Document:

exv10w39

Exhibit 10.39

(ENGLISH TRANSLATION)

3rd AMENDMENT TO THE PRIVATE INSTRUMENT OF CREDIT FACILITY

AGREEMENT FOR FINANCING BY TRANSFER CONTRACTED WITH

BANCO NACIONAL DE DESENVOLVIMENTO ECONÔMICO E SOCIAL -

BNDES

The following are parties to this instrument:

1 — FINAL BENEFICIARY 

Angélica Agroenercia Ltda., a limited
liability company with its principal place of business in the City of Angélica,
State of Mato Grosso do Sul, at Continental Highroad, Km 15, without a number,
Takuaré Farm, Rural Zone, ZIP Code 79785-000, registered with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 07.903.169/0001-09,
herein represented in accordance with its Articles of Association and hereinafter
referred to simply as “Beneficiary”;

2 — FINANCIAL AGENTS 

Banco Rabobank International Brasil S.A., a financial institution with its principal place of business in the
City of São Paulo, State of São Paulo, at Avenida das Nações Unidas, 12995,
7th floor, registered with the National Corporate Taxpayers Register of
the Ministry of Finance under CNPJ/MF No. 01.023.570/0001-60, herein duly
represented in accordance with its Articles of Incorporation and hereinafter
referred to simply as “Rabobank”;

Banco Santander (Brasil) S.A., successor by
merger of Banco ABN Amro Real S.A., a financial institution with its principal place of business in the
City of São Paulo, State of São Paulo, at Av. Presidente Juscelino Kubitschek, Nos.
2041 and 2235, Block A, Vila Olímpia, registered with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 90.400.888/0001-42,
herein duly represented in accordance with its Articles of Incorporation and
hereinafter referred to simply as “Santander”;

Unibanco-União de Bancos Brasileiros S.A., a financial institution with its principal place of business in the
City of São Paulo, State of São Paulo, at Av. Eusébio Matoso, No. 891, registered
with the National Corporate Taxpayers Register of the Ministry of Finance under
CNPJ/MF No. 33.700.394/0001-40, herein represented in accordance with its Articles
of Incorporation and hereinafter referred to simply as “Unibanco”;

Banco
Itaú BBA S.A., a financial institution
with its principal place of business in the City of São Paulo, State of São Paulo,
at Av. Brigadeiro Faria Lima, No. 3400, 4th floor (part), registered with
the National Corporate Taxpayers Register of the Ministry of Finance under CNPJ/MF
No. 17.298.092/0001-30, herein duly represented in accordance with its Articles of
Incorporation and hereinafter referred to simply as “Itaú BBA”;

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Banco Bradesco S.A., a financial institution with its
principal place of business at Cidade de Deus, without a number, in Vila Yara, in
the City of Osasco, State of São Paulo, registered with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 60.746.948/0001-12,
herein duly represented in accordance with its Articles of Incorporation and
hereinafter referred to simply as “Bradesco”;

HSBC Bank Brasil S.A. —
Banco Múltiplo, a financial institution with its
principal place of business in Curitiba, in the State of Paraná, at Travessa
Oliveira Bello, No. 34, 4th floor, registered with the National Corporate
Taxpayers Register of the Ministry of Finance under CNPJ/MF No. 01.701.201/0001-89,
herein duly represented in accordance with its Articles of Incorporation and
hereinafter referred to simply as “HSBC”;

Rabobank, Santander, Unibanco, Itaú BBA, Bradesco and HSBC shall hereinafter be
collectively referred to as “Financial Agents” or, when individually,
indistinctly and generally referred to, as “Financial Agent”.

Rabobank was appointed Financial Agents’ leader (“Leader”), to represent the
interests of the former before Banco Nacional de Desenvolvimento Econômico e Social
— BNDES (“BNDES”), beneficiary, the Guarantee Providers (as defined in item
3 below) and third parties, with respect to the Transfer Agreement and its
respective guarantees.

