Document:

Exhibit
      10.1

            
	 
      	 
      
	 
      
	 
      
	
              US$650,000,000

               

              FACILITY
      AGREEMENT

               

              dated  28
      MARCH 2008

               

              for

               

              BUNGE
      FINANCE EUROPE B.V.

               

              as
      Borrower

               

              arranged
      by

               

              BNP
      PARIBAS

               

               

              CALYON

               

               

              FORTIS
      BANK (NEDERLAND) N.V.

               

              and

               

              THE
      ROYAL BANK OF SCOTLAND PLC

               

              with

               

              FORTIS
      BANK (NEDERLAND) N.V.

               

              acting
      as Agent

               

              
                
                  
      

                 

                REVOLVING FACILITY AGREEMENT

                 

                
                  
      

              

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
       

      
        CONTENTS

      

       

      
        	Clause	
                Page

              

      

       

      
        
          	1.	Definitions and
      Interpretation	
                  1

                
	 	 	 
	2.	The
    Facility	
                  15

                
	 	 	 
	3.	Purpose	
                  15

                
	 	 	 
	4.	Conditions of
      Utilisation	
                  15

                
	 	 	 
	5.	Utilisation	
                  17

                
	 	 	 
	6.	Repayment	
                  18

                
	 	 	 
	7.	Prepayment and
      Cancellation	
                  18

                
	 	 	 
	8.	Interest	
                  20

                
	 	 	 
	9.	Interest
      Periods	
                  21

                
	 	 	 
	10.	Changes to the
      Calculation of Interest	
                  21

                
	 	 	 
	11.	Fees	
                  22

                
	 	 	 
	12.	Tax Gross Up and
      Indemnities	
                  23

                
	 	 	 
	13.	Increased
      Costs	
                  25

                
	 	 	 
	14.	Other
      Indemnities	
                  27

                
	 	 	 
	15.	Mitigation by the
      Lenders	
                  28

                
	 	 	 
	16.	Costs And
      Expenses	
                  28

                
	 	 	 
	17.	Representations	
                  30

                
	 	 	 
	18.	Positive
      Covenants	
                  33

                
	 	 	 
	19.	Negative
      Covenants	
                  35

                
	 	 	 
	20.	Covenant of Agent
      and Lenders and patriot act notice	
                  38

                
	 	 	 
	21.	Events of
      Default	
                  39

                
	 	 	 
	22.	Use of
      Websites	
                  43

                
	 	 	 
	23.	Changes to the
      Lenders	
                  45

                
	 	 	 
	24.	Changes to the
      Borrower	
                  48

                
	 	 	 
	25.	Role of the Agent
      and the Arrangers	
                  49

                
	 	 	 
	26.	Conduct of Business
      by the Finance Parties	
                  54

                
	 	 	 
	27.	Sharing Among the
      Finance Parties	
                  54

                
	 	 	 
	28.	Payment
      Mechanics	
                  56

                
	 	 	 
	29.	Set-Off	
                  57

                
	 	 	 
	30.	Notices	
                  58

                
	 	 	 
	31.	Calculations and
      Certificates	
                  59

                
	 	 	 
	32.	Partial
      Invalidity	
                  60

                

        

         

        
          
            
            

          

          
            
            

            
              

            

          

          
            
            

          

        

         

        
          	33.	Remedies and
      Waivers	
                  60

                
	 	 	 
	34.	Amendments and
      Waivers	
                  60

                
	 	 	 
	35.	Counterparts	
                  61

                
	 	 	 
	36.	Governing
    Law	
                  62

                
	 	 	 
	37.	Enforcement	
                  62

                

        

         

        
          	SCHEDULE 1
      Applicable Margin	
                  63

                
	 	 
	SCHEDULE 2 The
      Original Lenders	
                  65

                
	 	 
	SCHEDULE 3
      Conditions Precedent	
                  67

                
	 	 
	SCHEDULE 4
      Utilisation Request	
                  70

                
	 	 
	SCHEDULE 5
      Mandatory Cost Formulae	
                  71

                
	 	 
	SCHEDULE 6 Form
      of Transfer Certificate	
                  74

                
	 	 
	SCHEDULE 7
      Timetables	
                  76

                
	 	 
	SCHEDULE 8 Form
      of Confidentiality Undertaking	
                  77

                
	EXHIBIT	Form of Parent
      Guarantee	
                  87

                

        

         

      

    

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THIS AGREEMENT is dated 28
March 2008 and made between:

     

    
      	
              (1)

            	
              BUNGE FINANCE EUROPE
      B.V. a private company with limited liability (besloten vennootschap met
      beperkte aansprakelijkheid) incorporated under the laws of The
      Netherlands having its corporate seat (statutaire zetel) in
      Rotterdam, The Netherlands and its registered office at 11720 Borman
      Drive, St. Louis, Missouri 63146, United States of America and registered
      with the commercial register (handelsregister) of the
      Chamber of Commerce (Kamer van Koophandel)
      in Rotterdam under number 24347428 (the “Borrower”);

            

    

     

    
      	
              (2)

            	
              BNP PARIBAS, CALYON, FORTIS BANK (NEDERLAND)
      N.V. and THE ROYAL BANK OF SCOTLAND
      plc as mandated lead arrangers (each an “Arranger” and together
      the “Arrangers”);

            

    

     

    
      	
              (3)

            	
              THE FINANCIAL INSTITUTIONS
      listed on Schedule 2 (The Original Lenders)
      as lenders (the “Original
      Lenders”); and

            

    

     

    
      	
              (4)

            	
              FORTIS BANK (NEDERLAND) N.V.
      as agent of the other Finance Parties (the “Agent”).

            

    

     

    IT IS AGREED as
follows:

     

    INTERPRETATION

     

     

    
      	
              1.

            	
              DEFINITIONS AND
      INTERPRETATION

            

    

     

    
      	
              1.1

            	
              Definitions

            

    

     

     

    In this
Agreement:

     

    “Additional Cost Rate” has the
meaning given to it in Schedule 5 (Mandatory Cost
Formulae).

     

    “Affiliate” means, with respect
to any specified Person, any other Person which, directly or indirectly, is in
control of, is controlled by, or is under common control with, such specified
Person.  For purposes of this definition “control” of a Person means
the possession, directly or indirectly, of the power to direct or cause the
direction of the management and policies of such Person, whether through the
ownership of voting securities or otherwise, and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     

    “Applicable Margin” means as
set out in Schedule 1 (Applicable Margin)
hereto.

     

    “Applicable Moody’s Rating”
means the Rating that Moody’s provides of (i) the Parent or (ii) if Moody’s does
not provide a Rating of the Parent, then the Bunge Master Trust or (iii) if
Moody’s does not provide a Rating of the Parent or the Bunge Master Trust then
BLFC provided that BLFC
is at that time an Investor Certificateholder.

     

    “Applicable Rating” means an
Applicable Moody’s Rating or an Applicable S&P Rating.

     

    “Applicable S&P Rating”
means the Rating that S&P provides of (i) the Parent or (ii) if S&P does
not provide a Rating of the Parent, then the Bunge Master Trust or (iii) if
S&P

     

    
      
        
        

      

      
        - 1
-

        
          

        

      

      
        
        

      

    

     

    does not
provide a Rating of the Parent or the Bunge Master Trust then BLFC provided that BLFC is at that
time an Investor Certificateholder.

     

    “Authorisation” means an
authorisation, consent, approval, resolution, licence, exemption, filing,
notarisation or registration.

     

    “Availability Period” means the
period beginning on the date of this Agreement and ending on the Final Maturity
Date.

     

    “Available Commitment” means,
on any date, a Lender’s Commitment minus:

     

    
      	
               
      

            	
              (a)

            	
              its
      participation in any outstanding Loans on such date;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to any proposed Utilisation, its participation in any Loans that
      are due to be made on or before the proposed Utilisation
    Date,

            

    

     

    other
than that Lender’s participation in any Loans that are due to be repaid or
prepaid on or before the proposed Utilisation Date.

     

    “Available Facility” means the
aggregate for the time being of each Lender’s Available Commitment.

     

    “BAFC” means Bunge Asset
Funding Corp., a Delaware corporation, and its successors and permitted
assigns.

     

    “BLFC” means Bunge Limited
Finance Corp., a Delaware corporation, and its successors and permitted
assigns.

     

    “Borrower Account” means any
account established by or for the Borrower, other than the Series 2003-1
Collection Subaccount (or any sub-subaccount thereof), for the purpose of
depositing funds borrowed hereunder or under any Pari Passu Indebtedness and any
amounts paid pursuant to the Series 2003-1 VFC Certificate and all amounts
received with respect to Hedge Agreements.

     

    “Break Costs” means the amount
(if any) by which:

     

    
      	
               
      

            	
              (a)

            	
              the
      interest minus the Applicable Margin which a Lender should have received
      for the period from the date of receipt of all or any part of its
      participation in a Loan or Unpaid Sum to the last day of the current
      Interest Period in respect of that Loan or Unpaid Sum, had the principal
      amount of that Loan or Unpaid Sum received been paid on the last day of
      that Interest Period;

            

    

     

    exceeds:

     

    
      	
               
      

            	
              (b)

            	
              the
      amount which that Lender would be able to obtain by placing an amount
      equal to the principal amount of that Loan or Unpaid Sum received by it on
      deposit with a leading bank in the London interbank market for a period
      starting on the Business Day following receipt or recovery and ending on
      the last day of that Interest
Period.

            

    

     

    “Bunge Master Trust” means the
trust created pursuant to the Pooling Agreement.

     

    
      
        
        

      

      
        - 2
-

        
          

        

      

      
        
        

      

    

     

    “Business Day” means a day
(other than a Saturday or Sunday) on which banks are open for general business
in London, Amsterdam and New York City.

     

    “Change of Control” means that
(i) during any twelve (12) consecutive calendar months more than fifty per cent
(50%) of the members of the board of directors of the Parent who were members on
the first day of such period shall have resigned or been removed or replaced,
other than as a result of death, disability or change in personal circumstances,
or (ii) any Person or “Group” (as defined in Section 13(d)(3) of the United
States Securities Exchange Act of 1934, as amended, but excluding (a) any
employee benefit or stock ownership plans of the Parent and (b) members of the
Board of Directors and executive officers of the Parent as of the date of this
Agreement, members of the immediate families of such members and executive
officers, and family trusts and partnerships established by or for the benefit
of any of the foregoing individuals) shall have acquired (directly or
indirectly) more than fifty per cent (50%) of the combined voting power of all
classes of common stock of the Parent, except that the Parent’s purchase of its
common stock outstanding on the date of this Agreement which results in one or
more of the Parent’s shareholders of record as of the date of this Agreement
controlling more than fifty per cent (50%) of the combined voting power of all
classes of common stock of the Parent shall not constitute an acquisition for
the purposes of this Agreement.

     

    “Commitment”
means:

     

    
      	
               
      

            	
              (a)

            	
              in
      relation to an Original Lender, the amount set opposite its name under the
      heading “Commitment” in Schedule 2 (The Original Lenders)
      and the amount of any other Commitment transferred to it under this
      Agreement; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      relation to any other Lender, the amount of any Commitment transferred to
      it under this Agreement,

            

    

     

    to the
extent not cancelled, reduced or transferred by it under this
Agreement.

     

    “Confidentiality Undertaking”
means a confidentiality undertaking substantially in the form set out in
Schedule 8 or in any other form agreed between the Borrower and the
Agent.

     

    “Contractual Obligation” means
as to any Person, any provision of any security issued by such Person or of any
agreement, instrument or other undertaking to which such Person is a party or by
which it or any of its property is bound.

     

    “Daily Report” means a report
prepared by the Servicer on each Business Day required pursuant to Section 4.01
of the Servicing Agreement or Clause 18 (Positive Covenants) of this
Agreement, in substantially the form of Exhibit B attached to the
Series 2003-1 Supplement.

     

    “Default” means an Event of
Default or any event or circumstance specified in Clause 21 (Events of Default) which
would (with the expiry of a grace period, the giving of notice, the making of
any determination under the Finance Documents or any combination of any of the
foregoing) be an Event of Default.

     

    
      
        
        

      

      
        - 3
-

        
          

        

      

      
        
        

      

    

     

    “Defaulted Loan” has the
meaning as defined in Annex X of the Pooling Agreement.

     

    “Delinquent Loan” has the
meaning as defined in Annex X of the Pooling Agreement.

     

    “Designated Obligors” means the
Parent and the Subsidiaries of the Parent set forth on Schedule IV to the Parent
Guarantee (and their successors) and any other Subsidiaries of the Parent
designated by the Parent from time to time under the Pooling Agreement that
satisfy the conditions set forth in the definition of “Eligible Obligor” in
Annex X to the Pooling Agreement.  Notwithstanding the immediately
preceding sentence, with the prior written consent of the Majority Lenders
(which consent shall not be unreasonably withheld), the Borrower may from time
to time identify, on the instructions of the Parent, the Parent and/or certain
Subsidiaries that shall not be classified as Designated Obligors.

     

    “Dutch Civil Code” means the
Dutch Civil Code (Burgerlijk
Wetboek).

     

    “Dutch FSA” means the Dutch
Financial Supervision Act (Wet
op het financieel toezicht), including any regulations issued pursuant
thereto.

     

    “Event of Default” means any
event or circumstance specified as such in Clause 21 (Events of
Default).

     

    “Facility” means the revolving
loan facility made available under this Agreement as described in Clause 2
(The
Facility).

     

    “Facility Office” means the
office or offices notified by a Lender to the Agent in writing on or before the
date it becomes a Lender (or, following that date, by not less than five
Business Days’ written notice) as the office or offices through which it will
perform its obligations under this Agreement.

     

    “Fee Letter” means any letter
or letters dated on or about the date of this Agreement between the Arrangers
and the Borrower (or the Agent and the Borrower) setting out any of the fees
referred to in Clause 11 (Fees).

     

    “Final Maturity Date” means the
date falling 3 years from the date of the first Utilisation hereunder, or, if
such date is not a Business Day, the immediately preceding Business
Day.

     

    “Finance Document” means this
Agreement, any Fee Letter, any Transfer Certificate, the Parent Guarantee and
any other agreement or document from time to time entered into pursuant to any
of the foregoing documents and any other document designated in writing as such
by the Agent and the Borrower.

     

    “Finance Party” means the
Agent, an Arranger or a Lender.

     

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

     

    “Governmental Authority” means
any nation or government, any state or other political subdivision thereof and
any entity exercising executive, legislative, judicial, regulatory or
administrative functions of or pertaining to government.

     

    
      
        
        

      

      
        - 4
-

        
          

        

      

      
        
        

      

    

     

    “Group” means the Borrower, the
Parent and the Designated Obligors.

     

    “Guarantee Obligation” means as
to any Person (the “guaranteeing person”), any
obligation of (a) the guaranteeing person or (b) another Person (including any
bank under any letter of credit) with respect to which the guaranteeing person
has issued a reimbursement, counterindemnity or similar obligation, in either
case guaranteeing or in effect guaranteeing any Indebtedness, leases, dividends
or other obligations (the “primary obligations”) of any
other third Person (the “primary obligor”) in any
manner, whether directly or indirectly, including any obligation of the
guaranteeing person, whether or not contingent, (i) to purchase any such primary
obligation or any property constituting direct or indirect security therefor,
(ii) to advance or supply funds (1) for the purchase or payment of any such
primary obligation or (2) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the
primary obligor, (iii) to purchase property, securities or services primarily
for the purpose of assuring the owner of any such primary obligation of the
ability of the primary obligor to make payment of such primary obligation or
(iv) otherwise  to assure or hold harmless the owner of any such
primary obligation against loss in respect thereof; provided, however, that the
term Guarantee Obligation shall not include endorsements of instruments for
deposit or collection in the ordinary course of business.  The amount
of any Guarantee Obligation of any guaranteeing person shall be deemed to be the
lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the
maximum amount for which such guaranteeing person may be liable pursuant to the
terms of the instrument embodying such Guarantee Obligation, unless such primary
obligation and the maximum amount for which such guaranteeing person may be
liable are not stated or determinable, in which case the amount of such
Guarantee Obligation shall be such guaranteeing person’s maximum reasonably
anticipated liability in respect thereof as determined by the Borrower in good
faith.

     

    “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.

     

    “Hedge Termination Amounts”
means, as the context requires hereunder, all amounts (i) due and owing by the
Borrower or (ii) received by the Borrower, in each case in connection with the
termination of a Hedge Agreement entered into by the Borrower.

     

    “Holding Company” means, in
relation to a company or corporation, any other company or corporation in
respect of which it is a Subsidiary.

     

    “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;

            

    

     

    
      
        
        

      

      
        - 5
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (d)

            	
              all
      obligations of such Person as lessee which are capitalised in accordance
      with 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
      Guarantee Obligations of such Person (other than guarantees of obligations
      of direct or indirect Subsidiaries of such
  Person).

            

    

     

    “Information Memorandum” means
the document in the form approved by the Borrower and the Parent concerning the
Borrower and the Parent which, at their request and on their behalf, was
prepared in relation to this transaction and distributed by the Arrangers to
selected financial institutions before the date of this Agreement.

     

    “Interest Period” means, in
relation to a Loan, each period determined in accordance with Clause 9
(Interest
Periods) and, in relation to an Unpaid Sum, each period determined
in accordance with Clause 8.3 (Default
interest).

     

    “Investor Certificateholder”
has the meaning as defined in Annex X to the Pooling Agreement.

     

    “Lender” means:

     

    
      	
               
      

            	
              (a)

            	
              any
      Original Lender; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      bank, financial institution, trust, fund or other entity which has become
      a Party in accordance with Clause 23 (Changes to the
      Lenders),

            

    

     

    which in
each case has not ceased to be a Party in accordance with the terms of this
Agreement.

     

    “LIBOR” means, in relation to
any Loan:

     

    
      	
               
      

            	
              (a)

            	
              the
      applicable Screen Rate; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              (if
      no Screen Rate is available for the currency or Interest Period of that
      Loan) the arithmetic mean of the rates (rounded upwards to four decimal
      places) as 

            

    

    
       

      
        
          
          

        

        
          - 6
-

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                 

              	
                supplied
      to the Agent at its request quoted by the Reference Banks to leading banks
      in the London interbank market,

              

      

       

    

    in each
case, as of the Specified Time on the Quotation Day for the offering of deposits
in the currency of that Loan and for a period comparable to the Interest Period
for that Loan.

     

    “Lien” means with respect to
any asset (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge or
security interest in or on such asset and (b) the interest of a vendor or a
lessor under any conditional sale agreement, capital lease or title retention
agreement relating to such asset.

     

    “Loan” means a loan made or to
be made under the Facility or (as the context requires) the principal amount
outstanding for the time being of the loan.

     

    “Majority Lenders”
means:

     

    
      	
               
      

            	
              (a)

            	
              if
      there are no Loans then outstanding, a Lender or Lenders whose Commitments
      aggregate more than 662/3% of
      the Total Commitments (or, if the Total Commitments have been reduced to
      zero, aggregated more than 662/3% of
      the Total Commitments immediately prior to the reduction);
    or

            

    

     

    
      	
               
      

            	
              (b)

            	
              at
      any other time, a Lender or Lenders whose participations in the Loans then
      outstanding aggregate more than 662/3% of
      all the Loans then outstanding.

            

    

     

    “Mandatory Cost” means the
percentage rate per annum calculated by the Agent in accordance with Schedule 5
(Mandatory Cost
Formulae).

     

    “Master Trust Approved
Currencies” means U.S. dollars, euro, sterling and yen.

     

    “Master Trust Guaranty” means
the Sixth Amended and Restated Guaranty made as of 11 June 2007 by the Parent to
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A., “Rabobank International”,
New York Branch, as letter of credit agent, JP Morgan Chase Bank, N.A. as
administrative agent, and The Bank of New York, as collateral agent and trustee,
as the same may be amended, supplemented or otherwise modified in accordance
with the terms hereof from time to time.

     

    “Material Adverse Effect”
means:

     

    
      	
               
      

            	
              (a)

            	
              a
      material adverse effect on the business, property, operations, condition
      (financial or otherwise) or prospects of the Borrower or of the Parent and
      its consolidated Subsidiaries taken as a
whole;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      material impairment of the collectability of the Purchased Loans taken as
      a whole; or

            

    

     

    
      	
               
      

            	
              (c)

            	
              a
      material impairment of the validity or enforceability of this Agreement or
      any of the other Finance Documents or of the Transaction Documents or the
      rights or remedies of the Agent or the Lenders against the Borrower or the
      Parent hereunder or under the other Finance
  Documents.

            

    

     

    
      
        
        

      

      
        - 7
-

        
          

        

      

      
        
        

      

    

     

    “Month” means a period starting
on one day in a calendar month and ending on the numerically corresponding day
in the next calendar month, except that:

     

    
      	
               
      

            	
              (a)

            	
              (subject
      to paragraph (c) below) if the numerically corresponding day is not a
      Business Day, that period shall end on the next Business Day in that
      calendar month in which that period is to end if there is one, or if there
      is not, on the immediately preceding Business
  Day;

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      there is no numerically corresponding day in the calendar month in which
      that period is to end, that period shall end on the last Business Day in
      that calendar month; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              if
      an Interest Period begins on the last Business Day of a calendar month,
      that Interest Period shall end on the last Business Day in the calendar
      month in which that Interest Period is to
end.

            

    

     

    The above
rules will only apply to the last Month of any period.

     

    “Monthly Settlement Statement”
has the meaning defined in Annex X to the Pooling Agreement.

     

    “Moody’s” means Moody’s
Investors Service, Inc. or any successor of Moody’s credit ratings
service.

     

    “Obligors” means the Parent and
the Borrower.

     

    “Parent” means Bunge Limited, a
company formed under the laws of Bermuda having its registered office at
Clarendon House, 2 Church Street, Hamilton HM 11 Bermuda.

     

    “Parent Guarantee” means the
guarantee given by the Parent in the form set out in the Exhibit to this
Agreement, as the same may be amended, supplemented or otherwise modified in
accordance with the terms of the Finance Documents.

     

    “Pari Passu Indebtedness”
means:

     

    
      	
               
      

            	
              (a)

            	
              Indebtedness
      for borrowed money, the proceeds of which are used to increase the Series
      2003-1 Invested Amount and/or to refinance Indebtedness originally used
      for such purpose; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              Indebtedness
      incurred in connection with Hedge Agreements entered into in connection
      with the Commitments hereunder and any Pari Passu Indebtedness described
      in paragraph (a) above,

            

    

     

    in each
case which ranks not greater than pari passu (in priority of
payment) with the Loans.

     

    “Participating Member State”
means any member state of the European Communities that adopts or has adopted
the euro as its lawful currency in accordance with legislation of the European
Community relating to Economic and Monetary Union.

     

    “Party” means a party to this
Agreement.

     

    
      
        
        

      

      
        - 8
-

        
          

        

      

      
        
        

      

    

     

    “Payment Period” means a period
commencing on a date on which the Loans (with accrued interest thereon) and all
other amounts owing under this Agreement and the other Finance Documents have
become due and payable (whether at the stated maturity, by acceleration or
otherwise) and ending on the date the Loans (with accrued interest thereon) and
all such other amounts are paid in full by the Borrower or the
Parent.

     

    “Permitted Indebtedness”
means:

     

    
      	
               
      

            	
              (a)

            	
              Indebtedness
      of the Borrower pursuant to this Agreement;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              Pari
      Passu Indebtedness.

            

    

     

    “Person” means an individual,
partnership, corporation, limited liability company, business trust, joint stock
company, trust, unincorporated association, joint venture, Governmental
Authority or other entity of whatever nature.

     

    “Pooling Agreement” means the
Fifth Amended and Restated Pooling Agreement, dated as of 28 June 2004, among
Bunge Funding, Inc., the Servicer and The Bank of New York, as trustee, as the
same may be amended, supplemented or otherwise modified in accordance with the
terms hereof from time to time.

     

    “Purchased Loan” has the
meaning defined in Annex X to the Pooling Agreement.

     

    “Quotation Day” means, in
relation to any period for which an interest rate is to be determined two
Business Days before the first day of that period unless market practice differs
in the London interbank market for a currency in which case the Quotation Day
for that currency will be determined by the Agent in accordance with market
practice in the London interbank market (and if quotations would normally be
given by leading banks in the London interbank market on more than one day, the
Quotation Day will be the last of those days).

     

    “Rate of Exchange” means as of
the relevant date, the rate of exchange set forth on the relevant page of the
Reuters screen on or about 11.00 a.m., New York City time, for the purchase of
(as the context will require) a Master Trust Approved Currency with any other
Master Trust Approved Currency on such date.

     

    “Rating Agencies” means
collectively, S&P and Moody’s.

     

    “Rating” means the rating of
the Rating Agencies applicable to senior long-term, unsecured debt as announced
by the Rating Agencies.

     

    “Reference Banks” means the
principal London offices of BNP Paribas, Calyon, Fortis Bank (Nederland) N.V.
and the Royal Bank of Scotland plc, or such other banks as may be appointed by
the Agent in consultation with the Borrower.

     

    “Repeating Representations”
means each of the representations set out in Clauses 17.1 (Existence: Compliance with
Law) to 17.6 (No
default), paragraph (c) of Clause 17.11 (No misleading information),
Clause 17.12 (No
Subsidiaries), Clause 17.14 (Pari passu ranking) and
Clause 17.16 (Limited
Purpose), Clause 17.17 (No Change) and Clause 17.19
(Tax
Status).

     

    
      
        
        

      

      
        - 9
-

        
          

        

      

      
        
        

      

    

     

    “Requirement of Law” means as
to any Person, the Certificate of Incorporation and By-Laws or other
organisational or governing documents of such Person, and any law, treaty, rule
or regulation or determination of an arbitrator or a court or other Governmental
Authority (and including, for the avoidance of doubt, all applicable
environmental laws and regulations and the Employee Retirement Income Security
Act of 1974), in each case applicable to or binding upon such Person or any of
its property or to which such Person or any of its property is
subject.

     

    “Responsible Officer” means any
member of the board of directors (bestuur), the Chief Executive
Officer, the President, the Chief Financial Officer or the Treasurer of the
Borrower or Parent, as applicable, or any other officer of the Borrower or
Parent, as applicable, customarily performing functions similar to those
performed by any of the above-designated officers.

     

    “Rollover Loan” means one or
more Loans:

     

    
      	
               
      

            	
              (a)

            	
              made
      or to be made on the same day that a maturing Loan is due to be
      repaid;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      aggregate amount of which is equal to or less than the maturing Loan;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              made
      or to be made for the purpose of refinancing a maturing
    Loan.

            

    

     

    “Sale Agreement” means the
Second Amended and Restated Sale Agreement, dated as of September 6, 2002, among
Bunge Funding Inc., as buyer, Bunge Finance Limited, a Bermuda company, as a
seller, and Bunge Finance North America, Inc. a Delaware corporation, as a
seller, as the same may be amended, supplemented or otherwise modified in
accordance with the terms hereof from time to time.

     

    “S&P” means Standard &
Poor’s Rating Services, a division of the McGraw-Hill Companies, Inc. or any
successor of S&P’s credit ratings service.

     

    “Screen Rate” means the British
Bankers’ Association Interest Settlement Rate for the relevant currency and
period displayed on the appropriate page of the Reuters screen. If the agreed
page is replaced or service ceases to be available, the Agent may specify
another page or service displaying the appropriate rate after consultation with
the Borrower and the Lenders.

     

    “Series 2003-1 Accrued
Interest” shall have the meaning assigned in subsection 3A.03 of Series
2003-1 Supplement.

     

    “Series 2003-1 Adjusted Invested
Amount” shall mean, as of any date of determination, (i) the Series
2003-1 Invested Amount (as defined in Annex X to the Pooling Agreement) on such
date, minus (ii) the amount on deposit in the Series 2003-1 Collection
Subaccount on such date that is available to reduce the Series 2003-1 Invested
Amount up to a maximum of the Series 2003-1 Invested Amount.

     

    “Series 2003-1 Allocated Loan
Amount” shall mean, on any date of determination, the lower of (i) the
Series 2003-1 Target Loan Amount on such day and (ii) the product of (x) the
Aggregate Loan Amount (as defined in Annex X to the Pooling Agreement) on such
day times (y) the percentage equivalent of a fraction the numerator of which is
the

     

    
      
        
        

      

      
        - 10
-

        
          

        

      

      
        
        

      

    

     

    Series
2003-1 Target Loan Amount on such day and the denominator of which is the
Aggregate Target Loan Amount (as defined in Annex X to the Pooling Agreement) on
such day.

     

    “Series 2003-1 Collection
Subaccount” shall have the meaning assigned in subsection 3A.02(a) of the
Series 2003-1 Supplement.

     

    “Series 2003-1 Early Amortisation
Event” shall have the meanings assigned in Section 5.01 of the Series
2003-1 Supplement and Section 7.01 of the Pooling Agreement.

     

    “Series 2003-1 Supplement”
means the Bunge Master Trust Series 2003-1 First Amended and Restated Supplement
dated as of 15 February 2008 to the Pooling Agreement among Bunge Funding, Inc.,
as company, the Servicer, the Borrower, as Series 2003-1 Purchaser and The Bank
of New York, as trustee, as the same may be amended, supplemented or otherwise
modified in accordance with the terms hereof from time to time.

     

    “Series 2003-1 Target Loan
Amount” shall mean, on any date of determination, the sum of (i) the
Series 2003-1 Adjusted Invested Amount on such date plus (ii) the result of (a)
Series 2003-1 Accrued Interest on such day minus (b) the amount on deposit in
the Series 2003-1 Collection Subaccount on such day that is available to pay
such Series 2003-1 Accrued Interest.

     

    “Series 2003-1 VFC Certificate”
shall mean the First Amended and Restated Series 2003-1 VFC Certificate executed
by Bunge Funding, Inc. and authenticated by or on behalf of The Bank of New
York, as trustee, substantially in the form of Exhibit A attached to the Series
2003-1 Supplement.

     

    “Servicer” means Bunge
Management Services, Inc., a Delaware corporation, and any “Successor Servicer”
(as defined in Annex X to the Pooling Agreement).

     

    “Servicing Agreement” means the
Third Amended and Restated Servicing Agreement, dated as of 23 December 2003
among Bunge Funding, Inc., the Servicer and The Bank of New York, as trustee, as
the same may be amended, supplemented or otherwise modified in accordance with
the terms hereof from time to time.

     

    “Solvent” means with respect to
any Person on a particular date, that on such date (a) the fair value of the
property of such Person is greater than the total amount of liabilities,
including, without limitation, contingent liabilities, of such Person, (b) the
present fair saleable value of the assets of such Person is not less than the
amount that will be required to pay the probable liability of such Person on its
debts as they become absolute and matured, (c) such Person does not intend to,
and does not believe that it will, incur debts or liabilities beyond such
Person’s ability to pay debts and liabilities as they mature and (d) such Person
is not engaged in business or a transaction, and is not about to engage in
business or a transaction, for which such Person’s property would constitute an
unreasonably small capital.  The amount of contingent liabilities at
any such time shall be computed as the amount that, in the light of all the
facts and circumstances existing at such time, represents the amount that can
reasonably be expected to become an actual or matured liability.

     

    
      
        
        

      

      
        - 11
-

        
          

        

      

      
        
        

      

    

     

    “Specified Time” means a time
determined in accordance with Schedule 7 (Timetables).

     

    “Subsidiary” means as to any
Person, a corporation, partnership, limited liability company or other entity of
which shares of stock or other ownership interests having ordinary voting power
(other than stock or such other ownership interests having such power only by
reason of the happening of a contingency) to elect a majority of the board of
directors or other managers of such corporation, partnership or other entity are
at the time owned, or the management of which is otherwise controlled, directly
or indirectly through one or more intermediaries, or both, by such
Person.  Unless otherwise qualified, all references to a “Subsidiary”
or to “Subsidiaries” in this Agreement shall refer to a Subsidiary or
Subsidiaries of the Parent.

     

    “Tax” means any tax, levy,
impost, duty or other charge or withholding of a similar nature (including any
penalty or interest payable in connection with any failure to pay or any delay
in paying any of the same).

     

    “Total Commitments” means the
aggregate of the Commitments, being $650,000,000 at the date of this
Agreement.

     

    “Transfer Certificate” means a
certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate)
or any other form agreed between the Agent and the Borrower.

     

    “Transfer Date” means, in
relation to a transfer, the later of:

     

    
      	
               
      

            	
              (a)

            	
              the
      proposed transfer date specified in the Transfer Certificate;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      date on which the Agent executes the Transfer
  Certificate.

