Document:

Exhibit 4.1

 

EXECUTION COPY

 

 

BUNGE LIMITED
FINANCE CORP.,

as Issuer

 

 

BUNGE LIMITED,

as Guarantor

 

 

AND

 

 

SUNTRUST BANK,

as Trustee

 

5.10% Senior
Notes Due 2015

 

 

INDENTURE

 

Dated as of July 11,
2005

 

 

TABLE
OF CONTENTS

 

 

	
  ARTICLE 1

  	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  
	
  Section 1.01.
  Definitions

  	
   

  
	
  Section 1.02.
  Incorporation by Reference of Trust Indenture Act

  	
   

  
	
  Section 1.03.
  Rules of Construction

  	
   

  
	
   

  	
   

  
	
  ARTICLE 2

  	
   

  
	
  THE NOTES

  	
   

  
	
   

  	
   

  
	
  Section 2.01.
  Form, Dating and Terms

  	
   

  
	
  Section 2.02.
  Execution and Authentication

  	
   

  
	
  Section 2.03.
  Registrar and Paying Agent

  	
   

  
	
  Section 2.04.
  Paying Agent to Hold Money in Trust

  	
   

  
	
  Section 2.05.
  Noteholder Lists

  	
   

  
	
  Section 2.06.
  Transfer and Exchange

  	
   

  
	
  Section 2.07.
  Form of Certificate to Be Delivered in
  Connection with Transfers to Institutional Accredited Investors

  	
   

  
	
  Section 2.08.
  Form of Certificate to Be Delivered in
  Connection with Transfers Pursuant to Regulation S

  	
   

  
	
  Section 2.09.
  Mutilated, Destroyed, Lost or Stolen Notes

  	
   

  
	
  Section 2.10.
  Outstanding Notes

  	
   

  
	
  Section 2.11.
  Temporary Notes

  	
   

  
	
  Section 2.12.
  Cancellation

  	
   

  
	
  Section 2.13.
  Payment of Interest; Defaulted Interest

  	
   

  
	
  Section 2.14.
  Computation of Interest

  	
   

  
	
  Section 2.15.
  CUSIP and ISIN Numbers

  	
   

  
	
   

  	
   

  
	
  ARTICLE 3

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 3.01.
  Payment of Notes

  	
   

  
	
  Section 3.02.
  Limitation and Restrictions on Activities of the
  Company

  	
   

  
	
  Section 3.03.
  Limitation on Liens

  	
   

  
	
  Section 3.04.
  Limitation on Sale-Leaseback Transactions

  	
   

  
	
  Section 3.05.
  Exclusion from Limitations

  	
   

  
	
  Section 3.06.
  Maintenance of Office or Agency

  	
   

  
	
  Section 3.07.
  Corporate Existence

  	
   

  
	
  Section 3.08.
  Maintenance of Properties; Insurance

  	
   

  
	
  Section 3.09.
  Payment of Taxes and Other Claims

  	
   

  
	
  Section 3.10.
  Payments for Consent

  	
   

  
	
  Section 3.11.
  Compliance Certificate

  	
   

  
	
  Section 3.12.
  Further Instruments and Acts

  	
   

  

 

i

 

	
  Section 3.13.
  Statement by Officers as to Default

  	
   

  
	
  Section 3.14.
  Notice of Change in Bermuda Law, Debt Ratings

  	
   

  
	
   

  	
   

  
	
  ARTICLE 4

  	
   

  
	
  SUCCESSOR GUARANTOR

  	
   

  
	
   

  	
   

  
	
  Section 4.01. Consolidation,
  Merger, Amalgamation and Sale of Assets by the Guarantor

  	
   

  
	
   

  	
   

  
	
  ARTICLE 5

  	
   

  
	
  OPTIONAL REDEMPTION OF NOTES

  	
   

  
	
   

  	
   

  
	
  Section 5.01.
  Optional Redemption by the Company

  	
   

  
	
  Section 5.02.
  Applicability of Article

  	
   

  
	
  Section 5.03.
  Election to Redeem; Notice to Trustee

  	
   

  
	
  Section 5.04.
  Selection by Trustee of Notes to Be Redeemed

  	
   

  
	
  Section 5.05.
  Notice of Redemption

  	
   

  
	
  Section 5.06.
  Deposit of Redemption Price

  	
   

  
	
  Section 5.07.
  Notes Payable on Redemption Date

  	
   

  
	
  Section 5.08.
  Notes Redeemed in Part

  	
   

  
	
   

  	
   

  
	
  ARTICLE 6

  	
   

  
	
  DEFAULTS AND REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 6.01.
  Events of Default

  	
   

  
	
  Section 6.02.
  Acceleration

  	
   

  
	
  Section 6.03.
  Other Remedies

  	
   

  
	
  Section 6.04.
  Waiver of Past Defaults

  	
   

  
	
  Section 6.05.
  Control by Majority

  	
   

  
	
  Section 6.06.
  Limitation on Suits

  	
   

  
	
  Section 6.07.
  Rights of Holders to Receive Payment

  	
   

  
	
  Section 6.08.
  Collection Suit by Trustee

  	
   

  
	
  Section 6.09.
  Trustee May File Proofs of Claim

  	
   

  
	
  Section 6.10.
  Priorities

  	
   

  
	
  Section 6.11.
  Undertaking for Costs

  	
   

  
	
   

  	
   

  
	
  ARTICLE 7

  	
   

  
	
  TRUSTEE

  	
   

  
	
   

  	
   

  
	
  Section 7.01.
  Duties of Trustee

  	
   

  
	
  Section 7.02.
  Rights of Trustee

  	
   

  
	
  Section 7.03.
  Individual Rights of Trustee

  	
   

  
	
  Section 7.04.
  Trustee’s Disclaimer

  	
   

  
	
  Section 7.05.
  Notice of Defaults

  	
   

  
	
  Section 7.06. Report by
  Trustee to Holders

  	
   

  
	
  Section 7.07.
  Compensation and Indemnity

  	
   

  
	
  Section 7.08.
  Replacement of Trustee

  	
   

  
	
  Section 7.09.
  Successor Trustee by Merger

  	
   

  

 

ii

 

	
  Section 7.10.
  Eligibility; Disqualification

  	
   

  
	
  Section 7.11.
  Preferential Collection of Claims Against Company

  	
   

  
	
  Section 7.12.
  Trustee’s Application for Instruction from the
  Company

  	
   

  
	
   

  	
   

  
	
  ARTICLE 8

  	
   

  
	
  DISCHARGE OF INDENTURE; DEFEASANCE

  	
   

  
	
   

  	
   

  
	
  Section 8.01.
  Discharge of Liability on Notes; Defeasance

  	
   

  
	
  Section 8.02.
  Conditions to Defeasance

  	
   

  
	
  Section 8.03.
  Application of Trust Money

  	
   

  
	
  Section 8.04.
  Repayment to Company

  	
   

  
	
  Section 8.05.
  Indemnity for U.S. Government Securities

  	
   

  
	
  Section 8.06.
  Reinstatement

  	
   

  
	
   

  	
   

  
	
  ARTICLE 9

  	
   

  
	
  AMENDMENTS

  	
   

  
	
   

  	
   

  
	
  Section 9.01.
  Without Consent of Holders

  	
   

  
	
  Section 9.02.
  With Consent of Holders

  	
   

  
	
  Section 9.03.
  Compliance with Trust Indenture Act

  	
   

  
	
  Section 9.04.
  Revocation and Effect of Consents and Waivers

  	
   

  
	
  Section 9.05.
  Notation on or Exchange of Notes

  	
   

  
	
  Section 9.06.
  Trustee to Sign Amendments

  	
   

  
	
   

  	
   

  
	
  ARTICLE 10

  	
   

  
	
  GUARANTEE

  	
   

  
	
   

  	
   

  
	
  Section 10.01.
  Guarantee

  	
   

  
	
  Section 10.02. No Subrogation

  	
   

  
	
  Section 10.03.
  Consideration

  	
   

  
	
  Section 10.04. Additional Amounts

  	
   

  
	
   

  	
   

  
	
  ARTICLE 11

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section 11.01.
  Trust Indenture Act Controls

  	
   

  
	
  Section 11.02.
  Notices

  	
   

  
	
  Section 11.03.
  Communication by Holders with Other Holders

  	
   

  
	
  Section 11.04.
  Certificate and Opinion as to Conditions Precedent

  	
   

  
	
  Section 11.05.
  Statements Required in Certificate or Opinion

  	
   

  
	
  Section 11.06.
  When Notes Disregarded

  	
   

  
	
  Section 11.07.
  Rules by Trustee, Paying Agent and Registrar

  	
   

  
	
  Section 11.08.
  Legal Holidays

  	
   

  
	
  Section 11.09.
  GOVERNING LAW

  	
   

  
	
  Section 11.10.
  No Recourse Against Others

  	
   

  
	
  Section 11.11.
  Successors

  	
   

  
	
  Section 11.12.
  Consent to Jurisdiction

  	
   

  

 

iii

 

	
  Section 11.13.
  Appointment for Agent for Service of Process

  	
   

  
	
  Section 11.14.
  Waiver of Immunities

  	
   

  
	
  Section 11.15.
  Foreign Taxes

  	
   

  
	
  Section 11.16.
  Judgment Currency

  	
   

  
	
  Section 11.17.
  No Bankruptcy Petition Against the Borrower;
  Liability of the Borrower

  	
   

  
	
  Section 11.18.
  Multiple Originals

  	
   

  
	
  Section 11.19.
  Qualification of Indenture

  	
   

  
	
  Section 11.20.
  Table of Contents; Headings

  	
   

  
	
   

  
	
  EXHIBIT A

  	
  Form of the Initial Note and
  Subsequent Note

  	
   

  
	
  EXHIBIT B

  	
  Form of the Exchange Note

  	
   

  
	
  EXHIBIT C

  	
  Form of Certificate to Be Delivered in
  Connection with Transfers to Institutional Accredited Investors

  	
   

  
	
  EXHIBIT D

  	
  Form of Certificate to Be Delivered in
  Connection with Transfers Pursuant to Regulation S

  	
   

  
	
  SCHEDULE 1.1

  	
  Designated Obligors and Material
  Subsidiaries

  	
   

  
	
  SCHEDULE 3.4

  	
  Existing Liens

  	
   

  

 

iv

 

	
  CROSS-REFERENCE
  TABLE

  
	
   

  	
   

  	
   

  	
   

  
	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture

  
	
  310(a)

  	
  (1)

  	
   

  	
  Section 7.10

  
	
  (a)

  	
  (2)

  	
   

  	
  Section 7.10

  
	
  (a)

  	
  (3)

  	
   

  	
  N.A.

  
	
  (a)

  	
  (4)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
  Sections 7.08, 7.10

  
	
  (c)

  	
   

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
   

  	
  Section 7.11

  
	
  (b)

  	
   

  	
   

  	
  Section 7.11

  
	
  (c)

  	
   

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
   

  	
  Section 2.05

  
	
  (b)

  	
   

  	
   

  	
  Section 11.03

  
	
  (c)

  	
   

  	
   

  	
  Section 11.03

  
	
  313(a)

  	
   

  	
   

  	
  Section 7.06

  
	
  (b)

  	
  (1)

  	
   

  	
  N.A.

  
	
  (b)

  	
  (2)

  	
   

  	
  Section 7.06

  
	
  (c)

  	
   

  	
   

  	
  Section 7.06

  
	
  (d)

  	
   

  	
   

  	
  Section 7.06

  
	
  314(a)

  	
   

  	
   

  	
  Sections 3.11, 11.02, 11.05

  
	
  (b)

  	
   

  	
   

  	
  N.A.

  
	
  (c)

  	
  (1)

  	
   

  	
  Section 11.04

  
	
  (c)

  	
  (2)

  	
   

  	
  Section 11.04

  
	
  (c)

  	
  (3)

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
   

  	
  Section 11.05

  
	
  315(a)

  	
   

  	
   

  	
  Section 7.01

  
	
  (b)

  	
   

  	
   

  	
  Sections 7.05; 11.02

  
	
  (c)

  	
   

  	
   

  	
  Section 7.01

  
	
  (d)

  	
   

  	
   

  	
  Section 7.01

  
	
  (e)

  	
   

  	
   

  	
  Section 6.11

  
	
  316(a)

  	
  (last sentence)

  	
   

  	
  Section 11.06

  
	
  (a)

  	
  (1)(A)

  	
   

  	
  Section 6.05

  
	
  (a)

  	
  (1)(B)

  	
   

  	
  Section 6.04

  
	
  (a)

  	
  (2)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
   

  	
  Section 6.08

  
	
  317(a)

  	
  (1)

  	
   

  	
  Section 6.08

  
	
  (a)

  	
  (2)

  	
   

  	
  Section 6.09

  
	
  (b)

  	
   

  	
   

  	
  Section 2.04

  
	
  318(a)

  	
   

  	
   

  	
  Section 11.01

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  N.A. means Not Applicable.

  	
   

  
	
   Note: This Cross-Reference Table shall not,
  for any purpose, be deemed to be part of this Indenture.

  	
   

  
					

 

i

 

INDENTURE
dated as of July 11, 2005, among BUNGE LIMITED FINANCE CORP., a Delaware
corporation (the “Company”), as
issuer, BUNGE LIMITED, a company formed under the laws of Bermuda with limited
liability (the “Guarantor”), as guarantor, and
SUNTRUST BANK, a Georgia bank and trust company (the “Trustee”),
as trustee.

 

Each party
agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders of (i) the Company’s 5.10% Senior Notes Due
2015 issued on the date hereof and the guarantees thereof by the Guarantor (the
“Initial Notes”), (ii) if and when
issued, additional 5.10% Senior Notes Due 2015 which may be offered subsequent
to the Issue Date and the guarantees thereof by the Guarantor (the “Subsequent Notes”) and (iii) if and when issued in
exchange for the Initial Notes as provided in the Exchange and Registration
Rights Agreement or a similar agreement relating to the Initial Notes, the
Company’s 5.10% Senior Notes Due 2015 and the guarantees thereof by the
Guarantor (the “Exchange Notes” and together with
the Initial Notes and any Subsequent Notes, the “Notes”).

 

ARTICLE 1

DEFINITIONS AND
INCORPORATION BY REFERENCE

 

Section 1.01.  Definitions.

 

“Affiliate” means, with respect to any specified Person, any
other Person, directly or indirectly, controlling or controlled by or under
direct or indirect common control with such specified Person. For the purposes
of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing; provided, however,
that the existence of a management contract by the Company or an Affiliate of
the Company to manage another entity shall not be deemed to be control.

 

“Agent Member”
has the meaning ascribed to it in Section 2.01(d)(iii) hereof.

 

“Attributable Indebtedness” means, when used with respect to
any Sale-Leaseback Transaction, as at the time of determination, the present
value (discounted at the rate of interest set forth in or implicit in the terms
of the lease) of the total obligations of the lessee for rental payments (other
than amounts required to be paid on account of property taxes, maintenance,
repairs, insurance, assessments, utilities, operating and labor costs and other
items that do not constitute payments for property rights) during the remaining
term of the lease included in such Sale-Leaseback Transaction (including any
period for which such lease has been extended).

 

“Authenticating Agent” has the meaning ascribed to it in Section 2.02
hereof.

 

“Board of Directors” means, with respect to any Person, the
board of directors of such Person or any duly authorized committee thereof.

 

 

“Bunge Master Trust” means the trust created pursuant to the
Pooling Agreement, a beneficial interest in the assets of which will be
acquired by the Company through the Series 2002-1 VFC.

 

“Business Day” means a day other than a Saturday, Sunday or
other day on which commercial banking institutions are authorized or required
by law to close in The City of New York, New York.

 

“Capital Stock” means, with respect to any Person, any and
all shares, interests, rights to purchase, warrants, options (whether or not
currently exercisable), participations or other equivalents of or interests in
(however designated) the equity (which includes, but is not limited to, common
stock or shares, preferred stock or shares and partnership and joint venture
interests) of such Person (excluding any debt securities convertible into, or
exchangeable for, such equity).

 

“Code” means the U.S. Internal Revenue Code of 1986, as
amended.

 

“Company” means Bunge Limited Finance Corp. or its successor.

 

“Company Order” has the meaning ascribed to it in Section 2.02
hereof.

 

“Comparable Treasury Issue” means the United States Treasury
security selected by an Independent Investment Banker as having a maturity
comparable to the remaining term of the Notes that would be utilized, at the
time of selection and in accordance with customary financial practice in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of the Notes.

 

“Comparable Treasury Price” means, with respect to any date
fixed for the redemption of Notes, (a) the bid price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M.
on the third business day preceding such date, as set forth on “Telerate Page 500”
(or such other page as may replace Telerate Page 500), or (b) if
such page (or any successor page) is not displayed or does not contain
such bid prices at such time (i) the average of the Reference Treasury
Dealer Quotations obtained by the Trustee for such date, after excluding the
highest and lowest of four such Reference Treasury Dealer Quotations, or (ii) if
the Trustee is unable to obtain at least four such Reference Treasury Dealer
Quotations, the average of all Reference Treasury Dealer Quotations obtained by
the Trustee.

 

“Consolidated Net Tangible Assets” means, at any date of
determination, the total amount of assets of the Guarantor and its consolidated
Subsidiaries after deducting therefrom:

 

(1)                                  all
current liabilities (excluding any current liabilities that by their terms are
extendable or renewable at the option of the obligor thereon to a time more
than 12 months after the time as of which the amount thereof is being
computed);

 

(2)                                  total
prepaid expenses and deferred charges; and

 

(3)                                  all
goodwill, trade names, trademarks, patents, licenses, copyrights and other
intangible assets, all as set forth, or on a pro forma basis would be set
forth, on the consolidated

 

2

 

balance sheet of the Guarantor and its consolidated Subsidiaries for
its most recently completed fiscal quarter, prepared in accordance with U.S.
GAAP.

 

“Corporate Trust Office” has the meaning ascribed to it in Section 3.06
hereof.

 

“covenant defeasance option” has the meaning ascribed to it
in Section 8.01(b) hereof.

 

“Default” means any event which is, or after notice or
passage of time or both would be, an Event of Default.

 

“Defaulted Interest” has the meaning ascribed to it in Section 2.13
hereof.

 

“Definitive Notes” means certificated Notes.

 

“Designated Obligor” means the Guarantor and the Subsidiaries
of the Guarantor set forth on Schedule 1.1 hereto and any other Subsidiary
designated by the Guarantor from time to time, and each of their successors.

 

“DTC” means The Depository Trust Company, its nominees and
their respective successors and assigns, or such other depository institution
hereinafter appointed by the Company.

 

“Event of Default” has the meaning ascribed to it in Section 6.01
hereof.

 

“Exchange Act” means the U.S. Securities Exchange Act of
1934, as amended.

 

“Exchange and Registration Rights Agreement” means the
Exchange and Registration Rights Agreement dated the Issue Date among the
Company, the Guarantor and the Representatives to the Initial Purchasers.

 

“Exchange Global Note” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Exchange Notes” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.

 

“Fair Market Value” means, with respect to any property, the
sale value of such property that would be realized in an arm’s length sale at
such time between an informed and willing buyer, and an informed and willing
seller, under no compulsion to buy or sell, respectively.

 

“Fiscal Year” means the fiscal year of the Company ending on December 31
of each year.

 

“Global Notes” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“guarantee” means any obligation, contingent or otherwise, of
any Person directly or indirectly guaranteeing any Indebtedness of any other
Person and any obligation, direct or indirect, contingent or otherwise, of such
Person:

 

3

 

(1)                                  to
purchase or pay (or advance or supply funds for the purchase or payment of)
such Indebtedness of such other Person (whether arising by virtue of
partnership arrangements, or by agreement to keep-well, to purchase assets,
goods, securities or services, to take-or-pay, or to maintain financial
statement conditions or otherwise); or

 

(2)                                  entered
into for purposes of assuring in any other manner the obligee of such
Indebtedness of the payment thereof or to protect such obligee against loss in
respect thereof (in whole or in part);

 

provided, however, that the term “guarantee” will not include
endorsements for collection or deposit in the ordinary course of business. The
term “guarantee,” when used as a verb, has a corresponding meaning.

 

“Guarantee” means any guarantee of payment of the Notes and
any other obligations of the Company by the Guarantor pursuant to the terms of
this Indenture.

 

“Guarantor” means Bunge Limited.

 

“Guaranty” means the Fifth Amended and Restated Guaranty,
dated as of June 28, 2004, by the Guarantor to Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., JPMorgan Chase Bank and the Master Trust
Trustee, as the same may be amended, supplemented or otherwise modified from
time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Hedge Agreements” means all interest rate swaps, caps or
collar agreements or similar arrangements dealing with interest rates or
currency exchange rates or the exchange of nominal interest obligations, either
generally or under specific contingencies.

 

“Holder” or “Noteholder”
means the Person in whose name a Note is registered in the Note Register.

 

“IAI” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Indebtedness” means, as to any Person, without duplication, (a) all
obligations of such Person for borrowed money, (b) all obligations of such
Person evidenced by bonds, debentures, notes or other similar instruments, (c) all
obligations of such Person to pay the deferred purchase price of property,
except trade accounts payable arising in the ordinary course of business, (d) all
obligations of such Person as lessee which are capitalized in accordance with
U.S. GAAP, (e) all obligations of such Person created or arising under any
conditional sales or other title retention agreement with respect to any
property acquired by such Person (including without limitation, obligations
under any such agreement which provides that the rights and remedies of the
seller or lender thereunder in the event of default are limited to repossession
or sale of such property), (f) all obligations of such Person with respect
to letters of credit and similar instruments, including without limitation
obligations under reimbursement agreements, (g) all Indebtedness of others
secured by (or for which the holder of such Indebtedness has existing right,
contingent or otherwise, to be secured by) a Lien on any asset of such Person,
whether or not such Indebtedness is assumed by such Person, (h) all net
obligations of such Person in respect of equity derivatives and Hedge
Agreements and (i) all guarantees of such Person (other than guarantees of
obligations of direct or indirect Subsidiaries of such Person).

 

4

 

“Indenture” means this Indenture, as amended or supplemented
from time to time in accordance with its terms.

 

“Independent Investment Banker” means any of Citigroup Global
Markets Inc., J.P. Morgan Securities Inc. or Morgan Stanley & Co. Incorporated,
or, if all such firms are unwilling or unable to select the applicable
Comparable Treasury Issue, a leading independent investment banking institution
appointed by the Trustee and reasonably acceptable to the Company.

 

“Initial Notes” has the meaning ascribed to it in the second
introductory paragraph of this Indenture.

 

“Initial Purchasers” means, collectively,
Citigroup Global Markets Inc., J.P. Morgan Securities Inc., Morgan Stanley &
Co. Incorporated, Credit Suisse First Boston LLC, BNP Paribas Securities Corp.,
HSBC Securities (USA) Inc., Rabo Securities USA, Inc. and SG Cowen
Securities Corporation.

 

“Institutional Accredited Investor Global Note” has the
meaning ascribed to it in Section 2.01(a) hereof.

 

“Issue Date” means the date on which the Initial Notes are
originally issued.

 

“legal defeasance option”
has the meaning ascribed to it in Section 8.01(b) hereof.

 

“Legal Holiday” has the meaning ascribed to it in Section 11.08
hereof.

 

“Lien” means any mortgage, lien, security interest, pledge,
charge or other encumbrance.

 

“Master Trust Transaction Documents” means the collective
reference to the Pooling Agreement, the Series 2002-1 Supplement, the Series 2002-1
VFC, the Sale Agreement, the Servicing Agreement and the Guaranty.

 

“Master Trust Trustee” means The Bank of New York, as trustee
under, and for the purposes of, the Master Trust Transaction Documents, and any
successor thereto.

 

“Material Adverse Effect” means a material adverse effect, or
any development involving a prospective material adverse effect, in the
condition, financial or otherwise, or in the earnings, business or operations
of the Guarantor and its consolidated Subsidiaries taken as a whole.

 

“Material Subsidiary” means, at any time, any Subsidiary of
the Guarantor which at such time is a “Significant Subsidiary”  under Regulation S-X of the Exchange
Act.  The Material Subsidiaries as of the
date hereof are set forth on Schedule 1.1 hereto.

 

“Non-U.S. Person” means a person who is not a U.S. person, as
defined in Regulation S.

 

“Note Register” means the register of Notes, maintained by
the Registrar, pursuant to Section 2.03 hereof.

 

5

 

“Notes” means the collective reference to the Initial Notes,
the Subsequent Notes and the Exchange Notes.

 

“Obligations” has the meaning ascribed to it in Section 10.01
hereof.

 

“Officer” means the Chairman of the Board of Directors, the
Chief Executive Officer, the President, the Chief Financial Officer, any Vice
President, the Treasurer, the Controller or the Secretary of the Company or the
Guarantor, as applicable.

 

“Officer’s Certificate” means a certificate signed by an
Officer or attorney-in-fact of the Company or the Guarantor, as applicable.

 

“Opinion of Counsel” means a written opinion from legal
counsel, which counsel may be an employee of or counsel to the Company, who
shall be acceptable to the Trustee.  The
form and substance of such Opinion of Counsel shall likewise be acceptable to
the Trustee.

 

“Pari Passu Indebtedness” means Indebtedness for borrowed
money, the proceeds of which are used to purchase interests in the Series 2002-1
VFC and/or to refinance Indebtedness originally used for such purpose, and
Indebtedness incurred in connection with Hedge Agreements, in each case which
ranks not greater than pari passu (in priority of payment) with the Notes.

 

“Paying Agent” means the Person (including the Company, the
Guarantor or any Subsidiary) authorized by the Company to pay the principal of
(or premium, if any) or interest, if any, on any Notes on behalf of the
Company.

 

“Permitted Indebtedness” means (a) Indebtedness of the
Company under the Notes and (b) Pari Passu Indebtedness.

