Document:

FIRST AMENDMENT

EXHIBIT 4.ii.(d)

FIRST AMENDMENT

THIS FIRST AMENDMENT dated as of January 16, 2001 (this "Amendment") amends the Second Amended and Restated Five-Year Credit Agreement dated as of September 29, 2000 (the "Credit Agreement") among IMC Global Inc. (the "
Company"), various financial institutions (the "Banks") and Bank of America, N.A., as Administrative Agent (in such capacity, the "Administrative Agent"). Terms defined in the Credit Agreement are, unless otherwise defined herein or the
context otherwise requires, used herein as defined therein.

WHEREAS, the Company, the Banks and the Administrative Agent have entered into the Credit Agreement; and

WHEREAS, the parties hereto desire to amend the Credit Agreement in certain respects as more fully set forth herein;

NOW, THEREFORE, the parties hereto agree as follows:

	Amendments. Subject to the satisfaction of the conditions precedent set forth in Section 3, the Credit Agreement shall be amended as follows:

	Addition of Definitions. The following new definitions are added to Section 1.01 in appropriate alphabetical sequence:

"Asset Sale" means the sale, lease, assignment or other transfer (or any series of related transfers) for value by the Company or any Subsidiary outside the ordinary course of business to any Person (other than the Company or a
Subsidiary) of any asset or right of the Company or such Subsidiary (including any sale or other transfer of stock of any Subsidiary, whether by merger, consolidation or otherwise) for Net Cash Proceeds exceeding $250,000.

"Capital Expenditures" means all expenditures which, in accordance with generally accepted accounting principles, would be required to be shown as capital expenditures on the consolidated statement of cash flows of the Company,
but excluding expenditures made in connection with the replacement, substitution or restoration of assets to the extent financed (i) from insurance proceeds (or other similar recoveries) paid on account of the loss of or damage to the assets being
replaced, substituted or restored or (ii) with the proceeds of any sale of assets, to the extent the proceeds from such sale are used within 90 days thereafter to purchase replacements of or substitutions for the assets sold.

"Collateral Documents" means any written agreement pursuant to which the Company or any Guarantor grants collateral to the Administrative Agent or a collateral trustee for the benefit of the Banks (and, to the extent required by
any "equal and ratable" clause or similar provision of any document in existence on the date of the First Amendment to this Agreement, other parties).

"Domestic Subsidiary" means any Subsidiary of the Company other than a Foreign Subsidiary.

"Foreign Subsidiary" means, with respect to any Person, each Subsidiary of such Person which is organized under the laws of any jurisdiction other than, and which is conducting the majority of its business outside of, the United
States or any state thereof. For purposes of the foregoing, export sales to the United States shall not be deemed to be the conduct of business in the United States.

"Guarantors" means the Subsidiary Guarantors and the Phosphate Guarantors.

"Guaranty" means the Subsidiary Guaranty and the Phosphate Guaranty.

"Leverage Ratio" has the meaning set forth in Section 5.12.

"Loan Documents" means, collectively, this Agreement, the Notes, the Subsidiary Guaranty, the Phosphate Guaranty and the Collateral Documents.

"Material Domestic Subsidiaries" means Domestic Subsidiaries of the Company (excluding the Phosphate Entities and, prior to the date which is 30 days following the termination of the Transaction Documents described in Section
5.18, IMC Receivables Corp.) which collectively (together with the Company) (a) own at least 85% of the assets of the Company and its Domestic Subsidiaries (excluding the Phosphate Entities and, prior to the date which is 30 days following the termination
of the Transaction Documents described in Section 5.18, IMC Receivables Corp.) and (b) generated at least 85% of the operating income of the Company and its Domestic Subsidiaries (excluding the Phosphate Entities and, prior to the date which is 30 days
following the termination of the Transaction Documents described in Section 5.18, IMC Receivables Corp.) for the 12-month period ending on the last day of the most recent fiscal quarter with respect to which the Company has delivered financial statements
pursuant to Section 5.01(a) or (b); provided that in the case of the fiscal quarter ended September 30, 2000, the nine-month period ending on September 30, 2000 shall be applicable in lieu of a 12-month period.

"Material Foreign Other Subsidiaries" means Foreign Subsidiaries that are directly owned by the Company or any Material Domestic Subsidiary which collectively, together with their respective Subsidiaries, (a) own at least 85% of
the assets of all Foreign Subsidiaries of the Company (excluding the Phosphate Entities) and (b) generated at least 85% of the operating income of all Foreign Subsidiaries of the Company (excluding the Phosphate Entities) for the 12-month period ending on
the last day of the most recent fiscal quarter with respect to which the Company has delivered financial statements pursuant to Section 5.01(a) or (b); provided that in the case of the fiscal quarter ended September 30, 2000, the nine-month period ending on September 30, 2000 shall be applicable in lieu of a 12-month period.

"Material Foreign Phosphate Subsidiaries" means Foreign Subsidiaries that are directly owned by Material Phosphate Entities and which collectively, together with their respective Subsidiaries, (a) own at least 85% of the assets
of all Foreign Subsidiaries of PLP and Phosphates and (b) generated at least 85% of the operating income of all Foreign Subsidiaries of PLP and Phosphates for the 12-month period ending on the last day of the most recent fiscal quarter with respect to
which the Company has delivered financial statements pursuant to Section 5.01(a) or (b); provided that in the case of the fiscal quarter ended September 30, 2000, the nine-month period ending on September 30, 2000 shall be applicable in lieu of a 12-month period.

"Material Phosphate Entities" means PLP, Phosphates and, if applicable, other Phosphate Entities (excluding Phosphate Entities that are Foreign Subsidiaries) which collectively (a) own at least 85% of the assets of the Phosphate
Entities (excluding Phosphate Entities that are Foreign Subsidiaries) and (b) generated at least 85% of the operating income of the Phosphate Entities (excluding Phosphate Entities that are Foreign Subsidiaries) for the 12-month period ending on the last
day of the most recent fiscal quarter with respect to which the Company has delivered financial statements pursuant to Section 5.01(a) or (b); provided that in the case of the fiscal quarter ended September 30, 2000, the nine-month period ending on September 30, 2000 shall be applicable in lieu of a 12-month period.

"Net Cash Proceeds" means (a) with respect to any Asset Sale, the aggregate cash proceeds (including cash proceeds received by way of deferred payment of principal pursuant to a note, installment receivable or otherwise, but
only as and when received) received by the Company or any Subsidiary pursuant to such Asset Sale, net of (i) the direct costs relating to such Asset Sale (including sales commissions and legal, accounting and investment banking fees), (ii) taxes paid or
reasonably estimated by the Company to be payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements) and (iii) amounts required to be applied to the repayment of any Debt secured by a
Lien on the asset subject to such Asset Sale (other than Debt secured by the Collateral Documents); provided that Net Cash Proceeds shall not include the proceeds of any Asset Sale (other than Specified Asset Sales) that are anticipated to be, and are, used to buy replacement assets within 90 days after such Asset Sale; and (b) with respect to
any issuance of equity securities, the aggregate cash proceeds received by the Company or any Subsidiary pursuant to such issuance, net of the direct costs relating to such issuance (including sales and underwriter's discounts and commissions and legal,
accounting and investment banking fees).

"Other Credit Agreement" means the 364-Day Credit Agreement dated as of September 29, 2000 among the Company, various financial institutions and Bank of America, N.A., as administrative agent, as amended.

"Phosphate Entities" means PLP and Phosphates and their respective Subsidiaries.

"Phosphate Guarantor" means, on any day, each Phosphate Entity that has executed a counterpart of the Phosphate Guaranty on or prior to that day (and has not been released from its obligations thereunder in accordance with the
terms hereof).

"Phosphate Guaranty" means the Phosphate Guaranty issued by various Phosphate Entities, substantially in the form of Exhibit N.

"Pro Rata Percentage" means the percentage which (a) the aggregate amount of the Commitments (or after termination of the Commitments, the sum of the aggregate unpaid principal amount of the Loans and the aggregate Letter of
Credit Liabilities) is of (b) the sum of the aggregate amount of the (i) Commitments (or after termination of the Commitments, the sum of the aggregate unpaid principal amount of the Loans and the aggregate Letter of Credit Liabilities) and the (ii)
"Commitments" under the Other Credit Agreement (or after termination of the "Commitments" under the Other Credit Agreement, the aggregate unpaid principal amount of the "Loans" thereunder).

"Series F Preferred Stock" means the shares of preferred stock of The Vigoro Corporation, a Delaware corporation and wholly-owned Subsidiary of the Company, par value $100 per share, designated Series F.

"Specified Asset Sale" means the sale, lease, assignment or other transfer (or any series of related transfers) by the Company or any Subsidiary to any Person (other than the Company or a Subsidiary) of any asset or right of the
Company or such Subsidiary (including any sale or other transfer of stock of any Subsidiary, whether by merger, consolidation or otherwise) generating Net Cash Proceeds in excess of $15,000,000 and relating to any of the following businesses of the
Company and its Subsidiaries considered as a whole: (i) the salt business (including GSL Corporation and its Subsidiary); (ii) the sodium bicarbonate business; (iii) the soda ash business; or (iv) the Penrice business.

"Subsidiary Guarantor" means, on any day, each Subsidiary that has executed a counterpart of the Subsidiary Guaranty on or prior to that day (and has not been released from its obligations thereunder in accordance with the terms
hereof).

"Subsidiary Guaranty" means the Subsidiary Guaranty issued by various Subsidiaries of the Company, substantially in the form of Exhibit M.

"Trigger Event 1" shall be deemed to have occurred on the earlier to occur of (a) the first date on which the credit rating assigned to the senior unsecured long-term debt securities of the Company without third-party credit
enhancement (or, if no such debt securities are outstanding, the indicative rating for such securities) is BB+ or below by S&P and Ba1 or below by Moody's or (b) the occurrence of Trigger Event 2.

"Trigger Event 2" shall be deemed to have occurred on the earlier of (a) the first date on which the credit rating assigned to the senior unsecured long-term debt securities of the Company without third-party credit enhancement
(or, if no such debt securities are outstanding, the indicative rating for such securities) is BB or below by S&P or Ba2 or below by Moody's or (b) the last day of any fiscal quarter on or after March 31, 2001 on which the Leverage Ratio is 4.4 to 1 or higher.

	Amendment to Definition of Borrower. The definition of Borrower is amended by inserting ", PLP" after the word "Company" in the first line thereof.

	Amendment to Section 2.08. Clause (c) Section 2.08 is amended in its entirety to read as follows:

(c) [Intentionally deleted.]

	Amendment to Section 2.09. Section 2.09 is amended by changing the caption to read "Termination or Reduction of Commitments"; (b) inserting "(a)" at the beginning of the existing text therein; and (c) adding the following
new clause (b):

(b) At any time that the Leverage Ratio is greater than 4.00 to 1.00 as of the end of the most recent fiscal quarter for which the Company has delivered financial statements pursuant to Section 5.01(a) or (b), the aggregate amount
of the Commitments shall be reduced on the third Euro-Dollar Business Day following the date of the receipt by the Company or any Subsidiary of any Net Cash Proceeds from any Asset Sale or equity issuance (other than any equity issuance by a Subsidiary to
the Company or another Subsidiary) by an amount (rounded down, if necessary, to an integral multiple of $500,000) equal to the total of (i) the Pro Rata Percentage of 50% of the excess, if any, of (x) all Net Cash Proceeds received by the Company and its
Subsidiaries during the 12-month period ending on such date over (y) the sum of (1) $10,000,000 and (2) 200% of the sum of (A) all reductions of the Commitments previously made pursuant to this clause (b) during such period and (B) all reductions of the
"Commitments" previously made pursuant to Section 2.09(b) of the Other Credit Agreement during such period plus (ii) if the "Commitments" under the Other Credit Agreement have been (or concurrently with the application of a portion of such Net Cash Proceeds would be) reduced to zero, the amount that would have otherwise been applied to reduce the
"Commitments" under the Other Credit Agreement. Notwithstanding the foregoing, no reduction of the amount of the Commitments shall be required under this clause (b) to the extent that, after giving effect thereto, the aggregate amount of all reductions of
the amount of the Commitments under this clause (b) plus the aggregate amount of all reductions of the "Commitments" pursuant to Section 2.09(b) of the Other Credit Agreement would exceed $150,000,000.