            

    

     

    “Transaction Documents” means
the Master Trust Guaranty, the Pooling Agreement, the Series 2003-1 Supplement,
the Series 2003-1 VFC Certificate, the Sale Agreement and the Servicing
Agreement.

     

    “Unpaid Sum” means any sum due
and payable but unpaid by the Borrower under the Finance Documents.

     

    “US” and “United States” means the
United States of America, its territories, possessions and other areas subject
to the jurisdiction of the United States of America.

     

    “Utilisation” means a
utilisation of the Facility.

     

    “Utilisation Date” means the
date of a Utilisation, being the date on which the relevant Loan is to be
made.

     

    “Utilisation Request” means a
notice substantially in the form set out in Schedule 4 (Utilisation
Request).

     

    
      
        
        

      

      
        - 12
-

        
          

        

      

      
        
        

      

    

     

    
      	
              1.2

            	
              Construction

            

    

     

    
      	
               
      

            	
              (a)

            	
              Unless
      a contrary indication appears any reference in this Agreement
      to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      “Agent”, any
      “Arranger”, any
      “Finance Party”,
      any “Lender”, any
      “Obligor” or any
      “Party” shall be
      construed so as to include its successors in title, permitted assigns and
      permitted transferees;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              “assets” of any Person
      shall be construed as a reference to the whole or any part of its
      business, undertaking, property, assets, rights and revenues (including
      any right to receive revenues);

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      “Finance Document”
      or any other agreement or instrument is a reference to that Finance
      Document or other agreement or instrument as amended, supplemented or
      novated;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              a
      “regulation”
      includes any regulation, rule, official directive, request or guideline
      (whether or not having the force of law) of any governmental,
      intergovernmental or supranational body, agency, department or regulatory,
      self-regulatory or other authority or
  organisation;

            

    

     

    
      	
               
      

            	
              (v)

            	
              a
      provision of law is a reference to that provision as amended or
      re-enacted; and

            

    

     

    
      	
               
      

            	
              (vi)

            	
              a
      time of day is a reference to London
time.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Section,
      Clause and Schedule headings are for ease of reference
    only.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Unless
      a contrary indication appears, a term used in any other Finance Document
      or in any notice given under or in connection with any Finance Document
      has the same meaning in that Finance Document or notice as in this
      Agreement.

            

    

     

    
      	
               
      

            	
              (d)

            	
              In
      this Agreement, where it relates to a Dutch entity, a reference
      to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      necessary action to authorise where applicable, includes without
      limitation:

            

    

     

    
      	
               
      

            	
              (A)

            	
              any
      action required to comply with the Dutch Works Councils Act (Wet op de
      ondernemingsraden); and

            

    

     

    
      	
               
      

            	
              (B)

            	
              obtaining
      an unconditional positive advice (advies) from the competent works
      council(s);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              a
      winding-up, administration or dissolution includes a Dutch entity
      being:

            

    

     

    
      	
               
      

            	
              (A)

            	
              declared
      bankrupt (failliet
      verklaard);

            

    

     

    
      	
               
      

            	
              (B)

            	
              dissolved
      (ontbonden);

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      moratorium includes surseance van betaling
      and granted a moratorium includes surséance
      verleend;

            

    

     

    
      
        
        

      

      
        - 13
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (iv)

            	
              a
      trustee in bankruptcy includes a
curator;

            

    

     

    
      	
               
      

            	
              (v)

            	
              an
      administrator includes a bewindvoerder;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              a(n)
      (administrative) receiver does not include a curator or bewindvoerder;
      and

            

    

     

    
      	
               
      

            	
              (vii)

            	
              an
      attachment includes a beslag.

            

    

     

    
      	
              1.3

            	
              Currency Symbols and
      Definitions

            

    

     

    “$” and “dollars” denote lawful
currency of the United States, “EUR” and “euro” means the single
currency unit of the Participating Member States, “£” and “sterling” denote lawful
currency of the United Kingdom of Great Britain and Northern Ireland and “yen” means the lawful currency
of Japan.

     

    
      	
              1.4

            	
              Third party
      rights

            

    

     

    
      	
               
      

            	
              (a)

            	
              Unless
      expressly provided to the contrary in a Finance Document a person who is
      not a Party has no right under the Contracts (Rights of Third Parties) Act
      1999 (the “Third Parties
      Act”) to enforce or to enjoy the benefit of any term of this
      Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      any term of any Finance Document, the consent of any person who is not a
      Party is not required to rescind or vary this Agreement at any
      time.

            

    

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 14
-

        
          

        

      

      
        
        

      

    

     

    THE
FACILITY

     

     

    
      	
              2.

            	
              THE FACILITY

            

    

     

    
      	
              2.1

            	
              The Facility

            

    

     

    Subject
to the terms of this Agreement, the Lenders make available to the Borrower a
dollar revolving loan facility in an aggregate amount equal to the Total
Commitments.

     

    
      	
              2.2

            	
              Finance Parties’ rights and
      obligations

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      obligations of each Finance Party under the Finance Documents are
      several.  Failure by a Finance Party to perform its obligations
      under the Finance Documents does not affect the obligations of any other
      Party under the Finance Documents.  No Finance Party is
      responsible for the obligations of any other Finance Party under the
      Finance Documents.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      rights of each Finance Party under or in connection with the Finance
      Documents are separate and independent rights and any debt arising under
      the Finance Documents to a Finance Party from an Obligor shall be a
      separate and independent debt.

            

    

     

    
      	
               
      

            	
              (c)

            	
              A
      Finance Party may, except as otherwise stated in the Finance Documents,
      separately enforce its rights under the Finance
  Documents.

            

    

     

     

    
      	
              3.

            	
              PURPOSE

            

    

     

    
      	
              3.1

            	
              Purpose

            

    

     

    The
Facility shall be available solely to (i) enable the Borrower to make advances
to the Bunge Master Trust pursuant to the Series 2003-1 VFC Certificate (ii)
repay Permitted Indebtedness outstanding from time to time, and (iii) pay
expenses incurred in connection with the Facility.  The Borrower
undertakes that all amounts advanced to the Bunge Master Trust will be used by
the Bunge Master Trust to make (or refinance existing) intercompany loans to the
Designated Obligors for general corporate purposes.

     

    
      	
              3.2

            	
              Monitoring

            

    

     

    No
Finance Party is bound to monitor or verify the application of any amount
borrowed pursuant to this Agreement.

     

     

    
      	
              4.

            	
              CONDITIONS OF
      UTILISATION

            

    

     

    
      	
              4.1

            	
              Initial conditions
      precedent

            

    

     

    The
Borrower may not deliver a Utilisation Request unless the Agent has received all
of the documents and other evidence listed in Schedule 3 (Conditions Precedent) and
copies of any other document, authorisation, opinion or assurance reasonably
requested by the Agent in form and substance reasonably satisfactory to the
Agent.  The Agent shall notify the Borrower and the Lenders promptly
upon being so satisfied.

     

    
      
        
        

      

      
        - 15
-

        
          

        

      

      
        
        

      

    

     

    
      	
              4.2

            	
              Further conditions
      precedent

            

    

     

    The
Lenders will only be obliged to comply with Clause 5.4 (Lenders’ participation) if on
the date of the Utilisation Request and on the proposed Utilisation
Date:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of a Rollover Loan, no Event of Default is continuing or would
      result from the proposed Loan and, in the case of any other Loan, no
      Default is
      continuing or would result from the proposed Loan;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Repeating Representations to be made by the Borrower under this Agreement
      and the representations to be made by the Parent under Section 7 of the
      Parent Guarantee are true in all material
  respects.

            

    

     

    
      	
              4.3

            	
              Maximum number of
      Loans

            

    

     

    The
Borrower may not deliver a Utilisation Request if as a result of the proposed
Utilisation more than 30 Loans shall be outstanding.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        - 16
-

        
          

        

      

      
        
        

      

    

     

    UTILISATION

     

     

    
      	
              5.

            	
              UTILISATION

            

    

     

    
      	
              5.1

            	
              Delivery of a Utilisation
      Request

            

    

     

    The
Borrower may utilise the Facility by delivery to the Agent of a duly completed
Utilisation Request not later than the Specified Time.

     

    
      	
              5.2

            	
              Completion of a Utilisation
      Request

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Utilisation Request is irrevocable and will not be regarded as having been
      duly completed unless:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      proposed Utilisation Date is a Business Day within the Availability Period
      and, in the case of the first Utilisation Date, a Business Day no later
      than one Month after the date of this
Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      currency and amount of the Utilisation comply with Clause 5.3 (Currency and amount);
      and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      proposed Interest Period complies with Clause 9 (Interest
      Periods).

            

    

     

    
      	
               
      

            	
              (b)

            	
              Only
      one Loan may be requested in each Utilisation
  Request.

            

    

     

    
      	
              5.3

            	
              Currency and
      amount

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      currency specified in a Utilisation Request must be
    dollars.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      amount of the proposed Loan must be a minimum of $10,000,000 or, if less,
      the Available Facility.

            

    

     

    
      	
              5.4

            	
              Lenders’
      participation

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the conditions set out in this Agreement have been met, each Lender shall
      make its participation in each Loan available by the Utilisation Date
      through its Facility Office.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      amount of each Lender’s participation in each Loan will be equal to the
      proportion borne by its Available Commitment to the Available Facility
      immediately prior to making the
Loan.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Agent shall notify each Lender of the amount of each Loan and the amount
      of its participation in that Loan, in each case by the Specified
      Time.

            

    

     

     

     

    
      
        
        

      

      
        - 17
-

        
          

        

      

      
        
        

      

    

     

    REPAYMENT,
PREPAYMENT AND CANCELLATION

     

     

    
      	
              6.

            	
              REPAYMENT

            

    

     

    The
Borrower shall repay each Loan on the last day of its Interest
Period.

     

     

    
      	
              7.

            	
              PREPAYMENT AND
      CANCELLATION

            

    

     

    
      	
              7.1

            	
              Illegality

            

    

     

    If, it
becomes unlawful, in any applicable jurisdiction for a Lender to perform any of
its obligations as contemplated by this Agreement or to fund or maintain its
participation in any Loan:

     

    
      	
               
      

            	
              (a)

            	
              that
      Lender shall promptly notify the Agent upon becoming aware of that
      event;

            

    

     

    
      	
               
      

            	
              (b)

            	
              upon
      the Agent notifying the Borrower, the Commitment of that Lender will be
      immediately cancelled; and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Borrower shall repay that Lender’s participation in the Loans made to the
      Borrower on the last day of the Interest Period for each Loan occurring
      after the Agent has notified the Borrower or, if earlier, the date
      specified by the Lender in the notice delivered to the Agent (being no
      earlier than the last day of any applicable grace period permitted by
      law).

            

    

     

    
      	
              7.2

            	
              Change of
      control

            

    

     

    If after
the date of this Agreement (i) any Change of Control shall occur with respect to
the Parent, or (ii) the Borrower shall not be directly, or indirectly
wholly-owned by the Parent:

     

    
      	
               
      

            	
              (a)

            	
              the
      Borrower shall promptly notify the Agent upon becoming aware of that
      event; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Agent, acting on the instructions of the Majority Lenders, shall by not
      less than 5 days’ notice to the Borrower, cancel the Facility and declare
      all outstanding Loans, together with accrued interest, and all other
      amounts accrued under the Finance Documents immediately due and payable,
      whereupon the Facility will be cancelled and all such outstanding amounts
      will become immediately due and
payable.

            

    

     

    
      	
              7.3

            	
              Voluntary
      cancellation

            

    

     

    The
Borrower may, if it gives the Agent not less than 5 Business Days’ (or such
shorter period as the Majority Lenders may agree) prior notice, cancel the whole
or any part (being a minimum amount of $5,000,000) of the Available
Facility.  Any cancellation under this Clause 7.3 shall reduce the
Commitments of the Lenders rateably.  Any amounts cancelled under this
Clause 7.3 may not be reinstated.

     

    
      	
              7.4

            	
              Voluntary Prepayment of
      Loans

            

    

     

    The
Borrower may, if it gives the Agent not less than 5 Business Days’ (or such
shorter period as the Majority Lenders may agree) prior notice, prepay the whole
or any part of a Loan (but if in part, being an amount that reduces the Loan by
a minimum amount of $5,000,000).

     

    
      
        
        

      

      
        - 18
-

        
          

        

      

      
        
        

      

    

     

    
      	
              7.5

            	
              Right of repayment and
      cancellation in relation to a single
  Lender

            

    

     

    
      	
               
      

            	
              (a)

            	
              If:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      sum payable to any Lender by the Borrower is required to be increased
      under paragraph (c) of Clause 12.2 (Tax
      gross-up);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      Lender claims indemnification from the Borrower under Clause 12.3 (Tax indemnity) or
      Clause 13.1 (Increased
      costs),

            

    

     

    the
Borrower may, whilst the circumstance giving rise to the requirement or
indemnification continues, give the Agent notice of cancellation of the
Commitment of that Lender and its intention to procure the repayment of that
Lender’s participation in the Loans.

     

    
      	
               
      

            	
              (b)

            	
              On
      receipt of a notice referred to in paragraph (a) above, the Commitment of
      that Lender shall immediately be reduced to
  zero.

            

    

     

    
      	
               
      

            	
              (c)

            	
              On
      the last day of each Interest Period which ends after the Borrower has
      given notice under paragraph (a) above (or, if earlier, the date specified
      by the Borrower in that notice), the Borrower shall repay that Lender’s
      participation in that Loan.

            

    

     

    
      	
              7.6

            	
              Restrictions

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      notice of cancellation or prepayment given by any Party under this Clause
      7 shall be irrevocable and, unless a contrary indication appears in this
      Agreement, shall specify the date or dates upon which the relevant
      cancellation or prepayment is to be made and the amount of that
      cancellation or prepayment.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      prepayment under this Agreement shall be made together with accrued
      interest on the amount prepaid and, subject to any Break Costs, without
      premium or penalty.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Unless
      a contrary indication appears in this Agreement, any part of the Facility
      which is prepaid may be reborrowed in accordance with the terms of this
      Agreement.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Borrower shall not repay or prepay all or any part of the Loans or cancel
      all or any part of the Commitments except at the times and in the manner
      expressly provided for in this
Agreement.

            

    

     

    
      	
               
      

            	
              (e)

            	
              No
      amount of the Total Commitments cancelled under this Agreement may be
      subsequently reinstated.

            

    

     

    
      	
               
      

            	
              (f)

            	
              If
      the Agent receives a notice under this Clause 7 it shall promptly forward
      a copy of that notice to either the Borrower or the affected Lender, as
      appropriate.

            

    

     

    

    
      
        
        

      

      
        - 19
-

        
          

        

      

      
        
        

      

    

     

    COSTS
OF UTILISATION

     

     

    
      	
              8.

            	
              INTEREST

            

    

     

    
      	
              8.1

            	
              Calculation of
      interest

            

    

     

    The rate
of interest on each Loan for each Interest Period is the percentage rate per
annum which is the aggregate of the:

     

    
      	
               
      

            	
              (a)

            	
              Applicable
      Margin;

            

    

     

    
      	
               
      

            	
              (b)

            	
              LIBOR;
      and

            

    

     

    
      	
               
      

            	
              (c)

            	
              Mandatory
      Cost, if any.

            

    

     

    
      	
              8.2

            	
              Payment of
      interest

            

    

     

    On the
last day of each Interest Period the Borrower shall pay accrued interest on the
Loan to which that Interest Period relates (and, if the Interest Period is
longer than six Months, on the dates falling at six Monthly intervals after the
first day of the Interest Period).

     

    
      	
              8.3

            	
              Default
      interest

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the Borrower fails to pay any amount payable by it under a Finance
      Document on its due date, interest shall accrue on the overdue amount from
      the due date up to the date of actual payment (both before and after
      judgement) at a rate which, subject to paragraph (b) below, is two per
      cent. per annum higher than the rate which would have been payable if the
      overdue amount had, during the period of non-payment, constituted a Loan
      in the currency of the overdue amount for successive Interest Periods,
      each of a duration selected by the Agent (acting
      reasonably).  Any interest accruing under this Clause 8.3 shall
      be immediately payable by the Borrower on demand by the
    Agent.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      any overdue amount consists of all or part of a Loan which became due on a
      day which was not the last day of an Interest Period relating to that
      Loan:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      first Interest Period for that overdue amount shall have a duration equal
      to the unexpired portion of the current Interest Period relating to that
      Loan; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      rate of interest applying to the overdue amount during that first Interest
      Period shall be two per cent. per annum higher than the rate which would
      have applied if the overdue amount had not become
  due.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Default
      interest (if unpaid) arising on an overdue amount will be compounded with
      the overdue amount at the end of each Interest Period applicable to that
      overdue amount but will remain immediately due and
  payable.

            

    

     

    
      	
              8.4

            	
              Notification of rates of
      interest

            

    

     

    The Agent
shall promptly notify the Lenders and the Borrower of the determination of a
rate of interest under this Agreement.

     

    
      
        
        

      

      
        - 20
-

        
          

        

      

      
        
        

      

    

     

    
      	
              9.

            	
              INTEREST
      PERIODS

            

    

     

    
      	
              9.1

            	
              Selection of Interest
      Periods

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower may select an Interest Period for a Loan in the Utilisation
      Request for that Loan.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Subject
      to this Clause 9, the Borrower may select an Interest Period of one, two,
      three or six Months or any other period agreed between the Borrower and
      the Agent (acting on the instructions of all the
  Lenders).

            

    

     

    
      	
               
      

            	
              (c)

            	
              An
      Interest Period for a Loan shall not extend beyond the Final Maturity
      Date.

            

    

     

    
      	
               
      

            	
              (d)

            	
              A
      Loan has one Interest Period only.

            

    

     

    
      	
              9.2

            	
              Non-Business
      Days

            

    

     

    If an
Interest Period would otherwise end on a day which is not a Business Day, that
Interest Period will instead end on the next Business Day in that calendar month
(if there is one) or the preceding Business Day (if there is not).

     

     

    
      	
              10.

            	
              CHANGES TO THE CALCULATION OF
      INTEREST

            

    

     

    
      	
              10.1

            	
              Absence of
      quotations

            

    

     

    Subject
to Clause 10.2 (Market
disruption), if LIBOR is to be determined by reference to the Reference
Banks but a Reference Bank does not supply a quotation by the Specified Time on
the Quotation Day, the applicable LIBOR shall be determined on the basis of the
quotations of the remaining Reference Banks.

     

    
      	
              10.2

            	
              Market
      disruption

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      a Market Disruption Event occurs in relation to a Loan for any Interest
      Period, then subject to Clause 10.3 (Alternative basis of interest
      or funding) the rate of interest on each Lender’s share of that
      Loan for the Interest Period shall be the rate per annum which is the sum
      of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      Applicable Margin;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      rate notified to the Agent by that Lender as soon as practicable and in
      any event before interest is due to be paid in respect of that Interest
      Period, to be that which expresses as a percentage rate per annum the cost
      to that Lender of funding its participation in that Loan from whatever
      source it may reasonably select;
and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Mandatory Cost, if any, applicable to that Lender’s participation in the
      Loan.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      this Agreement “Market
      Disruption Event” means:

            

    

     

    
      	
               
      

            	
              (i)

            	
              at
      or about noon on the Quotation Day for the relevant Interest Period the
      Screen Rate is not available and none or only one of the Reference Banks
      supplies a rate to the Agent to determine LIBOR for the relevant Interest
      Period; or

            

    

     

    
      
        
        

      

      
        - 21
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (ii)

            	
              before
      close of business in London on the Quotation Day for the relevant Interest
      Period, the Agent receives notifications from a Lender or Lenders (whose
      participations in a Loan exceed 35 per cent. of that Loan) that the cost
      to it of obtaining matching deposits in the London interbank market would
      be in excess of LIBOR.

            

    

     

    
      	
              10.3

            	
              Alternative basis of interest
      or funding

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      a Market Disruption Event occurs and the Agent or the Borrower so
      requires, the Agent and the Borrower shall enter into negotiations (for a
      period of not more than thirty days) with a view to agreeing a substitute
      basis for determining the rate of
interest.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      alternative basis agreed pursuant to paragraph (a) above shall, with the
      prior consent of all the Lenders and the Borrower, be binding on all
      Parties.

            

    

     

    
      	
              10.4

            	
              Break
    Costs

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall, within three Business Days of demand by a Finance Party,
      pay to that Finance Party its Break Costs attributable to all or any part
      of a Loan or Unpaid Sum being paid by the Borrower on a day other than the
      last day of an Interest Period for that Loan or Unpaid
  Sum.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Lender shall, as soon as reasonably practicable after a demand by the
      Agent or the Borrower, provide a certificate confirming the amount of its
      Break Costs for any Interest Period in which they
  accrue.

            

    

     

     

    
      	
              11.

            	
              FEES

            

    

     

    
      	
              11.1

            	
              Commitment
      fee

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall pay to the Agent (for the account of each Lender) a fee
      computed at the rate of 35 per cent. of the Applicable Margin on the
      Available Facility.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      accrued commitment fee is payable in arrears on the last day of each
      successive period of three Months which ends during the Availability
      Period, on the last day of the Availability Period and, if cancelled in
      full, on the cancelled amount of the relevant Lender’s Commitment at the
      time the cancellation is effective.

            

    

     

    
      	
              11.2

            	
              Arrangement and participation
      fees

            

    

     

    The
Borrower shall pay to the Arrangers the arrangement and participation fees in
the amount and at the times agreed in a Fee Letter.

     

    
      	
              11.3

            	
              Agency
    fee

            

    

     

    The
Borrower shall pay to the Agent (for its own account) an agency fee in the
amount and at the times agreed in a Fee Letter.

     

    

    
      
        
        

      

      
        - 22
-

        
          

        

      

      
        
        

      

    

     

    ADDITIONAL
PAYMENT OBLIGATIONS

     

     

    
      	
              12.

            	
              TAX GROSS UP AND
      INDEMNITIES

            

    

     

    
      	
              12.1

            	
              Definitions

            

    

     

    
      	
               
      

            	
              (a)

            	
              In
      this Agreement:

            

    

     

    “Protected Party” means a
Finance Party which is or will be subject to any liability, or required to make
any payment, for or on account of Tax in relation to a sum received or
receivable (or any sum deemed for the purposes of Tax to be received or
receivable) under a Finance Document.

     

    “Tax Credit” means a credit
against, relief or remission for, or repayment of any Tax.

     

    “Tax Deduction” means a
deduction or withholding for or on account of Tax from a payment under a Finance
Document unless such deduction or withholding was required by law on the date of
this Agreement or results from a Finance Party’s failure to comply with
sub-clause 12.2(f).

     

    “Tax Payment” means either the
increase in a payment made by the Borrower to a Finance Party under Clause 12.2
(Tax gross-up) or a payment under Clause 12.3 (Tax indemnity).

     

    
      	
               
      

            	
              (b)

            	
              Unless
      a contrary indication appears, in this Clause 12 a reference to
      “determines” or “determined” means a determination made in the reasonable
      discretion of the person making the
  determination.

            

    

     

    
      	
              12.2

            	
              Tax
    gross-up

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall make all payments to be made by it without any Tax
      Deduction, unless a Tax Deduction is required by
  law.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Borrower shall promptly upon becoming aware that it must make a Tax
      Deduction (or that there is any change in the rate or the basis of a Tax
      Deduction)  notify the Agent accordingly.  Similarly,
      a Lender shall notify the Agent on becoming so aware in respect of a
      payment payable to that Lender.  If the Agent receives such
      notification from a Lender it shall notify the
  Borrower.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      a Tax Deduction is required by law to be made by the Borrower, the amount
      of the payment due from the Borrower shall be increased to an amount which
      (after making any Tax Deduction) leaves an amount equal to the payment
      which would have been due if no Tax Deduction had been
      required.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      the Borrower is required to make a Tax Deduction, the Borrower shall make
      that Tax Deduction and any payment required in connection with that Tax
      Deduction within the time allowed and in the minimum amount required by
      law.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Within
      thirty days of making either a Tax Deduction or any payment required in
      connection with that Tax Deduction, the Borrower shall deliver to the
      Agent for the Finance Party entitled to the payment evidence reasonably
      satisfactory to

            

    

    
       

      
        
          
          

        

        
          - 23
-

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                 

              	
                that
      Finance Party that the Tax Deduction has been made or (as applicable) any
      appropriate payment paid to the relevant taxing
  authority.

              

      

       

    

    
      	
               
      

            	
              (f)

            	
              The
      Borrower hereby confirms to each Lender that it has made an election to be
      disregarded as an entity separate from its parent, Bunge N.A. Holdings,
      Inc., for U.S. federal income tax purposes.  Accordingly, each
      Lender shall, to the extent permitted by law, deliver to the Agent for
      transmission to the Borrower (on or before the date of the first interest
      payment after such Lender becomes a party to this Agreement) a duly
      completed copy of Internal Revenue Service Form W-8BEN, or Form W-ECI, if
      applicable, or any successor forms, or any other forms as may be necessary
      to establish a reduction in, or complete exemption from, U.S. withholding
      tax on payments under the Series 2003-1 VFC Certificate or, as the case
      may be, on payments of interest on the Loans.  To the extent
      that any such forms become obsolete as a result of lapse in time or change
      in circumstance, each Lender shall (promptly upon the request of the
      Borrower in the case of such form becoming obsolete as a result of lapse
      in time), to the extent permitted by law, deliver to the Agent for
      transmission to the Borrower, revised forms as may be necessary to
      establish a reduction in, or complete exemption from, U.S. withholding tax
      on such payments.

            

    

     

    
      	
              12.3

            	
              Tax
      indemnity

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall (within three Business Days of demand by the Agent) pay to
      a Protected Party an amount equal to the loss, liability or cost which
      that Protected Party determines will be or has been (directly or
      indirectly) suffered for or on account of Tax by that Protected Party in
      respect of a Finance Document.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Paragraph
      (a) above shall not apply:

            

    

     

    
      	
               
      

            	
              (i)

            	
              with
      respect to any loss, liability or cost related to any Tax assessed on a
      Finance Party:

            

    

     

    
      	
               
      

            	
              (A)

            	
              under
      the law of the jurisdiction in which that Finance Party is incorporated
      or, if different, the jurisdiction (or jurisdictions) in which that
      Finance Party is treated as resident for tax
  purposes;

            

    

     

    
      	
               
      

            	
              (B)

            	
              under
      the law of the jurisdiction in which that Finance Party’s Facility Office
      is located in respect of amounts received or receivable in that
      jurisdiction; or

            

    

     

    
      	
               
      

            	
              (C)

            	
              under
      the law of any jurisdiction in which that Finance Party otherwise does
      business,

            

    

     

    if that
Tax is imposed on or calculated by reference to the overall net income of that
Finance Party (or a branch thereof); or

     

    
      	
               
      

            	
              (ii)

            	
              to
      the extent a loss, liability or
cost:

            

    

     

    
      	
               
      

            	
              (A)

            	
              is
      compensated for by an increased payment under Clause 12.2 (Tax gross-up);
      or

            

    

     

    
      
        
        

      

      
        - 24
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (B)

            	
              would
      have been compensated for by an increased payment under Clause 12.2 (Tax gross-up) but was
      not so compensated as a result of a Finance Party’s failure to comply with
      sub-clause 12.2(f).

            

    

     

    
      	
               
      

            	
              (c)

            	
              A
      Protected Party making, or intending to make a claim under paragraph (a)
      above shall promptly notify the Agent of the event which will give, or has
      given, rise to the claim, following which the Agent shall notify the
      Borrower.

            

    

     

    
      	
               
      

            	
              (d)

            	
              A
      Protected Party shall, on receiving a payment from the Borrower under this
      Clause 12.3, notify the Agent.

            

    

     

    
      	
              12.4

            	
              Tax
    Credit

            

    

     

    If the
Borrower makes a Tax Payment and the relevant Finance Party determines
that:

     

    
      	
               
      

            	
              (a)

            	
              a
      Tax Credit is attributable either to an increased payment of which that
      Tax Payment forms part, or to that Tax Payment;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      Finance Party has obtained and utilised that Tax
  Credit,

            

    

     

    the
Finance Party shall pay an amount to the Borrower which that Finance Party
determines will leave it (after that payment) in the same after-Tax position as
it would have been in had the Tax Payment not been required to be made by the
Borrower.  To the extent the Finance Party loses a Tax Credit for
which it has made a payment hereunder, the Finance Party shall so notify the
Borrower and the Borrower shall refund the amounts paid to such Borrower with
respect to such Tax Credit.

     

    
      	
              12.5

            	
              Stamp
    taxes

            

    

     

    The
Borrower shall pay and, within three Business Days of demand, indemnify each
Finance Party against any cost, loss or liability that Finance Party incurs in
relation to all stamp duty, registration and other similar Taxes payable in
respect of any Finance Document.

     

    
      	
              12.6

            	
              Value added
      tax

            

    

     

    
      	
               
      

            	
              (a)

            	
              All
      consideration expressed to be payable under a Finance Document by any
      Party to a Finance Party shall be deemed to be exclusive of any
      VAT.  If VAT is chargeable on any supply made by any Finance
      Party to any Party in connection with a Finance Document, that Party shall
      pay to the Finance Party (in addition to and at the same time as paying
      the consideration) an amount equal to the amount of the
    VAT.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Where
      a Finance Document requires any Party to reimburse a Finance Party for any
      costs or expenses, that Party shall also at the same time pay and
      indemnify the Finance Party against all VAT incurred by the Finance Party
      in respect of the costs or expenses to the extent that the Finance Party
      reasonably determines that it is not entitled to credit or repayment of
      the VAT.

            

    

     

     

    
      	
              13.

            	
              INCREASED
      COSTS

            

    

     

    
      	
              13.1

            	
              Increased
      costs

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to Clause 13.2 (Increased cost claims)
      and Clause 13.3 (Exceptions) the
      Borrower shall, within three Business Days of a demand by the Agent, pay
      for 

            

    

    
       

      
        
          
          

        

        
          - 25
-

          
            

          

        

        
          
          

        

      

       

      
        	
                 
      

              	
                 

              	
                the
      account of a Finance Party the amount of any Increased Costs incurred by
      that Finance Party or any of its Affiliates as a result of (i) the
      introduction of or any change in (or in the interpretation, administration
      or application of) any law or regulation or (ii) compliance with any law
      or regulation made after the date of this Agreement, or, if later, the
      date on which the relevant Finance Party became a Party to this
      Agreement.

              

      

       

    

    
      	
               
      

            	
              (b)

            	
              In
      this Agreement “Increased
      Costs” means:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      reduction in the rate of return from the Facility or on a Finance Party’s
      (or its Affiliate’s) overall
capital;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      additional or increased cost; or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      reduction of any amount due and payable under any Finance
      Document,

            

    

     

    which is
incurred or suffered by a Finance Party or any of its Affiliates to the extent
that it is attributable to that Finance Party having entered into its Commitment
or funding or performing its obligations under any Finance
Document.

     

    
      	
              13.2

            	
              Increased cost
      claims

            

    

     

    
      	
               
      

            	
              (a)

            	
              A
      Finance Party intending to make a claim pursuant to Clause 13.1 (Increased costs) shall
      notify the Agent of the event giving rise to the claim, following which
      the Agent shall promptly notify the Borrower.  The Borrower
      shall not be required to compensate a Lender pursuant to Clause 13 (Increased costs) for
      any amounts incurred more than six months prior to the date the Borrower
      receives notification of such claim; provided, that if the circumstances
      giving rise to such claim have a retroactive effect, then such six month
      period shall be extended to include the period of such retroactive
      effect.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      Finance Party shall, as soon as practicable after a demand by the Agent or
      the Borrower, provide a certificate confirming the amount of its Increased
      Costs (setting out reasonable information showing the basis for and
      calculation of such amount).

            

    

     

    
      	
              13.3

            	
              Exceptions

            

    

     

    Clause
13.1 (Increased costs)
does not apply to the extent any Increased Cost is:

     

    
      	
               
      

            	
              (a)

            	
              attributable
      to Tax;

            

    

     

    
      	
               
      

            	
              (b)

            	
              compensated
      for by the payment of the Mandatory
Cost;

            

    

     

    
      	
               
      

            	
              (c)

            	
              attributable
      to the breach by the relevant Finance Party or its Affiliates of any law
      or regulation; or

            

    

     

    
      	
               
      

            	
              (d)

            	
              attributable
      to the implementation or application of or compliance with the
      “International Convergence of Capital Measurement and Capital Standards, a
      Revised Framework” published by the Basel Committee on Banking Supervision
      in June 2004 in the form existing on the date of this Agreement (“Basel
      II”) or any other law or regulation which implements Basel II (whether
      

            

    

     

    
      
        
        

      

      
        - 26
-

        
          

        

      

      
        
        

      

    

     

    such
implementation, application or compliance is by a government, regulator, Finance
Party or any of its Affiliates).

