Document:

Form of Supplemental Indenture relating to 10.875% Senior Notes due 2013

 Exhibit 4.31 
  

  
  MOSAIC GLOBAL HOLDINGS INC. 
   (formerly known as IMC GLOBAL INC.), 
   
 THE MOSAIC COMPANY, 
  
  MOSAIC FERTILIZER, LLC, 
   
  MOSAIC CROP NUTRITION, LLC 
   
 and 
  
 BNY MIDWEST TRUST COMPANY, as Trustee 
  

  
 FORM OF 
  
 SUPPLEMENTAL INDENTURE 
  
  Dated as of
            ,          
   
 to 
  
 INDENTURE 
  
 Dated as of August 1, 2003 
  

  
 10.875% Senior Notes Due 2013 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE ONE
	
	DEFINITIONS
			
	 SECTION 1.1.
	  	 Definitions
	  	2
	
	ARTICLE TWO
	
	COVENANTS
			
	 SECTION 2.1.
	  	 Covenants
	  	39
	
	ARTICLE THREE
	
	SUCCESSOR CORPORATION
			
	 SECTION 3.1.
	  	 Successor Corporation
	  	63
	
	ARTICLE FOUR
	
	EVENTS OF DEFAULT
			
	 SECTION 4.1.
	  	 Events of Default
	  	65
	
	ARTICLE FIVE
	
	CONSENTS
			
	 SECTION 5.1.
	  	 With Consent of Noteholders
	  	69
	
	ARTICLE SIX
	
	GUARANTEES
			
	 SECTION 6.1.
	  	 Limitation of Note Guarantee
	  	71
	 SECTION 6.2.
	  	 Release of Guarantor
	  	71
	 SECTION 6.3.
	  	 Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC Guarantees
	  	72

   

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	 	  	 	  	Page

	ARTICLE SEVEN
	
	NOTES
			
	 SECTION 7.1.
	  	 Notation on Notes
	  	73
	
	ARTICLE EIGHT
	
	MISCELLANEOUS
			
	 SECTION 8.1.
	  	 Effect of Supplemental Indenture; Effectiveness and Operation
	  	73
	 SECTION 8.2.
	  	 Trust Indenture Act Controls
	  	74
	 SECTION 8.3.
	  	 Notices
	  	74
	 SECTION 8.4.
	  	 Trustee
	  	76
	 SECTION 8.5.
	  	 Governing Law
	  	76
	 SECTION 8.6.
	  	 Successors
	  	76
	 SECTION 8.7.
	  	 Multiple Counterparts
	  	76
	 SECTION 8.8.
	  	 Table of Contents, Heading, etc.
	  	76
	 SECTION 8.9.
	  	 Separability
	  	76

  

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  SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
              ,         , among MOSAIC GLOBAL HOLDINGS, INC., (formerly known as IMC GLOBAL INC.), a Delaware
corporation, as issuer (the “Company”), The Mosaic Company, a Delaware corporation, Mosaic Fertilizer, LLC, a Delaware limited liability company, Mosaic Crop Nutrition, LLC, a Delaware limited liability company and BNY MIDWEST TRUST
COMPANY, an Illinois trust company, as trustee (the “Trustee”). 
   
 WHEREAS, the Company and certain guarantors identified therein have heretofore executed and delivered to the Trustee an indenture dated August 1, 2003 (as amended and supplemented from time to time, the
“Original Indenture”) pursuant to which the Company has issued heretofore $400.0 million aggregate principal amount of Notes; 
  
 WHEREAS, the Company has solicited consents from Holders of the Notes to certain amendments (the “Amendments”) to the Original Indenture
and the Notes, which are set forth in this Supplemental Indenture; 
  
 WHEREAS, the Company has received the written consent to the Amendments of Holders of a majority of the principal amount of the outstanding Notes; 
  
 WHEREAS, on the Operative Date (as defined below) (but not prior thereto), the Amendments shall become and remain operative; 
  
  WHEREAS, in connection with the Amendments, on the Operative Date, the
Note Guarantees of Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC will become and remain operative; 
   
 WHEREAS, pursuant to Section 8.06 of the Original Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture; 
  

 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the
receipt of which is hereby acknowledged, each party hereto mutually covenants and agrees for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 ARTICLE ONE 
  
 DEFINITIONS 
  
 SECTION 1.1. Definitions. 
  
 The Original Indenture together with this Supplemental Indenture are hereinafter sometimes collectively referred to as the “Indenture.”
For the avoidance of doubt, references to any “Section” of the “Indenture” refer to such Section of the Original Indenture as supplemented and amended by this Supplemental Indenture. All capitalized terms which are used herein
and not otherwise defined herein are defined in the Original Indenture and are used herein with the same meanings as in the Original Indenture. If a capitalized term is defined in the Original Indenture and this Supplemental Indenture, the
definition in this Supplemental Indenture shall apply to the Indenture and the Notes. 
  
 Section 1.01 of the Original Indenture is hereby amended and restated in its entirety as follows: 
  
 SECTION 1.01. Definitions. 
  
 “Acquired Indebtedness” means Indebtedness of a Person or any of its subsidiaries existing at the time such Person
becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries or assumed in connection with the acquisition of assets from such Person and in each case not incurred by
such Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation, except for Indebtedness of a Person or any of its subsidiaries that is
repaid at the time such Person becomes a Restricted Subsidiary of the Company or at the time it merges or consolidates with the Company or any of its Restricted Subsidiaries. 
  
 “Additional Interest”means “Special Interest,” as defined in the
Exchange and Registration Rights Agreement. 
  
 “Affiliate” means, with respect to any specified Person, any other Person who directly or indirectly through one or more intermediaries controls, or is controlled by, or is under common control with, such specified
Person. The term “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings correlative of the foregoing. 
  

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 “Affiliate Guarantor” means each of 
  

	 	•	Mosaic, 

  

	 	•	Mosaic Fertilizer, LLC, 

   

	 	•	Mosaic Crop Nutrition, LLC, 

   

	 	•	each intermediary holding company, if any, between Mosaic and Mosaic Fertilizer, LLC, 

   

	 	•	each intermediary holding company, if any, between Mosaic and Mosaic Crop Nutrition, LLC, 

   

	 	•	each Subsidiary of Mosaic, each Subsidiary of Mosaic Fertilizer, LLC and each Subsidiary of Mosaic Crop Nutrition, LLC (in each case, other than the Company and its Restricted
Subsidiaries) that directly or indirectly guarantees Indebtedness under the Credit Agreement (provided that such Subsidiary’s Note Guarantee may be limited to the same extent as such Subsidiary’s guarantee under the Credit
Agreement), and 

   

	 	•	each Phosphates Entity (notwithstanding whether or not such entity is a Subsidiary of the Company). 

  
 “Agent” means any Registrar, Paying Agent, or agent for service or notices and
demands. 
  
 “amend”
means amend, modify, supplement, restate or amend and restate, including successively; and “amending” and “amended” have correlative meanings. 
  
 “Argus Lease” means, collectively, (1) Facility Lease-Undivided Interest (Searles
Valley Trust 1996-A), dated as of July 15, 1996, between U.S. Trust Company of California, N.A., as Lessor, and North American Chemical Company, as Lessee, (2) Participation Agreement (Searles Valley Trust 1996-A), dated as of July 15, 1996, among
North American Chemical Company, Harris Chemical Company North America, Inc., Phillip Morris Capital Corporation, and the U.S. Trust Company of California, N.A., (3) Facility Lease-Undivided Interest (Searles Valley Trust 1996-B), dated as of July
15, 1996, between the U.S. Trust Company of California, N.A., as Lessor, and North American Chemical Company, as Lessee, and (4) Participation Agreement (Searles Valley Trust 1996-B), dated as of July 15, 1996, among North American Chemical Company,
Harris Chemical Company North America, Inc., General Electric Capital Corporation, and the U.S. Trust Company of California, N.A. 
  
 “asset” means any asset or property. 
  
 “Asset Sale” means any direct or indirect sale, issuance, conveyance, transfer,
lease (other than operating leases entered into in the ordinary course of business), assignment or other transfer for value by the Company or any of its Restricted Subsidiaries (including any sale and leaseback transaction) to any Person other than

  

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the Company or any of its Restricted Subsidiaries of (x) any Capital Stock of any Restricted Subsidiary of the Company; or (y) any other assets of the
Company or any of its Restricted Subsidiaries other than in the ordinary course of business; provided, however, that Asset Sales shall not include 
  

	 	(1)	any transaction or series of related transactions involving the sale, issuance, conveyance, lease, assignment or other transfer of any asset or assets with an aggregate fair market
value (as reasonably determined in good faith by the Board of Directors or a senior officer of the Company) of less than $25.0 million by the Company or any of its Restricted Subsidiaries, 

  

	 	(2)	sales of accounts receivable of the type specified in the definition of “Qualified Securitization Transaction” to a Securitization Entity for the fair market value thereof
to the extent such Securitization Entity incurs Indebtedness specified by clause (14) of the definition of “Permitted Indebtedness,” 

  

	 	(3)	sales or grants of licenses to use the patents, trade secrets, know-how and other intellectual property of the Company or any of its Restricted Subsidiaries to the extent that such
license does not prohibit the Company or any of its Restricted Subsidiaries from using the technologies licensed and does not require the Company or any of its Restricted Subsidiaries to pay any fees for any such use, 

  

	 	(4)	the sale, lease, conveyance, disposition or other transfer (a) of all or substantially all of the assets of the Company as permitted under Section 5.01, (b) of any Capital Stock or
other ownership interest in or assets of an Unrestricted Subsidiary or a Person which is not a Subsidiary, (c) pursuant to any foreclosure of assets or other remedy provided by applicable law by a creditor of the Company or any of its Subsidiaries
with a Lien on such assets, which Lien is permitted under this Indenture, (d) involving only Cash Equivalents or inventory in the ordinary course of business or obsolete equipment or (e) including only the lease or sublease of any real or personal
property in the ordinary course of business, 

  

	 	(5)	the consummation of any transaction covered by and effected in accordance with the terms of Section 4.09, 

  

	 	(6)	any sale, issuance, conveyance, lease or other transfer of assets or Capital Stock pursuant to a Phosphates Combination Transaction, 

  

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	 	(7)	any transaction or series of related transactions involving the sale, issuance, conveyance, transfer, lease, assignment or other transfer of assets by the Company and/or its
Restricted Subsidiaries to an Affiliate Guarantor, so long as such assets (a) are used in the ordinary course of business of the Affiliate Guarantors and (b) are not individually or in the aggregate material to the Company and its Restricted
Subsidiaries on a consolidated basis, and 

  

	 	(8)	any transaction or series of related transactions involving the sale, issuance, conveyance, transfer, lease, assignment or other transfer of assets by the Company and/or its
Restricted Subsidiaries, on the one hand, to Subsidiaries of Mosaic that are not Affiliate Guarantors, on the other, so long as (a) such assets are used in the ordinary course of business of Mosaic and its Subsidiaries, (b) such assets are not
individually or in the aggregate material to the Company and its Restricted Subsidiaries on a consolidated basis and (c) the consideration received by the Company and/or its Restricted Subsidiaries for such sale, issuance, conveyance, transfer,
lease, assignment or other transfer is not less than fair market value consideration for such assets as reasonably determined in good faith by the Board of Directors or a senior officer of the Company. 

  
 “Bankruptcy Law” means Title 11 of
the United States Code entitled “Bankruptcy” or any other Law relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors, whether in effect on the date hereof or hereafter. 
  
 “Board of Directors” means (1) as to
any Person that is a corporation, the board of directors of such Person or any duly authorized committee thereof and (2) as to any other Person, the functionally comparable body of such Person or any duly authorized committee thereof. 
  
 “Capital Stock” means (a) with
respect to any Person that is a corporation, any and all shares, interests, participations or other equivalents (however designated and whether or not voting) of corporate stock, including each class of Common Stock and Preferred Stock of such
Person and (b) with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 
  
 “Capitalized Lease Obligation” means an obligation that is required to be classified and accounted for as a
capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation determined in accordance 

  

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with such principles; and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the
first date upon which such lease may be terminated by the lessee without payment of penalty. 
  
 “Cargill” means Cargill, Incorporated, a Delaware corporation, and any successor thereto. 

  
   “Cash
Equivalents” means: 
  

	 	(1)	a marketable obligation, maturing within two years after issuance thereof, issued or guaranteed by the United States of America or an instrumentality or agency thereof;

  

	 	(2)	a certificate of deposit or banker’s acceptance, maturing within one year after issuance thereof, issued by any lender under the Credit Agreement, or a U.S. national or state
bank or trust company or a European, Canadian or Japanese bank, in each case having capital, surplus and undivided profits of at least $100.0 million and whose long-term unsecured debt has a rating of “A” or better by S&P, A2 or better
by Moody’s or the equivalent rating by any other nationally recognized rating agency (provided that the aggregate face amount of all Investments in certificates of deposit or bankers’ acceptances issued by the principal offices of
or branches of such European or Japanese banks located outside the United States shall not at any time exceed 33 1/3% of all Investments described in this definition); 

  

	 	(3)	open market commercial paper, maturing within 270 days after issuance thereof, which has a rating of A-2 or better by S&P, P-2 or better by Moody’s or the equivalent rating
by any other nationally recognized rating agency; 

  

	 	(4)	 repurchase agreements and reverse repurchase agreements with a term not in excess of one year with any financial institution which has been elected primary
government securities dealers by the Federal Reserve 

  

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Board or whose securities are rated AA- or better by S&P, Aa3 or better by Moody’s or the equivalent rating by any other nationally recognized
rating agency relating to marketable direct obligations issued or unconditionally guaranteed by the United States of America or any agency or instrumentality thereof and backed by the full faith and credit of the United States of America;

  

	 	(5)	“money market” preferred stock maturing within six months after issuance thereof or municipal bonds issued by a corporation organized under the laws of any state of the
United States, which has a rating of “A” or better by S&P or Moody’s or the equivalent rating by any other nationally recognized rating agency; 

  

	 	(6)	tax exempt floating rate option tender bonds backed by letters of credit issued by a national or state bank whose long-term unsecured debt has a rating of AA or better by S&P,
Aa2 or better by Moody’s or the equivalent rating by any other nationally recognized rating agency; and 

  

	 	(7)	shares of any money market mutual fund rated at least AAA or the equivalent thereof by S&P, at least Aaa or the equivalent thereof by Moody’s or any other mutual fund at
least 95% of whose assets consist of the type specified in clauses (1) through (6) above. 

  
 “Change of Control” means the occurrence of the following: 
  

	 	(1)	any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) (other than a Permitted Holder) is or becomes the
“beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that a Person shall be deemed to have “beneficial ownership” of all securities that such Person has the right to acquire, whether such right
is exercisable immediately or only after the passage of time), directly or indirectly, of securities representing 50% or more of the voting power of all Voting Stock of the Company; or 

  

	 	(2)	Continuing Directors shall cease to constitute at least a majority of the directors constituting the board of directors of the Company; or 

  

	 	(3)	 the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than a wholly owned
Restricted Subsidiary of the Company 

  

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or a Permitted Holder; provided, however, that for purposes of this clause (3), any sale, lease, transfer, conveyance or other disposition of
all or any portion of the assets or Capital Stock comprising the IMC Phosphates Business pursuant to a Phosphates Combination Transaction shall not be deemed to be a sale, lease, transfer, conveyance of other disposition of all or substantially all
of the assets of the Company and its Restricted Subsidiaries; or 

  

	 	(4)	the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merges with or into, the Company, in any such event pursuant to a transaction
or series of related transactions in which immediately after the consummation thereof Persons beneficially owning (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, Voting Stock representing in the aggregate a
majority of the total voting power of the Voting Stock of the Company immediately prior to such consummation, when taken together with the Permitted Holders, do not beneficially own (as defined in Rules 13d-3 and 13d-5 under the Exchange Act),
directly or indirectly, Voting Stock (other than Disqualified Capital Stock) representing a majority of the total voting power of the Voting Stock of the Company or the surviving or transferee Person; or 

  

	 	(5)	the adoption by the stockholders of the Company of a plan or proposal for the liquidation or dissolution of the Company. 

  
 “Commission” means the Securities
and Exchange Commission. 
  
 “Commodity Agreement” means any commodity futures contract, commodity option or other similar agreement or arrangement entered into by the Company or any of its Restricted Subsidiaries. 
  
 “Common Stock” of any Person means
any and all shares, interests or other participations in, and other equivalents (however designated and whether voting or non-voting) of such Person’s common stock, whether outstanding on the date of issuance of the Notes or issued thereafter,
and includes, without limitation, all series and classes of such common stock. 
  
 “Company” means the party named as such in the first paragraph of this Indenture until a successor replaces such
party pursuant to Article V of this Indenture and thereafter means the successor. 
  
 “Company Request” means any written request signed in the name of the Company by the Chairman of the Board of
Directors, the Chief Executive Officer, the 

  

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President, any Vice President, the Chief Financial Officer or the Treasurer of the Company and attested to by the Secretary or any Assistant Secretary of the
Company. 
  
 “Consolidated Adjusted
Indenture EBITDA” means, with respect to any Person, for any period, the sum (without duplication) of 
  

	 	(1)	Consolidated Net Income, and 

  

	 	(2)	to the extent Consolidated Net Income has been reduced thereby, (a) all income taxes of such Person and its Restricted Subsidiaries paid or accrued in accordance with GAAP for such
period (other than income taxes attributable to extraordinary gains or losses or taxes attributable to sales or dispositions outside the ordinary course of business if such gains, losses, sales or dispositions are excluded from the calculation of
Consolidated Net Income), (b) Consolidated Interest Expense, (c) Consolidated Non-cash Charges less any non-cash items (other than accruals of revenues in accordance with GAAP) increasing Consolidated Net Income for such period, and (d) fees and
expenses related to any offering by the Company of its Capital Stock 

  
 all as determined on a consolidated basis for such Person and its Restricted Subsidiaries in accordance with GAAP. 
  