 

“Permitted Liens” means:

 

(1)                                  Liens
for current taxes, assessments or other governmental charges which are not
delinquent or remain payable without any penalty, or the validity of which is
contested in good faith by appropriate proceedings upon stay of execution of
the enforcement thereof or upon posting a bond in connection therewith;

 

(2)                                  any
Lien pursuant to any order or attachment or similar legal process arising in
connection with court proceedings; provided that the execution or other
enforcement thereof is effectively stayed or a sufficient bond had been posted
and the claims secured thereby are being contested at the time in good faith by
appropriate proceedings;

 

(3)                                  any
Liens securing bonds posted with respect to and in compliance with clauses (1) and
(2) above;

 

(4)                                  any
Liens securing the claims of mechanics, laborers, workmen, repairmen, materialmen,
suppliers, carriers, warehousemen, landlords, or vendors or other

 

6

 

claims
provided for by mandatory provisions of law which are not yet due and
delinquent, or are being contested in good faith by appropriate proceedings;

 

(5)                                  any
Lien on any Restricted Property securing Indebtedness incurred or assumed
solely for the purpose of financing all or any part of the cost of constructing
or acquiring such Restricted Property, which Lien attaches to such Restricted
Property concurrently with or within 120 days after construction, acquisition
or completion of a series of related acquisitions thereof;

 

(6)                                  Liens
existing immediately prior to the execution and delivery of this Indenture (and
listed on Schedule 3.4 hereto);

 

(7)                                  Liens
to secure bonds posted in order to obtain stays of judgments, attachments or
orders, the existence of which bonds would not otherwise constitute an Event of
Default;

 

(8)                                  Liens
on Restricted Property existing prior to the acquisition of such Restricted
Property or the acquisition of any Subsidiary that is the owner of such
Restricted Property or arising as a result of contractual commitments to grant
a Lien relating to such Restricted Property or such Subsidiary existing prior
to such acquisition;

 

(9)                                  Liens
created by a Restricted Subsidiary in favor of the Company, the Guarantor or a
Subsidiary;

 

(10)                            Liens
on any accounts receivable from or invoices to export customers (including, but
not limited to, Subsidiaries) and the proceeds thereof;

 

(11)                            Liens
on rights under contracts to sell, purchase or receive commodities to or from
export customers (including, but not limited to, Subsidiaries) and the proceeds
thereof;

 

(12)                            Liens
on cash deposited as collateral in connection with financings where Liens are
permitted under clause (10) and (11) of this definition;

 

(13)                            Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant
to (i) clauses (1) through (5) and (7) through (12), so
long as the principal amount of the Indebtedness secured by such Lien does not
exceed its original principal amount and (ii) in the case of clause (6),
so long as the principal amount of the Indebtedness secured by such Lien does
not exceed the principal amount thereof outstanding immediately prior to the
execution and delivery of the Indenture;

 

(14)                            minor
survey exceptions or minor encumbrances, easements or reservations, or rights
of others for rights-of-way, utilities and other similar purposes, or zoning or
other restrictions as to the use of real properties that constitute Restricted
Property, which are necessary for the conduct of the activities of the
Guarantor or any Restricted Subsidiary or which customarily exist on properties
of corporations engaged in similar activities and similarly situated and which
do not in any event

 

7

 

materially
impair their use in the operation of the business of the Guarantor or any
Restricted Subsidiary;

 

(15)                            Liens
on accounts receivable and other related assets arising in connection with
transfers thereof to the extent that such transfers are treated as sales of
financial assets under FASB Statement No. 140, as in effect from time to
time; and

 

(16)                            Liens
on intercompany loans made to the Guarantor or its Subsidiaries or on any notes
or other instruments representing an interest in such intercompany loans in
each case as set forth in the Master Trust Transaction Documents.

 

For purposes of this definition above, (A) the phrases “accounts
receivable from or invoices to export customers” and “contracts to sell,
purchase or receive commodities to (from) export customers” shall refer to
invoices or accounts receivable derived from the sale of, or contracts to sell,
purchase or receive wheat, soybeans or other commodities or products derived
from the processing of wheat, soybeans or other commodities, by or to the
Guarantor or a Restricted Subsidiary that have been or are to be exported from
the country of origin whether or not such sale is made by a Restricted
Subsidiary or to any of its Subsidiaries; and (B) property of a party to a
corporate reorganization which is not the Guarantor or a Restricted Subsidiary
shall be deemed to be or have been “acquired” by the Guarantor or such
Restricted Subsidiary as part of such corporate reorganization even if the
Guarantor or such Restricted Subsidiary, as the case may be, is not the
surviving entity.

 

“Person” means any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated
organization, limited liability company, government or any agency or political
subdivision hereof or any other entity.

 

“Pooling Agreement” means the Fifth Amended and Restated
Pooling Agreement, dated as of June 28, 2004, among Bunge Funding, Inc.,
Bunge Management Services, Inc., as servicer, and The Bank of New York, in
its capacity as Master Trust Trustee, as amended, modified or supplemented from
time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Principal Trust Office” means the Corporate Trust Office or
such other trust office or agency as may be designated by the Trustee in
writing to the Company from time to time. 
The initial Principal Trust Office shall be the office of the Trustee to
which notices are to be sent as set forth in Section 11.02 hereof.

 

“Property” means any property, whether presently owned or
hereafter acquired, including any asset, revenue, or right to receive income or
any other property, whether tangible or intangible, real or personal.

 

“Private Placement Legend” has the meaning ascribed to it in Section 2.01(c) hereof.

 

“QIB” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Redemption Date” means, with respect to any redemption of
Notes, the date of redemption with respect thereto.

 

8

 

“Redemption Price” has the meaning ascribed to it under the section entitled
“Optional Redemption by the Company” on the reverse side of the Notes, the
forms of which are attached as Exhibits A and B hereto.

 

“Reference Treasury Dealer” means Citigroup Global Markets
Inc., J.P. Morgan Securities Inc. and Morgan Stanley & Co.
Incorporated, and two other primary U.S. government securities dealers in New
York City selected by the Independent Investment Banker (each, a “Primary
Treasury Dealer”); provided, however,
that if any of the foregoing shall cease to be a Primary Treasury Dealer, the
Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations” means, with respect to
each Reference Treasury Dealer and any date fixed for the redemption of Notes,
an average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue for the Notes (expressed in each case as a percentage
of its principal amount) quoted in writing to the Trustee by such Reference
Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such date.

 

“Registered Exchange Offer” has the meaning ascribed to it
the Exchange and Registration Rights Agreement.

 

“Registrar” has the meaning ascribed to it in Section 2.03
hereof.

 

“Regulation S” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Regulation S Global Note” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Regulation S Legend” has the meaning ascribed to it in Section 2.01(c) hereof.

 

“Regulation S Note” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Representatives to the Initial Purchasers” means [Citigroup
Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley &
Co. Incorporated].

 

“Resale Restriction Termination Date” has the meaning
ascribed to it in Section 2.06 hereof.

 

“Restricted Notes Legend” means the Private Placement Legend
set forth in clause (1) of Section 2.01(c) hereof or the Regulation
S Legend set forth in clause (2) of Section 2.01(c) hereof, as
applicable.

 

“Restricted Period” means the 40 consecutive days beginning
on and including the later of (A) the day on which the Initial Notes are
offered to persons other than distributors (as defined in Regulation S under
the Securities Act) and (B) the Issue Date.

 

“Restricted Property” means any building, mine, structure or
other facility (together with the land on which it is erected and fixtures
comprising a part thereof) and inventories now owned or hereafter acquired by
the Guarantor or any Subsidiary and used for oilseed or grain origination,
processing, transportation or storage, mining or fertilizer refining or
storage.

 

9

 

“Restricted Subsidiary” means (a) any Subsidiary that
has been designated by the Guarantor as eligible for intercompany loans to be
made by the master trust under Master Trust Transaction Documents, (b) any
other Subsidiary which is a “significant subsidiary” under Regulation S-X under
the Securities Act, or (c) any other Subsidiary that owns or leases any
Restricted Property the aggregate Fair Market Value of which, as determined by
the Board of Directors of the Guarantor, exceeds three percent of Consolidated
Net Tangible Assets.  Notwithstanding the
foregoing, Fertilizantes Fosfatados S.A. - Fosfertil shall not be deemed a
Restricted Subsidiary of the Guarantor for the purpose of the covenants
described under Section 3.03 and Section 3.04.

 

“Rule 144A” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Rule 144A Global Note” has the meaning ascribed to it
in Section 2.01(a) hereof.

 

“Rule 144A Note” has the meaning ascribed to it in Section 2.01(a) hereof.

 

“Sale Agreement” means the Second Amended and Restated Sale
Agreement, dated as of September 6, 2002, among Bunge Funding, Inc.,
as buyer, and Bunge Finance Limited and Bunge Finance North America, Inc.,
each as a seller, as the same may be amended, supplemented or otherwise
modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Sale-Leaseback Transaction” means the sale or transfer by
the Guarantor or any Restricted Subsidiary of any Restricted Property to a
Person (other than the Guarantor or a Subsidiary) and the taking back by the
Guarantor or any Restricted Subsidiary, as the case may be, of a lease of such
Restricted Property.

 

“SEC” means the U.S. Securities and Exchange Commission.

 

“Securities Act” means the U.S. Securities Act of 1933, as
amended.

 

“Securities Custodian”
means the custodian with respect to the Global Note (as appointed by DTC), or
any successor Person thereto and shall initially be the Trustee.

 

“Series” means an interest in the Bunge Master Trust created
and authorized pursuant to a supplement to the Pooling Agreement.

 

“Series 2002-1 Supplement” means the Second Amended and
Restated Series 2002-1 Supplement to the Pooling Agreement, dated as of March 25,
2004, among the Company, Bunge Funding, Inc., Bunge Management Services, Inc.
and the Master Trust Trustee, as the same may be amended, supplemented or
otherwise modified from time to time in accordance with its terms, subject to Section 3.02(f) hereof.

 

“Series 2002-1 VFC” means the interest in the Bunge
Master Trust created and authorized pursuant to a supplement to the Pooling
Agreement that is designated as the “Series 2002-1 VFC Certificate” in
which the Company will acquire a beneficial interest with the net proceeds of
the Notes and other Permitted Indebtedness.

 

10

 

“Servicing Agreement” means the Third Amended and Restated
Servicing Agreement, dated as of December 23, 2003 among Bunge Funding, Inc.,
Bunge Management Services, Inc., as the servicer, and The Bank of New
York, in its capacity as the Master Trust Trustee, as the same may be amended,
supplemented or otherwise modified from time to time in accordance with its
terms, subject to Section 3.02(f) hereof.

 

“Special Interest Payment Date” has the meaning ascribed to
it in Section 2.13 hereof.

 

“Special Record Date” has the meaning ascribed to it in Section 2.13
hereof.

 

“Stated Maturity” means, with respect to any security, the
date specified in such security as the fixed date on which the payment of
principal of such security is due and payable, including pursuant to any
mandatory redemption provision, but shall not include any contingent
obligations to repay, redeem or repurchase any such principal prior to the date
originally scheduled for the payment thereof.

 

“Subsequent Notes” has the meaning ascribed to it in the
second introductory paragraph of this Indenture.

 

“Subsidiary” means any corporation, limited liability company
or other business entity of which the requisite number of shares of stock or
other equity ownership interests having ordinary voting power (without regard
to the occurrence of any contingency) to elect a majority of the directors,
managers or trustees thereof, or any partnership of which more than 50% of the
partners’ equity interests (considering all partners’ equity interests as a
single class) is, in each case, at the time owned or controlled, directly or
indirectly, by a Person, one or more of the Subsidiaries of such Person, or
combination thereof.

 

“Successor Guarantor” has the meaning ascribed to it in Section 4.01
hereof.

 

“Trust Indenture Act” means the U.S. Trust Indenture Act of
1939, as in effect on the date of this Indenture.

 

“Trust Officer” means, with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any
vice president, assistant vice president, assistant treasurer, trust officer or
any other officer of the Trustee who customarily performs functions similar to
those performed by the individuals who at the time shall be such officers,
respectively, or to whom any corporate trust matter is referred because of such
individual’s knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

 

“Trustee” means the party named as such in this Indenture
until a successor replaces it and, thereafter, such successor.

 

“U.S. GAAP” means generally accepted accounting principles in
the United States, as in effect from time to time.

 

“U.S. Government Securities” means securities that are (a) direct
obligations of the United States of America for the timely payment of which its
full faith and credit is pledged or

 

11

 

(b) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank (as defined in Section 3(a)(2) of
the Securities Act), as custodian with respect to any such U.S. Government
Securities or a specific payment of principal of or interest on any such U.S.
Government Securities held by such custodian for the account of the holder of
such depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to
the holder of such depository receipt from any amount received by the custodian
in respect of the U.S. Government Securities or the specific payment of
principal of or interest on the U.S. Government Securities evidenced by such
depository receipt.

 

Section 1.02.  Incorporation by Reference of
Trust Indenture Act.  This
Indenture is subject to the mandatory provisions of the Trust Indenture Act
which are incorporated by reference in and made a part of this Indenture.  The following Trust Indenture Act terms have
the following meanings:

 

“Commission”
means the SEC.

 

“indenture
securities” means the Notes.

 

“indenture
security holder” means a Noteholder.

 

“indenture to
be qualified” means this Indenture.

 

“indenture
trustee” or “institutional trustee” means the Trustee.

 

“obligor” on
the indenture securities means the Company and any other obligor on the
indenture securities.

 

All other
Trust Indenture Act terms used in this Indenture that are defined by the Trust
Indenture Act, defined in the Trust Indenture Act by reference to another
statute or defined by SEC rule have the meanings assigned to them by such
definitions.

 

Section 1.03.  Rules of
Construction.  Unless the
context otherwise requires:

 

(1)                                  a
term has the meaning assigned to it;

 

(2)                                  an
accounting term not otherwise defined has the meaning assigned to it in
accordance with U.S. GAAP;

 

(3)                                  “or”
is not exclusive;

 

(4)                                  “including”
means including without limitation;

 

(5)                                  words
in the singular include the plural and words in the plural include the
singular; and

 

12

 

(6)                                  the
principal amount of any noninterest bearing or other discount security at any
date shall be the principal amount thereof that would be shown on a balance
sheet of the issuer dated such date prepared in accordance with U.S. GAAP.

 

ARTICLE 2

THE NOTES

 

Section 2.01.  Form, Dating and Terms.  (a) The Initial Notes are
being offered and sold by the Company pursuant to a Purchase Agreement, dated July 6,
2005 among the Company, the Guarantor and Representatives to the Initial
Purchasers.  The Initial Notes will be
resold initially only to (A) qualified institutional buyers (as defined in
Rule 144A under the Securities Act (“Rule 144A”))
in reliance on Rule 144A (“QIBs”) and (B) Persons
other than U.S. Persons (as defined in Regulation S under the Securities Act (“Regulation S”)) in reliance on Regulation S.  Such Initial Notes may thereafter be
transferred to among others, QIBs, purchasers in reliance on Regulation S and
IAIs in accordance with Rule 501 of the Securities Act in reliance on the
procedure described herein.

 

Initial Notes
offered and sold to the Initial Purchasers, and subsequently resold to QIBs in
the United States of America in reliance on Rule 144A (the “Rule 144A Note”) will be issued on the Issue Date in
the form of a permanent global Note, without interest coupons, substantially in
the form of Exhibit A hereto, which is hereby incorporated by reference
and made a part of this Indenture, including appropriate legends as set forth
in Section 2.01(c) hereof (the “Rule 144A Global Note”),
deposited with the Trustee, as custodian for DTC, duly executed by the Company
and authenticated by the Trustee as hereinafter provided.  The Rule 144A Global Note may be
represented by more than one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate.  The aggregate principal amount of the Rule 144A
Global Note may from time to time be increased or decreased by adjustments made
on the records of the Trustee, as custodian for DTC or its nominee, as
hereinafter provided.

 

Initial Notes
offered, sold and resold outside the United States of America (the “Regulation S Note”) in reliance on Regulation S shall be
issued in the form of a permanent global Note substantially in the form of Exhibit A
hereto, including appropriate legends as set forth in Section 2.01(c) hereof
(the “Regulation S Global Note”), deposited
with the Trustee, as custodian for DTC, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  The Regulation S Global Note may be
represented by more than one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate.  The aggregate principal amount of the
Regulation S Global Note may from time to time be increased or decreased by
adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided.

 

Initial Notes
resold after an initial resale to QIBs in reliance on Rule 144A or an
initial resale in reliance on Regulation S to institutional “accredited
investors” (as defined in Rules 501(a)(1), (2), (3) and (7) under
the Securities Act) who are not QIBs (the “IAIs”) in the
United States of America will be issued in the form of a permanent global Note
substantially in the form of Exhibit A hereto (the “Institutional
Accredited Investor Global Note”) deposited with the

 

13

 

Trustee, as custodian for DTC, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  The Institutional Accredited Investor Global
Note may be represented by more that one certificate, if so required by DTC’s rules regarding
the maximum principal amount to be represented by a single certificate.  The aggregate principal amount of the
Institutional Accredited Investor Global Note may from time to time be
increased or decreased by adjustments made on the records of the Trustee, as custodian
for DTC or its nominee, as hereinafter provided.

 

Exchange Notes
exchanged for interests in the Rule 144A Note, the Regulation S Note and
the Institutional Accredited Investor Global Note will be issued in the form of
a permanent global Note substantially in the form of Exhibit B hereto,
which is hereby incorporated by reference and made a part of this Indenture,
deposited with the Trustee as hereinafter provided, including the appropriate
legend set forth in Section 2.01(c) hereof (the “Exchange
Global Note”).  The Exchange
Global Note may be represented by more than one certificate, if so required by
DTC’s rules regarding the maximum principal amount to be represented by a
single certificate.

 

The Rule 144A
Global Note, the Regulation S Global Note, the Institutional Investor Global Note
and the Exchange Global Note are sometimes collectively herein referred to as
the “Global Notes.”

 

Except as
described in the succeeding two sentences, the principal of and premium, if
any, and interest on the Notes shall be payable at the office or agency of the
Company maintained for such purpose in The City of New York, or at such other
office or agency of the Company as may be maintained for such purpose pursuant
to Section 2.03 hereof; provided, however,
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including principal,
premium and interest) will be made by wire transfer of immediately available
funds to the accounts specified by DTC. 
Payments in respect of Notes represented by Definitive Notes (including
principal, premium, if any, and interest) held by a Holder of at least
U.S.$1,000,000 aggregate principal amount of Notes represented by Definitive
Notes will be made by wire transfer to a U.S. dollar account maintained by the
payee with a bank in the United States if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such account no later than 15 days immediately preceding the
relevant due date for payment (or such other date as the Trustee may accept in
its discretion).

 

Any Subsequent
Notes shall be in the form of Exhibit A hereto.

 

The Notes may
have notations, legends or endorsements required by law, stock exchange rule or
usage, in addition to those set forth on Exhibit A hereto and Exhibit B
hereto and in Section 2.01(c) hereof. 
The Company and the Trustee shall approve the forms of the Notes and any
notation, endorsement or legend on them. 
Each Note shall be dated the date of its authentication.  The terms of the Notes set forth in Exhibit A
hereto and Exhibit B hereto are part of the terms of this Indenture and, to
the extent applicable, the Company and the Trustee, by their execution and
delivery of this Indenture, expressly agree to be bound by such terms.

 

14

 

(b)                   Denominations.  The Notes shall be issuable only in fully
registered form, without coupons, and only in denominations of U.S.$1,000 and
any integral multiple thereof.

 

(c)                    Restrictive
Legends.  Unless and until (i) an
Initial Note is sold under an effective registration statement or (ii) an
Initial Note is exchanged for an Exchange Note in connection with an effective
registration statement, in each case pursuant to the Exchange and Registration
Rights Agreement or a similar agreement,

 

(1)                                  The
Rule 144A Global Note, the Regulation S Global Note and the Institutional
Accredited Investor Global Note shall bear the following legend (the “Private Placement Legend”) on the face thereof:

 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE
FOLLOWING SENTENCE.  BY ITS ACQUISITION
HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER

 

(1)                                  REPRESENTS
THAT

 

(A)                              IT
AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER”
(WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT) AND THAT IT
EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT,

 

(B)                                IT
IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (WITHIN THE MEANING OF RULE 501(a) (1),
(2), (3) OR (7) UNDER THE SECURITIES ACT) (AN “INSTITUTIONAL
ACCREDITED INVESTOR”) OR

 

(C)                                IT
IS NOT A U.S. PERSON (WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES
ACT) AND

 

(2)                                  AGREES
FOR THE BENEFIT OF THE COMPANY THAT IT WILL NOT OFFER, SELL, PLEDGE OR
OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN, EXCEPT IN
ACCORDANCE WITH THE SECURITIES ACT AND ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES AND ONLY

 

(A)                              TO
THE COMPANY,

 

(B)                                PURSUANT
TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES
ACT,

 

(C)                                TO
A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT,

 

(D)                               IN
AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 OF REGULATION S UNDER THE
SECURITIES ACT,

 

15

 

(E)                                 IN
A PRINCIPAL AMOUNT OF NOT LESS THAN $100,000, TO AN INSTITUTIONAL ACCREDITED
INVESTOR THAT, PRIOR TO SUCH TRANSFER, DELIVERS TO THE TRUSTEE A DULY COMPLETED
AND SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE
TRUSTEE) RELATING TO THE RESTRICTIONS ON TRANSFER OF THIS NOTE, OR

 

(F)                                 PURSUANT
TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT
OR ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT.

 

PRIOR TO THE REGISTRATION OF ANY TRANSFER IN
ACCORDANCE WITH (2)(C) ABOVE OR (2)(D) ABOVE, A DULY COMPLETED AND
SIGNED CERTIFICATE (THE FORM OF WHICH MAY BE OBTAINED FROM THE
TRUSTEE) MUST BE DELIVERED TO THE TRUSTEE. 
PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH (2)(E) OR
(F)  ABOVE, THE COMPANY RESERVES THE RIGHT TO REQUIRE THE DELIVERY OF SUCH
LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE
REQUIRED IN ORDER TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS.  NO REPRESENTATION IS MADE AS TO THE
AVAILABILITY OF ANY RULE 144 EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF
THE SECURITIES ACT.”

 

(2)                                  The
Regulation S Global Note shall bear the following legend (the “Regulation S Legend”) on the face thereof:

 

“THIS NOTE IS A TEMPORARY GLOBAL NOTE.  PRIOR TO THE EXPIRATION OF THE RESTRICTED
PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY
ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON WHO
PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE
SECURITIES ACT PURSUANT TO RULE 144A THEREUNDER.  BENEFICIAL INTERESTS HEREIN ARE NOT
EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN
ACCORDANCE WITH THE TERMS OF THE INDENTURE. 
TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE
SECURITIES ACT.

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY
ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT
BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS.

 

16

 

TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO
THEM IN REGULATION S UNDER THE SECURITIES ACT.”

 

(3)                                  Each
of the Global Notes, whether or not an Initial Note, shall bear the following
legend on the face thereof:

 

“UNLESS THIS CERTIFICATE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.”

 

(d)                   Book-Entry
Provisions.  (i)  This Section 2.01(d) shall
apply only to Global Notes deposited with the Trustee, as custodian for DTC.

 

(ii)                                  Each
Global Note initially shall (A) be registered in the name of DTC or the
nominee of DTC, (B) be delivered to the Trustee as custodian for DTC and (C) bear
legends as set forth in Section 2.01(c) hereof.

 

(iii)                               Members
of, or participants in, DTC (“Agent Members”)
shall have no rights under this Indenture with respect to any Global Note held
on their behalf by DTC or by the Trustee as the custodian of DTC or under such
Global Note, and DTC may be treated by the Company, the Trustee and any agent
of the Company or the Trustee as the absolute owner of such Global Note for all
purposes whatsoever.  Notwithstanding the
foregoing, nothing herein shall prevent the Company, the Trustee or any agent
of the Company or the Trustee from giving effect to any written certification,
proxy or other authorization furnished by DTC or impair, as between DTC and its
Agent Members, the operation of customary practices of DTC governing the
exercise of the rights of a Holder of a beneficial interest in any Global Note.

 

(iv)                              In
connection with any transfer of a portion of the beneficial interest in a
Global Note pursuant to Section 2.01(e) hereof to beneficial owners
who are required to hold Definitive Notes, the Securities Custodian shall
reflect on its books and records the

 

17

 

date and a
decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be
transferred, and the Company shall execute, and the Trustee shall authenticate
and deliver, one or more Definitive Notes of like tenor and amount.

 

(v)                                 In
connection with the transfer of an entire Global Note to beneficial owners
pursuant to Section 2.01(e) hereof, such Global Note shall be deemed
to be surrendered to the Trustee for cancellation, and the Company shall
execute, and the Trustee shall authenticate and deliver, to each beneficial
owner identified by DTC in exchange for its beneficial interest in such Global
Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations.

 

(vi)                              The
registered Holder of a Global Note may grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Notes.

 

(e)                    Definitive
Notes.  (i)  Except as provided
below, owners of beneficial interests in Global Notes will not be entitled to
receive Definitive Notes.  If required to
do so pursuant to any applicable law or regulation, beneficial owners may
obtain Definitive Notes in exchange for their beneficial interests in a Global
Note upon written request in accordance with DTC’s and the Registrar’s
procedures.  In addition, Definitive
Notes shall be transferred to all beneficial owners in exchange for their
beneficial interests in a Global Note if (a) DTC notifies the Company that
it is unwilling or unable to continue as depositary for such Global Note or DTC
ceases to be a clearing agency registered under the Exchange Act, at a time when
DTC is required to be so registered in order to act as depositary, and in each
case a successor depositary is not appointed by the Company within 90 days of
such notice, or (b) the Company executes and delivers to the Trustee and
Registrar an Officer’s Certificate stating that such Global Note shall be so
exchangeable or (c) an Event of Default has occurred and is continuing and
the Registrar has received a request from DTC.

 

(ii)                                  Any
Definitive Note delivered in exchange for an interest in a Global Note pursuant
to Section 2.01(d)(iv) or (v) hereof shall, except as otherwise
provided by Section 2.06(c) hereof bear the applicable legend
regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.01(c) hereof.

 

(iii)                               In
connection with the exchange of a portion of a Definitive Note for a beneficial
interest in a Global Note, the Trustee shall cancel such Definitive Note, and
the Company shall execute, and the Trustee shall authenticate and deliver, to
the transferring Holder a new Definitive Note representing the principal amount
not so transferred.

 

Section 2.02.  Execution and
Authentication.  One Officer
shall execute the Notes, on behalf of the Company, by manual or facsimile
signature.  If an Officer whose signature
is on a Note no longer holds that office at the time the Trustee authenticates
the Note, the Note shall be valid nevertheless, even after giving effect to any
exchange of Initial Notes for Exchange Notes.

 

18

 

A Note shall
not be valid until an authorized signatory of the Trustee manually
authenticates the Note.  The signature of
the Trustee on a Note shall be conclusive evidence that such Note has been duly
and validly authenticated and issued under this Indenture.  A Note shall be dated the date of its
authentication.

 

At any time
and from time to time after the execution and delivery of this Indenture, the
Trustee shall authenticate and make available for delivery: (1) Initial
Notes for original issue on the Issue Date initially in an aggregate principal
amount of U.S. $400,000,000; (2) if and when issued, the Subsequent Notes;
and (3) Exchange Notes for issue only in a Registered Exchange Offer
pursuant to the Exchange and Registration Rights Agreement, and only in exchange
for Initial Notes of an equal principal amount, in each case upon a written
order of the Company signed by two Officers or by an Officer and an Assistant
Treasurer or an Assistant Secretary of the Company (the “Company
Order”).  Such Company Order shall
specify the amount of the Notes to be authenticated and the date on which the
original issue of Notes is to be authenticated and whether the Notes are to be
Initial Notes, Exchange Notes or Subsequent Notes.  The aggregate principal amount of Notes which
may be authenticated and delivered under this Indenture is initially limited to
U.S. $400,000,000 outstanding (plus any Subsequent Notes), except for Notes
authenticated and delivered upon registration or transfer of, or in exchange
for, or in lieu of, other Notes of the same class pursuant to Section 2.06,
Section 2.09, Section 2.11, Section 5.08, or Section 9.05
hereof and except for transactions similar to the Registered Exchange
Offer.  All Notes issued on the Issue
Date and all Subsequent Notes shall be identical in all respects other than
issue dates, the date from which interest accrues and any changes relating
thereto.  Notwithstanding anything to the
contrary contained in this Indenture, the Initial Notes, any Subsequent Notes
and the Exchange Notes will be treated as a single class of securities under
this Indenture.  Without limiting the
generality of the foregoing sentence, all Notes issued under this Indenture
shall vote and consent together on all matters as one class and no Notes will
have the right to vote or consent as a separate class on any matter.

