (the
“Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
 1.   ̈ Check if Transferee will
take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial
interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act. 
  
 2.   ̈ Check if Transferee will take delivery of a beneficial interest in the Regulation S Temporary Global Note, the
Regulation S Permanent Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such Transferor nor any Person acting on
its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the 
  

 B-1 

 requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not part of
a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on
Transfer enumerated in the Private Placement Legend printed on the Regulation S Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
 3.   ̈ Check and complete if Transferee will take delivery of a beneficial interest in Restricted Definitive Note pursuant to any provision of the Securities Act other than Rule 144A
or Regulation S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities
Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
 (a)   ̈ such Transfer is
being effected pursuant to and in accordance with Rule 144 under the Securities Act; 
  
 or 
  
 (b)   ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
  
 or 
  
 (c)   ̈ such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
  
 4.   ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
  
 (a)   ̈ Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  
 (b)   ̈ Check if Transfer is Pursuant
to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture. 
  

 B-2 

 (c)   ̈ Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule
144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note
will not be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 

 

			
	

	[Insert Name of Transferor]
	
	 By:

	     Name:
	 	 
	     Title:
	 	 

  
 Dated:
                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  
 1. The Transferor owns and proposes to transfer the following: 
  
 [CHECK ONE OF (a) OR (b)] 
  
 (a)   ̈ a beneficial
interest in the: 
  
 (i)   ̈ 144A Global Note (CUSIP             ), or 
  
 (ii)   ̈ Regulation S Global Note (CUSIP             ), or 
  
 (b)   ̈ a Restricted Definitive Note. 
  
 2. After the Transfer the Transferee will hold: 
  
 [CHECK
ONE] 
  
 (a)   ̈ a beneficial interest in the: 
  
 (i)   ̈ 144A Global
Note (CUSIP             ), or 
  
 (ii)   ̈ Regulation S
Global Note (CUSIP             ), or 
  
 (iii)   ̈ Unrestricted
Global Note (CUSIP             ); or 
  
 (b)   ̈ a Restricted
Definitive Note; or 
  
 (c)   ̈ an Unrestricted Definitive Note, 
  
 in accordance with the terms of the Indenture. 
  

 B-4 

 EXHIBIT C 
  
 FORM OF CERTIFICATE OF EXCHANGE 
  
 UAP Holding Corp. 
 c/o United Agri Products 
 7251 W. 4th Street 
 Greeley, CO 80634 
  
 JPMorgan Chase Bank 
 Institutional Trust Services 
 4 New York Plaza, 15th Floor 
 New York, NY 10004 
  
 Re: 10 3/4% Senior
Discount Notes due 2012 
  
 (CUSIP
                        ) 
  
 Reference is hereby made to the Indenture, dated as of January 26, 2004 (the “Indenture”), between UAP Holding Corp., as issuer (the
“Company”), and JPMorgan Chase Bank, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                         , (the “Owner”) owns and proposes to exchange the Note[s] or interest in
such Note[s] specified herein, in the principal amount at maturity of $             in such Note[s] or interests (the “Exchange”). In connection with the Exchange,
the Owner hereby certifies that: 
  
 1. Exchange of
Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note 
  
 (a)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a
beneficial interest in an Unrestricted Global Note in an equal principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States. 
  
 (b)   ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United
States. 
  
 (c)   ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted
Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is 
  

 C-1 

 being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (d)   ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted
Definitive Notes or Beneficial Interests in Restricted Global Notes 
  
 (a)   ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount at maturity, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
 (b)   ̈ Check if Exchange is from
Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]   ̈ 144A Global Note or   ̈ Regulation S Global Note, with an
equal principal amount at maturity, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the
Securities Act. 
  

 C-2 

 This certificate and the statements contained herein are made for your benefit and the benefit of the
Company. 
  

			
	

	 [Insert Name of Transferor]

	
	 By:

	     Name:
	 	 
	     Title:
	 	 

  
 Dated:
                     
  

 C-3 

 EXHIBIT D 
  
 FORM OF NOTATION OF GUARANTEE 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally guaranteed,
to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of January 26, 2004 (the “Indenture”) between UAP Holding Corp. (the “Company”) and JPMorgan Chase Bank, as trustee
(the “Trustee”), (a) the prompt payment in full and when due of the Accreted Value of, premium and Liquidated Damages, if any, and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the prompt
payment in full and when due of interest on overdue Accreted Value of and interest on the Notes, if any, if lawful, and the prompt performance of all other obligations of the Company to the Holders or the Trustee under the Indenture or the Notes,
all in accordance with the terms of the Indenture and the Notes and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note Guarantee and the Indenture are
expressly set forth in Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder of a Note, by accepting the same agrees to and shall be bound by such provisions. 

 
 Capitalized terms used but not defined herein have the meanings given to
them in the Indenture. 
  

			
	NAME OF GUARANTOR(S)
	
	 By:

	 Name:
	 	 
	 Title:
	 	 

  

 D-1 

 EXHIBIT E 
  
 FORM OF SUPPLEMENTAL INDENTURE 
 TO BE DELIVERED
BY SUBSEQUENT GUARANTORS 
  
 SUPPLEMENTAL
INDENTURE (this “Supplemental Indenture”), dated as of                         ,
200    , among                      (the “Guaranteeing Subsidiary”), a subsidiary of UAP Holding
Corp. (or its permitted successor), a Delaware corporation (the “Company”), the Company[, the other Guarantors (as defined in the Indenture referred to herein)] and
                        , as trustee under the Indenture referred to below (the “Trustee”). 

 
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an
indenture (the “Indenture”), dated as of January 26, 2004 providing for the issuance of 103⁄4% Senior Discount Notes due 2012 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Note Guarantee”); and 
  
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
  
 2. AGREEMENT TO
GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee and in the Indenture including but not limited to Article 10
thereof. 
  
 4. NO RECOURSE
AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any
Guaranteeing Subsidiary under the Notes, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a
waiver is against public policy. 
  
 5. NEW YORK LAW TO GOVERN.
THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY. 
  

 E-1 

 6. COUNTERPARTS. The parties may sign any number of copies of this Supplemental Indenture.
Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 7. EFFECT oF HEADINGS. The Section headings herein are for convenience only and shall not affect the construction hereof. 
  
 8. THE TRUSTEE. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the
Company. 
  

 E-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed and
attested, all as of the date first above written. 
  
 Dated:
                    , 20     
  

			
	GUARANTEEING SUBSIDIARY
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 UAP HOLDING CORP.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [EXISTING GUARANTORS

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 [Trustee]

	   as Trustee

		
	 By:
	 	  

	 	 	 Authorized Signatory

  

 E-3Registration Rights Agreement, dated as of January 26, 2004

 Exhibit 4.7 
 EXECUTION COPY 
  
 REGISTRATION RIGHTS AGREEMENT 
  
 Dated as of
January 26, 2004 
  
 By and Among 
  
 UAP HOLDING CORP. 
 as Issuer, and 
  
 UBS SECURITIES LLC, 
 GOLDMAN, SACHS & CO., 
 and  
 BEAR, STEARNS & CO. INC.

 as Initial Purchasers 
  
 10 3/4% Senior
Discount Notes due 2012 

 REGISTRATION RIGHTS AGREEMENT 
  
 This Registration Rights Agreement (this “Agreement”) is dated as of January 26, 2004, by and among UAP
Holding Corp., a Delaware corporation (the “Issuer”), on the one hand, and UBS Securities LLC, Goldman, Sachs & Co. and Bear, Stearns & Co. Inc. (each an “Initial Purchaser,” and collectively, the
“Initial Purchasers”), on the other hand. 
  