3 — GUARANTEE PROVIDERS

Usina Monte Alegre Ltda., successor by merger
of Adecoagro Comércio Exportação e Importação Ltda., a
limited liability company with its principal place of business in the City of Monte
Belo, State of Minas Gerais, at Monte Alegre Farm, without a number, ZIP Code
37140-000, registered with the National Corporate Taxpayers Register of the Ministry
of Finance under CNPJ/MF No. 22.587.687/0001-46, herein represented in accordance
with its Articles of Association and hereinafter referred to simply as
“UMA”;

Adeco Agropecuária Brasil S.A., a corporation
with its principal place of business in the City of Luis Eduardo Magalhães, State of
Bahia, at Rua Pará, Quarter 21, Lot 20, Downtown, ZIP Code 47850-000, registered
with the National Corporate Taxpayers Register of the Ministry of Finance under
CNPJ/MF No. 07.035.004/0001-54, herein represented in accordance with its Articles
of Association, hereinafter referred to simply as “Adeco Agropecuária”;

Adeco Brasil Participações S.A., the new
denomination of Adeco Brasil Participações Ltda. a corporation with its principal
place of business in the City of São Paulo, State of São Paulo, at Rua Iguatemi, No.
192, 13th floor, suite 131, Itaim Bibi, ZIP Code 01451-010, registered
with the National Corporate Taxpayers Register of the Ministry of Finance under
CNPJ/MF No. 07.835.579/0001-51, herein represented in accordance with its Articles
of Association, hereinafter referred to simply as “Adeco Brasil”;

2

 

UMA, Adeco Agropecuária and Adeco Brasil shall hereinafter be collectively referred
to as “Guarantee Providers”.

Beneficiary, Financial Agents and Guarantee Providers shall hereinafter be
collectively referred to as “Parties” and, individually and indistinctly, as
“Party”.

WHEREAS:

(i) The Financial Agents authorized the alteration of the financial
indexes determined to Beneficiary and to each of the Guarantee Providers,
without modification of the charges paid to Banco Nacional de
Desenvolvimento Econômico e Social — BNDES;

(ii) The
guarantee provider
Adecoagro Comércio Exportação e
Importação Ltda., current denomination of Alfenas Café
Ltda., a limited liability company with its business place in
the City of Monte Belo, State of Minas Gerais, at Monte Alegre Farm, without a
number, ZIP Code 37130-000, registered with the National Corporate Taxpayers
Register of the Ministry of Finance under CNPJ/MF No. 01.893.896/0001-48, was merged
on July 31, 2010 into Usina Monte Alegre
Ltda., with the latter also being a Guarantee Provider;

The Parties decide to amend again the Private Instrument of Credit Facility
Agreement for Financing by Transfer Contracted with Banco Nacional de
Desenvolvimento Econômico e Social — BNDES (“Transfer Agreement”), entered
into on February 1st, 2008, amended on July 1st, 2008 through
the 1st Private Instrument of Amendment to BNDES Credit Facility
Agreement for Financing by Transfer (“1st Amendment”) and on
March 4, 2010, through the 2nd Amendment to the Private Instrument of
BNDES Credit Facility Agreement for Financing by Transfer (“2nd
Amendment”), as provided for in the clauses below:

ARTICLE ONE

ALTERATION OF THE INDEXES OF BENEFICIARY AND GUARANTEE

PROVIDERS’ FINANCIAL LIABILITIES

1.1. Due to the authorization referred to above, Articles 19.1 and 19.2 of the
Transfer Agreement shall hereafter be in force with the following wording:

XIX — BENEFICIARY AND GUARANTEE PROVIDERS’LIABILITIES

19.1. beneficiary agrees to comply, during the entire term of effectiveness of this
Transfer Agreement, with the financial liabilities defined below, by means of annual
verifications, since December 2008, based on the audited financial statements
delivered by external auditors enrolled with CVM, for the calculation period related to the last
12 months, whose indexes for December 31, 2010 shall be measured based on the
Generally Accepted Accounting Principles adopted in Brazil (“BR GAAP”), as in force
in December 2009:

3

 

	 	a)	 	Maintenance of Liquidity Index ≥ 1.0x; and
	 
	 	b)	 	Maintenance of Debt Service Coverage Index (i) ≥ 0.65x for December 31,
2010, (ii) ≥ 1.0x for December 31, 2011, 2012 and 2013, and (iii) ≥
1.3x as from and up to December 31, 2014.