     

    
      	
              14.

            	
              OTHER
      INDEMNITIES

            

    

     

    
      	
              14.1

            	
              Currency
      indemnity

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      any sum due from the Borrower under the Finance Documents (a “Sum”), or any order,
      judgement or award given or made in relation to a Sum, has to be converted
      from the currency (the “First Currency”) in
      which that Sum is payable into another currency (the “Second Currency”) for
      the purpose of:

            

    

     

    
      	
               
      

            	
              (i)

            	
              making
      or filing a claim or proof against the
Borrower;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              obtaining
      or enforcing an order, judgement or award in relation to any litigation or
      arbitration proceedings,

            

    

     

    the
Borrower shall as an independent obligation, within three Business Days of
demand, indemnify each Finance Party to whom that Sum is due against any cost,
loss or liability arising out of or as a result of the conversion including any
discrepancy between (A) the rate of exchange used to convert that Sum from the
First Currency into the Second Currency and (B) the rate or rates of exchange
available to that person at the time of its receipt of that Sum.

     

    
      	
               
      

            	
              (b)

            	
              The
      Borrower waives any right it may have in any jurisdiction to pay any
      amount under the Finance Documents in a currency or currency unit other
      than that in which it is expressed to be
  payable.

            

    

     

    
      	
              14.2

            	
              Other
      indemnities

            

    

     

    The
Borrower shall, within three Business Days of demand, indemnify each Finance
Party against any cost, loss or liability incurred by that Finance Party as a
result of:

     

    
      	
               
      

            	
              (a)

            	
              the
      occurrence of any Event of Default;

            

    

     

    
      	
               
      

            	
              (b)

            	
              a
      failure by the Borrower to pay any amount due under a Finance Document on
      its due date, including without limitation, any cost, loss or liability
      arising as a result of Clause 27 (Sharing among the Finance
      Parties);

            

    

     

    
      	
               
      

            	
              (c)

            	
              funding,
      or making arrangements to fund, its participation in a Loan requested by
      it in a Utilisation Request but not made by reason of the operation of any
      one or more of the provisions of this Agreement (other than by reason of
      default or negligence by that Finance Party alone);
  or

            

    

     

    
      	
               
      

            	
              (d)

            	
              a
      Loan (or part of a Loan) not being prepaid in accordance with a notice of
      prepayment given by the Borrower.

            

    

     

    
      	
              14.3

            	
              Indemnity to the
      Agent

            

    

     

    The
Borrower shall promptly indemnify the Agent against any cost, loss or liability
incurred by the Agent (acting reasonably) as a result of:

     

    
      	
               
      

            	
              (a)

            	
              investigating
      any event which it reasonably believes is a Default;
  or

            

    

     

    
      
        
        

      

      
        - 27
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              acting
      or relying on any notice, request or instruction which it reasonably
      believes to be genuine, correct and appropriately
    authorised;

            

    

     

    except to
the extent such cost, loss or liability arises from (i) the wilful misconduct or
gross negligence of the Agent or (ii) the Agent’s breach of express duties under
the Finance Documents.

     

     

    
      	
              15.

            	
              MITIGATION BY THE
      LENDERS

            

    

     

    
      	
              15.1

            	
              Mitigation

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      Finance Party shall, in consultation with the Borrower, take all
      reasonable steps to mitigate any circumstances which arise and which would
      result in any amount becoming payable under or pursuant to, or cancelled
      pursuant to, any of Clause 7.1 (Illegality), Clause 12
      (Tax gross-up and
      indemnities), Clause 13 (Increased costs) or
      paragraph 3 of Schedule 5 (Mandatory Cost
      Formulae) including (but not limited to) transferring its rights
      and obligations under the Finance Documents to another Facility Office or
      bank or financial institution reasonably acceptable to the
      Borrower.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Paragraph
      (a) above does not in any way limit the obligations of the Borrower under
      the Finance Documents.

            

    

     

    
      	
              15.2

            	
              Limitation of
      liability

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall indemnify each Finance Party for all costs and expenses
      reasonably incurred by that Finance Party as a result of steps taken by it
      under Clause 15.1 (Mitigation).

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      Finance Party is not obliged to take any steps under Clause 15.1 (Mitigation) if, in the
      opinion of that Finance Party (acting reasonably), to do so might be
      prejudicial to it.

            

    

     

     

    
      	
              16.

            	
              COSTS AND
      EXPENSES

            

    

     

    
      	
              16.1

            	
              Transaction
      expenses

            

    

     

    The
Borrower shall promptly on demand pay the Agent and the Arrangers the amount of
all costs and expenses (including legal fees) reasonably incurred by any of them
in connection with the negotiation, preparation, printing, execution and
syndication of:

     

    
      	
               
      

            	
              (a)

            	
              this
      Agreement and any other documents referred to in this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other Finance Documents executed after the date of this
      Agreement.

            

    

     

    
      	
              16.2

            	
              Amendment
      costs

            

    

     

    If the
Borrower requests an amendment, waiver or consent the Borrower shall, within
three Business Days of demand, reimburse the Agent for the amount of all costs
and expenses (including legal fees) reasonably incurred by the Agent in
responding to, evaluating, negotiating or complying with that request or
requirement.

     

    
      	
              16.3

            	
              Enforcement
      costs

            

    

     

    The
Borrower shall, within three Business Days of demand, pay to each Finance Party
the amount of all costs and expenses (including legal fees) incurred by that
Finance Party

     

    
      
        
        

      

      
        - 28
-

        
          

        

      

      
        
        

      

    

     

    in
connection with the enforcement of, or the preservation of any rights under, any
Finance Document.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 29
-

        
          

        

      

      
        
        

      

    

     

    REPRESENTATIONS,
UNDERTAKINGS AND EVENTS OF DEFAULT

     

     

    
      	
              17.

            	
              REPRESENTATIONS

            

    

     

    The
Borrower makes the representations and warranties set out in this Clause 17 to
each Finance Party on the date of this Agreement.

     

    
      	
              17.1

            	
              Existence; Compliance with
      Law

            

    

     

    The
Borrower (a) is duly organised, validly existing and in good standing under the
laws of the jurisdiction of its organisation, (b) has the power and authority,
and the legal right, to own and operate its property and to conduct the business
in which it is currently engaged, (c) is duly qualified as a foreign corporation
and in good standing under the laws of each jurisdiction where its ownership or
operation of property or the conduct of its business requires such qualification
and (d) is in compliance with all Requirements of Law except to the extent that
the failure to comply therewith could not, in the aggregate, reasonably be
expected to have a Material Adverse Effect.

     

    
      	
              17.2

            	
              Power; Authorisation;
      Enforcement Obligations

            

    

     

    The
Borrower has the power and authority, and the legal right, to make, deliver and
perform the Finance Documents to which it is a party and to obtain Loans
hereunder.  The Borrower has taken all necessary organisational action
to authorise the execution, delivery and performance of the Finance Documents to
which it is a party and to authorise the Loans on the terms and conditions of
this Agreement.  Subject to any qualification as to legal matters
contained in the legal opinions referred to in Schedule 3 (Conditions Precedent), no
consent or authorisation of, filing with, notice to or other act by or in
respect of, any Governmental Authority or any other Person is required in
connection with the Loans hereunder or with the execution, delivery,
performance, validity or enforceability of this Agreement or any of the Finance
Documents to which the Borrower is a party.  Each Finance Document to
which the Borrower is a party has been duly executed and delivered on behalf of
the Borrower.  Subject to any qualification as to legal matters
contained in the legal opinions referred to in Schedule 3 (Conditions Precedent), this
Agreement constitutes, and each other Finance Document to which the Borrower is
a party, upon execution will constitute, a legal, valid and binding obligation
of the Borrower, enforceable against the Borrower in accordance with the
terms.

     

    
      	
              17.3

            	
              No Legal
    Bar

            

    

     

    The
execution, delivery and performance of this Agreement and the other Finance
Documents to which the Borrower is a party, the borrowings hereunder and the use
of the proceeds thereof will not violate any Requirement of Law or any
Contractual Obligation of the Borrower and will not result in, or require, the
creation or imposition of any Lien on any of its properties or revenues pursuant
to any Requirement of Law or any such Contractual Obligation.  No
Requirement of Law or Contractual Obligation applicable to the Borrower could
reasonably be expected to have a Material Adverse Effect.

     

    
      	
              17.4

            	
              Governing law and
      enforcement

            

    

     

    Subject
to any qualifications as to legal matters contained in the legal opinions
referred to in Schedule 3 (Conditions
Precedent):

     

    
      
        
        

      

      
        - 30
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (a)

            	
              The
      choice of English law as the governing law of this Agreement and New York
      law as the governing law of the Parent Guarantee will be recognised and
      enforced in its jurisdiction of incorporation;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      judgement obtained in England in relation to this Agreement and in New
      York in relation to the Parent Guarantee will be recognised and enforced
      in its jurisdiction of
incorporation.

            

    

     

    
      	
              17.5

            	
              Litigation

            

    

     

    No
litigation, investigation or proceeding of or before any arbitrator or
Governmental Authority is pending or, to the knowledge of the Borrower,
threatened by or against the Borrower or against any of its properties or
revenues (a) with respect to any of the Finance Documents to which the Borrower
is a party or any of the transactions contemplated hereby or thereby, or (b)
that could reasonably be expected to have a Material Adverse
Effect.

     

    
      	
              17.6

            	
              No
    Default

            

    

     

    The
Borrower is not in default under or with respect to any of its Contractual
Obligations in any respect that could reasonably be expected to have a Material
Adverse Effect.  No Default or Event of Default has occurred and is
continuing.

     

    
      	
              17.7

            	
              Ownership of Property;
      Liens

            

    

     

    The
Borrower has good title to all its property, and none of such property is
subject to any Lien (except for any Lien arising by virtue of the maintenance of
a credit balance on any Dutch bank account by the Borrower pursuant to the
general terms and conditions of the bank with which such account is
held).

     

    
      	
              17.8

            	
              Taxes

            

    

     

    The
Borrower has filed or caused to be filed all material corporate income tax
returns that are required to be filed and has paid all taxes shown to be due and
payable on said returns or on any assessments made against it or any of its
property and all other taxes, fees or other charges imposed on it or any of its
property by any Governmental Authority (other than any the amount or validity of
which are currently being contested in good faith by appropriate proceedings and
with respect to which reserves in conformity with GAAP have been provided on the
books of the Borrower); to the knowledge of the Borrower, no claim is being
asserted, with respect to any such tax, fee or other charge.

     

    
      	
              17.9

            	
              Deduction of
      Tax

            

    

     

    The
Borrower is not required under Netherlands law to make any deduction for or on
account of Tax from any payment it may make under any Finance
Document.

     

    
      	
              17.10

            	
              No filing or stamp
      taxes

            

    

     

    Under the
law of its jurisdiction of incorporation it is not necessary that the Finance
Documents be filed, recorded or enrolled with any court or other authority in
that jurisdiction or that any stamp, registration or similar tax be paid on or
in relation to the Finance Documents or the transactions contemplated by the
Finance Documents.

     

    
      	
              17.11

            	
              No misleading
      information

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      factual information provided by the Borrower for the purposes of the
      Information Memorandum was in all material respects taken as a whole true
      and 

            

    

     

    
      
        
        

      

      
        - 31
-

        
          

        

      

      
        
        

      

    

     

    accurate as at the date it
was provided or as at the date (if any) at which it is stated.

     

    
      	
               
      

            	
              (b)

            	
              Nothing
      has occurred or been omitted from the Information Memorandum and no
      information has been given or withheld that results in the information
      contained in the Information Memorandum being untrue or misleading in any
      material respect in light of the circumstances under which such
      information was supplied.

            

    

     

    
      	
               
      

            	
              (c)

            	
              All
      written information supplied by the Borrower is in all material respects
      taken as a whole with other written information supplied by the Borrower
      true and accurate and is not misleading in light of the circumstances
      under which such information was supplied as at the date it was provided
      or as at the date (if any) at which it is
  stated.

            

    

     

    
      	
              17.12

            	
              No
      Subsidiaries

            

    

     

    It has no
Subsidiaries.

     

    
      	
              17.13

            	
              Use of
      Proceeds

            

    

     

    The
proceeds of the Loans shall be used solely (i) to make advances under the Series
2003-1 VFC Certificate, (ii) repay Permitted Indebtedness outstanding from time
to time, or (iii) pay expenses incurred in connection with the
Facility.

     

    
      	
              17.14

            	
              Pari passu
      ranking

            

    

     

    Its
payment obligations under the Finance Documents rank at least pari passu with
the claims of all its other unsecured and unsubordinated creditors.

     

    
      	
              17.15

            	
              Solvency

            

    

     

    Each
member of the Group that is a party to a Finance Document, is, and after giving
effect to the incurrence of all Indebtedness and obligations being incurred in
connection herewith and therewith will be and will continue to be,
Solvent.

     

    
      	
              17.16

            	
              Limited
      Purpose

            

    

     

    It is a
single purpose entity that was formed for the sole purpose of (a) holding the
Series 2003-1 VFC Certificate, (b) borrowing under this Agreement,
(c) incurring Pari Passu Indebtedness and (d) entering into Hedge
Agreements in connection with this Agreement and such Pari Passu
Indebtedness.  Other than cash derived from Hedge Agreements and
distributions of Series 2003-1 Accrued Interest and Series 2003-1
Invested Amount (as defined in Annex X to the Pooling Agreement) to the Borrower
under the Series 2003-1 VFC Certificate, which cash shall be used by the
Borrower solely to make interest, principal and premium (if any) payments under
this Agreement and under any Pari Passu Indebtedness and to pay for its
reasonable operating expenses (and, in the case of cash derived from Hedge
Agreements, to make advances under the Series 2003-1 VFC Certificate), the
Series 2003-1 VFC Certificate is the sole asset of the
Borrower.

     

    
      	
              17.17

            	
              No
  Change

            

    

     

    Since 31
December 2007, in respect of the Parent and its consolidated Subsidiaries, and
since the date of this Agreement in respect of the Borrower, there has been
no

     

    
      
        
        

      

      
        - 32
-

        
          

        

      

      
        
        

      

    

     

    development
or event that has had or could reasonably be expected to have a Material Adverse
Effect.

     

    
      	
              17.18

            	
              Dutch
  FSA

            

    

     

    The
Borrower shall ensure that, in the event that its activities bring it, or at any
time will bring it, within the definition of “bank” in the Dutch
FSA:

     

    
      	
               
      

            	
              (a)

            	
              it
      will comply with Chapter 2.2 Dutch FSA;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              it
      has the benefit of a statutory exemption under Article 3.2 Dutch
      FSA.

            

    

     

    
      	
              17.19

            	
              Tax
    Status

            

    

     

    No notice
under Section 36 of the Tax Collection Act (Invorderingswet 1990) has
been given by any member of the Group.

     

    
      	
              17.20

            	
              Repetition

            

    

     

    The
Repeating Representations are deemed to be made by the Borrower (by reference to
the facts and circumstances then existing) on the date of each Utilisation
Request and the first day of each Interest Period.

     

     

    
      	
              18.

            	
              POSITIVE
      COVENANTS

            

    

     

    The
covenants in this Clause 18 remain in force from the date of this Agreement
for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

     

    The
Borrower shall:

     

    
      	
              18.1

            	
              Information
      Miscellaneous

            

    

     

    Provide
the Agent all information that the Agent may reasonably request in writing
concerning the business of the Borrower within a reasonable period of time
considering the nature of the request; provided that with respect to any
information relating to an annual audited report, the same may be delivered
within one hundred and twenty (120) calendar days after the end of the
Borrower’s fiscal year.

     

    
      	
              18.2

            	
              Bunge Master Trust
      information

            

    

     

    Furnish
or cause to be furnished to the Agent in sufficient number for each Lender,
copies of all

     

    
      	
               
      

            	
              (a)

            	
              Daily
      Reports prepared by the Servicer pursuant to Clause 18.14
      below;

            

    

     

    
      	
               
      

            	
              (b)

            	
              notices
      of Series 2003-1 Early Amortisation Events;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              Monthly
      Settlement Statements;

            

    

     

    provided that the documents
set forth in paragraphs (a) and (c) above of this sub-Clause 18.2
shall be provided only upon request of the Agent or the Majority
Lenders.

     

    
      	
              18.3

            	
              Taxes

            

    

     

    Take all
actions necessary to ensure that all taxes and other governmental claims in
respect of the Borrower’s operations and assets are promptly paid when due,
except those contested in good faith.

     

    
      
        
        

      

      
        - 33
-

        
          

        

      

      
        
        

      

    

     

    
      	
              18.4

            	
              Compliance

            

    

     

    Comply
with all Requirements of Law except where the failure to so comply would not
reasonably be expected to have a Material Adverse Effect on its ability to
perform its obligations under the Finance Documents.

     

    
      	
              18.5

            	
              Audited financial
      statements

            

    

     

    Beginning
with the fiscal year commencing in 2008, furnish to the Agent in sufficient
number for each Lender as soon as available, but in any event within one hundred
and twenty (120) days after the end of each fiscal year of the Borrower, audited
financial statements consisting of the balance sheet of the Borrower as of the
end of such year and the related statements of income and retained earnings and
statements of cash flow for such year, setting forth in each case in comparative
form the corresponding figures for the previous fiscal year, certified by
independent certified public accountants satisfactory to the Agent to the effect
that such financial statements fairly present in all material respects the
financial condition and results of operations of the Borrower in accordance with
GAAP consistently applied.

     

    
      	
              18.6

            	
              Unaudited financial
      statements

            

    

     

    Beginning
with the fiscal year commencing in 2008, furnish to the Agent as soon as
available but in any event within sixty (60) days after the end of each of the
first three quarters for each fiscal year of the Borrower, unaudited financial
statements consisting of a balance sheet of the Borrower as at the end of such
quarter and a statement of income and retained earnings for such quarter,
setting forth (in the case of financial statements furnished for calendar
quarters subsequent to the first full calendar year of the Borrower) in
comparative form the corresponding figures for the corresponding quarter of the
preceding fiscal year.

     

    
      	
              18.7

            	
              Financial statements
      certificate

            

    

     

    Furnish,
or cause to be furnished, to the Agent together with the financial statements
required pursuant to Clause 18.5 and Clause 18.6 a certificate of a
Responsible Officer of the Borrower stating (a) that the attached financial
statements have been prepared in accordance with GAAP and accurately reflect the
financial condition of the Borrower, (b) that the Borrower is in compliance with
Clause 18.10 and (c) all information and calculations necessary for determining
compliance by the Borrower with Clause 19.1 as of the last day of the fiscal
quarter or fiscal year of the Borrower, as the case may be.

     

    
      	
              18.8

            	
              Corporate existence, Conduct of
      business

            

    

     

    
      	
               
      

            	
              (a)

            	
              Except
      as otherwise permitted by the Finance Documents, preserve, renew and keep
      in full force and effect its corporate existence;
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              take
      all reasonable action to maintain all rights, privileges and franchises
      necessary or desirable in the normal conduct of its
    business.

            

    

     

    
      	
              18.9

            	
              Notification of
      default

            

    

     

    Notify
the Agent of any:

     

    
      	
               
      

            	
              (a)

            	
              Default
      (and the steps, if any, being taken to remedy it) promptly upon becoming
      aware of its occurrence, and

            

    

     

    
      
        
        

      

      
        - 34
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (b)

            	
              development
      or event which has had, or which the Borrower in its good faith judgement
      believes will have, a Material Adverse
Effect.

            

    

     

    
      	
              18.10

            	
              Proceeds

            

    

     

    
      	
               
      

            	
              (a)

            	
              Use
      the proceeds from the Loans to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              make
      advances under the Series 2003-1 VFC
  Certificate;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              repay
      Permitted Indebtedness outstanding from time to time;
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              pay
      expenses incurred in connection with the Facility;
  or

            

    

     

    
      	
               
      

            	
              (b)

            	
              Use
      the proceeds of any Pari Passu Indebtedness
to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              make
      advances under the Series 2003-1 VFC
  Certificate;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              repay
      Permitted Indebtedness outstanding from time to time;
  or

            

    

     

    
      	
               
      

            	
              (iii)

            	
              pay
      expenses incurred in connection with such Pari Passu
      Indebtedness.

            

    

     

    
      	
              18.11

            	
              Notification of amounts
      due

            

    

     

    On each
day after the Loans (with accrued interest thereon) and all other amounts owing
under this Agreement and the other Finance Documents have become due and payable
(whether at the stated maturity, by acceleration, or otherwise), give the notice
contemplated by Section 2.06 of the Series 2003-1 Supplement, such notice
to specify an amount equal to the lesser of (i) the funds on deposit in the
Series 2003-1 Collection Subaccount on such day and (ii) the
outstanding principal amount of the Loans (with accrued interest thereon) and
all other amounts owing under this Agreement and the other Finance
Documents.

     

    
      	
              18.12

            	
              Notification of Applicable
      Rating

            

    

     

    Promptly
notify the Agent of any change in an Applicable Rating.

     

    
      	
              18.13

            	
              Direction of
      Trustee

            

    

     

    At the
direction of the Agent or the Majority Lenders, exercise its right under Section
8.14 of the Pooling Agreement to direct the trustee under the Bunge Master Trust
when the Lenders are affected by the conduct of any proceeding or the exercise
of any right conferred on the trustee under the Bunge Master Trust.

     

    
      	
              18.14

            	
              Submission of Daily
      Report

            

    

     

    On each
Utilisation Date on which a Loan is made, cause the Servicer to submit a Daily
Report to the Borrower and to the trustee under the Bunge Master Trust no later
than 12:00 (Noon), New York City time, setting forth the information required by
Section 4.01 of the Servicing Agreement.

     

     

    
      	
              19.

            	
              NEGATIVE
      COVENANTS

            

    

     

    The
covenants in this Clause 19 remain in force from the date of this Agreement
for so long as any amount is outstanding under the Finance Documents or any
Commitment is in force.

     

    The
Borrower will not:

     

    
      
        
        

      

      
        - 35
-

        
          

        

      

      
        
        

      

    

     

    
      	
              19.1

            	
              Series 2003-1 Allocated Loan
      Amount

            

    

     

    Permit
the Series 2003-1 Allocated Loan Amount to be less than the result
of:

     

    
      	
               
      

            	
              (a)

            	
              adding
      (i) the aggregate principal amount of and accrued interest on the Loans
      outstanding hereunder and (ii) all other Pari Passu Indebtedness
      outstanding (including any net payment obligations of the Borrower related
      to Hedge Agreements, but excluding all Hedge Termination Amounts due and
      owing by the Borrower) calculated by converting any Master Trust Approved
      Currency other than dollars into dollars at the Rate of Exchange; and
      deducting therefrom; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      aggregate amount of any Master Trust Approved Currency (including any net
      receipts from Hedge Agreements, but excluding any Hedge Termination
      Amounts received by the Borrower) on deposit in any Borrower Account or
      the Series 2003-1 Collection Subaccount (or any sub-subaccount thereof),
      calculated by converting any Master Trust Approved Currencies other than
      dollars into dollars at the Rate of Exchange, that are unconditionally
      available to repay the aggregate amount of the Indebtedness and interest
      accrued thereon described in the foregoing sub-clauses (a)(i) and (ii) of
      this sub-clause 19.1  (or with respect to the Series 2003-1
      Collection Subaccount (or any sub-subaccount thereof), unconditionally
      available to repay the principal and accrued interest on the Series 2003-1
      VFC Certificate which Master Trust Approved Currency amounts are in turn
      unconditionally available to make such payments on the principal of and
      accrued interest on the Loans and other Pari Passu Indebtedness in the
      foregoing sub-clauses (a)(i) and (ii) of this
      sub-clause 19.1.

            

    

     

    
      	
              19.2

            	
              Negative
      Pledge

            

    

     

    Contract
for, create, incur, assume or suffer to exist any Lien, security interest,
charge or other encumbrance of any nature upon any of its property or assets,
including without limitation the Series 2003-1 VFC Certificate, whether now
owned or hereafter required (except for any Lien arising by virtue of the
maintenance of a credit balance on any Dutch bank account by the Borrower
pursuant to the general terms and conditions of the bank with which such account
is held).

     

    
      	
              19.3

            	
              Indebtedness

            

    

     

    Create,
incur, assume or suffer to exist any Indebtedness, whether current or funded, or
any other liability except Permitted Indebtedness.

     

    
      	
              19.4

            	
              Loans and
      Guarantees

            

    

     

    Except as
contemplated by the Finance Documents or the Transaction Documents, make any
loan or advance or credit to, or guarantee (directly or indirectly or by an
instrument having the effect of assuring another’s payment or performance on any
obligation or capability of so doing or otherwise), endorse or otherwise become
contingently liable, directly or indirectly, in connection with the obligations,
stocks or dividends of, or own, purchase, repurchase or acquire (or agree
contingently to do so) any assets, stock, obligations or securities of, or any
other interest in, or make any capital contribution to, any other
Person.

     

    
      
        
        

      

      
        - 36
-

        
          

        

      

      
        
        

      

    

     

    
      	
              19.5

            	
              Merger

            

    

     

    Enter
into any amalgamation, merger, consolidation, joint venture, syndicate or other
form of combination with any Person, or sell, lease or transfer or otherwise
dispose of any of its assets or receivables or purchase any asset.

     

    
      	
              19.6

            	
              Other
      Agreements

            

    

     

    
      	
               
      

            	
              (a)

            	
              Enter
      into or be a party to any agreement or instrument other than the Finance
      Documents, the Transaction Documents to which it is a party, and any
      agreement or instrument related to the incurrence of Pari Passu
      Indebtedness; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              Enter
      into or be a party to any agreement or instrument related to the
      incurrence of Pari Passu Indebtedness that does not include a provision
      substantially to the effect set forth in
  Clause 20.

            

    

     

    
      	
              19.7

            	
              Expenditure

            

    

     

    Except as
permitted by any Transaction Document, make any expenditure (by long-term or
operating lease or otherwise), excluding those relating to foreclosure, for
capital assets (both realty and personalty), unless such expenditure is approved
in writing by the Agent.

     

    
      	
              19.8

            	
              Restriction of
      business

            

    

     

    Engage in
any business or enterprise or enter into any material transaction other than as
contemplated by the Finance Documents and the Transaction
Documents.

     

    
      	
              19.9

            	
              Constitutional
      Documents

            

    

     

    Amend its
constitutional documents without the prior written consent of the
Agent.

     

    
      	
              19.10

            	
              Amendments to Transaction
      Documents

            

    

     

    Amend,
supplement, waive or modify, or consent to any amendment, supplement, waiver or
modification of, any Transaction Document except in accordance with the
provisions of this sub-clause 19.10.  Any provision of any
Transaction Document may be amended, waived, supplemented, restated, discharged
or terminated without the consent of the Agent or the Lenders; provided such amendment,
waiver, supplement or restatement does not:

     

    
      	
               
      

            	
              (a)

            	
              render
      the Series 2003-1 VFC Certificate subordinate in payment to any other
      Series under the Bunge Master
Trust;

            

    

     

    
      	
               
      

            	
              (b)

            	
              reduce
      in any manner the amount of, or delay the timing of, distributions which
      are required to be made on the Series 2003-1 VFC Certificate;
      or

            

    

     

    
      	
               
      

            	
              (c)

            	
              change
      the definition of or the manner of calculating the interest of the
      Borrower in the assets of the Bunge Master Trust;
  and

            

    

     

    provided further that the
Agent shall have received prior notice thereof together with copies of any
documentation related thereto.  Any amendment, waiver, supplement or
restatement of a provision of a Transaction Document (including any exhibit
thereto) of the type described in sub-clauses (a), (b) or (c) above shall
require the written consent of the Agent acting at the direction of the Majority
Lenders.

     

    
      
        
        

      

      
        - 37
-

        
          

        

      

      
        
        

      

    

     

    
      	
              19.11

            	
              Powers of
      Attorney

            

    

     

    Grant any
powers of attorney to any Person for any purposes except where permitted by the
Finance Documents.

     

    
      	
              19.12

            	
              Increase in Series 2003-1
      Investment Amount

            

    

     

    Increase
the Series 2003-1 Invested Amount during any Payment Period.

     

    
      	
              19.13

            	
              Servicer

            

    

     

    Take any
action which would permit the Servicer to have the right to refuse to perform
any of its respective obligations under the Servicing Agreement.

     

    
      	
              19.14

            	
              Hedge
      Agreements

            

    

     

    Enter
into any Hedge Agreement other than Hedge Agreements entered into in the
ordinary course of business to hedge or mitigate risks directly arising from its
borrowings under this Agreement or other Pari Passu Indebtedness.

     

     

    
      	
              20.

            	
              COVENANT OF AGENT AND
      LENDERS AND
      PATRIOT ACT NOTICE

            

    

     

    
      	
              20.1

            	
              No Bankruptcy Petition Against
      the Borrower; Liability of the
Borrower

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      of the Agent and the Lenders hereby covenants and agrees that, prior to
      the date which is one year and one day after the payment in full of all
      Loans and other amounts payable hereunder and all Pari Passu Indebtedness,
      it will not institute against, or join with or assist any other Person in
      instituting against, the Borrower, any bankruptcy, reorganization,
      arrangement, insolvency or liquidation proceedings, or other proceedings
      under any applicable insolvency laws.  This Clause 20 shall
      survive the termination of this
Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      any other provision hereof or of any other Finance Documents, the sole
      remedy of the Agent, any Lender or any other Person against the Borrower
      in respect of any obligation, covenant, representation, warranty or
      agreement of the Borrower under or related to this Agreement or any other
      Finance Document shall be against the assets of the
      Borrower.  Neither the Agent, nor any Lender nor any other
      Person shall have any claim against the Borrower 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 Clause 20 apply solely to the obligations of the
      Borrower and shall not extinguish such shortfall or otherwise restrict
      such Person’s rights or remedies against the
  Parent.

            

    

     

    
      	
              20.2

            	
              PATRIOT Act
      Notice

            

    

     

    Each
Finance Party hereby notifies the Borrower that, pursuant to the requirements of
the PATRIOT Act, it may be required to obtain, verify and record information
that identifies the Borrower, which information includes the name and address of
the Borrower and other information that will allow such Finance Party to
identify the Borrower in accordance with the PATRIOT Act.

     

    In this
Clause “PATRIOT Act”
shall mean the USA PATRIOT Act, Title III of Pub. L. 107-56, signed into law 26
October 2001.

     

    
      
        
        

      

      
        - 38
-

        
          

        

      

      
        
        

      

    

     

    
      	
              21.

            	
              EVENTS OF
      DEFAULT

            

    

     

    Each of
the events set out in Clauses 21.1(Non-payment) to 21.12 (Tax Status) (inclusive) is
an Event of Default.