 

The Trustee
may appoint an agent (the “Authenticating Agent”)
reasonably acceptable to the Company to authenticate the Notes.  Unless limited by the terms of such
appointment, any such Authenticating Agent may authenticate Notes whenever the
Trustee may do so.  Each reference in
this Indenture to authentication by the Trustee includes authentication by the
Authenticating Agent.  An Authenticating
Agent has the same rights as a Paying Agent to deal with Holders or an
Affiliate of the Company.

 

Section 2.03.  Registrar and Paying
Agent.  The Company shall
cause to be kept a register for the Notes (the “Note
Register”) in which, subject to such reasonable regulations as the
Company may prescribe, the Company shall provide for the registration of the
Notes and of all transfers and exchanges with respect thereto.  The Note Register shall be maintained by the
Trustee or such other Person (including the Company or the Guarantor) appointed
by the Company as the registrar (the “Registrar”).  The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for
exchange and an office or agency where Notes may be presented for payment (the “Place of Payment”). 
The Company shall cause each of the Registrar and the Paying Agent to
maintain an office or agency in the Borough of Manhattan, The City of New
York.  The Company may have one or more
co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent.

 

19

 

The Company
shall enter into an appropriate agency agreement with any Registrar and Paying
Agent that is not a party to this Indenture, which shall incorporate the terms
of the Trust Indenture Act.  The
agreement shall implement the provisions of this Indenture that relate to such
agent.  The Company shall notify the
Trustee of the name and address of each such agent.  If the Company fails to maintain a Registrar
or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 7.07 hereof.  The Company, the Guarantor or any Subsidiary
of the Company or the Guarantor may act as Paying Agent, Registrar, co
registrar or transfer agent.

 

The Company
initially appoints DTC to act as depository with respect to the Global
Notes.  The Trustee is authorized to
enter into a letter of representations with DTC in the form provided to the
Trustee by the Company and to act in accordance with such letter.

 

The Company
initially appoints the Trustee as Registrar and Paying Agent for the Notes.

 

Section 2.04.  Paying Agent to Hold Money in
Trust.  By at least 10:00 a.m.
(New York City time) on the date on which any principal of and premium, if any,
or interest on any Note is due and payable, the Company shall deposit with the
Paying Agent a sum sufficient to pay such principal, premium, if any, or
interest when due.  The Company shall
require each Paying Agent (other than the Trustee) to agree in writing that
such Paying Agent shall hold in trust for the benefit of Noteholders or the
Trustee all money held by such Paying Agent for the payment of principal of and
premium, if any, or interest on the Notes and shall notify the Trustee in
writing of any default by the Company or the Guarantor in making any such
payment.  If the Company, the Guarantor
or a Subsidiary of the Company or the Guarantor acts as Paying Agent, it shall
segregate the money held by it as Paying Agent and hold it as a separate trust
fund.  The Company at any time may
require a Paying Agent (other than the Trustee) to pay all money held by it to
the Trustee and to account for any funds disbursed by such Paying Agent.  Upon complying with this Section 2.04, the
Paying Agent (if other than the Company or a Subsidiary of the Company or the
Guarantor) shall have no further liability for the money delivered to the
Trustee.  Upon any bankruptcy,
reorganization or similar proceeding with respect to the Company, the Trustee
shall serve as Paying Agent for the Notes.

 

Section 2.05.  Noteholder Lists.  The Trustee shall preserve in as
current a form as is reasonably practicable the most recent list available to
it of the names and addresses of Noteholders and shall otherwise comply with
Trust Indenture Act, Section 312(a). 
If the Trustee is not the Registrar, or to the extent otherwise required
under the Trust Indenture Act, the Company, on its own behalf and on behalf of
the Guarantor, shall furnish to the Trustee, in writing at least seven Business
Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee
may reasonably require of the names and addresses of Noteholders and the
Company shall otherwise comply with Trust Indenture Act, Section 312(a).

 

Section 2.06.  Transfer and Exchange.  (a)  The following provisions
shall apply with respect to any proposed transfer of a Rule 144A Note or
an Institutional Accredited Investor Global Note prior to the date which is two
years after the later of the date of its original issue and the last date on
which the Company or any affiliate of the Company was the owner of such Notes
(or any predecessor thereto) (the “Resale Restriction Termination
Date”):

 

20

 

(i)                                     a
transfer of a Rule 144A Note or an Institutional Accredited Investor
Global Note or a beneficial interest therein to a QIB shall be made upon the
representation of the transferee in the form as set forth on the reverse of the
Note that it is purchasing the Note for its own account or an account with
respect to which it exercises sole investment discretion and that it and any
such account is a “qualified institutional buyer” within the meaning of Rule 144A,
and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the proposed transferee has requested pursuant to Rule 144A or has
determined not to request such information and that it is aware that the
transferor is relying upon its foregoing representations in order to claim the
exemption from registration provided by Rule 144A;

 

(ii)                                  a
transfer of a Rule 144A Note or an Institutional Accredited Investor
Global Note or a beneficial interest therein to an IAI shall be made upon
receipt by the Trustee or its agent of a certificate substantially in the form
set forth in Section 2.07 hereof from the proposed transferee and, if
requested by the Company or the Trustee, the delivery of an opinion of counsel,
certification and/or other information satisfactory to each of them; and

 

(iii)                               a
transfer of a Rule 144A Note or an Institutional Accredited Investor
Global Note or a beneficial interest therein to a Non-U.S. Person shall be made
upon receipt by the Trustee or its agent of a certificate substantially in the
form set forth in Section 2.08 hereof from the proposed transferee and, if
requested by the Company or the Trustee, the delivery of an opinion of counsel,
certification and/or other information satisfactory to each of them.

 

(b)                   The
following provisions shall apply with respect to any proposed transfer of a
Regulation S Note prior to the expiration of the Restricted Period:

 

(i)                                     a
transfer of a Regulation S Note or a beneficial interest therein to a QIB shall
be made upon the representation of the transferee, in the form of assignment on
the reverse of the Note, that it is purchasing the Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as the proposed transferee has requested
pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by Rule 144A;

 

(ii)                                  a
transfer of a Regulation S Note or a beneficial interest therein to an IAI
shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.07 hereof from the
proposed transferee and, if requested by the Company or the Trustee, the
delivery of an opinion of counsel, certification and/or other information
satisfactory to each of them; and

 

21

 

(iii)                               a
transfer of a Regulation S Note or a beneficial interest therein to a Non-U.S.
Person shall be made upon receipt by the Trustee or its agent of a certificate
substantially in the form set forth in Section 2.08 hereof from the
proposed transferee and, if requested by the Company or the Trustee, receipt by
the Trustee or its agent of an opinion of counsel, certification and/or other
information satisfactory to each of them.

 

After the
expiration of the Restricted Period, interests in the Regulation S Note may be
transferred without requiring certification provided for in Section 2.07
or Section 2.08 hereof, or any additional certification.

 

(c)                    Restricted
Notes Legend.  Upon the transfer,
exchange or replacement of Notes not bearing a Restricted Notes Legend, the
Registrar shall deliver Notes that do not bear a Restricted Notes Legend.  Upon the transfer, exchange or replacement of
Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes
that bear a Restricted Notes Legend unless there is delivered to the Registrar
an Opinion of Counsel to the effect that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the
provisions of the Securities Act.

 

(d)                   The
Registrar shall retain copies of all letters, notices and other written
communications received pursuant to Section 2.01 hereof or this Section 2.06.  The Company shall have the right to inspect
and make copies of all such letters, notices or other written communications at
any reasonable time upon the giving of reasonable prior written notice to the
Registrar.

 

(e)                    Obligations
with Respect to Transfers and Exchanges of Notes.

 

(i)                                     To
permit registrations of transfers and exchanges, the Company shall, subject to
the other terms and conditions of this Article 2, execute and the Trustee
shall authenticate Definitive Notes and Global Notes at the Registrar’s or
co-registrar’s request.

 

(ii)                                  No
service charge shall be made to a Holder for any registration of transfer or
exchange, but the Company or the Guarantor may require from a Holder payment of
a sum sufficient to cover any transfer tax, assessments, or similar
governmental charge payable in connection therewith (other than any such
transfer taxes, assessments or similar governmental charges payable upon
exchange or transfer pursuant to Section 9.05 hereof).

 

(iii)                               The
Registrar or co-registrar shall not be required to register the transfer of, or
exchange of, any Note for a period beginning (1) 15 days before the
mailing of a notice of an offer to repurchase or redeem Notes and ending at the
close of business on the day of such mailing or (2) 15 days before an
interest payment date and ending on such interest payment date.

 

(iv)                              Prior
to the due presentation for registration of transfer of any Note, the Company,
the Trustee, the Paying Agent, the Registrar or any co-registrar may deem and
treat the person in whose name a Note is registered as the absolute owner of
such Note for the purpose of receiving payment of principal of and premium, if
any, and interest on

 

22

 

such Note and
for all other purposes whatsoever, whether or not such Note is overdue, and
none of the Company, the Trustee, the Paying Agent, the Registrar or any co
registrar shall be affected by notice to the contrary.

 

(v)                                 Any
Definitive Note delivered in exchange for an interest in a Global Note pursuant
to Section 2.01(d) hereof shall, except as otherwise provided by Section 2.06(c) hereof,
bear the applicable legend regarding transfer restrictions applicable to the
Definitive Note set forth in Section 2.01(c) hereof.

 

(vi)                              All
Notes issued upon any transfer or exchange pursuant to the terms of this
Indenture shall evidence the same debt and shall be entitled to the same
benefits under this Indenture as the Notes surrendered upon such transfer or
exchange.

 

(vii)                           All
Global Notes shall be registered in the name of DTC, or a nominee thereof, and
all transfers of beneficial ownership interests therein will be made in accordance
with the rules of DTC.  No investor
or other party purchasing, selling or otherwise transferring beneficial
ownership interests in Global Notes shall receive, hold or deliver any
certificate representing the same.  The
Company, the Guarantor and the Trustee shall have no responsibility or
liability for transfers of beneficial ownership interests in any Global Note.

 

(f)                      No
Obligation of the Trustee.

 

(i)                                     The
Trustee shall have no responsibility or obligation to any beneficial owner of a
Global Note, an Agent Member or any other Person with respect to (A) the
accuracy of the records of DTC or its nominee or of any participant or member
thereof, with respect to any ownership interest in the Notes, (B) the
delivery to any participant, member, beneficial owner or other Person (other
than DTC) of any notice (including any notice of redemption) or the payment of
any amount or delivery of any Notes (or other security or property) under or
with respect to such Notes, or (C) the selection of the particular Notes
or portions thereof to be redeemed or refunded in the event of a partial
redemption or refunding of the Notes. 
All notices and communications to be given to the Holders and all
payments to be made to Holders in respect of the Notes shall be given or made
only to or upon the order of the registered Holders (which shall be DTC or its
nominee in the case of a Global Note). 
The rights of beneficial owners in any Global Note shall be exercised
only through DTC subject to the applicable rules and procedures of
DTC.  The Trustee may rely and shall be
fully protected in relying upon information furnished by DTC with respect to
its members, participants and any beneficial owners.

 

(ii)                                  The
Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or
under applicable law with respect to any transfer of any interest in any Note
(including any transfers between or among DTC, its Agent Members or beneficial
owners in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so
if and when expressly required by, the terms of this Indenture with respect to
transfers between Holders, and to examine the

 

23

 

same to
determine substantial compliance as to form with the express requirements
hereof.

 

Section 2.07.  Form of Certificate to Be
Delivered in Connection with Transfers to Institutional Accredited
Investors.  The form of
certificate to be delivered in connection with transfers of Notes to IAIs is
set forth as Exhibit C hereto.

 

Section 2.08.  Form of Certificate to Be
Delivered in Connection with Transfers Pursuant to Regulation S.  The form of certificate to be
delivered in connection with transfers of Notes pursuant to Regulation S is set
forth as Exhibit D hereto.

 

Section 2.09.  Mutilated, Destroyed, Lost or
Stolen Notes.  If a mutilated
Note is surrendered to the Registrar or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Company shall issue and
the Trustee shall authenticate a replacement Note if the requirements of Section 8-405
of the New York Uniform Commercial Code are met and the Holder satisfies any
other reasonable requirements of the Trustee. 
If required by the Trustee or the Company, such Holder shall furnish an
indemnity bond sufficient in the judgment of the Company and the Trustee to
protect the Company, the Trustee, the Paying Agent, the Registrar and any
co-registrar from any loss which any of them may suffer if a Note is replaced,
and, in the absence of notice to the Company, the Guarantor or the Trustee that
such Note has been acquired by a bona fide purchaser, the Company shall execute
and upon Company Order the Trustee shall authenticate and make available for
delivery, in exchange for any such mutilated Note or in lieu of any such
destroyed, lost or stolen Note, a new Note of like tenor and principal amount,
bearing a number not contemporaneously outstanding.

 

In case any
such mutilated, destroyed, lost or stolen Note has become or is about to become
due and payable, the Company in its discretion may, instead of issuing a new
Note, pay such Note.

 

Upon the
issuance of any new Note under this Section 2.09, the Company may require
the payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Trustee) in connection therewith.

 

Every new Note
issued pursuant to this Section 2.09 in lieu of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual
obligation of the Company, the Guarantor (if applicable) and any other obligor
upon the Notes, whether or not the mutilated, destroyed, lost or stolen Note
shall be at any time enforceable by anyone, and shall be entitled to all
benefits of this Indenture equally and proportionately with any and all other
Notes duly issued hereunder.

 

The provisions
of this Section 2.09 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or
payment of mutilated, destroyed, lost or stolen Notes.

 

Section 2.10.  Outstanding Notes.  Notes outstanding at any time are
all Notes authenticated by the Trustee except for those canceled by it, those
delivered to it for cancellation and those described in this Section 2.10
as not outstanding.  A Note ceases to be
outstanding in

 

24

 

the event the Company holds the Note,
provided, however, that (i) for purposes of determining which are
outstanding for consent or voting purposes hereunder, Notes shall cease to be
outstanding in the event the Company or an Affiliate of the Company holds the
Note and (ii) in determining whether the Trustee shall be protected in
making a determination whether the Holders of the requisite principal amount of
outstanding Notes are present at a meeting of Holders of Notes for quorum
purposes or have consented to or voted in favor of any request, demand,
authorization, direction, notice, consent, waiver, amendment or modification
hereunder, or relying upon any such quorum, consent or vote, only Notes which a
Trust Officer of the Trustee actually knows to be held by the Company or an
Affiliate of the Company shall not be considered outstanding.

 

If a Note is
replaced pursuant to Section 2.09 hereof, it ceases to be outstanding
unless the Trustee and the Company receive proof satisfactory to them that the
replaced Note is held by a bona fide purchaser.

 

If the Paying
Agent segregates and holds in trust, in accordance with this Indenture, on a
redemption date or maturity date money sufficient to pay all principal,
premium, if any, and interest payable on that date with respect to the Notes
(or portions thereof) to be redeemed or maturing, as the case may be, and the
Paying Agent is not prohibited from paying such money to the Noteholders on
that date pursuant to the terms of this Indenture, then on and after that date
such Notes (or portions thereof) cease to be outstanding and interest on them
ceases to accrue.

 

Section 2.11.  Temporary Notes.  Until Definitive Notes are ready
for delivery, the Company may prepare and the Trustee shall authenticate
temporary Notes.  Temporary Notes shall
be substantially in the form of Definitive Notes but may have variations that
the Company considers appropriate for temporary Notes.  Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate Definitive Notes.  After the preparation of Definitive Notes,
the temporary Notes shall be exchangeable for Definitive Notes upon surrender
of the temporary Notes at any office or agency maintained by the Company for
that purpose and such exchange shall be without charge to the Holder.  Upon surrender for cancellation of any one or
more temporary Notes, the Company shall execute, and the Trustee shall
authenticate and make available for delivery in exchange therefor, one or more
Definitive Notes representing an equal principal amount of Notes.  Until so exchanged, the Holder of temporary
Notes shall in all respects be entitled to the same benefits under this
Indenture as a holder of Definitive Notes.

 

Section 2.12.  Cancellation.  The Company at any time may
deliver Notes to the Trustee for cancellation. 
The Registrar and the Paying Agent shall forward to the Trustee any
Notes surrendered to them for registration of transfer, exchange or payment.  The Trustee, and no one else, shall cancel
and destroy all Notes surrendered for registration of transfer, exchange,
payment or cancellation, in its customary manner.  The Company may not issue new Notes to
replace Notes it has paid or delivered to the Trustee for cancellation for any
reason other than in connection with a transfer or exchange.

 

Section 2.13.  Payment of Interest; Defaulted
Interest.  Interest on any
Note which is payable, and is punctually paid or duly provided for, on any
interest payment date shall be paid to the Person in whose name such Note (or
one or more predecessor Notes) is registered at the

 

25

 

close of business on the regular record date
for such interest at the office or agency of the Company maintained for such
purpose pursuant to Section 2.03 hereof.

 

Any interest
on any Note which is payable, but is not paid when the same becomes due and payable
and such nonpayment continues for a period of 30 days shall forthwith cease to
be payable to the Holder on the regular record date by virtue of having been
such Holder, and such defaulted interest and (to the extent lawful) interest on
such defaulted interest at the rate borne by the Notes (such defaulted interest
and interest thereon herein collectively called “Defaulted
Interest”) shall be paid by the Company, at its election in each
case, as provided in clause (a) or (b) below:

 

(a)                                  The
Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Notes (or their respective predecessor Notes) are registered at
the close of business on a Special Record Date (as defined below) for the
payment of such Defaulted Interest, which shall be fixed in the following
manner.  The Company shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on
each Note and the date (not less than 30 days after such notice) of the
proposed payment (the “Special Interest Payment
Date”), and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided.  Thereupon the Trustee shall fix a record date
(the “Special Record Date”) for the payment
of such Defaulted Interest which shall be not more than 15 days and not less
than 10 days prior to the Special Interest Payment Date and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment.  The Trustee shall promptly notify the Company
of such Special Record Date, and in the name and at the expense of the Company,
shall cause notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor to be given in
the manner provided for in Section 11.02 hereof, not less than 10 days
prior to such Special Record Date. 
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date and Special Interest Payment Date therefor having been so
given, such Defaulted Interest shall be paid on the Special Interest Payment
Date to the Persons in whose names the Notes (or their respective predecessor
Notes) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

 

(b)                                 The
Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange,
if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this clause, such manner of payment shall be deemed practicable by
the Trustee.

 

Subject to the
foregoing provisions of this Section 2.13, each Note delivered under this
Indenture upon registration of, transfer of or in exchange for or in lieu of
any other Note shall

 

26

 

carry the rights to interest accrued and unpaid, and to accrue, which
were carried by such other Note.

 

Section 2.14.  Computation of Interest.  Interest on the Notes shall be
computed on the basis of a 360-day year of twelve 30-day months.

 

Section 2.15.  CUSIP and ISIN Numbers.  The Company in issuing the Notes
may use “CUSIP” and “ISIN” numbers (if then generally in use) and, if so, the
Trustee shall use “CUSIP” and “ISIN” numbers in notices of redemption as a
convenience to Holders; provided, however, that any such notice may state that
no representation is made as to the correctness of such numbers either as
printed on the Notes or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the
Notes, and any such redemption shall not be affected by any defect in or
omission of such CUSIP or ISIN numbers. 
The Company shall promptly notify the Trustee of any change in the CUSIP
and ISIN numbers.

 

ARTICLE 3

COVENANTS

 

Section 3.01.  Payment of Notes.  The Company shall promptly pay the
principal of and premium, if any, and interest on the Notes on the dates and in
the manner provided in the Notes and in this Indenture.  Principal and interest shall be considered
paid on the date due if on such date the Trustee or the Paying Agent holds in
accordance with this Indenture money sufficient to pay all principal and
interest then due and the Trustee or the Paying Agent, as the case may be, is
not prohibited from paying such money to the Noteholders on that date.

 

The Company
shall pay interest on overdue principal and premium, if any, at the rate
specified therefor in the Notes, and it shall pay interest on overdue
installments of interest at the same rate to the extent lawful.

 

Notwithstanding
anything to the contrary contained in this Indenture and subject to Section 10.04,
the Company may, to the extent it is required to do so by law, deduct or
withhold income or other similar taxes imposed by the United States of America
from principal or interest payments hereunder.

 

Section 3.02.  Limitation and Restrictions on
Activities of the Company.  (a) 
The Company shall not engage in any business or enterprise or enter into any
transaction or agreement other than in connection with (i) the issuance
and sale of the Notes, (ii) the incurrence of other Permitted
Indebtedness, (iii) the entering into of Hedge Agreements relating to the
Notes or the other Permitted Indebtedness having a notional amount not
exceeding the aggregate principal amount of the Notes and such other Permitted
Indebtedness then outstanding and (iv) the use of the net proceeds from
the issuance of the Notes or the other Permitted Indebtedness to increase its
investment in the Series 2002-1 VFC.

 

27

 

(b)                                 The
Company shall not acquire or own any subsidiary or other assets or property
(either real or personal), except for (i) the Series 2002-1 VFC, (ii) Hedge
Agreements, and (iii) instruments evidencing the interests in the
foregoing.

 

(c)                                  The
Company shall not create, incur, assume or suffer to exist any Indebtedness
other than Permitted Indebtedness.

 

(d)                                 The
Company shall not create, assume, incur or suffer to exist any Lien upon or
with respect to any of its Property; provided, however, it being understood,
for the avoidance of doubt, that the Company shall not create, incur, assume or
suffer to exist any Lien including Liens which would otherwise constitute a
Permitted Lien in the case of the Guarantor or any Restricted Subsidiaries.

 

(e)                                  The
Company shall not enter into any consolidation, merger, amalgamation, joint
venture, syndicate or other form of combination with any Person, and shall not
sell, lease, convey or otherwise dispose of any of its assets or receivables,
including, without limitation, the Series 2002-1 VFC or any interest in
the Series 2002-1 VFC.

 

(f)                                    The
Company shall not amend, supplement, waive or modify, or consent to any
amendment, supplement, waiver or modification of, any Master Trust Transaction
Document except in accordance with the provisions of this Section 3.02(f).  Any provision of any Master Trust Transaction
Document may be amended, waived, supplemented, restated, discharged or
terminated without the consent of the Holders so long as in each case, the
Trustee shall have received prior notice thereof together with copies of any
documentation related thereto; provided that such amendment, waiver, supplement
or restatement does not (i) render the Series 2002-1 VFC subordinate
in payment to any other Series under the Bunge Master Trust or otherwise
adversely discriminate against the Series 2002-1 VFC relative to any other
Series under the Bunge Master Trust, (ii) reduce in any manner the
amount of, or delay the timing of, distributions which are required to be made
on or in respect of the Series 2002-1 VFC, (iii) change the
definition of, the manner of calculating, or in any way the amount of, the
interest of the Company in the assets of the Bunge Master Trust, (iv) change
the definition of “Eligible Loans” or, to the extent used in such definition,
other defined terms used in such definition, (v) result in a Default or
Event of Default, or (vi) terminate the Bunge Master Trust with respect to
less than all of the then outstanding Series issued by the Bunge Master
Trust; and provided, further, that, the Bunge Master Trust may be terminated at
any time with respect to all Series then outstanding without the consent
of the Holders.  Any amendment, waiver,
supplement or restatement of a Master Trust Transaction Document (including any
exhibit thereto) of the type described in clauses (i), (ii), (iii), (iv), (v),
or (vi) of this Section 3.02(f) shall require the written
consent of the Holders of at least a majority in principal amount of the Notes
then outstanding (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes).

 

Section 3.03.  Limitation on Liens.  The Guarantor shall not, and shall
not permit any Restricted Subsidiary to, create, assume, incur or suffer to
exist any Lien, other than a Permitted Lien, upon or with respect to any of its
Restricted Property or the shares of stock or Indebtedness of any Restricted
Subsidiary to secure any Indebtedness incurred or guaranteed by the Guarantor
or any Restricted Subsidiary (other than the Notes), unless all of the
outstanding Notes and the

 

28

 

Guarantee are secured equally and ratably
with, or prior to, such Indebtedness for so long as such Indebtedness shall be
so secured.

 

Section 3.04.  Limitation on Sale-Leaseback
Transactions.  The Guarantor
shall not, and shall not permit any Restricted Subsidiary to, enter into any
Sale-Leaseback Transaction unless:

 

(a)                                  the
Sale-Leaseback Transaction occurs within six months from the date of the acquisition
of the Restricted Property subject 
thereto or the date of the completion of construction or commencement of
full operations of such Restricted Property, whichever is later; or

 

(b)                                 the
Sale-Leaseback Transaction is between the Guarantor and a Restricted Subsidiary
of the Guarantor, or between Restricted Subsidiaries of the Guarantor; or

 

(c)                                  the
Sale-Leaseback Transaction involves a lease for a period, including renewals,
of not more than three years; or

 

(d)                                 the
Sale-Leaseback Transaction constitutes a Permitted Lien for the purposes of Section 3.03
hereof; or

 

(e)                                  the
Guarantor or such Restricted Subsidiary, within a one year period after such
Sale-Leaseback Transaction, (i) applies or causes to be applied an amount
not less than the Attributable Indebtedness from such Sale-Leaseback
Transaction to the prepayment, repayment, redemption, reduction or retirement
of any Indebtedness of the Guarantor or any Subsidiary having a maturity of
more than one year that is not subordinated to the Notes or the Guarantee or (ii) enters
into a bona fide commitment to expend an amount not less than the Attributable
Indebtedness for such Sale-Leaseback Transaction during such one-year period to
the acquisition, construction or development of other similar Property.

 

Section 3.05.  Exclusion from
Limitations.  Notwithstanding
Sections 3.03 and 3.04 hereof, the Guarantor may, and may permit any Restricted
Subsidiary to, create, assume, incur or suffer to exist any Lien (other than a
Permitted Lien) upon any Restricted Property to secure Indebtedness incurred or
guaranteed by the Guarantor or any Restricted Subsidiary (other than the Notes)
or effect any Sale-Leaseback Transaction of a Restricted Property that is not
excepted by Section 3.04(a), (b), (c), (d) or (e) hereof,
without equally and ratably securing the Notes or the Guarantee provided that,
after giving effect thereto, the aggregate principal amount of outstanding
Indebtedness (other than the Notes) secured by Liens (other than Permitted
Liens) upon Restricted Property plus the Attributable Indebtedness from
Sale-Leaseback Transactions of Restricted Property not so excepted, do not
exceed 15% of the Consolidated Net Tangible Assets.

