Document:

Rayonier Corporate Bonus Plan

 Exhibit 10.1 
 RAYONIER 
 ANNUAL CORPORATE BONUS PROGRAM 
 (as amended and restated February 27, 2006) 

 Rayonier 
 Annual Corporate Bonus Program 
  

	1.	Purpose 

 This Rayonier Annual Corporate Bonus
Program (“Bonus Program”) is the vehicle through which the Compensation and Management Development Committee (the “Committee”) of the Rayonier Board of Directors will make awards to key personnel that have an impact on the
Company’s achievement of annual or other short-term Performance Objectives. 
 The Bonus Program is effective for Performance Periods
designated by the Committee until such time as the Bonus Program is modified or terminated. 
  

	2.	Definitions 

 For purposes of the Bonus Program, the
following terms have the indicated definitions. Terms not defined here have the same meaning as under the 2004 Incentive Stock and Management Bonus Plan (the “Plan”). 
  

	 	(a)	“Available Bonus Pool” means with respect to any Performance Period, the sum of the Preliminary Bonus Awards for all Executives; provided that, such sum
shall not exceed the amount specified in Section 4(a). 

  

	 	(b)	“Bonus Award” means the bonus payable in respect of a specified Performance Period to a Designated Employee determined in accordance with Section 4, and
which in the case of a Covered Executive is such individual’s “Bonus Award” for purposes of Section 9 of the Plan. 

  

	 	(c)	“Bonus Program” means this Rayonier Annual Corporate Bonus Program, as it may be modified from time to time by the Committee. 

  

	 	(d)	“Budgeted Net Income” means the Net Income budget as approved by the Board for the applicable Performance Period. 

  

	 	(e)	“Corporate Performance Factor” or “CPF” has the meaning set forth in Section 5. 

  

	 	(f)	“Covered Executive” (i.e. the Company’s top five executives) has the same meaning as a “Participant” under Section 9 of the Plan.

  

	 	(g)	“Designated Employees” means with respect to any applicable Performance Period, the Covered Executives and other Executives designated, by Salary Grade or
otherwise, by the Committee prior to the end of the first quarter of the Performance Period. 

  

	 	(h)	“Executive” means any Rayonier employee at Salary Grade 15 or higher, including the Covered Executives. 

  

	 	(i)	“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

  

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	 	(j)	“Net Income” means, for each Performance Period, the Company’s net income from continuing operations as defined by accounting principles generally accepted in
the United States, as reported in the Company’s income statement for the Performance Period, adjusted to eliminate the after-tax effects of any restructuring charges or other unusual items, all as determined by the Company and reported to the
Committee. 

  

	 	(k)	“Preliminary Bonus Award” means the product of multiplying (i) an Executive’s Target Award for the Performance Period (applying such Executive’s base
salary at the end of the Performance Period) times (ii) the actual CPF in respect of that Performance Period. 

  

	 	(l)	“Performance Period” means the Company’s fiscal year or any other period designated by the Committee with respect to which Bonus Awards are granted.

  

	 	(m)	“Performance Bonus Award” has the meaning set forth in the Plan and is the Bonus Award determined in accordance with this Bonus Program and the Plan in the case of
a Covered Executive. 

  

	 	(n)	“Plan” means the Rayonier 2004 Incentive Stock and Management Bonus Plan, pursuant to which this Bonus Program as it applies to Covered Executives is adopted, or
any successor thereto. 

  

	 	(o)	“Target Award” means with respect to an Executive, the amount that would become such Executive’s Preliminary Bonus Award if the CPF in respect of the
applicable Performance Period is 100%, expressed as a percentage of the Executive’s Performance Period end base salary. 

  

	3.	Administration 

 The Committee shall administer the
Bonus Program for all Designated Employees, including in accordance with the Plan, with respect to Covered Executives. 
 Before payment of
any Bonus Award is made under this Bonus Program, the Committee shall have complied with the provisions of Section 4. 
  

	4.	Procedures for Establishing and Determining Bonus Awards 

  

	 	(a)	Maximum Bonus Awards for a Performance Period. The aggregate amount payable as Bonus Awards for any Performance Period for all Designated Employees shall not exceed 150% of
the sum of the Target Bonus Awards for all Executives. 