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any Person, the ratio of (x) Consolidated
Adjusted Indenture EBITDA of such Person during the four full fiscal quarters for which financial statements are available (the “Four Quarter Period”) ending on or prior to the date of the transaction giving rise to the need to
calculate the Consolidated Fixed Charge Coverage Ratio (the “Transaction Date”) to (y) Consolidated Fixed Charges of such Person for the Four Quarter Period. 
  
 For purposes of this definition, “Consolidated Adjusted Indenture EBITDA” and “Consolidated
Fixed Charges” shall be calculated after giving effect on a pro forma basis in accordance with Regulation S-X under the Exchange Act to the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries
(and the application of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of
Indebtedness in the ordinary course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and prior to the
Transaction Date, as if such incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period. 
  

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 In addition, Investments (including any Designation of Unrestricted Subsidiaries),
Revocations, acquisitions, dispositions, mergers and consolidations that have been made by the Company or any of its Restricted Subsidiaries during the Four Quarter Period or subsequent to the Four Quarter Period and on or prior to the Transaction
Date shall be given effect on a pro forma basis in accordance with Regulation S-X under the Exchange Act, to the extent applicable, assuming that all such Investments, Revocations, acquisitions, dispositions, mergers and consolidations (and
the reduction or increase of any associated Consolidated Interest Expense, and the change in Consolidated Adjusted Indenture EBITDA, resulting therefrom, including because of Pro Forma Cost Savings) had occurred on the first day of the Four Quarter
Period. If, since the beginning of such period, any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Investment,
Revocation, acquisition, disposition, merger or consolidation that would have required adjustment pursuant to this definition, then the Consolidated Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such
period as if such Investment, Revocation, acquisition, disposition, merger or consolidation had occurred at the beginning of the applicable Four Quarter Period. 
  
 If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a
Person other than the Company or a Restricted Subsidiary, the preceding paragraph will give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise
assumed such guaranteed Indebtedness. Furthermore, in calculating “Consolidated Fixed Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,” 
  

	 	(1)	interest on outstanding Indebtedness determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have
accrued at a fixed rate per annum equal to the weighted average rate of interest during the Four Quarter Period; 

  

	 	(2)	if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and 

  

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	 	(3)	notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Swap
Obligations, shall be deemed to accrue at the weighted average rate per annum during the Four Quarter Period resulting after giving effect to the operation of such agreements. 

  
 “Consolidated Fixed Charges” means,
with respect to any Person for any period, the sum, without duplication, of 
  

	 	(1)	Consolidated Interest Expense, plus 

  

	 	(2)	the product of (x) the amount of all dividend payments on any series of Preferred Stock of such Person and its Restricted Subsidiaries (other than dividends paid in Qualified
Capital Stock and other than dividends paid to such Person or to a Restricted Subsidiary of such Person) paid, accrued or scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the
denominator of which is one minus the then current effective consolidated federal, state and local tax rate of such Person, expressed as a decimal. 

  
 “Consolidated Interest Expense” means, with respect to any Person for any period,
the sum of, without duplication: 
  

	 	(1)	the aggregate of the interest expense of such Person and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including without
limitation, (a) any amortization of debt discount and amortization of deferred financing costs, (b) the net costs under Interest Swap Obligations, (c) all capitalized interest and (d) the interest portion of any deferred payment obligation; and

  

	 	(2)	the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or accrued by such Person and its Restricted Subsidiaries during such period as
determined on a consolidated basis in accordance with GAAP. 

  
 “Consolidated Net Income” means, with respect to any Person (the “Referent Person”), for any period, the net income (or loss) of the Referent Person and its Restricted
Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded from such net income (loss), to the extent otherwise included therein, without duplication: 
  

	 	(1)	gains or losses on sales, transfers or other dispositions of assets other than in the ordinary course of business or abandonments or reserves relating thereto, and the related tax
effect according to GAAP; 

  

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	 	(2)	extraordinary gains or extraordinary losses determined in accordance with GAAP, and the related tax effect according to GAAP; 

  

	 	(3)	the net income of any Person acquired in a “pooling of interests” transaction accrued prior to the date it becomes a Restricted Subsidiary of the Referent Person or is
merged or consolidated with the Referent Person or any Restricted Subsidiary of the Referent Person; 

  

	 	(4)	the net income (but not loss) of any Restricted Subsidiary of the Referent Person to the extent that the declaration of dividends or similar distributions by that Restricted
Subsidiary of that income is restricted; provided that restrictions under the Argus Lease shall be excluded from operation of this clause; 

  

	 	(5)	the net income or loss of any Person that is not a Restricted Subsidiary of the Referent Person except to the extent of cash dividends or distributions paid to the Referent Person
or to a wholly owned Restricted Subsidiary of the Referent Person (subject, in the case of a dividend or distribution paid to a Restricted Subsidiary, to the limitation contained in clause (4) above); 

  

	 	(6)	any restoration to income of any contingency reserve, except to the extent that provision for such reserve was made out of Consolidated Net Income accrued at any time following May
17, 2001; 

  

	 	(7)	income or loss attributable to discontinued operations, other than the Specified Discontinued Businesses prior to the sale thereof; 

  

	 	(8)	in the case of a successor to the Referent Person by consolidation or merger or as a transferee of the Referent Person’s assets, any earnings of the successor corporation prior
to such consolidation, merger or transfer of assets; 

  

	 	(9)	gains or losses from the cumulative effect of any change in accounting principles; and 

  

	 	(10)	Non-Cash Asset Write-Downs; 

  

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 provided, further, that Consolidated Net Income shall be reduced by the product of (x) the
amount of all dividends on Designated Preferred Stock (other than dividends paid in Qualified Capital Stock) paid, accrued or scheduled to be paid or accrued during such period times (y) a fraction, the numerator of which is one and the denominator
of which is one minus the then current effective consolidated federal, state and local tax rate of the Company, expressed as a decimal. 
  
 “Consolidated Net Worth” of any Person means the consolidated stockholders’ equity (or equivalent) of such
Person, determined on a consolidated basis in accordance with GAAP, less (without duplication) amounts attributable to (1) Disqualified Capital Stock of such Person and (2) Unrestricted Subsidiaries. 
  
 “Consolidated Non-cash Charges”
means, with respect to any Person, for any period, the aggregate depreciation, depletion, amortization and other non-cash charges (other than Non-Cash Asset Write-Downs) of such Person and its Restricted Subsidiaries reducing Consolidated Net Income
of such Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP (excluding any such charges constituting an extraordinary item or loss or any such charge which requires an accrual of or a
reserve for cash charges for any future period). 
  
 “Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who (a) was a member of such Board of Directors on May 17, 2001 or (b) was nominated for election or
elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such board at the time of such nomination or election. 
  
 “Corporate Trust Office” means the office of the Trustee at which at any particular
time its corporate trust business shall be principally administered, which office as of the date hereof is listed in Section 11.02. 
  
 “Coverage Ratio Exception” has the meaning set forth in the first paragraph of Section 4.08. 
  
  “Credit Agreement” means one or
more senior credit agreements, including the Credit Agreement dated as of May 17, 2001, as amended and restated as of February 21, 2003, and as further amended on June 4, 2003, June 20, 2003, March 26, 2004 and October 8, 2004, by and among the
Company and certain of the IMC Domestic Subsidiaries, as borrowers, JP Morgan Chase Bank, as administrative agent and collateral agent, Goldman Sachs Credit Partners L.P., as syndication agent, and the lenders party thereto from time to time,
including any notes, guarantees, collateral and security documents (including mortgages, pledge agreements and other security arrangements), instruments and agreements executed in connection therewith, and in each case as 

   

 -13- 

 
amended or Refinanced from time to time (for the avoidance of doubt, including a Refinancing thereof by Mosaic or its Subsidiaries with respect to which the
Company and/or its Restricted Subsidiaries provides a direct or indirect guarantee and/or is a borrower thereunder), including any agreement or agreements extending the maturity of, Refinancing, replacing or otherwise restructuring (including
increasing the amount of borrowings or other Indebtedness outstanding or available to be borrowed thereunder) all or any portion of the Indebtedness under such agreement, and any successor or replacement agreement or agreements with the same or any
other agents, creditor, lender or group of creditors or lenders. 
  
 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or arrangement designed to protect the Company or any of its Restricted Subsidiaries
against fluctuations in currency values. 
  
 “Default” means an event or condition the occurrence of which is, or with the lapse of time or the giving of notice or both would be, an Event of Default. 
  
 “Depository” means, with respect to
the Notes issued in the form of one or more Global Notes, The Depository Trust Company or another Person designated as Depository by the Company, which Person must be a clearing agency registered under the Exchange Act. 
  
 “Designated Preferred Stock” means
preferred stock that is designated as Designated Preferred Stock pursuant to an Officers’ Certificate executed by the principal executive officer and the principal financial officer of the Company on the issuance date thereof, the Net Cash
Proceeds of which are excluded from the calculation set forth in clause (C) of the first paragraph of Section 4.09 and are not used for purposes of clause (2) or (3) of the second paragraph thereof. 
  
 “Disqualified Capital Stock” means
any class or series of Capital Stock of any Person that by its terms or otherwise is: 
  

	 	(1)	required to be redeemed or is redeemable at the option of the holder of such class or series of Capital Stock at any time on or prior to the date that is 91 days after the stated
maturity of the Notes; or 

  

	 	(2)	convertible into or exchangeable at the option of the holder thereof for Capital Stock referred to in clause (1) above or Indebtedness having a scheduled maturity on or prior to the
date that is 91 days after the stated maturity of the Notes. 

  
 Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Capital Stock solely because the holders of the Capital Stock have the 

  

 -14- 

 
right to require the issuer thereof to repurchase such Capital Stock upon the occurrence of a Change of Control will not constitute Disqualified Capital
Stock if the terms of such Capital Stock provide that the issuer may not repurchase or redeem any such Capital Stock pursuant to such provisions prior to the Company’s purchase of such Notes as are required to be purchased pursuant to the
provisions of Section 4.18. 
  
 “Eligible Obligations” shall mean obligations as a result of the deposit of which (along with the simultaneous deposit, if any, of money or U.S. Government Obligations or both) the Notes will be rated in the highest
generic long-term debt rating category assigned by one or more nationally recognized rating agencies to debt with respect to which the issuer thereof has been released from its obligations to the same extent that the Company has been released from
its obligations under this Indenture pursuant to the provisions of Article IX. 
  
 “Event of Default” has the meaning set forth in Section 6.01. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, or any successor statute or statutes thereto. 
  
 “Exchange and Registration Rights Agreement” means each Exchange and Registration Rights Agreement among the
Company, the Guarantors named therein and the Initial Purchasers named therein with respect to Notes dated on or about the date such Notes (including without limitation Additional Notes) were initially issued in an offering exempt from registration
under the Securities Act. 
  
 “Exchange Securities” has the meaning provided in the Exchange and Registration Rights Agreement. 
  
 “fair market value” means, with respect to any asset, the price which could be negotiated in an arm’s-length,
free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall be determined 
  

	 	(a)	by the Board of Directors of the Company acting reasonably and in good faith and shall be evidenced by a board resolution of the Board of Directors of the Company delivered to the
Trustee or 

  

	 	(b)	 if expressly permitted by a provision of this Indenture, by a senior officer of the Company, which senior officer shall be acting reasonably and in good faith and
which determination shall be evidenced by an officer’s certificate delivered to the Trustee, except in the case of a transaction which in all material respects is exclusively between the Company and/or its Restricted Subsidiaries, on the one
hand, and 

  

 -15- 

 
Mosaic and its Subsidiaries, on the other, in which case such officer’s certificate shall not be required. 
  
 “Fall-Away Event” has the meaning
set forth in Section 4.19. 
  
 “Foreign Subsidiary” means any Restricted Subsidiary of the Company organized under the laws of, and conducting a substantial portion of its business in, any jurisdiction other than the United States of America or
any state thereof or the District of Columbia. 
  
 “Four Quarter Period” has the meaning set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.” 
  
 “Funded Debt” means indebtedness (including the Notes) maturing by the terms thereof more than one year after the
original creation thereof. 
  
 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, consistently applied, that are applicable to
the circumstances as of the date of determination; provided that, for purposes of calculating the Consolidated Net Worth of a Person (including all components thereof), “GAAP” shall mean such generally accepted accounting principles
as described above in effect on August 1, 1998. 
    
 “guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any Person and any obligation, direct or indirect, contingent or
otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take-or-pay or to maintain financial statement conditions or otherwise) or (2) entered into for the purpose of assuring in any other manner the obligee of such Indebtedness of the payment thereof
or to protect such obligee against loss in respect thereof (in whole or in part); provided, however, that the term “guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The
term “guarantee” used as a verb has a corresponding meaning. 
  
 “Guarantors” means collectively the Subsidiary Guarantors and the Affiliate Guarantors. 
  

 -16- 

 “Holder” or “Noteholder” means the person
in whose name a Note is registered on the Registrar’s books. 
  
 “IMC Chemicals Business Unit” means the IMC Chemicals business unit as such term is used within the meaning of the Company’s consolidated financial statements for the year ended December
31, 2000. 
  
 “IMC Domestic
Subsidiary” means any Restricted Subsidiary of the Company that is not a Foreign Subsidiary. 
  
 “IMC Phosphates Assets” means assets of the IMC Phosphates Business. 
  
 “IMC Phosphates Business” means the
PhosFeed business segment as such term is used within the meaning of the Company’s consolidated financial statements for the year ended December 31, 2003. 
  

“IMC Phosphates Guarantee” shall have the meaning set forth in clause (3) of the definition of “Permitted
Indebtedness.” 
  
 “IMC
Salt Business Unit” means the Salt business unit as such term is used within the meaning of the Company’s consolidated financial statements for the year ended December 31, 2000. 
  
 “incur” means to create, incur,
assume, guarantee, acquire, become liable, contingently or otherwise, with respect to, or otherwise become responsible for payment. The accretion of principal of a non-interest bearing or other discount security or the accrual of interest shall not
be deemed the incurrence of Indebtedness. 
  
 “Indebtedness” means with respect to any Person, without duplication, 
  

	 	(1)	all obligations of such Person for borrowed money; 

  

	 	(2)	all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

  

	 	(3)	all Capitalized Lease Obligations of such Person; 

  

	 	(4)	all obligations of such Person issued or assumed as the deferred purchase price of property, all conditional sale obligations and all obligations under any title retention agreement
(but excluding trade accounts payable and other accrued liabilities arising in the ordinary course of business); 

  

 -17- 

	 	(5)	all obligations for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; 

  

	 	(6)	guarantees in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 

  

	 	(7)	all obligations of any other Person of the type referred to in clauses (1) through (6) which are secured by any Lien on any asset of such Person (which, for the avoidance of doubt,
includes without limitation, in the case of the Company and its Restricted Subsidiaries, all obligations of any securitization, receivables or other similar entity or facility of Mosaic or its Subsidiaries to which the Company or a Restricted
Subsidiary of the Company contributes or otherwise transfers accounts receivable or other assets with respect to which a Lien securing obligations of Mosaic or its Subsidiaries is created or exists), the amount of such obligation being deemed to be
the lesser of the fair market value of such asset or the amount of the obligation so secured; 

  

	 	(8)	all obligations under Currency Agreements, Interest Swap Agreements and Commodity Agreements of such Person; 

  

	 	(9)	all Disqualified Capital Stock issued by such Person with the amount of Indebtedness represented by such Disqualified Capital Stock being equal to the greater of its voluntary or
involuntary liquidation preference and its maximum fixed repurchase price; and 

  

	 	(10)	all Preferred Stock of any Subsidiary of such Person not held by such Person or any Restricted Subsidiary of such Person with the amount of Indebtedness represented by such
Preferred Stock being equal to the liquidation value thereof. 

  
 For purposes hereof, the “maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified
Capital Stock as if such Disqualified Capital Stock were purchased on any date on which Indebtedness shall be required to be determined pursuant to this Indenture, and if such price is based upon, or measured by, the fair market value of such
Disqualified Capital Stock, such fair market value shall be determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. 
  

 -18- 

 Notwithstanding the foregoing, “Indebtedness” shall not include (x) advances
paid by customers in the ordinary course of business for services or products to be provided or delivered in the future or (y) deferred taxes. 
  
 “Indenture” means this Indenture as amended, restated or supplemented from time to time. 
  
 “Independent Financial Advisor”
means a firm (a) which does not, and whose directors, officers or Affiliates do not, have a material financial interest in the Company and (b) which, in the judgment of the Board of Directors of the Company, is otherwise independent and qualified to
perform the task for which it is to be engaged. 
  
 “Institutional Accredited Investor” means an institution that is an “accredited investor” as that term is defined in Rule 501(a)(1), (2), (3) or (7) promulgated under the Securities Act. 
  
 “interest” means, with respect to
the Notes, interest, and Additional Interest, if any. 
  
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or indirectly, such Person is entitled to receive from time to time periodic
payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for payments made by such other Person calculated by applying a fixed or a floating rate of interest on the same notional amount
and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
  
 “Investment” means, with respect to any Person, any direct or indirect loan or other extension of credit
(including, without limitation, a guarantee) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition by such
Person of any Capital Stock, bonds, notes, debentures or other securities or evidences of Indebtedness issued by, any Person. “Investment” excludes (1) extensions of trade credit by the Company and its Restricted Subsidiaries on
commercially reasonable terms in accordance with normal trade practices of the Company or such Restricted Subsidiary, as the case may be, (2) any Restricted Payment described in clause (2) of the definition thereof and (3) any purchase or
acquisition of Indebtedness of the Company or any of its Restricted Subsidiaries (other than any Restricted Payment described in clause (3) of the definition thereof). If the Company or any Restricted Subsidiary of the Company sells or otherwise
disposes of any Common Stock of any direct or indirect Restricted Subsidiary of the Company such that, after giving effect to any such sale or disposition, the Company no longer owns, directly or indirectly, greater than 50% of the outstanding
Common Stock of 

  

 -19- 

 
such Restricted Subsidiary, the Company will be deemed to have made an Investment on the date of any such sale or disposition equal to the fair market value
of the Capital Stock of such Restricted Subsidiary not sold or disposed of. 
  