	Amendment to Section 2.12. Section 2.12 is amended by (a) changing the caption to read "Prepayments" and (b) adding the following new clause (d):

(d) On any date on which the amount of the Commitments is reduced pursuant to Section 2.09(b), one or more of the Borrowers shall prepay Syndicated Loans in the amount, if any, by which the sum of the aggregate outstanding
principal amount of all Loans plus the aggregate amount of Letter of Credit Liabilities exceeds the amount of the Commitments as so reduced; provided that if the aggregate principal amount of all Syndicated Loans then outstanding is less than the amount of such excess, then one or more Borrowers shall, to the extent of the balance of such excess, deposit an amount in cash in an interest
bearing cash collateral account established with the Administrative Agent for the benefit of the Banks on terms and conditions satisfactory to the Administrative Agent (and the Administrative Agent shall apply the funds in such account from time to time
to pay Bid Rate Loans or reimbursement obligations under Letters of Credit until such excess is eliminated). The application of any prepayment pursuant to this Section 2.12(d) shall be made as the applicable Borrower shall direct or, in the absence of
such direction, first to Euro-Dollar Loans having Interest Periods ending on the day of such prepayment, second to Base Rate Loans and third to Euro-Dollar Loans having the shortest remaining Interest Periods. Each prepayment of Loans under this Section
2.12(d) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid and shall be subject to Section 2.14. No prepayment notice shall be required for any prepayment of Loans under this Section 2.12(d).

	Amendment to Section 4.02. Section 4.02 is amended by inserting the following phrase at the end thereof immediately before the period: "(other than Liens under the Collateral Documents)".

	Amendment to Section 5.01. Section 5.01(c)(i) is amended in its entirety to read as follows:

(i) setting forth in reasonable detail the calculations required to establish (x) whether the Company was in compliance with the requirements of Sections 5.10, 5.12, 5.13, 5.14 (if applicable) and 5.19 on the date of such financial
statements, (y) whether Material Domestic Subsidiaries and Material Phosphate Entities have signed the Subsidiary Guaranty, Material Phosphate Entities have signed the Phosphate Guaranty and, if applicable, whether such Persons have granted security as
required by Sections 5.15, 5.16 and 5.17 and (z) if any Net Cash Proceeds have not been applied to reduce the Commitments in anticipation of being used to buy replacement assets as contemplated by the definition of "Asset Sale", the status of such Net
Cash Proceeds.

	Amendment to Section 5.09. Section 5.09 is amended by (a) deleting the word "and" at the end of clause (h) thereof; (b) relettering the existing clause "(i)" as clause "(j)"; and (c) inserting the following new clause (i):

(i) Liens under the Collateral Documents; and.

	Amendment to Section 5.11. Section 5.11 is amended by adding the following proviso before the period at the end thereof:

; provided that, except as permitted by clause (i), the Company will not permit IMC Global Operations, Inc. or the IMC Potash business unit of the Company to enter into any material transaction with Phosphates except
transactions which are consistent with past practice prior to January 1, 2001.

	Amendment to Section 5.12. Section 5.12 is amended in its entirety to read as follows:

SECTION 5.12. Leverage Ratio. The Leverage Ratio as of the last day of any fiscal quarter will not exceed the applicable ratio set forth below:

	
Fiscal Quarter Ending
	
Maximum Leverage Ratio

	
 
	
 

	
                 12/31/00
	
4.95 to 1.0

	
                   3/31/01
	
4.95 to 1.0

	
                   6/30/01
	
4.95 to 1.0

	
                   9/30/01
	
4.50 to 1.0

	
                 12/31/01
	
4.25 to 1.0

	
                   3/31/02
	
4.00 to 1.0

	
                   6/30/02
	
3.75 to 1.0

	
       9/30/02 and thereafter
	
3.75 to 1.0

For this purpose:

"Consolidated Adjusted Debt" means at any date the sum of (i) the Debt of the Company and its Consolidated Subsidiaries (excluding Debt incurred in connection with the issuance of preferred stock and other preferred equity
financing instruments (including trust preferred securities) that has terms no less favorable to the Banks than the terms set forth in Schedule III or otherwise reasonably satisfactory to the Required Banks) plus (ii) the aggregate unrecovered principal investment of transferees of accounts receivable from the Company or a Consolidated Subsidiary in transactions accounted for as
sales under generally accepted accounting principles.

"Consolidated EBITDA" means, for any period, the consolidated operating earnings from (i) continuing operations of the Company, (ii) continuing operations of the Company's Consolidated Subsidiaries and (iii) discontinued
operations of the Company and its Consolidated Subsidiaries, in each case for such period before interest, taxes, depreciation, depletion, amortization, other income and expense, minority interests, the cumulative non-cash effect of changes in accounting
standards and other non-cash adjustments to operating earnings (other than any such non-cash charge to the extent that it represents an accrual of or reserve for cash expenditures in any future period), minus any non-recurring or other charges not included in consolidated operating earnings which are cash or represent an accrual of or reserve for cash expenditures in future periods (with the exception of $184,000,000 of cash charges in the fourth
quarter of 1999). Consolidated EBITDA for each four-quarter period will be (a) adjusted on a pro-forma basis to reflect (i) any Acquisition closed during such period as if such Acquisition had been closed on the first day of such period and (ii) any
divestiture of a Subsidiary, a division or a line of business or of all or a substantial portion of the assets of any of the foregoing for consideration (including assumed Debt) in excess of $5,000,000; and (b) increased by cash interest income received
during such period from notes delivered to the Company or any Subsidiary in connection with any divestiture of the type described in clause (ii) (regardless of whether such divestiture occurred during such period).

"Leverage Ratio" means, as of the last day of any fiscal quarter, the ratio of Consolidated Adjusted Debt calculated as of such day to Consolidated EBITDA calculated for the period of four consecutive fiscal quarters most
recently ended for which the Company has delivered financial statements pursuant to Section 5.01.

	Amendment to Section 5.13. Section 5.13 is amended in its entirety to read as follows:

SECTION 5.13 Interest Coverage Ratio. The Interest Coverage Ratio as of the last day of any fiscal quarter will not be less than the applicable ratio set forth below:

	
Fiscal Quarter Ending
	
Maximum Interest Coverage Ratio

	
 
	
 

	
                 12/31/00
	
2.70 to 1.0

	
                   3/31/01
	
2.70 to 1.0

	
                   6/30/01
	
2.70 to 1.0

	
                   9/30/01
	
2.80 to 1.0

	
                 12/31/01
	
2.90 to 1.0

	
                   3/31/02
	
2.90 to 1.0

	
       6/30/02 and thereafter
	
3.00 to 1.0

For this purpose:

"Adjusted EBITDA" means, for any period, Consolidated EBITDA as defined in Section 5.12, provided that no adjustment shall be made to Consolidated EBITDA to reflect any divestiture described in clause (a)(ii) of the
second sentence of such definition or any interest income described in clause (b) of the second sentence of such definition.

"Consolidated Interest Expense" means for any period the sum, without duplication, of (a) interest expense of the Company and its Consolidated Subsidiaries, whether paid or accrued (including all imputed interest on leases which
are capitalized in accordance with generally accepted accounting principles, but excluding interest payable solely by the issuance of Debt so long as such Debt is not payable earlier than March 19, 2003) plus (b) all dividends paid on preferred stock of
the Company or any Subsidiary (excluding (i) dividends paid to the Company or another Subsidiary and (ii) dividends payable solely by the issuance of Debt so long as such Debt is not payable earlier than March 19, 2003) in excess of $20,000,000 in the
aggregate for such period, all determined on a consolidated basis for such period.

"Interest Coverage Ratio" means, as of the last day of any fiscal quarter, the ratio of Adjusted EBITDA to Consolidated Interest Expense, each calculated for the period of four consecutive fiscal quarters ending on such day.

	Addition of New Sections 5.14, 5.15, 5.16, 5.17, 5.18 and 5.19. The following new Sections 5.14 through 5.19 are added in proper numerical sequence:

SECTION 5.14 Capital Expenditures. If, as of the last day of any fiscal quarter, the Leverage Ratio exceeds 4.00 to 1.00, the Company will not permit the aggregate amount of all Capital Expenditures of the Company and its
Subsidiaries (plus, without duplication, the aggregate consideration paid to acquire any of the assets related to the sulfur business of McMoRan Exploration Company, other than purchases in the ordinary course of business consistent with past practice)
for the applicable period ending on the last day of such fiscal quarter to exceed (a) for the period of two consecutive fiscal quarters ending June 30, 2001, $150,000,000; (b) for the period of three consecutive fiscal quarters ending
September 30, 2001, $200,000,000; or (c) for any period of four consecutive fiscal quarters ending on or after December 31, 2001, the Maximum CapEx Amount. For purposes of the foregoing, the "Maximum CapEx Amount" means, for any period of
four consecutive fiscal quarters ending on or after December 31, 2001, $250,000,000; provided that if the Asset Sale described in clause (i) of the definition of "Specified Asset Sale" occurs, then the Maximum CapEx Amount shall be reduced (to the extent applicable) to $240,000,000 for the period ending on the last day of the first
full fiscal quarter after such Asset Sale occurs; $230,000,000 for the period ending on the last day of the second full fiscal quarter after such Asset Sale occurs; $220,000,000 for the period ending on the last day of the third full fiscal quarter after
such Asset Sale occurs; and $210,000,000 for any period ending thereafter.

SECTION 5.15. Guaranties. The Company will take, and will cause its Subsidiaries to take, such actions as are reasonably necessary or as the Administrative Agent may reasonably request (including delivery
of authorization documents and customary opinions of counsel) so that (a) all of the Company's obligations hereunder are guaranteed by Subsidiaries which constitute Material Domestic Subsidiaries and by Phosphate Entities which constitute Material
Phosphate Entities, in each case pursuant to the Subsidiary Guaranty and (b) all of each applicable Phosphate Entity's obligations as a Borrower hereunder are guaranteed by Phosphate Entities which constitute Material Phosphate Entities, pursuant to the
Phosphate Guaranty.

SECTION 5.16 Trigger Event 1. Promptly upon the occurrence of Trigger Event 1 and from time to time thereafter, the Company will take such actions as are reasonably necessary or as the Administrative Agent may reasonably
request (including delivery of authorization documents and customary opinions of counsel) to ensure that the obligations of the Company hereunder and of the Guarantors under each applicable Guaranty are secured by (i) 100% of the Voting Stock and other
equity interests (other than Series F Preferred Stock) of Subsidiaries which constitute Material Domestic Subsidiaries, (ii) all of the equity interests of the Company or any Subsidiary in PLP and Phosphates, (iii) to the extent necessary, 100% of the
Voting Stock and other equity interests in the Phosphate Entities (other than PLP and Phosphates) which, together with PLP and Phosphates, constitute Material Phosphate Entities and (iv) 65% of the Voting Stock and other equity interests of Foreign
Subsidiaries which constitute Material Foreign Phosphate Subsidiaries and of Foreign Subsidiaries which constitute Material Foreign Other Subsidiaries. In furtherance of the foregoing, the Company will, and will cause the applicable Subsidiaries to,
deliver to the Administrative Agent within 30 days after the effective date of the First Amendment to this Agreement, in the case of the assets described in clauses (i), (ii) and (iii) of the preceding sentence, and within 60 days after such effective
date, in the case of the assets described in clause (iv) of the preceding sentence (and from time to time thereafter to the extent necessary or appropriate to comply with the preceding sentence promptly upon the occurrence of Trigger Event 1), all
documents and instruments reasonably necessary and customary or appropriate to create a perfected Lien on the assets described in the preceding sentence. Notwithstanding anything to the contrary herein, no Phosphate Entity shall be obligated to grant any
Lien securing any obligation of such Phosphate Entity other than obligations (i) under the Subsidiary Guaranty, (ii) under the Phosphate Guaranty and (iii) in respect of any loan made directly to, or letter of credit issued for the account of, such
Phosphate Entity hereunder or under the Other Credit Agreement.

SECTION 5.17 Trigger Event 2. Promptly upon the occurrence of Trigger Event 2, and from time to time thereafter, the Company will take, and will cause its Subsidiaries to take, such actions as are reasonably necessary or as the
Administrative Agent may reasonably request (including delivery of authorization documents, customary opinions of counsel, title commitments or policies, insurance assignments and other customary security documentation) to ensure that the obligations of
the Company hereunder and of the Guarantors under the Subsidiary Guaranty are secured by substantially all of the accounts receivable, inventory, general intangibles and fixed assets of the Company and the Guarantors. In furtherance of the foregoing, the
Company will, and will cause the applicable Subsidiaries to, deliver to the Administrative Agent, within 30 days after the effective date of the First Amendment to this Agreement in the case of personal property other than fixed assets and within 60 days
after such effective date in the case of fixed assets (and, in each case, from time to time thereafter to the extent necessary or appropriate to comply with the preceding sentence promptly upon the occurrence of Trigger Event 2), all documents and
instruments reasonably necessary and customary or appropriate to create a perfected Lien on the assets described in the preceding sentence. Notwithstanding anything to the contrary herein, no Phosphate Entity shall be obligated to grant any Lien securing
any obligation of such Phosphate Entity other than obligations (i) under the Subsidiary Guaranty, (ii) under the Phosphate Guaranty and (iii) in respect of any loan made directly to, or letter of credit issued for the account of, such Phosphate Entity
hereunder or under the Other Credit Agreement. 