  

	 	(b)	Setting Performance Goals, Performance Objectives and Target Awards. Not later than the end of the first quarter of each Performance Period (or by such earlier time as may be
required in the future by the applicable provisions of the Internal Revenue Code of 1986 in the case of Covered Executives), the Committee shall: 

  

	 	(i)	Determine the class of Executives who will participate in the Bonus Program for the particular Performance Period; 

  

	 	(ii)	Determine the parameters of the Corporate Performance Factor to be applied for the Performance Period in accordance with Section 5(a), and 

  

	 	(iii)	 Establish the parameters for the Target Award for the Performance Period for the class of Executives covered by the Bonus Program, including for each Covered

  

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Executive, substantially in the form set forth on Exhibit B hereto by Salary Grade or in such other similar format as may be approved by the Committee
from time to time. 

  

	 	(c)	Certification of CPF and Finalize Bonus Awards. At the end of each Performance Period, the Committee shall: 

  

	 	(i)	Review the calculation of the Available Bonus Pool and the Preliminary Bonus Award for Executives covered by the Bonus Program, with specific review of the Preliminary Bonus Awards
for the Covered Executives, including the Chief Executive Officer, and for such other Executives identified by the Committee, which may include the direct reports to the Chief Executive Officer whether or not they are Covered Executives;

  

	 	(ii)	Review such adjustments, under Section 5(c) or otherwise, to the Preliminary Bonus Award for any Executive recommended by the Chief Executive Officer or that the
Committee, in its discretion, otherwise deems appropriate in establishing the final amount, if any, of the Bonus Award for such Executive; provided that, the Preliminary Bonus Award for any Covered Executive may not be increased or exceed
200% of the Covered Executive’s base salary in effect at the end of the Performance Period, and following all such adjustments, the sum of all Bonus Awards payable in respect of the Performance Period shall not exceed the amount determined in
accordance with Section 4(a), 

  

	 	(iii)	Establish the form of payment and the payment date for Bonus Awards for the Performance Period for Covered Executives as provided in Section 6; and

  

	 	(iv)	Prior to the payment of a Bonus Award to any Covered Executive, certify by Committee resolution or otherwise in writing, in accordance with the requirements of Section 162(m)
of the Code and Section 9(e) of the Plan, whether the Corporate Performance Factor and other material terms for paying such Bonus Award in respect of the Performance Period have been achieved or met. 

 It is anticipated that for Designated Employees other than Covered Executives, if authorized by the Committee, payments of Bonus Awards can be based on
preliminary data available in the last month of the Performance Period and made shortly after the end of the Performance Period, subject to confirmation following the close of the Performance Period by report to the Committee at its next regularly
scheduled meeting following such payments indicating that payment was made in compliance with the terms of the Bonus Program. 
  

	5.	Corporate Performance Factor 

  

	 	(a)	Criteria for Establishing the CPF. The “Corporate Performance Factor” shall consist of those Performance Goals permitted under Section 9 of the Plan that are
selected by the Committee for the specified Performance Period, and weighted as designated by the Committee for such Performance Period so as to reflect Performance Objectives under the Plan. Such selection and weighting in determining the Corporate
Performance Factor may be changed from time to time by the Committee consistent with the provisions of Section 9 of the Plan in respect of Covered Executives, provided that with respect to a particular Performance Period, the Corporate
Performance Factor shall be established generally prior to the commencement of such Performance Period and in all events not later than the end of the first quarter of any Performance Period. 

  

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	 	(b)	Initial CPF Performance Goals and Parameters. The Corporate Performance Factor shall be computed as specified in Exhibit A hereto until changed by the Committee as
provided in Section 5(a), with such adjustments to reported earnings for accounting rule changes, special non-recurring items, discontinued operations, and similar adjustments as are approved by the Committee made so as to provide
consistent measurements of continuing corporate performance. 