     

    
      	
              21.1

            	
              Non-payment

            

    

     

    Any
Obligor shall fail to pay any principal of any Loan when due in accordance with
the terms hereof or any Obligor shall fail to pay any interest on any Loan or
any other amount payable hereunder or under any other Finance Document, unless
such failure to pay is caused by administrative or technical error and payment
is made within 5 Business Days of its due date; or

     

    
      	
              21.2

            	
              Misrepresentation

            

    

     

    Any
representation or warranty made or deemed made by the Borrower or the Parent
herein or in any other Finance Document or that is contained in any certificate,
document or financial or other statement furnished by it at any time under or in
connection with this Agreement or any such other Finance Document shall prove to
have been inaccurate in any material respect on or as of the date made or deemed
made; or

     

    
      	
              21.3

            	
              Other
      Obligations

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Borrower shall default in the observance or performance of any agreement
      contained in Clause 19 of this Agreement or the Parent shall default in
      the observance or performance of any agreement contained in Sections
      8.1(c), 8.1(g)(i), 8.1(h), 8.1(j) or 8.2 of the Parent Guarantee;
      or

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Borrower or the Parent shall default in the observance or performance of
      any other agreement contained in this Agreement or any other Finance
      Document (other than as provided in sub-clause 21.3(a) of this
      Clause), and if capable of being remedied such default shall continue
      unremedied for a period of 30 days after the earlier of (i) the date on
      which a Responsible Officer of the Borrower or the Parent has knowledge of
      such default and (ii) the Borrower or the Parent receives written notice
      thereof from the Agent or the Majority Lenders;
  or

            

    

     

    
      	
              21.4

            	
              Cross
      default

            

    

     

    The
Borrower, BAFC, BLFC or any other Investor Certificateholder that is an
Affiliate of the Parent shall

     

    
      	
               
      

            	
              (a)

            	
              default
      in making any payment of any principal of any Indebtedness (including any
      Guarantee Obligation, but excluding the Loans) or of any material amounts
      under any other agreement to which it is a party on the scheduled or
      original due date with respect thereto;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              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

            

    

     

    
      	
               
      

            	
              (c)

            	
              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, or any other event
      shall occur or 

            

    

     

    
      
        
        

      

      
        - 39
-

        
          

        

      

      
        
        

      

    

     

    condition
exist, the effect of which default or other event 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 Obligation) to become
payable; provided
that:

     

    
      	
               
      

            	
              (i)

            	
              a
      default, event or condition described in clause (a), (b) or (c) of this
      sub-clause 21.4 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 (a), (b) and (c) of this sub-clause 21.4
      shall have occurred and be continuing with respect to Indebtedness or
      other amounts the outstanding principal amount of which exceeds in the
      aggregate $50,000,000; provided further that the proviso specified in
      sub-clause 21.4(c)(i) shall be deemed inapplicable at any time that any
      Purchased Loan shall constitute a Defaulted Loan or shall have constituted
      a Delinquent Loan for a period of more than three (3) successive Business
      Days; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              sub-clause
      21.4(c) shall be deemed inapplicable if the occurrence of such event or
      condition referred to above gives rise to an obligation to make a
      mandatory prepayment without further demand of any person on terms agreed
      prior to the occurrence of such event or condition;
  or

            

    

     

    
      	
              21.5

            	
              Group
      default

            

    

     

    Any
member of the Group (other than the Borrower) shall

     

    
      	
               
      

            	
              (a)

            	
              default
      in making any payment of any principal of any Indebtedness (including any
      Guarantee Obligation, but excluding the Loans) or of any material amounts
      under any other agreement to which it is a party on the scheduled or
      original due date with respect thereto;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              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

            

    

     

    
      	
               
      

            	
              (c)

            	
              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, or any other event
      shall occur or condition exist, the effect of which default or other event
      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 Obligation) to become
      payable; provided
      that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      default, event or condition described in Clauses (a), (b) or (c) of this
      sub-clause 21.5 shall not at any time constitute an Event of Default
      unless, at such time, one or more defaults, events or conditions of the
      type 

            

    

     

    
      
        
        

      

      
        - 40
-

        
          

        

      

      
        
        

      

    

     

    described in Clauses (a),
(b) and (c) of this sub-clause 21.5 shall have occurred and be continuing
with respect to Indebtedness or other amounts the outstanding principal amount
of which exceeds in the aggregate $50,000,000; and

     

    
      	
               
      

            	
              (ii)

            	
              this
      sub-clause 21.5(c) shall be deemed inapplicable if the occurrence of such
      event or condition referred to above gives rise to an obligation to make a
      mandatory prepayment without further demand of any person on terms agreed
      prior to the occurrence of such event or condition;
  or

            

    

     

    
      	
              21.6

            	
              Insolvency
      Proceedings

            

    

     

    
      	
               
      

            	
              (a)

            	
              any
      member of the Group or Bunge Funding Inc. shall commence any case,
      proceedings or other action (i) under any existing or future law of any
      jurisdiction, domestic or foreign, relating to bankruptcy, insolvency,
      reorganisation or relief of debtors, seeking to have an order for relief
      entered with respect to it, or seeking to adjudicate it a bankrupt or
      insolvent, or seeking reorganisation, arrangement, adjustment, winding-up,
      liquidation, dissolution, composition or other relief with respect to it
      or its debts, or (ii) 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 any member of the Group or Bunge
      Funding Inc. shall make a general assignment for the benefit of its
      creditors; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              there
      shall be commenced against any member of the Group or Bunge Funding Inc.
      any case, proceeding or other action of a nature referred to in clause (a)
      above that (i) results in the entry of an order for relief or any such
      adjudication or appointment or (ii) remains undismissed, undischarged or
      unbonded for a period of 60 days;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              there
      shall be commenced against any member of the Group or Bunge Funding Inc.
      any case, proceeding or other action seeking issuance of a warrant of
      expropriation, attachment, sequestration, distress, 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

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      member of the Group or Bunge Funding, Inc. 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 (a), (b), or (c) above;
      or

            

    

     

    
      	
               
      

            	
              (e)

            	
              any
      member of the Group or Bunge Funding, Inc. shall generally not, or shall
      be unable to, or shall admit in writing its inability to pay its debts as
      they become due; or

            

    

     

    
      	
              21.7

            	
              Final Judgement against
      Group

            

    

     

    One or
more final judgements or orders shall be entered against any member of the Group
(other than the Borrower) involving in the aggregate a liability (not paid or
fully covered by insurance as to which the relevant insurance company has
acknowledged coverage) of $50,000,000 or more, and all such final judgements or
orders shall not have

    
       

      
        
          
          

        

        
          - 41
-

          
            

          

        

        
          
          

        

      

       

    

    been
vacated, discharged, stayed or bonded pending appeal within 30 days from the
entry thereof; or

     

    
      	
              21.8

            	
              Final Judgement against
      Borrower

            

    

     

    One or
more final judgements or orders shall be entered against the Borrower involving
in the aggregate a liability (not paid or fully covered by insurance as to which
the relevant insurance company has acknowledged coverage) of $50,000 or more,
and all such final judgements or orders shall not have been vacated, discharged,
stayed or bonded pending appeal within 30 days from the entry thereof;
or

     

     

    
      	
              21.9

            	
              Unlawfulness

            

    

     

    It is or
becomes unlawful for an Obligor to perform any of its obligations under the
Finance Documents; or

     

    
      	
              21.10

            	
              Repudiation

            

    

     

    An
Obligor repudiates a Finance Document or evidences an intention to repudiate a
Finance Document; or

     

    
      	
              21.11

            	
              Effectiveness

            

    

     

    Any of
the Finance Documents or the Transaction Documents shall cease, for any reason,
to be in full force and effect or the Borrower or the Parent shall so assert in
writing; or

     

    
      	
              21.12

            	
              Tax
    Status

            

    

     

    A notice
under Section 36 Dutch Tax Collection Act (Invorderingswet 1990) has
been given by any member of the Group.

     

    
      	
              21.13

            	
              Acceleration

            

    

     

    On and at
any time after the occurrence of an Event of Default (which is continuing) the
Agent may, and shall if so directed by the Majority Lenders, by notice to the
Borrower:

     

    
      	
               
      

            	
              (a)

            	
              cancel
      the Total Commitments whereupon they shall immediately be
      cancelled;

            

    

     

    
      	
               
      

            	
              (b)

            	
              declare
      that all or part of the Loans, together with accrued interest, and all
      other amounts accrued or outstanding under the Finance Documents be
      immediately due and payable, whereupon they shall become immediately due
      and payable; and/or

            

    

     

    
      	
               
      

            	
              (c)

            	
              with
      the consent of the Majority Lenders, the Agent may, or upon the request of
      the Majority Lenders, the Agent shall, by notice to the Borrower, instruct
      the Borrower to, and in such event the Borrower shall, instruct the
      trustee of the Bunge Master Trust to declare the principal and accrued
      interest in respect of the Purchased Loans to be due and
      payable.  Except as expressly provided above in this Clause,
      presentment, demand, protest and all other notices of any kind are hereby
      expressly waived by the Borrower,

            

    

     

    provided that if an Event of
Default under Clause 21.6 (Insolvency Proceedings) shall
occur in respect of the Group or Bunge Funding, Inc., then without notice or any
other act by the Agent or any other person, the Loans, interest thereon and all
other amounts

     

    
      
        
        

      

      
        - 42
-

        
          

        

      

      
        
        

      

    

     

    owed
under the Finance Documents shall become immediately due and payable without
presentment, demand, protest or notice of any kind, all of which are expressly
waived.

     

     

    
      	
              22.

            	
              USE OF
      WEBSITES

            

    

     

    
      22.1

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower may satisfy its obligation to deliver any public information to
      the Lenders by posting this information onto an electronic website
      designated by the Borrower and the Agent (the “Designated Website”) by
      notifying the Agent (i) of the address of the website together with any
      relevant password specifications and (ii) that such information has been
      posted on the website.

            

    

     

    
      	
               
      

            	
              (b)

            	
              In
      any event the Borrower shall supply the Agent with one copy in paper form
      of any information which is posted onto the
  website.

            

    

     

    
      	
              22.2

            	
              The
      Agent shall supply each Lender with the address of and any relevant
      password specifications for the Designated Website following designation
      of that website by the Borrower and the
Agent.

            

    

     

    
      	
              22.3

            	
              The
      Borrower shall promptly upon becoming aware of its occurrence notify the
      Agent if:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      Designated Website cannot be accessed due to technical
      failure;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      password specifications for the Designated Website
  change;

            

    

     

    
      	
               
      

            	
              (c)

            	
              any
      new information which is required to be provided under this Agreement is
      posted onto the Designated Website;

            

    

     

    
      	
               
      

            	
              (d)

            	
              any
      existing information which has been provided under this Agreement and
      posted onto the Designated Website is amended;
  or

            

    

     

    
      	
               
      

            	
              (e)

            	
              the
      Borrower becomes aware that the Designated Website or any information
      posted onto the Designated Website is or has been infected by any
      electronic virus or similar
software.

            

    

     

    If the
Borrower notifies the Agent under paragraph 22.3(a) or
paragraph 22.3(e) above, all information to be provided by the Borrower
under this Agreement after the date of that notice shall be supplied in paper
form unless and until the Agent is satisfied that the circumstances giving rise
to the notification are no longer continuing.

     

    
      	
              22.4

            	
              “Know your customer”
      checks

            

    

     

    
      	
               
      

            	
              (a)

            	
              If:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      introduction of or any change in (or in the interpretation, administration
      or application of) any law or regulation made after the date of this
      Agreement;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      change in the status of an Obligor or the composition of the shareholders
      of an Obligor after the date of this Agreement;
  or

            

    

     

    
      
        
        

      

      
        - 43
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      proposed assignment or transfer by a Lender of any of its rights and
      obligations under this Agreement to a party that is not a Lender prior to
      such assignment or transfer,

            

    

     

    obliges
the Agent or any Lender (or, in the case of paragraph (iii) above, any
prospective new Lender) to comply with “know your customer” or similar
identification procedures in circumstances where the necessary information is
not already available to it, each Obligor shall promptly upon the request of the
Agent or any Lender supply, or procure the supply of, such documentation and
other evidence as is reasonably requested by the Agent (for itself or on behalf
of any Lender) or any Lender (for itself or, in the case of the event described
in paragraph (iii) above, on behalf of any prospective new Lender) in order for
the Agent, such Lender or, in the case of the event described in paragraph (iii)
above, any prospective new Lender to carry out and be satisfied it has complied
with all necessary “know your customer” or other similar checks under all
applicable laws and regulations pursuant to the transactions contemplated in the
Finance Documents.

     

    
      	
               
      

            	
              (b)

            	
              Each
      Lender shall promptly upon the request of the Agent supply, or procure the
      supply of, such documentation and other evidence as is reasonably
      requested by the Agent (for itself) in order for the Agent to carry out
      and be satisfied it has complied with all necessary “know your customer”
      or other similar checks under all applicable laws and regulations pursuant
      to the transactions contemplated in the Finance
  Documents.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        - 44
-

        
          

        

      

      
        
        

      

    

     

    CHANGES
TO PARTIES

     

     

    
      	
              23.

            	
              CHANGES TO THE
      LENDERS

            

    

     

    
      	
              23.1

            	
              Assignments and transfers by
      the Lenders

            

    

    Subject
to this Clause 23, a Lender (the “Existing Lender”)
may:

     

    
      	
               
      

            	
              (a)

            	
              assign
      any of its rights; or

            

    

     

    
      	
               
      

            	
              (b)

            	
              transfer
      by novation any of its rights and
obligations,

            

    

     

    to
another bank or financial institution or to a trust, fund or other entity which
is regularly engaged in or established for the purpose of making, purchasing or
investing in loans, securities or other financial assets (the “New Lender”).

     

    

    
      	
              23.2

            	
              Conditions of assignment or
      transfer

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      consent of the Borrower (not to be unreasonably withheld or delayed) is
      required for an assignment or transfer by a Lender, unless the assignment
      or transfer is to another Lender or an Affiliate of a Lender, or an Event
      of Default has occurred and has not been
waived.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Borrower will be deemed to have given its consent five Business Days after
      the Lender has requested it unless consent is expressly refused by the
      Borrower within that time.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      consent of the Borrower to an assignment or transfer must not be withheld
      solely because the assignment or transfer may result in an increase to the
      Mandatory Cost.

            

    

     

    
      	
               
      

            	
              (d)

            	
              An
      assignment will only be effective:

            

    

     

    
      	
               
      

            	
              (i)

            	
              on
      receipt by the Agent of written confirmation from the New Lender (in form
      and substance satisfactory to the Agent) that the New Lender will assume
      the same obligations to the other Finance Parties as it would have been
      under if it was an Original Lender;
and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              performance
      by the Agent of all necessary “know your customer” or other similar checks
      under all applicable laws and regulations in relation to such assignment
      to a New Lender, the completion of which the Agent shall promptly notify
      to the Existing Lender and the New
Lender.

            

    

     

    
      	
               
      

            	
              (e)

            	
              A
      transfer will only be effective if the procedure set out in Clause
      23.5  (Procedure for transfer)
      is complied with.

            

    

     

    
      	
               
      

            	
              (f)

            	
              If:

            

    

     

    
      	
               
      

            	
              (i)

            	
              a
      Lender assigns or transfers any of its rights or obligations under the
      Finance Documents or changes its Facility Office;
  and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              as
      a result of circumstances existing at the date the assignment, transfer or
      change occurs, the Borrower would be obliged to make a payment to the
      

            

    

     

    
      
        
        

      

      
        - 45
-

        
          

        

      

      
        
        

      

    

     

    New
Lender or Lender acting through its new Facility Office under Clause 12 (Tax
gross-up and indemnities) or Clause 13 (Increased
costs),

     

    then the
New Lender or Lender acting through its new Facility Office is only entitled to
receive payment under those Clauses to the same extent as the Existing Lender or
Lender acting through its previous Facility Office would have been if the
assignment, transfer or change had not occurred.

     

    
      	
               
      

            	
              (g)

            	
              An
      assignment or transfer of part (but not all) of a Lender’s Commitment and
      Loans must (unless such transfer or assignment is to an Existing Lender or
      an Event of Default has occurred and is continuing) be in a minimum
      aggregate amount of $5 million.

            

    

     

    
      	
               
      

            	
              (h)

            	
              Without
      prejudice to paragraph (g) above, the amount transferred to a New Lender
      in relation to a Loan or a Commitment shall be at least the dollar
      equivalent of EUR 50,000 or, if it is less, the New Lender shall confirm
      to the Borrower that it is a “professional market party” within the
      meaning of the Dutch FSA.

            

    

     

    

    
      	
              23.3

            	
              Assignment or transfer
      fee

            

    

     

    The New
Lender shall, on the date upon which an assignment or transfer takes effect, pay
to the Agent (for its own account) a fee of $1,500.

     

    
      	
              23.4

            	
              Limitation of responsibility of
      Existing Lenders

            

    

     

    
      	
               
      

            	
              (a)

            	
              Unless
      expressly agreed to the contrary, an Existing Lender makes no
      representation or warranty and assumes no responsibility to a New Lender
      for:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      legality, validity, effectiveness, adequacy or enforceability of the
      Finance Documents or any other
documents;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              the
      financial condition of any Obligor;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      performance and observance by any Obligor of its obligations under the
      Finance Documents or any other documents;
or

            

    

     

    
      	
               
      

            	
              (iv)

            	
              the
      accuracy of any statements (whether written or oral) made in or in
      connection with any Finance Document or any other
  document,

            

    

     

    and any
representations or warranties implied by law are excluded.

     

    
      	
               
      

            	
              (b)

            	
              Each
      New Lender confirms to the Existing Lender and the other Finance Parties
      that it:

            

    

     

    
      	
               
      

            	
              (i)

            	
              has
      made (and shall continue to make) its own independent investigation and
      assessment of the financial condition and affairs of any member of the
      Group and its related entities in connection with its participation in
      this Agreement and has not relied exclusively on any information provided
      to it by the Existing Lender in connection with any Finance Document;
      and

            

    

     

    
      
        
        

      

      
        - 46
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (ii)

            	
              will
      continue to make its own independent appraisal of the creditworthiness of
      each Obligor and its related entities whilst any amount is or may be
      outstanding under the Finance Documents or any Commitment is in
      force.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Nothing
      in any Finance Document obliges an Existing Lender
  to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              accept
      a re-transfer from a New Lender of any of the rights and obligations
      assigned or transferred under this Clause 23;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              support
      any losses directly or indirectly incurred by the New Lender by reason of
      the non-performance by any Obligor of its obligations under the Finance
      Documents or otherwise.

            

    

     

    
      	
              23.5

            	
              Procedure for
      transfer

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to the conditions set out in Clause 23.2 (Conditions of assignment or
      transfer) a transfer is effected in accordance with paragraph (b)
      below when the Agent executes an otherwise duly completed Transfer
      Certificate delivered to it by the Existing Lender and the New
      Lender.  The Agent shall, as soon as reasonably practicable
      after receipt by it of a duly completed Transfer Certificate appearing on
      its face to comply with the terms of this Agreement and delivered in
      accordance with the terms of this Agreement, execute that Transfer
      Certificate.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Agent shall only be obliged to execute a Transfer Certificate delivered to
      it by the Existing Lender and the New Lender once it is satisfied it has
      complied with all necessary “know your customer” or other similar checks
      under all applicable laws and regulations in relation to the transfer to
      such New Lender.

            

    

     

    
      	
               
      

            	
              (c)

            	
              On
      the Transfer Date:

            

    

     

    
      	
               
      

            	
              (i)

            	
              to
      the extent that in the Transfer Certificate the Existing Lender seeks to
      transfer by novation its rights and obligations under the Finance
      Documents each of the Obligors and the Existing Lender shall be released
      from further obligations towards one another under the Finance Documents
      and their respective rights against one another under the Finance
      Documents shall be cancelled (being the “Discharged Rights and
      Obligations”);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              each
      of the Obligors and the New Lender shall assume obligations towards one
      another and/or acquire rights against one another which differ from the
      Discharged Rights and Obligations only insofar as that Obligor and the New
      Lender have assumed and/or acquired the same in place of that Obligor and
      the Existing Lender;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              the
      Agent, the Arrangers, the New Lender and other Lenders shall acquire the
      same rights and assume the same obligations between themselves as they
      would have acquired and assumed had the New Lender been an Existing Lender
      with the rights and/or obligations acquired or assumed by it as a result
      of the transfer and to that extent the Agent, the Arrangers and
      

            

    

     

    
      
        
        

      

      
        - 47
-

        
          

        

      

      
        
        

      

    

     

    the
Existing Lender shall each be released from further obligations to each other
under the Finance Documents; and

     

    
      	
               
      

            	
              (iv)

            	
              the
      New Lender shall become a Party as a
“Lender”.

            

    

     

    
      	
              23.6

            	
              Disclosure of
      information

            

    

     

    Any
Lender may disclose to any of its Affiliates and any other person:

     

    
      	
               
      

            	
              (a)

            	
              to
      (or through) whom that Lender assigns or transfers (or may potentially
      assign or transfer) all or any of its rights and obligations under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (b)

            	
              with
      (or through) whom that Lender enters into (or may potentially enter into)
      any sub-participation, any securitisation, or any hedge, in relation to,
      or any other transaction under which payments are to be made by reference
      to, this Agreement or any Obligor;
or

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      whom, and to the extent, that information is required to be disclosed by
      any applicable law or regulation,

            

    

     

    any
information about the Borrower, the Group and the Finance Documents as that
Lender shall consider appropriate if, in relation to paragraphs (a) and (b)
above, the person to whom the information is to be given has entered into a
Confidentiality Undertaking.  In addition, a Lender may make any
disclosure of information required by any applicable law or
regulation.

     

     

    
      	
              24.

            	
              CHANGES TO THE BORROWER

            

    

     

    The
Borrower may not assign any of its rights or transfer any of its rights or
obligations under the Finance Documents.

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 48
-

        
          

        

      

      
        
        

      

    

     

    THE
FINANCE PARTIES

     

     

    
      	
              25.

            	
              ROLE OF THE AGENT AND THE
      ARRANGERS

            

    

     

    
      	
              25.1

            	
              Appointment of the
      Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              Each
      other Finance Party appoints the Agent to act as its agent under and in
      connection with the Finance
Documents.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Each
      other Finance Party authorises the Agent to exercise the rights, powers,
      authorities and discretions specifically given to the Agent under or in
      connection with the Finance Documents together with any other incidental
      rights, powers, authorities and
discretions.

            

    

     

    
      	
              25.2

            	
              Duties of the
      Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Agent shall promptly forward to a Party the original or a copy of any
      document which is delivered to the Agent for that Party by any other
      Party.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Except
      where a Finance Document specifically provides otherwise, the Agent is not
      obliged to review or check the adequacy, accuracy or completeness of any
      document it forwards to another
Party.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      the Agent receives notice from a Party referring to this Agreement,
      describing a Default and stating that the circumstance described is a
      Default, it shall promptly notify the other Finance
    Parties.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      the Agent is aware of the non-payment of any principal, interest,
      commitment fee or other fee payable to a Finance Party (other than the
      Agent or the Arrangers) under this Agreement it shall promptly notify the
      other Finance Parties.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Agent’s duties under the Finance Documents are solely mechanical and
      administrative in nature.

            

    

     

    
      	
              25.3

            	
              Role of the
      Arrangers

            

    

     

    Except as
specifically provided in the Finance Documents, the Arrangers have no
obligations of any kind to any other Party under or in connection with any
Finance Document.

     

    
      	
              25.4

            	
              No fiduciary
      duties

            

    

     

    
      	
               
      

            	
              (a)

            	
              Nothing
      in this Agreement constitutes the Agent or the Arrangers as a trustee or
      fiduciary of any other person.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Neither
      the Agent nor the Arrangers shall be bound to account to any Lender for
      any sum or the profit element of any sum received by it for its own
      account.

            

    

     

    
      	
              25.5

            	
              Business with the
      Group

            

    

     

    The Agent
and the Arrangers may accept deposits from, lend money to and generally engage
in any kind of banking or other business with any member of the
Group.

     

    
      
        
        

      

      
        - 49
-

        
          

        

      

      
        
        

      

    

     

    
      	
              25.6

            	
              Rights and discretions of the
      Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Agent may rely on:

            

    

     

    
      	
               
      

            	
              (i)

            	
              any
      representation, notice or document believed by it to be genuine, correct
      and appropriately authorised; and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      statement made by a director, authorised signatory or employee of any
      person regarding any matters which may reasonably be assumed to be within
      his knowledge or within his power to
verify.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Agent may assume (unless it has received notice to the contrary in its
      capacity as agent for the Lenders)
that:

            

    

     

    
      	
               
      

            	
              (i)

            	
              no
      Default has occurred (unless it has actual knowledge of a Default arising
      under Clause 21.1 (Non-payment));
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              any
      right, power, authority or discretion vested in any Party or the Majority
      Lenders has not been exercised.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Agent may engage, pay for and rely on the advice or services of any
      lawyers, accountants, surveyors or other
  experts.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      Agent may act in relation to the Finance Documents through its personnel
      and agents.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Agent may disclose to any other Party any information it reasonably
      believes it has received as agent under this
  Agreement.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Notwithstanding
      any other provision of any Finance Document to the contrary, neither the
      Agent nor any Arranger is obliged to do or omit to do anything if it would
      or might in its reasonable opinion constitute a breach of any law or
      regulation or a breach of a fiduciary duty or duty of
      confidentiality.

            

    

     

    
      	
              25.7

            	
              Majority Lenders’
      instructions

            

    

     

    
      	
               
      

            	
              (a)

            	
              Unless
      a contrary indication appears in a Finance Document, the Agent shall (i)
      exercise any right, power, authority or discretion vested in it as Agent
      in accordance with any instructions given to it by the Majority Lenders
      (or, if so instructed by the Majority Lenders, refrain from exercising any
      right, power, authority or discretion vested in it as Agent) and (ii) not
      be liable for any act (or omission) if it acts (or refrains from taking
      any action) in accordance with an instruction of the Majority
      Lenders.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Unless
      a contrary indication appears in a Finance Document, any instructions
      given by the Majority Lenders will be binding on all the Finance
      Parties.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Agent may refrain from acting in accordance with the instructions of the
      Majority Lenders (or, if appropriate, the Lenders) until it has received
      such security as it may require for any cost, loss or liability (together
      with any associated VAT) which it may incur in complying with the
      instructions.

            

    

     

    
      
        
        

      

      
        - 50
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (d)

            	
              In
      the absence of instructions from the Majority Lenders, (or, if
      appropriate, the Lenders) the Agent may act (or refrain from taking
      action) as it considers to be in the best interest of the
      Lenders.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Agent is not authorised to act on behalf of a Lender (without first
      obtaining that Lender’s consent) in any legal or arbitration proceedings
      relating to any Finance Document.

            

    

     

    
      	
              25.8

            	
              Responsibility for
      documentation

            

    

     

    Neither
the Agent nor any Arranger:

     

    
      	
               
      

            	
              (a)

            	
              is
      responsible for the adequacy, accuracy and/or completeness of any
      information (whether oral or written) supplied by the Agent, an Arranger,
      an Obligor or any other Person given in or in connection with any Finance
      Document or the Information Memorandum;
or

            

    

     

    
      	
               
      

            	
              (b)

            	
              is
      responsible for the legality, validity, effectiveness, adequacy or
      enforceability of any Finance Document or any other agreement, arrangement
      or document entered into, made or executed in anticipation of or in
      connection with any Finance
Document.

            

    

     

    
      	
              25.9

            	
              Exclusion of
      liability

            

    

     

    
      	
               
      

            	
              (a)

            	
              Without
      limiting paragraph (b) below, the Agent will not be liable for any action
      taken by it under or in connection with any Finance Document, unless
      directly caused by its gross negligence or wilful
    misconduct.

            

    

     

    
      	
               
      

            	
              (b)

            	
              No
      Party (other than the Agent) may take any proceedings against any officer,
      employee or agent of the Agent in respect of any claim it might have
      against the Agent or in respect of any act or omission of any kind by that
      officer, employee or agent in relation to any Finance Document and any
      officer, employee or agent of the Agent may rely on this Clause subject to
      Clause 1.4 (Third Party
      Rights) and the provisions of the Third Parties
  Act.

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Agent will not be liable for any delay (or any related consequences) in
      crediting an account with an amount required under the Finance Documents
      to be paid by the Agent if the Agent has taken all necessary steps as soon
      as reasonably practicable to comply with the regulations or operating
      procedures of any recognised clearing or settlement system used by the
      Agent for that purpose.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Nothing
      in this Agreement shall oblige the Agent or the Arranger to carry out any
      “know your customer” or other checks in relation to any person on behalf
      of any Lender and each Lender confirms to the Agent and the Arranger that
      it is solely responsible for any such checks it is required to carry out
      and that it may not rely on any statement in relation to such checks made
      by the Agent or the Arranger.

            

    

     

    
      	
              25.10

            	
              Lenders’ indemnity to the
      Agent

            

    

     

    Each
Lender shall (in proportion to its share of the Total Commitments or, if the
Total Commitments are then zero, to its share of the Total Commitments
immediately prior to

     

    
      
        
        

      

      
        - 51
-

        
          

        

      

      
        
        

      

    

     

    their
reduction to zero) indemnify the Agent, within three Business Days of demand,
against any cost, loss or liability incurred by the Agent (otherwise than by
reason of the Agent’s gross negligence or wilful misconduct) in acting as Agent
under the Finance Documents (unless the Agent has been reimbursed by an Obligor
pursuant to a Finance Document, and provided that such Lender indemnification
shall not affect any Obligor’s reimbursement obligations to such Lender under
any Finance Document).

     

    
      	
              25.11

            	
              Resignation of the
      Agent

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Agent may resign and appoint one of its Affiliates acting through an
      office as successor by giving notice to the other Finance Parties and the
      Borrower.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Alternatively
      the Agent may resign by giving notice to the other Finance Parties and the
      Borrower, in which case the Majority Lenders (after consultation with the
      Borrower) may appoint a successor
Agent.

            

    

     

    
      	
               
      

            	
              (c)

            	
              If
      the Majority Lenders have not appointed a successor Agent in accordance
      with paragraph (b) above within 30 days after notice of resignation was
      given, the Agent (after consultation with the Borrower) may appoint a
      successor Agent.

            

    

     

    
      	
               
      

            	
              (d)

            	
              The
      retiring Agent shall, at its own cost, make available to the successor
      Agent such documents and records and provide such assistance as the
      successor Agent may reasonably request for the purposes of performing its
      functions as Agent under the Finance
Documents.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      Agent’s resignation notice shall only take effect upon the appointment of
      a successor.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Upon
      the appointment of a successor, the retiring Agent shall be discharged
      from any further obligation in respect of the Finance Documents but shall
      remain entitled to the benefit of this Clause 25.  Its successor
      and each of the other Parties shall have the same rights and obligations
      amongst themselves as they would have had if such successor had been an
      original Party.

            

    

     

    
      	
               
      

            	
              (g)

            	
              After
      consultation with the Borrower, the Majority Lenders may, by notice to the
      Agent, require it to resign in accordance with paragraph (b)
      above.  In this event, the Agent shall resign in accordance with
      paragraph (b) above.

            

    

     

    
      	
              25.12

            	
              Confidentiality

            

    

     

    
      	
               
      

            	
              (a)

            	
              In
      acting as agent for the Finance Parties, the Agent shall be regarded as
      acting through its agency division which shall be treated as a separate
      entity from any other of its divisions or
  departments.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      information is received by another division or department of the Agent, it
      may be treated as confidential to that division or department and the
      Agent shall not be deemed to have notice of
it.

            

    

     

    
      	
              25.13

            	
              Relationship with the
      Lenders

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Agent may treat each Lender as a Lender entitled to payments under this
      Agreement and acting through its Facility Office unless it has received
      not less 

            

    

     

    
      
        
        

      

      
        - 52
-

        
          

        

      

      
        
        

      

    

     

    than
five Business Days prior notice from that Lender to the contrary in accordance
with the terms of this Agreement.

     

    
      	
               
      

            	
              (b)

            	
              Each
      Lender shall supply the Agent with any information required by the Agent
      in order to calculate the Mandatory Cost in accordance with Schedule 5
      (Mandatory Cost
      Formula).

            

    

     

    
      	
              25.14

            	
              Credit appraisal by the
      Lenders

            

    

     

    Without
affecting the responsibility of any Obligor for information supplied by it or on
its behalf in connection with any Finance Document, each Lender confirms to the
Agent and the Arrangers that it has been, and will continue to be, solely
responsible for making its own independent appraisal and investigation of all
risks arising under or in connection with any Finance Document including but not
limited to:

     

    
      	
               
      

            	
              (a)

            	
              the
      financial condition, status and nature of each member of the
      Group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      legality, validity, effectiveness, adequacy or enforceability of any
      Finance Document and any other agreement, arrangement or document entered
      into, made or executed in anticipation of, under or in connection with any
      Finance Document;

            

    

     

    
      	
               
      

            	
              (c)

            	
              whether
      that Lender has recourse, and the nature and extent of that recourse,
      against any Party or any of its respective assets under or in connection
      with any Finance Document, the transactions contemplated by the Finance
      Documents or any other agreement, arrangement or document entered into,
      made or executed in anticipation of, under or in connection with any
      Finance Document; and

            

    

     

    
      	
               
      

            	
              (d)

            	
              the
      adequacy, accuracy and/or completeness of the Information Memorandum and
      any other information provided by the Agent, any Party or by any other
      person under or in connection with any Finance Document, the transactions
      contemplated by the Finance Documents or any other agreement, arrangement
      or document entered into, made or executed in anticipation of, under or in
      connection with any Finance
Document.

            

    

     

    
      	
              25.15

            	
              Reference
      Banks

            

    

     

    If a
Reference Bank (or, if a Reference Bank is not a Lender, the Lender of which it
is an Affiliate) ceases to be a Lender, the Agent shall (in consultation with
the Borrower) appoint another Lender or an Affiliate of a Lender to replace that
Reference Bank.