SECTION 5.18 Unwind of Receivables Purchase Transaction. If the grant of any collateral required following Trigger Event 1 violates any provision of any Transaction Document (as defined in the Transfer and Administration
Agreement dated as of September 29, 2000 among IMC Receivables Corporation, certain Affiliates of the Company, IMC Global Operations Inc., the Company, Receivables Capital Corporation, Bank of America, N.A. and various other investors) and such violation
is not waived, then the Company shall, and shall cause each applicable Affiliate thereof to, promptly take all actions necessary to terminate such Transaction Documents so that such grant of collateral will be permitted. Without limiting the foregoing, if
Trigger Event 2 occurs, the Company shall, and shall cause each applicable Affiliate thereof to, promptly take all actions necessary to terminate such Transaction Documents. The inability of the Company or any Subsidiary to grant a Lien required by
Section 5.16 or 5.17 on any asset shall not constitute a breach of this Agreement so long as (a) such inability results solely from provisions in such Transaction Documents prohibiting such Lien and (b) the Company and each applicable Affiliate thereof is
timely and diligently taking all steps necessary to terminate such Transaction Documents.

SECTION 5.19 Restricted Payments. The Company will not, and will not permit any Subsidiary to, declare or pay any dividend or other distribution on any equity interests of such Person (other than dividends and distributions
payable solely in equity interests of the Person paying such dividend) or prepay, purchase, redeem, defease, retire or acquire any subordinated debt of the Company or any Subsidiary, or make any payment on account of, or set apart assets for a sinking or
other analogous fund for, the purchase, redemption, defeasance, retirement or other acquisition of any shares or other equity interests of the Company or any Subsidiary, any warrants or options to purchase any such shares or other equity interests or any
subordinated debt of the Company or any Subsidiary (any of the foregoing, a "Restricted Payment"), provided that (a) any Subsidiary may pay dividends or other distributions to the Company or another Subsidiary, (b) PLP may make distributions of Distributable Cash as defined in and to the extent required under the
Amended and Restated Agreement of Limited Partnership of PLP (formerly known as Freeport-McMoRan Resource Partners, Limited Partnership), as amended prior to January 1, 2001, and (c) so long as no Default exists or would result therefrom, the Company and
its Subsidiaries may make any Restricted Payments; provided, further, that so long as the Leverage Ratio is, or after giving effect to any Restricted Payment (and any borrowing related thereto) would be, greater than 4.00 to 1, the aggregate amount of all Restricted Payments permitted by
clause (c) above in any calendar year shall not exceed $40,000,000. For purposes of the foregoing, the dividends paid on January 3, 2001 shall be deemed to have been paid in 2000 (and not 2001).

	Amendment to Section 6.01. Section 6.01 is amended by: (a) adding the phrase "or under any other Loan Document" at the end of clause (a) before the semicolon; (b) deleting the word "or" at the end of clause (k) thereof and
substituting a semi-colon therefor; (c) renumbering clause "(l)" as clause "(n)"; and (d) inserting the following new clauses (l) and (m):

(l) either Guaranty shall cease to be in full force and effect with respect to any Guarantor (other than as a result of such Guarantor ceasing to be a Subsidiary as a result of a transaction permitted hereunder), any Guarantor
shall fail (subject to any applicable grace period) to comply with or to perform any applicable provision of either Guaranty, or any Guarantor (or any Person by, through or on behalf of such Guarantor) shall contest in any manner the validity, binding
nature or enforceability of either Guaranty with respect to such Guarantor.

(m) any Collateral Document shall cease to be in full force and effect with respect to the Company or any Guarantor (other than due to any action or failure to act by the Administrative Agent or any applicable collateral trustee),
the Company or any Guarantor shall fail (subject to any applicable grace period) to comply with or to perform any applicable provision of any Collateral Document to which it is a party, or the Company or any Guarantor (or any Person by, through or on
behalf of the Company or such Guarantor) shall contest in any manner the validity, binding nature or enforceability of any Collateral Document. 

	Addition of New Section 7.11. The following new Section 7.11 is added in proper numerical sequence:

7.11 Guaranty and Collateral Matters. (a) Subject to the proviso contained in clause (b) below, the Administrative Agent shall, and the Banks irrevocably authorize the Administrative Agent to, (i) release any Person which is
a Guarantor from its obligations under the Subsidiary Guaranty and, if applicable, the Phosphate Guaranty, if such Person ceases to be a Subsidiary of the Company or otherwise ceases to be a Guarantor as a result of a transaction permitted hereunder; (ii)
release, or direct any applicable collateral trustee to release, any Lien on any property granted to or held by the Administrative Agent or such collateral trustee under any Collateral Document (x) upon termination of the Commitments and payment in
full of all Loans and all other obligations of the Company hereunder (other than contingent indemnification obligations not yet due and payable) and the expiration or termination of all Letters of Credit; (y) which is sold or to be sold or disposed of as
part of or in connection with any disposition permitted hereunder or (z) subject to Section 11.05, if approved, authorized or ratified in writing by the Required Banks; or (iii) subordinate, or direct any applicable collateral trustee to subordinate, any
Lien on any property granted to or held by the Administrative Agent or such collateral trustee under any Collateral Document to the holder of any Lien on such property which is permitted by Section 5.09(a), (b), (c), (d), (e), (f) or, to the extent such
Lien arises out of the distribution of products in the ordinary course of business consistent with past practice, (g) hereof. Upon request by the Administrative Agent at any time, the Required Banks will confirm in writing the Administrative Agent's
authority to, or to direct a collateral trustee to, release or subordinate its interest in particular types or items of property, or to release any Subsidiary from its obligations under the Subsidiary Guaranty and/or the Phosphate Guaranty, pursuant to
this Section 7.11. 

(b) The Administrative Agent agrees to promptly execute and deliver to the Borrower all documents reasonably required to evidence any release or subordination permitted under this Agreement; provided that such release or
subordination also is permitted under the Other Credit Agreement and under any other agreement governing indebtedness for borrowed money of the Company or any Subsidiary which is entitled to the benefits of the Collateral Documents.

	Amendment to Section 11.05. Section 11.05 is amended by (a) deleting the word "or" at the end of clause (iv) thereof and substituting a comma therefor and (b) renumbering clause "(v)" as clause "(vi)" and (c) inserting the
following new clause (v):

(v) release either Guaranty (other than with respect to a Guarantor which ceases to be a Subsidiary as a result of a transaction permitted hereunder) or all or substantially all of the collateral granted under the Collateral Documents, o
r

	Amendment to the Pricing Schedule. The Pricing Schedule is amended in its entirety to read as set forth on the Pricing Schedule attached hereto.

	Addition of Exhibits M and N and Schedule III. The Credit Agreement is amended by adding Exhibits M and N hereto as Exhibits M and N thereto, respectively, and adding Schedule III hereto as Schedule III
thereto.

	Representations and Warranties. The Company represents and warrants to the Administrative Agent and the Banks that, after giving effect to the effectiveness hereof, (a) each warranty set forth in Section 9 of the Credit
Agreement is true and correct as of the date of the execution and delivery of this Amendment by the Company, with the same effect as if made on such date, and (b) no Default or Event of Default exists.

	Effectiveness. The amendments set forth in Section 1 above shall become effective on the date (the "Effective Date") on which the Administrative Agent shall have received (i) counterparts of this Amendment
executed by the Company and the Required Banks; (ii) an amendment fee for each Bank which (x) on or before 5:00 p.m. (Chicago time) on January 9, 2001, executes and delivers to the Administrative Agent (by facsimile or otherwise) a letter consenting
hereto (subject to final documentation) and (y) on or before 5:00 p.m. (Chicago time) on January 10, 2001, executes and delivers to the Administrative Agent (by facsimile or otherwise) a counterpart hereof, such fee to be in an amount equal to 0.10%
of such Bank's Commitment; (iii) a Subsidiary Guaranty in the form of Exhibit M hereto and a Phosphate Guaranty in the form of Exhibit N hereto, each executed by sufficient Subsidiaries so that the Company is in compliance with Section 5.15 of the Credit Agreement after giving effect hereto; (iv) certificates
of the Company and the Guarantors as to their respective organizational documents, resolutions or other appropriate documents authorizing the transactions contemplated hereby and the incumbency and signatures of their respective officers executing
documents pursuant hereto; and (v) the opinions of Kirkland & Ellis, special counsel for the Company and the Guarantors, and Mary Ann Hynes, Senior Vice President and General Counsel of the Company. 

	Miscellaneous.

	Continuing Effectiveness, etc. As herein amended, the Credit Agreement shall remain in full force and effect and is hereby ratified and confirmed in all respects. After the effectiveness of this Amendment, all references in
the Credit Agreement and the other Loan Documents to "Credit Agreement" or similar terms shall refer to the Credit Agreement as amended hereby.

	Counterparts. This Amendment may be executed in any number of counterparts and by the different parties on separate counterparts, and each such counterpart shall be deemed to be an original but all such counterparts shall
together constitute one and the same Amendment.

	Governing Law. This Amendment shall be a contract made under and governed by the laws of the State of Illinois applicable to contracts made and to be performed entirely within such State.

	Successors and Assigns. This Amendment shall be binding upon the Company, the Banks and the Administrative Agent and their respective successors and permitted assigns, and shall inure to the benefit of the Company, the Banks
and the Administrative Agent and the respective successors and permitted assigns of the Banks and the Administrative Agent.

	Certain Collateral Matters. The Required Banks acknowledge that (a) the Administrative Agent will act as administrative agent for the Banks, the "Banks" under the Other Credit Agreement and the holders of certain Derivatives
Obligations for purposes of the Subsidiary Guaranty and the Phosphate Guaranty and may act as administrative for such parties under one or more Collateral Documents and (b) the Administrative Agent will enter into arrangements pursuant to which one or
more collateral trustees will be appointed to act on behalf of the parties hereto and the holders (or one or more trustees for the holders) of debt of the Company or PLP or their respective Subsidiaries which are entitled to equal and ratable Liens on
certain of the collateral which may be granted to secure the obligations under the Credit Agreement. The Required Banks authorize the Administrative Agent act in the agency capacity referred to above and to enter into any arrangement described above on
behalf of the Banks and to execute and deliver such documents as may reasonably be required or appropriate in connection therewith.

[Signatures follow]

Delivered at Chicago, Illinois, as of the day and year first above written.

IMC GLOBAL INC.

By:_______________________________________

Title:______________________________________

 

BANK OF AMERICA, N.A., 

Individually and as Administrative Agent

By:_______________________________________

Title: Principal______________________________

 

THE CHASE MANHATTAN BANK,

Individually and as Syndication Agent

By:_______________________________________

Title:______________________________________

 

ROYAL BANK OF CANADA, Individually and as Documentation Agent

By:________________________________________

Title:______________________________________

 

BANK ONE, NA (Main Office Chicago), Individually and as Co-Syndication Agent

By:________________________________________

Title:_______________________________________

 

SUNTRUST BANK, ATLANTA, Individually and as Co-Syndication Agent

By:_________________________________________

Title:________________________________________

 

MORGAN GUARANTY TRUST COMPANY OF NEW YORK

By:__________________________________________

Title:_________________________________________

 

CREDIT AGRICOLE INDOSUEZ

By:___________________________________________

Title:__________________________________________

 

THE NORTHERN TRUST COMPANY

By:____________________________________________

Title:___________________________________________

 

ABN AMRO BANK N.V.

By:____________________________________________

Title:___________________________________________

By_____________________________________________

Title:___________________________________________

 

BNP PARIBAS

By:_____________________________________________

Title:____________________________________________

 

THE BANK OF NEW YORK

By:_____________________________________________

Title:____________________________________________

 

THE BANK OF TOKYO-MITSUBISHI, LTD. CHICAGO BRANCH

By:_____________________________________________

Title:____________________________________________

 

FIRST UNION NATIONAL BANK

By:_____________________________________________

Title:____________________________________________

 

COOPERATIEVE CENTRALE RAIFFEISEN-BOERENLEENBANK B.A., "RABOBANK INTERNATIONAL", NEW YORK BRANCH

By:_____________________________________________

Title:____________________________________________

 

STANDARD CHARTERED BANK

By:_____________________________________________

Title:____________________________________________

By:_____________________________________________

Title:____________________________________________

 

BANK HAPOALIM B.M.