 “Investment Grade Rating” means (1) with respect to S&P, any of the rating categories from and including AAA to and including BBB- and (2) with respect to Moody’s, any of the rating
categories from and including Aaa to and including Baa3. 
  
 “Liens” means any mortgage, pledge, security interest, encumbrance, lien, charge or adverse claim affecting title or resulting in any encumbrance against real or personal property or a security
interest of any kind, including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof or any filing or agreement to file a financing statement as debtor under the Uniform Commercial Code or any
similar statute other than to reflect ownership by a third party of property leased to the Company or any of its Subsidiaries under a lease that is not in the nature of a conditional sale or title retention agreement. 
  
 “Maturity Date” when used with
respect to any Note, means the date on which the principal amount of such Note becomes due and payable as therein or herein provided. 
    
 “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 
  
 “Mosaic” means The Mosaic Company, a
Delaware corporation, and any successor thereto. 
  
  “Mosaic Crop Nutrition, LLC” means Mosaic Crop Nutrition, LLC, a limited liability company organized under the laws of Delaware, and any successor thereto. 
   
  “Mosaic Fertilizer, LLC” means
Mosaic Fertilizer, LLC, a limited liability company organized under the laws of Delaware, and any successor thereto. 
   
 “Mosaic Qualified Capital Stock” means Capital Stock of Mosaic that is not Disqualified Capital Stock. 

 
 “Mosaic Restricted
Dividend” means to 
  

	 	(1)	declare or pay any dividend or make any distribution on or in respect of Capital Stock of Mosaic or its Subsidiaries to holders of such Capital Stock, other than dividends or
distributions payable in Mosaic Qualified Capital Stock, or 

  

	 	(2)	 purchase, redeem or otherwise acquire or retire for value any Capital Stock of Mosaic or its Subsidiaries or any warrants, options or other 

  

 -20- 

 
rights to purchase or acquire any Capital Stock of Mosaic or its Subsidiaries. 
  
 “Net Cash Proceeds” means, with respect to any Asset Sale, the proceeds in the form
of cash or Cash Equivalents including payments in respect of deferred payment obligations when received in the form of cash or Cash Equivalents (other than the portion of any such deferred payment constituting interest) received by the Company or
any of its Restricted Subsidiaries from such Asset Sale, net of (a) all out-of-pocket expenses and fees relating to such Asset Sale (including legal, accounting and investment banking fees and sales commissions), (b) taxes paid or payable after
taking into account any reduction in consolidated tax liability due to available tax credits or deductions and any tax sharing arrangements, (c) the decrease in proceeds from Qualified Securitization Transactions which results from such Asset Sale
and (d) appropriate amounts provided by the Company or any Restricted Subsidiary as a reserve in accordance with GAAP against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary after such Asset
Sale, including pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale. 
  
 “Net Proceeds Offer” has the meaning
set forth in the third paragraph of Section 4.10. 
  
 “Net Proceeds Offer Amount” has the meaning set forth in the third paragraph of Section 4.10. 
  
 “Non-Cash Asset Write-Down” means a non-cash write-down or write-off of an asset (other than any such write-down
or write-off that requires an accrual of or a reserve for cash charges for any future period); provided that upon the sale of such asset such write-down or write-off shall not be taken into account in calculating Consolidated Net Income, to
the extent the gain from any such sale would otherwise increase Consolidated Net Income. 
  
 “Non-U.S. Person” means a Person who is not a U.S. person, as defined in Regulation S. 
  
 “Note Guarantee” means a guarantee
of the Notes issued by the Guarantors under Article X or issued pursuant to Section 4.16. 
  
 “Notes” means the 10.875% Senior Notes Due 2013 issued by the Company, including, without limitation, the Exchange
Securities, treated as a single class of securities, as amended from time to time in accordance with the terms hereof, that are issued pursuant to this Indenture. 
  

 -21- 

 “Officer”, with respect to any Person (other than the Trustee),
means the Chairman of the Board of Directors, Chief Executive Officer, the President, any Vice President or Assistant Vice President and the Chief Financial Officer, the Treasurer or any Assistant Treasurer or the Secretary or any Assistant
Secretary of such Person, or any other officer of such Person designated by the Board of Directors of such Person and set forth in an Officers’ Certificate delivered to the Trustee. 
  
 “Officers’ Certificate” means, with respect to any Person, a certificate signed
by the Chairman of the Board of Directors, the Chief Executive Officer or the President and the Chief Financial Officer, the Treasurer or the Assistant Treasurer of such Person that shall comply with applicable provisions of this Indenture.

  
 “Ogden” means the
solar evaporation facility located in Ogden, Utah, as defined for the purposes of the Company’s consolidated financial statements for the year ended December 31, 2000. 
  
 “Operative Date” means the date the amendments set forth in the Supplemental
Indenture dated             , 2004 to this Indenture become operative. 
  
 “Opinion of Counsel” means a written opinion from legal counsel (who may be counsel to the Company or the
Guarantors) stating the matters required by Section 11.05 and delivered to the Trustee. 
  
 “Other Indebtedness” has the meaning set forth in the third paragraph of Section 4.10. 
  
 “Permitted Holder” means Cargill and
its Subsidiaries. 
  
 “Permitted
Indebtedness” means, without duplication, each of the following: 
  

	 	(1)	Indebtedness of the Company and its Restricted Subsidiaries outstanding on May 17, 2001, including any such Indebtedness held by the Company or any of its Restricted Subsidiaries
and including the 2011 Notes (and the Exchange Securities (as defined in the 2011 Exchange and Registration Rights Agreement)) and 2011 Note Guarantees with respect thereto and the 2008 Notes issued on May 17, 2001 (and the Exchange Securities (as
defined in the 2008 Exchange and Registration Rights Agreement)) and 2008 Note Guarantees with respect thereto; 

  

	 	(2)	the Notes issued on August 1, 2003 (and the Exchange Securities (as defined in the Exchange and Registration Rights Agreement) and Note Guarantees with respect thereto;

  

 -22- 

	 	(3)	Indebtedness incurred by the Company or any of its Restricted Subsidiaries pursuant to the Credit Agreement in an aggregate principal amount not to exceed the greater of:

  

	 	•	$850.0 million at any time outstanding, and 

  

	 	•	the sum of 85% of the book value of accounts receivable and 50% of the book value of inventory of the Company and its Restricted Subsidiaries, calculated on a consolidated basis and
in accordance with GAAP, less the amount of Indebtedness incurred and outstanding pursuant to clause (14) below. 

  
 Any portion of such amount may be incurred by the Company and/or any of its Restricted Subsidiaries (x) as a direct borrower and obligor, (y) pursuant to
a direct or indirect guarantee of Indebtedness of an Affiliate Guarantor (such guarantee, an “IMC Phosphates Guarantee”) or (z) pursuant to both clause (x) and clause (y); 
  

				
		
	(4	)	 	 •        Interest Swap Obligations of the Company relating to Indebtedness of the Company or
any of its Restricted Subsidiaries or Indebtedness that the Company or any of its Restricted Subsidiaries reasonably intends to incur within six months; and

  

	 	•	Interest Swap Obligations of any Restricted Subsidiary of the Company relating to Indebtedness of such Restricted Subsidiary or Indebtedness that such Restricted Subsidiary
reasonably intends to incur within six months; 

  
 provided, any such Interest Swap Obligations will constitute “Permitted Indebtedness” only if they are entered into to protect the Company and its Restricted Subsidiaries from fluctuations in interest rates on Indebtedness
permitted under this Indenture to the extent the notional principal amount of such Interest Swap Obligations, when incurred, do not exceed the principal amount of the Indebtedness to which such Interest Swap Obligations relate; 
  

	 	(5)	 Indebtedness by the Company or any of its Restricted Subsidiaries under Commodity Agreements and Currency Agreements; provided that (x) such agreements are
entered into to protect the Company and its Restricted Subsidiaries from fluctuations in the price of commodities actually at that time used in the ordinary course of business of the Company and its Restricted Subsidiaries, in the case of Commodity

  

 -23- 

 
Agreements, and from fluctuations in currency exchange rates, in the case of Currency Agreements, and (y) in the case of Currency Agreements which relate to
Indebtedness, such Currency Agreements do not increase the Indebtedness of the Company and its Restricted Subsidiaries outstanding other than as a result of fluctuations in foreign currency exchange rates or by reason of fees, indemnities and
compensation payable thereunder; 
  

	 	(6)	Indebtedness of a Restricted Subsidiary of the Company owed to the Company or to a Restricted Subsidiary of the Company for so long as such Indebtedness is held by the Company or a
Restricted Subsidiary of the Company, in each case subject to no Lien held by a Person other than the Company or a Restricted Subsidiary of the Company (other than Liens granted under the Credit Agreement); provided that if any Person other
than the Company or a Restricted Subsidiary of the Company owns or holds any such Indebtedness or holds a Lien in respect of such Indebtedness (other than Liens granted under the Credit Agreement), the issuer of such Indebtedness shall be deemed to
have incurred at such time Indebtedness not permitted by this clause (6); 

  

	 	(7)	Indebtedness of the Company to a Restricted Subsidiary for so long as such Indebtedness is held by a Restricted Subsidiary, in each case subject to no Lien (other than Liens granted
under the Credit Agreement); provided that (x) any Indebtedness of the Company to any Restricted Subsidiary (other than Indebtedness subject to Liens granted under the Credit Agreement) is unsecured and subordinated, pursuant to a written
agreement, to the Company’s obligations under the Notes and (y) if any Person other than a Restricted Subsidiary owns or holds any such Indebtedness or any Person holds a Lien in respect of such Indebtedness (other than Liens granted under the
Credit Agreement), the Company shall be deemed to have incurred at such time Indebtedness not permitted by this clause (7); 

  

	 	(8)	Indebtedness of the Company or any of its Restricted Subsidiaries arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within two business days of incurrence;

  

	 	(9)	 Indebtedness of the Company or any of its Restricted Subsidiaries represented by letters of credit for the account of the Company or such 

  

 -24- 

 
Restricted Subsidiary, as the case may be, in order to provide security for workers’ compensation claims, payment obligations in connection with
self-insurance or similar requirements in the ordinary course of business; 
  

	 	(10)	Refinancing Indebtedness incurred to Refinance Indebtedness (x) incurred pursuant to the Coverage Ratio Exception or pursuant to clause (2) above or this clause (10) or (y) referred
to in clause (1) above; 

  

	 	(11)	indemnification, adjustment of purchase price or similar obligations of the Company or any of its Restricted Subsidiaries, in each case, incurred in connection with the disposition
of any assets of the Company or any of its Restricted Subsidiaries (other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such assets for the purpose of financing such acquisition); provided that the
maximum aggregate liability in respect of all such Indebtedness shall at no time exceed the net proceeds actually received by the Company and such Restricted Subsidiary from such disposition; 

  

	 	(12)	obligations of the Company or any of its Restricted Subsidiaries in respect of performance bonds and completion, guarantee, surety and similar bonds in the ordinary course of
business; 

  

	 	(13)	Capitalized Lease Obligations and Purchase Money Indebtedness of the Company or any of its Restricted Subsidiaries, and Refinancing Indebtedness thereof, in an aggregate amount not
to exceed $50.0 million at any time outstanding; 

  

	 	(14)	the incurrence by a Securitization Entity of Indebtedness in a Qualified Securitization Transaction that is not recourse (except for Standard Securitization Undertakings) to the
Company or any of its Restricted Subsidiaries not to exceed $100.0 million at any time outstanding; 

  

	 	(15)	Indebtedness consisting of take-or-pay obligations contained in supply agreements entered into in the ordinary course of business; 

  

	 	(16)	industrial revenue bonds or similar tax-exempt Indebtedness of the Company or any of its Restricted Subsidiaries incurred to finance the construction or improvement of operations of
the Company and its Restricted Subsidiaries in an aggregate principal amount not to exceed $50.0 million at any time outstanding; 

  

 -25- 

	 	(17)	the guarantee by the Company or any of its Restricted Subsidiaries of Indebtedness incurred by the Company or any of its Restricted Subsidiaries that was permitted to be incurred by
the Coverage Ratio Exception or another clause in this definition of Permitted Indebtedness; provided that Section 4.16, to the extent applicable, has been complied with; 

  

	 	(18)	Indebtedness of Foreign Subsidiaries in an aggregate amount not to exceed $100.0 million at any time outstanding; and 

  

	 	(19)	additional Indebtedness of the Company or any of its Restricted Subsidiaries in an aggregate principal amount not to exceed $50.0 million at any time outstanding.

  
 “Permitted
Investments” means: 
  

	 	(1)	Investments by the Company or any of its Restricted Subsidiaries in any Person that is or will become immediately after such Investment a Restricted Subsidiary of the Company or
that will merge or consolidate into the Company or any of its Restricted Subsidiaries; 

  

	 	(2)	Investments in the Company by any of its Restricted Subsidiaries; provided that any Indebtedness evidencing such Investment (other than Indebtedness subject to Liens granted
under the Credit Agreement) is unsecured and subordinated, pursuant to a written agreement, to the Company’s obligations with respect to the Notes; 

  

	 	(3)	investments in cash and Cash Equivalents; 

  

	 	(4)	loans and advances to employees and officers of the Company and its Restricted Subsidiaries in the ordinary course of business; 

  

	 	(5)	Investments in joint ventures not to exceed $25.0 million; provided that (a) such joint ventures do not have any Indebtedness for borrowed money at any time on or after the
date of such Investment (other than Indebtedness owing to the equity holders of such joint ventures), (b) the documentation governing any such joint venture does not contain a restriction on distributions to the Company or any of its Subsidiaries,
and (c) each such joint venture is engaged only in the businesses in which the Company and its Restricted Subsidiaries are engaged in on May 17, 2001 and businesses similar, related or ancillary thereto; 

  

 -26- 

	 	(6)	Investments in securities received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of any debtors of the Company or its Restricted
Subsidiaries; 

  

	 	(7)	Investments received as consideration from an Asset Sale made in compliance with Section 4.10; 

  

	 	(8)	Investments existing on May 17, 2001; 

  

	 	(9)	any Investment by the Company or a wholly owned Subsidiary of the Company in a Securitization Entity or any Investment by a Securitization Entity in any other Person in connection
with a Qualified Securitization Transaction; provided that any Investment in a Securitization Entity is in the form of a purchase money note or an equity interest; 

  

	 	(10)	any Indebtedness of the Company to any of its Subsidiaries incurred in connection with the purchase of accounts receivable and related assets by the Company from any such Subsidiary
which assets are subsequently conveyed by the Company to a Securitization Entity in a Qualified Securitization Transaction; 

  

	 	(11)	Investments in Interest Swap Obligations, Commodity Agreements and Currency Agreements of the type described in clauses (4) and (5) of the definition of “Permitted
Indebtedness”; 

  

	 	(12)	any deemed Investment in all or a portion of the IMC Chemicals Business Unit occurring by operation of the last sentence of the definition of “Investment”;

  

	 	(13)	additional Investments in an aggregate amount not to exceed $50.0 million at any time outstanding; 

  

	 	(14)	IMC Phosphates Guarantees incurred pursuant to clause (3) of the definition of “Permitted Indebtedness”; and 

  

	 	(15)	Investments made as part of a Phosphates Combination Transaction. 

  
 “Permitted Liens” means, with respect to any Person: 
  

	 	(1)	Liens existing as of August 1, 1998; 

  

 -27- 

	 	(2)	Liens on assets of, or any Capital Stock of or secured debt of, any Person existing at the time such Person becomes a Restricted Subsidiary of the Company or at the time such Person
is merged into the Company or any of its Restricted Subsidiaries; 

  

	 	(3)	Liens in favor of the Company or any of its Restricted Subsidiaries; 

  

	 	(4)	Liens in favor of governmental bodies to secure progress or advance payments; 

  

	 	(5)	Liens securing industrial revenue or pollution control bonds; 

  

	 	(6)	Liens on property to secure Indebtedness incurred for the purpose of (x) financing all or any part of the purchase price of such property incurred prior to, at the time of, or
within 180 days after, the acquisition of such property or (y) financing all or any part of the cost of construction, improvement, development or expansion of any such property; 

  

	 	(7)	statutory liens or landlords’, carriers’, warehousemen’s, mechanics’, suppliers’, materialmen’s, repairmen’s or other like Liens arising in the
ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate proceedings, if a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been
made therefor; 

  

	 	(8)	Liens on current assets of Restricted Subsidiaries securing Indebtedness of such Restricted Subsidiaries; and 

  

	 	(9)	any extensions, substitutions, replacements or renewals in whole or in part of a Lien (an “existing Lien”) enumerated in clauses (1) through (8) above;
provided that (x) the Lien may not extend beyond the assets or Indebtedness subject to the existing Lien and (y) improvements and construction on such assets and the Indebtedness secured by the Lien may not exceed the Indebtedness secured at
the time by the existing Lien. 

  
 “Person” means an individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture or a governmental agency or political subdivision thereof. 
  