19.2. Beneficiary and each of the Guarantee Providers further agree to comply,
during the term of effectiveness of this Transfer Agreement, with the obligations
defined below and, as regards the obligations related to maintenance of the
financial indexes, the verifications shall be always conducted on an annual basis,
as from December 2007, based on combined audited financial statements, delivered by
external auditors enrolled with CVM, for the calculation period related to the last
twelve (12) months, with the indexes related to December 31, 2010 to be measured
based on the BRGAAP, as in force in December 2009:

	 	a)	 	Maintenance of the Liquidity Index: (i) ≥ 1.20x in relation to December
31, 2007, 2008 and 2009; (ii) ≥ 0.65x in relation to December 31, 2010;
(iii) ≥ 1,00x in relation to December 31, 2011; and (iv) ≥ 1.20x, as
from December 2012;
	 
	 	b)	 	Maintenance of Net Bank Debt/EBITDA: (i) ≤ 5.0x in relation to December 31,
2007 and 2008; (ii) ≤ 3.0x in relation to December 31, 2009; (iii) ≤ 5.50x in
relation to December 31, 2010; and (iv) ≤ 3.0x as from December 31, 2011; and
	 
	 	c)	 	Maintenance of Interest Coverage Index: (i) ≥ 3.0x in
relation to December 31, 2007, 2008 and 2009; (ii) ≥ 2.0x in relation
to December 31, 2010 and 2011; (iii) ≥ 4.0x as from December 31,
2012.1

ARTICLE TWO

RATIFICATION

2.1. This Amendment is an integral and complementary part of the Transfer Agreement,
as amended up to the date hereof, with ratification of all other articles,
conditions and guarantees of the Transfer Agreement (and its 1st and
2nd Amendments), to which this 3rd Amendment becomes an
integral and indissoluble part.

2.2. With exception of what conflicts with the provisions in this instrument, all
the Instruments of Guarantee are also ratified.

2.3. In this Amendment, all words initiated by capital letters shall have the
meanings ascribed thereto in the Transfer Agreement, except if otherwise provided
for herein.

2.4. The Parties appear in this instrument to expressly agree with the modifications
inserted by this Amendment and they further ratify the validity and effectiveness of
all guarantees described in the Transfer Agreement and in the Instruments of
Guarantee.

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2.5. Within up to five (5) days as from the date of execution of this Amendment,
Beneficiary shall cause this Amendment to be annotated with the registries of the
Transfer Agreement, as existing in the Registry of Deeds and Documents of the
domicile of each of the Parties to the Transfer Agreement and, in the ten (10) days
subsequent to the date of execution of this Amendment, it shall provide the
Financial Agents with the respective counterparts of this Amendment evidencing the
corresponding annotation of the Transfer Agreement with the registries.

And, in witness whereof, the Parties execute this Amendment to the Transfer
Agreement, in twelve (12) counterparts of the same content and form before the
witnesses signed and identified below.

São Paulo, December 14, 2010.

5

 

Signatures page (1 of 2) of the 3rd Amendment to the Private Instrument of Credit

Facility Agreement for Financing by Transfer, Contracted with Banco Nacional de 

Desenvolvimento
Econômico e Social — BNDES.

BENEFICIARY

	 	 	 

	ANGÉLICA AGROENERGIA LTDA.
	/s/ Leonardo R. Berridi

	 	/s/ Renato José Urvaneja
	Name: Leonardo R. Berridi

	 	Name: Renato José Urvaneja
	I.D.: 231.115.108-83

	 	I.D.: 119.197.208/98

FINANCIAL AGENTS

	 	 	 

	BANCO RABOBANK INTERNATIONAL BRASIL S.A.
	/s/ Maria Regina Miné Bon

	 	/s/ Alessandra Petra Hazl
	Name: Maria Regina Miné Bon

	 	Name: Alessandra Petra Hazl
	CPF/MF: 054.713.658-79

	 	OAB/SP: 182.098
	R.G.: 10.999.751-7
	 	 
	 
	 	 