By:_____________________________________________

Title:____________________________________________

By:_____________________________________________

Title:____________________________________________

 

THE DAI-ICHI KANGYO BANK, LTD., CHICAGO BRANCH

By:_____________________________________________

Title:____________________________________________

 

HSBC BANK USA

By:_____________________________________________

Title:____________________________________________

 

THE INDUSTRIAL BANK OF JAPAN, LIMITED, 

CHICAGO BRANCH

By:_____________________________________________

Title:____________________________________________

 

HARRIS TRUST AND SAVINGS BANK

By:_____________________________________________

Title:____________________________________________

 

 

Pricing Schedule

 

The "Euro-Dollar Margin" and the "Facility Fee Rate" for any day are the respective percentages set forth below in the applicable row under the column corresponding to the Status that exists on such day:

	
 
	
LEVEL I
	
LEVEL II
	
LEVEL III
	
LEVEL IV
	
LEVEL V

	
Facility Fee Rate
	
.150%
	
.175%
	
.225% 
	
.375%
	
.500%

	
Euro-Dollar Margin
	
.475%
	
.825%
	
1.150%
	
1.375%
	
1.625%

For purposes of this Schedule, the following terms have the following meanings, subject to the last paragraph of this Schedule:

"Level I Status" exists at any date if, at such date, the Company is rated  BBB+ or higher by S&P and Baa1 or higher by Moody's.

"Level II Status" exists at any date if, at such date, (i) the Company is rated BBB or higher by S&P and Baa2 or higher by Moody's and (ii) Level I Status does not exist.

"Level III Status" exists at any date if, at such date, (i) the Company is rated BBB- or higher by S&P and Baa3 or higher by Moody's and (ii) neither Level I Status nor Level II Status exists.

"Level IV Status" exists at any date if, at such date, (i) the Company is rated BB+ or higher by S&P and Ba1 or higher by Moody's or higher and (ii) neither Level I Status, Level II Status nor Level III Status exists.

"Level V Status" exists at any date if, at such date, no other Status exists.

"Status" refers to the determination of which of Level I Status, Level II Status, Level III Status, Level IV Status or Level V Status exists at any date.

The credit ratings to be utilized for purposes of this Schedule are those assigned to the senior unsecured long-term debt securities of the Company without third-party credit enhancement, whether or not any such debt securities are
actually outstanding, and any rating assigned to any other debt security of the Company shall be disregarded. The rating in effect at any date is that in effect at the close of business on such date. If at any date, the Company's long-term debt is not
rated by either S&P or by Moody's, then Level V status shall apply.

SCHEDULE III

TERMS APPLICABLE TO SUBORDINATED DEBT

In order to qualify for the exclusion from clause (i) of the definition of "Consolidated Adjusted Debt" in Section 5.12 of the Credit Agreement, Debt must meet each of the following requirements: 
(1) The Company shall be the primary obligor of such Debt; provided that the Company may issue trust preferred securities which involve the issuance by a Subsidiary of a preferred equity security supported by a debt obligation
of the Company to such Subsidiary and/or a guarantee by the Company.
(2) Such Debt shall be unsecured.

(3) Such Debt shall not have any scheduled payment of principal or payment to any sinking or similar fund earlier than December 16, 2003.

(4) Such Debt shall be subordinated in right of payment to all Senior Obligations (as defined below) pursuant to subordination terms providing that 
(A) upon any bankruptcy or insolvency proceeding with respect to the Company, all Senior Obligations shall first be paid in full in cash before any payment or distribution of any cash, property or securities (other than equity
securities or other securities which are subordinated to the Senior Obligations or to any securities issued to the holders of Senior Obligations at least to the same extent as set forth herein ("Junior Securities")) may be made on account of such Debt;

(B) upon any default in the payment when due (whether upon acceleration or otherwise) of any Senior Obligations, no payment by or on behalf of the Company in respect of such Debt (other than Junior Securities) may be made; 

(C) upon any default with respect to the Senior Obligations (other than a default of the type described in clause (4)(B) above), if the Administrative Agent gives notice of such default (a "Default Notice") to the trustee for or
other representative of such Debt (the "Trustee"), then, unless and until all such defaults have been cured or waived or the Trustee receives notice from the Administrative Agent terminating the Blockage Period (as defined below), during the 180 days after the delivery of such Default
Notice (the "Blockage Period"), neither the Company nor any of its Subsidiaries shall (x) make any payment with respect to such Debt or (y) acquire any of such Debt for cash or property. Notwithstanding the foregoing, in no event will a Blockage Period extend
beyond 180 days from the date of the commencement of the Blockage Period, and only one Blockage Period may be commenced within any 360 consecutive day period; and

(D) if a distribution is made to holders of such Debt that because of such subordination provisions should not have been made to them, the holders who receive such distribution shall hold it in trust for holders of Senior Obligations
and pay it over to them as their interests may appear.

(5) The indenture or other governing instrument for such Debt shall provide that, if an event of default occurs with respect to such Debt (other than an event of default occurring with respect to a bankruptcy of the Company) and is
continuing, such Debt may not be accelerated unless and until the first to occur of (x) acceleration of the Senior Obligations or (y) five Business Days after receipt by the Company and the Administrative Agent of written notice from the Trustee that such
Debt is to be accelerated.

(6) The other material terms and provisions (including covenant and default provisions) of such Debt shall be no more restrictive on the Company and its Subsidiaries than the terms and provisions of the Credit Agreement and the other
Loan Documents. Without limiting the foregoing, such Debt shall not include any cross-default provisions (but may have cross-acceleration provisions) other than a cross-default to a payment default with respect to Material Financial Obligations at their
final stated maturity.

(7) If such Debt is guaranteed by any Subsidiary (a "Guarantor"), the guaranty shall provide that the obligations of each Guarantor shall be subordinated to the prior payment in full in cash of all obligations of such Guarantor
under its guaranty of the Senior Obligations ("Senior Guaranty Obligations") on the same basis as such Debt of the Company is junior and subordinated to all Senior Obligations of the Company (it being understood that the Senior Guaranty Obligations of such Guarantor shall be determined without
giving effect to any reduction in the amount of such obligations necessary to render the liabilities of such Guarantor with respect thereto (as obligor, guarantor or otherwise) not voidable or avoidable under applicable law). 

For purposes of the foregoing, "Senior Obligations" means all obligations (including for principal, interest (including all interest accruing after the commencement of any bankruptcy or insolvency proceeding with respect to the
Company, regardless of whether such interest is an allowed claim in such proceeding), fees, reimbursement obligations, guaranty obligations, indemnity obligations, breakage costs, fees, expenses and other amounts) of the Company under the Credit Agreement;
 all obligations of the Company under the Other Credit Agreement; and all Derivative Obligations of the Company to any Bank or to any "Bank" under the Other Credit Agreement or to any Affiliate of any of the foregoing, in each case as amended, extended,
renewed, refinanced, replaced or otherwise modified from time to time.DRAFT 7/23/98

EXHIBIT 10.i.(n)

ISSUER SHARE REPURCHASE AGREEMENT

THIS ISSUER SHARE REPURCHASE AGREEMENT (as amended, supplemented or otherwise modified from time to time, this "Agreement") made as of this March 16 2000, by and between IMC GLOBAL INC. (the "Share Repurchaser") and MORGAN GUARANTY
TRUST COMPANY OF NEW YORK (the "Share Seller").

WHEREAS, the Share Seller desires to sell 5,400,000 shares (the "Reference Number") of common stock, par value $1.00 of the Share Repurchaser (the "Shares") to the Share Repurchaser and the Share Repurchaser desires to purchase the
Reference Number of Shares from the Share Seller for an amount equal to the Reference Number of Shares multiplied by the Initial Share Price;

WHEREAS, the Share Repurchaser desires to receive all distributions made in respect of ordinary cash dividends and other cash distributions paid on the Reference Number of Shares with respect to dividend record dates from and including
the Trade Date;

WHEREAS, in order to secure certain obligations of the Share Seller hereunder, the Share Seller will enter into the Pledge Agreement attached hereto as Exhibit A pursuant to which the Share Seller will pledge to the Share Repurchaser
the Reference Number of Shares by the Share Seller and such shares will be held by The Bank of New York, as collateral agent (together with its successor and assigns, the "Collateral Agent") for the benefit of the Share Repurchaser;

WHEREAS, the parties intend that for U.S. income tax purposes this Agreement constitutes a loan of the Principal Amount from the Share Seller to the Share Repurchaser and each party will so reflect the transaction as such on its tax
returns; and 

WHEREAS, the parties intend that the benefit of any appreciation and risk of loss from any depreciation resulting from a change in the price of the Shares from the Trade Date to the Maturity Date will accrue to the Share Repurchaser
and not to the Share Seller;

NOW, THEREFORE, THE PARTIES HERETO AGREE AS FOLLOWS:

Section 1. Definitions. All the terms used in this Agreement shall have the following meanings: 

"Blackout Event" means (i) any period of time during which the Share Repurchaser is engaged in a "distribution" of its Shares or of any other security as to which the Shares are a "reference security" (as such terms are defined in
Regulation M under the Securities Exchange Act of 1934, as amended) or there is pending a tender or exchange offer for its shares by the Share Repurchaser or any other party, which period shall be in effect for so long as the rules promulgated by the
Securities and Exchange Commission impose restrictions on bids for, or purchases of, Shares by the Share Repurchaser or any of its affiliates as a result of such distribution or tender offer, (ii) any period of time during which the Share Repurchaser has
imposed a "blackout" due to an impending earnings or other announcement, which period shall be in effect during the applicable period determined by the Share Repurchaser, or (iii) any period of time during which the Share Repurchaser determines in its
reasonable good faith judgement that any transactions in the Shares or related disclosure or filing obligations (including in connection with the Registration Rights Agreement and Shelf Registration referred to herein) would reasonably be expected to have
a material adverse effect on any proposal or plan by the Share Repurchaser or any of its subsidiaries to engage in any acquisition or disposition of assets (other than in the ordinary course of business), merger, consolidation, joint venture, tender or
exchange offer, reorganization, recapitalization, financing or other similar transaction; provided that, in no event shall a Blackout Event exceed 60 Exchange Business Days.

"Business Day" means any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in New York.

"Calculation Agent" means the Share Seller. All the determinations and calculations made by the Calculation Agent shall be made in good faith and in the exercise of its commercially reasonable judgment after consultation with the Share
Repurchaser. All such determinations and calculations shall be binding in the absence of manifest error. In the event that the Share Repurchaser disputes any calculation or determination made by the Calculation Agent within 3 Business Days of such
calculation or determination, the parties will appoint within three Business Days a mutually acceptable substitute calculation agent who is an independent leading dealer in equity derivatives. The costs and expenses for such independent dealer will be
borne by the parties equally unless the substitute calculation agent makes the same calculation or determination as previously made by the Calculation Agent in which case such costs and expenses will be borne by the Share Repurchaser. In the event the
parties cannot select a mutually acceptable substitute calculation agent, each party will select a leading independent dealer in equity derivatives and such dealers will within two Business Days select the substitute calculation agent. 

"Calculation Period" means the period from and including a Payment Date to but excluding the next following Payment Date. The initial Calculation Period will commence on and include the Trade Date and the final Calculation Period will
end on and exclude the Maturity Date.

           "Clearance System" means the principal domestic clearance system customarily used for settling trades in the Shares.

           "Collateral" shall have the meaning given such term in the Pledge Agreement.

           "Collateral Agent" means The Bank of New York, as collateral agent under the Pledge Agreement.

            "Credit Agreement" means the $650,000,000 Amended and Restated Five-Year Credit Agreement dated as of December 8, 1999 among IMC Global Inc., The Banks and Agents
listed thereon, Bank of America, N.A., as Administrative Agent, and Banc of America Securities LLC, as Lead Arranger and Sole Book Manager, as amended from time to time, after giving effect to any consents and waivers and whether in effect at such time or
not.

           "Default" shall mean any event, act or condition which with notice or lapse of time, or both, would constitute an Event of Default.

           "Designated Maturity" means three months.

           "Event of Default" means the occurrence of an event specified in Section 5 hereof.

           "Exchange" means The New York Stock Exchange.