 “Phosphates Combination Transaction”
means any one or more transactions or series of related transactions involving (x) the sale, lease, conveyance, contribution 

  

 -28- 

 
and/or other transfer (a “contribution”) of assets or Capital Stock comprising all or any portion of the IMC Phosphates Business to an
entity formed or to be formed (such entity, the “Phosphates Holding Company” and, together with its Subsidiaries, the “Phosphates Entities”) by the Company or a Subsidiary thereof and/or Mosaic or a Subsidiary
thereof and/or (y) the merger or consolidation of a Subsidiary of the Company comprising all or any portion of the IMC Phosphates Business with or into any Phosphates Entity, provided that: 
  

	 	•	the Company and its Restricted Subsidiaries, taken as a whole, shall receive consideration at the time of such contribution, merger or consolidation equal to not less than the fair
market value of the assets or Capital Stock so contributed or the fair market value of the assets of the Subsidiary of the Company so merged or consolidated, as the case may be, as reasonably determined in good faith by the Board of Directors of the
Company; 

  

	 	•	the Company and its Restricted Subsidiaries, taken as a whole, shall at all times have voting and dividend participation and other equivalent rights in the Phosphates Entities (and
its other Investments therein shall be) equivalent in all respects (as reasonably determined in good faith by the Board of Directors of the Company) to the voting and dividend participation and other equivalent rights and other Investments therein
of Mosaic and its Subsidiaries (other than the Company and its Restricted Subsidiaries) (or any successor to Mosaic’s and its Subsidiaries’ interest in the Phosphates Entities), after taking into account the pro rata portion of assets of
the Phosphates Entities contributed by the Company and its Subsidiaries, on the one hand, and Mosaic and its Subsidiaries (other than the Company and its Subsidiaries), on the other; and 

  

	 	•	the Phosphates Holding Company and the other Phosphate Entities are each Affiliate Guarantors. 

  
 “Phosphates Entities” has the meaning set forth in the definition of
“Phosphates Combination Transaction.” 
  
 “Phosphates Holding Company” has the meaning set forth in the definition of “Phosphates Combination Transaction.” 
  
 “Physical Notes” means certificated Notes in registered form in substantially the
form set forth in Exhibit A. 
  

 -29- 

 “Preferred Stock” of any Person means any Capital Stock of such
Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
  
 “Principal Property” means any manufacturing plant or warehouse owned or leased by the Company or any Subsidiary
of the Company, whether owned or leased as of August 1, 1998 or thereafter, the gross book value of which exceeds 1% of Consolidated Net Worth, other than manufacturing plants and warehouses which the Board of Directors of the Company by resolution
declares are not of material importance to the total business conducted by the Company and its Restricted Subsidiaries as an entirety and which, when taken together with all other plants and warehouses as to which such a declaration has been so
made, is so declared by the Board of Directors of the Company to be not of material importance to the total business conducted by the Company and its Restricted Subsidiaries as an entirety. 
  
 “Private Placement Legend” means the
legend initially set forth on the Rule 144A Notes and Other Notes that are Restricted Notes in the form set forth in Exhibit B. 
  
 “Pro Forma Cost Savings” means, with respect to any period ended on any Transaction Date, the reductions in costs
with respect to the applicable Four Quarter Period that are directly attributable to any Investments, acquisitions, dispositions, mergers, consolidations or discontinued operations and calculated on a basis that is consistent with Article 11 of
Regulation S-X under the Securities Act. 
  
 “Purchase Money Indebtedness” means Indebtedness of the Company or any of its Restricted Subsidiaries incurred for the purpose of financing all or any part of the purchase price, or the cost of construction or
improvement, of any assets to be used in the ordinary course of business by the Company or any of its Restricted Subsidiaries; provided, however, that (1) the aggregate principal amount of such Indebtedness shall not exceed such
purchase price or cost, (2) such Indebtedness shall be incurred no later than 180 days after the acquisition of such assets or completion of such construction or improvement and (3) such Indebtedness shall not be secured by any assets of the Company
or any of its Restricted Subsidiaries other than the assets so acquired and improvements thereon. 
  
 “Qualified Capital Stock” means any Capital Stock of the Company that is not Disqualified Capital Stock.

  
 “Qualified Institutional
Buyer” or “QIB” shall have the meaning specified in Rule 144A promulgated under the Securities Act. 
  

 -30- 

 “Qualified Securitization Transaction” means any transaction or
series of transactions that may be entered into by the Company, any of its Restricted Subsidiaries or a Securitization Entity pursuant to which the Company or such Restricted Subsidiary or that Securitization Entity may, pursuant to customary terms,
sell, convey or otherwise transfer to, or grant a security interest in for the benefit of, (1) a Securitization Entity or the Company or any of its Restricted Subsidiaries which subsequently transfers to a Securitization Entity (in the case of a
transfer by the Company or such Restricted Subsidiary) and (2) any other Person (in the case of transfer by a Securitization Entity), any accounts receivable (whether now existing or arising or acquired in the future) of the Company or any of its
Restricted Subsidiaries which arose in the ordinary course of business of the Company and its Restricted Subsidiaries, and any assets related thereto, including, without limitation, all collateral securing such accounts receivable, all contracts and
contract rights and all guarantees or other obligations in respect of such accounts receivable, proceeds of such accounts receivable and other assets (including contract rights) which are customarily transferred or in respect of which security
interests are customarily granted in connection with asset securitization transactions involving accounts receivable. 
  
 “Rating Agency” means each of (a) S&P and (b) Moody’s. 
  
 “Redemption Date” when used with
respect to any Note to be redeemed means the date fixed for such redemption pursuant to the terms of the Notes. 
  
 “Refinance” means, in respect of any security or Indebtedness, to refinance, extend, renew, refund, repay, prepay,
redeem, defease or retire, or to issue a security or Indebtedness in exchange or replacement for, such security or Indebtedness in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
  
 “Refinancing Indebtedness” means,
with respect to any Indebtedness, Indebtedness incurred to Refinance such Indebtedness; provided that: 
  

	 	(1)	the aggregate principal amount of the Indebtedness so incurred does not exceed the sum of (a) the aggregate principal amount of the Indebtedness being Refinanced as of the date of
such proposed Refinancing plus (b) the amount of premium, if any, that would be payable upon the redemption of the Indebtedness being Refinanced under the terms of the instrument governing the Indebtedness being Refinanced if such redemption
occurred, whether or not a premium in such amount is actually paid pursuant to such Refinancing, as of the date of such proposed Refinancing plus (c) the amount of reasonable expenses incurred by the Company in connection with such Refinancing;

  

 -31- 

	 	(2)	the Weighted Average Life to Maturity of the Indebtedness so incurred at the date of such proposed Refinancing is not less than the Weighted Average Life to Maturity of the
Indebtedness being Refinanced as of the date of such proposed Refinancing; and 

  

	 	(3)	the final maturity of the Indebtedness so incurred is not earlier than the final maturity of the Indebtedness being Refinanced; 

  
 and provided, further, that (x) if the Indebtedness being
Refinanced is subordinate or junior to the Notes, then such Refinancing Indebtedness shall be subordinate or junior to the Notes at least to the same extent and in the same manner as the Indebtedness being Refinanced and (y) if the obligors on the
Indebtedness being Refinanced include only the Company and/or one or more Guarantors, the obligors on the Refinancing Indebtedness thereof shall not include any Person other than the Company and/or one or more Guarantors. For the avoidance of doubt,
in the event that Mosaic or its Subsidiaries (other than the Company and its Restricted Subsidiaries) Refinances any Indebtedness of the Company or its Restricted Subsidiaries with Indebtedness of Mosaic or its Subsidiaries (other than the Company
and its Restricted Subsidiaries), and the Company and/or its Restricted Subsidiaries directly or indirectly guarantee such Indebtedness of Mosaic and its Subsidiaries, such guarantee shall for purposes hereof be deemed to be Refinancing Indebtedness
(to the extent the term “Refinancing Indebtedness” is used in this Indenture with respect to such Indebtedness) of such Indebtedness of the Company and/or its Restricted Subsidiaries; provided such guarantee conforms with the
provisions of this definition. For the avoidance of doubt, it is understood that a Refinancing of the Credit Agreement shall not be deemed to be Refinancing Indebtedness. 
  
 “Regulation S” means Regulation S promulgated under the Securities Act. 

 
 “Responsible Officer” when used
with respect to the Trustee, means an officer or assistant assigned to the corporate trust department of the Trustee (or any successor group of the Trustee) with direct responsibility for the administration of this Indenture and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
  
 “Restricted Note” has the same meaning as “Restricted Security” set forth
in Rule 144(a)(3) promulgated under the Securities Act; provided that the Trustee shall be entitled to request and conclusively rely upon an Opinion of Counsel with respect to whether any Note is a Restricted Note. 
  

 -32- 

 “Restricted Payment” means to 
  

	 	(1)	declare or pay any dividend or make any distribution on or in respect of the Company’s Capital Stock to holders of such Capital Stock, other than dividends or distributions
payable in Qualified Capital Stock of the Company, 

  

	 	(2)	purchase, redeem or otherwise acquire or retire for value any Capital Stock of the Company or any warrants, options or other rights to purchase or acquire any Capital Stock of the
Company, 

  

	 	(3)	make any principal payment on, purchase, defease, redeem, prepay, decrease or otherwise acquire or retire for value, prior to any scheduled final maturity, scheduled repayment or
scheduled sinking fund payment, any Indebtedness of the Company or any Guarantor that is subordinate or junior in right of payment to the Notes or the Note Guarantee of such Guarantor or 

  

	 	(4)	make any Investment other than Permitted Investments. 

  
 “Restricted Subsidiary” of any Person means any Subsidiary of such Person which at the time of determination is
not an Unrestricted Subsidiary; provided, however, that with respect to the Company after the Fall-Away Event, each Subsidiary of the Company (other than Phosphates Entities and other Persons deemed to be Unrestricted Subsidiaries
pursuant to the second to last paragraph of Section 4.13 (unless such Person has otherwise assumed the obligations of the Company or a Restricted Subsidiary under this Indenture pursuant to Article V)) shall be a Restricted Subsidiary of the
Company. 
  
 “Revocation”
has the meaning set forth in Section 4.13. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “S&P” means Standard &
Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., or any successor thereto. 
  
 “Sale and Leaseback Transaction” has the meaning set forth in Section 4.15(b). 
  
 “Securities Act” means the
Securities Act of 1933, as amended, or any successor statute or statutes thereto. 
  

 -33- 

 “Securitization Entity” means a wholly owned Subsidiary of the
Company (or another Person (which, for the avoidance of doubt, includes Mosaic and its Subsidiaries) in which the Company or any Subsidiary of the Company makes an Investment and to which the Company or any Subsidiary of the Company transfers
accounts receivable) which engages in no activities other than in connection with the financing of accounts receivable and which is designated by the Board of Directors of the Company (as provided below) as a Securitization Entity 
  

	 	(1)	no portion of the Indebtedness or any other obligations (contingent or otherwise) of which (a) is guaranteed by the Company or any Subsidiary of the Company (other than the
Securitization Entity) (excluding guarantees of obligations (other than the principal of, and interest on, Indebtedness)) pursuant to Standard Securitization Undertakings, (b) is recourse to or obligates the Company or any Subsidiary of the Company
(other than the Securitization Entity) in any way other than pursuant to Standard Securitization Undertakings or (c) subjects any asset of the Company or any Subsidiary of the Company (other than the Securitization Entity), directly or indirectly,
contingently or otherwise, to the satisfaction thereof, other than pursuant to Standard Securitization Undertakings and other than any interest in the accounts receivable (whether in the form of an equity interest in such assets or subordinated
indebtedness payable primarily from such financed assets) retained or acquired by the Company or any Subsidiary of the Company, 

  

	 	(2)	with which neither the Company nor any Subsidiary of the Company has any material contract, agreement, arrangement or understanding other than on terms no less favorable to the
Company or such Subsidiary than those that might be obtained at the time from Persons that are not Affiliates of the Company, other than fees payable in the ordinary course of business in connection with servicing receivables of such entity, and

  

	 	(3)	to which neither the Company nor any Subsidiary of the Company has any obligation to maintain or preserve such entity’s financial condition or cause such entity to achieve
certain levels of operating results. 

  
 Any such
designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’
Certificate certifying that such designation complied with the foregoing conditions. 
  

 -34- 

  “Significant Subsidiary” means any Restricted Subsidiary of
the Company or any Subsidiary of Mosaic, Mosaic Fertilizer, LLC or Mosaic Crop Nutrition, LLC, as the case may be, which, at the date of determination, is a “significant subsidiary” (as such term is defined in Regulation S-X under the
Exchange Act) of the Company, Mosaic, Mosaic Fertilizer, LLC or Mosaic Crop Nutrition, LLC, as the case may be. 
   
 “Specified Discontinued Businesses” means the IMC Chemicals Business Unit, the IMC Salt Business Unit and Ogden.

  
 “Standard Securitization
Undertakings” means representations, warranties, covenants and indemnities entered into by the Company or any Subsidiary of the Company which are reasonably customary in an accounts receivable securitization transaction. 
  
 “Stated Maturity” when used with
respect to any security or any installment of interest thereon, means the date specified in such security as the fixed date on which the principal of such security or such installment of interest is due and payable. 
  
 “Subsidiary” of any Person means (1)
any Person of which more than 50% of the total voting power of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the Restricted Subsidiaries of that Person or a combination thereof, and (2) any partnership, joint venture or other Person in which such Person or one or more of the Restricted Subsidiaries
of that Person or a combination thereof has the power to control by contract or otherwise the board of directors or equivalent governing body or otherwise controls such entity. 
  
 “Subsidiary Guarantors” means (1) each of the following Restricted Subsidiaries of
the Company: 
  
 FMRP Inc., a Delaware corporation; 

   Mosaic Canada ULC (formerly known as IMC Canada ULC), a Nova Scotia unlimited liability company; 
   Mosaic Chemical North America LLC (formerly known as IMC Chemical North America LLC), a Delaware limited liability company; 
   IMC Global Dutch Holdings B.V., a Netherlands corporation; 
   IMC Global Netherlands B.V., a Netherlands corporation; 
   Mosaic Global Operations Inc. (formerly
known as IMC Global Operations Inc.), a Delaware corporation; 
   IMC Global Potash Holdings N.V., a Netherlands Antilles corporation;

   Mosaic Phosphates Company (formerly known as IMC Phosphates Company), a Delaware general partnership; 
   Mosaic Potash Carlsbad Inc. (formerly known as IMC Potash Carlsbad Inc.), a Delaware corporation; 
   IMC Potash Colonsay N.V., a Netherlands Antilles corporation; 
   Mosaic Potash Colonsay ULC (formerly known as IMC Potash Colonsay ULC), a Nova Scotia unlimited liability company; 
   Mosaic Sulphur Holdings LLC (formerly known as IMC Sulphur Holdings LLC), a Delaware limited liability company; 
   Mosaic USA Holdings Inc. (formerly known as IMC USA Holdings Inc.), a Delaware corporation; 
   Mosaic
USA LLC (formerly known as IMC USA LLC), a Delaware limited liability company; 
   

 -35- 

   KCL Holdings, Inc., a Delaware corporation; 
  Phosphate Acquisition Partners L.P. (the successor to Phosphate Resource Partners Limited Partnership), a Delaware limited partnership; 

  PRP-GP LLC, a Delaware limited liability company; and 
 The Vigoro Corporation, a Delaware corporation; 
  
 and (2) each other Restricted Subsidiary of the Company that issues a Note Guarantee pursuant to Section 4.16 or otherwise, in each case, so long as the Note Guarantee of such Restricted Subsidiary is in full force
and effect. 
  
 “TIA”
means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture (except as provided in Section 8.03 hereof). 
  
 “Trustee” means the party named as such in this Indenture until a successor replaces
it pursuant to this Indenture and thereafter means the successor. 
  
 “2008 Exchange and Registration Rights Agreement” means “Exchange and Registration Rights Agreement,” as defined in the 2008 Indenture. 
  
 “2008 Indenture” means the indenture
entered into between the Company, the guarantors named therein and The Bank of New York, as trustee, dated May 17, 2001, with respect to the 10.875% Senior Notes Due 2008 of the Company, as may be amended or supplemented from time to time.

  
 “2008 Note
Guarantees” means “Note Guarantees,” as defined in the 2008 Indenture. 
  
 “2008 Notes” means “Notes,” as defined in the 2008 Indenture. 
  
 “2011 Exchange and Registration
Rights Agreement” means “Exchange and Registration Rights Agreement,” as defined in the 2011 Indenture. 
  
 “2011 Indenture” means the indenture entered into between the Company, the guarantors named therein and The Bank
of New York, as trustee, dated May 17, 2001, with respect to the 11.250% Senior Notes Due 2011 of the Company, as may be amended or supplemented from time to time. 
  
 “2011 Note Guarantees” means “Note Guarantees,” as defined in the 2011
Indenture. 
  

 -36- 

 “2011 Notes” means “Notes,” as defined in the 2011
Indenture. 
  
 “Unrestricted
Subsidiary” of any Person means: 
  

	 	(1)	for purposes of Section 4.15 and related definitions only (a) any Subsidiary of the Company that at the time of determination has been, or is deemed to have been pursuant to the
second to last paragraph of Section 4.13, designated an “Unrestricted Subsidiary” under this Indenture by the Board of Directors in the manner provided below and (b) any Subsidiary of such an “Unrestricted Subsidiary.”

  
  The Board of Directors of the Company may
designate any Subsidiary of the Company (including any newly acquired or newly formed Subsidiary) to be an “Unrestricted Subsidiary” for purposes of Section 4.15 and related definitions unless such Subsidiary owns any Capital Stock of, or
owns or holds any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary so designated; provided, however, that (x) the Subsidiary to be so designated has total assets of $5,000 or
less and (y) the following Subsidiaries may not be designated Unrestricted Subsidiaries: Mosaic Global Operations, Inc. (formerly known as IMC Global Operations, Inc.), a Delaware corporation; Mosaic Esterhazy Holdings Limited (formerly known as
International Minerals & Chemical (Canada) Global Limited), a Canadian federal company; Mosaic Phosphates Company (formerly known as IMC Phosphates Company), a Delaware general partnership; and any intermediate holding company between any of the
foregoing and the Company. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the board resolutions giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing provisions; and 
   

	 	(2)	for all other purposes of this Indenture (a) any Subsidiary of such Person that at the time of determination has been, or is deemed to have been pursuant to the second to last
paragraph of Section 4.13, designated an Unrestricted Subsidiary, and has not been redesignated a Restricted Subsidiary, in accordance with Section 4.13 and (b) any Subsidiary of such an Unrestricted Subsidiary. 