     

    
      	
              25.16

            	
              Deduction from amounts payable
      by the Agent

            

    

     

    If any
Party owes an amount to the Agent under the Finance Documents the Agent may,
after giving notice to that Party, deduct an amount not exceeding that amount
from any payment to that Party which the Agent would otherwise be obliged to
make under the Finance Documents and apply the amount deducted in or towards
satisfaction of the amount owed.  For the purposes of the Finance
Documents that Party shall be regarded as having received any amount so
deducted.

     

    
      
        
        

      

      
        - 53
-

        
          

        

      

      
        
        

      

    

     

    
      	
              26.

            	
              CONDUCT OF BUSINESS BY THE
      FINANCE PARTIES

            

    

     

    No
provision of this Agreement will:

     

    
      	
               
      

            	
              (a)

            	
              interfere
      with the right of any Finance Party to arrange its affairs (tax or
      otherwise) in whatever manner it thinks
fit;

            

    

     

    
      	
               
      

            	
              (b)

            	
              oblige
      any Finance Party to investigate or claim any credit, relief, remission or
      repayment available to it or the extent, order and manner of any claim;
      or

            

    

     

    
      	
               
      

            	
              (c)

            	
              oblige
      any Finance Party to disclose any information relating to its affairs (tax
      or otherwise) or any computations in respect of
  Tax.

            

    

     

     

    
      	
              27.

            	
              SHARING AMONG THE FINANCE
      PARTIES

            

    

     

    
      	
              27.1

            	
              Payments to Finance
      Parties

            

    

     

    If a
Finance Party (a “Recovering
Finance Party”) receives or recovers any amount from an Obligor other
than in accordance with Clause 28 (Payment mechanics) and
applies that amount to a payment due under the Finance Documents
then:

     

    
      	
               
      

            	
              (a)

            	
              the
      Recovering Finance Party shall, within three Business Days, notify details
      of the receipt or recovery, to the
Agent;

            

    

     

    
      	
               
      

            	
              (b)

            	
              the
      Agent shall determine whether the receipt or recovery is in excess of the
      amount the Recovering Finance Party would have been paid had the receipt
      or recovery been received or made by the Agent and distributed in
      accordance with Clause 28 (Payment mechanics),
      without taking account of any Tax which would be imposed on the Agent in
      relation to the receipt, recovery or distribution;
  and

            

    

     

    
      	
               
      

            	
              (c)

            	
              the
      Recovering Finance Party shall, within three Business Days of demand by
      the Agent, pay to the Agent an amount (the “Sharing Payment”) equal
      to such receipt or recovery less any amount which the Agent determines may
      be retained by the Recovering Finance Party as its share of any payment to
      be made, in accordance with Clause 28.5 (Partial
      payments).

            

    

     

    
      	
              27.2

            	
              Redistribution of
      payments

            

    

     

    The Agent
shall treat the Sharing Payment as if it had been paid by the Borrower and
distribute it between the Finance Parties (other than the Recovering Finance
Party) in accordance with Clause 28.5 (Partial
payments).

     

    
      	
              27.3

            	
              Recovering Finance Party’s
      rights

            

    

     

    
      	
               
      

            	
              (a)

            	
              On
      a distribution by the Agent under Clause 27.2 (Redistribution of
      payments), the Recovering Finance Party will be subrogated to the
      rights of the Finance Parties which have shared in the
      redistribution.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      and to the extent that the Recovering Finance Party is not able to rely on
      its rights under paragraph (a) above, the Borrower shall be liable to the
      Recovering Finance Party for a debt equal to the Sharing Payment which is
      immediately due and payable.

            

    

     

    
      
        
        

      

      
        - 54
-

        
          

        

      

      
        
        

      

    

     

    
      	
              27.4

            	
              Reversal of
      redistribution

            

    

     

    If any
part of the Sharing Payment received or recovered by a Recovering Finance Party
becomes repayable and is repaid by that Recovering Finance Party,
then:

     

    
      	
               
      

            	
              (a)

            	
              each
      Finance Party which has received a share of the relevant Sharing Payment
      pursuant to Clause 27.2 (Redistribution of
      payments) shall, upon request of the Agent, pay to the Agent for
      account of that Recovering Finance Party an amount equal to the
      appropriate part of its share of the  Sharing Payment (together
      with an amount as is necessary to reimburse that Recovering Finance Party
      for its proportion of any interest on the Sharing Payment which that
      Recovering Finance Party is required to pay);
  and

            

    

     

    
      	
               
      

            	
              (b)

            	
              that
      Recovering Finance Party’s rights of subrogation in respect of any
      reimbursement shall be cancelled and the Borrower will be liable to the
      reimbursing Finance Party for the amount so
  reimbursed.

            

    

     

    
      	
              27.5

            	
              Exceptions

            

    

     

    
      	
               
      

            	
              (a)

            	
              This
      Clause 27 shall not apply to the extent that the Recovering Finance Party
      would not, after making any payment pursuant to this Clause, have a valid
      and enforceable claim against the
Borrower.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      Recovering Finance Party is not obliged to share with any other Finance
      Party any amount which the Recovering Finance Party has received or
      recovered as a result of taking legal or arbitration proceedings,
      if:

            

    

     

    
      	
               
      

            	
              (i)

            	
              it
      notified that other Finance Party of the legal or arbitration proceedings;
      and

            

    

     

    
      	
               
      

            	
              (ii)

            	
              that
      other Finance Party had an opportunity to participate in those legal or
      arbitration proceedings but did not do so as soon as reasonably
      practicable having received notice and did not take separate legal or
      arbitration proceedings.

            

    

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 55
-

        
          

        

      

      
        
        

      

    

     

    ADMINISTRATION

     

     

    
      	
              28.

            	
              PAYMENT
      MECHANICS

            

    

     

    
      	
              28.1

            	
              Payments to the
      Agent

            

    

     

    On each
date on which the Borrower or a Lender is required to make a payment under a
Finance Document, the Borrower or Lender shall make the same available to the
Agent (unless a contrary indication appears in a Finance Document) for value on
the due date at the time and in such funds specified by the Agent as being
customary at the time for settlement of transactions in dollars in the place of
payment.

     

    
      	
              28.2

            	
              Distributions by the
      Agent

            

    

     

    Each
payment received by the Agent under the Finance Documents for another Party
shall, subject to Clause 28.3 (Distributions to an Obligor),
Clause 28.4 (Clawback)
and Clause 25.16 (Deduction
from amounts payable by the Agent) be made available by the Agent as soon
as practicable after receipt to the Party entitled to receive payment in
accordance with this Agreement (in the case of a Lender, for the account of its
Facility Office), to such account as that Party may notify to the Agent by not
less than five Business Days’ notice.

     

    
      	
              28.3

            	
              Distributions to the
    Borrower

            

    

     

    The Agent
may (with the consent of the Borrower or in accordance with Clause 29 (Set-off)) apply any amount
received by it for the Borrower in or towards payment (on the date and in the
currency and funds of receipt) of any amount due from the Borrower under the
Finance Documents or in or towards purchase of any amount of any currency to be
so applied.

     

    
      	
              28.4

            	
              Clawback

            

    

     

    
      	
               
      

            	
              (a)

            	
              Where
      a sum is to be paid to the Agent under the Finance Documents for another
      Party, the Agent is not obliged to pay that sum to that other Party (or to
      enter into or perform any related exchange contract) until it has been
      able to establish to its satisfaction that it has actually received that
      sum.

            

    

     

    
      	
               
      

            	
              (b)

            	
              If
      the Agent pays an amount to another Party and it proves to be the case
      that the Agent had not actually received that amount, then the Party to
      whom that amount (or the proceeds of any related exchange contract) was
      paid by the Agent shall on demand refund the same to the Agent together
      with interest on that amount from the date of payment to the date of
      receipt by the Agent, calculated by the Agent to reflect its cost of
      funds.

            

    

     

    
      	
              28.5

            	
              Partial
      payments

            

    

     

    
      	
               
      

            	
              (a)

            	
              If
      the Agent receives a payment that is insufficient to discharge all the
      amounts then due and payable by the Borrower under the Finance Documents,
      the Agent shall apply that payment towards the obligations of the Borrower
      under the Finance Documents in the following
  order:

            

    

     

    
      	
               
      

            	
              (i)

            	
              first, in or towards
      payment pro rata of any unpaid fees, costs and expenses of the Agent and
      the Arrangers under the Finance
Documents;

            

    

     

    
      
        
        

      

      
        - 56
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (ii)

            	
              secondly, in or towards
      payment pro rata of any accrued interest, fee or commission due but unpaid
      under this Agreement;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              thirdly, in or towards
      payment pro rata of any principal due but unpaid under this Agreement;
      and

            

    

     

    
      	
               
      

            	
              (iv)

            	
              fourthly, in or towards
      payment pro rata of any other sum due but unpaid under the Finance
      Documents.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Agent shall, if so directed by the Majority Lenders, vary the order set
      out in paragraphs (a)(ii) to (iv)
above.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Paragraphs
      (a) and (b) above will override any appropriation made by the
      Borrower.

            

    

     

    
      	
              28.6

            	
              No set-off by the
    Borrower

            

    

     

    All
payments to be made by the Borrower under the Finance Documents shall be
calculated and be made without (and free and clear of any deduction for) set-off
or counterclaim.

     

    
      	
              28.7

            	
              Business
      Days

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      payment which is due to be made on a day that is not a Business Day shall
      be made on the next Business Day in the same calendar month (if there is
      one) or the preceding Business Day (if there is
  not).

            

    

     

    
      	
               
      

            	
              (b)

            	
              During
      any extension of the due date for payment of any principal or Unpaid Sum
      under this Agreement interest is payable on the principal or Unpaid Sum at
      the rate payable on the original due
date.

            

    

     

    
      	
              28.8

            	
              Currency of
      account

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraphs (b) to (e) below, dollars is the currency of account and
      payment for any sum due from the Borrower under any Finance
      Document.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      repayment of a Loan or Unpaid Sum or a part of a Loan or Unpaid Sum shall
      be made in the currency in which that Loan or Unpaid Sum is denominated on
      its due date.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Each
      payment of interest shall be made in the currency in which the sum in
      respect of which the interest is payable was denominated when that
      interest accrued.

            

    

     

    
      	
               
      

            	
              (d)

            	
              Each
      payment in respect of costs, expenses or Taxes shall be made in the
      currency in which the costs, expenses or Taxes are
    incurred.

            

    

     

    
      	
               
      

            	
              (e)

            	
              Any
      amount expressed to be payable in a currency other than dollars shall be
      paid in that other currency.

            

    

     

     

    
      	
              29.

            	
              SET-OFF

            

    

     

    A Finance
Party may set off any matured obligation due from the Borrower under the Finance
Documents (to the extent beneficially owned by that Finance Party) against any
matured obligation owed by that Finance Party to the Borrower, regardless of the
place

     

    
      
        
        

      

      
        - 57
-

        
          

        

      

      
        
        

      

    

     

    of
payment, booking branch or currency of either obligation.  If the
obligations are in different currencies, the Finance Party may convert either
obligation at a market rate of exchange in its usual course of business for the
purpose of the set-off.

     

     

    
      	
              30.

            	
              NOTICES

            

    

     

    
      	
              30.1

            	
              Communications in
      writing

            

    

     

    Except as
otherwise provided in Clause 22 (Use of Websites), any
communication to be made under or in connection with the Finance Documents shall
be made in writing and, unless otherwise stated, may be made by fax or
letter.

     

    
      	
              30.2

            	
              Addresses

            

    

     

    The
address and fax number (and the department or officer, if any, for whose
attention the communication is to be made) of each Party for any communication
or document to be made or delivered under or in connection with the Finance
Documents is:

     

    
      	
               
      

            	
              (a)

            	
              in
      the case of the Borrower, that identified with its name
    below;

            

    

     

    
      	
               
      

            	
              (b)

            	
              in
      the case of each Lender, that notified in writing to the Agent on or prior
      to the date on which it becomes a Party;
and

            

    

     

    
      	
               
      

            	
              (c)

            	
              in
      the case of the Agent, that identified with its name
  below,

            

    

     

    or any
substitute address, fax number, or department or officer as the Party may notify
to the Agent (or the Agent may notify to the other Parties, if a change is made
by the Agent) by not less than five Business Days’ notice.

     

    
      	
              30.3

            	
              Delivery

            

    

     

    
      	
               
      

            	
              (a)

            	
              Except
      as otherwise provided in Clause 22 (Use of Websites), any
      communication or document made or delivered by one person to another under
      or in connection with the Finance Documents will only be
      effective:

            

    

     

    
      	
               
      

            	
              (i)

            	
              if
      by way of fax, when received in legible form;
or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      by way of letter, when it has been left at the relevant address or five
      Business Days after being deposited in the post postage prepaid in an
      envelope addressed to it at that
address;

            

    

     

    and, if a
particular department or officer is specified as part of its address details
provided under Clause 30.2 (Addresses), if addressed to
that department or officer.

     

    
      	
               
      

            	
              (b)

            	
              Except
      as otherwise provided in Clause 22 (Use of Websites), any
      communication or document to be made or delivered to the Agent will be
      effective only when actually received by the Agent and then only if it is
      expressly marked for the attention of the department or officer identified
      with the Agent’s signature below (or any substitute department or officer
      as the Agent shall specify for this
purpose).

            

    

     

    
      	
               
      

            	
              (c)

            	
              All
      notices from or to the Borrower shall be sent through the
      Agent.

            

    

     

    
      
        
        

      

      
        - 58
-

        
          

        

      

      
        
        

      

    

     

    
      	
              30.4

            	
              Notification of address and fax
      number 

            

    

     

    Promptly
upon receipt of notification of an address and fax number or change of address
or fax number pursuant to Clause 30.2 (Addresses) or changing its
own address or fax number, the Agent shall notify the other
Parties.

     

    
      	
              30.5

            	
              Electronic
      communication

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      communication to be made between the Agent and a Lender under or in
      connection with the Finance Documents may be made by electronic mail or
      other electronic means, if the Agent and the relevant
    Lender:

            

    

     

    
      	
               
      

            	
              (i)

            	
              agree
      that, unless and until notified to the contrary, this is to be an accepted
      form of communication;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              notify
      each other in writing of their electronic mail address and/or any other
      information required to enable the sending and receipt of information by
      that means; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              notify
      each other of any change to their address or any other such information
      supplied by them.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Any
      electronic communication made between the Agent and a Lender will be
      effective only when actually received in readable form and in the case of
      any electronic communication made by a Lender to the Agent only if it is
      addressed in such a manner as the Agent shall specify for this
      purpose.

            

    

     

    
      	
              30.6

            	
              English
      language

            

    

     

    
      	
               
      

            	
              (a)

            	
              Any
      notice given under or in connection with any Finance Document must be in
      English.

            

    

     

    
      	
               
      

            	
              (b)

            	
              All
      other documents provided under or in connection with any Finance Document
      must be:

            

    

     

    
      	
               
      

            	
              (i)

            	
              in
      English; or

            

    

     

    
      	
               
      

            	
              (ii)

            	
              if
      not in English, and if so required by the Agent, accompanied by a
      certified English translation and, in this case, the English translation
      will prevail unless the document is a constitutional, statutory or other
      official document.

            

    

     

     

    
      	
              31.

            	
              CALCULATIONS AND
      CERTIFICATES

            

    

     

    
      	
              31.1

            	
              Accounts

            

    

     

    In any
litigation or arbitration proceedings arising out of or in connection with a
Finance Document, the entries made in the accounts maintained by a Finance Party
are prima facie
evidence of the matters to which they relate.

     

    
      	
              31.2

            	
              Certificates and
      Determinations

            

    

     

    Any
certification or determination by a Finance Party of a rate or amount under any
Finance Document is, in the absence of manifest error, conclusive evidence of
the matters to which it relates.

     

    
      
        
        

      

      
        - 59
-

        
          

        

      

      
        
        

      

    

     

    
      	
              31.3

            	
              Day count
      convention

            

    

     

    Any
interest, commission or fee accruing under a Finance Document will accrue from
day to day and is calculated on the basis of the actual number of days elapsed
and a year of 360 days or, in any case where the practice in the London
interbank market differs, in accordance with that market practice.

     

     

    
      	
              32.

            	
              PARTIAL
      INVALIDITY

            

    

     

    If, at
any time, any provision of the Finance Documents is or becomes illegal, invalid
or unenforceable in any respect under any law of any jurisdiction, neither the
legality, validity or enforceability of the remaining provisions nor the
legality, validity or enforceability of such provision under the law of any
other jurisdiction will in any way be affected or impaired.

     

     

    
      	
              33.

            	
              REMEDIES AND
      WAIVERS

            

    

     

    No
failure to exercise, nor any delay in exercising, on the part of any Finance
Party, any right or remedy under the Finance Documents shall operate as a
waiver, nor shall any single or partial exercise of any right or remedy prevent
any further or other exercise or the exercise of any other right or
remedy.  The rights and remedies provided in this Agreement are
cumulative and not exclusive of any rights or remedies provided by
law.

     

     

    
      	
              34.

            	
              AMENDMENTS AND
      WAIVERS

            

    

     

    
      	
              34.1

            	
              Required
      consents

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to Clause 34.2 (Exceptions) any term of
      this Agreement may be amended or waived only with the consent of the
      Majority Lenders and the Borrower and any such amendment or waiver will be
      binding on all Parties.

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Agent may effect, on behalf of any Finance Party, any amendment or waiver
      permitted by this Clause.

            

    

     

    
      	
              34.2

            	
              Exceptions

            

    

     

    
      	
               
      

            	
              (a)

            	
              An
      amendment or waiver that has the effect of changing or which relates
      to:

            

    

     

    
      	
               
      

            	
              (i)

            	
              the
      definition of “Majority Lenders” in Clause 1.1 (Definitions);

            

    

     

    
      	
               
      

            	
              (ii)

            	
              an
      extension to the date of payment of any amount under this
      Agreement;

            

    

     

    
      	
               
      

            	
              (iii)

            	
              a
      reduction in the Applicable Margin or a reduction in the amount of any
      payment of principal, interest, fees or commission
  payable;

            

    

     

    
      	
               
      

            	
              (iv)

            	
              an
      increase in or an extension of any
Commitment;

            

    

     

    
      	
               
      

            	
              (v)

            	
              a
      change to the Borrower;

            

    

     

    
      	
               
      

            	
              (vi)

            	
              any
      provision which expressly requires the consent of all the
      Lenders;

            

    

     

    
      	
               
      

            	
              (vii)

            	
              Clause
      2.2 (Finance Parties’
      rights and obligations), Clause 19.5 (Merger), Clause 23
      (Changes to the
      Lenders) or this Clause 34;
or

            

    

     

    
      	
               
      

            	
              (viii)

            	
              Any
      release of the Parent Guarantee or change to the Guarantor (as defined
      therein)

            

    

     

    
      
        
        

      

      
        - 60
-

        
          

        

      

      
        
        

      

    

     

    shall not
be made without the prior consent of all the Lenders.

     

    
      	
               
      

            	
              (b)

            	
              An
      amendment or waiver which relates to the rights or obligations of the
      Agent or the Arrangers may not be effected without the consent of the
      Agent or the Arrangers.

            

    

     

     

    
      	
              35.

            	
              COUNTERPARTS

            

    

     

    Each
Finance Document may be executed in any number of counterparts, and this has the
same effect as if the signatures on the counterparts were on a single copy of
the Finance Document.

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 61
-

        
          

        

      

      
        
        

      

    

     

    GOVERNING
LAW AND ENFORCEMENT

     

     

    
      	
              36.

            	
              GOVERNING
      LAW

            

    

     

    This
Agreement is governed by English law.

     

     

    
      	
              37.

            	
              ENFORCEMENT

            

    

     

    
      	
              37.1

            	
              Jurisdiction
      

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      courts of England have exclusive jurisdiction to settle any dispute
      arising out of or in connection with this Agreement (including a dispute
      regarding the existence, validity or termination of this Agreement or the
      consequences of its nullity) (a “Dispute”).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      Parties agree that the courts of England are the most
      appropriate  and convenient courts to settle Disputes and
      accordingly no Party will argue to the
contrary.

            

    

     

    
      	
               
      

            	
              (c)

            	
              This
      Clause 37.1 is for the benefit of the Finance Parties only.  As
      a result, no Finance Party shall be prevented from taking proceedings
      relating to a Dispute in any other courts with jurisdiction.  To
      the extent allowed by law, the Finance Parties may take concurrent
      proceedings in any number of
jurisdictions.

            

    

     

    
      	
              37.2

            	
              Service of
      process

            

    

     

    Without
prejudice to any other mode of service allowed under any relevant law, the
Borrower:

     

    
      	
               
      

            	
              (a)

            	
              irrevocably
      appoints Bunge Corporation Limited, (Company Number 03132265, Room 113, 65
      London Wall, London, EC2M 5TU) as its agent for service of process in
      relation to any proceedings before the English courts in connection with
      any Finance Document; and

            

    

     

    
      	
               
      

            	
              (b)

            	
              agrees
      that failure by a process agent to notify the Borrower of the process will
      not invalidate the proceedings
concerned.

            

    

     

    This
Agreement has been entered into on the date stated at the beginning of this
Agreement.

     

     

     

     

    
 

    
      
        
        

      

      
        - 62
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
1

     

    Applicable
Margin

     

    
      	
              1.

            	
              The
      Applicable Margin is 0.80 per cent. per annum
  unless:

            

    

     

    
      	
              (a)

            	
              an
      Event of Default has occurred and is continuing and/or the certificate
      required to be delivered under Clause 18.7 has not been delivered, in
      which case the Applicable Margin shall be 1.50 per cent. per annum;
      or

            

    

     

    
      	
              (b)

            	
              Moody’s
      are publishing an Applicable Moody’s Rating and/or S&P are publishing
      an Applicable S&P Rating, in which case the Applicable Margin is the
      percentage rate per annum that corresponds to that rating, as in effect
      from time to time as set out in the following
  table:

            

    

     

    
      	
              Applicable
      S&P Rating

            	
              Applicable
      Moody’s Rating

            	
              Applicable
      Margin

              (%
      per annum)

               

            
	
              BBB+
      or above

               

            	
              Baa1
      or above

               

               

            	
              0.65

               

            
	
              BBB

               

            	
              Baa2

               

            	
              0.75

               

            
	
              BBB-

               

            	
              Baa3

               

            	
              0.85

               

            
	
              BB+

               

            	
              Ba1

               

            	
              1.20

               

            
	
              BB
      or lower

               

            	
              Ba2
      or lower

               

            	
              1.50

               

            

    

    

    provided that if (i) paragraph
(a) above applies, and/or (ii) neither an Applicable Moody’s Rating nor an
Applicable S&P Rating is available, the Applicable Margin shall be 1.50 per
cent. per annum.

     

    
      	
              2.

            	
              If
      the Applicable Moody’s Rating and the Applicable S&P Rating appear on
      different lines of the table at Clause 1 of this Schedule, the Applicable
      Margin will be determined as
follows:

            

    

     

    
      	
               
      

            	
              (a)

            	
              if
      there is a split Rating of one notch, the Applicable Margin shall be the
      average of the Applicable Margin of the two
  notches;

            

    

     

    
      	
               
      

            	
              (b)

            	
              if
      there is a split Rating of two notches, the Applicable Margin shall be the
      Applicable Margin for the intermediate
notch;

            

    

     

    
      	
               
      

            	
              (c)

            	
              if
      only one of the Rating Agencies has provided an Applicable Rating then the
      Applicable Margin shall be calculated by assuming that the Rating Agency
      that did not provide an Applicable Rating would provide an Applicable
      Rating two notches below the Applicable Rating that was
      provided.

            

    

     

    
      	
              3.

            	
              Any
      change to the Applicable Margin shall take effect on the first Business
      Day after the announcement of the change in rating by the relevant Rating
      Agency.

            

    

     

    
      
        
        

      

      
        - 63
-

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              If
      the long term unsecured debt ratings service provided by S&P or
      Moody’s ceases to be available, the Agent can, after consultation with the
      Borrower and the Lenders, specify an alternative provider of an equivalent
      service for the purposes of calculating the Applicable
    Margin.

            

    

     

    

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 64
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
2

     

    The
Original Lenders

     

    
      	
              Name
      of Original Lender

            	
              Commitment

              $mm

            
	
              BNP
      Paribas

               

            	
              40

            
	
              Calyon
      New York Branch

               

            	
              40

            
	
              Fortis
      Bank (Nederland) N.V.

               

            	
              40

            
	
              The
      Royal Bank of Scotland PLC

               

            	
              40

            
	
              Australia
      and New Zealand Banking Group Limited

               

            	
              30

            
	
              The
      Bank of Tokyo-Mitsubishi UFJ, Ltd.

               

            	
              30

            
	
              Credit
      Suisse, Cayman Islands Branch

               

            	
              30

            
	
              DZ
      Bank AG

              Deutsche
      Zentral-Genossenschaftsbank

              New
      York Branch

               

            	
              30

            
	
              HSH
      Nordbank AG, New York

               

            	
              30

            
	
              ING
      Bank N.V.

               

            	
              30

            
	
              KfW
      IPEX-Bank GmbH

               

            	
              30

            
	
              Lloyds
      TSB Bank plc

               

            	
              30

            
	
              National
      Australia Bank Ltd

              A.B.N.
      12 004 044 937

               

            	
              30

            
	
              Coöperatieve
      Centrale Raiffeisen-Boerenleenbank B.A.

               

            	
              30

            
	
              Standard
      Chartered Bank

               

            	
              30

            
	
              Banco
      Español de Crédito, S.A.

               

            	
              17.5

            
	
              Commerzbank
      Aktiengesellschaft, London Branch

               

            	
              17.5

            
	
              ICBC
      (London) Limited

               

            	
              17.5

            
	
              Landsbanki
      Islands hf, London Branch

               

            	
              17.5

            
	
              Oversea-Chinese
      Banking Corporation, New York Agency

               

            	
              17.5

            
	
              Banco
      Santander S.A., New York Branch

               

            	
              17.5

            
	
              Société
      Générale

               

            	
              17.5

            

    

     

    
      
        
        

      

      
        - 65
-

        
          

        

      

      
        
        

      

    

     

    
      	
              Sumitomo
      Mitsui Banking Corp., New York

               

            	
              17.5

            
	
              Agricultural
      Bank of China, Singapore Branch

               

            	
              10

            
	
              Scotiabank
      Europe plc

               

            	
              10

            
	
              TOTAL:

               

            	
              650

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        - 66
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
3

     

    Conditions
Precedent

     

    Conditions
precedent to initial Utilisation

     

    
      	
              1.

            	
              Obligors

            

    

     

    
      	
               
      

            	
              (a)

            	
              A
      copy of the constitutional documents of each Obligor or, in the case of
      the Borrower, a copy of the articles of association (statuten) and deed of
      incorporation (oprichtingsakte) as
      well as an extract (uittreksel) from the relevant
      Chamber of Commerce (Kamer van Koophandel)
      of the Borrower.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      copy of a resolution of the board of directors of each
      Obligor:

            

    

     

    
      	
               
      

            	
              (i)

            	
              approving
      the terms of, and the transactions contemplated by, the Finance Documents
      to which it is a party and resolving that it execute the Finance Documents
      to which it is a party;

            

    

     

    
      	
               
      

            	
              (ii)

            	
              authorising
      a specified person or persons to execute the Finance Documents to which it
      is a party on its behalf; and

            

    

     

    
      	
               
      

            	
              (iii)

            	
              authorising
      a specified person or persons, on its behalf, to sign and/or despatch all
      documents and notices (including, if relevant, any Utilisation Request) to
      be signed and/or despatched by it under or in connection with the Finance
      Documents to which it is a party.

            

    

     

    
      	
               
      

            	
              (c)

            	
              A
      copy of the resolution of the general meeting of shareholders (algemene vergadering van
      aandeelhouders) of the Borrower approving the resolutions of the
      board of managing directors referred to under (b) above and appointing an
      authorised person to represent the Borrower in case of a conflict of
      interest.

            

    

     

    
      	
               
      

            	
              (d)

            	
              If
      applicable, a copy of the resolution of the board of supervisory directors
      (raad van
      commissarissen) of the Borrower approving the resolutions of the
      board of managing directors referred to under (b)
  above.

            

    

     

    
      	
               
      

            	
              (e)

            	
              If
      applicable, a copy of (i) the request for advice from each (central or
      European) works council (centrale of Europese)
      ondernemingsraad)
      with jurisdiction over the transactions contemplated by this Agreement and
      (ii) the positive advice from such works council which contains no
      condition, which if complied with, could result in a breach of any of the
      Finance Documents.

            

    

     

    
      	
               
      

            	
              (f)

            	
              A
      specimen of the signature of each person authorised by the resolution
      referred to in paragraph (b) above in relation to the Finance Documents
      and such other evidence as may be required to ensure that the Finance
      Parties are in compliance with the Wet Identificatie Financiële
      Dienstverlening.

            

    

     

    
      	
               
      

            	
              (g)

            	
              A
      certificate of each Obligor (signed by a Responsible Officer) confirming
      that borrowing or guaranteeing, as appropriate, the Total Commitments
      would not violate any borrowing or, guaranteeing limit set forth in any
      Contractual Obligation or Requirement of Law binding on the respective
      Obligor.

            

    

     

    
      
        
        

      

      
        - 67
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (h)

            	
              A
      certificate of an authorised signatory of the Obligor certifying that each
      copy document relating to it specified in this Schedule 3 is correct,
      complete and in full force and effect as at a date no earlier than the
      date of this Agreement.

            

    

     

    
      	
              2.

            	
              Legal
      opinions

            

    

     

    
      	
               
      

            	
              (a)

            	
              A
      legal opinion of Clifford Chance LLP legal advisers to the Arrangers and
      the Agent, opining, notably to the validity under English law of the
      obligations of the Borrower under this
  Agreement.

            

    

     

    
      	
               
      

            	
              (b)

            	
              A
      legal opinion of Clifford Chance LLP legal advisers to the Arrangers and
      the Agent as to matters of Dutch law, opining notably as to (i) the
      capacity of the Borrower to enter into and perform its obligations under
      the Finance Documents, (ii) the recognition under Dutch law of the
      validity of such obligations of the Borrower under this Agreement and
      (iii) the recognition and enforcement in The Netherlands of any judgement
      rendered against the Borrower pursuant to the jurisdiction provisions of
      the Financing Documents.

            

    

     

    
      	
               
      

            	
              (c)

            	
              A
      legal opinion of Conyers Dill & Pearman as to matters of Bermuda law,
      opining notably as to (i) the capacity of the Parent to enter into and
      perform its obligations under the Parent Guarantee, (ii) the recognition
      under Bermuda law of the validity of such obligations and the choice of
      law expressed in the Parent Guarantee and (iii) the recognition and
      enforcement in Bermuda of any judgement rendered against the Parent
      pursuant to the jurisdiction provisions of the Parent
      Guarantee.

            

    

     

    
      	
               
      

            	
              (d)

            	
              A
      legal opinion of Winston & Strawn LLP as to matters of New York law,
      opining notably as to the validity under New York law of the obligations
      of the Parent under the Parent
Guarantee.

            

    

     

    
      	
               
      

            	
              (e)

            	
              A
      legal opinion of Winston & Strawn LLP opining notably as to the
      enforceability of the Transaction
Documents.

            

    

     

    
      	
              3.

            	
              Other documents and
      evidence

            

    

     

    
      	
               
      

            	
              (a)

            	
              One
      signed original of the Parent
Guarantee.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Delivery
      of a copy of each of the Transaction
Documents.

            

    

     

    
      	
               
      

            	
              (c)

            	
              Evidence
      that any process agent referred to in Clause 37.2 (Service of process),
      has accepted its appointment.

            

    

     

    
      	
               
      

            	
              (d)

            	
              A
      certificate of the Parent confirming the prevalent Ratings in respect of
      the Parent on the day of this
Agreement.

            

    

     

    
      	
               
      

            	
              (e)

            	
              The
      latest annual consolidated audited and certified financial statements of
      the Parent.

            

    

     

    
      	
               
      

            	
              (f)

            	
              Evidence
      that the fees, costs and expenses then due from the Borrower pursuant to
      Clause 11 (Fees)
      and Clause 16 (Costs and
      expenses) have been paid or will be paid by the first Utilisation
      Date.

            

    

     

    
      
        
        

      

      
        - 68
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (g)

            	
              A
      copy of any other document, authorisation, opinion or assurance reasonably
      requested by the Agent.

            

    

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        - 69
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
4

     

    Utilisation
Request

     

    
      	
              From: 

            	
               Bunge
      Finance Europe B.V. as Borrower

            

    

     

    
      	
              To: 

            	
               Fortis
      Bank (Nederland) N.V. as Agent

            

    

     

    Dated:

     

    Dear
Sirs

     

    We
refer to the revolving facility agreement (the “Agreement”) dated 28 March 2008
and made between, Bunge Finance Europe B.V., as Borrower, the Arrangers named
therein, the Agent and certain Lenders named therein.