 

Section 3.06.  Maintenance of Office or
Agency.  The Company will
maintain in The City of New York, an office or agency where the Notes may be
presented or surrendered for payment, where, if applicable, the Notes may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Notes and this Indenture may
be served.  The office or agency (the “Corporate Trust Office”) used by the Trustee in The City of
New York as its office or agency for receiving securities, as the same may from
time to

 

29

 

time be designated by the Trustee, shall be
such office or agency of the Company, unless the Company shall designate and
maintain some other office or agency for one or more of such purposes.  The Company will give prompt written notice
to the Trustee of any change in the location of any such office or agency.  If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the
Trustee with the address thereof, such presentations, surrenders, notices and
demands may be made or served at the Corporate Trust Office of the Trustee, and
the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

 

The Company
may also from time to time designate one or more other offices or agencies (in
or outside of The City of New York) where the Notes may be presented or
surrendered for any or all such purposes and may from time to time rescind any
such designation; provided, however, that no such designation or rescission
shall in any manner relieve the Company of its obligation to maintain an office
or agency in The City of New York for such purposes.  The Company will give prompt written notice
to the Trustee of any such designation or rescission and any change in the
location of any such other office or agency.

 

Section 3.07.  Corporate Existence.  Subject to Article 4 hereof,
each of the Company and the Guarantor will do or cause to be done all things
necessary to preserve, renew and keep in full force and effect its corporate
existence and take all reasonable action to maintain its corporate rights
(charter and statutory), licenses, privileges and franchises; provided,
however, that the Company and the Guarantor shall not be required to preserve any
such right, license, privilege or franchise if the Board of Directors of the
Company or the Guarantor, as applicable, shall determine that the preservation
thereof is no longer desirable in the conduct of its business and that the loss
thereof is not, and will not be, disadvantageous in any material respect to the
Holders; and provided further, the Guarantor may merge in accordance with Section 4.01
hereof.

 

Section 3.08.  Maintenance of Properties;
Insurance.  The Guarantor
shall, and shall cause each of its Subsidiaries to, keep all property useful
and necessary in its business in good working order and condition, except where
failure to do so would not have a Material Adverse Effect; and the Guarantor
shall maintain with financially sound and reputable insurance companies
insurance on all its property in at least such amounts and against at least
such risks as are customary for the Guarantor’s type of business.

 

Section 3.09.  Payment of Taxes and Other
Claims.  Each of the Company
and the Guarantor shall pay, discharge or otherwise satisfy at or before
maturity or before they become delinquent, as the case may be, all taxes,
assessments and similar governmental charges imposed on it, its incomes,
profits or properties, except where (i) the amount or validity thereof is
currently being contested in good faith by appropriate proceedings and reserves
to the extent required by U.S. GAAP with respect thereto have been provided on
the books of the Company or the Guarantor or (ii) the nonpayment of such
taxes, assessments and claims in the aggregate could not reasonably be expected
to have a Material Adverse Effect.

 

Section 3.10.  Payments for Consent.  Neither the Company, the Guarantor
nor any Subsidiaries of the Company or the Guarantor will, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fees or
otherwise, to any Holder of any Notes for or as an inducement to any consent,
waiver or amendment of any of the terms or provisions of

 

30

 

this Indenture or the Notes unless such
consideration is offered to be paid or is paid to all Holders of the Notes that
consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement.

 

Section 3.11.  Compliance Certificate.  The Company and the Guarantor
shall deliver to the Trustee within 120 days after the end of each Fiscal Year
of the Company and the Guarantor a certificate signed by the principal
executive officer, principal financial officer or principal accounting officer
of the Company and the Guarantor, respectively, stating that in the course of
the performance by the signer of his or her duties as an officer of the Company
and the Guarantor he or she would normally have knowledge of any Default or
Event of Default and whether or not the signer knows of any Default or Event of
Default that occurred during such period. 
If he or she does, the certificate shall describe the Default or Event
of Default, its status and what action the Company is taking or proposes to
take with respect thereto.  The Company
also shall comply with Trust Indenture Act, Section 314(a)(4).

 

Section 3.12.  Further Instruments and
Acts.  Upon request of the
Trustee, the Company will execute and deliver such further instruments and do
such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

Section 3.13.  Statement by Officers as to
Default.  The Company shall
deliver to the Trustee, as soon as possible and in any event within 10 days
after the Company becomes aware of the occurrence of any Event of Default or an
event which, with notice or the lapse of time or both, would constitute an
Event of Default, an Officer’s Certificate setting forth the details of such
Event of Default or default and the action which the Company proposes to take
with respect thereto.

 

Section 3.14.  Notice of Change in Bermuda
Law, Debt Ratings.  The
Guarantor shall give notice to the Trustee promptly after becoming aware of (i) any
changes in taxes, duties or other fees of Bermuda or any political subdivision
or taxing authority thereof or any change in any laws of Bermuda, in each case,
that may affect any payment due under this Indenture, (ii) any change in
such Guarantor’s public or private debt ratings by a “nationally recognized
statistical rating organization,” as such term is defined by the SEC for
purposes of Rule 436(g)(2) under the Securities Act, and (iii) any
development or event which has had, or which the Guarantor in its good faith
judgment believes will have, a Material Adverse Effect; provided that the
Trustee shall have no responsibilities or duties with respect to any such
notice.  Delivery of any such notice to
the Trustee is for informational purposes only and the Trustee’s receipt of
such notice shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including
the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officer’s Certificates).

 

ARTICLE 4

SUCCESSOR GUARANTOR

 

Section 4.01.  Consolidation, Merger,
Amalgamation and Sale of Assets by the Guarantor.  The Guarantor shall not, and shall
not cause or permit any Subsidiary to, consolidate

 

31

 

with or merge or amalgamate with or into, or
sell, lease, or convey all or substantially all its assets to, any Person,
unless:

 

(a)                    in
the case of the Guarantor:

 

(i)                                     the
resulting, surviving or transferee Person (the “Successor
Guarantor”) shall be either the Guarantor or a Person organized
under the laws of Bermuda, the United States of America, any State thereof or
the District of Columbia, any full member state of the European Union, Canada,
Australia or Switzerland, and the Successor Guarantor (if not the Guarantor)
shall expressly assume, by supplemental indenture, executed and delivered to
the Trustee, all the obligations of the Guarantor under the Guarantee and this
Indenture; and

 

(ii)                                  immediately
after giving effect to such transaction, no Event of Default or event which
with notice or lapse of time would be an Event of Default has occurred and is
continuing; or

 

(b)                   in
the case of any Subsidiary of the Guarantor (other than the Company):

 

(i)                                     such
transaction is a merger or amalgamation of such Subsidiary into, or a
consolidation of such Subsidiary with, the Guarantor (so long as the Guarantor
is the surviving or resulting entity) or another Subsidiary of the Guarantor or
the sale or other disposition by such Subsidiary of all or substantially all of
its property to the Guarantor or another Subsidiary of the Guarantor; or

 

(ii)                                  such
transaction is the merger or amalgamation of such Subsidiary into, the
consolidation of such Subsidiary with, or the sale or other disposition by such
Subsidiary of all or substantially all of its property to, another Person
(provided that such Person is not an Affiliate of such Subsidiary), so long as
immediately prior to, and after giving effect to such transaction, no Default
or Event of Default exists or would exist.

 

For purposes
of this Section 4.01, the sale, lease, conveyance, assignment, transfer,
or other disposition of all or substantially all of the properties and assets
of one or more Subsidiaries of the Guarantor, which properties and assets, if
held by the Guarantor instead of such Subsidiaries, would constitute all or
substantially all of the properties and assets of the Guarantor on a
consolidated basis, shall be deemed to be the transfer of all or substantially
all of the properties and assets of the Guarantor.

 

If the
Guarantor engages in one of the transactions described above and complies with
the conditions listed above, the Successor Guarantor will succeed to, and be
substituted for, and may exercise every right and power of, the Guarantor under
this Indenture, but, in the case of a lease of all or substantially all its
assets, the Guarantor will not be released from the obligation to pay the
principal of and premium, if any, and interest on the Notes.

 

In the event
that the Guarantor consolidates with or merges or amalgamates with or into, or
sells, leases or conveys all or substantially all of its assets to, another
Person subject to the terms of this Section 4.01 (a “Transfer”)
and the Successor Guarantor is a Person organized under the laws of a member
state of the European Union, Canada, Australia or Switzerland, the

 

32

 

Guarantor and the Successor Guarantor shall, as a condition to such
Transfer, (A) enter into a supplemental indenture with the Trustee
providing for full, unconditional and irrevocable indemnification of the
Holders of the Notes and the Trustee against any tax or duty of whatever nature
which is incurred or otherwise suffered by such Holders and the Trustee with
respect to the Notes and which would not have been incurred or otherwise
suffered in the absence of such Transfer; and (B) deliver to the Trustee,
for the benefit of the Holders of the Notes, legal opinions of independent
legal counsel in New York and the applicable member state of the European
Union, Canada, Australia or Switzerland the laws of which the successor is
organized under, as applicable, to the effect that the Obligations of the
Successor Guarantor with respect to the Guarantee are legal, valid, binding and
enforceable in accordance with their terms.

 

ARTICLE 5

OPTIONAL REDEMPTION OF NOTES

 

Section 5.01.  Optional Redemption by the
Company.  The Notes may be
redeemed at any time as a whole or from time to time in part, subject to the
conditions and at the Redemption Prices specified in the form of Notes set
forth in Exhibit A and Exhibit B hereto, which are hereby
incorporated by reference and made a part of this Indenture, together with
accrued and unpaid interest to the Redemption Date.

 

Section 5.02.  Applicability of Article.  Redemption of Notes at the
election of the Company or otherwise, as permitted or required by any provision
of this Indenture, shall be made in accordance with such provision and this Article 5.

 

Section 5.03.  Election to Redeem; Notice to
Trustee.  The election of the
Company to redeem any Notes pursuant to Section 5.01 hereof shall be
evidenced by a resolution of the Board of Directors of the Company.  In case of any redemption at the election of
the Company, the Company shall, upon not later than the earlier of the date
that is 30 days prior to the Redemption Date fixed by the Company or the date
on which notice is given to the Holders (except as provided in Section 5.05
hereof or unless a shorter notice shall be satisfactory to the Trustee), notify
the Trustee of such Redemption Date and of the principal amount of Notes to be
redeemed and shall deliver to the Trustee such documentation and records as
shall enable the Trustee to select the Notes to be redeemed pursuant to Section 5.04
hereof.

 

Section 5.04.  Selection by Trustee of Notes
to Be Redeemed.  If less than
all the Notes are to be redeemed at any time pursuant to an optional
redemption, the particular Notes to be redeemed shall be selected not more than
60 days prior to the Redemption Date by the Trustee, from the outstanding Notes
not previously called for redemption, in compliance with the requirements of
the principal securities exchange, if any, on which such Notes are listed, or,
if such Notes are not so listed, on a pro rata basis, by lot or by such other
method as the Trustee shall deem fair and appropriate and which may provide for
the selection for redemption of portions of the principal of the Notes;
provided, however, that no such partial redemption shall reduce the portion of
the principal amount of a Note not redeemed to less than U.S. $1,000.

 

33

 

The Trustee
shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Notes selected for partial redemption, the
principal amount thereof to be redeemed.

 

For all
purposes of this Indenture, unless the context otherwise requires, all provisions
relating to redemption of Notes shall relate, in the case of any Note redeemed
or to be redeemed only in part, to the portion of the principal amount of such
Note which has been or is to be redeemed.

 

Section 5.05.  Notice of Redemption.  Notice of redemption shall be
given in the manner provided for in Section 11.02 hereof not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Notes to
be redeemed.  The Trustee shall give
notice of redemption in the Company’s name and at the Company’s expense;
provided, however, that the Company shall deliver to the Trustee, at least 15
days prior to the date the notice of redemption is to be given (unless a
shorter period shall be acceptable to the Trustee), an Officer’s Certificate
requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in the following items.

 

All notices of
redemption shall state:

 

(1)                                  the
Redemption Date,

 

(2)                                  the
Redemption Price and the amount of accrued interest to the Redemption Date
payable as provided in Section 5.07 hereof, if any,

 

(3)                                  if
less than all outstanding Notes are to be redeemed, the identification of the
particular Notes (or portion thereof) to be redeemed, as well as the aggregate
principal amount of Notes to be redeemed and the aggregate principal amount of
Notes to be outstanding after such partial redemption,

 

(4)                                  in
case any Note is to be redeemed in part only, the notice which relates to such
Note shall state that on and after the Redemption Date, upon surrender of such
Note, the Holder will receive, without charge, a new Note or Notes of
authorized denominations for the principal amount thereof remaining unredeemed,

 

(5)                                  that
on the Redemption Date the Redemption Price (and accrued interest, if any, to
the Redemption Date payable as provided in Section 5.07 hereof) will
become due and payable upon each such Note, or the portion thereof, to be
redeemed, and, unless the Company defaults in making the redemption payment,
that interest on Notes called for redemption (or the portion thereof) will
cease to accrue on and after said date,

 

(6)                                  the
place or places where such Notes are to be surrendered for payment of the
Redemption Price and accrued interest, if any,

 

(7)                                  the
name and address of the Paying Agent,

 

(8)                                  that
Notes called for redemption must be surrendered to the Paying Agent to collect
the Redemption Price, and

 

34

 

(9)                                  the
CUSIP number, and that no representation is made as to the accuracy or
correctness of the CUSIP number, if any, listed in such notice or printed on
the Notes.

 

Section 5.06.  Deposit of Redemption
Price.  Prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 2.04 hereof) an amount of money sufficient
to pay the Redemption Price of, and accrued interest on, all the Notes which
are to be redeemed on that date.

 

Section 5.07.  Notes Payable on Redemption
Date.  Notice of redemption
having been given as aforesaid, the Notes to be redeemed shall, on the
Redemption Date, become due and payable at the Redemption Price therein
specified (together with accrued interest, if any, to the Redemption Date), and
from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Notes shall cease to bear
interest.  Upon surrender of any such Note
for redemption in accordance with said notice, such Note shall be paid by the
Company at the Redemption Price, together with accrued interest, if any, to the
Redemption Date (subject to the rights of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date).

 

If any Note
called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and premium, if any, shall, until paid, bear interest
from the Redemption Date at the rate borne by the Notes.

 

Section 5.08.  Notes Redeemed in Part.  Any Note which is to be redeemed
only in part (pursuant to the provisions of this Article 5) shall be
surrendered at the office or agency of the Company maintained for such purpose
pursuant to Section 3.06 hereof (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or such Holder’s attorney duly authorized in writing), and the Company
shall execute, and the Trustee shall authenticate and make available for
delivery to the Holder of such Note at the expense of the Company, a new Note
or Notes, of any authorized denomination as requested by such Holder, in an
aggregate principal amount equal to and in exchange for the unredeemed portion
of the principal of the Note so surrendered, provided that each such new Note
will be in a principal amount of U.S.$1,000 or integral multiple thereof.  Notwithstanding the foregoing, DTC shall
select the Notes for redemption if evidenced by a Global Note according to DTC’s
stated procedures therefor.

 

ARTICLE 6

DEFAULTS AND REMEDIES

 

Section 6.01.  Events of Default.  An “Event of
Default” occurs if:

 

(1)                                  the
Company defaults in any payment of interest or additional interest (as required
by the Exchange and Registration Rights Agreement) on any Note when the same
becomes due and payable, and such default continues for a period of 30 days;

 

35

 

(2)                                  the
Company defaults in the payment of the principal or premium, if any, on any
Note when the same becomes due and payable at its Stated Maturity, upon
optional redemption, upon declaration of acceleration or otherwise;

 

(3)                                  the
Company or the Guarantor defaults in the performance of or a breach by the
Company or the Guarantor of any other covenant or agreement in this Indenture
or under the Notes (other than those referred to in (1) or (2) above)
and such default continues for 60 days after written notice from the Trustee or
the Holders of at least 25% in principal amount of the outstanding Notes;

 

(4)                                  the
Company, the Guarantor or any Subsidiary shall (i) default in making any
payment of any principal of any indebtedness for borrowed money, including
obligations evidenced by any mortgage, indenture, bond, debenture, note,
guarantee or other similar instruments to which it is a party on the scheduled
or original due date with respect thereto; or (ii) default in making any
payment of any interest on any such indebtedness beyond the period of grace, if
any, provided in the instrument or agreement under which such indebtedness was
created; or (iii) default in the observance or performance of any other
agreement or condition relating to any such indebtedness or contained in any
instrument or agreement evidencing, securing or relating thereto, the effect of
which default or condition is to cause, or to permit the holder or beneficiary
of such indebtedness (or a trustee or agent on behalf of such holder or
beneficiary) to cause, with the giving of notice if required, such indebtedness
to become due prior to its stated maturity or (in the case of any such
indebtedness constituting a guarantee) to become payable and such acceleration
has not been cured within 15 days after notice of acceleration; provided, that
a default, event or condition described in clause (i), (ii) or (iii) of
this paragraph (4) shall not at any time constitute an Event of Default
unless, at such time, one or more defaults, events or conditions of the type
described in clauses (i), (ii) and (iii) of this paragraph (4) shall
have occurred and be continuing with respect to such indebtedness in an amount
exceeding U.S. $50,000,000;

 

(5)                                  (i) the
Company, the Guarantor, a Designated Obligor or any Material Subsidiary shall
commence any case, proceeding or other action (A) under any existing or
future law of any jurisdiction, domestic or foreign, relating to bankruptcy,
insolvency, reorganization or relief of debtors, seeking to have an order for
relief entered with respect to it, or seeking to adjudicate it bankrupt or
insolvent, or seeking reorganization, arrangement, adjustment, winding up,
liquidation, dissolution, composition or other relief with respect to it or its
debts, or (B) seeking appointment of a receiver, trustee, custodian,
conservator or other similar official for it or for all or any substantial part
of its assets, or the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary shall make a general assignment for the benefit of its
creditors; or (ii) there shall be commenced against the Company, the
Guarantor, a Designated Obligor or any Material Subsidiary any case, proceeding
or other action of a nature referred to in clause (i) above that (A) results
in the entry of an order for relief or any such adjudication or appointment or (B) remains
undismissed, undischarged or unbonded for a period of 60 days; or (iii) there
shall be commenced against the Company, the Guarantor, a Designated Obligor or
any Material Subsidiary any case, proceeding or other action seeking issuance
of a warrant of attachment, execution, distraint or similar process against all
or any substantial part of its assets that results in the entry of an order for
any such relief that shall not have been vacated, discharged, or stayed or
bonded pending appeal within 60 days from the entry thereof; or (iv) the
Company, the

 

36

 

Guarantor, a Designated Obligor or any Material Subsidiary shall take
any action in furtherance of, or indicating its consent to, approval of, or
acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above;
or (v) the Company, the Guarantor, a Designated Obligor or any Material
Subsidiary shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due.

 

The foregoing
will constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation
of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body.

 

The Company
shall deliver to the Trustee, within 10 days after the occurrence thereof,
written notice in the form of an Officer’s Certificate of any Default or Event
of Default under clauses (3), (4) or (5) of this Section 6.01,
which such notice shall contain the status thereof and a description of the
action being taken or proposed to be taken by the Company in respect thereof.

 

Section 6.02.  Acceleration.  (a) If an Event of Default
occurs and is continuing, the Trustee by written notice to the Company, or the
Holders of at least 25% in outstanding principal amount of the Notes by written
notice to the Company and the Trustee, may, and the Trustee at the request of
such Holders shall, declare the principal of and premium, if any, and accrued
and unpaid interest on all the Notes to be due and payable.  Upon such a declaration, such principal,
premium, if any, and accrued and unpaid interest shall be immediately due and
payable.  If an Event of Default
described in paragraph (5) of Section 6.01 hereof occurs and is
continuing, then in each and every such case, the principal amount of the
Notes, the premium, if any, and all accrued and unpaid interest shall be
immediately due and payable without any declaration or other act on the part of
the Trustee or the Holders.

 

(b)                   In
the event the principal of and premium, if any, and accrued and unpaid interest
on the Notes becomes due and payable pursuant to Section 6.02(a) hereof,
the Trustee shall instruct the Company, and the Company shall instruct the
Master Trust Trustee, to declare due and payable the principal and accrued
interest in respect of the intercompany loans that had been made using the net
proceeds from the sale of the Notes invested in the Series 2002-1 VFC.

 

Section 6.03.  Other Remedies.  If an Event of Default occurs and
is continuing, the Trustee may pursue any available remedy to collect the
payment of principal of and premium, if any, or interest on the Notes or to
enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee
may maintain a proceeding even if it does not possess any of the Notes or does
not produce any of them in the proceeding. 
A delay or omission by the Trustee or any Noteholder in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default.  No remedy is exclusive of any other remedy.  All available remedies are cumulative.

 

Section 6.04.  Waiver of Past Defaults.  The Holders of a majority in
principal amount of the outstanding Notes by notice to the Trustee may (a) waive,
by their consent (including,

 

37

 

without limitation consents obtained in
connection with a purchase of, or tender offer or exchange offer for, Notes),
an existing Default or Event of Default and its consequences except (i) a
Default or Event of Default in the payment of the principal of and premium, if
any, or interest on a Note or (ii) a Default or Event of Default in
respect of a provision that under Section 9.02 hereof cannot be amended
without the consent of each Noteholder affected and (b) rescind any such
acceleration with respect to the Notes and its consequences if (1) rescission
would not conflict with any judgment or decree of a court of competent
jurisdiction and (2) all existing Events of Default, other than the
nonpayment of the principal of and premium, if any, and interest on the Notes
that have become due solely by such declaration of acceleration, have been
cured or waived.  When a Default or Event
of Default is waived, it is deemed cured, but no such waiver shall extend to
any subsequent or other Default or Event of Default or impair any consequent
right.

 

Section 6.05.  Control by Majority.  The Holders of a majority in
principal amount of the outstanding Notes may direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or of
exercising any trust or power conferred on the Trustee.  However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section 7.01
and Section 7.02 hereof, that the Trustee determines is prejudicial to the
rights of other Noteholders or would involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by
the Trustee that is not inconsistent with such direction.  Prior to taking any action hereunder, the
Trustee shall be entitled to indemnification satisfactory to it in its sole
discretion against all losses and expenses caused by taking or not taking such
action.

 

Section 6.06.  Limitation on Suits.  Subject to Section 6.07 hereof,
a Noteholder may not pursue any remedy with respect to this Indenture or the
Notes unless:

 

(1)                                  the
Holder gives to the Trustee written notice stating that an Event of Default is
continuing;

 

(2)                                  the
Holders of at least 25% in outstanding principal amount of the Notes make a
request to the Trustee to pursue the remedy;

 

(3)                                  such
Holder or Holders offer to the Trustee reasonable security or indemnity
satisfactory to the Trustee against any loss, liability or expense;

 

(4)                                  the
Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity; and

 

(5)                                  the
Holders of a majority in principal amount of the Notes do not give the Trustee
a direction that, in the opinion of the Trustee, is inconsistent with such
request during such 60-day period.

 

A Noteholder
may not use this Indenture to prejudice the rights of another Noteholder or to
obtain a preference or priority over another Noteholder.

 

Section 6.07.  Rights of Holders to Receive
Payment.  Notwithstanding any
other provision of this Indenture (including, without limitation, Section 6.06
hereof), the right of any

 

38

 

Holder to receive payment of principal of
and  premium, if any, or interest on the
Notes held by such Holder, on or after the respective due dates expressed in
the Notes, or to bring suit for the enforcement of any such payment on or after
such respective dates, shall not be impaired or affected without the consent of
such Holder.

 

Section 6.08.  Collection Suit by
Trustee.  If an Event of
Default specified in Section 6.01 (1) or (2) hereof occurs and
is continuing, the Trustee may recover judgment in its own name and as trustee
of an express trust against the Company for the whole amount then due and owing
(together with interest on any unpaid interest to the extent lawful) and the
amounts provided for in Section 6.07 hereof.

 

Section 6.09.  Trustee May File Proofs
of Claim.  The Trustee may
file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Noteholders allowed in any judicial
proceedings relative to the Company, the Guarantor, any of the Subsidiaries or
their respective creditors or properties and, unless prohibited by law or
applicable regulations, may be entitled and empowered to participate as a
member of any official committee of creditors appointed in such matter and, may
vote on behalf of the Holders in any election of a trustee in bankruptcy or
other Person performing similar functions, and any custodian in any such
judicial proceeding is hereby authorized by each Holder to make payments to the
Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any amount due it for
the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.07
hereof.

 

Section 6.10.  Priorities.  If the Trustee collects any money
or property pursuant to this Article 6, it shall pay out the money or
property in the following order:

 

FIRST:  to the Trustee for amounts due under Section 7.07
hereof;

 

SECOND:  to Noteholders for amounts due and unpaid on
the Notes for principal  and premium, if
any, and interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal and
interest, respectively; and

 

THIRD:  to the Company.

 

The Trustee
may fix a record date and payment date for any payment to Noteholders pursuant
to this Section 6.10.  At least 15
days before such record date, the Company shall mail to each Noteholder and the
Trustee a notice that states the record date, the payment date and amount to be
paid.

 

Section 6.11.  Undertaking for Costs.  In any suit for the enforcement of
any right or remedy under this Indenture or in any suit against the Trustee for
any action taken or omitted by it as Trustee, a court in its discretion may
require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party
litigant in the suit, having due regard to the merits and good faith of the
claims or defenses made by the party

 

39

 

litigant. 
This Section 6.11 does not apply to a suit by the Trustee, a suit
by the Company, a suit by a Holder pursuant to Section 6.07 hereof or a
suit by Holders of more than 10% in outstanding principal amount of the Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01.  Duties of Trustee.  (a) If an Event of Default
has occurred and is continuing, the Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill
in their exercise as a prudent Person would exercise or use under the
circumstances in the conduct of such Person’s own affairs; provided that if an
Event of Default occurs and is continuing, the Trustee will be under no
obligation to exercise any of the rights or powers under this Indenture at the
request or direction of any of the Holders unless such Holders have offered to
the Trustee indemnity or security reasonably satisfactory to it against loss,
liability or expense.

 

Except during
the continuance of an Event of Default:

 

(1)                                  the
Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

 

(2)                                  in
the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed
therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. 
However, in the case of any such certificates or opinions which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such certificates and opinions to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated
therein).

 

(b)                   The
Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

 

(1)                                  this
paragraph does not limit the effect of the second paragraph of Section 7.01(a);

 

(2)                                  the
Trustee shall not be liable for any error of judgment made in good faith by a
Trust Officer unless it is proved that the Trustee was negligent in
ascertaining the pertinent facts; and

 

(3)                                  the
Trustee shall not be liable with respect to any action it takes or omits to
take in good faith in accordance with a direction received by it pursuant to Section 6.05
hereof.

 

(c)                    Every
provision of this Indenture that in any way relates to the Trustee is subject
to paragraphs Section 7.01(a) and (b) hereof.

 

40

 

(d)                   The
Trustee shall not be liable for interest on any money received by it except as
the Trustee may agree in writing with the Company.

 

(e)                    Money
held in trust by the Trustee need not be segregated from other funds except to
the extent required by law.

 

(f)                      No
provision of this Indenture shall require the Trustee to expend or risk its own
funds or otherwise incur financial liability in the performance of any of its
duties hereunder or in the exercise of any of its rights or powers, if it shall
have reasonable grounds to believe that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it.