  

	 	(c)	Post-Performance Period Adjustments to CPF for Executives Other Than Covered Executives. Subject to the aggregate amount of Bonus Awards not exceeding the Available Bonus
Pool, the Corporate Performance Factor with respect to Bonus Awards for any particular Performance Period may be adjusted for Executives who are not Covered Executives, upon the recommendation of the Chief Executive Officer based on a qualitative
judgment as to the effectiveness of the Executives in non-financial areas or as otherwise determined in the discretion of the Committee. 

  

	6.	Payment of Bonus Awards 

  

	 	(a)	Entitlement to Payments Generally. Subject to Sections 4(c)(iii) and (iv) for Covered Executives, Bonus Awards for a Performance Period shall be paid at
such time as designated by the Committee following the closing of the Performance Period and its determination of the final Bonus Awards as provided in Section 4(c), to Designated Employees who are employed by the Company on the payment
date or whose employment terminated as a result of death, disability or normal retirement following the end of the applicable Performance Period. The Chief Executive Officer shall determine if a pro-rated Bonus Award shall be paid to any Designated
Employee, other than a Covered Employee, whose employment terminated as a result of death, disability or normal retirement during the applicable Performance Period. Except as provided in the previous sentence, the Committee shall determine in its
sole discretion if a Bonus Award shall be paid to any Designated Employee who is not employed by the Company on the payment date. 

  

	 	(b)	Employment After Commencing of a Performance Period. Subject to such modifications as may be approved by the Committee, Executives who commence employment after the start of
a Performance Period may be granted a Bonus Award determined pro-rata for the term of such employee’s employment during the Performance Period. To the extent a new Executive may become entitled to a Bonus Award hereunder, a Target Bonus Award
shall be computed for such Executive to reflect such pro-rata participation and the Available Bonus Pool shall be adjusted to reflect such Target Bonus. 

  

	 	(c)	Form of Payment. Bonus Awards shall be paid in cash, except that Bonus Awards that are Performance Bonus Awards for Covered Executives may be paid in cash, stock, other
stock-based or stock-denominated units or any combination thereof as determined by the Committee. Stock or stock-based awards may be granted under the terms and conditions of the Plan applicable to stock awards under the Plan and in compliance with
the applicable rules of the Exchange Act. 

  

	7.	Termination and Amendment 

 Subject to the
provisions of the Plan, the Committee may terminate or amend the Bonus Program at any time. 
  

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	8.	Other Provisions 

  

	 	(a)	No Designated Employee shall have any claim or right to be granted a Bonus Award under the Bonus Program until such Bonus Award is actually made. Neither the existence of this Bonus
Program, nor any action taken hereunder, shall be construed as giving any Designated Employee any right to be retained in the employ of the Company or in any way interfere with or limit the right of the Company to terminate any Designated
Employee’s employment at any time. Nothing contained in this Bonus Program shall limit the ability of the Company to make payments or awards to Designated Employees under any other plan, agreement or arrangement in effect at time the Bonus
Program is established or upon a subsequent date. 

  

	 	(b)	No employee shall, at any time, have a right to become a Designated Employee in the Bonus Program for any Performance Period, for any reason, including notwithstanding the
individual’s having previously participated in the Bonus Program. 

  

	 	(c)	The Company shall have the right to deduct from a Bonus Award or from any other amounts due the Designated Employee from the Company, any taxes or other amounts required or
permitted to be withheld by law. 

  

	 	(d)	No Designated Employee or any other party claiming an interest in amounts earned under the Bonus Program shall have any interest whatsoever in any specific asset of the Company. To
the extent that any person or entity acquires a right to receive payments under the Bonus Program, such rights shall be that of an unsecured general creditor of the Company. 

  

	 	(e)	All questions pertaining to the construction, regulation, validity and effect of the provisions of the Bonus Program shall be determined in the sole discretion of the Committee
pursuant to the Plan. 

  

	 	(f)	With the exception of payments made following the death of a Designated Employee, the rights and benefits of a Designated Employee hereunder are personal to the Designated Employee
and shall not be subject to any voluntary or involuntary alienation, assignment, pledge, transfer, encumbrance, attachment, garnishment or other disposition. 