	BANCO SANTANDER (BRASIL) S.A.
	/s/ Newton Cesar B.P. Fernandes

	 	/s/ Marcos Charcon Dain
	Name: Newton Cesar B.P. Fernandes

	 	Name: Marcos Charcon Dain
	Title: Superintendent

	 	Title: Executive Manager
	 

	 	I.D.: 593540
	 
	 	 
	UNIBANCO-UNIÃO DE BANCOS BRASILEIROS S.A.
	/s/ [illegible] de Oliveira

	 	/s/ Darcira da Silva C. Gonçalves
	Name: [illegible] de Oliveira

	 	Name: Darcira da Silva C. Gonçalves
	CPF/MF: 277.717.048-75

	 	CPF/MF: 997.343.628-87
	R.G.: 20.243.805

	 	R.G.: 7.551.726-7
	 
	 	 
	BANCO ITAÚ BBA S.A.
	/s/ Darcira da Silva C. Gonçalves
	 	/s/ [illegible] Senna Rodrigues
	Name: Darcira da Silva C. Gonçalves

	 	Name: [illegible] Senna Rodrigues
	CPF/MF: 997.343.628-87

	 	CPF/MF: 302.561.228-22
	R.G.: 7.551.726-7

	 	R.G.: 33.726.206-8
	 
	 	 
	BANCO BRADESCO S.A.
	/s/ Edílio Jesus Almeida

	 	/s/ Rosa Rodrigues da Cruz [illegible]
	Name: Edílio Jesus Almeida

	 	Name: Rosa Rodrigues da Cruz [illegible]
	 
	 	 
	HSBC BANK BRASIL S.A. — BANCO MÚLTIPLO
	/s/ Marcio O. Boavista

	 	/s/ Jayme Abrantes Filho
	Name: Marcio O. Boavista

	 	Name: Jayme Abrantes Filho
	Registry: 3311852

	 	Registry: 2493446

6

 

Signatures page (2 of 2) of the 3rd Amendment to the Private Instrument of Credit

Facility Agreement for Financing by Transfer, Contracted with Banco Nacional de

Desenvolvimento Econômico e Social — BNDES.

GUARANTEE PROVIDERS

	 	 	 

	USINA MONTE ALEGRE LTDA.
	/s/ Leonardo R. Berridi

	 	/s/ Renato José Urvaneja
	Name: Leonardo R. Berridi

	 	Name: Renato José Urvaneja
	I.D.: 231.115.108-83

	 	I.D.: 119.197.208/98
	 
	 	 
	ADECO AGROPECUÁRIA BRASIL S.A.
	/s/ Leonardo R. Berridi

	 	/s/ Renato José Urvaneja
	Name: Leonardo R. Berridi

	 	Name: Renato José Urvaneja
	I.D.: 231.115.108-83

	 	I.D.: 119.197.208/98
	 
	 	 
	ADECO BRASIL PARTICIPAÇÕES S.A.
	/s/ Leonardo R. Berridi

	 	/s/ Renato José Urvaneja
	Name: Leonardo R. Berridi

	 	Name: Renato José Urvaneja
	I.D.: 231.115.108-83

	 	I.D.: 119.197.208/98
	 
	 	 
	WITNESSES:
	 	 
	 
	 	 
	/s/ Rogério Azevedo

	 	/s/ Renato José Urvaneja
	Name: Rogério Azevedo

	 	Name: Renato José Urvaneja
	I.D.: 126.434.858-40

	 	I.D.: 119.197.208/98
	 
	 	 
	All pages were initialed.
	 	 

7exv10w40

Exhibit 10.40

(English Translation)

FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL CREDIT CERTIFICATE No.
40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA., IN THE AMOUNT OF R$
70,000,000.00, WITH MATURITY ON JULY 1, 2020.