     

    
      	
              1.

            	
              This
      is a Utilisation Request.  Terms defined in the Agreement have
      the same meaning in this Utilisation Request unless given a different
      meaning in this Utilisation
Request.

            

    

     

    
      	
              2.

            	
              We
      wish to borrow a Loan on the following
terms:

            

    

     

    
      	
              Proposed
      Utilisation Date:

            	
              [     ]
      (or, if that is not a Business Day, the next Business
  Day)

            
	 	 
	
              Amount:

            	
              [     ]
      or, if less, the Available Facility

            
	 	 
	
              Interest
      Period:

            	
              [     ]

            

    

     

    
      	
              3.

            	
              We
      confirm that each condition specified in Clause 4.2 (Further conditions
      precedent) is satisfied on the date of this Utilisation
      Request.

            

    

     

    
      	
              4.

            	
              The
      proceeds of this Loan should be credited to [account].

            

    

     

    
      	
              5.

            	
              This
      Utilisation Request is irrevocable.

            

    

     

    Yours
faithfully

    

    

    .......................................

    authorised
signatory for

    Bunge
Finance Europe B.V.

    

     

    

     

    
      
        
        

      

      
        - 70
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
5

     

    Mandatory
Cost Formulae 

     

    
      	
              1.

            	
              The
      Mandatory Cost is an addition to the interest rate to compensate Lenders
      for the cost of compliance with (a) the requirements of the Bank of
      England and/or the Financial Services Authority (or, in either case, any
      other authority which replaces all or any of its functions), (b) the
      requirements of the European Central Bank, or (c) the requirements of the
      Swiss Banking Code Commission and/or the Swiss National
    Bank.

            

    

     

    
      	
              2.

            	
              On
      the first day of each Interest Period (or as soon as possible thereafter)
      the Agent shall calculate, as a percentage rate, a rate (the “Additional Cost Rate”)
      for each Lender, in accordance with the paragraphs set out
      below.  The Mandatory Cost will be calculated by the Agent as a
      weighted average of the Lenders’ Additional Cost Rates (weighted in
      proportion to the percentage participation of each Lender in the relevant
      Loan) and will be expressed as a percentage rate per
  annum.

            

    

     

    
      	
              3.

            	
              The
      Additional Cost Rate for any Lender lending from a Facility Office in a
      Participating Member State will be the percentage notified by that Lender
      to the Agent.  This percentage will be certified by that Lender
      in its notice to the Agent to be its reasonable determination of the cost
      (expressed as a percentage of that Lender’s participation in all Loans
      made from that Facility Office) of complying with the minimum reserve
      requirements of the European Central Bank in respect of loans made from
      that Facility Office.

            

    

     

    
      	
              4.

            	
              The
      Additional Cost Rate for any Lender lending from a Facility Office in the
      United Kingdom will be calculated by the Agent as
  follows:

            

    

     

    
    

     

    
      	 		 per cent. per
      annum.

    

     

    Where:

     

    E is designed to compensate
Lenders for amounts payable under the Fees Rules and is calculated by the Agent
as being the average of the most recent rates of charge supplied by the
Reference Banks to the Agent pursuant to paragraph 6 below and expressed in
pounds per £1,000,000.

     

    
      	
              5.

            	
              For
      the purposes of this Schedule:

            

    

     

    
      	
               
      

            	
              (a)

            	
              “Fees Rules” means the
      rules on periodic fees contained in the FSA Supervision Manual or such
      other law or regulation as may be in force from time to time in respect of
      the payment of fees for the acceptance of
  deposits;

            

    

     

    
      	
               
      

            	
              (b)

            	
              “Fee Tariffs” means the
      fee tariffs specified in the Fees Rules under the activity group A.1
      Deposit acceptors (ignoring any minimum fee or zero rated fee required
      pursuant to the Fees Rules but taking into account any applicable discount
      rate);

            

    

     

    
      	
               
      

            	
              (c)

            	
              “Tariff Base” has the
      meaning given to it in, and will be calculated in accordance with, the
      Fees Rules; and

            

    

     

    
      
        
        

      

      
        - 71
-

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              (d)

            	
              “Participating Member
      State” means any member state of the European Communities that
      adopts or has adopted the euro as its lawful currency in accordance with
      legislation of the European Community relating to Economic and Monetary
      Union.

            

    

     

    
      	
              6.

            	
              If
      requested by the Agent, each Reference Bank shall, as soon as practicable
      after publication by the Financial Services Authority, supply to the
      Agent, the rate of charge payable by that Reference Bank to the Financial
      Services Authority pursuant to the Fees Rules in respect of the relevant
      financial year of the Financial Services Authority (calculated for this
      purpose by that Reference Bank as being the average of the Fee Tariffs
      applicable to that Reference Bank for that financial year) and expressed
      in pounds per £1,000,000 of the Tariff Base of that Reference
      Bank.

            

    

     

    
      	
              7.

            	
              Each
      Lender shall supply any information required by the Agent for the purpose
      of calculating its Additional Cost Rate.  In particular, but
      without limitation, each Lender shall supply the following information on
      or prior to the date on which it becomes a
  Lender:

            

    

     

    
      	
               
      

            	
              (a)

            	
              the
      jurisdiction of its Facility Office;
and

            

    

     

    
      	
               
      

            	
              (b)

            	
              any
      other information that the Agent may reasonably require for such
      purpose.

            

    

     

    Each
Lender shall promptly notify the Agent of any change to the information provided
by it pursuant to this paragraph.

     

    
      	
              8.

            	
              The
      rates of charge of each Reference Bank for the purpose of E above shall be
      determined by the Agent based upon the information supplied to it pursuant
      to paragraphs 6 and 7 above.

            

    

     

    
      	
              9.

            	
              The
      Agent shall have no liability to any person if such determination results
      in an Additional Cost Rate which over or under compensates any Lender and
      shall be entitled to assume that the information provided by any Lender or
      Reference Bank pursuant to paragraphs 3, 6 and 7 above is true and correct
      in all respects.

            

    

     

    
      	
              10.

            	
              The
      Agent shall distribute the additional amounts received as a result of the
      Mandatory Cost to the Lenders on the basis of the Additional Cost Rate for
      each Lender based on the information provided by each Lender and each
      Reference Bank pursuant to paragraphs 3, 6 and 7
  above.

            

    

     

    
      	
              11.

            	
              Any
      determination by the Agent pursuant to this Schedule in relation to a
      formula, the Mandatory Cost, an Additional Cost Rate or any amount payable
      to a Lender shall, in the absence of manifest error, be conclusive and
      binding on all Parties.

            

    

     

    
      	
              12.

            	
              The
      Agent may from time to time, after consultation with the Borrower and the
      Lenders, determine and notify to all Parties any amendments which are
      required to be made to this Schedule in order to comply with any change in
      law, regulation or any requirements from time to time imposed by the Bank
      of England, the Financial Services Authority, the European Central Bank,
      the Swiss Banking Code Commission and/or the Swiss National Bank (or, in
      any case, any other authority which replaces all or any of its functions)
      and 

            

    

     

    
      
        
        

      

      
        - 72
-

        
          

        

      

      
        
        

      

    

     

    any such
determination shall, in the absence of manifest error, be conclusive and binding
on all Parties.

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 73
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
6

     

    Form
of Transfer Certificate

     

    To:           Fortis
Bank (Nederland) N.V. as Agent

     

    From:       [The Existing Lender] (the
“Existing Lender”) and
[The New Lender] (the
“New
Lender”)

     

    Dated:

     

    We
refer to the revolving facility agreement (the “Agreement”) dated 28 ­March
2008 between Bunge Finance Europe B.V., as Borrower, the Arrangers named
therein, the Agent and certain Lenders named therein.

     

    
      	
              1.

            	
              This
      is a Transfer Certificate.  Terms defined in the Agreement have
      the same meaning in this Transfer Certificate unless given a different
      meaning in this Transfer
Certificate.

            

    

     

    
      	
              2.

            	
              We
      refer to Clause 23.5 (Procedure for
      transfer):

            

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Existing Lender and the New Lender agree to the Existing Lender
      transferring to the New Lender by novation all or part of the Existing
      Lender’s Commitment, rights and obligations referred to in the Schedule in
      accordance with Clause 23.5 (Procedure for
      transfer).

            

    

     

    
      	
               
      

            	
              (b)

            	
              The
      proposed Transfer Date is
      [      ].

            

    

     

    
      	
               
      

            	
              (c)

            	
              The
      Facility Office and address, fax number and attention details for notices
      of the New Lender for the purposes of Clause 30.2 (Addresses) are set out
      in the Schedule.

            

    

     

    
      	
              3.

            	
              The
      New Lender expressly acknowledges the limitations on the Existing Lender’s
      obligations set out in paragraph (c) of Clause 23.4 (Limitation of responsibility
      of Existing Lenders).

            

    

     

    
      	
              4.

            	
              This
      Transfer Certificate may be executed in any number of counterparts and
      this has the same effect as if the signatures on the counterparts were on
      a single copy of this Transfer
Certificate.

            

    

     

    
      	
              5.

            	
              This
      Transfer Certificate is governed by English
law.

            

    

     

     

     

     

    
      
        
        

      

      
        - 74
-

        
          

        

      

      
        
        

      

    

     

    THE
SCHEDULE

     

    Commitment/rights
and obligations to be transferred

     

    [insert relevant
details]

     

    [Facility Office address, fax number
and attention details for notices and account details for
payments,]

     

    
      	
              [Existing
      Lender]

            	
              [New
      Lender]

            
	 	 
	
              By:

            	
              By

            
	 	 
	
              This
      Transfer Certificate is accepted by the Agent and the Transfer Date is
      confirmed as
      [           ].

            
	 
	
              Fortis
      Bank (Nederland) N.V.

            	 
      

    

    

     

     

    By:

     

    

     

    WARNING
NOTE: PLEASE ENSURE THAT THE AMOUNT TRANSFERRED BY ONE LENDER TO ANOTHER LENDER
IN RELATION TO A LOAN OR A COMMITMENT IS AT LEAST THE US$ EQUIVALENT OF EUR
50,000.  OTHERWISE, INSERT A CONFIRMATION BY THE NEW LENDER WHO LENDS
TO THE BORROWER THAT THE NEW LENDER IS A ‘PROFESSIONAL MARKET PARTY’ WITHIN THE
MEANING OF THE DUTCH FSA.

     

     

     

     

     

     

    
      
        
        

      

      
        - 75
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
7

     

    Timetables

     

    
      	 
      	
              Loans
      in dollars

            
	
              Delivery
      of a duly completed Utilisation Request (Clause 5.1

              (Delivery of a Utilisation
      Request)

            	
              U-3

               

              10.00
      am

            
	 	 
	
              Agent
      notifies the Lenders of the Loan in accordance with Clause 5.4
      

              (Lenders’
      participation)

            	
              U-3

               

              3.00
      pm

            
	 	 
	
              LIBOR

            	
              Quotation
      Day as of 11:00 

              a.m.
      London time

            

    

    

     

    “U” =
date of utilisation

     

    “U - X” =
X Business Days prior to date of utilisation

     

     

     

     

     

     

     

    
      
        
        

      

      
        - 76
-

        
          

        

      

      
        
        

      

    

     

    SCHEDULE
8

    Form
of Confidentiality Undertaking

    [Letterhead
of Lender]

     

     

    
      	To:	[·]	 
	 	 	 
	Re: 	The
      Facility	 
	 	 	 
	
              Borrower: 

            	

              BUNGE
      FINANCE EUROPE B.V.

            	 
      
	 	 	 
	Amount:	[·] 	 
	 	 	 
	Agent: 	Fortis
      Bank (Nederland) N.V.	 
	 	 	 

    

    Dear
Sirs

     

    We
understand that you are considering participating in the Facility. In
consideration of us agreeing to make available to you certain information, by
your signature of a copy of this letter you agree as follows:

     

    
      	
              1.

            	
              Confidentiality
      Undertaking You undertake:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      keep the Confidential Information confidential and not to disclose it to
      anyone except as provided for by paragraph 2 below and to ensure that the
      Confidential Information is protected with security measures and a degree
      of care that would apply to your own confidential
    information;

            

    

     

    
      	
               
      

            	
              (b)

            	
              to
      keep confidential and not disclose to anyone the fact that the
      Confidential Information has been made available or that discussions or
      negotiations are taking place or have taken place between us in connection
      with the Facility;

            

    

     

    
      	
               
      

            	
              (c)

            	
              to
      use the Confidential Information only for the Permitted
      Purpose;

            

    

     

    
      	
               
      

            	
              (d)

            	
              to
      use all reasonable endeavours to ensure that any person to whom you pass
      any Confidential Information (unless disclosed under paragraph 2(b) below)
      acknowledges and complies with the provisions of this letter as if that
      person were also a party to it; and

            

    

     

    
      	
               
      

            	
              (e)

            	
              not
      to make enquiries of any member of the Group or any of their officers,
      directors, employees or professional advisers relating directly or
      indirectly to the Facility.

            

    

     

    
      	
              2.

            	
              Permitted Disclosure We
      agree that you may disclose Confidential
  Information:

            

    

     

    
      	
               
      

            	
              (a)

            	
              to
      members of the Participant Group and their officers, directors, employees
      and professional advisers to the extent necessary for the Permitted
      Purpose and to any auditors of members of the Participant
      Group;

            

    

     

    
      	
               
      

            	
              (b)

            	
              (i)
      where requested or required by any court of competent jurisdiction or any
      competent judicial, governmental, supervisory or regulatory body, (ii)
      where required by the rules of any stock exchange on which the shares or
      other securities of any member of the Participant Group are listed or
      (iii) where 

            

    

     

    
      
        
        

      

      
        - 77
-

        
          

        

      

      
        
        

      

    

     

    required
by the laws or regulations of any country with jurisdiction over the affairs of
any member of the Participant Group; or

     

    
      	
               
      

            	
              (c)

            	
              with
      the prior written consent of us and
Bunge.

            

    

     

    
      	
              3.

            	
              Notification of Required or
      Unauthorised Disclosure You agree (to the extent permitted by law)
      to inform us of the full circumstances of any disclosure under paragraph
      2(b) or upon becoming aware that Confidential Information has been
      disclosed in breach of this letter.

            

    

     

    
      	
              4.

            	
              Return of Copies If we
      so request in writing, you shall return all Confidential Information
      supplied to you by us or a member of the Group and destroy or permanently
      erase all copies of Confidential Information made by you and use all
      reasonable endeavours to ensure that anyone to whom you have supplied any
      Confidential Information destroys or permanently erases such Confidential
      Information and any copies made by them, in each case save to the extent
      that you or the recipients are required to retain any such Confidential
      Information by any applicable law, rule or regulation or by any competent
      judicial, governmental, supervisory or regulatory body or in accordance
      with internal policy, or where the Confidential Information has been
      disclosed under paragraph 2(b)
above.

            

    

     

    
      	
              5.

            	
              Continuing Obligations
      The obligations in this letter are continuing and, in particular,
      shall survive the termination of any discussions or negotiations between
      you and us. Notwithstanding the previous sentence, the obligations in this
      letter shall cease (a) if you become a party to or otherwise acquired (by
      assignment or sub participation) an interest, direct or indirect in the
      Facility or (b) twelve months after you have returned all Confidential
      Information supplied to you by us or a member of the Group and destroyed
      or permanently erased all copies of Confidential Information made by you
      (other than any such Confidential Information or copies which have been
      disclosed under paragraph 2 above (other than sub-paragraph 2(a)) or
      which, pursuant to paragraph 4 above, are not required to be returned or
      destroyed).

            

    

     

    
      	
              6.

            	
              No Representation;
      Consequences of Breach, etc You acknowledge and agree
      that:

            

    

     

    
      	
               
      

            	
              (a)

            	
              neither
      we nor any of our officers, employees or advisers (each a “Relevant Person”) (i)
      make any representation or warranty, express or implied, as to, or assume
      any responsibility for, the accuracy, reliability or completeness of any
      of the Confidential Information or any other information supplied by us or
      any member of the Group or the assumptions on which it is based or (ii)
      shall be under any obligation to update or correct any inaccuracy in the
      Confidential Information or any other information supplied by us or any
      member of the Group or be otherwise liable to you or any other person in
      respect to the Confidential Information or any such information;
      and

            

    

     

    
      	
               
      

            	
              (b)

            	
              we
      or members of the Group may be irreparably harmed by the breach of the
      terms of this letter and damages may not be an adequate remedy; each
      Relevant Person or member of the Group may be granted an injunction or
      specific performance for any threatened or actual breach of the provisions
      of this letter by you.

            

    

     

    
      
        
        

      

      
        - 78
-

        
          

        

      

      
        
        

      

    

     

    
      	
              7.

            	
              No Waiver; Amendments, etc
      This letter sets out the full extent of your obligations of
      confidentiality owed to us in relation to the information the subject of
      this letter. No failure or delay in exercising any right, power or
      privilege under this letter will operate as a waiver thereof nor will any
      single or partial exercise of any right, power or privilege preclude any
      further exercise thereof or the exercise of any other right, power or
      privileges under this letter. The terms of this letter and your
      obligations under this letter may only be amended or modified by written
      agreement between us; provided, that any amendment or modification of a
      material term of this letter (including, without limitation, paragraphs 1
      and 2 and the definition of “Confidential Information”) shall also require
      Bunge’s prior written consent.

            

    

     

    
      	
              8.

            	
              Inside Information You
      acknowledge that some or all of the Confidential Information is or may be
      price-sensitive information and that the use of such information may be
      regulated or prohibited by applicable legislation relating to insider
      dealing and you undertake not to use any Confidential Information for any
      unlawful purpose.

            

    

     

    
      	
              9.

            	
              Nature of Undertakings
      The undertakings given by you under this letter are given to us and
      (without implying any fiduciary obligations on our part) are also given
      for the benefit of Bunge, the Borrower and each other member of the
      Group.

            

    

     

    
      	
              10.

            	
              Third party
      rights

            

    

     

    
      	
               
      

            	
              (a)

            	
              Subject
      to paragraph 6 and paragraph 9 the terms of this letter may be enforced
      and relied upon only by you and us and the operation of the Contracts
      (Rights of Third Parties) Act 1999 is
excluded.

            

    

     

    
      	
               
      

            	
              (b)

            	
              Notwithstanding
      any provisions of this letter, (but subject to the proviso set forth
      below) the parties to this letter do not require the consent of any
      Relevant Person or any member of the Group to vary this letter at any
      time;  provided, that any variation of a material term of this
      letter (including, without limitation, paragraphs 1 and 2 and the
      definition of “Confidential Information”) shall require Bunge’s prior
      written consent.

            

    

    

     

    
      	
              11.

            	
              Governing Law and Jurisdiction
      This letter (including the agreement constituted by your
      acknowledgement of its terms) shall be governed by and construed in
      accordance with the laws of England and the parties submit to the
      non-exclusive jurisdiction of the English
  courts.

            

    

     

    
      	
              12.

            	
              Definitions In this
      letter (including the acknowledgement set out
  below):

            

    

     

    “Borrower” means Bunge Finance
Europe B.V., a company formed under the laws of The Netherlands, and its
successors and permitted assigns;

     

    “Bunge” means Bunge Limited, a
company formed under the laws of Bermuda, and its successors and permitted
assigns;

     

    “Confidential Information”
means any information relating to Bunge, the Borrower, the Group, and the
Facility including, without limitation, the Information Memorandum, provided to
you by us or any member of the Group or any of their respective affiliates
or

     

    
      
        
        

      

      
        - 79
-

        
          

        

      

      
        
        

      

    

     

    advisers,
in whatever form, and includes information given orally and any document,
electronic file or any other way of representing or recording information which
contains or is derived or copied from such information but excludes information
that (a) is or becomes generally available to the public knowledge other than as
a direct or indirect result of any breach of this letter or (b) is known by you
before the date the information is disclosed to you by us or any member of the
Group or any of their respective affiliates or advisers or is lawfully obtained
by you after that date, other than from a source which is connected with the
Group and which, in either case, as far as you are aware, has not been obtained
in violation of, and is not otherwise subject to, any obligation of
confidentiality;

     

    “Group” means Bunge and each of
its holding companies and subsidiaries and each subsidiary of each of its
holding companies (as each such term is defined in the Companies Act
1985);

     

    “Information Memorandum” means
the Confidential Information Memorandum dated  February
2008;

     

    “Participant Group” means you,
each of your holding companies and subsidiaries and each subsidiary of each of
your holding companies (as each such term is defined in the Companies Act 1985);
and

     

    “Permitted Purpose” means
considering and evaluating whether to enter into the Facility.

     

    Please
acknowledge your agreement to the above by signing and returning the enclosed
copy.

     

    Yours
faithfully

     

    ............................................

    For and
on behalf of

     

    [· Lender]

     

    To:           Bunge
Limited

    

    We
acknowledge and agree to the above:

     

    ............................................

     

    For and
on behalf of

     

    [[·]]

     

     

     

    

    
      
        
        

      

      
        - 80
-

        
          

        

      

      
        
        

      

    

     

    SIGNATURES

     

    THE
BORROWER

     

    BUNGE
FINANCE EUROPE B.V.

     

    
      
        	
                By:

              	
                /s/ HUNTER SMITH

              	 
	 	 	 
	
                Name:

              	
                HUNTER
      SMITH

              	 
	 	 	 
	
                Address:

              	
                11720
      Borman Drive

              	 
	 
      	
                St.
      Louis, Missouri 63146

              	 
	 	 	 
	
                Attention:

              	
                John
      Gilsinn

              	 
	 	 	 
	
                Fax:

              	
                (314)
      292 2530

              	 
	 	 	 
	
                with
      a copy to:

              	 
      	 
	 	 	 
	
                Bunge
      Limited

              	 
      	 
	
                Address:

              	
                50
      Main Street

              	 
	 
      	
                White
      Plains,

              	 
	 
      	
                New
      York 10606

              	 
	 	 	 
	
                Attention:

              	
                Hunter
      Smith

              	 
	 	 	 
	
                Fax:

              	
                (914)
      684 3283

              	 

      

    

     

     

     

     

     

     

     

     

     

     

     

    
 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    THE
ARRANGERS

     

    
      
        	
                BNP
      PARIBAS

              	 
	 	 	 
	
                By:

              	
                /s/ CAMERON LETTERS and ROBERT J.
      MUNCZINSKI

              	 
	 	 	 
	
                Name:

              	
                CAMERON
      LETTERS AND ROBERT J. MUNCZINSKI

              	 
	 
      	 
      	 
	 	 	 
	 	 	 
	
                CALYON

              	 
	 	 	 
	
                By:

              	
                /s/ GREG HENNENFENT and JOSEPH A.
      PHILBIN

              	 
	 	 	 
	
                Name:

              	
                GREG
      HENNENFENT AND JOSEPH A. PHILBIN

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                FORTIS
      BANK (NEDERLAND) N.V.

              	 
	 	 
	
                By:

              	
                /s/ J.G.H.M. HANEGRAAF and M.S.M.
      DENIE

              	 
	 	 	 
	
                Name:

              	
                J.G.H.M.
      HANEGRAAF AND M.S.M. DENIE

              	 
	 	 	 
	 
      	 
      	 
	 	 	 
	
                THE
      ROYAL BANK OF SCOTLAND PLC

              	 
	 	 	 
	
                By:

              	
                /s/ JANE WIGHTMAN

              	 
	 	 	 
	
                Name:

              	
                JANE
      WIGHTMAN

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                THE
      ORIGINAL LENDERS

              	 
	 	 
	
                AGRICULTURAL
      BANK OF CHINA,

              	 
	
                SINGAPORE
      BRANCH

              	 
	 	 
	
                By:

              	
                /s/ WANG SHENG

              	 
	 	 	 
	
                Name:

              	
                WANG
      SHENG

              	 
	 	 	 
	 
      	 
      	 
	 	 	 
	
                AUSTRALIA
      AND NEW ZEALAND BANKING GROUP LIMITED

              	 
	 	 
	
                By:

              	
                /s/ ANA ARXER

              	 
	 	 	 
	
                Name:

              	
                ANA
      ARXER

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                BANCO
      ESPAÑOL DE CRÉDITO, S.A.

              	 
	 	 
	
                By:

              	
                /s/ XAVIER SOLDEVILA FERNANDEZ and DANIEL CERCZO
      PAMPLONA

              	 
	 	 	 
	
                Name:

              	
                XAVIER
      SOLDEVILA FERNANDEZ AND DANIEL CERCZO PAMPLONA

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                BANCO
      SANTANDER S.A., NEW YORK BRANCH

              	 
	 	 
	
                By:

              	
                /s/ FRANK G. ENGLISH, IV and IGNACIO
      CAMPILLO

              	 
	 	 	 
	
                Name:

              	
                FRANK
      G. ENGLISH, IV AND IGNACIO CAMPILLO

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                BNP
      PARIBAS

              	 
	 	 
	
                By:

              	
                /s/ CAMERON LETTERS and ROBERT J.
      MUNCZINSKI

              	 
	 	 	 
	
                Name:

              	
                CAMERON
      LETTERS AND ROBERT J. MUNCZINSKI

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                CALYON
      NEW YORK BRANCH

              	 
	 	 
	
                By:

              	
                /s/ GREG HENNENFENT and JOSEPH A.
      PHILBIN

              	 
	 	 	 
	
                Name:

              	
                GREG
      HENNENFENT AND JOSEPH A. PHILBIN

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                COMMERZBANK
      AKTIENGESELLSCHAFT, LONDON BRANCH

              	 
	 	 
	
                By:

              	
                /s/ RICHARD WOODHOUSE and STUART
      BALL

              	 
	 	 	 
	
                Name:

              	
                RICHARD
      WOODHOUSE AND STUART BALL

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                COÖPERATIEVE
      CENTRALE

              	 
	
                RAIFFEISEN-BOERENLEENBANK
      B.A.

              	 
	 	 
	
                By:

              	
                /s/ K. DÜRR and K. VALKEN

              	 
	 	 	 
	
                Name:

              	
                K.
      DÜRR AND K. VALKEN

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                CREDIT
      SUISSE, CAYMAN ISLANDS BRANCH

              	 
	 	 
	
                By:

              	
                /s/ KARL STUDOR and MARKUS
      FRENZEN

              	 
	 	 	 
	
                Name:

              	
                KARL
      STUDOR AND MARKUS FRENZEN

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                DZ
      BANK AG

              	 
	
                DEUTSCHE
      ZENTRAL-GENOSSENSCHAFTSBANK

              	 
	
                NEW
      YORK BRANCH

              	 
	 	 
	
                By:

              	
                /s/ NIKOLAS VON PFLUG and JOHN
      COUSSA

              	 
	 	 	 
	
                Name:

              	
                NIKOLAS
      VON PFLUG AND JOHN COUSSA

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                FORTIS
      BANK (NEDERLAND) N.V.

              	 
	 	 
	
                By:

              	
                /s/ J.G.H.M. HANEGRAAF and M.S.M.
      DENIE

              	 
	 	 	 
	
                Name:

              	
                J.G.H.M.
      HANEGRAAF AND M.S.M. DENIE

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                HSH
      NORDBANK AG, NEW YORK

              	 
	 	 
	
                By:

              	
                /s/ JON KARNOFSKY and ANA PAULA GAMBOGI
      CARVALHO

              	 
	 	 	 
	
                Name:

              	
                JON
      KARNOFSKY AND ANA PAULA GAMBOGI CARVALHO

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                ICBC
      (LONDON) LIMITED

              	 
	 	 
	
                By:

              	
                /s/ BO LIANG and JIN LEI XU

              	 
	 	 	 
	
                Name:

              	
                BO
      LIANG AND JIN LEI XU

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                ING
      BANK N.V.

              	 
	 	 
	
                By:

              	
                /s/ P.J. VAN HEEB and L.V.
      RIENS

              	 
	 	 	 
	
                Name:

              	
                P.J.
      VAN HEEB AND L.V. RIENS

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                KfW
      IPEX-BANK GMBH

              	 
	 	 
	
                By:

              	
                /s/ FRANK BOHNET and HENNING VON
      VLANCKENBURG

              	 
	 	 	 
	
                Name:

              	
                FRANK
      BOHNET AND HENNING VON VLANCKENBURG

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                LANDSBANKI
      ISLANDS HF, LONDON BRANCH

              	 
	 	 
	
                By:

              	
                /s/ LILJA B. EMACSDOLTR and MIKAEL
      BUSCIA

              	 
	 	 	 
	
                Name:

              	
                LILJA
      B. EMACSDOLTR AND MIKAEL BUSCIA

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
	
                LLOYDS
      TSB BANK PLC

              	 
	 	 
	
                By:

              	
                /s/ ALAN GREENHAM

              	 
	 	 	 
	
                Name:

              	
                ALAN
      GREENHAM

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                NATIONAL
      AUSTRALIA BANK LTD

              	 
	
                A.B.N.
      12 004 044 937

              	 
	 	 
	
                By:

              	
                /s/ CRAIG ANDREW PERRY

              	 
	 	 	 
	
                Name:

              	
                CRAIG
      ANDREW PERRY

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                OVERSEA-CHINESE
      BANKING CORPORATION, NEW YORK AGENCY

              	 
	 	 
	
                By:

              	
                /s/ MARC LUI

              	 
	 	 	 
	
                Name:

              	
                MARC
      LUI

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                SCOTIABANK
      EUROPE PLC

              	 
	 	 
	
                By:

              	
                /s/ JOHN O'CONNOR

              	 
	 	 	 
	
                Name:

              	
                JOHN
      O'CONNOR

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                SOCIETE
      GENERALE

              	 
	 	 
	
                By:

              	
                /s/ SEBASTIEN RIBATTO

              	 
	 	 	 
	
                Name:

              	
                SEBASTIEN
      RIBATTO

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                STANDARD
      CHARTERED BANK

              	 
	 	 
	
                By:

              	
                /s/ VIVEK SIÀHA and GÜRKORN
      ENSORI

              	 
	 	 	 
	
                Name:

              	
                VIVEK
      SIÀHA AND GÜRKORN ENSORI

              	 

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	 
      	 
      	 
	
                SUMITOMO
      MITSUI BANKING CORP.,

              	 
	
                NEW
      YORK

              	 
	 	 
	
                By:

              	
                /s/ YOSHIHIRO HYAKUTOME

              	 
	 	 	 
	
                Name:

              	
                YOSHIHIRO
      HYAKUTOME

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                THE
      BANK OF TOKYO-MITSUBISHI UFJ, LTD.

              	 
	 	 
	
                By:

              	
                /s/ ANDREW TRENOUTH, EVP

              	 
	 	 	 
	
                Name:

              	
                ANDREW
      TRENOUTH, EVP

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                THE
      ROYAL BANK OF SCOTLAND PLC

              	 
	 	 
	
                By:

              	
                /s/ JANE WIGHTMAN

              	 
	 	 	 
	
                Name:

              	
                JANE
      WIGHTMAN

              	 
	 	 	 
	 	 	 
	 
      	 
      	 
	
                THE
      AGENT

              	 
	 	 
	
                FORTIS
      BANK (NEDERLAND) N.V.

              	 
	 	 
	
                By:

              	
                /s/ M.G. MEIJER and L.J.M. VAN DER
      KNAAP

              	 
	 	 	 
	
                NAME:

              	
                M.G.
      MEIJER AND L.J.M. VAN DER KNAAP

              	 

      

    

     

    Contact
Details:

     

    FORTIS
BANK (NEDERLAND) N.V.

    Syndicated
Loans Agency

     

    
      
        	
                Address:

              	
                P.O.
      Box 749

              
	 
      	
                3000
      AS Rotterdam

              
	 
      	
                The
      Netherlands

              
	 	 
	
                Attention:

              	
                Mr.
      Mark Meijer

              
	 	 
	
                Telephone:

              	
                +31
      10401 6047

              
	 	 
	
                Fax:

              	
                +31
      10401 5937

              
	 	 
	
                Email:

              	
                mark.meijer@nl.fortis.com

              

      

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

     

    EXHIBIT

     

    Form
of Parent GuaranteeExhibit
10.2

     

    GUARANTY

    

    This Guaranty (as amended, supplemented
or otherwise modified in accordance with the terms hereof and in effect from
time to time, this “Guaranty”) is made as
of the 28th day of March, 2008 by Bunge Limited, a company incorporated under
the laws of Bermuda (together with any successors or assigns permitted
hereunder, “BL”
or “Guarantor”)
to Fortis Bank (Nederland) N.V. (“Fortis”), in its
capacity as the agent (together with its successors and assigns, the “Agent”) under the
U.S.$650,000,000 Facility Agreement, dated March 28, 2008 (as amended,
supplemented or otherwise modified from time to time in accordance with the
terms thereof, the “Facility Agreement”),
among Bunge Finance Europe B.V., a company incorporated under the laws of The
Netherlands (“BFE”), Fortis, BNP
Paribas, Calyon and The Royal Bank of Scotland plc, as Mandated Lead Arrangers
(collectively, the “Arrangers”), the
financial institutions from time to time party thereto (each a “Lender” and
collectively, the “Lenders”) and the
Agent, for the benefit of the Lenders.