           "Exchange Business Day" means a day that is (or, but for the occurrence of a Market Disruption Event, would have been) a trading day on the Exchange and on each
principal options and futures exchange for the Shares other than a day on which trading on any such Exchange or principal options or futures exchange is scheduled to close prior to its regular weekday closing time.

           "Floating Rate" means the rate for deposits in U.S. Dollars for a period of the Designated Maturity which appears on Telerate Page 3750 as of 11:00 a.m., London time, on
the day that is two London Banking Days preceding the Payment Date , or any successor thereto that shall be mutually agreed between the parties.

           "Floating Rate Day Count Fraction" means the number of days elapsed in the period divided by 360.

           "Guarantor" means the Share Seller and its successors or assigns.

           "Guaranty" means the Guaranty of the Share Seller in the form attached hereto as Exhibit B.

           "Initial Share Price" means $14.7291 per Share.

           "JPMSI" means J.P. Morgan Securities Inc. and its successors and assigns.

           "London Banking Days" means any day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in London.

           "Market Disruption Event" means the occurrence or existence on any Exchange Business Day during the one-half hour period that ends prior to the close of trading on the
Exchange of any suspension of or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the relevant Exchange or otherwise) in (a) the Shares on the Exchange or (b) any options contracts or futures contracts relating
to the Shares on any principal options or futures exchange if, in any such case, that suspension or limitation is, in the determination of the Calculation Agent, material.

           "Maturity Date" means the Scheduled Maturity Date, unless such day falls during a Blackout Event. If such day falls during a Blackout Event, then the Maturity Date will
be the first Exchange Business Day immediately following the last day of the Blackout Event.

            "Payment Date" means June 16, 2000, September 18, 2000, December 18, 2000, March 16, 2001, June 18, 2001, September 17, 2001, December 17, 2001 and the Maturity Date
 .

"Pledge Agreement" means the Pledge Agreement, dated as of March 16, 2000, among the Share Seller, the Share Repurchaser and the Collateral Agent and substantially in the form of Exhibit A hereto, as the same may be amended,
supplemented or otherwise modified from time to time.

           "Principal Amount" means an amount equal to the Reference Number of Shares multiplied by the Initial Share Price.

           "Scheduled Maturity Date" means March 18, 2002.

           "Shares" means the shares of common stock, par value $1.00, of the Share Repurchaser.

"Spread" means, with respect to the initial Calculation Period, 330 basis points, and with respect to each Calculation Period following the initial Calculation Period, 155 basis points.

            "Trade Date" means March 16, 2000.

Section 2. Payment and Delivery.

(a) Initial and Other Payments. The Share Repurchaser shall (i) pay or shall have paid to the Share Seller on or prior to the Trade Date hereof an amount equal to $0.03 multiplied by the Reference Number of Shares and (ii)
pay to the Share Seller on each Payment Date an amount equal to the product of (x) the Principal Amount multiplied by (y) the sum of the Floating Rate plus the Spread multiplied by (z) the Floating Rate Day Count Fraction.

(b) Dividends. On each date on which the Share Repurchaser pays an ordinary cash dividend or other cash distribution on the Shares, an amount equal to such ordinary cash dividends and other cash distribution multiplied by
the Reference Number of Shares shall promptly after receipt be paid in immediately available funds by the Collateral Agent to the Share Repurchaser pursuant to Section 5 of the Pledge Agreement. 

(c) Physical Settlement. On the Scheduled Maturity Date, unless the Share Repurchaser shall have elected Optional Share Settlement pursuant to Section 2(e), the Share Repurchaser shall pay to the Collateral Agent for the
account of the Share Seller in immediately available funds the Principal Amount and the Collateral Agent shall deliver to the Share Repurchaser the Reference Number of Shares and any other Collateral pursuant to Section 10 of the Pledge Agreement. 

(d) Blackout Events. In the event that there exists a Blackout Event on the Scheduled Maturity Date and the Share Repurchaser shall have elected Optional Share Settlement, the Share Repurchaser shall pay to the Share Seller
for the period from and including the Scheduled Maturity Date to the date on which such Blackout Event ends, an amount equal to the Share Seller's cost of funding the Principal Amount, together with an interest rate spread that would be applicable to a
borrower of similar creditworthiness (such spread not to exceed 355 basis points) as the Share Repurchaser at such time as determined by the Share Seller, on the basis of the number of days actually elapsed during such period divided by 360. The Share
Repurchaser shall notify the Share Seller of the existence of any Blackout Event with respect to the Scheduled Maturity Date and of the date such Blackout Event ends, in each case by no later than the date on which such event occurs. In the event the
Blackout Event exceeds 60 Exchange Business Days, the parties agree in good faith to negotiate to terminate each party's obligations hereunder in exchange for any payments or deliveries that the parties may agree to make or receive. In the event that the
parties cannot mutually negotiate a settlement of this Agreement, the provisions of Section 2(c) shall apply. 

(e) Optional Share Settlement. (i) On not less than 5 Business Days' notice to the Share Seller, the Share Repurchaser may elect to settle all or, in accordance with Section 20, a portion of its obligations under this
Agreement by arranging for a sale of all or a portion of the Shares (as provided herein) which are held by the Collateral Agent by providing irrevocable notice to the Share Seller of such election ("Optional Share Settlement"). If the Share Repurchaser
shall have elected Optional Share Settlement, the following conditions must be met: (i) the Share Repurchaser will enter into a Registration Rights Agreement with the Share Seller or any of its designated affiliates in form and substance reasonably
satisfactory to the Share Seller not later than the Maturity Date, which agreement will contain, among other things, customary representations and warranties and indemnification and other rights relating to the registration of the Shares, including,
without limitation, the right to have made available to the Share Seller for inspection all financial and other records, pertinent corporate documents and other information reasonably requested by the Share Seller in connection with such Registration
Statement and the Share Seller shall be satisfied in all material respects with the results of such due diligence investigation of the Share Repurchaser; (ii) the Shelf Registration (as hereinafter defined) shall have been declared effective by the
Securities and Exchange Commission not later than the Maturity Date; and (iii) the Share Repurchaser shall maintain the effectiveness of the Shelf Registration until a sufficient number of Shares from the Reference Number of Shares held as part of the
Collateral shall have been sold and shall have generated cash proceeds to the Share Seller equal to the Principal Amount or the Unwind Principal Amount, if applicable. If any of the foregoing conditions regarding registration have not been met on or prior
to the dates specified in this Section, this Agreement will be settled in the manner contemplated by Section 2(c). The Share Repurchaser and the Share Seller shall cooperate in good faith as reasonably required in order to permit satisfaction of the
foregoing conditions in a timely manner. In addition, if the Shelf Registration has been declared effective, but does not remain effective until enough Shares have been sold to generate cash proceeds to the Share Seller equal to the Principal Amount or
the Unwind Principal Amount, if applicable, the Share Seller shall have the right to require that the Share Repurchaser repurchase for an amount up to the remaining Principal Amount or Unwind Principal Amount, if applicable, any unsold Shares which
constitute part of the Reference Number of Shares held as Collateral at a price per share equal to the Initial Share Price. In the event that a sufficient number of Shares have been sold pursuant to the Registration Statement such that the Share Seller
shall have received proceeds equal to the Principal Amount or the Unwind Principal Amount, if applicable, the Collateral Agent under Section 10 of the Pledge Agreement shall release from pledge to the Share Repurchaser all remaining Shares that then
remain subject to the Pledge Agreement, or in the case of the Unwind Principal Amount, the number of Shares that relate to the Unwind Principal Amount. "Shelf Registration" means a registration statement in form and substance reasonably satisfactory to
the Share Seller for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act of 1933, as amended, registering the Share Seller's resale of the Reference Number of Shares held as part of the Collateral, or such lesser
number of Shares in the case of the Unwind Principal Amount, in the manner or manners designated by the Share Seller. In the event Optional Share Settlement is elected by the Share Repurchaser, on each date Shares constituting part of the Reference Number
of Shares held as Collateral are sold, the Collateral Agent shall deliver to the Share Repurchaser from the Reference Number of Shares held pursuant to Section 10 of the Pledge Agreement a number of Shares equal to the number of Shares sold on such day
and the Share Repurchaser shall deliver to the Collateral Agent for the benefit of the Share Seller all of the proceeds received by the Share Repurchaser in connection with the sale of such shares up to an amount equal to the Principal Amount or the
Unwind Principal Amount, if applicable. Upon delivery by the Share Repurchaser or any other party to the Collateral Agent for the benefit of the Share Seller of the proceeds obtained from such sales, the Principal Amount will be reduced effective as of
the close of such day by the amount so received by the Share Seller. Any sale of the Reference Number of Shares that are held as part of the Collateral shall be completed no later than 60 Business Days following the Maturity Date (such day, the "Final
Settlement Date"); provided that if there shall have occurred a Blackout Event during such period the Final Settlement Date shall be extended one Business Day for each Business Day on which there shall have occurred a Blackout Event provided that such
extension shall not exceed 60 Business Days. In the event the Share Repurchaser shall have selected Optional Share Settlement, the Share Repurchaser shall also pay to the Share Seller an amount calculated with respect to each day after the Maturity Date
equal to each day's remaining outstanding Principal Amount multiplied by the Floating Rate plus the Spread multiplied by one divided by 360, such amount payable on the Final Settlement Date. In the event there shall not have been sold enough Shares under
the Shelf Registration necessary to pay the Principal Amount or the Unwind Principal Amount, if applicable, the Share Repurchaser shall arrange to deliver additional Shares to be sold under the Shelf Registration such that the aggregate proceeds received
and paid to the Collateral Agent for the benefit of the Share Seller shall equal the Principal Amount or the Unwind Principal Amount, if applicable. 

(ii) In the event the proceeds received by the Collateral Agent for the benefit of the Share Seller obtained in connection with the sale of the Shares held by the Collateral Agent (together with the proceeds of any additional
Shares which may have been included by the Share Repurchaser) are less than the Principal Amount or the Unwind Principal Amount, if applicable, the Share Repurchaser shall be obligated to deliver to the Collateral Agent for the benefit of the Share Seller
an amount in cash equal to the amount by which the Principal Amount or the Unwind Principal Amount, if applicable, exceeds the amount of proceeds received by the Collateral Agent for the benefit of the Share Seller in connection with such sales. 

Section 3. Adjustments and Merger Events. In the event of (i) a subdivision, consolidation or reclassification of the Shares into a different number or kind of shares of stock, (ii) a dividend on the Shares paid in Shares or
any non-cash consideration, (iii) a merger, consolidation, amalgamation, sub-division, recapitalization, reclassification, dissolution, liquidation, winding up or other similar event, or (iv) any other similar event which has a dilutive or concentrative
effect on the Shares (each an "Adjustment Event"), which occurs after the Trade Date but before the Maturity Date, then in each case the Calculation Agent shall determine whether such event has a diluting or concentrative effect on the number of Shares
and, after consultation with the Share Repurchaser, shall make any adjustments to the terms of this Agreement to preserve as nearly as practicable, the economic equivalent of the obligations of the parties hereto prior to such Adjustment Event. 

Section 4. Representations. (a) Each party hereby represents to the other party as follows:

(i) Status. It is duly organized and validly existing under the laws of the jurisdiction or its organization or incorporation;

(ii) Powers. It has the power to execute and deliver this Agreement and to perform its obligations under this Agreement and has taken all necessary action to authorize such execution, delivery and performance;

(iii) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict with any law applicable to it, any provision of its constitutional documents, any material order or judgement of any court
or other agency or government applicable to it or any of its assets or any material contractual restriction binding on or affecting it or any of its assets;

(iv) Consents. All governmental and other consents that are required to have been obtained by it with respect to this Agreement have been obtained and are in full force and effect and all conditions of any such consents have
been complied with; and

(v) Obligations Binding. Its obligations under this Agreement constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms subject to applicable bankruptcy, reorganization,
insolvency, moratorium or other similar laws affecting creditors' rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law).

(b) The Share Repurchaser represents and warrants to the Share Seller that the Share Repurchaser (i) is not entering into this Agreement on the basis of any material non-public information with respect to the Share Repurchaser and
(ii) that on the date of any sale of Shares occurring as a result of Optional Share Settlement the Share Repurchaser is not in possession of any material non-public information which would otherwise prevent it from selling its own Shares.

(c) JPMSI represents and warrants to the Share Repurchaser that it has been duly authorized to act as the Share Seller's agent in entering into this Agreement on behalf of the Share Seller.