  
 “U.S. Government Obligations” shall
mean securities that are (1) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as full faith and credit obligation by the United States of America, that, in either case, are not callable or redeemable at the option of the issuer 

  

 -37- 

 
thereof and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligations or a
specific payment of interest on or principal of any such U.S. Government Obligations held by such custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt for any amount received by the custodian in respect of the U.S. Government Obligations or the specific payment of interest on or principal of the U.S. Government
Obligations evidenced by such depository receipt. 
  
 “Value” means an amount equal to the greater of the net proceeds of the sale or transfer of the property leased pursuant to a Sale and Leaseback Transaction, or the fair value as determined by the Board of Directors
of the Company of the leased property at the time of entering into such Sale and Leaseback Transaction. 
  
 “Voting Stock” means, with respect to any Person, Capital Stock of such Person entitling the holders thereof,
under ordinary circumstances, to vote in the election of the Board of Directors of such Person. 
  
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the number of years
obtained by dividing: 
  

	 	(1)	the then outstanding aggregate principal amount of such Indebtedness into 

  

	 	(2)	the sum of the total of the products obtained by multiplying (x) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal,
including payment at final maturity, in respect thereof, by (y) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment.” 

  

 -38- 

 ARTICLE TWO 
  
 COVENANTS 
  
 SECTION 2.1. Covenants. 
  
 Article IV of the Original Indenture is hereby amended and restated in its entirety as follows: 
  
 ARTICLE IV 
  
 COVENANTS 
  
 SECTION 4.01. Payment of Notes. 
  
 The Company shall pay the principal of and interest (including all Additional Interest as provided in the Exchange and Registration Rights
Agreement) on the Notes on the dates and in the manner provided in the Notes and this Indenture. An installment of principal or interest shall be considered paid on the date it is due if the Trustee or Paying Agent holds on that date money
designated for and sufficient to pay such installment. 
  
 The Company shall pay interest on overdue principal (including post-petition interest in a proceeding under any Bankruptcy Law), and overdue interest, to the extent lawful, at the rate specified in the Notes. 
  
 SECTION 4.02. Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, the
City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the
Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to
maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company may also from time to time designate one or more
other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company shall give prompt written notice to the Trustee of any such designation or rescission and of any
change in the location of any such other office or agency. 
  
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.04. 
  

 -39- 

 SECTION 4.03. Legal Existence. 
  
 Subject to Article V hereof, the Company shall do or cause to be done all things necessary to preserve and
keep in full force and effect (i) its legal existence, and the corporate, partnership or other existence of each Restricted Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of each
Restricted Subsidiary and the material rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such right, license or franchise,
or the corporate, partnership or other existence of any of its Restricted Subsidiaries if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and
its Restricted Subsidiaries taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders. 
  
 SECTION 4.04. [Intentionally Omitted] 
  
 SECTION 4.05. Waiver of Stay, Extension or Usury Laws. 
  
 Each of the Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it shall not at any time insist
upon, or plead (as a defense or otherwise) or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or other law which would prohibit or forgive any of the Company and the Guarantors from
paying all or any portion of the principal of, premium, if any, and/or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or which may affect the covenants or the performance of this Indenture; and
(to the extent that they may lawfully do so) each of the Company and the Guarantors hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to
the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 
  
 SECTION 4.06. Compliance Certificate. 
  
 The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during such fiscal year has been made under the supervision of the signing Officers with a view to determining whether the Company and the Guarantors have kept, observed, performed and
fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge, the Company and the Guarantors have kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and are not in default in the performance or observance of any of the terms, 

  

 -40- 

 
provisions and conditions hereof (or, if a Default shall have occurred, describing all such Defaults of which he or she may have knowledge and what action
they are taking or propose to take with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is
prohibited or if such event has occurred, a description of the event and what action the Company and the Guarantors are taking or propose to take with respect thereto. 
  
 The Company will deliver to the Trustee, within 15 days after the occurrence thereof, an Officers’
Certificate detailing any Default of which it is aware, its status and what action the Company is taking or proposes to take with respect to such Default. 
  
 The Company’s fiscal year currently ends on December 31. The Company will provide written notice to the Trustee of any change in its
fiscal year. 
  
 SECTION 4.07. [Intentionally Omitted]

  
 SECTION 4.08. Limitation on Incurrence of Additional
Indebtedness. 
  
 The Company will not, and
will not permit any of its Restricted Subsidiaries to, directly or indirectly, incur any Indebtedness other than Permitted Indebtedness; provided, however, that if no Default has occurred and is continuing at the time of or would occur
as a consequence of the incurrence of any such Indebtedness, the Company or any Subsidiary Guarantor may incur Indebtedness (including Acquired Indebtedness), and Restricted Subsidiaries which are not Guarantors may incur Acquired Indebtedness, in
each case if, after giving effect to the incurrence thereof, the Consolidated Fixed Charge Coverage Ratio of the Company is at least 2.0 to 1.0 (the “Coverage Ratio Exception”). 
  
 The Company will not, directly or indirectly, in any event
incur any Indebtedness that purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated to any other Indebtedness of the Company unless such Indebtedness is also by its terms (or by the terms of any
agreement governing such Indebtedness) subordinated to the Notes to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Company. 
  
 No Subsidiary Guarantor will, directly or indirectly, in any event incur any Indebtedness that purports to
be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated to any other Indebtedness of such Subsidiary Guarantor unless such Indebtedness is also by its terms (or by the terms of any agreement governing such
Indebtedness) subordinated to the Note Guarantee of 

  

 -41- 

 
such Subsidiary Guarantor to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of such Subsidiary
Guarantor. 
  
 Notwithstanding any other
provision in this Section 4.08, the maximum amount of Indebtedness that the Company or any Restricted Subsidiary may incur pursuant to this Section 4.08 shall not be deemed to be exceeded as a result of fluctuations in the exchange rates of
currencies. For purposes of determining compliance with this Section 4.08: 
  
 (a) the outstanding principal amount of any particular Indebtedness shall be counted only once and any obligation arising under any guarantee, Lien, letter of credit or similar instrument supporting such Indebtedness
shall be disregarded; and 
  
 (b) in the event
that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (3) through (19) of the definition of “Permitted Indebtedness” or is entitled to be incurred pursuant to the
Coverage Ratio Exception, the Company shall, in its sole discretion, classify such item of Indebtedness in any manner that complies with this Section 4.08 (provided that all outstanding Indebtedness under the Credit Agreement on May 17, 2001
shall be deemed to have been incurred pursuant to clause (3) of the definition of “Permitted Indebtedness”) and may later reclassify such item into any one or more of the categories of Permitted Indebtedness described in clauses (3)
through (19) of the definition of “Permitted Indebtedness” (provided that at the time of reclassification it meets the criteria in such category or categories). 
  
 This Section 4.08 will not apply after the Fall-Away Event. 
  
 SECTION 4.09. Limitation on Restricted Payments. 
  
 The Company will not, and will not cause or permit any of
its Restricted Subsidiaries to, directly or indirectly, make any Restricted Payment if at the time of such Restricted Payment or immediately after giving effect thereto, 
  

	 	(A)	a Default has occurred and is continuing; 

  

	 	(B)	the Company is not able to incur at least $1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; or 

  

	 	(C)	 the aggregate amount of Restricted Payments made after May 17, 2001, including the fair market value as reasonably determined in good faith by the Board of
Directors or a senior officer of the Company of 

  

 -42- 

	 	 
non- cash amounts constituting Restricted Payments, shall exceed the sum of, without duplication, 

  

	 	(1)	50% of the cumulative Consolidated Net Income (or if cumulative Consolidated Net Income shall be a loss, minus 100% of such loss) of the Company from the beginning of the fiscal
quarter in which May 17, 2001 occurred through the last day of the most recently ended fiscal quarter for which internal financial statements are available at the time of the Restricted Payment (treating such period as a single accounting period);
plus 

  

	 	(2)	100% of the aggregate net cash proceeds received by the Company from any Person (other than a Subsidiary of the Company) from the issuance and sale subsequent to May 17, 2001 of
Qualified Capital Stock of the Company or from a contribution to its common equity capital (other than the type set forth in clause (7) of the next succeeding paragraph); plus 

  

	 	(3)	the amount by which Indebtedness of the Company or any of its Restricted Subsidiaries incurred after May 17, 2001 is reduced on the Company’s consolidated balance sheet upon
the conversion or exchange (other than by a Subsidiary of the Company) of such Indebtedness into Qualified Capital Stock plus the net proceeds (including the fair market value of assets other than cash) received by the Company from the
issuance and sale of convertible or exchangeable Disqualified Capital Stock that has been converted into or exchanged for Qualified Capital Stock (other than Disqualified Capital Stock sold to a Subsidiary of the Company), in each case, less
the amount of any cash, or the fair market value of any other assets, distributed by the Company or any of its Restricted Subsidiaries upon such conversion or exchange; plus 

  

	 	(4)	 to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (1) above, 100% of the aggregate net proceeds (including
the fair market value of assets other than cash) received by the Company or any of its Restricted Subsidiaries upon the sale or other disposition of any Investment made by the Company and its Restricted Subsidiaries since May 17, 2001;
provided, however, that the foregoing sum shall not exceed, in the case of any investee, the 

  

 -43- 

	 	 
aggregate amount of Investments previously made (and treated as a Restricted Payment) by the Company or any of its Restricted Subsidiaries in such investee
subsequent to May 17, 2001; plus 

  

	 	(5)	to the extent not otherwise included in the calculation of Consolidated Net Income for purposes of clause (1) above, an amount equal to the sum of (x) the net reduction in
Investments in Unrestricted Subsidiaries of the Company resulting from dividends, repayments of loans or advances or other transfers of assets, in each case to the Company or any of its Restricted Subsidiaries from Unrestricted Subsidiaries of the
Company, and (y) the fair market value of the net assets of an Unrestricted Subsidiary of the Company at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary multiplied by the Company’s proportionate interest in such
Subsidiary; provided, however, that the foregoing sum shall not exceed, in the case of any Unrestricted Subsidiary, the aggregate amount of Investments previously made (and treated as a Restricted Payment) by the Company or any of its
Restricted Subsidiaries in such Unrestricted Subsidiary subsequent to May 17, 2001. 

  
 Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph do not prohibit: 
  

	 	(1)	the payment of any dividend within 90 days after the date of declaration of such dividend if the dividend would have been permitted on the date of declaration;

  

	 	(2)	the acquisition of any Capital Stock of the Company, either (A) solely in exchange for Qualified Capital Stock of the Company or (B) if no Default has occurred and is continuing,
through the application of the net proceeds of a substantially concurrent issuance and sale for cash (other than to a Subsidiary of the Company) of Qualified Capital Stock of the Company; 

  

	 	(3)	 the acquisition of any Indebtedness of the Company or any Subsidiary Guarantor that is subordinate or junior in right of payment to the Notes or the Note Guarantee
of such Subsidiary Guarantor, as the case may be, either (A) solely in exchange for Qualified Capital Stock of the Company or Refinancing Indebtedness in respect of such Indebtedness, or (B) if no Default has occurred and is continuing, through the
application of net proceeds of a substantially concurrent sale or 

  

 -44- 

	 	 
incurrence for cash (other than to a Subsidiary of the Company) of (x) Qualified Capital Stock of the Company or (y) Refinancing Indebtedness in respect of
such Indebtedness; 

  

	 	(4)	if no Default has occurred and is continuing or would occur as a consequence thereof, the declaration and payment of dividends to holders of any class or series of Designated
Preferred Stock (other than Disqualified Capital Stock) issued on or after May 17, 2001; provided that, at the time of such issuance, the Company, after giving effect to such issuance on a pro forma basis, would be able to incur at least
$1.00 of additional Indebtedness pursuant to the Coverage Ratio Exception; 

  

	 	(5)	Restricted Payments by the Company and/or its Restricted Subsidiaries, on the one hand, to an Affiliate Guarantor, on the other, to fund or otherwise support ordinary course of
business operations of the Affiliate Guarantors (including without limitation working capital requirements of the Affiliate Guarantors but excluding (x) the funding of any Mosaic Restricted Dividend, (y) the funding of an Investment by such
Affiliate Guarantors in Subsidiaries of Mosaic that are not Affiliate Guarantors unless such Investment would be permitted to be made by the Company and/or its Restricted Subsidiaries pursuant to clause (6) below and (z) the funding of a payment or
contribution to the Company or its Restricted Subsidiaries of the type set forth in clause (7) below); 

  

	 	(6)	 (a) inter-company loans made by the Company and/or its Restricted Subsidiaries, on the one hand, to Subsidiaries of Mosaic that are not Affiliate Guarantors, on the
other, to fund or otherwise support ordinary course of business operations of such Subsidiaries (including without limitation working capital requirements of such Subsidiaries but excluding (x) the funding of any Mosaic Restricted Dividend and (y)
the funding of a payment or contribution to the Company or its Restricted Subsidiaries of the type set forth in clause (7) below) and (b) inter-company loans in an aggregate amount not to exceed $200.0 million at any time outstanding made by the
Company and/or its Restricted Subsidiaries, on the one hand, to any Subsidiaries of Mosaic, on the other, to fund or otherwise support non-ordinary course of business transactions (including without limitation acquisitions and capital expenditures
by such Subsidiaries but excluding (x) the funding of any Mosaic Restricted Dividend), provided that in the case of any inter-company loan or series of related inter-company loans set forth in 

  

 -45- 

 
this clause (6) which in the aggregate exceed $5.0 million, the terms of such loans are no less favorable to the Company and its Restricted Subsidiaries,
taken as a whole, as would be available to the Company and its Restricted Subsidiaries were it making such loans to a non-Affiliate at fair market value, as reasonably determined in good faith by the Board of Directors or a senior officer of the
Company; 
  

	 	(7)	Restricted Payments made substantially concurrently with or promptly following the receipt by the Company and/or its Restricted Subsidiaries of, and in an aggregate amount not
exceeding the amount of, (i) any cash contribution from Mosaic and/or any of its Subsidiaries (other than the Company and/or its Restricted Subsidiaries), and/or (ii) any cash distribution (a) from any of Mosaic’s Subsidiaries (other than the
Company and/or its Restricted Subsidiaries) and/or (b) from or in respect of any other Investment permitted by this clause (7), and/or (iii) any cash payment in whole or in part of any principal, interest or other amounts in respect of Indebtedness
that is an Investment permitted pursuant to this clause (7); 

  

	 	(8)	repurchases of Capital Stock deemed to occur upon the exercise of stock options if such Capital Stock represents a portion of the exercise price thereof and repurchases of Capital
Stock deemed to occur upon the withholding of a portion of the Capital Stock granted or awarded to an employee to pay for the taxes payable by such employee upon such grant or award; and 

  

	 	(9)	additional Restricted Payments in an aggregate amount not to exceed $60.0 million since the Operative Date. 

  
 Issuances of Capital Stock or equity contributions pursuant to any clause in
this paragraph shall not increase the amount available for Restricted Payments under clause (C) of the immediately preceding paragraph. 
  
 Not later than the date of making any Restricted Payment pursuant to clause (C) of the second preceding paragraph, the Company shall
deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment complies with this Indenture and setting forth in reasonable detail the basis upon which the required calculations were computed. 
  
 This Section 4.09 will not apply after the Fall-Away Event.

  

 -46- 

 SECTION 4.10. Limitation on Asset Sales. 
  
 The Company will not, and will not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless: 
  

	 	(1)	the Company or the applicable Restricted Subsidiary receives consideration at the time of such Asset Sale at least equal to the fair market value of the assets that are sold or
otherwise disposed of, as reasonably determined in good faith by the Company’s Board of Directors or a senior officer of the Company; and 

  

	 	(2)	at least 75% of the consideration received by the Company or the applicable Restricted Subsidiary from the Asset Sale is in the form of cash or Cash Equivalents; provided
that in the case of the sale of all of the IMC Salt Business Unit, in the alternative, up to 35% of the consideration received by the Company or the applicable Restricted Subsidiary in the sale may be in the form of Capital Stock of the Person that
will hold the IMC Salt Business Unit and Ogden following the Asset Sale if the remainder is in the form of cash or Cash Equivalents; provided, further, that the requirement in this clause (2) shall not apply in the case of the sale of
all or any part of the IMC Chemicals Business Unit. 

  
 For the purposes of clause (2) above, the amount of any Indebtedness shown on the most recent applicable balance sheet of the Company or the applicable Restricted Subsidiary, other than Indebtedness that is by its terms subordinated to the
Notes or any Note Guarantee, that is assumed by the transferee of any such assets will be deemed to be cash. 
  
 Additionally, the Company or such Restricted Subsidiary, as the case may be, must apply the Net Cash Proceeds from each Asset Sale to: 
  

	 	(1)	repay Indebtedness under the Credit Agreement; 

  

	 	(2)	repay (including by purchase) secured obligations; 

  

	 	(3)	repay (including by purchase) any Indebtedness of any Restricted Subsidiary that is not a Guarantor; and/or 

  

	 	(4)	 make an investment in or expenditures for assets (including Capital Stock of any entity) (a) that replace the assets that were the subject of the Asset Sale or (b)
that will be used in the business of the Company 

  

 -47- 

	 	 
and its Subsidiaries as existing on May 17, 2001 or in businesses reasonably related thereto (“Replacement Assets”).