LENDER — BANCO DO BRASIL S.A., a mixed-capital company, with its principal place of
business in the City of Brasília, Federal Capital, by its Corporate Agency in the State of
Mato Grosso (MS) prefix 2609-3, enrolled in the General Taxpayer’s Register of the
Ministry of Finance (CGC/MF) under No. 00.000.000/4817-85, herein represented by the
undersigned, Mr. JAMES DE NEGRI, Brazilian, bank and Federal Savings Bank employee,
married under the partial property ruling, bearer of Driver’s License No. 00271634361
DETRAN PR and enrolled in the Individual Taxpayer’s Register of the Ministry of Finance
(CPF/MF) under No. 456.931.530-53, and resident and domiciled in the City of Campo Grande,
State of Mato Grosso do Sul.

BORROWER — ANGELICA AGROENERGIA LTDA., a legal entity with its principal place of
business in the City of ANGÉLICA, State of Mato Grosso do Sul, at estrada continental Km
15, Fazenda Takuarê, rural zone, CEP 79.785-000, and enrolled in the National Register of
Legal Entities (CNPJ) under No. 07.903.169/0001-09, herein represented by its
partner/manager Mr. LEONARDO RAUL BERRIDI, an alien with permanent visa, married, business
administrator, resident and domiciled in the City of Brasília-DF, bearer of Identity Card
No. V391119-H, issued by SEDDFMA on May 1, 2004 and enrolled in the CPF/MF under No.
231.115.108-83.

The purpose of this instrument is to rectify and ratify, pursuant to the clauses below,
INDUSTRIAL CREDIT CERTIFICATE No. 40/00370-1, in the amount of seventy million Reais (R$
70,000,000.00) issued by BORROWER on July 30, 2010 to LENDER, maturing on July 1, 2020,
secured by aval guarantee, pledge and mortgage of credit instruments, registered under No.
17, record 8.399, book No. 2, on August 18, 2010, book 3 under No. 5.188 in the Real
Estate Registry Office in the Judicial District of Ivinhema, State of Mato Grosso do Sul,
and under No. 2.715, page 1, book 3, on August 20, 2010, in the Real Estate Registry
Office in the Judicial District of Angélica, State of Mato Grosso do Sul.

CLAUSE ONE — PURPOSES — BORROWER and LENDER hereby mutually agree to amend: a) the
wording of Clause “EARLY MATURITY” of the Certificate amended herein, b) rectify the
corporate structure of Guarantor and Intervening Party and rectify all terms of the
INDUSTRIAL CREDIT CERTIFICATE No. 40/00370-1 were

 

 

Continuation of the FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL
CREDIT CERTIFICATE No. 40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA.,
IN THE AMOUNT OF R $70,000,000.00, WITH MATURITY ON JULY 1, 2020.

not modify by the present Amendment; c) the munícipio of the Intervening Party and
Guarantor:

CLAUSE TWO — THE AMENDMENT OF THE CLAUSE EARLY MATURITY — The Clause EARLY MATURITY of
the INDUSTRIAL CREDIT CERTIFICATE amended herein shall have the following wording:

EARLY MATURITY — (I/WE) HEREBY REPRESENT THAT (I AM/WE ARE) AWARE THAT IF (I/WE) FAIL TO
TIMELY PAY ANY INSTALLMENTS SET OUT IN THIS INSTRUMENT, OR IF (I/WE) FAIL TO HAVE THE
SUFFICIENT BALANCE ON THE DATES OF THEIR CORRESPONDING MATURITIES, SO THAT BANCO DO BRASIL
S.A. MAKES THE ACCOUNTING ENTRIES INTENDED FOR THEIR RESPECTIVE SETTLEMENT, AS EXPRESSLY
SET OUT IN CLAUSE “AUTHORIZATION TO DEBIT IN ACCOUNT”, BANCO DO BRASIL S.A. MAY CONSIDER
AS EARLY MATURED, BY OPERATION OF LAW, ALL OTHER INSTALLMENTS STILL COMING DUE, WHICH HAVE
BEEN ASSUMED NOT ONLY HEREIN BUT ALSO IN OTHER INSTRUMENTS (I/WE) HAVE ENTERED INTO WITH
BANCO DO BRASIL S.A., AND REQUIRE THE FULL DEBT ENSUING THEREFROM, IRRESPECTIVE OF
JUDICIAL OR EXTRAJUDICIAL NOTIFICATION. BANCO DO BRASIL S.A. MAY ALSO CONSIDER THE DEBT
RESULTING FROM THE EXISTING TRANSACTIONS AS FULLY MATURED AND ENFORCEABLE, WHENEVER THE
OCCURRENCE OF ANY OF THE FOLLOWING SITUATIONS HAS BEEN IMPUTED TO (ME/US) OR TO ANY OF THE
CO-OBLIGORS: A) OUR EXCHANGE DRAFTS ARE PROTESTED; WE PETITION FOR IN OR OUT-OF-COURT
REORGANIZATION OR BANKRUPTCY OR HAVE OUR BANKRUPTCY OR CIVIL INSOLVENCY ADJUDICATED OR
DISCONTINUE OUR ACTIVITIES FOR ANY REASONS; B) A LAWSUIT OR TAX PROCEEDING IS FILED
AGAINST US, WHICH IS CAPABLE OF ENDANGERING THE GUARANTEES ESTABLISHED OR THE COMPLIANCE
WITH THE OBLIGATIONS ASSUMED HEREIN; C) (I/WE) PROVIDE BANCO DO BRASIL S.A. DIRECTLY OR
THROUGH NOMINEES OR PROXY-HOLDERS WITH INCOMPLETE OR ALTERED INFORMATION, ALSO THROUGH A
PUBLIC OR PRIVATE DOCUMENT OF ANY KIND; D) (I/WE) FAIL TO PROVIDE BANCO DO BRASIL S.A.
DIRECTLY OR THROUGH NOMINEES OR PROXY-HOLDERS WITH INFORMATION THAT, IF COGNIZED BY BANCO
DO BRASIL S.A., COULD CHANGE ITS JUDGMENTS AND/OR EVALUATIONS; E) (I/WE) DEFAULT ON ANY
OTHER TRANSACTION(S) HELD AT BANCO DO BRASIL S.A.; F) (I/WE) EXCEED THE CREDIT LIMIT
GRANTED; G) (I/WE) DIVERT IN WHOLE OR IN

 

 

Continuation of the FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL
CREDIT CERTIFICATE No. 40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA.,
IN THE AMOUNT OF R$70,000,000.00, WITH MATURITY ON JULY 1, 2020.