(d) Covenants. The parties hereby agree that for purposes of United States federal, state and local income or franchise tax and for any other tax imposed on or measured by income in any jurisdiction in the United States
("U.S. Taxation") that (i) the Principal Amount is a loan from the Share Seller to the Share Repurchaser and the parties will treat the Principal Amount as such, (ii) so long as there shall exist no Event of Default, the Share Repurchaser will be treated
as the owner of all dividends and other distributions paid with respect to the Shares, and (iii) the Share Repurchaser will claim a deduction for interest in an amount equal to the payments required to be made under Section 2(a) hereof to the Share Seller
with respect to the Shares and the Share Seller will recognize a like amount as interest income with respect to the Principal Amount being characterized as a loan for purposes of U.S. Taxation.

Section 5. Events of Default. (a) The occurrence at any time with respect to the Share Repurchaser (the "Defaulting Party") of any of the following events constitutes an event of default (an "Event of Default"):

(i) Failure to Pay or Deliver. Failure by the Share Repurchaser to make, when due, any payment or delivery under this Agreement required to be made by it if such failure is not remedied on or before the third Exchange
Business Day after notice of such failure is given to the Share Repurchaser;

(ii) Misrepresentation. A representation in this Agreement proves to have been incorrect or misleading in any material respect when made;

(iii) Voluntary Bankruptcy, Etc. The Share Repurchaser or any Material Subsidiary (as such term is defined in the Credit Agreement) (A) shall commence a voluntary case or other proceeding seeking liquidation, reorganization
or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect, or (B) shall commence a voluntary case or other proceeding seeking the appointment of a trustee, receiver, liquidator,
custodian or other similar official of it or any substantial part of its property, or (C) shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it,
or (D) shall make a general assignment for the benefit of creditors, or (E) shall fail generally to pay its debts as they become due, or (F) shall take any corporate action to authorize any of the foregoing;

            (iv) Involuntary Bankruptcy. An involuntary case or other proceeding (A) shall be commenced against the Share Repurchaser or any Material Subsidiary seeking
liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official
of it or any substantial part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or (B) an order for relief shall be entered against the Share Repurchase or any Material Subsidiary
under the federal bankruptcy laws as now or hereafter in effect;

(v) Merger Without Assumption. The Share Repurchaser consolidates or amalgamates with, or merges into, or transfers all or substantially all its assets, to, another entity and, at the time of such consolidation,
amalgamation, merger or transfer the resulting, surviving or transferee entity fails to assume all the obligations such under this Agreement by operation of law or pursuant to an agreement reasonably satisfactory to the Share Seller; 

(vi) Cross Default. The Share Repurchaser or any Subsidiary (as such term is defined in the Credit Agreement) shall fail to make any payment in respect of Material Financial Obligations (as such term is defined in the Credit
Agreement) when due or within any applicable grace period; or

            (vii) Cross Acceleration. Any event or condition shall occur and shall continue beyond the applicable grace or cure period, if any, provided with respect
thereto and the maturity of Material Financial Obligations shall be accelerated a result thereof.

(b) The occurrence at any time with respect to the Share Seller (the "Defaulting Party") of any of the following events constitutes an event of default (an "Event of Default"):

(i) Failure to Pay or Deliver. Failure by the Share Seller to make, when due, any payment or delivery under this Agreement required to be made by it if such failure is not remedied on or before the third Exchange Business
Day after notice of such failure is given to the Share Seller;

(ii) Misrepresentation. A representation in this Agreement proves to have been incorrect or misleading in any material respect when made; or

(iii) Pledge Agreement. (1) The Pledge Agreement shall cease, for any reason, to be in full force and effect or the Share Seller shall so assert in writing, (2) the lien created by the Pledge Agreement shall, by reason of
any breach by the Share Seller of any of its covenants or other obligations contained in the Pledge Agreement, cease to be enforceable and of the same effect and priority purported to be created thereby or (3) there shall exist a Pledgor Event of Default
(as defined in the Pledge Agreement); or

(iv) Guaranty At any time after the execution and delivery thereof, the Guaranty or any Provisions thereof shall cease to be in full force and effect as to the Guarantor, or the Guarantor or any person acting by or on behalf
of the Guarantor shall deny or disaffirms the Guarantor's obligations under the Guaranty, or the Guarantor shall default in the due performance or observance of any term, covenant or agreement on its part to be performed or observed pursuant to the
Guaranty. 

            Section 6. Remedies Upon Occurrence of Event of Default.

(a) If at any time an Event of Default with respect to a Defaulting Party has occurred and is then continuing, and (i) with respect to the Share Repurchaser if such event is an Event of Default specified in clauses (B) or
(D) of Section 5(a)(iii) hereof, then an early termination of this Agreement will occur immediately upon the occurrence of the Event of Default specified in such clause, and (ii) if such event is any other Event of Default, then the Non-Defaulting Party
shall have the right to immediately terminate this Agreement by giving written notice thereof to the Defaulting Party with a copy to the Collateral Agent.

(b) Upon any termination of this Agreement arising from an Event of Default, the Non-Defaulting Party shall be entitled to receive from the Defaulting Party any Loss that the Non-Defaulting Party shall have incurred in connection
with this Agreement and the liquidation of its obligations with respect thereto. For purposes hereof, "Loss" shall mean any loss, cost of bargain, breakage costs, expense or other amounts incurred in connection with any liquidation of any hedge relating
to this Agreement and the maintaining or re-establishing of any hedge relating to this Agreement (including, in the case of the Share Seller, any related funding costs incurred by the Share Seller), together with all reasonable out-of-pocket expenses,
including legal fees, incurred by the Non-Defaulting Party by reason of the enforcement or protection of its rights under this Agreement or the Pledge Agreement. Any Loss until the date so paid shall accrue at a default rate of 2% in excess of the
Non-Defaulting Party's cost of funds. The Non-Defaulting Party will determine its Loss as of the date of termination of this Agreement, or if that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable.

             Section 7. Notices. All notices, demands or other communications hereunder shall be given or made in writing and shall be delivered personally, or
sent by certified or registered mail, postage prepaid, return receipt requested, or overnight delivery service, telex or telecopy to the party to whom they are directed at the following addresses, or at such other addresses as may be designated by notice
from such party to all other parties:

TO SHARE SELLER:

Morgan Guaranty Trust Company of New York

c/o J.P. Morgan Securities Inc.

60 Wall Street

New York, New York 10260

Attention: Equity Derivatives Group

Telephone: (212) 648-1257/2510

Telecopy: (212) 648-5604

TO SHARE REPURCHASER:

IMC Global Inc.

2100 Sanders Road

Northbrook, Illinois 60062-6146

Attention: Assistant Treasurer

Telephone: 847/205-4826

Telecopy: 847/205-4930

Any notice, demand or other communication given in a manner prescribed in this Section shall be deemed to have been delivered on receipt.

Section 8. Set-Off. Any amount (the "Early Termination Amount") payable by the Non-Defaulting Party to the Defaulting Party or by the Defaulting Party to the Non-Defaulting Party under Section 6 of this Agreement, after the
occurrence and continuation of an Event of Default will, at the option of the Non-Defaulting Party (and without prior notice to the Defaulting Party) be reduced by its set-off against any amount(s) (the "Other Agreement Amount") payable (whether at such
time or in the future or upon the occurrence of a contingency) by the Defaulting Party to the Non-Defaulting Party or by the Non-Defaulting Party to the Defaulting Party (irrespective of the currency, place of payment or booking office of such obligation)
under any other agreement(s) between the Non-Defaulting Party and the Defaulting Party or instrument(s) or undertaking(s) issued or executed by one party to, or in favor of, the other party (and the Other Agreement Amount(s) will be discharged promptly
and in all respects to the extent it is so set-off). The Non-Defaulting Party will give notice to the other party of any set-off effected under this Section. If an obligation is unascertained, the Non-Defaulting Party may in good faith estimate that
obligation and set-off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained. Nothing in this Section shall be effective to create a charge or other security interest. This Section shall be
without prejudice and in addition to any right of set-off otherwise available to a party (whether by operation of law, contract, or otherwise).

Section 9. Assignment. This Agreement may not be assigned or transferred, in whole or in part, without the prior written consent of the other party. Notwithstanding any other provision in this Agreement to the contrary
requiring the Share Seller to purchase, sell, receive or deliver any shares or other securities to or from the Share Repurchaser, the Share Seller may designate any of its affiliates to purchase, sell, receive or deliver such shares or other securities
and otherwise to perform the Share Seller's obligations with respect thereto and any such designee may assume such obligations. The Share Repurchaser need not be notified of such designation. The Share Seller shall be discharged of its obligations to the
Share Repurchaser to the extent of such performance. The Share Seller will guaranty the obligations of any such affiliate hereunder pursuant to a guaranty in the form attached hereto as Exhibit B.

            Section 10. Governing Law; Counterparts; Amendments. 

(a) This Agreement shall be governed by and construed in accordance with the internal laws of the State of New York, without reference to choice of law doctrine, and shall be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto.

(b) This Agreement may be executed in counterparts, each of which shall be deemed an original.

(c) None of the terms or provisions of this Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the parties.

Section 11. No Waiver. Any failure by any party to exercise any right hereunder or at law shall not be construed as a waiver of the right to exercise the same or any other right at any other time and from time to time
hereunder.

Section 12. Section Headings. The section headings used in this Agreement are for convenience of reference only and are not to affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 13. Limitation. Nothing expressed or implied herein is intended or shall be conquered to confer upon any person, firm or corporation other than the parties hereto, any rights remedy or claim by reason of this
Agreement or any term hereof, and all terms contained herein shall be for the sole and exclusive benefit of the parties hereto, and their successors and permitted transferees.

Section 14. Submission to Jurisdiction. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF ANY COURT OF THE STATE OF NEW YORK OR THE UNITED STATES DISTRICT COURT FOR THE STATE OF NEW YORK FOR THE
PURPOSE OF ANY SUIT, ACTION OR OTHER PROCEEDING ARISING OUT OF THIS AGREEMENT, THE PLEDGE AGREEMENT, OR ANY OF THE AGREEMENTS OR TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HEREBY IRREVOCABLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH SUIT, ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED BY SUCH COURT.

Section 15. Waiver of Jury Trial. Each party waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any suit, action or proceeding relating to this Agreement or the
Pledge Agreement. Each party (i) certifies that no representative, agent or attorney of the other party has represented, expressly or otherwise, that such other party would not, in the event of such a suit, action or proceeding, seek to enforce the
foregoing waiver and (ii) acknowledges that it and the other party have been induced to enter into this Agreement and the Pledge Agreement, as applicable, by, among other things, the mutual waivers and certifications in this Section.

Section 16. Severability. If one or more provisions of this Agreement or the applicability of any such provisions to any set of circumstances shall be determined to be invalid or ineffective for any reason, such
determination shall not affect the validity and enforceability of the remaining provisions or the applicability of the same provisions or any of the remaining provisions to other circumstances.

Section 17. Rule 10b-18. The Share Seller represents and warrants that any purchase of Shares in connection with its hedging of its obligations under this Agreement whether occurring on or prior to the Trade Date have been
and shall be made in accordance with the provisions of Rule 10b-18 of the Securities and Exchange Act of 1934, as amended, as if such rule were applicable to this Agreement and the transactions contemplated herein.

Section 18. No Reliance. Each party will be deemed to represent to the other party on the date on which it enters into this Agreement that (absent a written agreement between the parties that expressly imposes affirmative
obligations to the contrary) (a) it is acting for its own account, and it has made its own independent decisions to enter into this Agreement and as to whether the transaction contemplated by this Agreement is appropriate or proper for it based upon its
own judgment and upon advice from such advisors (including its tax, legal, accounting and regulatory advisors) as it has deemed necessary; (b) it is not relying on any communication (written or oral) of the other party as investment advice or as a
recommendation to enter into the transaction contemplated by this Agreement, it being understood that information and explanations related to the terms and conditions of this Agreement shall not be considered investment advice or a recommendation to enter
into the transaction contemplated by this Agreement; (c) no communication (written or oral) received from the other party shall be deemed to be an assurance or guarantee as to the expected results of the transaction contemplated by this Agreement; (d) it
is capable of assessing the merits of and evaluating and understanding (on its own behalf or through independent professional advice), and understands and accepts, the terms, conditions and risks of the transaction contemplated by this Agreement; (e) it
is also capable of assuming, and assumes, the financial and other risks contemplated by this Agreement.

             Section 19. Acknowledgment. The Share Repurchaser acknowledges that JPMSI has acted as agent for the Share Seller in connection with this Agreement
and that JPMSI shall have no liability as principal with respect to the obligations of the Share Seller hereunder. 