 

(g)                   Every
provision of this Indenture relating to the conduct or affecting the liability
of or affording protection to the Trustee shall be subject to the provisions of
this Section 8.01 and to the provisions of the Trust Indenture Act.

 

(h)                   Unless
otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Company shall be sufficient if signed by an
Officer of the Company.

 

(i)                       The
Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the
Holders unless such Holders shall have offered to the Trustee security or
indemnity reasonably satisfactory to it against the costs, expenses (including
reasonable attorneys’ fees and expenses) and liabilities that might be incurred
by it in compliance with such request or direction.

 

Section 7.02.  Rights of Trustee.  Subject to Section 7.01
hereof:

 

(a)                                  The
Trustee may conclusively rely on any document (whether in its original or
facsimile form) reasonably believed by it to be genuine and to have been signed
or presented by the proper person.  The
Trustee need not investigate any fact or matter stated in the document.  The Trustee shall receive and retain
financial reports and statements of the Company as provided herein, but shall
have no duty to review or analyze such reports or statements to determine
compliance under covenants or other obligations of the Company;

 

(b)                                 Before
the Trustee acts or refrains from acting, it may require an Officer’s
Certificate and/or an Opinion of Counsel. 
The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on an Officer’s Certificate or Opinion of Counsel;

 

(c)                                  The
Trustee may act through its attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care;

 

(d)                                 The
Trustee shall not be liable for any action it takes or omits to take in good
faith which it believes to be authorized or within its rights or powers,
provided however, that the Trustee’s conduct does not constitute willful
misconduct or negligence;

 

41

 

(e)                                  The
Trustee may consult with counsel of its selection, and the advice or opinion of
counsel with respect to legal matters relating to this Indenture and the Notes
shall be full and complete authorization and protection from liability in
respect to any action taken, omitted or suffered by it hereunder in good faith
and in accordance with the advice or opinion of such counsel;

 

(f)                                    The
Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Trust Officer of the Trustee has actual knowledge thereof or unless
written notice of any event which is in fact such a default is received by the
Trustee at the Principal Trust Office of the Trustee, and such notice
references the Notes and this Indenture;

 

(g)                                 The
rights, privileges, protections, immunities and benefits given to the Trustee,
including, without limitation, its right to be indemnified, are extended to,
and shall be enforceable by, the Trustee in each of its capacities hereunder
(including Registrar and Paying Agent), and each agent, custodian and other
Person employed to act hereunder; and

 

(h)                                 The
Trustee may request that the Company deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such
time to take specified actions pursuant to this Indenture, which Officer’s
Certificate may be signed by any person authorized to sign an Officer’s
Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded.

 

(i)                                     The
Trustee is not required to give any bond or surety with respect to the
performance of its duties or the exercise of its powers under this Indenture.

 

(j)                                     The
Trustee’s rights, powers, indemnities, immunities and protections from
liability and its rights to compensation and indemnification in connection with
the performance of its duties under this Indenture shall extend to (1) the
Trustee, whether serving in any other capacity hereunder, including without
limitation, in the capacity of Paying Agent or Registrar and (2) the
Trustee’s officers, directors, agents, counsel and employees.  Such immunities and protections and rights to
indemnification, together with the Trustee’s right to compensation, shall
survive the Trustee’s resignation or removal, the discharge of this Indenture
and final payment of the Notes.

 

(k)                                  The
Trustee shall have no responsibility for any information in any offering
document or other disclosure material distributed with respect to any series of
Notes, and the Trustee shall have no responsibility for compliance with any
state or federal securities laws in connection with the Notes, other than the
filing of any documents required to be filed by an indenture trustee pursuant
to the Trust Indenture Act or otherwise required in the Indenture.

 

(l)                                     Notwithstanding
anything else herein contained, whenever any provision of this Indenture
indicates that any confirmation of a condition or event is qualified by the
words “to the knowledge of” or “known to” the Trustee or other words of similar
meaning, said words shall mean and refer to the current awareness of one or
more Trust

 

42

 

Officers who
are located at the Principal Trust Office of the Trustee or who are otherwise
responsible for administering the trusts created under this Indenture

 

Section 7.03.  Individual Rights of
Trustee.  The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Company or its Affiliates with the same rights it
would have if it were not Trustee.  Any Paying
Agent, Registrar, co-registrar or co-paying agent may do the same with like
rights.  However, the Trustee must comply
with Section 7.10 and Section 7.11 hereof.  In addition, the Trustee shall be permitted
to engage in transactions with the Company; provided, however, that if the
Trustee acquires any conflicting interest the Trustee must (i) eliminate
such conflict within 90 days of acquiring such conflicting interest, (ii) apply
to the Commission for permission to continue acting as Trustee or (iii) resign.

 

Section 7.04.  Trustee’s Disclaimer.  The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of
this Indenture or the Notes, shall not be accountable for the Company’s use of
the proceeds from the Notes, shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee
and shall not be responsible for any statement of the Company in this Indenture
or in any document issued in connection with the sale of the Notes or in the
Notes other than the Trustee’s certificate of authentication.

 

Section 7.05.  Notice of Defaults.  If a Default or Event of Default
occurs and is continuing and if a Trust Officer has actual knowledge thereof,
the Trustee shall mail to each Noteholder at the address set forth in the Note
Register notice of the Default or Event of Default within 90 days after it
occurs.  Except in the case of a Default
or Event of Default in payment of principal of and premium, if any, or interest
on any Note (including payments pursuant to the optional redemption or required
repurchase provisions of such Note, if any), the Trustee may withhold the
notice if and so long as the Trustee’s Board of Directors or an executive
committee thereof or a trust committee of its directors and/or officers in good
faith determines that withholding the notice is in the interests of
Noteholders.

 

Section 7.06.  Report by Trustee to Holders.  Within 60 days after each December 15
beginning with the December 15 following the date of this Indenture, and
in any event prior to March 15 in each year, the Trustee shall mail to
each Noteholder a brief report dated as of such December 15  that complies with Trust Indenture Act, Section 313(a),
but only if required under such Section. 
The Trustee also shall comply with Trust Indenture Act, Section 313(b).  The Trustee shall also transmit by mail all
reports required by Trust Indenture Act, Section 313(c).

 

Following the
issuance of any Exchange Notes, a copy of each report at the time of its mailing
to Noteholders shall be filed with the SEC and each stock exchange (if any) on
which the Notes are listed.  The Company
agrees to notify promptly the Trustee whenever the Notes become listed on any
stock exchange and of any delisting thereof.

 

Section 7.07.  Compensation and
Indemnity.  The Company shall
pay to the Trustee such compensation for its acceptance of this Indenture and
for its services hereunder as Trustee, Paying Agent, Registrar and in all other
capacities in which it is serving hereunder as the Company and the Trustee
shall from time to time agree in writing. 
The Trustee’s compensation

 

43

 

shall not be limited by any law on
compensation of a trustee of an express trust. 
The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection,
costs of preparing and reviewing reports, certificates and other documents,
costs of preparation and mailing of notices to Noteholders and reasonable costs
of counsel retained by the Trustee, in addition to the compensation for its
services.  Such expenses shall include
the reasonable compensation and expenses, disbursements and advances of the
Trustee’s agents, counsel, accountants and experts.  The Company shall indemnify the Trustee, and
any predecessor Trustee and their respective officers, directors, employees,
counsel and agents, against any and all loss, liability, damages, claims or
expense (including reasonable attorneys’ fees and expenses) incurred by it
without negligence or willful misconduct on its part in connection with the
administration of this trust or the performance of its duties hereunder,
including the costs and expenses of enforcing this Indenture (including this Section 7.07)
and of defending itself against any claims (whether asserted by any Noteholder,
the Company or otherwise).  The Trustee
shall notify the Company promptly of any claim for which it may seek indemnity.  Failure by the Trustee to so notify the
Company shall not relieve the Company of its obligations hereunder.  The Company shall defend the claim and the
Trustee may have separate counsel and the Company shall pay the fees and
expenses of such counsel, provided that the Company shall not be required to
pay such fees and expenses if it assumes the obligation for defending the
Trustee, and, in the reasonable judgment of the Trustee, there is no conflict
of interest between the Company and the Trustee in connection with such action
and there is no defense that could not be adequately raised if the Company
assumes such obligation.  The Company
need not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own willful misconduct,
negligence or bad faith.

 

To secure the
Company’s payment obligations in this Section 7.07, the Trustee shall have
a lien prior to the Notes on all money or property held or collected by the
Trustee other than money or property held in trust to pay principal of and
premium, if any, and interest on particular Notes.  Such lien shall survive the satisfaction and
discharge of this Indenture.  The Trustee’s
right to receive payment of any amounts due under this Section 7.07 shall
not be subordinate to any other liability or Indebtedness of the Company.

 

The Company’s
payment obligations pursuant to this Section 7.07 shall survive the
discharge of this Indenture.  When the
Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) hereof
with respect to the Company, the expenses are intended to constitute expenses
of administration under any bankruptcy law.

 

Section 7.08.  Replacement of Trustee.  The Trustee may resign at any time
by so notifying the Company.  The Holders
of a majority in principal amount of the Notes may remove the Trustee by so
notifying the Trustee and may appoint a successor Trustee.  The Company shall remove the Trustee if:

 

(1)                                  the
Trustee fails to comply with Section 7.10 hereof;

 

(2)                                  the
Trustee is adjudged bankrupt or insolvent;

 

(3)                                  a
receiver or other public officer takes charge of the Trustee or its property;
or

 

44

 

(4)                                  the
Trustee otherwise becomes incapable of acting.

 

If the Trustee
resigns or is removed by the Company or by the Holders of a majority in
principal amount of the Notes and such Holders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of the
Trustee for any reason (the Trustee in such event being referred to herein as
the retiring Trustee), the Company shall promptly appoint a successor Trustee.

 

A successor
Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company.  Thereupon
the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture.  The
successor Trustee shall mail a notice of its succession to Noteholders.  The retiring Trustee shall promptly transfer
all property held by it as Trustee to the successor Trustee, subject to the
lien provided for in Section 7.07 hereof.

 

If a successor
Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of 10% in principal amount
of the Notes may petition, at the Company’s expense, any court of competent
jurisdiction for the appointment of a successor Trustee.

 

If the Trustee
fails to comply with Section 7.10 hereof, any Noteholder may petition any
court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

 

Notwithstanding
the replacement of the Trustee pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 hereof shall continue for the benefit of
the retiring Trustee.

 

Section 7.09.  Successor Trustee by
Merger.  If the Trustee
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee.

 

In case at the
time such successor or successors by merger, conversion, consolidation or
transfer of assets to the Trustee shall succeed to the trusts created by this
Indenture, any of the Notes shall have been authenticated but not delivered,
any such successor to the Trustee may adopt the certificate of authentication
of any predecessor trustee, and deliver such Notes so authenticated; and in
case at that time any of the Notes shall not have been authenticated, any
successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor to the Trustee.

 

Section 7.10.  Eligibility;
Disqualification.  The Trustee
shall at all times satisfy the requirements of Trust Indenture Act, Section 310(a).  The Trustee shall have a combined capital and
surplus of at least U.S. $50,000,000 as set forth in its most recent filed
annual report of condition.  The Trustee
shall comply with Trust Indenture Act, Section 310(b); provided, however,
that there shall be excluded from the operation of Trust Indenture Act, Section 310(b)(1) any
indenture or indentures under which other securities or certificates of
interest or

 

45

 

participation in other securities of the
Company are outstanding if the requirements for such exclusion set forth in
Trust Indenture Act, Section 310(b)(1) are met.

 

Section 7.11.  Preferential Collection of
Claims Against Company.  The Trustee shall comply with
Trust Indenture Act, Section 311(a), excluding any creditor relationship
listed in Trust Indenture Act, Section 311(b).  A Trustee who has resigned or been removed
shall be subject to Trust Indenture Act, Section 311(a) to the extent
indicated.

 

Section 7.12.  Trustee’s Application for
Instruction from the Company.  Any
application by the Trustee for written instructions from the Company may, at
the option of the Trustee, set forth in writing any action proposed to be taken
or omitted by the Trustee under this Indenture and the date on and/or after
which such action shall be taken or such omission shall be effective.  The Trustee shall not be liable for any
action taken by, or omission of, the Trustee in accordance with a proposal
included in such application on or after the date specified in such application
(which date shall not be less than three Business Days after the date any
officer of the Company actually receives such application, unless any such
officer shall have consented in writing to any earlier date) unless prior to
taking any such action (or the effective date in the case of an omission), the
Trustee shall have received written instructions in response to such
application specifying the action to be taken or omitted.

 

ARTICLE 8

DISCHARGE OF INDENTURE;
DEFEASANCE

 

Section 8.01.  Discharge of
Liability on Notes; Defeasance.  (a) Subject
to Section 8.01(b) hereof, when (i)(x) the Company delivers to the
Trustee all outstanding Notes (other than Notes replaced pursuant to Section 2.09
hereof) for cancellation or (y) all outstanding Notes not theretofore delivered
for cancellation have become due and payable, whether at maturity or upon
redemption or will become due and payable within one year or are to be called
for redemption within one year under arrangements satisfactory to the Trustee
for the giving of notice of redemption by the Trustee in the name and at the
expense of the Company and the Company or the Guarantor irrevocably deposits or
causes to be deposited with the Trustee as trust funds in trust solely for the
benefit of the Holders money in U.S. dollars, non-callable U.S. Government
Securities, or a combination thereof, in such amounts as will be sufficient
without consideration of any reinvestment of interest to pay and discharge the
entire indebtedness on such Notes not theretofore delivered to the Trustee for
cancellation for principal and premium, if any, and accrued interest to the
date of maturity or redemption, (ii) no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit will not result in a breach or
violation of, or constitute a default under, any other instrument to which the
Company or the Guarantor is a party or by which the Company or the Guarantor is
bound; (iii) the Company or the Guarantor has paid or caused to be paid
all sums payable by it under this Indenture and the Notes; and (iv) the
Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of such Notes at
maturity or the Redemption Date, as the case may be, then the Trustee shall
acknowledge satisfaction and discharge of this Indenture on demand of the
Company (accompanied by an Officer’s Certificate and an Opinion of Counsel
stating that all

 

46

 

conditions precedent specified herein
relating to the satisfaction and discharge of this Indenture have been complied
with) and at the cost and expense of the Company.

 

(b)           Subject
to Section 8.01(c) and Section 8.02 hereof, the Company at any
time may terminate (i) all its obligations under the Notes and this
Indenture (“legal defeasance option”),
and after giving effect to such legal defeasance, any omission to comply with
such obligations shall no longer constitute a Default or Event of Default or (ii) its
obligations under, Section 3.02, Section 3.03, Section 3.04, Section 3.05,
Section 3.08 and Section 3.09 hereof, and the Company may omit to
comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of
any reference in any such covenant to any other provision herein or in any
other document, and the operation of Section 6.01(3) (only with
respect to the covenants terminated pursuant to this Section 8.01(b)(ii)),
Section 6.01(4) and Section 6.01(5) hereof, and the events
specified in such Sections shall no longer constitute an Event of Default
(clause (ii) being referred to as the “covenant
defeasance option”), but except as specified above, the remainder of
this Indenture and the Notes shall be unaffected thereby.  The Company may exercise its legal defeasance
option notwithstanding its prior exercise of its covenant defeasance option. If
the Company exercises its covenant defeasance option, the Company may elect to
have the Guarantee terminate.

 

If the Company
exercises its legal defeasance option, payment of the Notes may not be
accelerated because of an Event of Default, and the Guarantee shall
terminate.  If the Company exercises its
covenant defeasance option, payment of the Notes may not be accelerated because
of an Event of Default specified in Section 6.01(3) (only with
respect to the covenants terminated pursuant to Section 8.01(b)(ii) above),
Section 6.01(4) and Section 6.01(5) hereof.

 

Upon
satisfaction of the conditions set forth herein and upon request of the
Company, the Trustee shall acknowledge in writing the
discharge of those obligations that the Company terminates.

 

(c)           Notwithstanding
the provisions of Section 8.01(a) and (b) hereof, the Company’s
obligations in Section 2.02, Section 2.03, Section 2.04, Section 2.05,
Section 2.06, Section 2.09, Section 2.10, Section 2.11, Section 2.12,
Section 3.01, Section 3.06, Section 3.07, Section 3.10, Section 3.11,
Section 3.12, Section 3.13, Section 3.14, Section 6.07, Section 7.07,
Section 7.08 hereof and in this Article 8 shall survive until the
Notes have been paid in full. 
Thereafter, the Company’s obligations in Section 7.07, Section 8.04
and Section 8.05 hereof shall survive.

 

Section 8.02.  Conditions to
Defeasance.  The
Company may exercise its legal defeasance option or its covenant defeasance
option only if:

 

(1)           the Company irrevocably deposits in
trust with the Trustee for the benefit of the Holders money in U.S. dollars or
U.S. Government Securities or a combination thereof for the payment of
principal of and premium, if any, and interest on the Notes to maturity or
redemption, as the case may be;

 

(2)           the Company
delivers to the Trustee a certificate from a firm of independent accountants
expressing their opinion that the payments of principal and interest when due
and

 

47

 

without reinvestment on the
deposited U.S. Government Securities plus any deposited money without
investment will provide cash at such times and in such amounts as will be
sufficient to pay principal and interest when due on all the Notes to maturity;

 

(3)           no Default or Event of Default shall
have occurred and be continuing on the date of such deposit or, with respect to
certain bankruptcy or insolvency Events of Default, on the 91st day after such
date of deposit;

 

(4)           such legal defeasance or covenant
defeasance shall not result in a breach or violation of, or constitute a
Default under, this Indenture or any other material agreement or instrument to
which the Company, the Guarantor or any of its Subsidiaries is a party or by
which the Company, the Guarantor or any of its Subsidiaries is bound;

 

(5)           the Company shall have delivered to
the Trustee an Opinion of Counsel (subject to customary assumptions and
exclusions) to the effect that (A) the Notes and (B) assuming no
intervening bankruptcy of the Company between the date of deposit and the 91st
day following the deposit and that no Holder of the Notes is an insider of the
Company, after the 91st day following the deposit, the trust funds will not be
subject to the effect of any applicable bankruptcy, insolvency, reorganization
or similar laws affecting creditors’ right generally;

 

(6)           the deposit
does not constitute a default under any other agreement binding on the Company;

 

(7)           the Company delivers to the Trustee
an Opinion of Counsel (subject to customary assumptions and exclusions) to the
effect that the trust resulting from the deposit does not constitute, or is
qualified as, a regulated investment company under the U.S. Investment Company
Act of 1940, as amended;

 

(8)           in the case of the legal defeasance
option, the Company shall have delivered to the Trustee an Opinion of Counsel
(subject to customary assumptions and exclusions) in the United States stating
that (i) the Company has received from, or there has been published by,
the U.S. Internal Revenue Service a ruling, or (ii) since the date of this
Indenture there has been a change in the applicable federal income tax law, in
either case to the effect that, and based thereon such Opinion of Counsel shall
confirm that, the Noteholders will not recognize income, gain or loss for
federal income tax purposes as a result of such defeasance and will be subject
to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such legal defeasance had not occurred;

 

(9)           in the case of the covenant
defeasance option, the Company shall have delivered to the Trustee an Opinion
of Counsel (subject to customary assumptions and exclusions) in the United
States to the effect that the Noteholders will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and covenant
defeasance and will be subject to federal income tax on the same amount, in the
same manner and at the same times as would have been the case if such deposit
and covenant defeasance had not occurred; and

 

(10)         the Company delivers to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all
conditions precedent to the defeasance and discharge of the Notes and this
Indenture as contemplated by this Article 8 have been complied with.

 

48

 

Section 8.03.  Application
of Trust Money.  The
Trustee shall hold in trust money or U.S. Government Securities deposited with
it pursuant to this Article 8.  It
shall apply the deposited money and the money from U.S. Government Securities
through the Paying Agent and in accordance with this Indenture to the payment
of principal of and premium, if any, and interest on the Notes.

 

Section 8.04.  Repayment to
Company.  The Trustee
and the Paying Agent shall promptly turn over to the Company upon request any
excess money or securities held by them upon payment of all the obligations
under this Indenture.

 

Subject to any
applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Company upon request any money held by them for the payment of principal
of and premium, if any, or interest on the Notes that remains unclaimed for two
years, and, thereafter, Noteholders entitled to the money must look to the
Company for payment as general creditors.

 

Section 8.05.  Indemnity for
U.S. Government Securities.  The
Company shall pay and shall indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against deposited U.S. Government Securities or
the principal and interest received on such U.S. Government Securities.

 

Section 8.06.  Reinstatement.  If the Trustee or Paying Agent is
unable to apply any money or U.S. Government Securities in accordance with this
Article 8 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, the obligations of the Company under
this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 8 until such time as the
Trustee or Paying Agent is permitted to apply all such money or U.S. Government
Securities in accordance with this Article 8; provided, however, that, if
the Company has made any payment of interest on or principal of any Notes
because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Securities held by the Trustee or Paying
Agent.

 

The Trustee’s
rights under this Article 8 shall survive termination of this Indenture
and the resignation or removal of the Trustee.

 

ARTICLE 9

AMENDMENTS

 

Section 9.01.  Without
Consent of Holders.  The
Company, the Guarantor and the Trustee may amend this Indenture or the Notes
without notice to or consent of any Noteholder:

 

(1)           to cure any
ambiguity, omission, defect or inconsistency;

 

(2)           to comply
with Article 4 in respect of the assumption by a Successor Guarantor of an
obligation of the Guarantor under this Indenture;

 

49

 

(3)           to provide for uncertificated Notes
in addition to or in place of certificated Notes; provided, however, that the
uncertificated Notes are issued in registered form for purposes of Section 163(f) of
the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code;

 

(4)           to add
guarantees with respect to the Notes;

 

(5)           to secure
the Notes;

 

(6)           to add to
the covenants of the Company or the Guarantor for the benefit of the Holders or
to surrender any right or power herein conferred upon the Company or the
Guarantor;

 

(7)           to make any
change that does not adversely affect the interests of any Noteholder;

 

(8)           to provide for the issuance of the
Exchange Notes, which will have terms substantially identical in all material
respects to the Initial Notes (except that the transfer restrictions contained
in the Initial Notes will be modified or eliminated, as appropriate), and which
will be treated, together with any outstanding Initial Notes, as a single issue
of securities;

 

(9)           to provide
for the issuance of any Subsequent Notes; or

 

(10)         to comply with
any requirement of the SEC in connection with the qualification of this
Indenture under the Trust Indenture Act.

 

After an
amendment under this Section 9.01 becomes effective, the Company shall
mail to Noteholders a notice briefly describing such amendment.  The failure to give such notice to all
Noteholders at the address set forth in the Note Register, or any defect
therein, shall not impair or affect the validity of an amendment under this Section 9.01.

 

Section 9.02.  With Consent
of Holders.  The Company,
the Guarantor and the Trustee may amend this Indenture or the Notes without
notice to any Noteholder but with the written consent of the Holders of at
least a majority in principal amount of the Notes then outstanding (including,
without limitation, consents obtained in connection with a purchase of, or
tender offer or exchange offer for, Notes). 
However, without the consent of each Noteholder affected, an amendment
may not:

 

(1)           reduce the
amount of Notes whose Holders must consent to an amendment of this Indenture or
the Notes;

 

(2)           reduce the amount of Notes whose
Holders must consent to an amendment of provisions of the Master Trust
Transaction Documents pursuant to Section 3.02(f) hereof;

 

(3)           reduce the stated rate of or extend
the stated time for payment of interest on any Note;

 

(4)           reduce the principal of, or extend
the Stated Maturity of, any Note;

 

50

 

(5)           reduce the
premium payable upon the redemption of any Note as described above under Article 5
hereof or any similar provision, whether through an amendment to or waiver of Article 5
hereof, a definition or otherwise;

 

(6)           make any
Note payable in money other than that stated in the Note;

 

(7)           impair the
right of any Holder to receive payment of principal of and premium, if any, and
interest on such Holder’s Notes on or after the due dates therefor or to
institute suit for the enforcement of any payment on or with respect to such
Holder’s Notes;

 

(8)           make any
change to the amendment provisions which require each Holder’s consent or to
the waiver provisions; or

 

(9)           release the
Guarantor or modify the Guarantee other than in accordance with the provisions
of this Indenture.

 

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

 

After an
amendment under this Section 9.02 becomes effective, the Company shall
mail to Noteholders a notice briefly describing such amendment.  The failure to give such notice to all
Noteholders, or any defect therein, shall not impair or affect the validity of
an amendment under this Section 9.02.

 

Section 9.03.  Compliance
with Trust Indenture Act.  Every
amendment to this Indenture or the Notes shall comply with the Trust Indenture
Act as then in effect.

 

Section 9.04.  Revocation
and Effect of Consents and Waivers. 
A consent to an amendment or a
waiver by a Holder of a Note shall bind the Holder and every subsequent Holder
of that Note or portion of the Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent or waiver is not made
on the Note.  However, any such Holder or
subsequent Holder may revoke the consent or waiver as to such Holder’s Note or
portion of the Note if the Trustee receives the notice of revocation before the
date the amendment or waiver becomes effective or otherwise in accordance with
any related solicitation documents. 
After an amendment or waiver becomes effective, it shall bind every
Noteholder.  An amendment or waiver shall
become effective upon receipt by the Trustee of the requisite number of written
consents under Section 9.01 or 9.02 hereof, as applicable.

 

The Company
may, but shall not be obligated to, fix a record date for the purpose of
determining the Noteholders entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture.  If a record date is fixed,
then notwithstanding the immediately preceding paragraph, those Persons who
were Noteholders at such record date (or their duly designated proxies), and
only those Persons, shall be entitled to give such consent or to revoke any
consent previously given or to take any such action, whether or not such
Persons continue to be Holders after such record date.  No such consent shall become valid or
effective more than 120 days after such record date.

 

51

 

Section 9.05.  Notation on
or Exchange of Notes.  If
an amendment changes the terms of a Note, the Trustee may require the Holder of
the Note to deliver it to the Trustee. 
The Trustee may place an appropriate notation on the Note regarding the
changed terms and return it to the Holder. 
Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Note shall issue and the Trustee shall authenticate a new
Note that reflects the changed terms. 
Failure to make the appropriate notation or to issue a new Note shall
not affect the validity of such amendment.

 

Section 9.06.  Trustee to
Sign Amendments.  The
Trustee shall sign any amendment authorized pursuant to this Article 9 if
the amendment does not affect the rights, duties, protections, privileges,
indemnities, powers, liabilities or immunities of the Trustee.  If it does, the Trustee may but need not sign
it.  In signing such amendment the
Trustee shall be entitled to receive indemnity reasonably satisfactory to it
and shall be provided with, and (subject to Sections 7.01 and 7.02 hereof),
shall be fully protected in relying upon an Officer’s Certificate and an
Opinion of Counsel stating that such amendment is authorized or permitted by
this Indenture, that it conforms to the applicable requirements of the Trust
Indenture Act and that such amendment is the legal, valid and binding
obligation of the Company and any Guarantors, enforceable against them in
accordance with its terms, subject to customary exceptions and complies with
the provisions hereof (including Section 9.03 hereof).