  
 Any Net Cash Proceeds that
the Company does not apply, or decides not to apply, in accordance with the preceding paragraph will constitute a “Net Proceeds Offer Amount.” The 366th day after an Asset Sale or any earlier date on which the Board of Directors of
the Company determines not to apply the Net Cash Proceeds in accordance with the preceding paragraph is a “Net Proceeds Offer Trigger Date.” When the aggregate Net Proceeds Offer Amount is equal to or exceeds $25.0 million, the
Company must make an offer to purchase (the “Net Proceeds Offer”) on a date that is not less than 30 days nor more than 45 days following the applicable Net Proceeds Offer Trigger Date, from 
  

	 	(a)	all Holders of Notes and 

  

	 	(b)	all holders of other Indebtedness (“Other Indebtedness”) that (x) is not, by its terms, expressly subordinated in right of payment to the Notes and (y) contains
provisions requiring that an offer to purchase such Other Indebtedness be made with the proceeds from the Asset Sale, 

  
 on a pro rata basis, the maximum principal amount of Notes and Other Indebtedness that may be purchased with the Net Proceeds Offer Amount. The offer
price for Notes in any Net Proceeds Offer will be equal to 100% of the principal amount of the Notes to be purchased, plus any accrued and unpaid interest on such Notes, if any, to the date of purchase. 
  
 The following events will be deemed to constitute an Asset
Sale and the Net Cash Proceeds from such Asset Sale must be applied in accordance with this Section 4.10: 
  

	 	(1)	in the event any non-cash consideration received by the Company or any Restricted Subsidiary of the Company in connection with any Asset Sale is converted into or sold or otherwise
disposed of for cash (other than interest received with respect to any such non-cash consideration), or 

  

	 	(2)	 in the event of the transfer of substantially all, but not all, of the assets of the Company and its Restricted Subsidiaries as an entirety to a Person in a
transaction permitted under Section 5.01, and as a result thereof the Company is no longer an obligor on the Notes, the successor corporation shall be deemed to have sold the assets of the 

  

 -48- 

	 	 
Company and its Restricted Subsidiaries not so transferred for purposes of this Section 4.10, and shall comply with the provisions of this Section 4.10 with
respect to such deemed sale as if it were an Asset Sale. In addition, the fair market value of such assets of the Company or its Restricted Subsidiaries deemed to be sold shall be deemed to be Net Cash Proceeds for purposes of this Section 4.10.

  
 Notwithstanding the
provisions described in the immediately preceding paragraphs, the Company and its Restricted Subsidiaries may consummate an Asset Sale without complying with such provisions to the extent that (a) at least 75% of the consideration for such Asset
Sale constitutes Replacement Assets and (b) such Asset Sale is for fair market value. Any cash consideration that does not constitute Replacement Assets that is received by the Company or any of its Restricted Subsidiaries in connection with any
Asset Sale permitted under this paragraph will constitute Net Cash Proceeds and will be subject to the provisions described in the preceding paragraphs. 
  
 The Company shall mail a notice of a Net Proceeds Offer by first-class mail, postage prepaid, to the record Holders as shown on the
register of Holders within 30 days following the Net Proceeds Offer Trigger Date, with a copy to the Trustee, containing all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Net Proceeds Offer and shall
state the following terms: 
  

	 	(1)	that the Net Proceeds Offer is being made pursuant to this Section 4.10, that all Notes tendered will be accepted for payment; provided, however, that if the aggregate
principal amount of Notes and Other Indebtedness tendered in a Net Proceeds Offer plus accrued interest at the expiration of such offer exceeds the aggregate amount of the Net Proceeds Offer, the Company shall select on a pro rata basis, the Notes
and Other Indebtedness to be purchased (with such adjustments as may be deemed appropriate by the Company so that only Notes in denominations of $1,000, as applicable, or multiples thereof shall be purchased) and that the Net Proceeds Offer shall
remain open for a period of 20 business days or such longer periods as may be required by law; 

  

	 	(2)	the offer price (including the amount of accrued interest) and the Net Proceeds Offer date of payment (“Net Proceeds Offer Payment Date”) (which shall be not less
than 30 nor more than 45 days following the applicable Net Proceeds Offer Trigger Date and which shall be at least five business days after the Trustee receives notice thereof from the Company); 

  

 -49- 

	 	(3)	that any Note not tendered will continue to accrue interest; 

  

	 	(4)	that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the Net Proceeds Offer shall cease to accrue interest after the Net Proceeds
Offer Payment Date; 

  

	 	(5)	that Holders electing to have a Note purchased pursuant to a Net Proceeds Offer will be required to surrender such Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, to the Paying Agent at the address specified in the notice prior to the close of business on the business day prior to the Net Proceeds Offer Payment Date; 

  

	 	(6)	that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the second business day prior to the Net Proceeds Offer Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of such Holder, the principal amount of the Notes such Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased;
and 

  

	 	(7)	that Holders whose Notes are purchased only in part will be issued new Notes in a principal amount equal to the unpurchased portion of the Note surrendered; provided,
however, that each Note purchased and each new Note issued shall be in an original principal amount of $1,000 or integral multiples thereof. 

  
 On or before the Net Proceeds Offer Payment Date, the Company shall (a) accept for payment Notes or portions
thereof (in integral multiples of $1,000) validly tendered pursuant to the Net Proceeds Offer, (b) deposit with the Paying Agent in accordance with Section 2.15 U.S. Dollars sufficient to pay the purchase price plus accrued and unpaid interest, if
any, of all Notes to be purchased and (c) deliver to the Trustee Notes so accepted together with an Officers’ Certificate stating the Notes or portions thereof being purchased by the Company. Upon receipt by the Paying Agent of the monies
specified in clause (b) above and a copy of the Officers’ Certificate specified in clause (c) above, the Paying Agent shall promptly mail to the Holders of Notes so accepted payment in an amount equal to the purchase price plus accrued and
unpaid interest, if any, out of the funds deposited with the Paying Agent in accordance with the preceding sentence. The Trustee shall promptly authenticate and mail to such Holders new Notes equal in principal amount to any unpurchased portion of
the Notes surrendered. Upon the payment of the purchase price for the Notes accepted for purchase, the Trustee shall return the Notes purchased to the Company for cancellation. Any monies remaining after 

  

 -50- 

 
the purchase of Notes pursuant to a Net Proceeds Offer shall be returned within three business days by the Trustee to the Company except with respect to
monies owed as obligations to the Trustee pursuant to Article VII. For purposes of this Section 4.10, the Trustee shall act as the Paying Agent. 
  
 To the extent the amount of Notes tendered pursuant to any Net Proceeds Offer is less than the amount of Net Cash Proceeds subject to such
Net Proceeds Offer, the Company may use any remaining portion of such Net Cash Proceeds not required to fund the repurchase of tendered Notes for general corporate purposes and such Net Proceeds Offer Amount shall be reset to zero. 
  
 The Company will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws and regulations are applicable in connection with the repurchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of
any securities laws or regulations conflict with the provisions of this Section 4.10, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under the provisions of this
Section 4.10 by virtue thereof. 
  
 This Section
4.10 will not apply after the Fall-Away Event. 
  
 SECTION 4.11.
Limitation on Dividend and Other Payment Restrictions Affecting Subsidiaries. 
  
 The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise
cause or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary of the Company to: 
  

	 	(A)	pay dividends or make any other distributions on or in respect of its Capital Stock to the Company or any of its Restricted Subsidiaries; 

  

	 	(B)	make loans or advances or pay any Indebtedness or other obligations owed to the Company or any of its Restricted Subsidiaries; or 

  

	 	(C)	transfer any of its assets to the Company or any of its Restricted Subsidiaries, 

  
 except for such encumbrances or restrictions existing under or by reason of: 
  

	 	(1)	applicable laws, rules and regulations; 

  

 -51- 

	 	(2)	any provisions of this Indenture, the 2008 Indenture or the 2011 Indenture; 

  

	 	(3)	customary provisions of any contract or lease (other than a capital lease or a lease in a sale and leaseback transaction) governing a leasehold interest of the Company or any of its
Restricted Subsidiaries; 

  

	 	(4)	any agreements existing at the time of acquisition of any Person or the assets of the Person so acquired (including agreements governing Acquired Indebtedness), which encumbrance or
restriction is not applicable to any Person, or the assets of any Person, other than the Person or the assets or Capital Stock of the Person so acquired; 

  

	 	(5)	agreements existing on May 17, 2001 to the extent and in the manner such agreements are in effect on such date; 

  

	 	(6)	restrictions imposed by any agreement to sell assets permitted under this Indenture relating to such assets pending the closing of such sale; 

  

	 	(7)	Indebtedness or other contractual requirements of a Securitization Entity in connection with a Qualified Securitization Transaction; provided that such restrictions apply
only to such Securitization Entity; 

  

	 	(8)	Liens incurred in accordance with Section 4.15; 

  

	 	(9)	restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 

  

	 	(10)	the Credit Agreement as in effect on May 17, 2001; 

  

	 	(11)	any restriction under an agreement governing Indebtedness of a Foreign Subsidiary incurred in compliance with Section 4.08; 

  

	 	(12)	customary restrictions in Capitalized Lease Obligations, security agreements or mortgages securing Indebtedness of the Company or any of its Restricted Subsidiaries to the extent
such restrictions restrict the transfer of the property subject to such Capitalized Lease Obligations, security agreements or mortgages; 

  

	 	(13)	 customary provisions in joint venture agreements and other similar agreements, in each case relating solely to the respective joint venture or similar entity or the
equity interests therein; provided that this clause 

  

 -52- 

	 	 
(13) shall not affect the limitation in clause (5) of the definition of “Permitted Investments”; 

  

	 	(14)	contracts entered into in the ordinary course of business, not relating to Indebtedness, and that do not, individually or in the aggregate, detract from the value of assets of the
Company or any of its Restricted Subsidiaries in any manner material to the Company or any of its Restricted Subsidiaries; 

  

	 	(15)	purchase money obligations for property acquired in the ordinary course of business that impose encumbrances or restrictions on the ability of any Restricted Subsidiary of the
Company to transfer the property so acquired to the Company or any of its other Restricted Subsidiaries; and 

  

	 	(16)	an agreement governing Indebtedness incurred to Refinance the Indebtedness incurred pursuant to an agreement referred to in clause (2), (4), (5), (10) or (15) above;
provided, however, that the provisions relating to such encumbrance or restriction contained in any such Refinancing Indebtedness are not materially less favorable to the Holders of Notes in the aggregate as reasonably determined by
the Board of Directors or a senior officer of the Company in their good faith judgment than the provisions relating to such encumbrance or restriction contained in agreements referred to in such clause (2), (4), (5), (10) or (15).

  
 In addition, the Company will
use its commercially reasonable efforts, consistent with its contractual obligations and fiduciary duties to its joint ventures, not to permit any of its joint ventures that are not Restricted Subsidiaries of the Company (excluding any joint
ventures of Mosaic or its Subsidiaries (other than the Company and its Subsidiaries) existing as of the Operative Date that on or after the Operative Date become joint ventures of the Company in accordance with the provisions of this Indenture (to
the extent the restrictions set forth below exist on the Operative Date)) to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any restriction on the ability of such joint venture to: 
  

	 	(A)	pay dividends or make any other distributions to the Company or any of its Restricted Subsidiaries on its Capital Stock or with respect to any other interest or participation in, or
measured by, its profits; 

  

	 	(B)	make loans or advances or pay any Indebtedness owed to the Company or any of its Restricted Subsidiaries; or 

  

 -53- 

	 	(C)	transfer any of its assets to the Company or any of its Restricted Subsidiaries, 

  
 except for those restrictions existing under or by reason of: 
  

	 	(1)	such joint venture’s joint venture agreement or its credit facility, or 

  

	 	(2)	the restrictions described in clauses (1) through (16), as applicable, of the first sentence of this Section 4.11 (assuming that references therein to Restricted Subsidiary were
references to such joint venture). 

  
 This Section 4.11 will not apply after the Fall-Away Event. 
  
 SECTION 4.12. Limitation on Transactions with Affiliates. 
  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or permit to exist any transaction or series of related transactions with, or for the benefit of, any
of its Affiliates (each, an “Affiliate Transaction”), other than 
  

	 	(a)	Affiliate Transactions described in the last paragraph of this Section 4.12; and 

  

	 	(b)	Affiliate Transactions on terms that are no less favorable to the Company or the relevant Restricted Subsidiary than those terms that would reasonably have been obtained at that
time in a comparable transaction by the Company or the relevant Restricted Subsidiary and an unrelated Person. 

  
 The Board of Directors or a senior officer of the Company must approve each Affiliate Transaction that involves aggregate payments or
other assets with a fair market value in excess of $15.0 million. This approval must be evidenced by a board resolution that states that such board has determined that the transaction complies with the foregoing provisions. 
  
 If the Company or any Restricted Subsidiary of the Company
enters into an Affiliate Transaction that involves aggregate payments or other assets with a fair market value in excess of $30.0 million, then prior to the consummation of that Affiliate Transaction, the Company must obtain a favorable opinion from
an Independent Financial Advisor as to the fairness of that Affiliate Transaction to the Holders of Notes from a financial point of view, and deliver that opinion to the Trustee. 
  

 -54- 

 The restrictions described in the preceding paragraphs of this Section 4.12 do not apply
to: 
  

	 	(1)	reasonable fees and compensation paid to and indemnity provided on behalf of officers, directors, employees or consultants of the Company or any of its Restricted Subsidiaries as
reasonably determined in good faith by the Company’s Board of Directors or a senior officer of the Company; 

  

	 	(2)	transactions exclusively between or among the Company and any of its Restricted Subsidiaries or exclusively between or among such Restricted Subsidiaries, provided such
transactions are not otherwise prohibited by any provision contained in this Indenture; 

  

	 	(3)	any agreement in effect on May 17, 2001 as in effect on such date or as thereafter amended in a manner not materially less favorable to the Holders of Notes in the aggregate;

  

	 	(4)	transactions between the Company and/or its Restricted Subsidiaries, on the one hand, and the Affiliate Guarantors, on the other, in the ordinary course of business and otherwise in
compliance with the terms of this Indenture; 

  

	 	(5)	(a) transactions between the Company and/or its Restricted Subsidiaries, on the one hand, and Subsidiaries of Mosaic that are not Affiliate Guarantors, on the other, in the ordinary
course of business, and (b) transactions of the type set forth in clause (6) or (7) of the second paragraph of Section 4.09; provided that in the case of any such transaction or series of related transactions of the type set forth in (a) or
(b) that involves aggregate payments or other assets with a fair market value in excess of $5.0 million, the terms of such transactions, taken as a whole, are fair to the Company and its Restricted Subsidiaries, taken as a whole, or are on terms no
less favorable to the Company and its Restricted Subsidiaries, taken as a whole, than the terms which reasonably would have been obtained from an unrelated party, in each case, as is reasonably determined in good faith by the Board of Directors or a
senior officer of the Company; 

  

	 	(6)	a Phosphates Combination Transaction; 

  

	 	(7)	the issuance of a guarantee by the Company and/or any of its Restricted Subsidiaries with respect to any Indebtedness of any Affiliate Guarantor, to the extent permitted by Section
4.08; 

  

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	 	(8)	Permitted Investments and Restricted Payments made in compliance with Section 4.09 of this Indenture; 

  

	 	(9)	transactions between any of the Company or any of its Subsidiaries and any Securitization Entity in connection with a Qualified Securitization Transaction, in each case,
provided that such transactions are not otherwise prohibited by this Indenture; and 

  

	 	(10)	any transaction of the type set forth in clause (7) or (8) of the definition of “Asset Sale”. 

  
 This Section 4.12 will not apply after the Fall-Away Event. 
  
 SECTION 4.13. Limitation on Designations of Unrestricted Subsidiaries.

  
 The Board of Directors of the Company may
designate (a “Designation”) any Restricted Subsidiary of the Company (including any newly acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary of the Company, so long as such Designation would not
cause a Default. 
  
 For purposes of making the
determination of whether such Designation would cause a Default, the portion of the fair market value of the net assets of any Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary that is represented by
the interest of the Company and its Restricted Subsidiaries (excluding Permitted Investments) in such Subsidiary, in each case as determined in good faith by the Board of Directors of the Company, shall be deemed to be a Restricted Payment. Such
Designation will only be permitted if such Restricted Payment would be permitted at such time. 
  
 The Board of Directors of the Company may revoke any Designation of a Subsidiary of the Company as an Unrestricted Subsidiary (a
“Revocation”); provided that: 
  

	 	(a)	no Default has occurred and is continuing at the time of or after giving effect to such Revocation; and 

  

	 	(b)	all Liens and Indebtedness of such Unrestricted Subsidiary outstanding immediately after such Revocation would, if incurred at such time, have been permitted to be incurred (and
shall be deemed to have been incurred) for all purposes of this Indenture. 

  
 Any such Designation or Revocation by the Board of Directors of the Company shall be evidenced to the Trustee by promptly filing with the
Trustee a copy 

  

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of the resolution of the Board of Directors of the Company giving effect to such Designation or Revocation and an Officers’ Certificate certifying that
such Designation or Revocation complied with the foregoing provisions. 
  
 Notwithstanding the foregoing, (a) upon consummation of a Phosphates Combination Transaction, the Phosphates Entities, and (b) upon consummation of a Restricted Payment solely (other than a de minimis contribution of
capital) of the type set forth in clause (7) of the second paragraph of Section 4.09 which results in a Person that is not a Subsidiary of the Company becoming a direct or indirect Subsidiary of the Company, such Person, shall be deemed to be
designated as an Unrestricted Subsidiary of the Company without compliance by the Company with the provisions of this Section 4.13. 
  
 This Section 4.13 will not apply after the Fall-Away Event. 
  
 SECTION 4.14. Conduct of Business. 
  