             Section 20. Early Termination. So long as there shall exist no Default or Event of Default and so long as no Trigger Date shall have occurred, the
Share Repurchaser shall have the right upon 5 Business Days prior notice to the Share Seller to terminate not less than $10,000,000 in Principal Amount of this Agreement (the amount so requested to be terminated, the "Unwind Principal Amount") by
notifying the Share Seller of the date such early termination shall occur which date shall not be earlier than the fifth Business Day following delivery of such notice to the Share Seller (such termination, the "Early Termination", and the date so
designated by the Share Repurchaser, the "Early Termination Date"). In connection with such Early Termination, the parties shall be obligated to make the payments and deliveries required and to perform the obligations contemplated, and shall be entitled
to exercise the rights contemplated, by Section 2 hereof (including with respect to any requirements, rights and obligations, of Section 2(e) if elected by the Share Repurchaser with respect to the Unwind Principal Amount) with respect to the amount so
being terminated and the Share Seller shall be entitled to be compensated by the Share Repurchaser for any losses associated with any breakage costs relating to the Share Seller having funded its position in the Shares relating to the Principal Amount
being terminated. In the event of an Early Termination, upon delivery by the Share Repurchaser of the Unwind Principal Amount, the Reference Number of Shares shall be reduced by the number of Shares that relate to the Unwind Principal Amount and the
Principal Amount shall be reduced by the Unwind Principal Amount effective as of the Early Termination Date. The right contained in this Section shall be exercisable up to three times by the Share Repurchaser.

              Section 21. Unwind Event. If at any time the closing price of the Shares on the Exchange shall be equal to or less than 50% of the Initial Share
Price (such date, the "Trigger Date"), the Share Seller may, at its option, designate a day that is at least five Business Days from the date of the notice specifying the occurrence of the Trigger Date (such date, the "Unwind Date"). The Agreement shall
terminate on the Unwind Date unless prior to such date the Share Repurchaser shall have elected, by no less than three Business Days' notice given to the Share Seller prior to the Unwind Date, Optional Share Settlement and shall have satisfied the
conditions contained in Section 2(e) (other than the condition set forth in the clause (iii) of the second sentence thereof to the extent that it relates to any period after the Unwind Date) as it relates to the Shares that are held by the Share Seller
prior to or on the Unwind Date. The Share Repurchaser shall also be obligated to pay, promptly after the determination thereof, and in accordance with the Optional Share Settlement procedures contemplated by Section 2(e), an additional amount equal to the
Share Seller's losses and costs in connection with this Agreement (which shall include the cost of terminating, liquidating, obtaining or reestablishing any hedge or related trading position). Any sale of Shares that is to occur as a result of a Trigger
Date shall commence no later than the Unwind Date and in the event there shall occur a Blackout Event on the Unwind Date, the Share Repurchaser shall be obligated to pay to the Share Seller on the Unwind Date an amount equal to the Reference Number of
Shares multiplied by the Initial Share Price together with an amount equal to the Share Seller's losses and costs in connection with this Agreement (which shall include the cost of terminating, liquidating, obtaining or reestablishing any hedge or related
trading position), and the Collateral Agent will deliver the Reference Number of Shares and any other Collateral to the Share Repurchaser. In the event a Trigger Date shall have occurred and the Share Seller shall have designated an Unwind Date and the
Share Repurchaser shall not have elected Optional Share Settlement pursuant to Section 2(e), the Share Repurchaser shall pay to the Share Seller on the Unwind Date an amount equal to the Reference Number of Shares multiplied by the Initial Share Price
plus an additional amount equal to the Share Seller's losses and costs in connection with this Agreement (which shall include the cost of terminating, liquidating, obtaining or reestablishing any hedge or related trading position), and the Collateral
Agent will deliver the Reference Number of Shares and any other Collateral to the Share Repurchaser.

             Section 22. Agreement Regarding Repurchases by Share Repurchaser of Shares. The Share Repurchaser agrees that if it repurchases its Shares such that
if immediately following such purchase the quotient obtained dividing the Reference Number of Shares by the then-outstanding Shares of the Share Repurchaser would equal or exceed 4.99%, the Share Repurchaser and the Share Seller mutually agree to reset
the terms of this Transaction to preserve the Share Seller's economics, including but not limited to reducing the Reference Number of Shares hereunder, so that the Share Seller does not become the beneficial owner of 4.99% or more of the outstanding
Shares of the Share Repurchaser.

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

IMC GLOBAL INC.

 

By:_____________________

Title:

  

J.P. MORGAN SECURITIES INC.,

as agent for

MORGAN GUARANTY TRUST

COMPANY OF NEW YORK

 

By:_____________________

Title:

 

 

EXHIBIT A

PLEDGE AGREEMENT

 

PLEDGE AGREEMENT, dated as of March 16, 2000 between MORGAN GUARANTY TRUST COMPANY OF NEW YORK (the "Pledgor"), IMC GLOBAL INC. (the "Secured Party") and The Bank of New York, as Collateral Agent (the "Collateral Agent").

WHEREAS, the Pledgor and the Secured Party are parties to the Share Repurchase Agreement, dated as of the date hereof (as the same may be amended, supplemented or otherwise modified from time to time, the "Repurchase Agreement").
Capitalized terms used herein but not otherwise defined have the meanings assigned to them in the Repurchase Agreement; 

WHEREAS, the Pledgor has agreed to enter into this Pledge Agreement in order to secure its obligations under the Repurchase Agreement;

WHEREAS, the Secured Party has requested the Collateral Agent to maintain custody of the Collateral (as hereinafter defined) as agent of the Secured Party with respect to the Collateral in order to perfect its security interest in the
Collateral;

NOW, THEREFORE, to secure the Pledgor's obligations under the Repurchase Agreement, and for other good and valuable consideration, the receipt and adequacy of which are hereby specifically acknowledged, the parties hereto agree as
follows:

1.Grant of Security Interest. The Pledgor hereby grants to the Secured Party a security interest in 5,400,000 shares of common stock, par value $1.00 per share, of the Secured Party (the "Collateral") delivered hereunder to
the Collateral Agent as agent for the Secured Party to secure (i) the payment of dividends under Section 2(b) of the Repurchase Agreement and (ii) the delivery of the Reference Number of Shares to the Secured Party upon receipt by the Pledgor of payment
by the Secured Party of the Principal Amount under Section 2(c) of the Repurchase Agreement (the obligations referred to in clauses (i) and (ii) being hereinafter collectively referred to as the "Secured Obligations").

2.Pledge. To secure the Secured Obligations, the Pledgor hereby pledges and assigns to the Secured Party the Collateral and delivers or causes to be delivered to the Collateral Agent as agent for the Secured Party either (i)
certificates therefor, duly accompanied by stock powers duly executed in blank by the Pledgor to allow the Collateral Agent to register the Collateral in its name or (ii) the Reference Number of Shares in uncertificated form to be deposited and held by
the Collateral Agent in its name at its account maintained at Depository Trust Company.

3.Assurances. (a) The Pledgor represents and warrants that the Collateral is and will be validly and duly pledged to the Secured Party in accordance with law, and agrees to defend the Secured Party's right, title, lien
and security interest in and to the Collateral against the claims and demands of all persons whomsoever. The Pledgor also represents and warrants to the Secured Party that the Pledgor has, and will have upon deposit with the Secured Party, good title to
all of the Collateral, free and clear of all claims, mortgages, pledges, liens, encumbrances and security interests or proprietary rights of others of every nature whatsoever, and that no consent or approval of any governmental or regulatory authority, or
of any securities exchange or person, was or is necessary to the validity of this pledge.

(b) The Pledgor represents and warrants that no liens, security interests or adverse claims, other than in favor of the Secured Party or the Collateral Agent pursuant to this Agreement, exist upon the Collateral. 

4.Voting. So long as (a) there exists no Event of Default under the Repurchase Agreement with respect to the Secured Party and (b) the Collateral is pledged to the Secured Party hereunder, the Pledgor hereby agrees to
abstain, unless otherwise directed by the Share Repurchaser, from voting any and all Collateral or from giving consents, waivers or ratifications in respect thereof.

5. Dividends and Other Distributions. So long as there exists no Event of Default under the Repurchase Agreement with respect to the Secured Party, all ordinary cash dividends and other cash distributions payable in respect
of the Collateral shall be paid promptly upon receipt to the Secured Party in immediately available funds. The Secured Party shall also be entitled to receive directly, and to retain as part of the Collateral:

(a) all other or additional stock or securities or property (other than cash) paid or distributed by way of dividend or otherwise, as the case may be, in respect of the Collateral:

(b) all other or additional stock or other securities or property (other than cash) paid or distributed in respect of the Collateral by way of stock-split, spin-off, split-up, reclassification, combination of shares or similar
rearrangement; and 

(c) all other or additional stock or other securities or property (other than cash) which may be paid in respect of the Collateral by reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or other
similar corporate reorganization.

All dividends, distributions, or other payments which are received by the Pledgor contrary to the provisions of this Section 5 shall be received in trust for the benefit of the Secured Party, shall be segregated from other property or
funds of the Pledgor and shall forthwith be paid over to the Secured Party as Collateral in the same form as received by the Pledgor (with any necessary endorsement or assignments).

6.Demands and Notices. In the event a Pledgor Event of Default has occurred and is continuing, no demand, advertisement or notice, all of which are hereby expressly waived, shall be required in connection with any sale or
other disposition of any part of the Collateral which threatens to decline speedily in value or which is of a type customarily sold on a recognized market; otherwise the Secured Party shall give the Pledgor at least five days' prior notice of the time and
place of any public sale and of the time at which any private sale or other disposition is to be made, which notice the Pledgor agrees is reasonable, all other demands, advertisements and notices being hereby waived. The Secured Party shall not be
obligated to make any sale of Collateral if it shall determine not to do so, regardless of the fact that notice of sale may have been given. The Secured Party may, without notice or publication, adjourn any public or private sale or cause the same to be
adjourned from time to time by announcement at the time and place fixed for sale, and such sale may, without further notice, be made at the time and place to which the same was so adjourned. In the case of all sales of Collateral, public or private, the
Pledgor shall pay all costs and expenses of every kind for sale or delivery, including brokers' and attorneys' fees, and after deducting such costs and expenses from the proceeds of sale, the Secured Party shall apply any residue to the payment of any
amounts owed with regard to the Secured Obligations. The balance, if any, remaining after payment in full of all such amounts shall be paid to the Pledgor, subject to any duty of the Secured Party imposed by law to the holder of any subordinate security
interest in the Collateral known to the Secured Party.

7.Remedies, Etc., Cumulative. Each and every right, power and remedy provided herein in favor of the Secured Party now or hereafter existing at law or in equity or by statute shall be cumulative and concurrent and shall be
in addition to all other rights, powers and remedies in favor of secured parties existing at law or in equity or by statute or otherwise. The exercise by the Secured Party of one or more of the rights, powers or remedies provided for in this Pledge
Agreement or in the Repurchase Agreement shall not preclude the simultaneous or later exercise by the Secured Party of all other such rights, powers and remedies, and no failure or delay on the part of the Secured Party shall operate as a waiver thereof.
No notice to or demand on the Pledgor in any case shall entitle Pledgor to any other or further notice or demand in similar or other circumstances or constitute a waiver of any of the rights of the Secured Party to any other or further action in any
circumstances without notice or demand. 

8.        Secured Party's Duties. The Secured Party shall have no duty as to the collection or protection of the Collateral or any income thereon or as to the preservation of any rights
pertaining thereto, beyond the safe custody of any thereof actually in its possession. The Pledgor releases the Secured Party from any claims, causes of action and demands at any time arising out of or with respect to this Pledge Agreement, the Collateral
and/or any actions, taken or omitted to be taken by the Secured Party with respect thereto in the absence of gross negligence or willful misconduct, and the Pledgor hereby agrees to hold the Secured Party harmless from and with respect to any and all such
claims, causes of action and demands.

9.        Pledgor Event of Default. In addition to the Events of Default specified in the Repurchase Agreement, the occurrence at any time with respect to the Pledgor of any of the
following events will constitute an event of default (a "Pledgor Event of Default") with respect to it hereunder and under the Repurchase Agreement:

             (a) any representation and warranty made by the Pledgor herein or in any instrument or document delivered pursuant hereto shall prove to be incorrect or
misleading in any material respect on the date when made; or

             (b) the Pledgor shall fail to perform any term, covenant or agreement contained herein for 30 days after written notice thereof has been given to the Pledgor
by the Secured Party.