  

	 	(g)	Bonus Awards under this Bonus Program shall not constitute compensation for the purpose of determining participation or benefits under any other plan of the Company unless
specifically included as compensation in such plan. 

  

	 	(h)	If any provision of this Bonus Program would cause a Performance Bonus Award not to constitute “qualified performance-based compensation” under Section 162(m) with
respect to a Covered Executive, that provision shall be severed from, and shall be deemed not to be a part of, the Bonus Program, in respect of such Covered Executive but the other provisions hereof shall remain in full force and effect.

  

	 	(i)	In the event that changes are made to Section 162(m) to permit greater flexibility under the Bonus Program, the Committee may make any adjustments it deems appropriate.

  

	9.	Adoption Date 

 This Bonus Program was first adopted
by the Committee on December 9, 2004 with application for Performance Periods commencing January 1, 2005, and amended and restated as herein provided on February 27, 2006, with application for Performance Periods commencing
January 1, 2006. 
 Administration 
 February 2006 
  

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 Exhibit A 
 RAYONIER 
 ANNUAL CORPORATE BONUS PROGRAM 
 METHODOLOGY FOR COMPUTING THE CORPORATE PERFORMANCE FACTOR 
 FOR THE 2006 PERFORMANCE PERIOD 
  

					
	 2006
 Performance Goals
	  	 Performance Goal Calculation Formula
	  	 2006
 Weighting

	 Net Income vs. Budget
	  	 N.I. minus Budget N.I.
  
 divided by: plus 1
 Absolute Value of Budget
N.I.
	  	45.0%
			
	 ROTC vs. Budget
	  	 ROTC minus Budget ROTC
  
 divided by: plus 1
 Absolute Value of Budget
ROTC
	  	15.0%
			
	 CAD vs. Budget
	  	 CAD minus Budget CAD
  
 divided by: plus 1
 Absolute Value of Budget
CAD
  
 Apply formula separately for actual cumulative CAD
 vs. budget for each quarter ending 3/31, 6/30, 9/30
 and 12/31 within the Performance
Period.
	  	40.0%

 COMPUTATION OF CPF 
 Performance Goal Calculations: 
  

	 	•	 	Apply the Performance Goal Calculation Formula for each Performance Goal as specified above. 

 Performance Goal Limitation: 
 Following application of each Performance Goal
Calculation Formula: 
  

	 	•	 	If the result of the Calculation Formula is less than zero, record zero for that Performance Goal. 

  

	 	•	 	If the result of the Calculation Formula is greater than 1.5, record 1.5 for that Performance Goal. 

 Computation of CPF for the Performance Period: 
 CPF for the Performance Period is then determined by applying
the applicable Weighting for the Performance Goal to the greater of the result of the Calculation Formula or the Performance Goal Limitation for such Performance Goal, and then taking the average of the result. 

 Exhibit B 
 RAYONIER 
 ANNUAL CORPORATE BONUS PROGRAM 
 TARGET BONUS FOR RAYONIER EXECUTIVES 
 AS A PERCENT OF BASE SALARY* 
  

			
	 Salary Grade
	  	 Bonus Target %

	32	  	100
	31	  	93
	30	  	87
	29	  	80
	28	  	69
	27	  	65
	26	  	61
	25	  	44
	24	  	41
	23	  	38
	22	  	36
	21	  	33
	20	  	30
	19	  	27
	18	  	18
	17	  	15
	16	  	13
	15	  	10

  

	*	Year-end Base Salary or Performance Period ending base salary as may be applicable. 

 Administration 
 February 2006First Consent, Limited Waiver and Amendment to Amended and Restated Credit Agrmt