 The Company and its Restricted Subsidiaries (other than a Securitization Entity) will not engage in any
businesses that are not the same, similar, related or ancillary to the businesses in which the Company and its Restricted Subsidiaries are engaged on May 17, 2001, except to the extent that after engaging in any new business, the Company and its
Restricted Subsidiaries, taken as a whole, remain substantially engaged in similar lines of business as are conducted by them on May 17, 2001. 
  
 This Section 4.14 will not apply after the Fall-Away Event. 
  
 SECTION 4.15. Limitations on Liens and Sale and Leaseback Transactions. 
  
 (a) The Company will not, and will not permit any of its
Restricted Subsidiaries to, incur any Liens of any kind other than Permitted Liens upon any Principal Property or any shares of stock or debt of any Restricted Subsidiary owned as of May 17, 2001 or thereafter acquired, unless all payments due under
the Notes are secured on an equal and ratable basis with the obligation so secured until such time as such obligation is no longer secured by a Lien. 
  
 (b) The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any arrangement with any Person providing
for the leasing by the Company or any Restricted Subsidiary of any Principal Property, except for temporary leases for a term, including any renewal, of not more than five years and except for leases between the Company and a Restricted Subsidiary
or between Restricted Subsidiaries, which Principal Property has been or is to be sold or 

  

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transferred by the Company or such Restricted Subsidiary to such Person (hereinafter, a “Sale and Leaseback Transaction”), unless either

  

	 	(1)	the Company or such Restricted Subsidiary would be entitled, in accordance with clause (a) (other than by operation of clause (c)), to incur Indebtedness secured by a Lien on such
property without equally and ratably securing the Notes or 

  

	 	(2)	the Company within 180 days after the effective date of the Sale and Leaseback Transaction applies an amount equal to the Value of such transaction to the voluntary retirement of
its Funded Debt. 

  
 (c)
Notwithstanding clauses (a) and (b), the Company and its Restricted Subsidiaries may incur Indebtedness which would otherwise be subject to the limitation of clause (a) without securing the Notes, or enter into a Sale and Leaseback Transaction which
would otherwise be subject to the limitation of clause (b) without retiring Funded Debt, or enter into a combination of such transactions, if the sum of 
  

	 	(x)	the principal amount of all such Indebtedness incurred after August 1, 1998 and which would otherwise be or have been prohibited by the limitations of clauses (a) and (b),
plus 

  

	 	(y)	the aggregate Value of all such Sale and Leaseback Transactions after August 1, 1998 

  
 does not at any such time exceed 10% of the consolidated total assets of the Company and its consolidated Subsidiaries as
shown on the most recent audited consolidated balance sheet contained in the latest annual report to the stockholders of the Company. 
  
 SECTION 4.16. Limitation on Guarantees by Restricted Subsidiaries. 
  
 The Company will not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to
guarantee any Indebtedness of the Company (“Guaranteed Indebtedness”), unless such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to this Indenture pursuant to which such Restricted Subsidiary
guarantees, jointly and severally with all other Guarantors, on the same basis as such Guaranteed Indebtedness is guaranteed, all of the Company’s obligations with respect to the Notes. If the Guaranteed Indebtedness is (x) pari passu
with the Notes, then the guarantee of such Guaranteed Indebtedness shall be pari passu with, or subordinated to, the Note Guarantee or (y) subordinated to the Notes, then the guarantee of such Guaranteed Indebtedness shall be subordinated to
the Note Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Notes. The Company shall deliver to the Trustee an opinion of counsel that such 

  

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supplemental indenture has been duly authorized, executed and delivered by such Restricted Subsidiary and, subject to customary exceptions, constitutes a
valid and legally binding and enforceable obligation of such Restricted Subsidiary. 
  
 SECTION 4.17. Reports to Holders. 
  
 Subject to the last paragraph of this Section 4.17, whether or not required by the Commission, so long as any Notes are outstanding, the Company will furnish to the Holders of Notes, within the time periods specified
in the Commission’s rules and regulations, and make available to securities analysts and potential investors upon request: 
  

	 	(1)	all quarterly and annual financial information that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if Mosaic were required to file such
forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by Mosaic’s independent
registered public accounting firm; and 

  

	 	(2)	all current reports that would be required to be filed with the Commission on Form 8-K if Mosaic were required to file such reports. 

  
 In addition, whether or not required by the Commission, the
Company will file a copy of all the information and reports referred to above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a
filing) and make such information available to security analysts and prospective investors upon request after such filing. 
  
 After such time as Mosaic is released from its Note Guarantee pursuant to clause (v) of Section 10.05, the information and reports to be
furnished and filed pursuant to the preceding two paragraphs shall be information and reports with respect to the Company and there shall be no requirement to furnish or file any such information or reports with respect to Mosaic. 
  

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 SECTION 4.18. Repurchase at the Option of Holders upon Change of Control. 
  
 If a Change of Control occurs, each Holder of Notes will
have the right to require the Company to purchase all or any part (equal to $1,000 or an integral multiple thereof) of that Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”). In the Change of
Control Offer, the Company will offer a payment (the “Change of Control Payment”) in cash equal to 101% of the aggregate principal amount of the Notes purchased plus accrued and unpaid interest on such Notes, if any, to the date of
purchase (the “Change of Control Payment Date”). 
  
 Within 30 days following the date on which a Change of Control occurs, the Company shall send, by first-class mail, postage prepaid, a notice to each Holder of Notes at its last registered address and the Trustee,
which notice shall govern the terms of the Change of Control Offer. The notice to the Holders shall contain all instructions and materials necessary to enable such Holders to tender Notes pursuant to the Change of Control Offer. Such notice shall
state: 
  

	 	(1)	that the Change of Control Offer is being made pursuant to this Section 4.18 and that all Notes validly tendered and not withdrawn will be accepted for payment;

  

	 	(2)	the Change of Control Payment and the Change of Control Payment Date (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than
as may be required by law); 

  

	 	(3)	that any Note not tendered will continue to accrue interest; 

  

	 	(4)	that, unless the Company defaults in making payment therefor, any Note accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change
of Control Payment Date; 

  

	 	(5)	that Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, to the Paying Agent and Registrar for the Notes at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date;

  

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	 	(6)	that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the second Business Day prior to the Change of Control Payment Date, a
telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Notes the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have such Note purchased;

  

	 	(7)	that Holders whose Notes are purchased only in part will be issued new Notes in a principal amount equal to the unpurchased portion of the Notes surrendered; provided,
however, that each Note purchased and each new Note issued shall be in a principal amount of $1,000 or integral multiples thereof; and 

  

	 	(8)	the circumstances and relevant facts regarding such Change of Control. 

  
 The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations
thereunder to the extent those laws and regulations are applicable to the purchase of the Notes as a result of a Change of Control. 
  
 On the Change of Control Payment Date, the Company will, to the extent lawful: (x) accept for payment all Notes or portions of Notes
properly tendered in the Change of Control Offer; (y) deposit with the Paying Agent an amount equal to the Change of Control Payment for all Notes or portions of Notes tendered; and (z) deliver or cause to be delivered to the Trustee the Notes so
accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 
  
 The Paying Agent will promptly mail to each Holder of Notes tendered the Change of Control Payment for them, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. Each such new Note will be in a principal amount of $1,000 or an
integral multiple of $1,000. 
  
 Except as
described in this Section 4.18, this Indenture does not contain provisions that permit the Holders of Notes to require that the Company purchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction. 
  
 The Company will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture 

  

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applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

  
 Notwithstanding the foregoing, the Company
will not be required to make a Change of Control Offer, as provided above, if, in connection with or in contemplation of any Change of Control, it has made an offer to purchase (an “Alternate Offer”) any and all Notes validly
tendered at a cash price equal to or higher than the Change of Control Payment and has purchased all Notes properly tendered in accordance with the terms of such Alternate Offer. 
  
 This Section 4.18 will not apply after the Fall-Away Event. 
  
 SECTION 4.19. Termination of Certain Covenants in Event of Investment
Grade Rating. 
  
 After the Fall-Away Event,
the provisions of Sections 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.14, 4.18 and 5.01(a)(3) will not apply. In addition, the Note Guarantee of each Guarantor will be automatically and unconditionally released and discharged upon the occurrence of the
Fall-Away Event, but only if such Subsidiary Guarantor or Affiliate Guarantor, as the case may be, (x) is released from all of its guarantees of the Company’s obligations (other than as a result of payment under any such guarantee) and (y) is
not otherwise, in the case of a Subsidiary Guarantor, an obligor under the Credit Agreement or, in the case of an Affiliate Guarantor, a guarantor under the Credit Agreement. 
  
 The “Fall-Away Event” shall be deemed to have occurred when: 
  
 (1) the Notes have Investment Grade Ratings from both Rating
Agencies; 
  
 (2) no Default has occurred and is
continuing; and 
  
 (3) the Company has delivered
an Officers’ Certificate to the Trustee certifying that the conditions set forth in clauses (1) and (2) above are satisfied.” 
  

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 ARTICLE THREE 
  
 SUCCESSOR CORPORATION 
  
 SECTION 3.1. Successor Corporation. 
  
 Article V of the Original Indenture is hereby amended and restated in its entirety as follows: 
  
 ARTICLE FIVE 
  
 SUCCESSOR CORPORATION 
  
 SECTION 5.01. Merger, Consolidation and Sale of Assets. 
  

(a) The Company will not, directly or indirectly, consolidate or merge with or into another Person (whether or not the Company is the
surviving Person), or sell, assign, lease, transfer, convey or otherwise dispose of all or substantially all of the Company’s assets (determined on a consolidated basis for the Company and its Restricted Subsidiaries), in one or more related
transactions, to another Person, unless: 
  
 (1)
either (x) the Company is the surviving Person or (y) the Person (the “Surviving Person”) formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is a corporation or limited liability company organized or existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes all of the obligations of the Company under
(i) the Notes and this Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee and (ii) the Exchange and Registration Rights Agreement pursuant to a joinder agreement thereto; 
  
 (2) immediately after such transaction no Default exists
(including, without limitation, after giving effect to any Indebtedness incurred or Liens incurred or granted in connection with such transaction); and 
  
 (3) the Company or the Surviving Person, as the case may be, (x) will have a Consolidated Net Worth immediately after the transaction
equal to at least 90% of the Consolidated Net Worth of the Company immediately preceding the transaction and (y) will, on the date of such transaction after 

  

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giving pro forma effect thereto and any related financing transactions, be permitted to incur at least $1.00 of additional Indebtedness pursuant to the
Coverage Ratio Exception; provided that this clause (3) shall not apply after the Fall-Away Event. 
  
 (b) The Company will not cause or permit any Subsidiary Guarantor, directly or indirectly, to consolidate or merge with or into another
Person (whether or not such Subsidiary Guarantor is the surviving Person) unless: 
  
 (1) either (x) such Subsidiary Guarantor is the surviving Person or (y) the Person formed by or surviving any such consolidation or merger
(if other than such Subsidiary Guarantor) expressly assumes all of the obligations of such Subsidiary Guarantor under (i) its Note Guarantee and this Indenture pursuant to a supplemental indenture reasonably satisfactory to the Trustee and (ii) the
Exchange and Registration Rights Agreement pursuant to a joinder agreement thereto; and 
  
 (2) immediately after such transaction no Default exists (including, without limitation, after giving effect to any Indebtedness incurred
or Liens incurred or granted in connection with such transaction). 
  
 The requirements of this clause (b) shall not apply to (x) a consolidation or merger of any Subsidiary Guarantor with or into the Company or any other Subsidiary Guarantor so long as the Company or a Subsidiary Guarantor survives the
consolidation or merger or (y) the sale by consolidation or merger of such Subsidiary Guarantor, which sale, if prior to the Fall-Away Event, is covered by and complies with Section 4.10. 
  
 (c) The Company will deliver to the Trustee prior to the
consummation of each proposed transaction an Officers’ Certificate that the conditions set forth above are satisfied and an Opinion of Counsel that the proposed transaction and the supplemental indenture, if any, comply with this Indenture.

  
 Notwithstanding the foregoing, for purposes
of this Section 5.01, any sale, assignment, lease, transfer, conveyance or other disposition of all or any portion of the assets or Capital Stock comprising the IMC Phosphates Business pursuant to a Phosphates Combination Transaction shall not be
deemed to be a sale, assignment, lease, transfer, conveyance or other disposition of all or substantially all of the Company’s assets. 
  
 SECTION 5.02. Successor Person Substituted. 
  
 Upon any consolidation or merger, or any transfer of all or substantially all of the assets of the Company or any Restricted Subsidiary in
accordance with Section 5.01 

  

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above, the successor corporation formed by such consolidation or into which the Company is merged or to which such transfer is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company or such Restricted Subsidiary under this Indenture with the same effect as if such successor corporation had been named as the Company or such Restricted Subsidiary herein, and
thereafter the predecessor corporation shall be relieved of all obligations and covenants under this Indenture and the Notes.” 
  
 ARTICLE FOUR 
  
 EVENTS OF DEFAULT 
  
 SECTION 4.1. Events of Default. 
  
 Sections 6.01 and 6.02 of the Original Indenture are hereby amended and restated in their entirety as follows: 
  
 “SECTION 6.01. Events of Default. 
  
 “Event of Default” is defined for all purposes of this Indenture and with respect to the Notes as any one of the
following events (whatever the reason for such Event of Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body): 
  

	 	(1)	the Company defaults in the payment of any installment of interest on any Note when and as the same becomes due and payable and such failure continues for a period of 30 days;

  

	 	(2)	the Company defaults in the payment of the principal of any Note when and as the same becomes due and payable at maturity, upon redemption or otherwise; 

  

	 	(3)	 the Company fails to perform or observe any of its covenants, conditions or agreements in this Indenture or in the Notes (other than a covenant, condition or
agreement a default in whose performance or whose breach is elsewhere in this Article VI specifically dealt with), and such failure continues for a period of 60 days after the date on which written notice of such Default has been given to the
Company by the Trustee or to the Company and to the Trustee by the Holders of not 

  

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less than 25% of the principal amount of the Notes then outstanding under this Indenture; 

  

	 	(4)	the Company or any of its Subsidiaries defaults under any agreement governing its Indebtedness (other than Notes), if that default: 

  

	 	(a)	is caused by the failure to pay at final maturity the principal amount of such Indebtedness after giving effect to any applicable grace periods; or 

  

	 	(b)	results in the acceleration of the final stated maturity of such Indebtedness (including upon any event of the type described in clause (6) or (7) below); 

 
 and in each case, the aggregate principal amount of such Indebtedness
unpaid or accelerated equals or exceeds $25.0 million and has not been discharged in full or such acceleration has not been rescinded or annulled within 30 days of such final maturity or acceleration; 
  

	 	(5)	the Company or any of its Restricted Subsidiaries fails to pay or otherwise cause to be discharged or stayed one or more judgments in an aggregate amount exceeding $25.0 million,
which are not covered by indemnities or third party insurance as to which the Person giving such indemnity or such insurer has not disclaimed coverage, for a period of 60 days after such judgments become final and non-appealable;

  

	 	(6)	 a court having jurisdiction in the premises enters (x) a decree or order for relief in respect of the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop
Nutrition, LLC or any of their respective Significant Subsidiaries in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or (y) a decree or order adjudging the Company,
Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in
respect of the Company, Mosaic, Mosaic Fertilizer , LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries under any applicable federal or state law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries or of any substantial part of its property, or ordering the winding up or
liquidation of its affairs, and the continuance of any such decree or 

   

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order for relief or any such other decree or order unstayed and in effect for a period 90 consecutive days; 
  

				
	(7	)	  	 (a)    the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant
Subsidiaries commences a voluntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization or other similar law or any other case or proceeding to be adjudicated a bankrupt or insolvent;
or

   

	 	(b)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries consents to the entry of a decree or order for relief in
respect of the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries in an involuntary case or proceeding under any applicable federal or state bankruptcy, insolvency, reorganization
or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries; or

   

	 	(c)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries files a petition or answer or consent seeking
reorganization or relief under any applicable federal or state law; or 

   

	 	(d)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries consents to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant
Subsidiaries or of any substantial part of their property; or 

   

	 	(e)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries makes an assignment for the benefit of creditors; or

   

	 	(f)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries admits in writing its inability to pay its debts
generally as they become due; or 

   

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	 	(g)	the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries takes corporate action in furtherance of any such action;
or 

   

	 	(8)	the Note Guarantee of Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any Guarantor that is a Significant Subsidiary of the Company, Mosaic, Mosaic Fertilizer, LLC or
Mosaic Crop Nutrition, LLC ceases to be in full force and effect (other than in accordance with the terms of such Note Guarantee and this Indenture) or is declared null and void and unenforceable or is found invalid or any Guarantor denies its
liability under its Note Guarantee (other than by reason of release of a Guarantor from its Note Guarantee in accordance with the terms of this Indenture and the Note Guarantee). 

   
 SECTION 6.02. Acceleration of Maturity; Rescission. 
  
  If an Event of Default specified in clause (6) or (7) of
Section 6.01 occurs and is continuing with respect to the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries that is a Guarantor, then the principal of and any accrued and unpaid
interest on all of the Notes shall immediately become due and payable without any declaration or other act on the part of the Trustee or any Noteholder. If any other Events of Default with respect to any Notes at the time outstanding occurs and is
continuing, then, and in each and every such case, either the Trustee, by notice in writing to the Company, or the Holders of not less than 25% of the principal amount of the Notes then outstanding, by notice in writing to the Company and the
Trustee, may declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of the Notes; and upon any such declaration all such amounts upon such Notes shall become and be immediately due and
payable, anything in this Indenture or in the Notes to the contrary notwithstanding. 
   