PART THE ASSETS OFFERED AS GUARANTEE; H) (I/WE) FAIL TO MAINTAIN THE INSURANCE(S) OF THE
ASSET(S) OFFERED AS GUARANTEE IN GOOD STANDING; I) (I/WE) FAIL TO PROVIDE ADDITIONAL
GUARANTEES WITHIN THE TERM STATED IN THE NOTICE GIVEN TO (ME/US) BY BANCO DO BRASIL S.A.);
J) THROUGHOUT THE TERM OF EFFECTIVENESS OF THIS CERTIFICATE, (I/WE) FAIL TO OBSERVE THE
FINANCIAL OBLIGATIONS SET OUT BELOW, UPON ANNUAL VERIFICATIONS AS OF DECEMBER 2010, BASED
UPON THE FINANCIAL STATEMENTS AUDITED AND DELIVERED BY EXTERNAL AUDITORS REGISTERED WITH
THE BRAZILIAN SECURITIES COMMISSION (CVM), FOR THE ASCERTAINMENT PERIOD REFERRING TO THE
PAST TWELVE (12) MONTHS, CONSIDERING: THE MAINTENANCE OF THE LIQUIDITY RATIO EQUAL TO
AND/OR IN EXCESS OF 1.0X; AND THE MAINTENANCE OF THE DEBT SERVICE COVERAGE RATIO (I) EQUAL
TO AND/OR IN EXCESS OF 0.65X ON DECEMBER 31, 2010, AND (II) EQUAL TO AND/OR IN EXCESS OF
1.0X FROM DECEMBER 31, 2011 TO DECEMBER 31, 2013, AND (III) EQUAL TO OR IN EXCESS OF 1.3X
AS OF DECEMBER 31, 2014. FOR PURPOSES OF ITEM “J” ABOVE, MEASUREMENT FOR THE STATEMENT ON
DECEMBER 31, 2010 SHALL BE BASED UPON THE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN
BRAZIL (BRGAAP) IN EFFECT ON OR BEFORE DEC/2009 AND THE STATEMENTS RELATED TO THE OTHER
YEARS SHALL BE PREPARED AND AUDITED BASED UPON THE BRGAAP IN EFFECT; THE TERMS SUBMITTED
ABOVE SHALL HAVE THE FOLLOWING DEFINITION: 1 — LIQUIDITY RATIO: CURRENT ASSETS DIVIDED BY
CURRENT LIABILITIES; 2 — DEBT SERVICE COVERAGE RATIO: EBITDA DIVIDED BY (PAYMENT OF
LONG-TERM DEBTS ADDED BY NET FINANCIAL EXPENSES AND DIVIDENDS); 3 — EBITDA CORRESPONDS TO
THE SUM OF THE FOLLOWING SPECIFIED ITEMS: (+) NET PROFIT; (+) NET FINANCIAL
INCOME/EXPENSE; (+) PROVISIONING FOR CORPORATE INCOME TAX/SOCIAL SECURITY CONTRIBUTION
(IRPJ/CS); (+) DEPRECIATIONS/AMORTIZATIONS; (+) OTHER NON-OPERATING NET INCOME/EXPENSE
AND; (+) PROFITS/LOSSES RESULTING FROM EQUITY ACCOUNTING;

CLAUSE THREE — RELATED CLAUSES — In light of the AMENDMENT to Clause “EARLY MATURITY”,
BORROWER and LENDER agree that all Clauses of the Certificate hereby amended, which
mention the Clause amended herein, shall automatically refer to the new wording of such
Clause.

 

 

Continuation of the FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL
CREDIT CERTIFICATE No. 40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA.,
IN THE AMOUNT OF R$70,000,000.00, WITH MATURITY ON JULY 1, 2020.

CLAUSE FOUR — CHANGES OF THE CORPORATE TYPES OF THE AVAL GUARANTOR AND INTERVENING PARTY
AND GUARANTOR — The Parties clarify that the Companies Ivinhema Agroenergia Ltda. and
Adeco Brasil Participações Ltda. have had their corporate types changed from ‘limited
liability companies’ (LTDA.) to joint-stock companies (S/A). The Parties further clarify
that such changes have occurred before issuance of the Certificate hereby amended, for
which reason the mistake made in the aforesaid Certificate is hereby corrected and thus
the correct names of the aforesaid companies Ivinhema Agroenergia S/A and Adeco Brasil
Participações S/A shall be valid.

SOLE PARAGRAPH. In view of the mistake recognized and corrected in the main section of
this clause, the signatures representing said companies (Ivinhema Agroenergia S/A and
Adeco Brasil Participações S/A) also serve to ratify all terms of Industrial Credit
Certificate No. 40/00370-1, which is now amended by this instrument.

CLAUSE FIVE — CORRECTION OF THE MUNICIPALITY OF DOMICILE OF THE INTERVENING PARTY AND
GUARANTOR IVINHEMA AGROENERGIA S/A — The Parties acknowledge that they have made an
involuntary and excusable mistake in the Certificate hereby amended, which mistake
consists of stating that the municipality of domicile of the intervening party and
guarantor Ivinhema Agroenergia S/A is ANGÉLICA, in the State of Mato Grosso do Sul, when
in fact the municipality of domicile of said party is IVINHEMA, in the State of Mato
Grosso do Sul. Therefore, for all due purposes and effects of the law, the wrongful
information mentioned in this clause is hereby corrected, and thus the municipality of
Ivinhema, State of Mato Grosso do Sul, shall be valid as the municipality of domicile of
Ivinhema Agroenergia Ltda.