 Exhibit 10.1 
  
 FIRST CONSENT, LIMITED WAIVER AND AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This FIRST CONSENT, LIMITED WAIVER AND AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT, dated as of February 28, 2006 (this “Consent, Waiver and Amendment”), is granted by the Agent and the Requisite Lenders set forth on the signature pages attached hereto in connection with that certain Amended and
Restated Credit Agreement, dated as of November 29, 2004 (the “Credit Agreement”), by and among UNITED AGRI PRODUCTS, INC., a Delaware corporation (“UAP” or “U.S. Borrower”), UNITED AGRI PRODUCTS
CANADA INC., an entity organized under the federal laws of Canada (“Canadian Borrower”) (U.S. Borrower and Canadian Borrower are sometimes referred to herein as the “Borrowers” and individually as a
“Borrower”), the other persons designated as “Credit Parties” on the signature pages thereto, the financial institutions thereto as Lenders, GENERAL ELECTRIC CAPITAL CORPORATION, a Delaware corporation (in
its individual capacity “GE Capital”), as the initial L/C Issuer and as Agent and GE CANADA FINANCE HOLDING COMPANY, an entity organized under the federal laws of Canada (having succeeded GE Canada Finance, Inc. as Canadian Agent
and acquired all of GE Canada Finance Inc.’s right, title and interest in the Loans, Letter of Credit Obligations, Loan Documents and Collateral under the Existing Credit Agreement (as defined in the Credit Agreement), in its individual
capacity “GE Canada”) as Canadian Agent. Unless otherwise specified herein, capitalized terms used in this Consent, Waiver and Amendment shall have the meanings ascribed to them in Annex A to the Credit Agreement. 
 RECITALS 
 WHEREAS, the
Borrowers have requested that the Requisite Lenders grant certain consents, waive certain Defaults and/or Events of Default that exist under the Credit Agreement and amend certain provisions of the Credit Agreement; and 
 WHEREAS, the undersigned Agent, Canadian Agent and Requisite Lenders are prepared to grant the requested consents, waivers and amendments, in the manner
and on the terms and conditions provided for herein. 
 NOW THEREFORE, in consideration of the foregoing recitals, mutual agreements
contained herein and for good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 SECTION 1. LIMITED WAIVERS AND CONSENTS. 
 Subject to the satisfaction of the conditions to effectiveness set forth in
Section 3 herein, the Agent, Canadian Agent and Requisite Lenders hereby (i) waive the requirement of the Canadian Borrower pursuant to Section 3.6(a)(ii) of the Credit Agreement to provide not less than five (5) Business Days prior written notice
to Canadian Agent of the amalgamation of 2326396 Canada Inc. and United Agri Products Canada Inc. on February 27, 2006 to continue as United Agri Products Canada Inc. (the “Amalgamation”), (ii) waive any Default or Event of

 Default that has occurred and may be continuing under Section 3.6(a) as a result of the Amalgamation and hereby consent
to the Amalgamation, and (iii) waive the requirement of the Borrowers pursuant to Section 3.6(b)(viii)(A), (B) and (D) to provide the Agent with the Acquisition Pro Forma, Acquisition Projections and certificate of the chief financial officer of the
Borrower Representative in connection with the acquisition by UAP Distribution, Inc., a Delaware corporation, of all of the outstanding membership interests in UAP Timberland, LLC, a Delaware limited liability company on or about March 3, 2006 (the
“Acquisition”), concurrently with the delivery by the Borrowers to the Agent of notice of the Acquisition under Section 3.6(b)(i); provided, that such Acquisition Pro Forma, Acquisition Projections and certificate of the chief
financial officer of the Borrower Representative are delivered on or before the closing of the Acquisition. 
 SECTION 2. AMENDMENT.

 Subject to the satisfaction of the conditions to effectiveness set forth in Section 3 herein, the Agent, Canadian Agent and Requisite
Lenders hereby agree to amend Section 3.6(b)(viii) by deleting the reference to “clause (a)” set forth in the first paragraph therein and replacing it with the phrase “clause (b)(i)”. 
 SECTION 3. CONDITION TO EFFECTIVENESS. 
 This
Consent, Waiver and Amendment will be effective only upon the execution and delivery of this Consent, Waiver and Amendment by the Borrowers, the Agent, Canadian Agent and the Requisite Lenders signatory hereto. 
 SECTION 4. REFERENCE TO AND EFFECT UPON THE CREDIT AGREEMENT. 
 (a) Except as specifically set forth above, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed. 
 (b) The limited waivers set forth herein are effective solely for the purposes set forth herein and shall be limited precisely as written, and shall not
be deemed to (i) be a consent to any amendment, waiver or modification of any other term or condition of the Credit Agreement or any other Loan Document, (ii) operate as a waiver or otherwise prejudice any right, power or remedy that the Agent,
Canadian Agent or the Lenders may now have or may have in the future under or in connection with the Credit Agreement or any other Loan Document or (iii) constitute a waiver of any provision of the Credit Agreement or any Loan Document, in each
case, except as specifically set forth herein. Upon the effectiveness of this Consent, Waiver and Amendment, each reference in the Credit Agreement to “this Agreement”, “herein”, “hereof” and words of like import and
each reference in the Credit Agreement and the Loan Documents to the Credit Agreement shall mean the Credit Agreement as amended hereby. This Consent, Waiver and Amendment shall be construed in connection with and as part of the Credit Agreement.