    

    WITNESSETH:

    

    WHEREAS, pursuant to the Facility
Agreement the Lenders have agreed to make revolving loans (the “Loans”) to BFE from
time to time;

    

    WHEREAS, the execution and delivery of
this Guaranty is a condition precedent to the effectiveness of the Facility
Agreement;

    

    NOW, THEREFORE, in consideration of the
premises and the mutual covenants contained herein, the parties hereby agree as
follows:

    

    Section 1.    
Definitions.  For all purposes
of this Guaranty, except as otherwise expressly provided in Annex A hereto or
unless the context otherwise requires, capitalized terms used herein shall have
the meanings assigned to such terms in the Facility Agreement.

    

    Section 2.    
Guaranty.  Subject to the
terms and conditions of this Guaranty, the Guarantor hereby unconditionally and
irrevocably guarantees (collectively, the “Guaranty
Obligations”) (a) the prompt and punctual payment of all amounts due and
owing (whether at the stated maturity, by acceleration, or otherwise) in respect
of Loans made by the Lenders to BFE under the Facility Agreement and the other
Finance Documents and (b) all fees, expenses and indemnifications of the Lenders
and the Agent owed by BFE under the Facility Agreement and the other Finance
Documents, in any case described in (a) or (b) above whether direct or indirect,
absolute or contingent, due or to become due, or now existing or hereafter
incurred.  This Guaranty is a guaranty of payment and not of
collection.  All payments by the Guarantor under this Guaranty shall
be made in United States dollars, and (i) with respect to Loans, shall be made
to the Agent for disbursement pro rata to the Lenders in accordance with the
proportion that each Lender’s respective Commitment bears to the Total
Commitments (each such proportion constituting the respective Lender’s “Aggregate Exposure
Percentage”), (ii) with respect to fees, expenses and indemnifications
owed to the Lenders, shall be made to the Agent for disbursement pro rata to the
Lenders in accordance with their respective Aggregate Exposure Percentages
and

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (iii)
with respect to fees, expenses and indemnifications owed to the Agent, shall be
made to the Agent.  This Guaranty shall remain in full force and
effect until the Guaranty Obligations are paid in full and the Commitments are
terminated, notwithstanding that from time to time prior thereto BFE may be free
from any payment obligations under the Finance Documents.

    

    Section 3.    
Guaranty
Absolute.  The Guarantor
guarantees that the Guaranty Obligations will be paid, regardless of any
applicable law, regulation or order now or hereinafter in effect in any
jurisdiction affecting any of such terms or the rights of the Agent or any
Lender with respect thereto.  The liability of the Guarantor under
this Guaranty shall be absolute and unconditional irrespective of:

    

    (a)      
Any lack of validity or enforceability of or defect or deficiency in the
Facility Agreement, any Transaction Document or other Finance Document or any
other agreement or instrument executed in connection with or pursuant
thereto;

    

    (b)      
Any change in the time, manner, terms or place of payment of, or in any other
term of, all or any of the Guaranty Obligations, or any other amendment or
waiver of or any consent to departure from the Facility Agreement, any
Transaction Document or other Finance Document or any other agreement or
instrument relating thereto or executed in connection therewith or pursuant
thereto;

    

    (c)      
Any sale, exchange or non-perfection of any property standing as security for
the liabilities hereby guaranteed or any liabilities incurred directly or
indirectly hereunder or any setoff against any of said liabilities, or any
release or amendment or waiver of or consent to departure from any other
guaranty, for all or any of the Guaranty Obligations;

    

    (d)      
The failure of the Agent or a Lender to assert any claim or demand or to enforce
any right or remedy against BFE or any other Person hereunder or under the
Facility Agreement or any Transaction Document or other Finance
Document;

    

    (e)      
Any failure by BFE in the performance of any obligation with respect to the
Facility Agreement or any other Finance Document;

    

    (f)      
Any bankruptcy of BFE;

    

    (g)      
Any other circumstance which might otherwise constitute a defense available to,
or a discharge of, the Guarantor, BFE or any other Person (including any other
guarantor) that is a party to any document or instrument executed in respect of
the Guaranty Obligations; or

    

    (h)      
Any limitation of BFE's obligations pursuant to subsection 20.1(b) of
the Facility Agreement.

     

    
      
        
        

      

      
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    The obligations of the Guarantor under
this Guaranty shall not be affected by the amount of credit extended to BFE, any
repayment by BFE to the Agent or the Lenders (in each case, other than the full
and final payment of all of the Guaranty Obligations), the allocation by the
Agent or the Lenders of any repayment, any compromise or discharge of the
Guaranty Obligations, any application, release or substitution of collateral or
other security therefor, the release of any guarantor, surety or other person
obligated in connection with any document or instrument executed in respect of
the Guaranty Obligations, or any further advances to BFE.

    

    Section
4.       Waiver.  The
Guarantor hereby waives (a) promptness, diligence, notice of acceptance,
presentment, demand, protest, notice of protest and dishonor, notice of default,
notice of intent to accelerate, notice of acceleration and any other notice with
respect to any of the Guaranty Obligations and this Guaranty, and (b) any
requirement that the Agent or the Lenders protect, secure, perfect or insure any
security interest or Lien on any property subject thereto or exhaust any right
or take any action against BFE or any other Person or entity or any collateral
or that BFE or any other Person or entity be joined in any action
hereunder.  All dealings between BFE or the Guarantor, on the one
hand, and the Agent and the Lenders, on the other hand, shall likewise be
conclusively presumed to have been had or consummated in reliance upon this
Guaranty.  Should the Agent seek to enforce the obligations of the
Guarantor hereunder by action in any court, the Guarantor waives any necessity,
substantive or procedural, that a judgment previously be rendered against BFE or
any other Person, or that any action be brought against BFE or any other Person,
or that BFE or any other Person should be joined in such cause.  Such
waiver shall be without prejudice to the Agent at its option to proceed against
BFE or any other Person, whether by separate action or by
joinder.  The Guarantor further expressly waives each and every right
to which it may be entitled by virtue of the suretyship law of the State of New
York or any other applicable jurisdiction.

    

    Section
5.       Several
Obligations.  The obligations
of the Guarantor hereunder are separate and apart from BFE or any other Person
(other than the Guarantor), and are primary obligations concerning which the
Guarantor is the principal obligor.  The Guarantor agrees that this
Guaranty shall not be discharged except by payment in full of the Guaranty
Obligations, termination of the Commitments and complete performance of the
obligations of the Guarantor hereunder. The obligations of the Guarantor
hereunder shall not be affected in any way by the release or discharge of BFE
from the performance of any of the Guaranty Obligations, whether occurring by
reason of law or any other cause, whether similar or dissimilar to the
foregoing.

    

    Section
6.       Subrogation
Rights.  If any amount
shall be paid to the Guarantor on account of subrogation rights at any time when
all the Guaranty Obligations shall not have been paid in full, such amount shall
be held in trust for the benefit of the Agent and shall forthwith be paid to the
Agent to be applied to the Guaranty Obligations as specified in the Finance
Documents.  If (a) the Guarantor makes a payment to the Agent of all
or any part of the Guaranty Obligations and (b) all the Guaranty Obligations
have been paid in full and the Commitments have terminated, the Agent will, at
the Guarantor’s request, execute and deliver to the Guarantor appropriate
documents, without recourse and without representation or warranty of any kind
whatsoever, necessary to evidence the transfer by subrogation to the Guarantor
of any interest in

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    the
Guaranty Obligations resulting from such payment by the
Guarantor.  The Guarantor hereby agrees that it shall have no rights
of subrogation with respect to amounts due to the Agent or the Lenders until
such time as all obligations of BFE to the Lenders and the Agent have been paid
in full, the Commitments have been terminated and the Facility Agreement has
been terminated.

    

    Section
7.       Representations and
Warranties.  The Guarantor hereby represents and warrants as
follows:

    

    (a)        
Financial
Condition.

    

    (i)        
The consolidated balance sheet of the Guarantor and its consolidated
Subsidiaries as at December 31, 2007 and the related consolidated statements of
income for the fiscal year ended on such date, reported on by the Guarantor’s
independent public accountants, copies of which have heretofore been furnished
to the Agent, are complete and correct, in all material respects, and present
fairly the financial condition of the Guarantor and its consolidated
Subsidiaries as at such date, and the results of operations for the fiscal year
then ended.  Such financial statements, including any related
schedules and notes thereto, have been prepared in accordance with GAAP applied
consistently throughout the periods involved (except as approved by the external
auditors and as disclosed therein, if any).

    

    (ii)        
Except as disclosed in Schedule VI attached hereto, neither the Guarantor nor
its consolidated Subsidiaries had, at the date of the most recent balance sheet
referred to above, any material guarantee obligation, contingent liability (as
defined in accordance with GAAP), or any long-term lease or unusual forward or
long-term commitment, including, without limitation, any interest rate or
foreign currency swap or exchange transaction, which is not reflected in the
foregoing statements or in the notes thereto, except for guarantees, indemnities
or similar obligations of the Guarantor or a consolidated Subsidiary supporting
obligations of one Subsidiary to another Subsidiary.

    

    (iii)        
During the period from December 31, 2007 to and including the date hereof,
except as disclosed in Schedule VI attached hereto, neither the Guarantor nor
its consolidated Subsidiaries has sold, transferred or otherwise disposed of any
material part of its business or property, nor has it purchased or otherwise
acquired any business or property (including any capital stock of any other
Person) material in relation to the consolidated financial condition of the
Guarantor and its consolidated Subsidiaries at December 31, 2007.

    

    (b)        
No
Change.  Since December 31, 2007, except as disclosed in
Schedule I hereof, there has been no development or event which has had or
could, in the Guarantor’s good faith reasonable judgment, reasonably be expected
to have a Material Adverse Effect.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c)        
Corporate Existence;
Compliance with Law.  The Guarantor and each of its
Subsidiaries (i) is duly organized and validly existing under the laws of the
jurisdiction of its incorporation, (ii) has the corporate power and authority,
and the legal right, to own and operate its property, to lease the property it
operates as lessee and to conduct the business in which it is currently engaged,
(iii) is duly qualified under the laws of each jurisdiction where its ownership,
lease or operation of property or the conduct of its business requires such
qualification, except where the failure to be so duly qualified could not
reasonably be expected to have a Material Adverse Effect, and (iv) is in
compliance with all Requirements of Law and Contractual Obligations, except any
non-compliance which could not reasonably be expected to have a Material Adverse
Effect.

    

    (d)        
Corporate Power;
Authorization; Enforceable Obligations.  The Guarantor and each
of its Subsidiaries has the corporate power and authority, and the legal right,
to make, deliver and perform this Guaranty and each of the other Finance
Documents and Transaction Documents to which it is a party and to borrow
thereunder and has taken all necessary corporate action to authorize (i) the
borrowings on the terms and conditions of the Finance Documents, (ii) the
execution, delivery and performance of this Guaranty and each of the other
Finance Documents and Transaction Documents to which it is a party and (iii) the
remittance of payments of all amounts payable hereunder and
thereunder.  No consent or authorization of, filing with, notice to or
other act by or in respect of, any Governmental Authority or any other Person is
required in connection with the borrowings under the Finance Documents or
Transaction Documents, the remittance of payments in accordance with the terms
hereof and thereof or with the execution, delivery, performance, validity or
enforceability of this Guaranty and each of the other Finance Documents and
Transaction Documents.  This Guaranty and each of the other Finance
Documents and Transaction Documents to which they are a party have been duly
executed and delivered on behalf of the Guarantor and each of its
Subsidiaries.  Each of this Guaranty and each of the other Finance
Documents and Transaction Documents to which they are a party constitutes a
legal, valid and binding obligation of the Guarantor and each of its
Subsidiaries enforceable against the Guarantor and each of its Subsidiaries in
accordance with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the
enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or law).

    

    (e)        
No Legal
Bar.  The execution, delivery and performance by the Guarantor
of this Guaranty, and by it and each of its Subsidiaries of the other Finance
Documents and Transaction Documents to which each such entity is a party, the
borrowings thereunder and the use of the proceeds thereof will not violate any
Requirement of Law or Contractual Obligation to which the Guarantor or its
Subsidiaries is a party or by which it is bound and will not result in, or
require, the creation or imposition of any Lien on any of the properties or
revenues of any of the Guarantor or its Subsidiaries pursuant to any such
Requirement of Law or Contractual Obligation.

     

    
      
        
        

      

      
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    (f)        
No Material
Litigation.  Except as disclosed in Schedule VII attached
hereto, no litigation, investigation or proceeding of or before any arbitrator
or Governmental Authority is pending or, to the knowledge of the Guarantor,
threatened by or against the Guarantor or any of its Subsidiaries or against any
of their respective properties or revenues (a) with respect to this Guaranty or
the other Finance Documents or Transaction Documents or any of the transactions
contemplated hereby or (b) which could reasonably be expected to have a Material
Adverse Effect.

    

    (g)        
Ownership of Property;
Liens.  The Guarantor and each of its Subsidiaries has good
record and marketable title in fee simple to, or a valid leasehold interest in,
all its material real property, and good title to, or a valid leasehold interest
in, all its other material property except for defects in title which would not
have a Material Adverse Effect, and none of the property is subject to any Lien,
other than Permitted Liens.

    

    (h)        
Environmental
Matters.  The Guarantor and its Subsidiaries have obtained all
permits, licenses and other authorizations that are necessary to operate their
respective business and required under all applicable Environmental Laws, except
where the failure to do so would not reasonably be expected to have a Material
Adverse Effect. Except as set forth on Schedule II, (i) Hazardous Materials have
not at any time been generated, used, treated or stored on, released or disposed
of on, or transported to or from, any property owned, leased, used, operated or
occupied by the Guarantor or any of its Subsidiaries or, to the best of the
Guarantor’s knowledge, any property adjoining or in the vicinity of any such
property except in compliance with all applicable Environmental Laws other than
where the failure to do so would not reasonably be expected to have a Material
Adverse Effect and (ii) there are no past, pending or threatened (in writing)
Environmental Claims against the Guarantor or any of its Subsidiaries or any
property owned, leased, used, operated or occupied by the Guarantor or any of
its Subsidiaries that individually or in the aggregate would reasonably be
expected to have a Material Adverse Effect.  The operations of the
Guarantor and its Subsidiaries are in compliance in all material respects with
all terms and conditions of the required permits, licenses, certificates,
registrations and authorizations, and are also in compliance in all material
respects with all other limitations, restrictions, conditions, standards,
prohibitions, requirements, obligations, schedules and timetables contained in
the Environmental Laws, except where the failure to do so would not reasonably
be expected to have a Material Adverse Effect.

    

    (i)        
No
Default.  Except with respect to the Indebtedness set forth on
Schedule III, neither the Guarantor nor any of its Subsidiaries is in default
under or with respect to any agreement, instrument or undertaking to which it is
a party or by which it is bound in any respect which could reasonably be
expected to have a Material Adverse Effect.  No Series 2003-1 Early
Amortization Event, Potential Series 2003-1 Early Amortization Event or Event of
Default has occurred and is continuing.

     

    
      
        
        

      

      
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    (j)        
Taxes.  Under
the laws of Bermuda, the execution, delivery and performance by the Guarantor of
this Guaranty and by it and each of its Subsidiaries of the other Finance
Documents and Transaction Documents to which they are a party and all payments
of principal, interest, fees and other amounts hereunder and thereunder are
exempt from all income or withholding taxes, stamp taxes, charges or
contributions of Bermuda or any political subdivision or taxing authority
thereof, irrespective of the fact that the Agent or any of the Lenders may have
a representative office or subsidiary in Bermuda.  The Guarantor is
validly obligated to make all payments due under this Guaranty and each of its
Subsidiaries is validly obligated to make all payments due under the other
Finance Documents and Transaction Documents free and clear of any such tax,
withholding or charge so that the Agent and the Lenders shall receive the
amounts due as if no such tax, withholding or charge had been
imposed.

    

    (k)        
Pari Passu
Status.  The obligations of the Guarantor hereunder constitute
direct, general obligations of the Guarantor and rank at least pari passu (in priority of
payment) with all other unsecured, unsubordinated obligations of the Guarantor
resulting from any indebtedness for borrowed money or guarantee.

    

    (l)        
Purpose of
Loans.  The proceeds of the Loans under the Facility Agreement
shall be used by BFE solely to either (i) make advances to the Bunge Master
Trust pursuant to the Series 2003-1 VFC, (ii) repay Permitted Indebtedness
outstanding from time to time or (iii) pay expenses incurred in connection with
the Facility Agreement.  Notwithstanding the foregoing, any other use
of the proceeds of the Loans under the Facility Agreement shall not affect the
obligations of the Guarantor hereunder.

    

    (m)        
Information.  All
information (including, with respect to the Guarantor, without limitation, the
financial statements required to be delivered pursuant hereto), which has been
made available to the Agent or any Lender by or on behalf of the Guarantor in
connection with the transactions contemplated hereby and the other Finance
Documents and Transaction Documents is complete and correct in all material
respects and does not contain any untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements contained
therein not materially misleading in light of the circumstances under which such
statements were made; provided, that, with respect to projected financial
information provided by or on behalf of the Guarantor, the Guarantor represents
only that such information was prepared in good faith by management of the
Guarantor on the basis of assumptions believed by such management to be
reasonable as of the time made.

    

    (n)        
Designated
Obligors.  On the date hereof, BL directly or indirectly owns
the percentage of the voting stock of each Designated Obligor (other than BL)
set forth on Schedule IV hereto.

    

    (o)        
Restrictions on
Designated Obligors.  There is no legal or regulatory
restriction on the ability of any Designated Obligor to pay dividends to the
Guarantor out of earnings at such times as such Designated Obligor is not deemed
to be 

     

    
      
        
        

      

      
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    insolvent
pursuant to the laws of its jurisdiction of incorporation nor any legal or
regulatory restriction preventing the Guarantor from converting such dividend
payments to Dollars or Euros.

     

    (p)        
Federal
Regulations.  No part of the proceeds of any advances under the
Investor Certificates will be used for “purchasing” or “carrying” any “margin
stock” within the respective meanings of each of the quoted terms under
Regulation U of the Board of Governors of the Federal Reserve System of the
United States as now and from time to time hereafter in
effect.  Notwithstanding the foregoing, any use of advances under the
Investor Certificates as so described in this subsection shall not affect the
obligations of the Guarantor hereunder.

    

    (q)        
Investment
Company Act.  The Guarantor is not an “investment company”, or
a company “controlled” by an “investment company”, within the meaning of the
1940 Act.

    

    (r)        
Solvency.  The
Guarantor is, individually and together with its Subsidiaries,
Solvent.

    

    (s)        
Consideration.  The
Guarantor has received, or will receive, direct or indirect benefit from the
making of this Guaranty.

    

    (t)        
Security
Interest.

    

    (i)        
All filings and other acts (including but not limited to the acts required by
subsection
2.01(b) of the Sale Agreement and subsection 2.01(b) of
the Pooling Agreement and notifying related Obligors of the assignment of a
Purchased Loan, except to the extent that the relevant UCC and other similar
laws (to the extent applicable) permit a Seller (or Bunge Funding, Inc. or its
assignees) to provide such notification subsequent to the applicable Loan
Purchase Date without materially impairing the Trust's ownership or security
interest in the Trust Assets and without incurring material expenses in
connection with such notification) necessary or advisable under the relevant UCC
or under other applicable laws of jurisdictions outside the United States (to
the extent applicable) shall have been made or performed in order to grant the
Trust (for the benefit of each holder of Investor Certificates) a full legal and
beneficial ownership or first priority perfected security interest in respect of
all Purchased Loans.

    

    (ii)        
BFE is the lawful owner of, and has good and marketable title to, the Series
2003-1 VFC, free and clear of all Liens.

    

    (u)        
Anti-Terrorism
Laws.

    

    (i)        
To the best of the knowledge of the Responsible Officers of the Guarantor,
neither the Guarantor nor any of its Subsidiaries: (A) is, or is

     

    
      
        
        

      

      
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    controlled
by, a Restricted Party, (B) has received funds or other property from a
Restricted Party in violation of any Anti-Terrorism Law, or (C) is in breach of,
or is the subject of any action or investigation under, any Anti-Terrorism
Law.

    

    (ii)        
To the best of the knowledge of the Responsible Officers of the Guarantor, the
Guarantor and each of its Subsidiaries has taken reasonable measures to comply
with the Anti-Terrorism Laws.

    

    (v)        
Effectiveness of
Transaction Documents. The Transaction Documents are in full force and
effect.

    

    The
Guarantor agrees that the foregoing representations and warranties shall be
deemed to have been made by the Guarantor on the date hereof, the date of each
Utilisation Request by BFE and each Utilisation Date under the Facility
Agreement, on and as of all such dates.

    

    Section
8.       Covenants.

    

    8.1       Affirmative
Covenants.  The Guarantor hereby agrees that, so long as (i)
any Loan remains outstanding and unpaid or any other amount is owing to the
Agent or any Lender under the Facility Agreement or (ii) the Commitments have
not been terminated:

    

    (a)        
Financial
Statements.  The Guarantor shall post on a website, the address
and any relevant password specifications of which shall have been given to the
Agent, and shall provide to the Agent one paper copy of:

    

    (i)        
promptly after each annual meeting of the Guarantor, but in any event within one
hundred and twenty (120) days after the end of each fiscal year of the
Guarantor, a copy of the audited consolidated balance sheet of the Guarantor and
its consolidated Subsidiaries at the end of such year and related audited
consolidated statements of income and retained earnings and of cash flows for
such year, setting forth in each case in comparative form the figures for the
previous year, certified by independent public accountants reasonably acceptable
to the Agent;

    

    (ii)        
as soon as available, but in any event not later than sixty (60) days after the
end of each of the first three quarters of each fiscal year of the Guarantor,
the unaudited consolidated balance sheet of the Guarantor as at the end of such
quarter and the related unaudited consolidated statement of income for such
quarter and the portion of the fiscal year through the end of such quarter,
setting forth in each case in comparative form the figures for the previous
year, each in the form reasonably acceptable to the Agent, certified by the
chief financial officer of the Guarantor; and

     

    
      
        
        

      

      
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    (iii)        
such additional financial and other information as the Agent (at the request of
any Lender or otherwise) may from time to time reasonably request;

    

    all such
financial statements furnished under clause (i) above to be complete and correct
in all material respects and prepared in reasonable detail in accordance with
GAAP applied consistently throughout the periods reflected therein and with
prior periods (except as approved by such accountants or officer, as the case
may be, and disclosed therein).

    

    (b)        
Quarterly Compliance
Certificates.  The Guarantor shall, within sixty (60) days
after the end of each of the first three fiscal quarters of each fiscal year and
one hundred and twenty (120) days after the end of each fiscal year, furnish to
the Agent its certificate signed by its chief financial officer, treasurer or
controller stating that, to the best of such officer’s knowledge, during such
period each of the Guarantor and BFE has observed or performed all of its
covenants and other agreements, and satisfied every condition contained in this
Guaranty and the other Finance Documents and Transaction Documents and any other
related documents to be observed, performed or satisfied by each of them, and
that such officer has obtained no knowledge of any Series 2003-1 Early
Amortization Event, Potential Series 2003-1 Early Amortization Event or Event of
Default except as specified in such certificate and showing in reasonable detail
the calculations evidencing compliance with the covenants in subsection
8.2(a).

    

    (c)        
Conduct of Business
and Maintenance of Existence.  The Guarantor shall, and shall
cause each of the Designated Obligors to: (i) except as permitted by subsection 8.2(b),
preserve, renew and keep in full force and effect its corporate existence; and
(ii) take all reasonable action to maintain all rights, privileges and
franchises necessary or desirable in the normal conduct of its business, except
where the failure to maintain the same would not have a Material Adverse
Effect.

    

    (d)        
Compliance with Laws
and Contractual Obligations; Authorization.  The Guarantor
shall, and shall cause each of its Subsidiaries to, comply in all respects with
all Requirements of Law and Contractual Obligations, except where failure to so
comply would not have a Material Adverse Effect, and the Guarantor shall obtain,
comply with the terms of and do all that is necessary to maintain in full force
and effect all authorizations, approvals, licenses and consents required in or
by any applicable laws and regulations to enable it lawfully to enter into and
perform its obligations under this Guaranty or to ensure the legality, validity,
enforceability or admissibility in evidence of this and the other Finance
Documents and Transaction Documents.

    

    (e)        
Maintenance of
Property; Insurance.  The Guarantor shall, and shall cause each
of its Subsidiaries to, keep all property useful and necessary

     

    
      
        
        

      

      
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    in its
business in good working order and condition, except where failure to do so
would not have a Material Adverse Effect; and 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.

    

    (f)        
Inspection of
Property; Books and Records.  The Guarantor shall, and shall
cause each of the Designated Obligors to, keep proper books of records and
account in which full, true and correct entries in conformity with GAAP and all
Requirements of Law shall be made of all dealings and transactions in relation
to its business and activities; and permit representatives of the Agent and each
Lender to visit and inspect any of its properties and examine and make abstracts
from any of its books and records at any time and as often as may reasonably be
desired, provided that the Agent and each Lender has given reasonable prior
written notice and the Agent and each Lender has executed a confidentiality
agreement reasonably satisfactory to the Guarantor.

    

    (g)        
Notices.  The
Guarantor shall give notice to the Agent promptly after becoming aware of the
same, of (i) the occurrence of any Series 2003-1 Early Amortization Event,
Potential Series 2003-1 Early Amortization Event or Default, including any steps
taken to remedy or mitigate the effect of such default; (ii) 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 Guaranty or the other Finance Documents and
Transaction Documents; (iii) any change in such Guarantor’s, BLFC's or the Bunge
Master Trust's Rating by S&P or Moody's; and (iv) any development or event
which has had, or which the Guarantor in its good faith judgment believes will
have, a Material Adverse Effect.

    

    (h)        
Pari Passu
Obligations.  The Guarantor shall ensure that its obligations
hereunder at all times constitute direct, general obligations of the Guarantor
ranking at least pari passu in right of
payment with all other unsecured, unsubordinated Indebtedness (other than
Indebtedness that is preferred by mandatory provisions of law) of the
Guarantor.

    

    (i)        
Maintenance of
Designated Obligors.  The Guarantor will not and will not
permit any of its Subsidiaries directly or indirectly to convey, sell, transfer
or otherwise dispose of, or grant any Person an option to acquire, in one
transaction or a series of transactions more than 50% of the voting stock of a
Designated Obligor (other than BL) unless such conveyance, sale, transfer or
disposition does not cause a Series 2003-1 Early Amortization Event, Potential
Series 2003-1 Early Amortization Event or Event of Default and either (i) such
conveyance, sale, transfer or disposition is among the Guarantor and
its

     

    
      
        
        

      

      
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    Subsidiaries
or (ii) (A) the Guarantor or such Subsidiary uses the net proceeds of such stock
conveyance, sale, transfer or disposition to repay in full the aggregate
principal and interest due and owing with respect to all Intercompany Loans
outstanding as to which the Designated Obligor is the Obligor and (B) to the
extent such net proceeds exceed the amounts required to be paid pursuant to
clause (A), the Guarantor or such Subsidiary either (1) reinvests or enters into
a contract to reinvest all such excess net proceeds in productive replacement
fixed assets of a kind then used or usable in the business of the Guarantor or
any of its Subsidiaries or (2) uses such excess net proceeds to make payments on
the Guarantor’s or its Subsidiaries’ other Indebtedness.

    

    (j)        
Payment of
Taxes.  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 the amount or validity thereof is currently
being contested in good faith by appropriate proceedings and reserves to the
extent required by GAAP with respect thereto have been provided on the books of
the Guarantor.

    

    (k)        
Environmental
Laws.  Unless, in the good faith judgment of the Guarantor, the
failure to do so would not reasonably be expected to have a Material Adverse
Effect, the Guarantor will comply in all material respects, and cause each of
its Subsidiaries to comply in all material respects, with the requirements of
all applicable Environmental Laws and will immediately pay or cause to be paid
all costs and expenses incurred in such compliance, except such costs and
expenses which are being contested in good faith by appropriate proceedings if
the Guarantor or such Subsidiary, as applicable, is maintaining adequate
reserves (in the good faith judgment of the management of the Guarantor) with
respect thereto in accordance with GAAP.  Unless the failure to do so
would not reasonably be expected to have a Material Adverse Effect, the
Guarantor shall not, nor shall it permit or suffer any of its Subsidiaries to,
generate, use, manufacture, refine, transport, treat, store, handle, dispose of,
transfer, produce or process Hazardous Materials other than in the ordinary
course of business and in material compliance with all applicable Environmental
Laws, and shall not, and shall not permit or suffer any of its Subsidiaries to,
cause or permit, as a result of any intentional or unintentional act or omission
on the part of the Guarantor or any Subsidiary thereof, the installation or
placement of Hazardous Materials in material violation of or actionable under
any applicable Environmental Laws onto any of its property or suffer the
material presence of Hazardous Materials in violation of or actionable under any
applicable Environmental Laws on any of its property without having taken prompt
steps to remedy such violation.  Unless its failure to do so would not
reasonably be expected to have a Material Adverse Effect, the Guarantor shall,
and shall cause each of its Subsidiaries to, promptly undertake and diligently
pursue to

     

    
      
        
        

      

      
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    completion
any investigation, study, sampling and testing, as well as any cleanup, removal,
remedial or other action required of the Guarantor or any Subsidiary under any
applicable Environmental Laws in the event of any release of Hazardous
Materials.

    

    (l)        
ERISA.  The
Guarantor shall give notice to the Agent:

    

    (i)        
ERISA
Events.  Promptly and in any event within 10 days after the
Guarantor or any ERISA Affiliate knows or has reason to know that any ERISA
Event has occurred, a statement of the chief financial officer of the Guarantor
or such ERISA Affiliate describing such ERISA Event and the action, if any, that
the Guarantor or such ERISA Affiliate has taken and proposes to take with
respect thereto;

    

    (ii)        
Plan
Terminations.  Promptly and in any event within two (2)
Business Days after receipt thereof by the Guarantor or any ERISA Affiliate,
copies of each notice from the PBGC stating its intention to terminate any Plan
or to have a trustee appointed to administer any Plan; and

    

    (iii)        
Multiemployer Plan
Notices.  Promptly and in any event within five (5) Business
Days after receipt thereof by the Guarantor or any ERISA Affiliate from the
sponsor of a Multiemployer Plan, copies of each notice concerning (A) the
imposition of Withdrawal Liability by any such Multiemployer Plan, (B) the
reorganization or termination, within the meaning of Title IV of ERISA, of any
such Multiemployer Plan or (C) the amount of liability incurred, or that may be
incurred, by the Guarantor of any ERISA Affiliate in connection with any event
described in clause (A) or (B) above.

    

    8.2       Negative
Covenants.  The Guarantor hereby agrees that, so long as (i)
any Loan remains outstanding and unpaid or any other amount is owing to the
Agent or any Lender under the Facility Agreement or (ii) the Commitments have
not been terminated:

    

    (a)        
the Guarantor shall not at any time permit:

    

    (i)        
its Consolidated Net Worth (as calculated at the end of each fiscal quarter of
the Guarantor) to be less than U.S.$1,350,000,000;

    

    (ii)        
the ratio of its consolidated Adjusted Net Debt to consolidated Adjusted
Capitalization (each as calculated at the end of each fiscal quarter of the
Guarantor) to be greater than 0.635:1.0; and

     

    
      
        
        

      

      
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    (iii)        
the ratio of its total consolidated current assets to total consolidated current
liabilities, each as calculated at the end of each fiscal quarter of the
Guarantor and as determined in accordance with GAAP, to be less than 1.1 to
1.0.

    

    Notwithstanding
the definition of "Subsidiary" set forth in the Facility Agreement, Fosfertil
S.A. shall be deemed to be a Subsidiary of the Guarantor solely for the purposes
of determining compliance with this Section 8.2 and shall not be deemed a
Subsidiary of the Guarantor for any other purposes of this Guaranty unless and
until Fosfertil S.A. fits within the definition of "Subsidiary".