10.      Termination of Pledge and Return of Collateral. 

(a) Upon receipt by the Collateral Agent for the benefit of the Pledgor of the Principal Amount on the Maturity Date pursuant to Section 2(c) of the Repurchase Agreement, or upon exercise by the Secured Party of its right to
Optional Share Settlement pursuant to Section 2(e) of the Repurchase Agreement whether relating to the Maturity Date, an Early Termination Date or a Trigger Date, together with receipt by the Collateral Agent for the benefit of the Pledgor of the
applicable Principal Amount or the Unwind Principal Amount, if applicable, from the proceeds received from the sale of any Shares (or other Collateral) in connection with the Maturity Date, an Early Termination Date or a Trigger Date, as the case may be,
the Collateral Agent shall deliver to the Secured Party such Shares (or other Collateral) constituting part of the Collateral and which relate to the Principal Amount, the Unwind Principal Amount or such Shares that relate to the Maturity Date, an Early
Termination or a Trigger Date.

 

            (b) In the event the Repurchase Agreement shall terminate prior to the Maturity Date (other than pursuant to Section 20 or 21 of the Repurchase Agreement) or an
early termination pursuant to Section 6(a) of the Repurchase Agreement shall have occurred with respect to the Secured Party, this Pledge Agreement shall terminate and the Pledgor shall be entitled to the return of all of the Collateral.

11.Collateral Agent.

(a)The Collateral Agent agrees to act as collateral agent of the Secured Party with respect to the Collateral and to maintain custody of the Collateral for the benefit of the Secured Party subject to the terms hereof solely for the
purpose of perfecting Secured Party's security interest in the Collateral and enabling the Secured Party to enforce its rights with respect thereto. All Collateral shall be segregated from other assets of the Pledgor under any other agreement between The
Bank of New York and the Pledgor. The Collateral shall be identified on the Pledgor's books and records as having been pledged to the Secured Party. The Collateral shall at all times remain the property of the Pledgor subject only to the extent of the
interest and rights therein of the Secured Party as the secured party thereof pursuant to this Agreement.

(b)The Pledgor shall direct the Collateral Agent to release Collateral to the Secured Party by delivering written instructions to the Collateral Agent which instructions shall certify that the Principal Amount has been paid by the
Secured Party to the Pledgor and that such release is authorized pursuant to Section 9(a) hereof. Upon receipt of such Collateral release instructions, the Collateral Agent shall promptly comply with such Collateral release instructions.

(c)In the event that an early termination pursuant to Section 6(a) of the Repurchase Agreement shall have occurred, the Pledgor shall promptly inform the Collateral Agent and the Secured Party by delivery of written notice, which
notice shall (i) specify the date which is (or is deemed to be) the early termination date of the Repurchase Agreement and (ii) request the return of the Collateral to the Pledgor on such date pursuant to Section 9(b) hereof. On such date of early
termination (or deemed date, as the case may be), the Collateral Agent shall release the Collateral to the Pledgor. 

(d)The Collateral Agent's duties shall be limited to receiving, safe-keeping and delivering the Collateral as provided in this Agreement. The Collateral Agent undertakes to perform only such duties as are expressly provided for
under this Agreement.

(e)The Collateral Agent's safekeeping responsibility shall be limited to exercising the care and diligence usually accorded by the Collateral Agent to its own property. The Collateral Agent, in its sole discretion, is authorized
either to (i) retain physical possession of the Collateral or (ii) transfer possession thereof to the Collateral Agent's agent, which agent shall be acceptable to the Secured Party. The Collateral Agent is not authorized and will not make the Collateral
available for share lending or to support any other transaction entered into by the Pledgor or the Collateral Agent.

(f)The Collateral Agent may rely, without liability, and shall be protected in acting or refraining from acting, upon any instruction, notice, request, direction or consent believed by it to be genuine and not inconsistent with any
provision thereof and to have been signed, given or presented by or on behalf of the Pledgor or the Secured Party, as the case may be. The Collateral Agent may at any time request instructions from the Pledgor or the Secured Party, as the case may be, and
may await such instructions without incurring liability. The Collateral Agent has no obligation to act in the absence of such requested instructions, but may, however, without liability take such ministerial actions as it deems advisable.

(g)The Pledgor and the Secured Party hereby acknowledge that neither the Collateral Agent nor any of its officers, employees, agents or advisers have made any representations, given any assurances, or expressed any opinions as to
the effectiveness of any of the procedures and rights herein provided to secure payment and performance by each party of its obligations under the Repurchase Agreement.

(h)In the event of any dispute or question as to the construction of any of the provisions of this Agreement or its duties under this Agreement, the Collateral Agent may seek the advice of legal external counsel, the reasonable
fees and expenses of which shall be for the account of the Pledgor and the Secured Party, divided equally between them. The Collateral Agent shall incur no liability and shall be fully protected in respect of any action taken, omitted or suffered by it in
good faith in accordance with the advice of such counsel.

(i)If a controversy arises between one or more of the parties hereto, or between any of the parties hereto and any person not a party hereto, as to whether or not or to whom the Collateral Agent shall deliver the Collateral or any
portion thereof or as to any other matter arising out of or relating to this Agreement or the Collateral, the Collateral Agent shall not be required to determine same and shall not make any delivery of the Collateral or any portion thereof but shall
retain the same until the rights of the parties to the dispute shall have finally been determined by agreement or by final order of a court of competent jurisdiction (after all appeals have been finally determined or the time for further appeals has
expired without an appeal having been made) which is binding on the Collateral Agent. The Collateral Agent shall assume that no such controversy has arisen unless it (i) has received a written notice from any party hereto that such a controversy has risen
which notice refers specifically to this Agreement and identifies the adverse claimants to the controversy; (ii) receives contradictory instructions from the Pledgor and the Secured Party; or (iii) fails to receive a confirmation of an instruction
required under this Agreement.

(j)The Pledgor agrees to pay to the Collateral Agent the fees as may be agreed upon from time to time. All expenses, including reasonable outside counsel fees (other than those specified in Section 11(h)), incurred by the
Collateral Agent in carrying out its obligations under this Agreement shall be paid by the Pledgor.

(k)The Secured Party may remove the Collateral Agent as its collateral agent only for cause and upon 60 days' notice to the Collateral Agent and upon acceptance by a successor collateral agent satisfactory to the Pledgor and the
Secured Party of all of the duties and obligations of the Collateral Agent under this Agreement. The Collateral Agent may resign as collateral agent under this Agreement at any time upon 60 days' written notice to the Secured Party and the Pledgor. Upon
receipt of notice of the Collateral Agent's resignation, the Secured Party shall take steps reasonably necessary to appoint a qualified successor Collateral Agent acceptable to the Pledgor and the Secured Party. Upon acceptance by a successor collateral
agent of its appointment pursuant to this Section, the Collateral Agent shall transfer all Collateral to the successor collateral agent which shall thereupon be substituted in place of the Collateral Agent under this Agreement, with all the rights,
privileges and obligations of the Collateral Agent, and the Collateral Agent shall have no further obligations or duties under this Agreement. A successor collateral agent shall have no liability for, or any responsibility to inquire into, any acts or
omissions of the Collateral Agent prior to such successor collateral agent's acceptance of appointment under this Agreement.

12.Notices, Demands. Any notice authorized or required by this Agreement shall be sufficiently given if in writing and addressed to the receiving party and hand delivered or sent by telecopy or other facsimile machine to the
individuals at the address specified below or to such other person or persons as the receiving party may from time to time designate to the other parties in writing. Such notice shall be effective upon receipt but, in the event that notice is sent by
telecopy or some other form of facsimile transmission, receipt will be considered to have occurred only after the sending party has verified receipt by telephoning the number herein provided for calls for confirmation.

TO THE COLLATERAL AGENT:

 

The Bank of New York

One Wall Street

Institutional Custody Division

New York, New York 10286

Attention: Julie Gilligan

Telephone: (212) 635-6754

Telecopy: (212) 635-6711

TO THE PLEDGOR:

Morgan Guaranty Trust Company of New York

c/o J.P. Morgan Securities Inc.

60 Wall Street

New York, New York 10260

Attention: Equity Derivatives Group

Telephone (212) 648-1257/2510

Telecopy: (212) 648-5604

TO THE SECURED PARTY:

IMC Global, Inc.

2100 Sanders Road

Northbrook, Illinois 60062-6146

Attention: Assistant Treasurer

Telephone: 847/205-4826

Telecopy: 847/205-4930

13. Governing Law; Counterparts; Amendments. 

(a) This Pledge Agreement shall be governed by and construed in accordance with the laws of the State of New York, without reference to choice of law doctrine, and shall be binding upon and inure to the benefit of the respective
successors and assigns of the parties hereto.

(b) This Pledge Agreement may be executed in counterparts, each of which shall be deemed an original.

(c) None of the terms or provisions of this Pledge Agreement may be waived, amended, supplemented or otherwise modified except by a written instrument executed by the parties.

14. No Waiver. Any failure by any party to exercise any right hereunder or at law shall not be construed as a waiver of the right to exercise the same or any other right at any other time and from time to time hereunder.

15. Section Headings. The section headings used in this Pledge Agreement are for convenience of reference only and are not to affect the construction of, or be taken into consideration in interpreting, this Pledge Agreement.

16. Limitation. Nothing expressed or implied herein is intended or shall be conquered to confer upon any person, firm or corporation other than the parties hereto, any rights remedy or claim by reason of this Pledge Agreement or
any term hereof, and all terms contained herein shall be for the sole and exclusive benefit of the parties hereto, and their successors and permitted transferees.

17. Severability. If one or more provisions of this Pledge Agreement or the applicability of any such provisions to any set of circumstances shall be determined to be invalid or ineffective for any reason, such determination
shall not affect the validity and enforceability of the remaining provisions or the applicability of the same provisions or any of the remaining provisions to other circumstances.

IN WITNESS WHEREOF, the Pledgor, the Collateral Agent and the Secured Party have caused this Pledge Agreement to be duly executed as of the day and year first above written.

J.P. MORGAN SECURITIES INC.,

as agent for

MORGAN GUARANTY TRUST COMPANY

OF NEW YORK

 

By: ______________________________

Name:

Title:

 

IMC GLOBAL INC.

 

By: _______________________________

Name:

Title:

 

THE BANK OF NEW YORK, as Collateral Agent

 

By:________________________________

Name:

Title:

 

EXHIBIT B

GUARANTY

 

Morgan Guaranty Trust Company of New York (the "Guarantor"), hereby irrevocably and unconditionally guarantees, as primary obligor and not merely as surety, the due and punctual performance and payment of all obligations due and owing
of any affiliate it may designate (the "Affiliate") to IMC Global, Inc. ("Company") under the Issuer Share Repurchase Agreement dated as of March 16, 2000 (the "Obligations") when and as due (whether at maturity, upon acceleration or otherwise). In the
case of the failure of the Affiliate to perform any Obligation, the Guarantor hereby agrees to perform such Obligation, or to cause such Obligation to be performed, promptly upon demand; provided, however, that any delay to make such demand by the Company
upon the Guarantor shall in no event affect the Guarantor's obligations under this Guaranty.

Guarantor agrees that this Guaranty constitutes a guaranty of performance when due and not of collection and waives any right to require that any resort be had by any person to any security held for payment or performance of the
Obligations. Guarantor hereby waives any presentment to, demand of payment from and protest to the Affiliate of the Obligations and also waives notice of acceptance of this Guaranty and notice of protest for nonperformance or nonpayment. Guarantor agrees
that its obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Obligations, the absence of any action to enforce the same, any waiver or consent by the Company concerning the Obligations, or any
other circumstances that might otherwise constitute a legal or equitable discharge of a guarantor or a defense of a guarantor. 

Guarantor further agrees that this guaranty shall continue to be effective or be reinstated, as the case may be, if at any time performance or payment, or any part thereof, on the Obligations is rescinded or must otherwise be restored
on the bankruptcy or reorganization of the Affiliate, or otherwise.

This Guaranty becomes effective concurrent with the effectiveness of the Obligations and shall terminate on the maturity and full performance or payment of the Obligations whether by the Affiliate or the Guarantor under this Guaranty.

THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAW OF THE STATE OF NEW YORK WITHOUT REFERENCE TO PRINCIPLES OF CONFLICT OF LAWS.

IN WITNESS WHEREOF, the Guarantor has caused this Guaranty to be duly executed and delivered as of March 30, 2000.

MORGAN GUARANTY TRUST

COMPANY OF NEW YORK 

By:_________________________

Name: Peter Holland

Title: Managing Director

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