 This Agreement is entered into in connection with the Purchase Agreement, dated January 20, 2004, by and among the Issuer and the Initial Purchasers (the “Purchase Agreement”), relating to the offering of $125,000,000
aggregate principal amount at maturity of the Issuer’s 10 3/4% Senior Discount Notes due 2012 (the
“Notes”). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Notes under the Purchase Agreement. 
  
 The parties hereby agree as follows: 
  
 Section 1. Definitions 
  
 As used in this Agreement, the following terms shall have the following
meanings: 
  
 “action” shall have the meaning
set forth in Section 7(c) hereof. 
  
 “Advice”
shall have the meaning set forth in Section 5 hereof. 
  
 “Agreement” shall have the meaning set forth in the first introductory paragraph hereto. 
  
 “Applicable Period” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Board of Directors” shall have the meaning set forth in
Section 5 hereof. 
  
 “Business Day” shall mean a
day that is not a Legal Holiday. 
  
 “Commission”
shall mean the Securities and Exchange Commission. 
  
 “Day” shall mean a calendar day. 
  
 “Damages Payment Date” shall have the meaning set forth in Section 4(b) hereof. 
  
 “Delay Period” shall have the meaning set forth in Section 5 hereof. 
  
 “Effectiveness Period” shall have the meaning set forth in Section 3(b) hereof. 
  
 “Effectiveness Target Date” shall have the meaning set forth
in Section 4(a) hereof. 

 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules
and regulations of the Commission promulgated thereunder. 
  
 “Exchange Notes” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer” shall have the meaning set forth in Section 2(a) hereof. 
  
 “Exchange Offer Registration Statement” shall have the meaning set forth in Section 2(a) hereof.

  
 “Holder” shall mean a Person who owns
Registrable Securities, has a beneficial interest in Registrable Securities issued in book-entry form or has the right to acquire such Registrable Securities, whether or not such acquisition has actually been effected and disregarding any legal
restrictions upon the exercise of such right. 
  
 “Indenture” shall mean the Indenture, dated as of January 26, 2004, between the Issuer and JPMorgan Chase Bank, as trustee, pursuant to which the Notes are being issued, as amended or supplemented from time to time in
accordance with the terms thereof. 
  
 “Initial
Purchasers” shall have the meaning set forth in the first introductory paragraph hereof. 
  
 “Inspectors” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Issue Date” shall mean January 26, 2004, the date of original issuance of the Notes. 
  
 “Issuer” shall have the meaning set forth in the
introductory paragraph hereto and shall also include the Issuer’s permitted successors and assigns. 
  
 “Legal Holiday” shall mean a Saturday, a Sunday or a day on which banking institutions in New York, New York are required by law,
regulation or executive order to remain closed. 
  
 “Liquidated Damages” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Losses” shall have the meaning set forth in Section 7(a) hereof. 
  
 “NASD” shall have the meaning set forth in Section 5(s) hereof. 
  
 “Notes” shall have the meaning set forth in the second
introductory paragraph hereto. 
  
 “Participant”
shall have the meaning set forth in Section 7(a) hereof. 
  
 “Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  

 2 

 “Person” shall mean an individual, corporation, partnership, joint venture association,
joint stock company, trust, unincorporated limited liability company, government or any agency or political subdivision thereof or any other legal entity. 
  
 “Prospectus” shall mean the prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any
prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all information incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
  
 “Purchase Agreement” shall have the meaning set forth in the
second introductory paragraph hereof. 
  
 “Records” shall have the meaning set forth in Section 5(n) hereof. 
  
 “Registrable Notes” shall mean each Note upon its original issuance and at all times subsequent thereto and each Exchange Note as to which Section 2(c)(ii) hereof is applicable upon original issuance
and at all times subsequent thereto, in each case until the earliest to occur of (i) the date on which such Note has been exchanged by a Person other than a Participating Broker-Dealer for an Exchange Note in the Exchange Offer, (ii) following the
exchange by a Participating Broker-Dealer in the Exchange Offer of a Note for an Exchange Note, the date on which such Exchange Note is sold to a purchaser who receives from such Participating Broker-Dealer on or prior to the date of such sale a
copy of the Prospectus contained in the Exchange Offer Registration Statement, (iii) the date on which such Note has been effectively registered under the Securities Act and disposed of in accordance with the Shelf Registration Statement, or (iv)
the date on which such Note is distributed to the public pursuant to Rule 144 under the Securities Act. 
  
 “Registration Default” shall have the meaning set forth in Section 4(a) hereof. 
  
 “Registration Statement” shall mean any appropriate
registration statement of the Issuer, covering any of the Registrable Notes filed with the Commission under the Securities Act, and all amendments and supplements to any such Registration Statement, including post-effective amendments, in each case
including the Prospectus contained therein, all exhibits thereto and all information incorporated by reference therein. 
  
 “Requesting Participating Broker-Dealer” shall have the meaning set forth in Section 2(b) hereof. 
  
 “Rule 144” shall mean Rule 144 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the Commission providing for offers and sales of securities made in compliance therewith resulting in offers
and sales by subsequent holders that are not affiliates of an issuer of such securities being free of the registration and prospectus delivery requirements of the Securities Act. 
  

 3 

 “Rule 144A” shall mean Rule 144A promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the Commission. 
  
 “Rule 415” shall mean Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule
or regulation hereafter adopted by the Commission. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder. 
  
 “Shelf Filing Event” shall have the meaning set forth in Section 2(c) hereof. 
  
 “Shelf Registration Statement” shall have the meaning set
forth in Section 3(a) hereof. 
  
 “TIA” shall
mean the Trust Indenture Act of 1939, as amended. 
  
 “Transactions” shall have the meaning set forth in Section 5 hereof. 
  
 “Trustee” shall mean the trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes. 
  
 “Underwritten registration or underwritten offering” shall mean a registration in which securities of the
Issuer are sold to an underwriter for reoffering to the public. 
  
 Section 2. Exchange Offer 
  
 (a) The Issuer
shall (i) file a Registration Statement (the “Exchange Offer Registration Statement”) after the Issue Date with the Commission on an appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Notes for a like aggregate Accreted Value (as defined in the Indenture) and aggregate principal amount at maturity of notes (the “Exchange Notes”) that are identical in all
material respects to the Notes (except that the Exchange Notes shall not contain terms with respect to transfer restrictions or Liquidated Damages upon a Registration Default), (ii) use all commercially reasonable efforts to cause the Exchange Offer
Registration Statement to be declared effective under the Securities Act within 210 days after the Issue Date, and (iii) unless the Exchange Offer would not be permitted by applicable law or Commission policy, commence the Exchange Offer and use all
commercially reasonable efforts to consummate the Exchange Offer on or prior to 45 days (or longer if required by federal securities laws) after the date on which the Exchange Offer Registration Statement was declared effective. The Exchange Offer
shall be on the appropriate form permitting (i) registration of the Exchange Notes to be offered in exchange for the Registrable Notes and (ii) resales of Exchange Notes by Participating Broker-Dealers that tendered into the Exchange Offer
Registrable Notes that such Participating Broker-Dealer acquired for its own account as a result of market making activities or other trading activities (other than Registrable Notes acquired directly from the Company or any of its Affiliates). Upon
the Exchange Offer Registration Statement being declared effective by the Commission, the Issuer will offer the Exchange Notes in exchange for surrender of the Notes. 
  