 SECTION 5. COSTS AND EXPENSES. 
 As provided in Section 1.3(e) of the Credit Agreement, Borrowers agree to reimburse Agent and Canadian Agent for all reasonable, out-of-pocket fees, costs and expenses, 
  

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 including the reasonable, out-of-pocket fees, costs, and expenses of counsel or other advisors for advice, assistance or
other representation in connection with this Consent, Waiver and Amendment and reasonable documentation charges assessed by each Authorized Agent in connection with this Consent, Waiver and Amendment. 
 SECTION 6. GOVERNING LAW. 
 BORROWERS HEREBY
CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN NEW YORK COUNTY, STATE OF NEW YORK AND IRREVOCABLY AGREE THAT, SUBJECT TO AGENTS’ ELECTION, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS CONSENT, WAIVER
AND AMENDMENT SHALL BE LITIGATED IN SUCH COURTS. BORROWERS EXPRESSLY SUBMIT AND CONSENT TO THE JURISDICTION OF THE AFORESAID COURTS AND WAIVE ANY DEFENSE OF FORUM NON CONVENIENS. BORROWERS HEREBY WAIVE PERSONAL SERVICE OF ANY AND ALL PROCESS AND
AGREE THAT ALL SUCH SERVICE OF PROCESS MAY BE MADE UPON BORROWERS BY CERTIFIED OR REGISTERED MAIL, RETURN RECEIPT REQUESTED, ADDRESSED TO APPROPRIATE BORROWER REPRESENTATIVE, AT THE ADDRESS SET FORTH IN THIS CONSENT, WAIVER AND AMENDMENT AND SERVICE
SO MADE SHALL BE COMPLETE TEN (10) DAYS AFTER THE SAME HAS BEEN POSTED. IN ANY LITIGATION, TRIAL, ARBITRATION OR OTHER DISPUTE RESOLUTION PROCEEDING RELATING TO THIS CONSENT, WAIVER AND AMENDMENT OR ANY OF THE OTHER LOAN DOCUMENTS, ALL DIRECTORS,
OFFICERS, EMPLOYEES AND AGENTS OF BORROWERS, CREDIT PARTIES OR ANY OF THEIR AFFILIATES SHALL BE DEEMED TO BE EMPLOYEES OR MANAGING AGENTS OF BORROWERS FOR PURPOSES OF ALL APPLICABLE LAW OR COURT RULES REGARDING THE PRODUCTION OF WITNESSES BY NOTICE
FOR TESTIMONY (WHETHER IN A DEPOSITION, AT TRIAL OR OTHERWISE). BORROWERS AGREE THAT ANY AGENTS’ OR ANY LENDER’S COUNSEL IN ANY SUCH DISPUTE RESOLUTION PROCEEDING MAY EXAMINE ANY OF THESE INDIVIDUALS AS IF UNDER CROSS- EXAMINATION AND THAT
ANY DISCOVERY DEPOSITION OF ANY OF THEM MAY BE USED IN THAT PROCEEDING AS IF IT WERE AN EVIDENCE DEPOSITION. BORROWERS IN ANY EVENT WILL USE ALL COMMERCIALLY REASONABLE EFFORTS TO PRODUCE IN ANY SUCH DISPUTE RESOLUTION PROCEEDING, AT THE TIME AND IN
THE MANNER REQUESTED BY ANY AGENT OR ANY LENDER, ALL PERSONS, DOCUMENTS (WHETHER IN TANGIBLE, ELECTRONIC OR OTHER FORM) OR OTHER THINGS UNDER THEIR CONTROL AND RELATING TO THE DISPUTE. TO THE EXTENT THAT ANY BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY
IMMUNITY (SOVEREIGN OR OTHERWISE) FROM ANY LEGAL ACTION, SUIT OR PROCEEDING FROM JURISDICTION OF ANY COURT OR FROM SET-OFF OR ANY LEGAL PROCESS (WHETHER SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OR EXECUTION OF JUDGMENT,
EXECUTION OF JUDGMENT OR OTHERWISE) WITH RESPECT TO ITSELF OR ANY OF ITS PROPERTY, SUCH BORROWER HEREBY IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS CONSENT, WAIVER AND AMENDMENT.