IN WITNESS WHEREOF, LENDER and BORROWER, thus representing that they have no intention to
novate, hereby ratify the instrument amended herein, in all its terms, clauses and
conditions not expressly amended herein, which shall be an integral part thereof, as one
sole and inseparable unit for all due purposes of the law.

Aval guarantor ADECO BRASIL PARTICIPAÇÕES S.A., with its principal place of business in
the City of SÃO PAULO, State of São Paulo, and enrolled in the CNPJ under No.
07.835.579/0001-51, herein represented by its managers Mr. LEONARDO RAUL BERRIDI, already
identified in this addendum, and Mr. ORLANDO CARLOS EDITORE, Brazilian, entrepreneur,
married, resident and domiciled in the City of São

 

 

Continuation of the FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL
CREDIT CERTIFICATE No. 40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA.,
IN THE AMOUNT OF R$70,000,000.00, WITH MATURITY ON JULY 1, 2020.

Paulo, State of São Paulo, bearer of identity card No. 5027590, issued by SSPSP on June
15, 1972, and enrolled in the CPF/MF under No. 313.104.606-63, and the Intervening Party
and Guarantor IVINHEMA AGROENERGIA S.A., with its principal place of business in the City of
IVINHEMA, State of Mato Grosso do Sul, and enrolled in the CNPJ under No.
07.636.071/0001-24, herein represented by its managers Messrs. LEONARDO RAUL BERRIDI and
ORLANDO CARLOS EDITORE, already identified in this addendum, represent that they agree with
the changes introduced by this instrument, without interruption of the obligations assumed by virtue
of the aval guarantee offered in the certificate amended herein.

This instrument is signed in four (4) counterparts in the presence of the witnesses
below.

Campo
Grande, December 18, 2010.

LENDER

BANCO DO BRASIL S.A.

	 

	Sgd.:         
                   
                   
                   
               

	Acknowledged and Agreed:       
              

	JAMES DE NEGRI

	CPF: 456.931.530-53

BORROWER

ANGELICA AGROENERGIA LTDA.

07.903.169/0001-09

	 

	Sgd.:       
                  
                  
                   
                   

	Acknowledged and Agreed:     
                

	LEONARDO RAUL BERRIDI

	CPF: 231.115.108-83

 

 

Continuation of the FIRST RECTIFICATION AND RATIFICATION ADDENDUM TO INDUSTRIAL
CREDIT CERTIFICATE No. 40/00370-1, ISSUED ON JULY 30, 2010 BY ANGÉLICA AGROENERGIA LTDA.,
IN THE AMOUNT OF R$70,000,000.00, WITH MATURITY ON JULY 1, 2020.

By aval guarantee to issuer:

ADECO BRASIL PARTICIPAÇÕES S.A., with its principal place of business in the City of SÃO
PAULO, State of São Paulo, and enrolled in the CNPJ under No. 07.835.579/0001-51, herein
represented by its managers Messrs. LEONARDO RAUL BERRIDI and ORLANDO CARLOS EDITORE,
already identified:

	 

	Sgd.:        
                   
                   
                   
                

	Acknowledged and Agreed:      
               

	LEONARDO RAUL BERRIDI

	CPF: 231.115.108-83

	 

	Sgd.:        
                   
                   
                   
                

	Acknowledged and Agreed:                     

	ORLANDO CARLOS EDITORE

	CPF: 313.104.606-63

INTERVENING PARTY AND GUARANTOR:

IVINHEMA AGROENERGIA S.A., with its principal place of business in the City of IVINHEMA,
State of Mato Grosso do Sul, and enrolled in the CNPJ under No. 07.636.071/0001-24, herein
represented by its managers Messrs. LEONARDO RAUL BERRIDI and ORLANDO CARLOS EDITORE,
already identified:

	 

	Sgd.:       
                  
                  
                    
                  

	Acknowledged and Agreed:                     

	LEONARDO RAUL BERRIDI

	CPF: 231.115.108-83

	 

	Sgd.:        
                   
                    
                    
              

	Acknowledged and Agreed:                     

	ORLANDO CARLOS EDITORE

	CPF: 313.104.606-63

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00183-of-00352.parquet"}]]