 4 

 The Issuer shall keep the Exchange Offer open for not less than 30 days (or longer if required by federal securities
laws) after the date notice of the Exchange Offer is mailed to Holders. 
  
 Each Holder that participates in the Exchange Offer will be required to represent to the Issuer in writing that (i) any Exchange Notes to be received by it will be acquired in the ordinary course of its business, (ii) it has no arrangement
or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Notes in violation of the provisions of the Securities Act, (iii) it is not an affiliate (as defined in Rule 144) of the
Issuer or, if it is an affiliate, it will comply with the registration and prospectus delivery requirements of the Securities Act to the extent applicable, (iv) if such Holder is not a broker-dealer, it is not engaged in, and does not intend to
engage in, a distribution of Exchange Notes, (v) if such Holder is a broker-dealer that will receive Exchange Notes for its own account in exchange for Notes that were acquired as a result of market-making or other trading activities, it will
deliver a prospectus in connection with any resale of such Exchange Notes and (vi) such Holder has full power and authority to transfer the Notes in exchange for the Exchange Notes and that the Issuer will acquire good and unencumbered title thereto
free and clear of any liens, restrictions, charges or encumbrances and not subject to any adverse claims. 
  
 (b) The Issuer and the Initial Purchasers acknowledge that the staff of the Commission has taken the position that any broker-dealer that elects to
exchange Notes that were acquired by such broker-dealer for its own account as a result of market-making or other trading activities for Exchange Notes in the Exchange Offer (a “Participating Broker-Dealer”) may be deemed to be an
“underwriter” within the meaning of the Securities Act and must deliver a prospectus meeting the requirements of the Securities Act in connection with any resale of such Exchange Notes (other than a resale of an unsold allotment resulting
from the original offering of the Notes). 
  
 The Issuer and the
Initial Purchasers also acknowledge that the staff of the Commission has taken the position that if the Prospectus contained in the Exchange Offer Registration Statement includes a plan of distribution containing a statement to the above effect and
the means by which Participating Broker-Dealers may resell the Exchange Notes, without naming the Participating Broker-Dealers or specifying the amount of Exchange Notes owned by them, such Prospectus may be delivered by Participating Broker-Dealers
to satisfy their prospectus delivery obligations under the Securities Act in connection with resales of Exchange Notes for their own accounts, so long as the Prospectus otherwise meets the requirements of the Securities Act. 
  
 In light of the foregoing, if requested by a Participating Broker-Dealer (a
“Requesting Participating Broker-Dealer”), the Issuer agrees to use all commercially reasonable efforts to keep the Exchange Offer Registration Statement continuously effective for a period not less than 180 days after the date on
which the Exchange Offer Registration Statement is declared effective, or such longer period if extended pursuant to the penultimate paragraph of Section 5 hereof (such period, the “Applicable Period”), or such earlier date as all
Requesting Participating Broker-Dealers shall have notified the Issuer in writing that such Requesting Participating Broker-Dealers have resold all Exchange Notes acquired in the Exchange Offer. The Company shall provide sufficient copies of the
latest version of such Prospectus to such Requesting Participating Broker-Dealers, promptly upon request, and in no event later than one day after 
  

 5 

 such request, at any time during the Applicable Period; provided that Participating Broker-Dealers shall not be
authorized by the Issuer to deliver, and shall not deliver, such Prospectus after the Applicable Period. The Issuer shall include a plan of distribution in such Exchange Offer Registration Statement that meets the requirements set forth in the
preceding paragraph. 
  
 For each Note surrendered in the Exchange
Offer, the Holder will receive an Exchange Note having an Accreted Value and principal amount at maturity equal to that of the surrendered Note. Interest on each Exchange Note issued pursuant to the Exchange Offer will accrue from the last interest
payment date on which interest was paid on the Notes surrendered in exchange therefor or, if no interest has been paid on the Notes, from January 15, 2008. 
  
 Upon consummation of the Exchange Offer in accordance with this Section 2, the Issuer shall have no further registration obligations other than the
Issuer’s continuing registration obligations with respect to (i) Exchange Notes held by Participating Broker-Dealers and (ii) Notes or Exchange Notes as to which clause (c)(ii) of this Section 2 applies. 
  
 In connection with the Exchange Offer, the Issuer shall: 
  
 (1) mail or cause to be mailed to each Holder entitled to
participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 
  
 (2) utilize the services of a depositary for the Exchange
Offer with an address in the Borough of Manhattan, The City of New York; 
  
 (3) permit Holders to withdraw tendered Notes at any time prior to the close of business, New York time, on the last Business Day on which the Exchange Offer shall remain open; and 
  
 (4) otherwise comply in all material respects with all
applicable laws, rules and regulations. 
  
 As soon as practicable
after the close of the Exchange Offer if any, the Issuer shall: 
  
 (1) accept for exchange all Notes validly tendered and not validly withdrawn by the Holders pursuant to the Exchange Offer; 
  
 (2) deliver or cause to be delivered to the Trustee for cancellation all Notes so accepted for exchange; and 
  
 (3) cause the Trustee to authenticate and deliver promptly
to each such Holder of Notes, Exchange Notes equal in Accreted Value and principal amount at maturity to the Registrable Notes of such Holder so accepted for exchange, provided that in the case of any Registrable Notes held in global form by
a depositary, authentication and delivery to such depositary of one or more Exchange Notes in global form in an equivalent Accreted Value and principal amount at maturity thereto for the account of such Holder in accordance with the Indenture shall
satisfy such authentication and delivery requirement. 
  

 6 

 The Exchange Offer shall not be subject to any conditions, other than (i) that the Exchange Offer does
not violate applicable law or any applicable interpretation of the staff of the Commission, (ii) that no action or proceeding shall have been instituted or threatened in any court or by any governmental agency with respect to the Exchange Offer, and
no development shall have occurred in any existing action or proceeding with respect to the Issuer, in each case that would reasonably be expected to materially impair the ability of the Issuer to consummate the Exchange Offer, (iii) that all
governmental approvals shall have been obtained, which approvals the Issuer deems necessary for the consummation of the Exchange Offer and (iv) such other conditions as may be agreed upon by the Issuer and the Initial Purchasers. 
  
 The Exchange Notes shall be issued under (i) the Indenture or (ii) an
indenture identical in all material respects to the Indenture (in either case, with such changes as are necessary to comply with any requirements of the Commission to effect or maintain the qualification thereof under the TIA) and which, in either
case, has been qualified under the TIA and shall provide that the Exchange Notes shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange Notes and the Notes shall
vote and consent together on all matters as one class and that none of the Exchange Notes or the Notes will have the right to vote or consent as a separate class on any matter. 
  
 (c) In the event that (i) any changes in law or the applicable interpretations of the staff of the Commission do not permit
the Issuer to consummate the Exchange Offer, or (ii) any Holder of Registrable Notes notifies the Company prior to the 20th Business Day following the consummation of the Exchange Offer that (A) such Holder is prohibited by law or the applicable interpretations of the staff of the Commission from participating in the Exchange Offer or (B) such Holder may
not resell the Exchange Notes acquired by it in the Exchange Offer to the public without delivering a Prospectus and the Prospectus contained in the Exchange Offer Registration Statement is not appropriate or available for such resales or (C) such
Holder is a broker-dealer and owns Notes acquired directly from the Company or an affiliate of the Company (each such event referred to in clauses (i) and (ii) of this sentence, a “Shelf Filing Event”), then the Issuer shall file
with the SEC a Shelf Registration Statement to cover resales of the Notes by the Holders of the Notes who satisfy certain conditions set forth under Section 3 hereof. 
  