  

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 SECTION 7. HEADINGS. 
 Section headings in this Consent, Waiver and Amendment are included herein for convenience of reference only and shall not constitute a part of this Consent, Waiver and Amendment for any other purposes. 
 SECTION 8. COUNTERPARTS. 
 This Consent, Waiver
and Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed an original but all such counterparts shall constitute one and the same instrument. 
 SECTION 9. CONFIDENTIALITY. 
 The matters set
forth herein are subject to Section 9.13 of the Credit Agreement, which is incorporated herein by reference. 
 [signature pages follow]

  

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 IN WITNESS WHEREOF, this Consent, Waiver and Amendment has been duly executed as of the date first
written above. 
  

					
	 Borrowers:
	 	UNITED AGRI PRODUCTS CANADA
		 	INC., as Canadian Borrower
			
		 	By:	 	 /s/ Todd Suko

		 	Name:	 	Todd Suko
		 	Title:	 	Vice President and Director
		
		 	UNITED AGRI PRODUCTS, INC., as U.S.
		 	Borrower
			
		 	By:	 	 /s/ Todd Suko

		 	Name:	 	Todd Suko
		 	Title:	 	Vice President and Director

					
	 Agents:
	 	GENERAL ELECTRIC CAPITAL CORPORATION,
		 	as Agent and as a Lender
			
		 	By:	 	 /s/ Ken A. Brown

		 		 	Its Duly Authorized Signatory
		 		 	
		
		 	GE CANADA FINANCE HOLDING COMPANY,
		 	as Canadian Agent
			
		 	By:	 	 /s/ Jack. M. Morrone

		 		 	Its Duly Authorized Signatory

					
	 Requisite Lenders:
	 	UBS LOAN FINANCE LLC, as a Lender
			
		 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

		
		 	 WACHOVIA BANK NATIONAL ASSOCIATION,
 as
successor in interest to
 Congress Financial Corporation (Southwest)

			
		 	By:	 	 /s/ Paul Truax

		 	Name:	 	Paul Truax
		 	Title:	 	Vice President
		
		 	MERRILL LYNCH CAPITAL, A DIVISION OF
		 	MERRILL LYNCH BUSINESS FINANCIAL SERVICES INC.
			
		 	By:	 	 /s/ James Betz

		 	Name:	 	James Betz
		 	Title:	 	VP
		
		 	COOPERATIEVE CENTRALE
		 	RAIFFEISEN-BOERELEENBANK B.A.,
		 	“RABOBANK INTERNATIONAL” NEW YORK BRANCH
			
		 	By:	 	 /s/ Michael L. Laurie

		 	Name:	 	Michael L. Laurie
		 	Title:	 	Executive Director
			
		 	By:	 	 /s/ Andrew Sherman

		 	Name:	 	Andrew Sherman
		 	Title:	 	Counsel/Executive Director

			
	BANK OF AMERICA, N.A.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	PNC BANK NATIONAL ASSOCIATION
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	DEERE CREDIT, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	BEAR STEARNS CORPORATE LENDING INC.
		
	By:	 	 /s/ Victor F. Bulzacchelli

	Name:	 	Victor F. Bulzacchelli
	Title:	 	Vice President

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