 

ARTICLE 10

GUARANTEE

 

Section 10.01.  Guarantee.  The Guarantor hereby fully,
unconditionally and irrevocably guarantees, as primary obligor and not merely
as surety, to each Holder of the Notes and the Trustee the full and punctual
payment when due, whether at maturity, by acceleration, by redemption or
otherwise, of the principal of and premium, if any, and interest on the Notes
and all other obligations of the Company under this Indenture, including,
without limitation, the obligations of the Company under Section 7.07
hereof (all the foregoing being hereinafter collectively called the “Obligations”).  The
Guarantor further agrees (to the extent permitted by law) that the Obligations
may be extended or renewed, in whole or in part, without notice or further
assent from it, and that it will remain bound under this Article 10
notwithstanding any extension or renewal of any Obligation.

 

The Guarantor
waives presentation to, demand of payment from and protest to the Company of
any of the Obligations and also waives notice of protest for nonpayment.  The Guarantor waives notice of any default
under the Notes or the Obligations.  The
obligations of the Guarantor hereunder shall not be affected by (a) the
failure of the Trustee or any Holder to assert any claim or demand or to
enforce any right or remedy against the Company or any other person under this
Indenture, the Notes or any other agreement or otherwise; (b) any
extension or renewal of any thereof; (c) any rescission, waiver, amendment
or modification of any of the terms or provisions of this Indenture, the Notes
or any other agreement; (d) the release of any security held by any Holder
or the Trustee for the Obligations or any of them; or (e) any change in
the ownership of the Company.

 

52

 

The Guarantor
further agrees that the Guarantee herein constitutes a guarantee of payment
when due (and not a guarantee of collection) and waives any right to require
that any resort be had by any Holder or the Trustee to any security held for
payment of the Obligations.

 

The
obligations of the Guarantor hereunder shall not be subject to any reduction,
limitation, impairment or termination for any reason (other than payment of the
Obligations in full), including any claim of waiver, release, surrender,
alteration or compromise, and shall not be subject to any defense of setoff,
counterclaim, recoupment or termination whatsoever or by reason of the
invalidity, illegality or unenforceability of the Obligations or
otherwise.  Without limiting the
generality of the foregoing, the obligations of the Guarantor herein shall not
be discharged or impaired or otherwise affected by the failure of any Holder to
assert any claim or demand or to enforce any remedy under this Indenture, the
Notes or any other agreement, by any waiver or modification of any thereof, by
any default, failure or delay, willful or otherwise, in the performance of the
Obligations, or by any other act or thing or omission or delay to do any other
act or thing which may or might in any manner or to any extent vary the risk of
the Guarantor or would otherwise operate as a discharge of the Guarantor as a
matter of law or equity.

 

The Guarantor
further agrees that the Guarantee herein shall continue to be effective or be
reinstated, as the case may be, if at any time payment, or any part thereof, of
principal of and premium, if any, or interest on any of the Obligations is
rescinded or must otherwise be restored by any Holder upon the bankruptcy or
reorganization of the Company or otherwise.

 

In furtherance
of the foregoing and not in limitation of any other right which any Holder has
at law or in equity against the Guarantor by virtue hereof, upon the failure of
the Company to pay any of the Obligations when and as the same shall become
due, whether at maturity, by acceleration, by redemption or otherwise, the
Guarantor hereby promises to and will, upon receipt of written demand by the
Trustee, forthwith pay, or cause to be paid, in cash, to the Holders an amount
equal to the sum of (i) the unpaid amount of such Obligations then due and
owing and (ii) accrued and unpaid interest on such Obligations then due
and owing (but only to the extent not prohibited by law).

 

The Guarantor
further agrees that, as between the Guarantor, on the one hand, and the
Holders, on the other hand, (x) the maturity of the Obligations guaranteed
hereby may be accelerated as provided in this Indenture for the purposes of the
Guarantee herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Obligations guaranteed hereby
and (y) in the event of any such declaration of acceleration of such
Obligations, such Obligations (whether or not due and payable) shall forthwith
become due and payable by the Guarantor for the purposes of this Guarantee.

 

The Guarantor
also agrees to pay any and all reasonable costs and expenses (including
reasonable attorneys’ fees) incurred by the Trustee or the Holders in enforcing
any rights under this Section.

 

Section 10.02.  No Subrogation.  Notwithstanding any payment or
payments made by the Guarantor hereunder, the Guarantor shall not be entitled
to be subrogated to any of the rights of the Trustee or any Holder against the
Company or any collateral security or guarantee or right of offset held by the
Trustee or any Holder for the payment of the Obligations, nor shall the

 

53

 

Guarantor seek
or be entitled to seek any contribution or reimbursement from the Company in
respect of payments made by the Guarantor hereunder, until all amounts owing to
the Trustee and the Holders, as well as the holders of any other Permitted
Indebtedness, by the Company on account of the Obligations are paid in full.  If any amount shall be paid to the Guarantor
on account of such subrogation rights at any time when all of the Obligations
shall not have been paid in full, such amount shall be held by the Guarantor in
trust for the Trustee and the Holders, segregated from other funds of the
Guarantor, and shall, forthwith upon receipt by the Guarantor, be turned over
to the Trustee in the exact form received by the Guarantor (duly indorsed by
the Guarantor to the Trustee, if required), to be applied against the
Obligations.

 

Section 10.03.  Consideration.  The Guarantor has received, or
will receive, direct or indirect benefits from the making of the Guarantee.

 

Section 10.04.  Additional
Amounts.  In the event
that payments are made by the Guarantor pursuant to its obligations under this
Article, the Guarantor will pay to the Holder of any Note additional amounts as
may be necessary so that every net payment made by the Guarantor of the
principal of and premium, if any, and interest on such Note, after deducting or
withholding for or on account of any present or future tax, duty, fee,
assessment or other governmental charge duly imposed by, and payable by that
Holder to, Bermuda, will not be less than the amount provided in that Note to
be then due and payable.  The Guarantor will
not be required, however, to make any payment of additional amount for or on
account of any such tax imposed by reason of the Holder having some connection
with any such jurisdiction other than its participation as Holder.

 

ARTICLE 11

MISCELLANEOUS

 

Section 11.01.  Trust Indenture Act
Controls.  If any provision of
this Indenture limits, qualifies or conflicts with another provision which is
required to be included in this Indenture by the Trust Indenture Act, the
provision required by the Trust Indenture Act shall control.  The Guarantor in addition to performing its
obligations under the Guarantee shall perform such other obligations as may be
imposed upon it with respect to this Indenture under the Trust Indenture Act.

 

Section 11.02.  Notices.  Any notice or communication shall
be in writing and (a) delivered in person, (b) sent by a recognized
overnight delivery service (with charges prepaid), or (c) sent by telecopy
if the sender on the same day sends a confirming copy of such notice by a
recognized overnight delivery service (charges prepaid), addressed as follows:

 

54

 

If to the
Company:

 

Bunge Limited
Finance Corp.

11720 Borman
Drive

St. Louis,
Missouri 63146

Attention:  George Allard

Telephone:   (314) 292-2538

Telecopy:     (314) 292-2530

 

with
a copy to:

 

Morris Kalef

Telecopy:  (914) 684-3283

 

If to the
Guarantor:

 

Bunge Limited

50 Main Street

White Plains,
New York  10606

Attention:  Morris M. Kalef

Telephone:  (914) 684-3440

Telecopy:    (914) 684-3283

 

if
to the Trustee:

 

SunTrust Bank

25 Park Place

24th Floor

Atlanta,
Georgia 30303-2900

Attention:  Esther Fannin, Corporate
Trust Department

Telephone:  (404) 588-7063

Telecopy:  (404) 588-7335

 

The Company or
the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications.

 

Any notice or
communication mailed to a registered Noteholder shall be mailed to the
Noteholder at the Noteholder’s address as it appears on the registration books
of the Registrar and shall be sufficiently given if so mailed within the time
prescribed.

 

Failure to
mail a notice or communication to a Noteholder or any defect in it shall not
affect its sufficiency with respect to other Noteholders.  If a notice or communication is sent in the
manner provided above, it is duly given, whether or not the addressee receives
it, except that notices to the Trustee shall be effective only upon receipt.

 

Section 11.03.  Communication
by Holders with Other Holders.  Noteholders
may communicate pursuant to Trust Indenture Act, Section 312(b) with
other Noteholders with

 

55

 

respect to their rights under this
Indenture or the Notes.  The Company, the
Trustee, the Registrar and anyone else shall have the protection of Trust
Indenture Act, Section 312(c).

 

Section 11.04.  Certificate
and Opinion as to Conditions Precedent. 
Upon any request or application by the Company to the Trustee
to take or refrain from taking any action under this Indenture, the Company
shall furnish to the Trustee:

 

(1)           an Officer’s Certificate in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signer, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

 

(2)           an Opinion
of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been
complied with.

 

Section 11.05.  Statements Required in
Certificate or Opinion.  Each
certificate or opinion with respect to compliance with a covenant or condition
provided for in this Indenture shall include:

 

(1)           a statement
that the individual making such certificate or opinion has read such covenant
or condition;

 

(2)           a brief
statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are
based;

 

(3)           a statement that, in the opinion of
such individual, he has made such examination or investigation as is necessary
to enable him to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

 

(4)           a statement
as to whether or not, in the opinion of such individual, such covenant or
condition has been complied with.

 

In giving such
Opinion of Counsel, counsel may rely as to factual matters on an Officer’s
Certificate or on certificates of public officials.

 

Section 11.06.  When Notes
Disregarded.  In determining
whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or by an Affiliate
of the Company shall be disregarded and deemed not to be outstanding, except
that, for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Notes which a Trust
Officer of the Trustee actually knows are so owned shall be so
disregarded.  Also, subject to the
foregoing, only Notes outstanding at the time shall be considered in any such
determination.

 

Section 11.07.  Rules by
Trustee, Paying Agent and Registrar. 
The Trustee may make reasonable rules for action by, or
a meeting of, Noteholders.  The Registrar
and the Paying Agent may make reasonable rules for their functions.

 

56

 

Section 11.08.  Legal
Holidays.  A “Legal
Holiday” is a Saturday, a Sunday or other day on which commercial banking
institutions are authorized or required to be closed in New York, New York or
Hamilton, Bermuda.  If a payment date is
a Legal Holiday, payment shall be made on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue for the intervening period.  If a regular record date is a Legal Holiday,
the record date shall not be affected.

 

Section 11.09.  GOVERNING
LAW.  THIS INDENTURE
AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK.

 

Section 11.10.  No Recourse Against
Others.  An incorporator,
director, officer, employee, affiliate or stockholder of the Company or the
Guarantor, solely by reason of this status, shall not have any liability for
any obligations of the Company under the Notes, this Indenture or the Guarantee
or for any claim based on, in respect of or by reason of such obligations or
their creation.  By accepting a Note,
each Noteholder shall waive and release all such liability.  The waiver and release shall be part of the
consideration for the issue of the Notes.

 

Section 11.11.  Successors.  All agreements of the Company in
this Indenture and the Notes shall bind their respective successors.  All agreements of the Trustee in this
Indenture shall bind its successors.

 

Section 11.12.  Consent to Jurisdiction.  The Guarantor irrevocably submits
to the non-exclusive jurisdiction of any New York state or U.S. federal court
sitting in the Borough of Manhattan, The City of New York, in any action or
proceeding relating to its obligations, liabilities or any other matter arising
out of or in connection with this Indenture or the Notes.  The Guarantor hereby irrevocably agrees that
all claims in respect of any such action or proceeding may be heard and
determined in such New York state or U.S. federal court.  The Guarantor also hereby irrevocably waives,
to the fullest extent permitted by law, any objection to venue or the defense
of an inconvenient forum to the maintenance of any such action or proceeding in
any such court.

 

Section 11.13.  Appointment
for Agent for Service of Process. 
The Guarantor hereby (i) irrevocably designates and
appoints its Chief Financial Officer (from time to time) at its principal
executive offices at 50 Main Street, White Plains, New York 10606 (the “Authorized Agent”), as its agent upon which process may be
served in any suit, action or proceeding described in the first sentence of Section 11.12
hereof and represents and warrants that the Authorized Agent has accepted such
designation and (ii) agrees that service of process upon the Authorized
Agent and written notice of said service to the Guarantor mailed or delivered
to its Secretary at its registered office at 2 Church Street, Hamilton,
Bermuda, shall be deemed in every respect effective service of process upon the
Guarantor in any such suit or proceeding. 
The Guarantor further agrees to take any and all action, including the
execution and filing of any and all such documents and instruments, as may be
necessary to continue such designation and appointment of the Authorized Agent
in full force and effect so long as any of the Notes shall be outstanding.

 

57

 

Section 11.14.  Waiver of
Immunities.  To the
extent that the Guarantor or any of its properties, assets or revenues may have
or may hereafter become entitled to, or have attributed to them, any right of
immunity, on the grounds of sovereignty, from any legal action, suit or
proceeding, from set-off or counterclaim, from the jurisdiction of any court,
from service of process, from attachment upon or prior to judgment, or from
attachment in aid of execution of judgment, or from execution of judgment, or
other legal process or proceeding for the giving of any relief or for the
enforcement of any judgment, in any jurisdiction in which proceedings may at
any time be commenced, with respect to its obligations, liabilities or any
other matter under or arising out of or in connection with this Indenture or
the Notes, the Guarantor hereby irrevocably and unconditionally, to the extent
permitted by applicable law, waives and agrees not to plead or claim any such
immunity and consents to such relief and enforcement.

 

Section 11.15.  Foreign
Taxes.  Any payments by
the Guarantor to the Trustee or the Noteholders hereunder shall be made free
and clear of, and without deduction or withholding for or on account of, any
and all present and future income, stamp or other taxes, levies, imposts,
duties, charges, fees, deductions or withholdings, now or hereinafter imposed,
levied, collected, withheld or assessed by Bermuda or any other foreign
jurisdiction in which the Guarantor or any Subsidiary has an office from which
payment is made or deemed to be made, excluding any such tax imposed by reason
of the Trustee or any Noteholder having some connection with any such
jurisdiction other than its participation as the Trustee or Noteholder under
the Indenture (all such taxes, “Foreign Taxes”).  If the Guarantor is prevented by operation of
law or otherwise from paying, causing to be paid or remitting that portion of
amounts payable hereunder represented by Foreign Taxes withheld or deducted,
then amounts payable under this Indenture shall, to the extent permitted by
law, be increased to such amount as is necessary to yield and remit to the
Trustee and the Noteholders an amount which, after deduction of all Foreign
Taxes (including all Foreign Taxes payable on such increased payments) equals
the amount that would have been payable if no Foreign Taxes applied.

 

Section 11.16.  Judgment
Currency.  If for the
purposes of obtaining judgment in any court it is necessary to convert a sum
due hereunder into any currency other than U.S. dollars, the parties hereto
agree, to the fullest extent permitted by law, that the rate of exchange used
shall be the rate at which in accordance with normal banking procedures the
Trustee or any Holder, as the case may be, could purchase U.S. dollars with
such other currency in New York City on the Business Day preceding that on
which final judgment is given.  The
obligation of the Guarantor with respect to any sum due from it to the Trustee
or any Holder shall, notwithstanding any judgment in a currency other than U.S.
dollars, be discharged only if and to the extent that on the first Business Day
following receipt by the Trustee or such Holder, as the case may be, of any sum
adjudged to be so due in such other currency, the Trustee or such Holder may in
accordance with normal banking procedures purchase U.S. dollars with such other
currency.  If the U.S. dollars so
purchased are less than the sum originally due to the Trustee or such Holder
hereunder, the Guarantor agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify the Trustee or such Holder against such
loss.  If the U.S. dollars so purchased
are greater than the sum originally due to the Trustee or such Holder
hereunder, the Trustee or such Holder, as the case may be, agrees to pay to the
Guarantor an amount equal to the excess of the U.S. dollars so purchased over
the sum originally due to the Trustee or such Holder hereunder.

 

58

 

Section 11.17.  No Bankruptcy Petition Against the Borrower; Liability of the Borrower.  Each of the Noteholders and the
Trustee hereby covenants and agrees that, prior to the date which is one year
and one day after the payment in full of the last maturing Note and all other
Indebtedness of the Company ranking equal with or junior to the Notes in right
of payment, it will not institute against, or join with or assist any other Person
in instituting against, the Company, any bankruptcy, reorganization,
arrangement, insolvency or liquidation proceedings, or other proceedings under
any applicable insolvency laws.

 

Notwithstanding
any other provision hereof, the sole remedy of any Noteholder, the Trustee or
any other Person against the Company in respect of any obligation, covenant,
representation, warranty or agreement of the Company under or related to this
Indenture or the Notes shall be against the assets of the Company.  Neither the Trustee, nor any Noteholder nor
any other Person shall have any claim against the Company to the extent that
such assets are insufficient to meet such obligations, covenant,
representation, warranty or agreement (the difference being referred to herein as
a “shortfall”) and all claims in respect
of the shortfall shall be extinguished; provided, however, that the provisions
of this Section 11.17 apply solely to the obligations of the Company and
shall not extinguish such shortfall or otherwise restrict such Person’s rights
or remedies against the Guarantor for purposes of the obligations of the
Guarantor to any Person under the Guarantee.

 

The provisions
of this Section 11.17 shall survive the termination of this Indenture and
the resignation or removal of the Trustee.

 

Section 11.18.  Multiple
Originals.  The parties
may sign any number of copies of this Indenture.  Each signed copy shall be an original, but
all of them together represent the same agreement.  One signed copy is enough to prove this
Indenture.

 

Section 11.19.  Qualification
of Indenture.  The
Company shall qualify this Indenture under the Trust Indenture Act in
accordance with the terms and conditions of the Exchange and Registration
Rights Agreement and shall pay all reasonable costs and expenses (including
attorneys’ fees and expenses for the Company, the Trustee and the Holders)
incurred in connection therewith, including, but not limited to, costs and
expenses of qualification of this Indenture and the Notes and printing this
Indenture and the Notes.  The Trustee
shall be entitled to receive from the Company any such Officer’s Certificates,
Opinions of Counsel or other documentation as it may reasonably request in
connection with any such qualification of this Indenture under the Trust Indenture
Act.

 

Section 11.20.  Table of
Contents; Headings.  The
table of contents, cross-reference sheet and headings of the Articles and
Sections of this Indenture have been inserted for convenience of reference
only, are not intended to be considered a part hereof and shall not modify or
restrict any of the terms or provisions hereof.

 

59

 

IN WITNESS
WHEREOF, the parties have caused this Indenture to be duly executed as of the
date first written above.

 

	
   

  	
  BUNGE LIMITED FINANCE CORP., as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ MORRIS KALEF

  
	
   

  	
   

  	
  Name:

  	
  Morris Kalef

  
	
   

  	
   

  	
  Title:

  	
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  BUNGE LIMITED, as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ MORRIS KALEF

  
	
   

  	
   

  	
  Name:

  	
  Morris Kalef

  
	
   

  	
   

  	
  Title:

  	
  Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ T.K. CHOPRA

  
	
   

  	
   

  	
  Name:

  	
  T.K. Chopra

  
	
   

  	
   

  	
  Title:

  	
  Controller and Principal Accounting

  Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  SUNTRUST BANK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ GEORGE HOGAN

  
	
   

  	
   

  	
  Name:

  	
  George Hogan

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
					

 

60

EXHIBIT A

 

 

[FORM OF
FACE OF INITIAL NOTE AND SUBSEQUENT NOTE]

 

[Depository
Legend, if applicable]

 

[Applicable
Restricted Notes Legend]

 

	
  No. [      ]

  	
  Principal Amount U.S. $[                    ],
  as

  
	
   

  	
  revised by the Schedule of Increases
  and

  
	
   

  	
  Decreases in Global Note attached hereto

  

 

CUSIP NO.             

ISIN:             

 

5.10% Senior
Notes Due 2015

 

Bunge Limited
Finance Corp., a Delaware corporation, promises to pay to [                   ],
or registered assigns, the principal sum of $[                ]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in
Global Note attached hereto, on July 15, 2015.

 

Interest
Payment Dates: July 15 and January 15

Record Dates: July 1
and January 1

 

Additional
provisions of this Note are set forth on the reverse side hereof.

 

A-1

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

 

 

	
   

  	
  BUNGE LIMITED FINANCE CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [SEAL]

  
	
   

  	
   

  
	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  	
   

  
	
   AUTHENTICATION

  	
   

  
	
   

  	
   

  
	
  SUNTRUST BANK,

  	
   

  
	
  as Trustee, certifies that this is one of

  	
   

  
	
  the Notes referred to in the Indenture.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:                  
         , 2005

  	
   

  

 

A-2

 

[FORM OF
REVERSE SIDE OF 

INITIAL NOTE AND SUBSEQUENT NOTE]

 

5.10% Senior
Note Due 2015

 

1.             General

 

Bunge Limited
Finance Corp., a Delaware corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), issued the Notes under an
Indenture, dated as of July 11, 2005, among the Company, the Guarantor and
the Trustee (as such Indenture may be amended or supplemented from time to time
in accordance with the terms thereof, the “Indenture”).  The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust Indenture Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and
Noteholders are referred to the Indenture and the Trust Indenture Act for a
statement of those terms.

 

The Notes are
general unsecured senior obligations of the Company, including (a) U.S.
$400,000,000 in aggregate principal amount of Notes being offered on the Issue
Date (subject to Section 2.09 of the Indenture) and (b) any Subsequent
Notes.  The Notes rank equally with all
other unsecured and unsubordinated indebtedness of the Company.  This Note is one of the [Initial]
[Subsequent] Notes referred to in the Indenture.

 

The Company
may from time to time, without the consent of existing Holders, create and
issue Subsequent Notes having the same terms and conditions as the Initial
Notes in all respects, except for the Issue Date, issue price and first payment
of interest thereon.  Subsequent Notes
issued in this manner will be consolidated with and will form a single class
with the previously outstanding Notes.

 

The Initial
Notes, any Subsequent Notes and the Exchange Notes will be treated as a single
class of securities under the Indenture. 
The Indenture includes various covenants that limit the ability of the
Company, among other things, to engage in any business or transaction, acquire
assets or subsidiaries, incur Indebtedness or Liens or enter into any
consolidations, mergers, amalgamations or sales of assets.  In addition, the Indenture imposes certain
limitations on, among other things, (i) the incurrence of Liens by the
Guarantor or any Restricted Subsidiary, (ii) Sale-Leaseback Transactions
by the Guarantor or any Restricted Subsidiary and (iii) consolidations,
mergers, amalgamations and sales of assets of the Guarantor or any Subsidiary.

 

To guarantee
the due and punctual payment of the principal of and premium, if any, and
interest on the Notes and all other amounts payable by the Company under the
Indenture and the Notes when and as the same shall be due and payable, whether
at maturity, by acceleration or otherwise, according to the terms of the Notes
and the Indenture, the Guarantor has unconditionally guaranteed such
obligations pursuant to the terms of the Indenture.  The Guarantee is an unsecured and
unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

A-3

 

2.             Interest

 

The Company
promises to pay interest on the principal amount of this Note at the rate per
annum shown above.

 

The Company
will pay interest semi-annually on July 15 and January 15 of each
year commencing January 15, 2006. 
Interest on the Notes will accrue from the most recent date to which
interest has been paid on the Notes or, if no interest has been paid, from July 11,
2005.  The Company shall pay interest on
overdue principal or premium, if any, plus interest on such interest to the
extent lawful, at the rate borne by the Notes to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

3.             Method of Payment

 

By at least
10:00 a.m. (New York City time) on the date on which any principal of and
premium, if any, or interest on any Note is due and payable, the Company shall
irrevocably deposit with the Trustee or the Paying Agent money sufficient to
pay such principal, premium, if any, and/or interest.  The Company will pay interest (except
Defaulted Interest) to the Persons who are registered Holders of Notes at the
close of business on the July 1 or January 1 next preceding the
interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Except as described
in the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section 2.03
of the Indenture; provided, however,
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including
principal, premium, if any, and interest) will be made by wire transfer of
immediately available funds to the account specified by The Depository Trust
Company.  Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least U.S. $1,000,000 aggregate principal amount
of Notes will be made by wire transfer to a U.S. dollar account maintained by
the payee with a bank in the United States if such Holder elects payment by
wire transfer by giving written notice to the Trustee or the Paying Agent to
such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

 

4.             Paying Agent and Registrar

 

Initially,
SunTrust Bank (the “Trustee”), will
act as Trustee, Paying Agent and Registrar. 
The Company may appoint and change any Paying Agent, Registrar or
co-registrar without notice to any Noteholder. 
The Company, the Guarantor or any Subsidiary may act as Paying Agent,
Registrar or co-registrar.

 

A-4

 

5.             Optional Redemption by the Company

 

The Notes will
be redeemable at the option of the Company, in whole at any time or in part
from time to time, on at least 30 days but not more than 60 days’ prior notice
mailed to the registered address of each Holder of Notes to be so redeemed, at
a redemption price equal to (a) the greater of (i) 100% of their
principal amount to be redeemed or (ii) the sum of the present values of
the remaining scheduled payments of principal and interest thereon from the
date of redemption to the date of maturity (except for currently accrued but
unpaid interest) discounted to the date of redemption, on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months), at the applicable
Treasury Yield (as defined below), plus 20 basis points (such greater amount,
the “Redemption Price”), plus (b) accrued
and unpaid interest, if any, to the date of redemption.

 

For purposes
of determining the Redemption Price, the following definitions are applicable:

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

 

“Comparable Treasury Price” means, with
respect to any redemption date, (a) the bid price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M.
on the third business day preceding such redemption date, as set forth on “Telerate
Page 500” (or such other page as may replace Telerate Page 500),
or (b) if such page (or any successor page) is not displayed or does
not contain such bid prices at such time (i) the average of the Reference
Treasury Dealer Quotations or (ii) if the Trustee is unable to obtain at
least four such Reference Treasury Dealers Quotations, the average of all
Reference Treasury Dealer Quotations obtained by the Trustee.

 

“Independent Investment Banker” means any of
Citigroup Global Markets Inc., J.P. Morgan Securities Inc. or Morgan Stanley &
Co. Incorporated, or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.

 

“Reference Treasury Dealer” means Citigroup
Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley &
Co. Incorporated, and two other primary U.S. Government securities dealer in
New York City selected by the Independent Investment Banker (each, a “Primary Treasury Dealer”); provided
however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date
for the Notes, an average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue for the Notes (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by
such

 

A-5

 

Reference Treasury Dealer at
5:00 p.m. on the third business day preceding such redemption date.

 

“Treasury Yield” means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.

 

In the case of
any partial redemption, selection of the Notes for redemption will be made by
the Trustee in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed or, if the Notes are
not listed, then on a pro rata basis, by lot or by such other method as the
Trustee in its sole discretion shall deem to be fair and appropriate, although
no Notes of U.S.$1,000 in original principal amount or less will be redeemed in
part.  If any Note is to be redeemed in
part only, the notice of redemption relating to such Note shall state the
portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof
upon cancellation of the original Note. 
On and after the redemption date, interest will cease to accrue on Notes
or portions thereof called for redemption as long as the Company has deposited
with the Paying Agent funds in satisfaction of the applicable Redemption Price
pursuant to the Indenture.