 Section 3. Shelf Registration 
  
 If at any time a Shelf Filing Event shall occur, then: 
  
 (a) Shelf Registration. The Issuer shall file with the Commission a Registration Statement for an offering to be made
on a continuous basis pursuant to Rule 415 covering all of the Registrable Notes not exchanged in the Exchange Offer and Exchange Notes as to which Section 2(c)(ii) is applicable (the “Shelf Registration Statement”). The Issuer
shall use all commercially reasonable efforts to file with the Commission the Shelf Registration Statement no later than 30 days after the occurrence of the Shelf Filing Event. The Shelf Registration Statement shall be on Form S-1 or another
appropriate form permitting registration of such 
  

 7 

 Registrable Notes for resale by Holders in the manner or manners designated by them (including, without limitation, one
or more underwritten offerings). The Issuer shall not permit any securities other than the Registrable Notes to be included in the Shelf Registration Statement. 
  

(b) The Issuer shall use all commercially reasonable efforts (x) to cause the Shelf Registration Statement to be declared effective under the
Securities Act on or prior to the later of 210 calendar days after the Issue Date and 90 days after the occurrence of the Shelf Filing Event and (y) to keep the Shelf Registration Statement continuously effective under the Securities Act for the
period ending on the date which is two years from the Issue Date, subject to extension pursuant to the penultimate paragraph of Section 5 hereof (the “Effectiveness Period”), or such shorter period ending when all Registrable Notes
covered by the Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Shelf Registration Statement; provided, however, that (i) the Effectiveness Period in respect of the Shelf Registration Statement
shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein and (ii) the Issuer may suspend the effectiveness of the
Shelf Registration Statement by written notice to the Holders solely as a result of the filing of a post-effective amendment to the Shelf Registration Statement to incorporate annual audited financial information with respect to the Issuer where
such post-effective amendment is not yet effective and needs to be declared effective to permit Holders to use the related Prospectus. 
  
 (c) Supplements and Amendments. The Issuer agrees to supplement or make amendments to the Shelf Registration Statement as and when required by the
rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement or by the Securities Act or rules and regulations thereunder for shelf registration, or if reasonably requested by (i) the Holders of a
majority in aggregate principal amount at maturity of the Registrable Notes covered by such Registration Statement, (ii) a Holder with respect to information relating to such Holder or (iii) by any underwriter of such Registrable Notes. 

 
 Section 4. Liquidated Damages 
  
 (a) The Issuer and the Initial Purchasers agree that the Holders will suffer
damages if the Issuer fails to fulfill its obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuer hereby agrees that if: 
  
 (i) the Exchange Offer Registration Statement is not
declared effective on or prior to the 210th day following the Issue Date or, if that day is not a Business Day, the next day that is a Business Day (the “Effectiveness Target Date”), 
  
 (ii) the Exchange Offer is not consummated within 45 days
after the Effectiveness Target Date, or, if that day is not a Business Day, the next day that is a Business Day; or 
  
 (iii) the Shelf Registration Statement is required to be filed but is not declared effective on or prior to the later of 210 calendar days
after the Issue Date and 90 days after the occurrence of the Shelf Filing Event, or, if either such day is not a Business Day, 

  

 8 

 
the next day that is a Business Day or is declared effective by such date but thereafter ceases to be effective or usable in connection with resales of
Transferred Restricted Securities at any time prior to the second anniversary of the Issue Date or, if earlier, the date when all Notes have been disposed of thereunder, except if the Shelf Registration Statement ceases to be effective or usable as
specifically permitted by Section 3(b) or the penultimate paragraph of Section 5 hereof. 
  
 (each such event referred to in clauses (i) through (iii) a “Registration Default”), liquidated damages (“Liquidated Damages”) will accrue on the affected Notes and the affected
Exchange Notes, as applicable. The rate of Liquidated Damages will be 0.25% per annum on the Accreted Value of the Notes for the first 90-day period immediately following the occurrence of a Registration Default, increasing by an additional 0.25%
per annum on the Accreted Value of the Notes with respect to each subsequent 90-day period up to a maximum amount of additional interest of 1.0% per annum on the Accreted Value of the Notes, from and including the date on which any such Registration
Default shall occur to, but excluding, the earlier of (1) the date on which all Registration Defaults have been cured or (2) the date on which all the Notes and Exchange Notes otherwise become freely transferable by Holders other than affiliates of
the Issuer without further registration under the Securities Act. 
  
 Notwithstanding the foregoing, (1) the amount of Liquidated Damages payable shall not increase because more than one Registration Default has occurred and is pending and (2) a Holder of Notes or Exchange Notes who is not entitled to the
benefits of the Shelf Registration Statement (i.e., such Holder has not provided the information as required under Section 5 hereof) shall not be entitled to Liquidated Damages with respect to a Registration Default that pertains to the Shelf
Registration Statement. 
  
 (b) So long as Notes remain
outstanding, the Issuer shall notify the Trustee within five Business Days after each and every date on which an event occurs in respect of which Liquidated Damages are required to be paid. All Liquidated Damages that accrue prior to January 15,
2008 will be added to the Accreted Value of each Note; provided, that the Issuer, at its option, may elect to pay any such Liquidated Damages in cash on the next scheduled interest payment date (the “Damages Payment Date”).
All Liquidated Damages that accrue from and after January 15, 2008 will be payable in cash on the next Damages Payment Date to DTC or its nominee by wire transfer of immediately available funds or by federal funds check and to holders of Definitive
Notes (as defined in the Indenture) by wire transfer to the accounts specified by them or by mailing checks to their registered addresses if no such accounts have been specified. The amount of Liquidated Damages for Registrable Notes will be
determined by multiplying the applicable rate of Liquidated Damages by the Accreted Value of all such Registrable Notes outstanding on the Damages Payment Date following such Registration Default in the case of the first such payment of Liquidated
Damages with respect to a Registration Default (and thereafter at the next succeeding Damages Payment Date until the cure of such Registration Default), and multiplying such product by a fraction, the numerator of which is the number of days such
Liquidated Damages rate was applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360.
Notwithstanding the fact that any securities for which Liquidated Damages are due cease to be Registrable Notes, all obligations of the Company to pay Liquidated Damages with respect to securities shall survive until such time as such obligations
with respect to such securities shall have been satisfied in full. 
  

 9 

 Section 5. Registration Procedures 
  
 In connection with the filing of any Registration Statement pursuant to Section 2 or 3 hereof, the Issuer shall effect such
registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with any Registration Statement filed by the Issuer hereunder, the
Issuer shall: 
  
 (a) Prepare and file with the
Commission the Registration Statement or Registration Statements prescribed by Section 2 or 3 hereof, and use all commercially reasonable efforts to cause each such Registration Statement to become effective and remain effective as provided herein;
provided, however, that if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by
any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuer shall furnish to and afford
the Holders of the Registrable Notes covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, its counsel (if such counsel is known to the Issuer) and the managing underwriters, if any, a reasonable
opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least five Business Days prior to such filing or such later
date as is reasonable under the circumstances). The Issuer shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount at maturity of the Registrable
Notes covered by such Registration Statement, or any such Participating Broker-Dealer, as the case may be, its counsel, or the managing underwriters, if any, shall reasonably object on a timely basis, except for any Registration Statement,
Prospectus, or any amendment or supplement (a copy of which has been previously furnished as provided in the preceding sentence) that counsel to the Issuer has advised the Issuer is required to be filed to comply with applicable law. 
  