    

    (b)        
Limitation of
Fundamental Changes.  The Guarantor shall not enter into any
transaction of merger, consolidation or amalgamation (other than any merger or
amalgamation of any Subsidiary with and into the Guarantor so long as the
Guarantor shall be the surviving, resulting, or continuing company) or
liquidate, wind up or dissolve itself (or suffer any liquidation or
dissolution), or convey, sell, lease, assign, transfer or otherwise dispose of,
all or substantially all of its property, business or assets.

    

    (c)           Liens.  The
Guarantor shall not nor shall it permit any Subsidiary to create or suffer to
exist any Lien (including, without limitation, any equivalent created or arising
under the laws of any jurisdiction in which the Guarantor or a Subsidiary does
business), upon or with respect to any of its present or future property
including any asset, revenue, or right to receive income or any other property,
whether tangible or intangible, real or personal (all of the foregoing
hereinafter called “Property”), in each
case to secure Indebtedness unless the Guaranty Obligations are equally and
ratably secured, except:  (i) 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; (ii) 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; (iii) any Liens securing bonds
posted with respect to and in compliance with clauses (i) and (ii) above; (iv)
any Liens securing the claims of mechanics, laborers, workmen, repairmen,
materialmen, suppliers, carriers, warehousemen, landlords, or vendors or other
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; (v)
Liens which are Excluded Liens (as defined below); (vi) any Lien on any Property
securing Indebtedness incurred or assumed solely for the purpose of financing
all or any part of the cost of constructing or acquiring

     

    
      
        
        

      

      
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    such
Property, which Lien attaches to such Property concurrently with or within
ninety (90) days after the construction, acquisition or completion of a series
of related acquisitions thereof; (vii) Liens existing immediately prior to the
execution of this Guaranty and set forth in Schedule V to this Guaranty; (viii)
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; (ix) Liens on Property existing prior to the acquisition of such
Property or the acquisition of any Subsidiary that is the owner of such Property
and not in contemplation of such acquisition; (x) Liens created by a Subsidiary
in favor of the Guarantor or a Subsidiary; (xi) Liens on any accounts receivable
from or invoices to export customers (including, but not limited to,
Subsidiaries) and the proceeds thereof; (xii) 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; (xiii) Liens on cash
deposited as collateral in connection with financings where Liens are permitted
under clause (xi) and (xii) of this subsection 8.2(c); (xiv) Liens
extending, renewing or replacing, in whole or in part Liens permitted pursuant
to clauses (i) through (xi), so long as the principal amount of the Indebtedness
secured by such Lien does not exceed its original principal amount; (xv) 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, which are necessary for the
conduct of the activities of the Guarantor or the Subsidiaries or which
customarily exist on properties of corporations engaged in similar activities
and similarly situated and which do not in any event materially impair their use
in the operation of the business of the Guarantor or the Subsidiaries; (xvi)
Liens incurred pursuant to the Finance Documents and Transaction Documents;
(xvii) Liens on accounts receivable and other related assets arising in
connection with transfers thereof to the extent such transfers are treated as
true sales of financial assets under FASB Statement No. 140, as in effect from
time to time; and (xviii) Liens (other than Liens otherwise permitted by clauses
(i) through (xvii) above) incurred by the Guarantor or a Subsidiary which, at
the time incurred do not, together with all other Liens incurred by the
Guarantor and the Subsidiaries (other than Liens otherwise permitted by clauses
(i) through (xvii) above) secure an aggregate principal amount exceeding (at the
time such Lien is issued or created) $250,000,000 (collectively, Liens described
in clauses (i)-(xviii) are referred to herein as “Permitted Liens”);
provided, however, that
Indebtedness incurred in connection with any permitted sale and leaseback
transactions which are treated as debt in accordance with generally accepted
accounting principles applicable to such Subsidiary will be included in such
determination and treated as being secured by Liens not otherwise permitted by
clauses (i) through (xvii).  For purposes of interpreting the terms of
this Guaranty, (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

     

    
      
        
        

      

      
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    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 Subsidiary that have been or are to be exported from the country
of origin whether or not such sale is made by a Subsidiary or to any of its
Subsidiaries; and (B) property of a party to a corporate reorganization
which is not the Guarantor or a Subsidiary shall be deemed “acquired” by the
Guarantor or such Subsidiary as part of such corporate reorganization even if
the Guarantor or Subsidiary, as the case may be, is not the surviving or
resulting entity.

    

    As used in this subsection, the term
“Excluded Lien” shall mean any Lien granted by the Guarantor or any Subsidiary
to secure (A) loans from banks controlled by governmental agencies or (B) loans
from other lenders in connection with government programs.

    

    (d)        
Restrictions on
Dividends or Loans by Designated Obligors.  The Guarantor shall
not permit any Designated Obligor to enter into any agreement restricting the
payment of dividends or the making of loans by it to the Guarantor or to any
other Designated Obligor, except that the
Guarantor may permit a Designated Obligor to be party to agreements (i) limiting
the payment of dividends by such Designated Obligor following a default or an
event of default under such agreement and (ii) requiring the compliance by such
Designated Obligor with specified net worth, working capital or other similar
financial tests and (iii) restricting loans to be made by such Designated
Obligor to any other Obligor or the Guarantor to such loans which accrue
interest at a rate greater than or equal to such lending Designated Obligor’s
average cost of funds as determined in good faith by the Board of Director of
such Designated Obligor.

    

    (e)        
Anti-Money
Laundering.  The Guarantor will use commercially reasonable
efforts to ensure that no funds used to pay the obligations under the Finance
Documents are derived from any activity that would violate any Anti-Terrorism
Law.

    

    Section
9.       Amendments.  No amendment or
waiver of any provision of this Guaranty nor consent to any departure by the
Guarantor therefrom shall in any event be effective unless such amendment or
waiver shall be in writing and signed by the Guarantor and the Agent who shall
act following the receipt of the consent of all of the Lenders.  Such
waiver or consent shall be effective only in the specific instance and for the
specific purpose for which given.

    

    Section
10.       Notices, Etc.  All notices,
demands, instructions and other communications required or permitted to be given
to or made upon any Person pursuant hereto shall be in writing and shall be
personally delivered or sent by registered, certified or express mail, postage
prepaid, return receipt requested, or by facsimile transmission, and shall be
deemed to be given for purposes of this Guaranty, in the case of a notice sent
by registered, certified or express mail, on the date that such writing is
actually delivered to the intended recipient thereof

     

    
      
        
        

      

      
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    in
accordance with the provisions of this Section 10, or in the
case of facsimile transmission, when received and telephonically
confirmed.  Unless otherwise specified in a notice sent or delivered
in accordance with the foregoing provisions of this Section 10, notices,
demands, instructions and other communications in writing shall be given to or
made upon the subject parties at their respective Notice Addresses (or to their
respective facsimile transmission numbers) or at such other address or number as
any party may notify to the other parties in accordance with the provisions of
this Section
10.

    

    Section
11.       No Waiver;
Remedies.  No failure on
the part of the Agent to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right.  The remedies herein provided are
cumulative and not exclusive of any remedies provided by law.

    

    Section
12.       Costs and
Expenses.  The Guarantor
agrees to pay, and cause to be paid, on demand all costs and expenses actually
incurred by the Agent in connection with the enforcement of this Guaranty
including, without limitation, the fees and out-of-pocket expenses of outside
counsel to the Agent with respect thereto. The agreements of the Guarantor
contained in this Section 12 shall
survive the payment of all other amounts owing hereunder or under any of the
other Guaranty Obligations.

    

    Section
13.       Separability.  Should any
clause, sentence, paragraph, subsection or Section of this Guaranty be
judicially declared to be invalid, unenforceable or void, such decision will not
have the effect of invalidating or voiding the remainder of this Guaranty, and
the parties hereto agree that the part or parts of this Guaranty so held to be
invalid, unenforceable or void will be deemed to have been stricken herefrom and
the remainder will have the same force and effectiveness as if such part or
parts had never been included herein.

    

    Section
14.       Captions.  The
captions in this Guaranty have been inserted for convenience only and shall be
given no substantive meaning or significance whatever in construing the terms
and provisions of this Guaranty.

    

    Section
15.       Successors and
Assigns.  This Guaranty shall (a) be binding upon the Guarantor
and its successors and assigns and (b) inure to the benefit of and be
enforceable by the Agent and its successors, transferees and assigns; provided, however, that any
assignment by the Guarantor of its obligations hereunder shall (i) be subject to
the prior written consent of the Agent acting on the instructions of all of the
Lenders at their complete discretion, and (ii) only be made to a one hundred
percent (100%) owned Affiliate of the Guarantor.

    

    Section
16.       Limitation by
Law. All
rights, remedies and powers provided in this Guaranty may be exercised only to
the extent that the exercise thereof does not violate any applicable provision
of law, and all the provisions of this Guaranty are intended to be subject to
all applicable mandatory provisions of law which may be controlling and to be
limited to the extent necessary so that they will not render this Guaranty
invalid, unenforceable, in whole or in part, or not entitled to be recorded,
registered or filed under the provisions of any applicable law.

     

    
      
        
        

      

      
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    Section
17.       Substitution of
Guaranty. Subject to the prior
written consent of the Agent acting on the instructions of all of the Lenders at
their complete discretion, the Guarantor shall, during the term of this
Guaranty, be permitted at its option to provide collateral to the Agent or
another form of credit support as a substitute for its obligations under this
Guaranty.  The Guarantor agrees to execute whatever security or credit
support documents the Agent reasonably requests in order to effectuate the
provisions of this Section
17.

    

    Section
18.       GOVERNING
LAW; FOREIGN PARTY PROVISIONS.

    

    (a)        
THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK (INCLUDING, WITHOUT LIMITATION, SECTION 5-1401 OF THE
GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK).

    

    (b)        
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 Guaranty or the other Finance Documents and Transaction
Documents.  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.

    

    (c)        
Appointment of 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 subsection 18(b)
hereof and represents and warrants that the Authorized Agent has accepted such
designation, (ii) agrees that service of process in any proceeding may be
effected by mailing a copy thereof by registered or certified mail or by
overnight courier service, postage prepaid, to its Chief Financial Officer at
its principal executive offices at 50 Main Street, White Plains, New York 10606
and (iii) 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 the Guaranty is in
existence.

     

    
      
        
        

      

      
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    (d)        
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 Guaranty or any other Finance Documents and Transaction Documents, 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.

    

    (e)        
Foreign
Taxes.  Any payments by the Guarantor to the Agent 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
jurisdiction in which the Guarantor has an office from which payment is made or
deemed to be made, excluding (i) any such tax imposed by reason of the Agent,
having some connection with any such jurisdiction other than its participation
as the Agent under the Finance Documents and Transaction Documents, and (ii) any
income or franchise tax on the overall net income of the Agent imposed by the
United States or by the State of New York or any political subdivision of the
United States or of the State of New York on the office of the Agent through
which it is acting in connection with this transaction (all such non-excluded
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 Guaranty shall, to the extent permitted by law, be
increased to such amount as is necessary to yield and remit to the Agent 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.

    

    (f)        
Judgment
Currency.  The obligations of the Guarantor in respect of any
sum due to the Agent or any Lender hereunder or any holder of the obligations
owing hereunder (the “Applicable Creditor”)
shall, notwithstanding any judgment in a currency (the “Judgment Currency”)
other than the currency in which such sum is stated to be due hereunder (the
“Agreement
Currency”), be discharged only to the extent that, on the Business Day
following receipt by the Applicable Creditor of any sum adjudged to be so due in
the Judgment Currency, the Applicable Creditor may in accordance with normal
banking procedures in the relevant jurisdiction purchase the Agreement Currency
with the Judgment Currency; if the amount of the Agreement Currency so purchased
is less than the sum originally due to the Applicable Creditor in the Agreement
Currency, the

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

    
       

    

    Guarantor
as a separate obligation and notwithstanding any such judgment, agrees to
indemnify the Applicable Creditor against such loss.  The obligations
of the Guarantor contained in this Section shall survive the termination of this
Guaranty and the Facility Agreement and the payment of all other amounts owing
hereunder and thereunder.

    

                        Section
19.       WAIVER OF JURY
TRIAL.  THE GUARANTOR HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS GUARANTY, ANY
OTHER FINANCE DOCUMENT OR FOR ANY TRANSACTIONS CONTEMPLATED BY THIS
GUARANTY  AND FOR ANY COUNTERCLAIM THEREIN.  THE GUARANTOR
ACKNOWLEDGES THAT (A) THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO THIS
GUARANTY, (B) IT HAS RELIED ON THIS WAIVER IN ENTERING INTO THIS GUARANTY AND
(C) IT WILL CONTINUE TO RELY ON THIS WAIVER IN FUTURE DEALINGS RELATED TO THIS
GUARANTY.  THE GUARANTOR REPRESENTS THAT IT HAS REVIEWED THIS WAIVER
WITH ITS LEGAL ADVISERS AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY
TRIAL RIGHTS AFTER CONSULTATION WITH ITS LEGAL ADVISERS.  IN THE EVENT
OF ANY LEGAL PROCEEDING RELATING TO THIS GUARANTY, ANY OTHER FINANCE DOCUMENT OR
FOR ANY TRANSACTIONS CONTEMPLATED BY THIS GUARANTY, THIS GUARANTY MAY BE FILED
AS EVIDENCE OF THE GUARANTOR’S WAIVER OF A TRIAL BY JURY.

    

    Section
20.       Reinstatement.  This Guaranty shall be
reinstated to the extent of payments made to the Guarantor as reimbursement of
amounts advanced by the Guarantor hereunder.  The Guarantor agrees
that this Guaranty shall continue to be effective or be reinstated, as the case
may be, if at any time any part of any payment of principal of, or interest on,
the Guaranty Obligations is stayed, rescinded or must otherwise be restored by
the Agent upon the bankruptcy or reorganization of BFE or any other
Person.

    

    Section
21.       Fortis Conflict
Waiver.  Fortis acts as Agent and Lender and may provide other
services or facilities from time to time (the “Fortis
Roles”).  The Guarantor hereto acknowledges and consents to any
and all Fortis Roles, waives any objections it may have to any actual or
potential conflict of interest caused by Fortis acting as Agent or as Lender
hereunder and acting as or maintaining any of the Fortis Roles, and agrees that
in connection with any Fortis Role, Fortis may take, or refrain from taking, any
action which it in its discretion deems appropriate.

    

                        Section
22.       Setoff.  In
addition to any rights now or hereafter granted under applicable law and not by
way of limitation of any such rights, upon the occurrence of an Event of Default
or a Series 2003-1 Early Amortization Event, each Lender is hereby authorized at
any time or from time to time, without notice to the Guarantor or to any other
Person, any such notice being hereby expressly waived, to setoff and to
appropriate and apply any and all deposits (general or special) and any other
indebtedness at any time held or owing by such Lender, to or for the credit or
the account of the Guarantor against and on account of the obligations
and

     

    
      
        
        

      

      
        20

        
          

        

      

      
        
        

      

    

     

    liabilities
of the Guarantor to such Lender, as applicable, under this Guaranty or any other
Finance Document, including, without limitation, all claims of any nature or
description arising out of or connected with this Guaranty or any other Finance
Document, irrespective of whether or not such Lender shall have made any demand
hereunder and although said obligations, liabilities or claims, or any of them,
shall be contingent or unmatured.

    

    If any Lender, whether by setoff or
otherwise, has payment made to it under this Guaranty or any other Finance
Document upon its Loans in a greater proportion than that received by any other
Lender, such Lender agrees, promptly upon demand, to purchase a portion of the
Loans held by the other Lenders so that after such purchase each Lender will
hold its ratable proportion of Loans.

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        21

        
          

        

      

      
        
        

      

    

     

    IN WITNESS WHEREOF, the Guarantor has
caused this Guaranty to be duly executed by its officers thereunto duly
authorized, as of the date first written above.

    

    GUARANTOR:

    

    BUNGE LIMITED,

    a Bermuda company

    

    

    By:  /s/ Hunter
Smith               

    Name:  Hunter
Smith

    Title:    Treasurer

    

    By:  /s/ Carla
Heiss                   

    Name:  Carla
Heiss

    Title:    Assistant
General Counsel

                 and
Assistant Secretary

     

     

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    Schedule
I

    

     

    Material
Developments

    

    None

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        SI-1

        
          

        

      

      
        
        

      

    

     

    Schedule
II

    

     

    Environmental
Matters

    

    This
Schedule II to the Guaranty hereby incorporates by reference all disclosure
related to environmental matters set forth in the Guarantor's Annual Report on
Form 10-K for the fiscal year ended December 31, 2007, which was filed on March
3, 2008.

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        SII-1

        
          

        

      

      
        
        

      

       

    

    Schedule
III

    

     

    Defaulted
Facilities

    

    None

     

     

     

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        SIII-1

        
          

        

      

      
        
        

      

    

     

    Schedule
IV

    

     

    Designated
Obligors

     

     

    
      	
              Name

            	
              Percentage Directly or
      Indirectly 
Owned by BL

            
	
              Bunge
      Limited

            	
              --

            
	
              Bunge
      Global Markets Inc.

            	
              100%

            
	
              Bunge
      N.A. Holdings, Inc.

            	
              100%

            
	
              Bunge
      North America, Inc.

            	
              100%

            
	
              Koninklijke
      Bunge B.V.

            	
              100%

            
	
              Bunge
      Argentina S.A.

            	
              100%

            
	
              Bunge
      S.A.

            	
              100%

            
	
              Bunge
      Fertilizantes International Limited

            	
              100%

            
	
              Bunge
      Alimentos S.A.

            	
              100%

            
	
              Bunge
      Fertilizantes S.A. (Brazil)

            	
              100%

            
	
              Ceval
      International Limited

            	
              100%

            
	
              Bunge
      Europe Finance B.V.

            	
              100%

            

    

     

     

     

    
 

    
      
        
        

      

      
        SIV-1

        
          

        

      

      
        
        

      

       

    

    Schedule
V

    

     

    Permitted
Liens

     

     

    
      	
              Subsidiary/Joint
      
Ventures

            	
              Facility

            	
              Amount
      
Outstanding

            	
              Description
      of Collateral

            
	
              Terminal
      6 and 
Terminal 6i 
(unconsolidated 
joint ventures in
      
Argentina)

            	
              IFC
      Loan (Bunge’s
share)

               

              Bank
      (Bunge’s 
share)

            	
              $4
      million

               

              
$10.5
      million

            	
              Shares
      of Terminal 6

               

              
Shares
      of Terminal 6

            
	
              Bunge
      Alimentos S.A.

            	
              Bank

            	
              $4.7
      million

            	
              Land,
      buildings and equipment

            
	
              TGG
      (consolidated JV)

            	
              BNDES

            	
              $92.4
      million

            	
              Shares
      of TGG

            
	
              Bunge
      Fertilizantes

            	
              BNDES

            	
              $3.1
      million

            	
              Land
      and Buildings

            
	
              Fosfertil
      S.A.

            	
              Various

            	
              $22.9
      million

            	
              Shares
      of stock of Fosfertil S.A. / Ultrafertil S.A. and Bunge Fertilizantes
      S.A.

            
	 	Bank	$3.4
      million	Land
      and buildings
	
              Black
      Sea Industries Ukraine

            	
              EBRD
      Loan

            	
              $21.4
      million

            	
              Extraction
      plant, Preparation plant and Boiler house (buildings and equipment) of
      BSIU crushing plant at Illychevsk,
Ukraine

            

    

    

    
      
        
        

      

      
        SV-1

        
          

        

      

      
        
        

      

    

     

    Schedule
VI

    

     

    Material Contingent
Liabilities and Material Disposition or Acquisition of
Assets

    

    This
Schedule VI to the Guaranty hereby incorporates by reference all disclosures set
forth in the Guarantor’s Annual Report on Form 10-K for the fiscal year ended
December 31, 2007, which was filed on March 3, 2008.

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        SVI-1

        
          

        

      

      
        
        

      

    

     

    Schedule
VII

    

     

    Material
Litigation

    

    This
Schedule VII to the Guaranty hereby incorporates by reference all disclosure
related to legal proceedings set forth in the Guarantor's Annual Report on Form
10-K for the fiscal year ended December 31, 2007, which was filed on March 3,
2008.

     

     

     

     

     

     

     

     

    
      
        
        

      

      
        SVII-1

        
          

        

      

      
        
        

      

    

     

    ANNEX A

    

    “1940
Act”:  the United States Investment Company Act of 1940, as
amended.

    

    “Adjusted
Capitalization”:  the sum of the Guarantor’s Consolidated Net Worth
and the Guarantor’s consolidated Adjusted Net Debt.

    

    “Adjusted
Net Debt”:  with respect to any Person on any date of determination,
(a) the aggregate principal amount of Indebtedness of such Person on such date
minus (b) the sum of all cash, marketable securities and Liquid Inventory of
such Person on such date.

    

    “Aggregate
Exposure Percentage”:  as defined in Section 2.

    

    “Anti-Terrorism
Law”:  means each of:

    

    
      (a)      
Executive
Order No. 13224 of September 23, 2001 - Blocking Property and Prohibiting
Transactions With Persons Who Commit, Threaten To Commit, or Support Terrorism
(the “Executive Order”);

    

    

    
      (b)      
the
Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56 (commonly known
as the USA Patriot Act);

    

    

    (c)       the
Money Laundering Control Act of 1986, Public Law 99-570;

    

    
      (d)      
the
International Emergency Economic Powers Act, 50 U.S.C. §§ 1701 et seq, the
Trading with the Enemy Act, 50 U.S.C. App. §§ 1 et seq, any Executive Order or
regulation promulgated thereunder and administered by the Office of Foreign
Assets Control (“OFAC”) of the U.S. Department of the Treasury;
and

    

    

    
      (e)      
any
similar law enacted in the United States of America subsequent to the date of
this Guaranty.

    

    

    “BFE”:  as
defined in the preamble hereto.

    

    “BL”:  Bunge
Limited, a company organized under the laws of Bermuda, and its successors and
permitted assigns.

    

    “Consolidated
Net Worth”:  the Net Worth of the Guarantor and its consolidated
Subsidiaries determined on a consolidated basis in accordance with GAAP, plus
minority interests in Subsidiaries.

     

    
      
        
        

      

      
        A - 1

        
          

        

      

      
        
        

      

    

    

     “Dollars”
and “$”:  dollars
in lawful currency of the United States.

    

    “Environmental
Claim”:  any and all administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of non-compliance or
violation, investigations or proceedings relating in any way to any
Environmental Law or any permit issued under any such law (hereinafter
“Claims”), including, without limitation, (a) any and all Claims by governmental
or regulatory authorities for enforcement, cleanup, removal, response, remedial
or other actions or damages pursuant to any applicable Environmental Law and (b)
any and all Claims by any third party seeking damages, contribution,
indemnification, cost recovery, compensation or injunctive relief resulting or
arising from alleged or actual injury or threat of injury to the environment by
reason of a violation of or liability arising under any Environmental
Law.

    

    “Environmental
Law”:  any and all federal, state, local or foreign laws, rules,
orders, regulations, statutes, ordinances, codes, decrees, requirements of any
Governmental Authority or other Requirements of Law (including common law)
regulating, relating to or imposing liability or standards of conduct concerning
protection of human health or the environment, as now or may at any time
hereafter be in effect.

    

    “ERISA”:  shall
mean the United States Employee Retirement Income Security Act of 1974, as
amended.

    

    “ERISA
Affiliate”:  with respect to any Person, any trade or business
(whether or not incorporated) that is a member of a group of which such Person
is a member and which is treated as a single employer under Section 414 of the
Code.

    

    “ERISA
Event”:  (a) (i) the occurrence of a reportable event, within the
meaning of Section 4043 of ERISA, with respect to any Plan unless the 30-day
notice requirement with respect to such event has been waived by the PBGC or
(ii) the requirements of Section 4043(b) of ERISA apply with respect to a
contributing sponsor, as defined in Section 4001(a)(13) of ERISA, of a Plan, and
an event described in paragraph (9), (10), (11), (12) or (13) of Section 4043(c)
of ERISA is reasonably expected to occur with respect to such Plan within the
following 30 days; (b) the application for a minimum funding waiver with respect
to a Plan; (c) the provision by the administrator of any Plan of a notice of
intent to terminate such Plan, pursuant to Section 4041(a)(2) of ERISA
(including any such notice with respect to a plan amendment referred to in
Section 4041(e) of ERISA); (d) the cessation of operations at a facility of the
Guarantor or any ERISA Affiliate in the circumstances described in Section
4062(e) of ERISA; (e) the withdrawal by the Guarantor or any ERISA Affiliate
from a Multiple Employer Plan during a plan year for which it was a substantial
employer, as defined in Section 4001(a)(2) of ERISA; (f) the conditions for
imposition of a lien under Section 302(f) of ERISA shall have been met with
respect to any Plan; (g) the adoption of an amendment to a Plan requiring the
provision of security to such Plan pursuant to Section 307 of ERISA; or (h) the
institution by the PBGC of proceedings to terminate a Plan pursuant to Section
4042 of ERISA, or the occurrence of any

     

    
      
        
        

      

      
        A - 2

        
          

        

      

      
        
        

      

    

     

    event or
condition described in Section 4042 of ERISA that constitutes grounds for the
termination of, or the appointment of a trustee to administer, such
Plan.

    

    “Excluded
Lien”:  as defined in Section 8.2(c).

    

    “Executive
Order”:  as defined in the definition of Anti-Terrorism
Law.

    

    “Facility
Agreement”:  as defined in the preamble hereto.

    

    “Foreign
Taxes”:  as defined in Section 18(e).

    

    “Fortis
Roles”:  as defined in Section 21.

    

    “GAAP”:  generally
accepted accounting principles in the United States as in effect from time to
time.

    

    “Guarantor”:  BL.

    

    “Guaranty”:  as
defined in the preamble hereto.

    

    “Guaranty
Obligations”:  as defined in Section 2.

    

    “Hazardous
Materials”:  (a) any petroleum or petroleum products, radioactive
materials, asbestos in any form that is or could become friable, urea
formaldehyde foam insulation, transformers or other equipment that contain
dielectric fluid containing levels of polychlorinated biphenyls, and radon gas;
(b) any chemicals, materials or substances defined as or included in the
definition of “hazardous substances,” “hazardous waste,” “hazardous materials,”
“extremely hazardous waste,” “restricted hazardous waste,” “toxic substances,”
“toxic pollutants,” “contaminants,” or “pollutants,” or words of similar import,
under any applicable Environmental Law; and (c) any other chemical, material or
substance, exposure to which is prohibited, limited or regulated by any
governmental authority having jurisdiction over the Guarantor or its
Subsidiaries and the manufacturing, trading or extraction of which constitutes a
material portion of the business of the Guarantor or any of its
Subsidiaries.

    

    “Hedge
Agreements”:  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.

     

    
      
        
        

      

      
        A - 3

        
          

        

      

      
        
        

      

    

     

    “Indebtedness”:  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 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 by such Person of
Indebtedness of others (other than guarantees of obligations of direct or
indirect Subsidiaries of such Person).

    

    “Indebtedness
for Borrowed Money”:  all items that, in accordance with GAAP, would
be classified as indebtedness on a consolidated balance sheet of the
Guarantor.

    

    “Intercompany
Loans”:  Loans, as defined in Annex X to the Pooling
Agreement.

    

    “Investor
Certificates”:  as defined in Annex X to the Pooling
Agreement.

    

     “Judgment
Currency”:  as defined in Section 18(f).

    

    “Lien”:  with
respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
encumbrance, charge or security interest in or on such asset and (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital
lease or title retention agreement relating to such asset.

    

    “Liquid
Inventory”:  as to the Guarantor and its consolidated Subsidiaries at
any time, its inventory at such time of commodities which are traded on any
recognized commodities exchange, valued depending on the type of such commodity
at either (a) the lower of cost or the market value at such time or (b) the
market value at such time.

    

    “Loan
Purchase Date”: as defined in Annex X to the Pooling Agreement.

    

    “Multiple
Employer Plan”:  a single employer plan, as defined in Section
4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or
any ERISA Affiliate and at least one Person other than the Guarantor and the
ERISA Affiliates or (b) was so maintained and in

     

    
      
        
        

      

      
        A - 4

        
          

        

      

      
        
        

      

    

     

    respect
of which the Guarantor or any ERISA Affiliate could have liability under Section
4064 or 4069 of ERISA in the event such plan has been or were to be
terminated.

    

    “Net
Worth”:  with respect to any Person, the sum of such Person’s capital
stock, capital in excess of par or stated value of shares of its capital stock,
retained earnings and any other account which, in accordance with GAAP,
constitutes stockholders’ equity, excluding any treasury stock.

    

    “Notice
Address”:

     

    
      	
              Agent:

            	 
      	
              FORTIS
      BANK (NEDERLAND) N.V.

              Syndicated
      Loans Agency

              P.O.
      Box 749

              3000
      AS Rotterdam

              The
      Netherlands

              Attention:
      Mark Meijer

              Tel.
      No.: 31 10 401 6047

              Telecopy
      No.: 31 10 401 5937

              Email:
      mark.meijer@nl.fortis.com

            
	
              Guarantor:

            	 
      	BUNGE
      LIMITED 

              50
      Main Street

              White
      Plains, New York 10606

              Attention:
      Hunter Smith

            
	 	 	Tel.
      No: 
Telecopy No.: 	(914)
      684-3440
(914) 684-3283

    

    

    

    “Obligor”:
as defined in Annex X to the Pooling Agreement.

    

    “OFAC”:  as
defined in the definition of Anti-Terrorism Law.

    

    “PBGC”:  the
Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title
IV of ERISA and any Person succeeding to the functions thereof.

    

    “Permitted
Lien”:  as defined in Section 8.2(c).

    

    “Plan”:  a
Single Employer Plan or a Multiple Employer Plan.

     

    
      
        
        

      

      
        A - 5

        
          

        

      

      
        
        

      

    

    

    “Pooling
Agreement”: 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, as trustee, and all amendments thereof and
supplements thereto.

    

    “Potential
Series 2003-1 Early Amortization Event”:  an event which, with the
giving of notice or the lapse of time or both, would constitute a Series 2003-1
Early Amortization Event.

    

    “Property”:
as defined in Section 8.2(c).

    

    “Purchased
Loan”: as defined in Annex X to the Pooling Agreement.

    

    “Rating
Agency”:  either one of (a) Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., or any successor thereto, or (b)
Moody’s Investors Service, Inc. or any successor thereto.

    

    “Restricted
Party” means any person listed:

    

    (a)       in
the Annex to the Executive Order;

    

    
      (b)      
on the
“Specially Designated Nationals and Blocked Persons” list maintained by OFAC;
or

    

    

    
      (c)        in any
successor list to either of the foregoing.

    

    

    “Sale
Agreement”: the Second Amended and Restated Sale Agreement, dated as of
September 6, 2002, among the Sellers and Bunge Funding, Inc., as amended,
supplemented or otherwise modified from time to time in accordance with the
Transaction Documents.

    

    “Sellers”:
Bunge Finance Limited and Bunge Finance North America, Inc. and their respective
successors and permitted assigns and any additional Seller that becomes a party
to the Sale Agreement in accordance with the terms of the Transaction
Documents.

    

    “Series
2003-1 VFC”: the Series 2003-1 VFC Certificate executed by Bunge Funding, Inc.
and authenticated by or on behalf of The Bank of New York, as
trustee.

    

    “Single
Employer Plan”:  a single employer plan, as defined in Section
4001(a)(15) of ERISA, that (a) is maintained for employees of the Guarantor or
any ERISA Affiliate and no Person other than the Guarantor and the ERISA
Affiliates or (b) was so maintained and in respect of which the Guarantor or any
ERISA Affiliate could have liability under Section 4069 of ERISA in the event
such plan has been or were to be terminated.

     

    
      
        
        

      

      
        A - 6

        
          

        

      

      
        
        

      

    

    

    “Transaction
Documents”: as defined in Annex X to the Pooling Agreement.

    

    “Trust”:
the Bunge Master Trust created by the Pooling Agreement.

    

    “Trust
Assets”: as defined in Annex X to the Pooling Agreement.

    

    “UCC”:
the Uniform Commercial Code, as amended, replaced or otherwise revised from time
to time, as in effect in any specified jurisdiction.

    

    “Withdrawal
Liability”:  as defined in Part I of Subtitle E of Title IV of
ERISA.

     

     

     

     

     

     

    A -
7

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