 

6.             Additional Amounts

 

The Guarantor
will, subject to certain limitations set forth in the Indenture, pay to the
Holder of any Note additional amounts as necessary so that every net payment
made by the Guarantor of principal of and premium, if any, and interest on such
Note, after deducting or withholding for or on account of any present or future
tax, duty, fee, assessment or other governmental charge imposed on that holder by
Bermuda or any other foreign jurisdiction, will not be less than the amount
provided in the Note to be then due and payable.

 

7.             Denominations; Transfer; Exchange

 

The Notes are
in registered form without coupons in denominations of principal amount of U.S.$1,000
and whole multiples of U.S.$1,000.  A
Holder may transfer or exchange Notes in accordance with the Indenture.  The Registrar may require a Holder, among
other things, to furnish appropriate endorsements or transfer documents and to
pay any taxes and fees required by law or permitted by the Indenture.  The Registrar need not register the transfer
of or exchange (i) any Notes selected for redemption (except, in the case
of a Note to be redeemed in part, the portion of the Note not to be redeemed) for
a period beginning 15 days before the mailing of a notice of Notes to be
redeemed and ending on the date of such mailing or (ii) any Notes for a
period beginning 15 days before an interest payment date and ending on such
interest payment date.

 

8.             Persons Deemed Owners

 

The registered
Holder of this Note may be treated as the owner of it for all purposes.

 

A-6

 

9.             Unclaimed Money

 

If money for
the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent shall pay the money back to the Company at its request
unless an abandoned property law designates another Person.  After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

10.           Defeasance

 

Subject to
certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Securities for
the payment of principal and interest on the Notes to redemption or maturity,
as the case may be.

 

11.           Amendment, Waiver

 

The Indenture
or the Notes may be amended with the written consent of the Holders of at least
a majority in principal amount of the then outstanding Notes; provided, however,
that the consent of each Noteholder affected is required to (i) reduce the
amount of Notes whose Holders must consent to an amendment of the Indenture,
the Notes or specified provisions of the Master Trust Transaction Documents, (ii) reduce
the stated rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption of a Note, (v) make any Note payable in
money other than that stated herein, (vi) impair the right of a Holder to
receive payment under the Note or institute suit for the enforcement of such
payment, (vii) make any change to the amendment provisions which require
each Holder’s consent or the waiver provisions, or (viii) release the
Guarantor or modify the Guarantee.

 

Subject to
certain exceptions set forth in the Indenture, without the consent of any
Noteholder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4
of the Indenture, or to provide for uncertificated Notes in addition to or in
place of certificated Notes, or to add guarantees with respect to the Notes, or
to secure the Notes, or to add additional covenants of the Company, the
Guarantor or any Subsidiary, or surrender rights and powers conferred on the
Company, the Guarantor or any Subsidiary, issue Subsequent Notes, or to comply
with any requirement of the SEC in connection with qualifying the Indenture
under the Trust Indenture Act, or to make any change that does not adversely
affect the rights of any Noteholder, or to provide for the issuance of Exchange
Notes.

 

Subject to
certain exceptions set forth in the Indenture, any default (other than with
respect to nonpayment or in respect of a provision that cannot be amended
without the written consent of each Noteholder affected) or noncompliance with
any provision may be waived with the written consent of the Holders of a
majority in principal amount of the then outstanding Notes.

 

A-7

 

12.           Defaults and Remedies

 

Under the
Indenture, Events of Default include (1) default for 30 days in payment of
interest or additional interest when due on the Notes; (2) default in
payment of principal of or premium, if any, on the Notes at Stated Maturity,
upon optional redemption, upon declaration or otherwise; (3)  the failure
by the Company or the Guarantor to comply for 60 days after written notice
with its other agreements contained in the Indenture or under the Notes (other
than those referred to in (1) or (2) above); (4) the failure of
the Company, the Guarantor or any Subsidiary (a) to pay the principal of
any indebtedness for borrowed money, including obligations evidenced by any
mortgage, indenture, bond, debenture, note, guarantee or other similar
instruments, on the scheduled or original date due; (b) to pay interest on
any such indebtedness beyond any provided grace period; or (c) to observe
or perform any agreement or condition relating to such indebtedness, the effect
of which is to cause such indebtedness to become due prior to its stated
maturity and such acceleration has not been cured within 15 days after notice
of acceleration; provided that an
event described in clause (a), (b) or (c) above shall not constitute
an Event of Default unless, at such time, one or more events of the type
described in clauses (a), (b) or (c) shall have occurred or be
continuing with respect to indebtedness in an amount exceeding U.S.
$50,000,000; or (5) certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the “bankruptcy events”).  However, a default under clause (3) will
not constitute an Event of Default until the Trustee or the Holders of at least
25% in principal amount of the outstanding Notes notify the Company or the
Guarantor, as the case may be, of the default and the Company or the Guarantor,
as the case may be, does not cure such default within the time specified in
clause (3) hereof after receipt of such notice.

 

If an Event of
Default other than a bankruptcy event occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all
the Notes by written notice to the Company to be due and payable
immediately.  If an Event of Default in
connection with a bankruptcy event occurs and is continuing, the principal
amount of the Notes, the premium, if any, and all accrued and unpaid interest
shall be immediately due and payable without any action or other act on the
part of the Trustee or the Holders.

 

Noteholders
may not enforce the Indenture or the Notes except as provided in the
Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives reasonable indemnity or
security.  Subject to certain
limitations, Holders of a majority in principal amount of the Notes may direct
the Trustee in its exercise of any trust or power.  The Trustee may withhold from Noteholders
notice of any continuing Default or Event of Default (except a Default or Event
of Default in payment of principal or interest) if it determines that
withholding notice is in their interest.

 

13.           Trustee Dealings with the Company

 

Subject to
certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee.

 

A-8

 

14.           No Recourse Against Others

 

An
incorporator, director, officer, employee, affiliate or stockholder, of each of
the Company, or the Guarantor, solely by reason of this status, shall not have
any liability for any obligations of the Company under the Notes, the Indenture
or the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of the Notes.

 

15.           No Petition

 

By its acquisition
of this Note, each Holder hereof agrees that neither it nor the Trustee on its
behalf may commence, or join with any other person in the commencement of, a
bankruptcy, reorganization, arrangement, insolvency or liquidation proceeding
with respect to the Company under any applicable insolvency laws until one year
and one date after the Notes and all other Indebtedness of the Company ranking
equal with or junior to the Notes in right of payment, including all interest
and premium thereon, if any, are paid in full.

 

16.           Authentication

 

This Note
shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication appearing on this Note.

 

17.           Abbreviations

 

Customary
abbreviations may be used in the name of a Noteholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN
(=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

18.           CUSIP Numbers

 

Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures the Company has caused CUSIP numbers to be printed on the Notes and
has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Noteholders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

19.           Governing Law

 

This Note
shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

A-9

 

The Company
will furnish to any Noteholder upon written request and without charge to the
Noteholder a copy of the Indenture. 
Requests may be made to:

 

Bunge Limited
Finance Corp.

11720 Borman Drive

St. Louis, Missouri 63146

Attention:  George Allard, Treasurer

 

A-10

 

ASSIGNMENT
FORM

 

	
   

  	
  To assign this Note, fill in the form below:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  I or we assign and transfer this Note to

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Print or
  type assignee’s name, address and zip code)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Insert
  assignee’s soc. sec. or tax I.D. No.)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  and
  irrevocably appoint                      
  agent to transfer this Note on the books of the Company. The agent may
  substitute another to act for him.

  
							

 

	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
  (Signature
  must be guaranteed)

  
	
   

  
	
   

  
	
  Sign exactly as your name appears on
  the other side of this Note.

  	
   

  
								

 

The signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

In connection with any transfer or exchange
of any of the Notes evidenced by this certificate occurring prior to the date
that is two years after the later of the date of original issuance of such
Notes and the last date, if any, on which such Notes were owned by the Company
or any Affiliate of the Company, the undersigned confirms that such Notes are
being:

 

CHECK ONE BOX BELOW:

 

	
  o  1

  	
  acquired for the undersigned’s own account,
  without transfer; or

  
	
   

  	
   

  
	
  o  2

  	
  transferred to the Company; or

  
	
   

  	
   

  
	
  o  3

  	
  transferred pursuant to and in compliance
  with Rule 144A under the Securities Act of 1933, as amended (the “Securities
  Act”); or

  
	
   

  	
   

  
	
  o  4

  	
  transferred pursuant to an effective
  registration statement under the Securities Act; or

  
	
   

  	
   

  
	
  o  5

  	
  transferred pursuant to and in compliance
  with Regulation S under the Securities Act; or

  

 

A-11

 

	
  o  6

  	
  transferred to an institutional “accredited
  investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
  the Securities Act), that has furnished to the Trustee a signed letter
  containing certain representations and agreements (the form of which letter
  appears as Section 2.07 of the Indenture); or

  
	
   

  	
   

  
	
  o  7

  	
  transferred pursuant to another available
  exemption from the registration requirements of the Securities Act of 1933.

  

 

Unless one of the boxes is
checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof;
provided, however, that if box
(5), (6) or (7) is checked, the Trustee or the Company may require,
prior to registering any such transfer of the Notes, in their sole discretion,
such legal opinions, certifications and other information as the Trustee or the
Company may reasonably request to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act of 1933, such as the exemption
provided by Rule 144 under such Act.

 

 

	
   

  	
   

  	
   

  
	
   

  	
  Signature

  
	
  Signature Guarantee:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  (Signature must be guaranteed)

  	
  Signature

  
				

 

The signature(s) should be guaranteed by an
eligible guarantor institution (banks, stockbrokers, savings and loan
associations and credit unions with membership in an approved signature
guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

TO BE COMPLETED BY PURCHASER IF (1) OR (3) ABOVE
IS CHECKED.

 

The
undersigned represents and warrants that it is purchasing this Note for its own
account or an account with respect to which it exercises sole investment
discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act of 1933, as amended,
and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Company as
the undersigned has requested pursuant to Rule 144A or has determined not
to request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

 

 

	
   

  	
   

  
	
  Dated:

  

 

A-12

 

[TO BE ATTACHED
TO GLOBAL NOTES]

 

SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE

 

The following
increases or decreases in this Global Note have been made:

 

	
  Date of

  Exchange

  	
   

  	
  Amount of decrease in Principal

  Amount of this Global Note

  	
   

  	
  Amount of increase in Principal

  Amount of this Global Note

  	
   

  	
  Principal Amount of this Global

  Note following such decrease or

  increase

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Securities Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-13

 

EXHIBIT B

 

 

[FORM OF
FACE OF EXCHANGE NOTE]

 

[Depository
Legend, if applicable]

 

	
  No. [          ]

  	
   

  	
  Principal Amount U.S. [                ],

  as revised by the Schedule of

  Increases and Decreases in Global

  Note attached hereto

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CUSIP NO.                       

  ISIN:                       

  

 

 

5.10% Senior
Notes Due 2015

 

Bunge Limited
Finance Corp., a Delaware corporation, promises to pay to [                            ],
or registered assigns, the principal sum of $[                  ]
U.S. Dollars, as revised by the Schedule of Increases and Decreases in
Global Note attached hereto, on July 15, 2015.

 

Interest
Payment Dates: July 15 and January 15

 

Record Dates: July 1
and January 1

 

Additional
provisions of this Note are set forth on the reverse side hereof.

 

B-1

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

 

	
   

  	
  BUNGE LIMITED FINANCE CORP.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  [SEAL]

  
	
   

  	
   

  
	
   

  	
   

  
	
  TRUSTEE’S CERTIFICATE OF

  	
   

  
	
   AUTHENTICATION

  	
   

  
	
   

  	
   

  
	
  SUNTRUST BANK,

  	
   

  
	
  as Trustee, certifies that this is one of

  	
   

  
	
  the Notes referred to in the Indenture.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:                  
         , 2005

  	
   

  

 

B-2

 

[FORM OF
REVERSE SIDE OF EXCHANGE NOTE]

 

5.10% Senior
Note Due 2015

 

1.             General

 

Bunge Limited
Finance Corp., a Delaware corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), issued the Notes under an
Indenture, dated as of July 11, 2005, among the Company, the Guarantor and
the Trustee (as such Indenture may be amended or supplemented from time to time
in accordance with the terms thereof, the “Indenture”).  The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust Indenture Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and
Noteholders are referred to the Indenture and the Trust Indenture Act for a
statement of those terms.

 

The Notes are
general unsecured senior obligations of the Company, including (a) U.S.
$400,000,000 in aggregate principal amount of Notes being offered on the Issue
Date (subject to Section 2.09 of the Indenture) and (b) any
Subsequent Notes.  The Notes rank equally
with all other unsecured and unsubordinated indebtedness of the Company.  This Note is one of the Exchange Notes
referred to in the Indenture.

 

The Company
may from time to time, without the consent of existing Holders, create and issue
Subsequent Notes having the same terms and conditions as the Initial Notes in
all respects, except for the Issue Date, issue price and first payment of
interest thereon.  Subsequent Notes
issued in this manner will be consolidated with and will form a single class
with the previously outstanding Notes.

 

The Initial
Notes, any Subsequent Notes and the Exchange Notes will be treated as a single
class of securities under the Indenture. 
The Indenture includes various covenants that limit the ability of the Company,
among other things, to engage in any business or transaction, acquire assets or
subsidiaries, incur Indebtedness or Liens or enter into any consolidations,
mergers, amalgamations or sales of assets. 
In addition, the Indenture imposes certain limitations on, among other
things, (i) the incurrence of Liens by the Guarantor or any Restricted
Subsidiary, (ii) Sale-Leaseback Transactions by the Guarantor or any
Restricted Subsidiary and (iii) consolidations, mergers, amalgamations and
sales of assets of the Guarantor or any Subsidiary.

 

To guarantee
the due and punctual payment of the principal of and premium, if any, and
interest on the Notes and all other amounts payable by the Company under the
Indenture and the Notes when and as the same shall be due and payable, whether
at maturity, by acceleration or otherwise, according to the terms of the Notes
and the Indenture, the Guarantor has unconditionally guaranteed such
obligations pursuant to the terms of the Indenture.  The Guarantee is an unsecured and
unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

B-3

 

2.             Interest

 

The Company
promises to pay interest on the principal amount of this Note at the rate per
annum shown above.

 

The Company
will pay interest semi-annually on July 15 and January 15 of each
year commencing January 15, 2006. 
Interest on the Notes will accrue from the most recent date to which interest
has been paid on the Notes or, if no interest has been paid, from July 11,
2005.  The Company shall pay interest on
overdue principal or premium, if any, plus interest on such interest to the
extent lawful, at the rate borne by the Notes to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

3.             Method of Payment

 

By at least
10:00 a.m. (New York City time) on the date on which any principal of and
premium, if any, or interest on any Note is due and payable, the Company shall
irrevocably deposit with the Trustee or the Paying Agent money sufficient to
pay such principal, premium, if any, and/or interest.  The Company will pay interest (except
Defaulted Interest) to the Persons who are registered Holders of Notes at the
close of business on the July 1 or January 1 next preceding the
interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Except as described
in the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section 2.03
of the Indenture; provided, however,
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including
principal, premium, if any, and interest) will be made by wire transfer of
immediately available funds to the account specified by The Depository Trust
Company.  Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes will be made by wire transfer to a U.S. dollar account maintained
by the payee with a bank in the United States if such Holder elects payment by
wire transfer by giving written notice to the Trustee or the Paying Agent to
such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

 

4.             Paying Agent and Registrar

 

Initially,
SunTrust Bank (the “Trustee”),
will act as Trustee, Paying Agent and Registrar.  The Company may appoint and change any Paying
Agent, Registrar or co-registrar without notice to any Noteholder.  The Company, the Guarantor or any Subsidiary
may act as Paying Agent, Registrar or co-registrar.

 

B-4

 

5.             Optional Redemption by the Company

 

The Notes will
be redeemable at the option of the Company, in whole at any time or in part
from time to time, on at least 30 days but not more than 60 days’ prior notice
mailed to the registered address of each Holder of Notes to be so redeemed, at
a redemption price equal to (a) the greater of (i) 100% of their
principal amount to be redeemed or (ii) the sum of the present values of
the remaining scheduled payments of principal and interest thereon from the
date of redemption to the date of maturity (except for currently accrued but
unpaid interest) discounted to the date of redemption, on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months), at the applicable
Treasury Yield (as defined below), plus 20 basis points (such greater amount,
the “Redemption Price”), plus (b) accrued
and unpaid interest, if any, to the date of redemption.

 

For purposes
of determining the Redemption Price, the following definitions are applicable:

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

 

“Comparable Treasury Price” means, with
respect to any redemption date, (a) the bid price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M.
on the third business day preceding such redemption date, as set forth on “Telerate
Page 500” (or such other page as may replace Telerate Page 500),
or (b) if such page (or any successor page) is not displayed or does
not contain such bid prices at such time (i) the average of the Reference
Treasury Dealer Quotations or (ii) if the Trustee is unable to obtain at
least four such Reference Treasury Dealers Quotations, the average of all
Reference Treasury Dealer Quotations obtained by the Trustee.

 

“Independent Investment Banker” means any of
Citigroup Global Markets Inc., J.P. Morgan Securities Inc. or Morgan Stanley &
Co. Incorporated, or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.

 

“Reference Treasury Dealer” means Citigroup
Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley &
Co. Incorporated, and two other primary U.S. Government securities dealer in
New York City selected by the Independent Investment Banker (each, a “Primary Treasury Dealer”); provided
however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date
for the Notes, an average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue for the Notes (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by
such

 

B-5

 

Reference Treasury Dealer at
5:00 p.m. on the third business day preceding such redemption date.

 

“Treasury Yield” means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.

 

In the case of
any partial redemption, selection of the Notes for redemption will be made by
the Trustee in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed or, if the Notes are
not listed, then on a pro rata basis, by lot or by such other method as the
Trustee in its sole discretion shall deem to be fair and appropriate, although
no Notes of U.S. $1,000 in original principal amount or less will be redeemed
in part.  If any Note is to be redeemed
in part only, the notice of redemption relating to such Note shall state the
portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof
upon cancellation of the original Note. 
On and after the redemption date, interest will cease to accrue on Notes
or portions thereof called for redemption as long as the Company has deposited
with the Paying Agent funds in satisfaction of the applicable Redemption Price
pursuant to the Indenture.

 

6.             Additional Amounts

 

The Guarantor
will, subject to certain limitations set forth in the Indenture, pay to the
Holder of any Note additional amounts as necessary so that every net payment
made by the Guarantor of principal of and premium, if any, and interest on such
Note, after deducting or withholding for or on account of any present or future
tax, duty, fee, assessment or other governmental charge imposed on that holder
by Bermuda or any other foreign jurisdiction, will not be less than the amount
provided in the Note to be then due and payable.

 

7.             Denominations; Transfer; Exchange

 

The Notes are
in registered form without coupons in denominations of principal amount of U.S.
$1,000 and whole multiples of U.S. $1,000. 
A Holder may transfer or exchange Notes in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not
register the transfer of or exchange (i) any Notes selected for redemption
(except, in the case of a Note to be redeemed in part, the portion of the Note
not to be redeemed) for a period beginning 15 days before the mailing of a
notice of Notes to be redeemed and ending on the date of such mailing or (ii) any
Notes for a period beginning 15 days before an interest payment date and ending
on such interest payment date.

 

8.             Persons Deemed Owners

 

The registered
Holder of this Note may be treated as the owner of it for all purposes.

 

B-6

 

9.             Unclaimed Money

 

If money for
the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent shall pay the money back to the Company at its request
unless an abandoned property law designates another Person.  After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

10.           Defeasance

 

Subject to
certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Securities for
the payment of principal and interest on the Notes to redemption or maturity,
as the case may be.

 

11.           Amendment, Waiver

 

The Indenture
or the Notes may be amended with the written consent of the Holders of at least
a majority in principal amount of the then outstanding Notes; provided, however,
that the consent of each Noteholder affected is required to (i) reduce the
amount of Notes whose Holders must consent to an amendment of the Indenture,
the Notes or specified provisions of the Master Trust Transaction Documents, (ii) reduce
the stated rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption of a Note, (v) make any Note payable in
money other than that stated herein, (vi) impair the right of a Holder to
receive payment under the Note or institute suit for the enforcement of such
payment, (vii) make any change to the amendment provisions which require
each Holder’s consent or the waiver provisions, or (viii) release the
Guarantor or modify the Guarantee.

 

Subject to
certain exceptions set forth in the Indenture, without the consent of any
Noteholder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4
of the Indenture, or to provide for uncertificated Notes in addition to or in
place of certificated Notes, or to add guarantees with respect to the Notes, or
to secure the Notes, or to add additional covenants of the Company, the
Guarantor or any Subsidiary, or surrender rights and powers conferred on the
Company, the Guarantor or any Subsidiary, issue Subsequent Notes, or to comply
with any requirement of the SEC in connection with qualifying the Indenture
under the Trust Indenture Act, or to make any change that does not adversely
affect the rights of any Noteholder, or to provide for the issuance of Exchange
Notes.

 

Subject to
certain exceptions set forth in the Indenture, any default (other than with
respect to nonpayment or in respect of a provision that cannot be amended
without the written consent of each Noteholder affected) or noncompliance with
any provision may be waived with the written consent of the Holders of a
majority in principal amount of the then outstanding Notes.

 

B-7

 

12.           Defaults and Remedies

 

Under the
Indenture, Events of Default include (1) default for 30 days in payment of
interest or additional interest when due on the Notes; (2) default in
payment of principal of or premium, if any, on the Notes at Stated Maturity,
upon optional redemption, upon declaration or otherwise; (3)  the
failure by the Company or the Guarantor to comply for 60 days after
written notice with its other agreements contained in the Indenture or under
the Notes (other than those referred to in (1) or (2) above); (4) the
failure of the Company, the Guarantor or any Subsidiary (a) to pay the
principal of any indebtedness for borrowed money, including obligations evidenced
by any mortgage, indenture, bond, debenture, note, guarantee or other similar
instruments, on the scheduled or original date due; (b) to pay interest on
any such indebtedness beyond any provided grace period; or (c) to observe
or perform any agreement or condition relating to such indebtedness, the effect
of which is to cause such indebtedness to become due prior to its stated
maturity and such acceleration has not been cured within 15 days after notice
of acceleration; provided that an event described in clause (a), (b) or (c) above
shall not constitute an Event of Default unless, at such time, one or more
events of the type described in clauses (a), (b) or (c) shall have
occurred or be continuing with respect to indebtedness in an amount exceeding
U.S. $50,000,000; or (5) certain events of bankruptcy, insolvency or
reorganization of the Company, the Guarantor, a Designated Obligor or any
Material Subsidiary (the “bankruptcy events”).  However, a default under clause (3) will
not constitute an Event of Default until the Trustee or the Holders of at least
25% in principal amount of the outstanding Notes notify the Company or the
Guarantor, as the case may be, of the default and the Company or the Guarantor,
as the case may be, does not cure such default within the time specified in
clause (3) hereof after receipt of such notice.

 

If an Event of
Default other than a bankruptcy event occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all
the Notes by written notice to the Company to be due and payable
immediately.  If an Event of Default in
connection with a bankruptcy event occurs and is continuing, the principal
amount of the Notes, the premium, if any, and all accrued and unpaid interest shall
be immediately due and payable without any action or other act on the part of
the Trustee or the Holders.

 

Noteholders
may not enforce the Indenture or the Notes except as provided in the
Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives reasonable indemnity or
security.  Subject to certain
limitations, Holders of a majority in principal amount of the Notes may direct
the Trustee in its exercise of any trust or power.  The Trustee may withhold from Noteholders notice
of any continuing Default or Event of Default (except a Default or Event of
Default in payment of principal or interest) if it determines that withholding
notice is in their interest.

 

13.           Trustee Dealings with the Company

 

Subject to
certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee.

 

B-8

 

14.           No Recourse Against Others

 

An
incorporator, director, officer, employee, affiliate or stockholder of each of
the Company or the Guarantor, solely by reason of this status, shall not have
any liability for any obligations of the Company under the Notes, the Indenture
or the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of the Notes.

 

15.           No Petition

 

By its
acquisition of this Note, each Holder hereof agrees that neither it nor the
Trustee on its behalf may commence, or join with any other person in the
commencement of, a bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding with respect to the Company under any applicable insolvency
laws until one year and one date after the Notes and all other Indebtedness of
the Company ranking equal with or junior to the Notes in right of payment,
including all interest and premium thereon, if any, are paid in full.

 

16.           Authentication

 

This Note
shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication appearing on this Note.

 

17.           Abbreviations

 

Customary
abbreviations may be used in the name of a Noteholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN
(=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

18.           CUSIP Numbers

 

Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures the Company has caused CUSIP numbers to be printed on the Notes and
has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Noteholders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

19.           Governing Law

 

This Note
shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

B-9

 

The Company
will furnish to any Noteholder upon written request and without charge to the
Noteholder a copy of the Indenture. 
Requests may be made to:

 

Bunge Limited
Finance Corp.

11720 Borman Drive

St. Louis, Missouri 63146

Attention:  George Allard, Treasurer

 

B-10

 

ASSIGNMENT FORM

 

	
  To assign this Note, fill in the form below:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  I or we assign and transfer this Note to

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Print or
  type assignee’s name, address and zip code)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Insert
  assignee’s soc. sec. or tax I.D. No.)

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  and
  irrevocably appoint                         
  agent to transfer this Note on the books of the Company.  The agent may substitute another to act for
  him.

  
							

 

 

	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature Guarantee:

  	
   

  
	
  (Signature
  must be guaranteed)

  
	
   

  
	
   

  
	
  Sign exactly
  as your name appears on the other side of this Note.

  	
   

  
							

 

The signature(s) should be
guaranteed by an eligible guarantor institution (banks, stockbrokers, savings
and loan associations and credit unions with membership in an approved
signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

B-11

 

[TO BE
ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE

 

 

The following increases or decreases in this
Global Note have been made:

 

	
  Date of

  Exchange

  	
   

  	
  Amount of decrease in Principal

  Amount of this Global Note

  	
   

  	
  Amount of increase in Principal

  Amount of this Global Note

  	
   

  	
  Principal Amount of this Global

  Note following such decrease or

  increase

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Securities Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

B-12

 

EXHIBIT C

 

[Date]

 

Bunge Limited

50 Main Street

White Plains, New York 10606

Attention:  Morris M. Kalef

 

SunTrust Bank

25 Park Place

24th Floor

Atlanta, Georgia 30303-2900

Attention:  Corporate Trust Department

 

Re:          Bunge
Limited Finance Corp.

5.10% Senior Notes Due 2015

 

Dear Sirs:

 

This
certificate is delivered to request a transfer of U.S.$                  
principal amount of the 5.10% Senior Notes Due 2015 (the “Notes”) of Bunge Limited Finance Corp. (the
“Company”).