 (b) Prepare and file with the Commission such amendments and
post-effective amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the
Applicable Period, as the case may be; provided that such requirement does not exist for a Delay Period pursuant to the penultimate paragraph of this Section 5; cause the related Prospectus to be supplemented by any Prospectus supplement
required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable
to it with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so supplemented and with 

  

 10 

 
respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus, in each case, in accordance
with the intended methods of distribution set forth in such Registration Statement or Prospectus, as so amended. 
  
 (c) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period relating thereto from whom the Issuer has
received written notice that such Broker-Dealer will be a Participating Broker-Dealer in the applicable Exchange Offer, notify the selling Holders of Registrable Notes providing the information required by this Section 5 below, or each such
Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, as promptly as possible, and, if requested by any such Person, confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement
or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may,
upon request, obtain, at the sole expense of the Issuer, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and
exhibits), (ii) of the issuance by the Commission of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that
purpose, (iii) if at any time when a Prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Notes or resales of Exchange Notes by Participating Broker-Dealers the representations and warranties of
the Issuer contained in any agreement (including any underwriting agreement) contemplated by Section 5(m)(i) hereof cease to be true and correct in all material respects, (iv) of the receipt by the Issuer of any notification with respect to the
suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Notes or the Exchange Notes for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the happening of any event, the existence of any condition or any information becoming known to the Issuer that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to
be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration
Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not
contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, and (vi) of
the Issuer’s determination that a post-effective amendment to a Registration Statement would be appropriate; provided, that in the case of clauses (iii), (iv), (v) and (vi), with respect to any event, development or transaction permitted
to be kept confidential pursuant to the penultimate paragraph of this Section 5, the Issuer shall not be required to describe such event, development or transaction in the notice provided. 
  

 11 

 (d) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable
Period, use all commercially reasonable efforts to prevent the issuance of any order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or
exemption from qualification) of any of the Registrable Notes or the Exchange Notes, as the case may be, for sale in any jurisdiction, and, if any such order is issued, to use all commercially reasonable efforts to obtain the withdrawal of any such
order at the earliest practicable moment. 
  
 (e)
If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period and if reasonably requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount at maturity of the
Registrable Notes covered by such Registration Statement or any Participating Broker-Dealer, as the case may be, (i) promptly incorporate in such Registration Statement or Prospectus a prospectus supplement or post-effective amendment such
information as the managing underwriter or underwriters (if any), such Holders or any Participating Broker-Dealer, as the case may be (based upon advice of counsel), determine is reasonably necessary to be included therein and (ii) make all required
filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Issuer has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment; provided,
however, that the Issuer shall not be required to take any action hereunder that would, in the written opinion of counsel to the Issuer, violate applicable laws. 
  
 (f) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus
contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, furnish
to each selling Holder of Registrable Notes or each such Participating Broker-Dealer, as the case may be, who so requests, its counsel and each managing underwriter, if any, at the sole expense of the Issuer, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits.

  
 (g) If (1) a Shelf Registration Statement is
filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any 

  

 12 

 
Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, deliver to each selling Holder of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, its respective counsel, and the underwriters, if any, at the sole expense of the Issuer, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each
amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request to facilitate the public sale or other disposition of the Registrable Notes or Exchange Notes, as the case may be; and,
subject to the last paragraph of this Section 5, the Issuer hereby consents to the use of such Prospectus and each amendment or supplement thereto in accordance with applicable law by each of the selling Holders of Registrable Notes or each such
Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers (if any), in connection with the offering and sale of the Registrable Notes covered by, or the sale by Participating Broker-Dealers of the Exchange
Notes pursuant to, such Prospectus and any amendment or supplement thereto. 
  
 (h) Prior to any public offering of Registrable Notes or Exchange Notes or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell
Exchange Notes during the Applicable Period, use all commercially reasonable efforts to register or qualify, and to cooperate with the selling Holders of Registrable Notes or each such Participating Broker-Dealer, as the case may be, the managing
underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of, such Registrable Notes or Exchange Notes, as the case may be, for offer
and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request; provided, however, that where
Exchange Notes or Registrable Notes are offered other than through an underwritten offering, the Issuer agrees to use all commercially reasonable efforts to cause the Issuer’s counsel to perform Blue Sky investigations and file registrations
and qualifications required to be filed pursuant to this Section 5(h); keep each such registration or qualification (or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all
other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of such Exchange Notes or Registrable Notes covered by the applicable Registration Statement; provided, however, that the Issuer shall not
be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C)
subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 
  
 (i) If a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the selling Holders of Registrable Notes and
the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold, which certificates shall not bear any restrictive legends and shall be in a form eligible
for deposit with The Depository Trust Company and enable such Registrable Notes to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or selling Holders may request at least five Business Days
prior to any sale of such Registrable Notes. 
  

 13 

 (j) Use all commercially reasonable efforts to cause the Registrable Notes or Exchange
Notes covered by any Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be reasonably necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any, to
consummate the disposition of such Registrable Notes or Exchange Notes, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuer will cooperate in all reasonable respects with
the filing of such Registration Statement and the granting of such approvals. 
  
 (k) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be
delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, upon the occurrence of any event contemplated by Section 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable
prepare and (subject to Section 5(a) and the penultimate paragraph of this Section 5) file with the Commission, at the sole expense of the Issuer, a supplement or post-effective amendment to the Registration Statement or a supplement to the related
Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Notes being sold thereunder or to the purchasers of
the Exchange Notes to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not misleading. 
  
 (l) Prior to the effective date of the first Registration Statement relating to the Registrable Notes, (i) provide the Trustee with
certificates for the Registrable Notes in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 
  
 (m) In connection with any underwritten offering of Registrable Notes pursuant to a Shelf Registration
Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Notes and take all such other actions as are reasonably requested by the managing underwriter or underwriters in order to
expedite or facilitate the registration or the disposition of such Registrable Notes and, in such connection, (i) to the extent possible, make such representations and warranties to, and covenants with, the underwriters with respect to the business
of the Issuer and its subsidiaries, as then conducted (including any acquired business, properties or entity, if applicable), and the Registration Statement, Prospectus and documents, if any, incorporated or deemed to be incorporated by reference
therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Notes, and confirm the same in writing if and when requested; (ii) obtain the written opinions of counsel to the
Issuer and written updates thereof in form, scope and substance 

  

 14 

 
reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions
requested in underwritten offerings; and in any event including a statement to the effect that such counsel has participated in conferences with officers, directors and employees of the Issuer and the independent accountants who examined the
combined financial statements of the Issuer and the Subsidiaries included in the applicable Registration Statement in connection with the preparation of such Registration Statement and reviewed such Registration Statement, although such counsel has
not independently verified the accuracy, completeness or fairness of the statements contained therein, and the limitations inherent in the examination made by such counsel and the knowledge available to such counsel is such that the counsel is
unable to assume, and such counsel does not assume, any responsibility for such accuracy, completeness or fairness; however, on the basis of such counsel’s review of such Registration Statement and its participation in conferences in connection
with the preparation of such Registration Statement, no facts came to such counsel’s attention that caused it to believe that the Registration Statement, considered as a whole as of its date, contained an untrue statement of a material fact, or
omitted to state a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made, not misleading; (iii) obtain “cold comfort” letters and updates thereof in form, scope and
substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuer (and, if necessary, any other independent certified public accountants of any subsidiary of the Issuer or
of any business acquired by the Issuer for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration Statement), addressed to each of the underwriters, such letters to be in
customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings; provided that such underwriter deliver to the Company’s independent accountant the
representation letter, if any, required by SAS 72, Letters for Underwriters and Certain Other Required Parties (SAS No. 72); and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and
procedures no less favorable than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount at maturity of Registrable Notes covered by such Registration Statement
and the managing underwriter or underwriters or agents) with respect to all parties to be indemnified pursuant to said Section; provided that the Issuer shall not be required to provide indemnification to any underwriter selected in
accordance with the provisions of Section 9 hereof with respect to information relating to such underwriter furnished in writing to the Issuer by or on behalf of such underwriter expressly for inclusion in such Registration Statement. The above
shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 
  
 (n) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period, make available for inspection by a
representative designated by the majority of the selling Holders of such Registrable Notes being sold or such Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of 

  

 15 

 
Registrable Notes, if any, and any attorney, accountant or other agent retained by such selling Holders or such Participating Broker-Dealers, as the case may
be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours, all pertinent financial and other records, corporate documents and instruments of the Issuer and its
subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees of the Issuer and its subsidiaries
to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the Records confidential and that it will not disclose, or
use in connection with any market transactions in violation of any applicable securities laws, any Records that the Issuer determines, in good faith, to be confidential and that it notifies the Inspectors in writing are confidential unless (i) the
disclosure of such Records is necessary to avoid or correct a misstatement or omission in such Registration Statement or Prospectus, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent
jurisdiction, (iii) disclosure of such information is necessary or advisable in the opinion of counsel for an Inspector in connection with any action, claim, suit or proceeding, directly or indirectly, involving or potentially involving such
Inspector and arising out of, based upon, relating to, or involving this Agreement or the Purchase Agreement, or any transactions contemplated hereby or thereby or arising hereunder or thereunder, or (iv) the information in such Records has been
made generally available to the public; provided, however, that (i) each Inspector shall agree to use reasonable best efforts to provide notice to the Issuer of the potential disclosure of any information by such Inspector pursuant to clause
(i), (ii) or (iii) of this sentence to permit the Issuer to obtain a protective order (or waive, in the Issuer’s discretion, the provisions of this paragraph (n) or otherwise make the information generally available to the public) and (ii) each
such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is otherwise not inconsistent with, an impairment of or in derogation of the rights and
interests of the Holder or any Inspector. 
  
 (o)
Provide an indenture trustee for the Registrable Notes or the Exchange Notes, as the case may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof to be qualified under the TIA not later than the effective date of
the Exchange Offer or the first Registration Statement relating to the Registrable Notes; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Notes or Exchange Notes, as applicable, to
effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the terms of the TIA; and execute, and use all commercially reasonable efforts to cause such trustee to execute, all documents as may
be required to effect such changes, and all other forms and documents required to be filed with the Commission to enable such indenture to be so qualified in a timely manner. 
  
 (p) Comply with all applicable rules and regulations of the Commission and make generally available to the
Issuer’s securityholders earnings statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-

  

 16 

 
month period (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Notes or Exchange Notes are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuer
after the effective date of a Registration Statement, which statements shall cover said 12-month periods consistent with the requirements of Rule 158. 
  
 (q) Upon the request of a Holder, upon consummation of the Exchange Offer use all commercially reasonable efforts to obtain an opinion of
counsel to the Issuer, addressed to the Trustee for the benefit of all Holders of Registrable Notes participating in the Exchange Offer that the Exchange Notes, and the related indenture constitute legally valid and binding obligations of the
Issuer, enforceable against the Issuer in accordance with its respective terms, subject to customary exceptions and qualifications. 
  
 (r) If the Exchange Offer is to be consummated, upon delivery of the Registrable Notes by Holders to the Issuer (or to such other Person
as directed by the Issuer) in exchange for the Exchange Notes, mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being cancelled in exchange for the Exchange Notes; provided that in no event shall such
Registrable Notes be marked as paid or otherwise satisfied. 
  
 (s) Cooperate with each seller of Registrable Notes covered by any Registration Statement and each underwriter, if any, participating in the disposition of such Registrable Notes and their respective counsel in
connection with any filings required to be made with the National Association of Securities Dealers, Inc. (the “NASD”). 
  
 (t) Use all commercially reasonable efforts to take all other steps reasonably necessary or advisable to effect the registration of the
Exchange Notes and/or Registrable Notes covered by a Registration Statement contemplated hereby. 
  
 The Issuer may require each seller of Registrable Notes or Exchange Notes as to which any registration is being effected to furnish to the Issuer such
information regarding such seller and the distribution of such Registrable Notes or Exchange Notes as the Issuer may, from time to time, reasonably request. The Issuer may exclude from such registration the Registrable Notes of any seller so long as
such seller fails to furnish such information within a reasonable time after receiving such request and in the event of such an exclusion, the Issuer shall have no further obligation under this Agreement (including, without limitation, the
obligations under Section 4) with respect to such seller or any subsequent Holder of such Registrable Notes. Each seller as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the Issuer all information required
to be disclosed in order to make any information previously furnished to the Issuer by such seller not materially misleading. 
  
 If any such Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Issuer, then such Holder shall have
the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to 
  

 17 

 the effect that the holding by such Holder of such securities is not to be construed as a recommendation by such Holder
of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Issuer, or (ii) in the event that such reference to such Holder by name
or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the applicable Registration Statement filed or prepared subsequent to the
time that such reference ceases to be required. 
  
 Each Holder of
Registrable Notes and each Participating Broker-Dealer agrees by acquisition of such Registrable Notes or Exchange Notes that, upon actual receipt of any notice from the Issuer (x) of the happening of any event of the kind described in Section
5(c)(ii), 5(c)(iii), 5(c)(iv), or 5(c)(v) hereof, or (y) that the Board of Directors of the Issuer (the “Board of Directors”) has resolved that the Issuer has a bona fide business purpose for doing so, then the Issuer may
delay the filing or the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (if not then filed or effective, as applicable) and shall not be required to maintain the effectiveness thereof or amend or
supplement the Exchange Offer Registration Statement or the Shelf Registration Statement, in all cases, for a period (a “Delay Period”) expiring upon the earlier to occur of (i) in the case of the immediately preceding clause (x),
such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof or until it is advised in writing (the “Advice”) by the Issuer that the use
of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto or (ii) in the case of the immediately preceding clause (y), the date which is the earlier of (A) the date on which such business purpose
ceases to interfere with the Issuer’s obligations to file or maintain the effectiveness of any such Registration Statement pursuant to this Agreement or (B) 90 days after the Issuer notifies the Holders of such good faith determination. There
shall not be more than 90 days of Delay Periods during any 12-month period. Each of the Effectiveness Period and the Applicable Period, if applicable, shall be extended by the number of days during any Delay Period. Any Delay Period will not alter
the obligations of the Issuer to pay Liquidated Damages under the circumstances set forth in Section 4 hereof. 
  
 In the event of any Delay Period pursuant to clause (y) of the preceding paragraph, notice shall be given as soon as practicable after the Board of
Directors makes such a determination of the need for a Delay Period and shall state, to the extent practicable, an estimate of the duration of such Delay Period and shall advise the recipient thereof of the agreement of such Holder provided in the
next succeeding sentence. Each Holder, by his acceptance of any Registrable Note, agrees that (A) during any Delay Period, each Holder will discontinue disposition of such Notes or Exchange Notes covered by such Registration Statement or Prospectus
or Exchange Notes to be sold by such Holder or Participating Broker-Dealer, as the case may be and (B) if so directed in writing by the Issuer, such Holder shall dispose of all copies in its possession, other than permanent file copies then in such
Holder’s possession, of the Prospectus covering such Registrable Notes or Exchange Notes current at the time of receipt of notice of a Delay Period. 
  