 

Upon transfer,
the Notes would be registered in the name of the new beneficial owner as
follows:

 

Name:

 

Address:

 

Taxpayer ID
Number:

 

The
undersigned represents and warrants to you that:

 

1.             We are an institutional “accredited
investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities
Act”)) purchasing for our own account or for the account of such an
institutional “accredited investor” at least U.S. $100,000 principal amount of
the Notes, and we are acquiring the Notes not with a view to, or for offer or
sale in connection with, any distribution in violation of the Securities
Act.  We have such knowledge and
experience in financial and business matters as to be capable of evaluating the
merits and risk of our investment in the Notes and we invest in or purchase
securities similar to the Notes in the normal course of our business.  We and any accounts for which we are acting
are each able to bear the economic risk of our or its investment.

 

2.             We understand that the Notes have
not been registered under the Securities Act and, unless so registered, may not
be sold except as permitted in the following

 

C-1

 

sentence.  We agree on our own behalf and on behalf of
any investor account for which we are purchasing Notes to offer, sell or
otherwise transfer such Notes prior to the date which is two years after the
later of the date of original issue and the last date on which the Company or
any affiliate of the Company was the owner of such Notes (or any predecessor
thereto) (the “Resale Restriction Termination
Date”) only (a) to the Company or Bunge Limited, as guarantor, (b) pursuant
to a registration statement which has been declared effective under the
Securities Act, (c) in a transaction complying with the requirements of Rule 144A
under the Securities Act (“Rule 144A”),
to a person we reasonably believe is a qualified institutional buyer under Rule 144A
(a “QIB”) that purchases Notes for
its own account or for the account of a QIB and to whom notice is given that
the transfer is being made in reliance on Rule 144A, (d) pursuant to
offers and sales that occur outside the United States within the meaning of
Regulation S under the Securities Act, (e) to an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under
the Securities Act that is purchasing for its own account or for the account of
such an institutional “accredited investor,” in each case in a transaction
involving a minimum principal amount of Notes of U.S. $100,000 or (f) pursuant
to any other available exemption from the registration requirements of the
Securities Act, subject in each of the foregoing cases to any requirement of
law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in
compliance with any applicable state securities laws.  The foregoing restrictions on resale will not
apply subsequent to the Resale Restriction Termination Date.  If any resale or other transfer of the Notes
is proposed to be made pursuant to clause (e) above prior to the Resale
Restriction Termination Date, the transferor shall deliver a letter from the
transferee substantially in the form of this letter to the Company and the
Trustee, which shall provide, among other things, that the transferee is an
institutional “accredited investor” (within the meaning of Rule 501(a)(1),
(2), (3) or (7) under the Securities Act) that is acquiring such
Notes for investment purposes and not for distribution in violation of the
Securities Act.  Each purchaser
acknowledges that the Company and the Trustee reserve the right prior to any
offer, sale or other transfer prior to the Resale Termination Date of the Notes
pursuant to clauses (d), (e) or (f) above to require the delivery of
an opinion of counsel, certifications and/or other information satisfactory to
the Company and the Trustee.

 

	
   

  	
  TRANSFEREE:

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  BY:

  	
   

  	
   

  
					

 

C-2

 

EXHIBIT D

 

[Date]

 

Bunge Limited

50 Main Street

White Plains, New York 10606

Attention:  Morris M. Kalef

 

SunTrust Bank

25 Park Place

24th Floor

Atlanta, Georgia 30303-2900

Attention:  Corporate Trust Department

 

Re:          Bunge
Limited Finance Corp.

5.10% Senior Notes Due 2015 (the “Notes”)

 

Ladies and Gentlemen:

 

In connection
with our proposed sale of U.S. $                    
aggregate principal amount of the Notes, we confirm that such sale has been
effected pursuant to and in accordance with Regulation S under the United
States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that:

 

the offer of the Notes was not made to a
person in the United States;

 

either (i) at the time the buy order was
originated, the transferee was outside the United States or we and any person
acting on our behalf reasonably believed that the transferee was outside the
United States or (ii) the transaction was executed in, on or through the
facilities of a designated off-shore securities market and neither we nor any
person acting on our behalf knows that the transaction has been pre-arranged
with a buyer in the United States;

 

no directed selling efforts have been made in
the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and

 

the transaction is not part of a plan or
scheme to evade the registration requirements of the Securities Act.

 

In addition,
if the sale is made during a distribution compliance period and the provisions
of Rule 903(b)(2) or Rule 904(b)(1) of Regulation S
are applicable thereto, we confirm that such sale has been made in accordance
with the applicable provisions of Rule 903(b)(2) or Rule 904(b)(1),
as the case may be.

 

You are
entitled to rely upon this letter and are irrevocably authorized to produce
this letter or a copy hereof to any interested party in any administrative or
legal proceedings or

 

D-1

 

official inquiry with respect
to the matters covered hereby.  Terms
used in this certificate have the meanings set forth in Regulation S.

 

	
  Very truly yours,

  	
   

  
	
   

  	
   

  
	
  [Name of Transferor]

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Authorized
  Signature

  	
   

  	
   

  

 

D-2

 

SCHEDULE 1.1

 

Designated Obligors and Material Subsidiaries

 

The following Subsidiaries
constitute all of the Designated Obligors as of the date hereof:

 

•                  Bunge
Global Markets Inc.

 

•                  Bunge
N.A. Holdings, Inc.

 

•                  Bunge
North America, Inc.

 

•                  Koninklijke
Bunge B.V.

 

•                  Bunge
Alimentos S.A.

 

•                  Bunge
Argentina S.A.

 

•                  Bunge
Fertilizantes International Limited

 

•                  Bunge
Fertilizantes S.A. (Brazil)

 

•                  Ceval
International Limited

 

•                  Bunge
Brasil S.A.

 

•                  Bunge
S.A.

 

The following Subsidiaries constitute all of
the Material Subsidiaries as of the date hereof:

 

•                  Bunge
Fertilizantes S.A.

 

•                  Bunge
Alimentos S.A.

 

•                  Bunge
North America, Inc.

 

•                  Bunge
N.A. Holdings, Inc.

 

•                  Fertilizantes
Fosfatados S.A. - Fosfertil

 

•                  Bunge
Brasil S.A.

 

•                  Koninklijke
Bunge B.V.

 

 

SCHEDULE 3.4

 

Existing Liens

 

	
  Subsidiary/Joint

  Ventures

  	
   

  	
  Facility

  	
   

  	
  Amount

  Outstanding

  	
   

  	
  Description of
  Collateral

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge Argentina S.A.

  	
   

  	
  IFC Loan

  	
   

  	
  $5.0 million

  	
   

  	
  Land, buildings and shares of
  Terminal Bahia Blanca

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Terminal 6 and Terminal 6I

  (unconsolidated joint ventures)

  	
   

  	
  IFC Loan

  (Bunge’s share)

  	
   

  	
  $11.7 million

  	
   

  	
  Shares of stock of Terminal 6

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge Alimentos S.A.

  	
   

  	
  Bank

  	
   

  	
  $9.7 million

  	
   

  	
  Land, buildings and equipment

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Bunge Fertilizantes S.A./
  Fertilizantes Fosfatados S.A. - Fosfertil

  	
   

  	
  BNDES (various)

  	
   

  	
  $127.3 million

  	
   

  	
  Land, equipment, buildings and
  shares of stock of Fertilizantes Fosfatados S.A. - Fosfertil and Ultrafertil

  
	
   

  	
   

  	
  IFC

  Other

  	
   

  	
  $21.2 million

  $5.4 million

  	
   

  	
  Land and equipment

  Land and buildingsExhibit 4.2

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW
YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR
PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

 

 

	
  No. 1

  	
  Principal
  Amount U.S. 400,000,000

  as revised by the Schedule of

  Increases and Decreases in Global

  Note attached hereto

  
	
   

  	
   

  
	
   

  	
  CUSIP NO.
                     

  
	
   

  	
  ISIN:
                     

  

 

5.10% Senior
Notes Due 2015

 

Bunge Limited
Finance Corp., a Delaware corporation, promises to pay to CEDE & CO.,
or registered assigns, the principal sum of $400,000,000 U.S. Dollars, as
revised by the Schedule of Increases and Decreases in Global Note attached
hereto, on July 15, 2015.

 

Interest
Payment Dates: July 15 and January 15

 

Record Dates: July 1
and January 1

 

Additional
provisions of this Note are set forth on the reverse side hereof.

 

 

IN WITNESS
WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

 

 

	
   

  	
  BUNGE LIMITED FINANCE CORP.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [SEAL]

  
						

 

 

TRUSTEE’S
CERTIFICATE OF

  AUTHENTICATION

 

SUNTRUST BANK,

as Trustee,
certifies that this is one of

the Notes
referred to in the Indenture.

 

 

	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Date:                 
      , 2005

  	
   

  

 

 

5.10% Senior
Note Due 2015

 

1.                                       General

 

Bunge Limited
Finance Corp., a Delaware corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), issued the Notes under an
Indenture, dated as of July 11, 2005, among the Company, the Guarantor and
the Trustee (as such Indenture may be amended or supplemented from time to time
in accordance with the terms thereof, the “Indenture”).  The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the U.S.
Trust Indenture Act of 1939 as in effect on the date of the Indenture (the “Trust Indenture Act”).  Capitalized terms used herein and not defined
herein have the meanings ascribed thereto in the Indenture.  The Notes are subject to all such terms, and
Noteholders are referred to the Indenture and the Trust Indenture Act for a
statement of those terms.

 

The Notes are
general unsecured senior obligations of the Company, including (a) U.S.
$400,000,000 in aggregate principal amount of Notes being offered on the Issue
Date (subject to Section 2.09 of the Indenture) and (b) any
Subsequent Notes.  The Notes rank equally
with all other unsecured and unsubordinated indebtedness of the Company.  This Note is one of the Exchange Notes
referred to in the Indenture.

 

The Company
may from time to time, without the consent of existing Holders, create and
issue Subsequent Notes having the same terms and conditions as the Initial
Notes in all respects, except for the Issue Date, issue price and first payment
of interest thereon.  Subsequent Notes
issued in this manner will be consolidated with and will form a single class
with the previously outstanding Notes.

 

The Initial Notes,
any Subsequent Notes and the Exchange Notes will be treated as a single class
of securities under the Indenture.  The
Indenture includes various covenants that limit the ability of the Company,
among other things, to engage in any business or transaction, acquire assets or
subsidiaries, incur Indebtedness or Liens or enter into any consolidations,
mergers, amalgamations or sales of assets. 
In addition, the Indenture imposes certain limitations on, among other things,
(i) the incurrence of Liens by the Guarantor or any Restricted Subsidiary,
(ii) Sale-Leaseback Transactions by the Guarantor or any Restricted
Subsidiary and (iii) consolidations, mergers, amalgamations and sales of
assets of the Guarantor or any Subsidiary.

 

To guarantee
the due and punctual payment of the principal of and premium, if any, and
interest on the Notes and all other amounts payable by the Company under the
Indenture and the Notes when and as the same shall be due and payable, whether
at maturity, by acceleration or otherwise, according to the terms of the Notes
and the Indenture, the Guarantor has unconditionally guaranteed such
obligations pursuant to the terms of the Indenture.  The Guarantee is an unsecured and
unsubordinated obligation of the Guarantor and ranks equally with all other
unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

 

2.                                       Interest

 

The Company
promises to pay interest on the principal amount of this Note at the rate per
annum shown above.

 

The Company
will pay interest semi-annually on July 15 and January 15 of each
year commencing January 15, 2006. 
Interest on the Notes will accrue from the most recent date to which
interest has been paid on the Notes or, if no interest has been paid, from July 11,
2005.  The Company shall pay interest on
overdue principal or premium, if any, plus interest on such interest to the
extent lawful, at the rate borne by the Notes to the extent lawful.  Interest will be computed on the basis of a
360-day year of twelve 30-day months.

 

3.                                       Method
of Payment

 

By at least
10:00 a.m. (New York City time) on the date on which any principal of and
premium, if any, or interest on any Note is due and payable, the Company shall
irrevocably deposit with the Trustee or the Paying Agent money sufficient to
pay such principal, premium, if any, and/or interest.  The Company will pay interest (except
Defaulted Interest) to the Persons who are registered Holders of Notes at the
close of business on the July 1 or January 1 next preceding the
interest payment date even if Notes are cancelled, repurchased or redeemed
after the record date and on or before the interest payment date.  Holders must surrender Notes to a Paying
Agent to collect principal payments.  The
Company will pay principal, premium, if any, and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.  Except as described
in the succeeding two sentences, the principal of and premium, if any, and
interest on the Notes shall be payable at the office or agency of the Company
maintained for such purpose in The City of New York, or at such other office or
agency of the Company as may be maintained for such purpose pursuant to Section 2.03
of the Indenture; provided, however,
that, at the option of the Company, each installment of interest may be paid by
check mailed to addresses of the Persons entitled thereto as such addresses
shall appear on the Note Register. 
Payments in respect of Notes represented by a Global Note (including
principal, premium, if any, and interest) will be made by wire transfer of
immediately available funds to the account specified by The Depository Trust
Company.  Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and
interest) held by a Holder of at least U.S.$1,000,000 aggregate principal
amount of Notes will be made by wire transfer to a U.S. dollar account
maintained by the payee with a bank in the United States if such Holder elects
payment by wire transfer by giving written notice to the Trustee or the Paying
Agent to such effect designating such account no later than 15 days immediately
preceding the relevant due date for payment (or such other date as the Trustee
may accept in its discretion).

 

4.                                       Paying
Agent and Registrar

 

Initially,
SunTrust Bank (the “Trustee”),
will act as Trustee, Paying Agent and Registrar.  The Company may appoint and change any Paying
Agent, Registrar or co-registrar without notice to any Noteholder.  The Company, the Guarantor or any Subsidiary may
act as Paying Agent, Registrar or co-registrar.

 

 

5.                                       Optional
Redemption by the Company

 

The Notes will
be redeemable at the option of the Company, in whole at any time or in part
from time to time, on at least 30 days, but not more than 60 days’ prior notice
mailed to the registered address of each Holder of Notes to be so redeemed, at
a redemption price equal to (a) the greater of (i) 100% of their
principal amount to be redeemed or (ii) the sum of the present values of
the remaining scheduled payments of principal and interest thereon from the
date of redemption to the date of maturity (except for currently accrued but
unpaid interest) discounted to the date of redemption, on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months), at the applicable
Treasury Yield (as defined below), plus 20 basis points (such greater amount,
the “Redemption Price”), plus (b) accrued
and unpaid interest, if any, to the date of redemption.

 

For purposes
of determining the Redemption Price, the following definitions are applicable:

 

“Comparable Treasury Issue” means the United
States Treasury security selected by an Independent Investment Banker as having
a maturity comparable to the remaining term of the Notes that would be
utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Notes.

 

“Comparable Treasury Price” means, with
respect to any redemption date, (a) the bid price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) at 4:00 P.M.
on the third business day preceding such redemption date, as set forth on “Telerate
Page 500” (or such other page as may replace Telerate Page 500),
or (b) if such page (or any successor page) is not displayed or does
not contain such bid prices at such time (i) the average of the Reference
Treasury Dealer Quotations or (ii) if the Trustee is unable to obtain at
least four such Reference Treasury Dealers Quotations, the average of all
Reference Treasury Dealer Quotations obtained by the Trustee.

 

“Independent Investment Banker” means any of
Citigroup Global Markets Inc., J.P. Morgan Securities Inc. or Morgan Stanley &
Co. Incorporated, or, if all such firms are unwilling or unable to select the
applicable Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.

 

“Reference Treasury Dealer” means Citigroup
Global Markets Inc., J.P. Morgan Securities Inc. and Morgan Stanley &
Co. Incorporated, and two other primary U.S. Government securities dealer in
New York City selected by the Independent Investment Banker (each, a “Primary Treasury Dealer”); provided,
however, that if any of the foregoing shall cease to be a Primary Treasury
Dealer, the Company will substitute another Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date
for the Notes, an average, as determined by the Trustee, of the bid and asked
prices for the Comparable Treasury Issue for the Notes (expressed in each case
as a percentage of its principal amount) quoted in writing to the Trustee by
such

 

 

Reference
Treasury Dealer at 5:00 p.m. on the third business day preceding such
redemption date.

 

“Treasury Yield” means, with respect to any
redemption date applicable to the Notes, the rate per annum equal to the
semi-annual equivalent yield to maturity (computed as of the third business day
immediately preceding such redemption date) of the Comparable Treasury Issue,
assuming a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the applicable Comparable Treasury Price for
such redemption date.

 

In the case of
any partial redemption, selection of the Notes for redemption will be made by
the Trustee in compliance with the requirements of the principal national
securities exchange, if any, on which the Notes are listed or, if the Notes are
not listed, then on a pro rata basis, by lot or by such other method as the
Trustee in its sole discretion shall deem to be fair and appropriate, although
no Notes of U.S. $1,000 in original principal amount or less will be redeemed
in part.  If any Note is to be redeemed
in part only, the notice of redemption relating to such Note shall state the
portion of the principal amount thereof to be redeemed.  A new Note in principal amount equal to the
unredeemed portion thereof will be issued in the name of the Holder thereof
upon cancellation of the original Note. 
On and after the redemption date, interest will cease to accrue on Notes
or portions thereof called for redemption as long as the Company has deposited
with the Paying Agent funds in satisfaction of the applicable Redemption Price
pursuant to the Indenture.

 

6.                                       Additional
Amounts

 

The Guarantor
will, subject to certain limitations set forth in the Indenture, pay to the
Holder of any Note additional amounts as necessary so that every net payment
made by the Guarantor of principal of and premium, if any, and interest on such
Note, after deducting or withholding for or on account of any present or future
tax, duty, fee, assessment or other governmental charge imposed on that holder
by Bermuda or any other foreign jurisdiction, will not be less than the amount
provided in the Note to be then due and payable.

 

7.                                       Denominations;
Transfer; Exchange

 

The Notes are
in registered form without coupons in denominations of principal amount of U.S.
$1,000 and whole multiples of U.S. $1,000. 
A Holder may transfer or exchange Notes in accordance with the
Indenture.  The Registrar may require a
Holder, among other things, to furnish appropriate endorsements or transfer
documents and to pay any taxes and fees required by law or permitted by the
Indenture.  The Registrar need not
register the transfer of or exchange (i) any Notes selected for redemption
(except, in the case of a Note to be redeemed in part, the portion of the Note
not to be redeemed) for a period beginning 15 days before the mailing of a
notice of Notes to be redeemed and ending on the date of such mailing or (ii) any
Notes for a period beginning 15 days before an interest payment date and ending
on such interest payment date.

 

8.                                       Persons
Deemed Owners

 

The registered
Holder of this Note may be treated as the owner of it for all purposes.

 

 

9.                                       Unclaimed
Money

 

If money for
the payment of principal or interest remains unclaimed for two years, the
Trustee or Paying Agent shall pay the money back to the Company at its request
unless an abandoned property law designates another Person.  After any such payment, Holders entitled to
the money must look only to the Company and not to the Trustee for payment.

 

10.                                 Defeasance

 

Subject to
certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if
the Company deposits with the Trustee money or U.S. Government Securities for
the payment of principal and interest on the Notes to redemption or maturity,
as the case may be.

 

11.                                 Amendment,
Waiver

 

The Indenture
or the Notes may be amended with the written consent of the Holders of at least
a majority in principal amount of the then outstanding Notes; provided, however,
that the consent of each Noteholder affected is required to (i) reduce the
amount of Notes whose Holders must consent to an amendment of the Indenture,
the Notes or specified provisions of the Master Trust Transaction Documents, (ii) reduce
the stated rate or extend the stated time for payment of interest on a Note, (iii) reduce
the principal of or extend the Stated Maturity of a Note, (iv) reduce the
premium payable upon redemption of a Note, (v) make any Note payable in
money other than that stated herein, (vi) impair the right of a Holder to
receive payment under the Note or institute suit for the enforcement of such
payment, (vii) make any change to the amendment provisions which require
each Holder’s consent or the waiver provisions, or (viii) release the
Guarantor or modify the Guarantee.

 

Subject to
certain exceptions set forth in the Indenture, without the consent of any
Noteholder, the Company and the Trustee may amend the Indenture or the Notes to
cure any ambiguity, omission, defect or inconsistency, or to comply with Article 4
of the Indenture, or to provide for uncertificated Notes in addition to or in
place of certificated Notes, or to add guarantees with respect to the Notes, or
to secure the Notes, or to add additional covenants of the Company, the
Guarantor or any Subsidiary, or surrender rights and powers conferred on the
Company, the Guarantor or any Subsidiary, issue Subsequent Notes, or to comply
with any requirement of the SEC in connection with qualifying the Indenture under
the Trust Indenture Act, or to make any change that does not adversely affect
the rights of any Noteholder, or to provide for the issuance of Exchange Notes.

 

Subject to
certain exceptions set forth in the Indenture, any default (other than with
respect to nonpayment or in respect of a provision that cannot be amended
without the written consent of each Noteholder affected) or noncompliance with
any provision may be waived with the written consent of the Holders of a
majority in principal amount of the then outstanding Notes.

 

 

12.                                 Defaults
and Remedies

 

Under the
Indenture, Events of Default include (1) default for 30 days in payment of
interest or additional interest when due on the Notes; (2) default in
payment of principal of or premium, if any, on the Notes at Stated Maturity,
upon optional redemption, upon declaration or otherwise; (3)  the
failure by the Company or the Guarantor to comply for 60 days after
written notice with its other agreements contained in the Indenture or under
the Notes (other than those referred to in (1) or (2) above); (4) the
failure of the Company, the Guarantor or any Subsidiary (a) to pay the
principal of any indebtedness for borrowed money, including obligations
evidenced by any mortgage, indenture, bond, debenture, note, guarantee or other
similar instruments, on the scheduled or original date due; (b) to pay
interest on any such indebtedness beyond any provided grace period; or (c) to
observe or perform any agreement or condition relating to such indebtedness,
the effect of which is to cause such indebtedness to become due prior to its
stated maturity and such acceleration has not been cured within 15 days after
notice of acceleration; provided that an event described in clause (a), (b) or
(c) above shall not constitute an Event of Default unless, at such time,
one or more events of the type described in clauses (a), (b) or (c) shall
have occurred or be continuing with respect to indebtedness in an amount
exceeding U.S. $50,000,000; or (5) certain events of bankruptcy,
insolvency or reorganization of the Company, the Guarantor, a Designated
Obligor or any Material Subsidiary (the “bankruptcy
events”).  However, a default
under clause (3) will not constitute an Event of Default until the Trustee
or the Holders of at least 25% in principal amount of the outstanding Notes
notify the Company or the Guarantor, as the case may be, of the default and the
Company or the Guarantor, as the case may be, does not cure such default within
the time specified in clause (3) hereof after receipt of such notice.

 

If an Event of
Default other than a bankruptcy event occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all
the Notes by written notice to the Company to be due and payable
immediately.  If an Event of Default in
connection with a bankruptcy event occurs and is continuing, the principal
amount of the Notes, the premium, if any, and all accrued and unpaid interest
shall be immediately due and payable without any action or other act on the
part of the Trustee or the Holders.

 

Noteholders
may not enforce the Indenture or the Notes except as provided in the
Indenture.  The Trustee may refuse to
enforce the Indenture or the Notes unless it receives reasonable indemnity or
security.  Subject to certain
limitations, Holders of a majority in principal amount of the Notes may direct
the Trustee in its exercise of any trust or power.  The Trustee may withhold from Noteholders
notice of any continuing Default or Event of Default (except a Default or Event
of Default in payment of principal or interest) if it determines that
withholding notice is in their interest.

 

13.                                 Trustee
Dealings with the Company

 

Subject to
certain limitations set forth in the Indenture, the Trustee under the
Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Company or its Affiliates and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee.

 

 

14.                                 No
Recourse Against Others

 

An
incorporator, director, officer, employee, affiliate or stockholder of each of
the Company or the Guarantor, solely by reason of this status, shall not have
any liability for any obligations of the Company under the Notes, the Indenture
or the Guarantee or for any claim based on, in respect of or by reason of such
obligations or their creation.  By
accepting a Note, each Noteholder waives and releases all such liability.  The waiver and release are part of the
consideration for the issue of the Notes.

 

15.                                 No
Petition

 

By its
acquisition of this Note, each Holder hereof agrees that neither it nor the
Trustee on its behalf may commence, or join with any other person in the
commencement of, a bankruptcy, reorganization, arrangement, insolvency or
liquidation proceeding with respect to the Company under any applicable
insolvency laws until one year and one date after the Notes and all other
Indebtedness of the Company ranking equal with or junior to the Notes in right
of payment, including all interest and premium thereon, if any, are paid in
full.

 

16.                                 Authentication

 

This Note
shall not be valid until an authorized signatory of the Trustee (or an
authenticating agent acting on its behalf) manually signs the certificate of
authentication appearing on this Note.

 

17.                                 Abbreviations

 

Customary
abbreviations may be used in the name of a Noteholder or an assignee, such as
TEN COM (=tenants in common), TEN ENT (=tenants by the entirety), JT TEN
(=joint tenants with rights of survivorship and not as tenants in common), CUST
(=custodian) and U/G/M/A (=Uniform Gift to Minors Act).

 

18.                                 CUSIP
Numbers

 

Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification
Procedures the Company has caused CUSIP numbers to be printed on the Notes and
has directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Noteholders.  No
representation is made as to the accuracy of such numbers either as printed on
the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

19.                                 Governing
Law

 

This Note
shall be governed by, and construed in accordance with, the laws of the State
of New York.

 

 

The Company
will furnish to any Noteholder upon written request and without charge to the
Noteholder a copy of the Indenture. 
Requests may be made to:

 

Bunge Limited
Finance Corp.

11720 Borman Drive

St. Louis, Missouri 63146

Attention:  George Allard, Treasurer

 

 

ASSIGNMENT
FORM

 

	
  To assign this Note, fill in the form below:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  I or we assign and transfer this Note to

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Print or
  type assignee’s name, address and zip code)

  	
   

  	
   

  	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (Insert
  assignee’s soc. sec. or tax I.D. No.)

  	
   

  	
   

  	
   

  
	
   

  
	
  and
  irrevocably appoint                         
  agent to transfer this Note on the books of the Company.  The agent may substitute another to act for
  him.

  
								

 

	
   

  
	
   

  
	
  Date:

  	
   

  	
   

  	
  Your Signature

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  
	
  (Signature
  must be guaranteed)

  
	
   

  
	
   

  
	
  Sign exactly as your name appears on the other side of this Note.

  
						

 

The
signature(s) should be guaranteed by an eligible guarantor institution (banks,
stockbrokers, savings and loan associations and credit unions with membership
in an approved signature guarantee medallion program), pursuant to S.E.C. Rule 17Ad-15.

 

 

[TO BE
ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF
INCREASES OR DECREASES IN GLOBAL NOTE

 

The following increases or
decreases in this Global Note have been made:

 

	
  Date of

  Exchange

  	
   

  	
  Amount of decrease in

  Principal Amount

  of this Global Note

  	
   

  	
  Amount of increase in

  Principal Amount

  of this Global Note

  	
   

  	
  Principal Amount of this Global

  Note following such decrease or

  increase

  	
   

  	
  Signature of authorized

  signatory of Trustee or

  Securities Custodian

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