 18 

 Section 6. Registration Expenses 
  
 All fees and expenses incident to the performance of or compliance with this Agreement by the Issuer (other than any
underwriting discounts or commissions, and transfer taxes payable on the resale of the Notes) shall be borne by the Issuer, whether or not the Exchange Offer Registration Statement or the Shelf Registration Statement is filed or becomes effective or
the Exchange Offer is consummated, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with the NASD in connection with an underwritten offering and
(B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Notes or Exchange Notes and
determination of the eligibility of the Registrable Notes or Exchange Notes for investment under the laws of such jurisdictions (x) where the holders of Registrable Notes are located, in the case of an Exchange Offer, or (y) as provided in Section
5(h) hereof, in the case of a Shelf Registration Statement or in the case of Exchange Notes to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing
certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, or
by the Holders of a majority in aggregate principal amount at maturity of the Registrable Notes included in any Registration Statement or in respect of Exchange Notes to be sold by any Participating Broker-Dealer during the Applicable Period, as the
case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuer and reasonable fees and disbursements of one special counsel for all of the sellers of Registrable Notes pursuant to a Shelf
Registration Statement (exclusive of any counsel retained pursuant to Section 7 hereof), (v) fees and disbursements of all independent certified public accountants referred to in Section 5(m)(iii) hereof (including, without limitation, the expenses
of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuer desires such insurance, (vii) fees and expenses of all other Persons retained by the
Issuer, (viii) internal expenses of the Issuer (including, without limitation, all salaries and expenses of officers and employees of the Issuer performing legal or accounting duties), (ix) the expense of any annual audit, (x) the fees and expenses
incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and
distributing all Registration Statements, underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement, but excluding the fees and expenses of counsel to the underwriters or the Holders (other than
fees and expenses set forth in clauses (i)(B) and (iv) above). Notwithstanding the foregoing or anything to the contrary, each Holder shall pay all underwriting discounts and commissions of any underwriters with respect to any Registrable Notes sold
by or on behalf of it. 
  
 Section 7. Indemnification

  
 (a) The Issuer agrees to indemnify and hold harmless each
Holder of Registrable Notes and each Participating Broker-Dealer selling Exchange Notes during the Applicable Period, each Person, if any, who controls any such Person within the meaning of 
  

 19 

 Section 15 of the Securities Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of
each Holder and each such Participating Broker-Dealer and the agents, employees, officers and directors of any such controlling Person (each, a “Participant”) from and against any and all losses, liabilities, claims, damages and
expenses (including, but not limited to, reasonable attorneys’ fees and any and all reasonable out-of-pocket expenses actually incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim
whatsoever, and any and all reasonable amounts paid in settlement of any claim or litigation (in the manner set forth in clause (c) below)) (collectively, “Losses”) to which they or any of them may become subject under the
Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any
amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary prospectus, or are caused by, arise out of or are based upon any omission or alleged omission
to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the circumstances under which they were made, not misleading, provided that (i) the
foregoing indemnity shall not be available to any Participant insofar as such Losses are caused by, arise out of or are based upon any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with
information relating to such Participant furnished to the Issuer in writing by or on behalf of such Participant expressly for use therein, and (ii) that the foregoing indemnity with respect to any preliminary Prospectus shall not inure to the
benefit of any Participant from whom the Person asserting such Losses purchased Registrable Notes to the extent that: (A) such Losses were finally judicially determined to have resulted from (x) an untrue statement of a material fact in the
preliminary Prospectus or (y) the omission to state in the preliminary Prospectus a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading; (B) the final Prospectus
cured the defect giving rise to such Losses; (C) the Issuer furnished sufficient copies of the final Prospectus to such Participant on a timely basis to permit delivery of the final Prospectus by such Participant to the person asserting such losses,
claims, damages or liabilities at or prior to the written confirmation of the sale of the Registrable Notes to such person; and (D) such Participant failed to deliver a copy of the final Prospectus to such person. This indemnity agreement will be in
addition to any liability that the Issuer may otherwise have, including, but not limited to, liability under this Agreement. 
  
 (b) Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Issuer, each Person, if any, who controls the Issuer within the
meaning of Section 15 of the Securities Act or Section 20(a) of the Exchange Act, and each of their respective agents, employees, officers and directors and the agents, employees, officers and directors of any such controlling Person from and
against any Losses to which they or any of them may become subject under the Securities Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or supplemented if the Issuer shall have furnished any amendments or supplements thereto) or any preliminary Prospectus, or
were caused by, arise out of or are based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in the case of the Prospectus, in the light of the
circumstances under which they were made, not misleading, 
  

 20 

 in each case to the extent, but only to the extent, that any such Loss arises out of or is based upon any untrue
statement or alleged untrue statement or omission or alleged omission made in reliance upon and in conformity with information relating to such Participant furnished in writing to the Issuer by or on behalf of such Participant expressly for use
therein. 
  
 (c) Promptly after receipt by an indemnified party
under subsection 7(a) or 7(b) above of notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be made against the indemnifying
party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such indemnifying party from any
liability that it may have under this Section 7 except to the extent that it has been prejudiced in any material respect by such failure). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the
commencement of such action, the indemnifying party will be entitled to participate in such action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such
indemnified party, to assume the defense of such action with counsel satisfactory to such indemnified party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action,
but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the
defense of such action, (ii) the indemnifying parties shall not have employed counsel to take charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action
(including any impleaded parties) include such indemnified party and the indemnifying party or parties (or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded
(based on advice of counsel to such indemnified party or parties) that there may be defenses available to it or them that are different from or additional to those available to one or all of the indemnifying parties (in which case the indemnifying
parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses of counsel shall be borne by the indemnifying parties. In no event shall
the indemnifying party be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in connection with any one action or separate but substantially similar or related
actions arising in the same jurisdiction out of the same general allegations or circumstances. Any such separate firm for the Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Notes sold by
all such Participants and shall be reasonably acceptable to the Issuer and any such separate firm for the Issuer, its affiliates, officers, directors, representatives, employees and agents and such control Person of the Issuer shall be designated in
writing by the Issuer and shall be reasonable acceptable to the Holders. An indemnifying party shall not be liable for any settlement of any claim or action effected without its written consent, which consent may not be unreasonably withheld. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of which any indemnified party is or could have been a party and indemnity could have been
sought hereunder by such indemnified party, unless such settlement includes an unconditional release of such indemnified party from all liability on claims that are the subject matter of such proceeding. 
  

 21 

 (d) In order to provide for contribution in circumstances in which the indemnification provided for in
this Section 7 is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under this Section 7, each indemnifying party shall contribute to the amount paid or payable by such
indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by each indemnifying party, on the one hand, and each indemnified party, on the other hand, from the sale of
the Notes to the Initial Purchasers or the resale of the Registrable Notes by such Holder, as applicable, or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of each indemnified party, on the one hand, and each indemnifying party, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other
relevant equitable considerations. The relative benefits received by the Issuer, on the one hand, and each Participant, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the sale of the Notes to the
Initial Purchasers (net of discounts and commissions but before deducting expenses) received by the Issuer are to (y) the total net profit received by such Participant in connection with the sale of the Registrable Notes. The relative fault of the
parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuer or such
Participant and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 
  
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by
pro rata allocation or by any other method of allocation that does not take into account the equitable considerations referred to above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Participant be required to contribute
any amount in excess of the amount by which the net profit received by such Participant in connection with the sale of the Registrable Notes exceeds the amount of any damages that such Participant has otherwise been required to pay by reason of any
untrue or alleged untrue statement or omission or alleged omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation. Any party entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a claim for contribution may be made against another party or
parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it
or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which
notice has been given under this Section 7 for purposes of indemnification. Anything in this section to the contrary notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent,
provided, however, that such written consent was not unreasonably withheld. 
  

 22 

 Section 8. Rules 144 and 144A 
  
 The Issuer covenants that it will file the reports required, if any, to be filed by it under the Securities Act and the
Exchange Act and the rules and regulations adopted by the Commission thereunder in a timely manner in accordance with the requirements of the Securities Act and the Exchange Act and, if at any time the Issuer is not required to file such reports, it
will, upon the request of any Holder or beneficial owner of Registrable Notes, make available such information necessary to permit sales pursuant to Rule 144A under the Securities Act. The Issuer further covenants that for so long as any Registrable
Notes remain outstanding it will take such further action as any Holder of Registrable Notes may reasonably request from time to time to enable such Holder to sell Registrable Notes without registration under the Securities Act within the limitation
of the exemptions provided by (a) Rule 144(k) and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the Commission. 
  
 Section 9. Underwritten Registrations  
  
 If any of the Registrable Notes covered by any Shelf Registration Statement
are to be sold in an underwritten offering, the investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount at maturity of such Registrable
Notes included in such offering and shall be reasonably acceptable to the Issuer. 
  
 No Holder of Registrable Notes may participate in any underwritten registration hereunder if such Holder does not (a) agree to sell such Holder’s Registrable Notes on the basis provided in any underwriting
arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) complete and execute all questionnaires, powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such
underwriting arrangements. 
  
 Section 10. Future Note
Guarantees 
  
 If, prior to the consummation of the Exchange
Offer or prior to the effectiveness of the Shelf Registration Statement, as the case may be, any Domestic Subsidiary (as defined in the Indenture) of the Issuer executes a Note Guarantee (as defined in the Indenture) in accordance with the terms and
provisions of the Indenture, the Issuer shall cause such Domestic Subsidiary to execute and deliver to the parties hereto a counterpart signature page to this Agreement, and such Domestic Subsidiary shall be bound by all of the provisions of this
Agreement to the same extent as the Issuer. 
  
 Section 11.
Miscellaneous 
  
 (a) No Inconsistent Agreements.
The Issuer has not, as of the date hereof, and shall not have, after the date of this Agreement, entered into any agreement with respect to any of its securities that is inconsistent in any material respect with the rights granted to the Holders of
Registrable Notes in this Agreement or otherwise conflicts with the provisions hereof. The rights granted to the Holders hereunder do not conflict with and are not inconsistent with, in any material respect, the rights granted to the holders of any
of the Issuer’s other issued and 
  

 23 

 outstanding securities under any such agreements. The Issuer has not entered and will not enter into any agreement with
respect to any of its securities which will grant to any Person piggy-back registration rights with respect to any Registration Statement. 
  
 (b) Adjustments Affecting Registrable Notes. The Issuer shall not, directly or indirectly, take any action with respect to the Registrable Notes as
a class that would adversely affect the ability of the Holders of Registrable Notes to include such Registrable Notes in a registration undertaken pursuant to this Agreement. 
  
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given except pursuant to a written agreement duly signed and delivered by (I) the Issuer and (II)(A) the Holders of not less than a majority in aggregate principal amount at
maturity of the then outstanding Registrable Notes and (B) in circumstances that would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate principal amount at maturity of
the Exchange Notes held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 11(c) may not be amended, modified or supplemented except pursuant to a written agreement duly signed and delivered by the Issuer
and each Holder and each Participating Broker-Dealer (including any Person who was a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes, as the case may be, disposed of pursuant to any Registration Statement) affected by
any such amendment, modification, supplement or waiver. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders of Registrable Notes whose
securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Notes may be given by Holders of at least a majority in aggregate
principal amount at maturity of the Registrable Notes being sold pursuant to such Registration Statement. 
  
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for
or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or telecopier: 
  
 (i) if to a Holder of the Registrable Notes or any Participating Broker-Dealer, at the most current address of such Holder or
Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture. 
  
 (ii) if to the Issuer, at the address as follows: 
  
 UAP Holding Corp. 
 7251 West 4th Street 
 Greeley, Colorado 80634 
  
 Telephone: (970) 347-1516 
 Fax: (970) 347-1560) 
 Attention: Chief Financial Officer 
  

 24 

 with a copy to 
 O’Melveny & Myers LLP 
 30 Rockefeller Plaza 
 New York, New York 10112 
 Telephone: (212) 408-2400 
 Fax: (212) 728-2420 
 Attention: Rosa A. Testani 
  
 (iii) if to the Initial Purchasers, at the address as
follows: 
  
 UBS Securities LLC 
 677 Washington Boulevard 
 Stamford, Connecticut 06901 
 Telephone: (203) 719-1000 
 Fax number: (212) 719-1410 
 Attention: High Yield Capital Markets 
  
 With a copy at such address to the attention of Legal Department, fax number (203) 719-6177 
  
 All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business Days after
being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by the recipient’s telecopier machine, if telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing overnight delivery.

  
 Copies of all such notices, demands or other communications
shall be concurrently delivered by the Person giving the same to the Trustee at the address and in the manner specified in such Indenture. 
  
 (e) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties
hereto, the Holders and the Participating Broker-Dealers; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder unless and to the extent such successor or assign holds
Registrable Notes. 
  
 (f) Counterparts. This Agreement may
be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 

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

 25 

 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK. 
  
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid,
illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use all
commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the
intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 
  
 (j) Securities Held by the Issuer or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Registrable Notes is required hereunder, Registrable Notes held by the Issuer or any of its affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such required percentage. 
  
 (k) Third-Party Beneficiaries. Holders and beneficial owners of Registrable Notes and Participating Broker-Dealers are intended third-party
beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. No other Person is intended to be, or shall be construed as, a third-party beneficiary of this Agreement. 
  
 (l) Attorneys’ Fees. As between the parties to this Agreement, in
any action or proceeding brought to enforce any provision of this Agreement, or where any provision hereof is validly asserted as a defense, the successful party shall be entitled to recover reasonable attorneys’ fees actually incurred in
addition to its costs and expenses and any other available remedy. 
  
 (m) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the
subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts, understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuer
on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby.

  

 26 

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

  

			
	 UAP HOLDING CORP.,

		
	 By:
	 	 /s/ Dave Bullock

	 	 	 Name: Dave Bullock

	 	 	 Title: Executive Vice President and Chief
           Financial Officer

	
	 UBS SECURITIES LLC

	 GOLDMAN, SACHS & CO.

	 BEAR, STEARNS & CO. INC.

		
	 By:
	 	 UBS Securities LLC

		
	 By:
	 	 /s/ Matthew Stopnik

	 	 	 Name: Matthew Stopnik

	 	 	 Title: Executive Director

		
	 By:
	 	 /s/ Keith McCormack

	 	 	 Name: Keith McCormack

	 	 	 Title: Director

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00061-of-00352.parquet"}]]