 At any time after a declaration of acceleration with respect to the Notes as described in the preceding paragraph, the Holders of a
majority in principal amount of the Notes, on behalf of all Holders of Notes, may rescind and cancel such declaration and its consequences (a) if the rescission would not conflict with any judgment or decree, (b) if all existing Events of Default
with respect to Notes have been cured or waived except nonpayment of principal or interest that has become due solely because of the acceleration, (c) to the extent the payment of such interest is lawful, interest on overdue installments of interest
and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (d) if the Company has paid the Trustee its reasonable compensation and reimbursed the Trustee for its expenses, disbursements and
advances, and (e) in the event of the cure or waiver of an Event of Default of the type described in clause (6) or (7) of Section 6.01, the Trustee 

  

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has received an Officers’ Certificate and an opinion of counsel that such Event of Default has been cured or waived. 
  
 No such rescission will affect any subsequent Default or
impair any right consequent thereto.” 
  
 ARTICLE FIVE

  
 CONSENTS 
  
 SECTION 5.1. With Consent of Noteholders. 

 
 Section 8.02 of the Original Indenture is hereby amended and restated in
its entirety as follows: 
  
 “SECTION 8.02. With Consent
of Noteholders. 
  
 The Company, when
authorized by a board resolution, and the Trustee may enter into one or more supplemental indentures to amend this Indenture or the Notes with the written consent of the Holders of a majority of the principal amount of the then outstanding Notes.
The Holders of a majority in principal amount of the then outstanding Notes may waive compliance by the Company with any provision of this Indenture or the Notes without prior notice to any other Noteholder. 
  
 Notwithstanding the preceding paragraph, without the consent
of each Noteholder affected, an amendment or waiver may not: 
  

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

  

	 	(2)	reduce the rate of or change the time for payment of interest, including default interest, on any Note; 

  

	 	(3)	reduce the principal of or change the Stated Maturity of any Note or alter the provisions with respect to redemption; 

  

	 	(4)	make any Note payable in currency other than that stated in the Note; 

  

	 	(5)	make any change in this Section 8.02; 

  

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	 	(6)	make any change in this Indenture that adversely affects the ranking of the Notes or any Note Guarantee; 

  

	 	(7)	make any change in provisions of this Indenture relating to the rights of Holders of Notes to receive payment of principal of and interest on the Notes or permitting Holders of a
majority in principal amount of Notes to waive Defaults; 

  

	 	(8)	after the obligation has arisen to make a Change of Control Offer or a Net Proceeds Offer, amend, change or modify in any material respect the obligation of the Company to make and
complete such Change of Control Offer or make and complete such Net Proceeds Offer; or 

  

	 	(9)	release Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any Guarantor that is a Significant Subsidiary of the Company, Mosaic, Mosaic Fertilizer, LLC or Mosaic Crop
Nutrition, LLC from its Note Guarantee other than pursuant to the provisions of Section 10.05. 

   
 It shall not be necessary for the consent of the Holders under this Section 8.02 to approve the particular form of any proposed amendment,
supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under Section 8.01 or this Section 8.02 becomes effective, the Company shall mail to the Holders
a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment, supplement or waiver.

  
 Upon the written request of the Company
accompanied by a board resolution authorizing the execution of any such supplemental indenture, and upon the receipt by the Trustee of evidence reasonably satisfactory to the Trustee of the consent of the Noteholders as aforesaid and upon receipt by
the Trustee of the documents described in Section 8.06 hereof, the Trustee shall join with the Company in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities
under this Indenture, in which case the Trustee may, but shall not be obligated to, enter into such supplemental indenture.” 
  

 -70- 

 ARTICLE SIX 
  
 GUARANTEES 
  
 SECTION 6.1. Limitation of Note Guarantee. 
  
 Section 10.03 of the Original Indenture is hereby amended and restated in its entirety as follows: 
  
 “SECTION 10.03. Limitation of Note Guarantee. 
  
 The obligations of each Guarantor are limited to the maximum
amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other
Guarantor under its Note Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal
or state law.” 
  
 SECTION 6.2. Release
of Guarantor. 
  
 Section 10.05 of the Original Indenture is
hereby amended and restated in its entirety as follows: 
  
 “SECTION 10.05. Release of Guarantors. 
  
 The Note Guarantee of any Restricted Subsidiary will be automatically and unconditionally released and discharged upon any of the following: 
  

	 	(i)	in the case of a Subsidiary Guarantor only, any sale, exchange or transfer by the Company or any Restricted Subsidiary, to any Person that is not an Affiliate of the Company of at
least 80% of the Capital Stock of, or all or substantially all the assets of, such Subsidiary Guarantor, which sale, exchange or transfer is made in accordance with the terms of this Indenture; provided that if the Company or any Restricted
Subsidiary intends to comply with Section 4.10 by making an investment or expenditure in Replacement Assets, the Company or such Restricted Subsidiary must deliver to the Trustee a written agreement that it will make such investment or expenditure
within the time frame set forth in Section 4.10; 

  

 -71- 

	 	(ii)	the occurrence of the Fall-Away Event, but only if such Subsidiary Guarantor or Affiliate Guarantor, as the case may be, (x) is released from all of its guarantees of the
Company’s obligations (other than as a result of payment under any such guarantee) and (y) is not otherwise, in the case of a Subsidiary Guarantor, an obligor under the Credit Agreement or, in the case of an Affiliate Guarantor, a guarantor
under the Credit Agreement; 

  

	 	(iii)	in the case of a Subsidiary Guarantor only, the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary in accordance with the provisions of this Indenture;

  

	 	(iv)	in the case of an Affiliate Guarantor (other than Mosaic) only, any sale, exchange or transfer by Mosaic or any Subsidiary of Mosaic, to any Person that is not an Affiliate of
Mosaic of at least 80% of the Capital Stock of, or all or substantially all the assets of, such Affiliate Guarantor; or 

  

	 	(v)	in the case of Affiliate Guarantors, in connection with a Change of Control (of the type set forth in clause (1), (3) or (4) of the definition thereof), on the Change of Control
Payment Date, provided that such Change of Control and the related Change of Control Offer are conducted in compliance with this Indenture; 

  
 and in each such case, the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that all conditions precedent herein provided for relating to such transactions have been complied with and that such release is authorized and permitted hereunder. 
  
 The Trustee shall execute any documents reasonably requested by the Company or a Guarantor in order to
evidence the release of such Guarantor from its obligations under its Note Guarantee endorsed on the Notes and under this Article X.” 
  
  SECTION 6.3. Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC Guarantees. 
   
  (a) Each of Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition,
LLC hereby agree to become subject to the terms of the Indenture as an Affiliate Guarantor and to further evidence its Note Guarantee, each such Affiliate Guarantor shall execute and deliver to the Trustee in accordance with Section 10.02 of the
Indenture a notation of such Note Guarantee, substantially in the form included in Exhibit G to the Original Indenture. 
   
  (b) The respective obligations of each of Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC under its Note Guarantee shall be governed in all
respects by the terms of the Indenture 

   

 -72- 

  
and shall constitute a Note Guarantee thereunder. Each of Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC shall be bound by the terms of the
Indenture as they relate to Note Guarantees. 
   
 ARTICLE SEVEN

  
 NOTES 
  
 SECTION 7.1. Notation on Notes. 
  
 Pursuant to Section 8.05 of the Original Indenture, the Trustee is
authorized and instructed to make the appropriate notations on the Notes on the Operative Date to conform Paragraph 15 of the Notes to the text of such paragraph as set forth in Attachment A hereto. 
  
 ARTICLE EIGHT 
  
 MISCELLANEOUS 
  
 SECTION 8.1. Effect of Supplemental Indenture; Effectiveness and Operation. 
  
 (a) This Supplemental Indenture is a supplemental indenture within the
meaning of Section 8.02 of the Original Indenture, and the Original Indenture shall be read together with this Supplemental Indenture and shall have the same effect over the Notes, in the same manner as if the provisions of the Original Indenture
and this Supplemental Indenture were contained in the same instrument. 
  
 (b) In all other respects, the Original Indenture is confirmed by the parties hereto as supplemented by the terms of this Supplemental Indenture. 
  
 (c) Subject to Section 8.2 of this Supplemental Indenture, in the event that there is a conflict or inconsistency between the Original Indenture and this
Supplemental Indenture, the provisions of this Supplemental Indenture shall control. 
  
  (d) This Supplemental Indenture shall be effective upon execution hereof by the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC and the Trustee, but the Amendments to the Indenture as set forth in
this Supplemental Indenture and the respective Note Guarantees of Mosaic, Mosaic Fertilizer, LLC and Mosaic Crop Nutrition, LLC shall not become 

   

 -73- 

 
operative until the Officers’ Certificate set forth in Attachment B hereto has been executed and delivered to the Trustee. 
  
 SECTION 8.2. Trust Indenture Act Controls.

  
 If any provision of this Supplemental Indenture limits,
qualifies or conflicts with another provision which is required to be included in this Supplemental Indenture by the TIA, the required provision shall control. If any provision of this Supplemental Indenture modifies any TIA provision that may be so
modified, such TIA provision shall be deemed to apply to this Supplemental Indenture as so modified. If any provision of this Supplemental Indenture excludes any TIA provision that may be so excluded, such TIA provision shall be excluded from this
Supplemental Indenture. 
  
 The provisions of TIA §§ 310
through 317 that impose duties on any Person (including the provisions automatically deemed included unless expressly excluded by this Indenture) are a part of and govern this Indenture, whether or not physically contained herein. 
  
 SECTION 8.3. Notices. 
  
 Section 11.02 of the Original Indenture is hereby amended and restated in
its entirety as follows: 
  
 “SECTION 11.02. Notices.

  
 Except for notice or communications to
Holders, any notice or communication shall be given in writing and delivered in person, sent by facsimile, delivered by commercial courier service or mailed by first-class mail, postage prepaid, addressed as follows: 
  
 If to the Company or any Guarantor: 
  
  MOSAIC GLOBAL HOLDINGS INC. 
  100 South Saunders Road 
 Suite 300

 Lake Forest, Illinois 60045 
  
 Attention: Chief Financial Officer 
  
 Fax Number: (847) 739-1802 
  

 -74- 

 with a copy to: 
  

 DORSEY & WHITNEY LLP 
   50 South Sixth Street 
   Suite 1500 
   Minneapolis, Minnesota 55402 
   Attention: Jonathan B. Abram, Esq. 
   
  Fax Number: (612) 340-2868 
     
 If to the Trustee, Registrar or Paying Agent: 
  
 BNY MIDWEST TRUST COMPANY 
 2 North LaSalle Street 
 Suite 1020 Chicago,
IL 60602 
 Attention: Corporate Trust Administration 
  
 Fax Number: (312) 827-8542 
  
 Such notices or communications shall be effective when received and shall be sufficiently given if so given within the time prescribed in
this Indenture. 
  
 The Company, the Guarantors
or the Trustee by written notice to the others may designate additional or different addresses for subsequent notices or communications. 
  
 Any notice or communication mailed to a Noteholder shall be mailed to him by first-class mail, postage prepaid, at his address shown on
the register kept by the Registrar. 
  
 Failure
to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders. If a notice or communication to a Noteholder is mailed in the manner provided above, it shall be deemed duly
given, whether or not the addressee receives it. 
  
 In case by reason of the suspension of regular mail service, or by reason of any other cause, it shall be impossible to mail any notice as required by this Indenture, then such method of notification as shall be made with the approval of
the Trustee shall constitute a sufficient mailing of such notice.” 
  

 -75- 

 SECTION 8.4. Trustee. 
  
 The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company and the Guarantors. 
  
 SECTION 8.5. Governing Law. 
  
 This Supplemental Indenture shall be governed by and construed in accordance
with the laws of the state of New York, as applied to contracts made and performed within the state of New York. 
  
 SECTION 8.6. Successors. 
  
 All agreements of the Company and the Guarantors in this Supplemental Indenture shall bind their respective successors. All agreements of the Trustee, any
additional trustee and any Paying Agents in this Supplemental Indenture shall bind its successor. 
  
 SECTION 8.7. Multiple Counterparts. 
  
 The parties may sign multiple counterparts of this Supplemental Indenture. Each signed counterpart shall be deemed an original, but all of them together
represent one and the same agreement. 
  
 SECTION
8.8. Table of Contents, Heading, etc. 
  
 The table of
contents and headings of the Articles and Sections of this Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions
hereof. 
  
 SECTION 8.9. Separability.

  
 Each provision of this Supplemental Indenture shall be
considered separable and if for any reason any provision which is not essential to the effectuation of the basic purpose of this Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

 -76- 

 IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly executed all as of the
date and year first written above. 
  
 
					
	MOSAIC GLOBAL HOLDINGS INC.
		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

   

 S-1 

 
					
	 THE MOSAIC COMPANY

		
	By:	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 MOSAIC FERTILIZER, LLC

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
	
	 MOSAIC CROP NUTRITION, LLC

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

   

 S-2 

					
	 BNY MIDWEST TRUST COMPANY,
as Trustee

		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 S-3 

 ATTACHMENT A 
  
  15. Defaults and Remedies. Events of Default are set forth in the Indenture. Subject to certain limitations in
the Indenture, if an Event of Default (other than an Event of Default specified in Section 6.01(6) or (7) of the Indenture with respect to the Company, Mosaic, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant
Subsidiaries that are Guarantors) occurs and is continuing, then, and in each and every such case, either the Trustee, by notice in writing to the Company, or the Holders of not less than 25% of the principal amount of the Notes then outstanding, by
notice in writing to the Company and the Trustee, may declare due and payable, if not already due and payable, the principal of and any accrued and unpaid interest on all of the Notes; and upon any such declaration all such amounts upon such Notes
shall become and be immediately due and payable, anything in this Indenture or in the Notes to the contrary notwithstanding. If an Event of Default specified in Section 6.01(6) or (7) of the Indenture occurs with respect to the Company, Mosaic,
Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC or any of their respective Significant Subsidiaries that are Guarantors, then the principal of and any accrued and unpaid interest on all of the Notes shall immediately become due and payable
without any declaration or other act on the part of the Trustee or any Holder. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the
Indenture or the Notes. Subject to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any
continuing default (except a default in payment of principal, premium, if any, or interest on the Notes or a default in the observance or performance of any of the obligations of the Company under Article V of the Indenture) if it determines that
withholding notice is in their best interests. 
   

 A-1 

 ATTACHMENT B 
  
 OFFICERS’ CERTIFICATE 
  

 Reference is made to that certain Supplemental Indenture (the “Supplemental Indenture”) dated as
of                ,          among Mosaic Global Holdings Inc. (the “Company”), The Mosaic
Company, Mosaic Fertilizer, LLC, Mosaic Crop Nutrition, LLC and BNY Midwest Trust Company, as Trustee, to the Indenture (such Indenture, as supplemented or amended from time to time, the “Indenture”) dated as of May 17, 2001 among
the Company, the Guarantors named therein and BNY Midwest Trust Company, as Trustee. Capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Indenture. 
   
 The undersigned,
                            , the
                     of the Company, and
                    , the of
                     the Company, hereby certify that the Operative Date has occurred as of the date hereof. 
  
  IN WITNESS WHEREOF, we have hereunto signed our names this
                     day of
                             . 
   

					
		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 
		
	 By:
	 	 
	 	 	 Name:
	 	 
	 	 	 Title:
	 	 

  

 A-2Credit Agreement dated as of October 22, 2004

 Exhibit 10.3 
  

  
 CREDIT AGREEMENT 
  
 dated as of 
  
 October 22, 2004 
  
 among 
  
 THE MOSAIC COMPANY 
  
 The Lenders Party Hereto 
  
 JPMORGAN CHASE BANK, 
 as Administrative Agent 
  

  
 J.P. MORGAN SECURITIES INC. 
 as Sole Bookrunner and Sole Lead Arranger 
  

  
 [CSM Ref. No. 6701-441] 

 TABLE OF CONTENTS 
  

			
	ARTICLE I	  	 
		
	Definitions	  	 
		
	 SECTION 1.01. Defined Terms
	  	1
		
	 SECTION 1.02. Classification of Loans and Borrowings
	  	20
		
	 SECTION 1.03. Terms Generally
	  	20
		
	 SECTION 1.04. Accounting Terms; GAAP
	  	20
		
	ARTICLE II	  	 
		
	The Credits	  	 
		
	 SECTION 2.01. Revolving Commitments
	  	21
		
	 SECTION 2.02. Loans and Borrowings
	  	21
		
	 SECTION 2.03. Requests for Revolving Borrowings
	  	22
		
	 SECTION 2.04. Letters of Credit
	  	23
		
	 SECTION 2.05. Funding of Revolving Borrowings
	  	30
		
	 SECTION 2.06. Interest Elections
	  	31
		
	 SECTION 2.07. Termination and Reduction of Revolving Commitments
	  	32
		
	 SECTION 2.08. Repayment of Loans; Evidence of Debt
	  	33
		
	 SECTION 2.09. Prepayment of Loans
	  	34
		
	 SECTION 2.10. Fees
	  	34
		
	 SECTION 2.11. Interest
	  	35
		
	 SECTION 2.12. Alternate Rate of Interest
	  	36
		
	 SECTION 2.13. Increased Costs
	  	37
		
	 SECTION 2.14. Break Funding Payments
	  	38

			
	 SECTION 2.15. Taxes
	  	39
		
	 SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs
	  	40
		
	 SECTION 2.17. Mitigation Obligations; Replacement of Lenders
	  	42
		
	 SECTION 2.18. Currency Fluctuations
	  	43
		
	 SECTION 2.19. Swingline Loans
	  	43
		
	ARTICLE III	  	 
		
	Representations and Warranties	  	 
		
	 SECTION 3.01. Organization; Powers
	  	44
		
	 SECTION 3.02. Authorization; Enforceability
	  	45
		
	 SECTION 3.03. Governmental Approvals; No Conflicts
	  	45
		
	 SECTION 3.04. Financial Condition; No Material Adverse Change
	  	45
		
	 SECTION 3.05. Properties
	  	46
		
	 SECTION 3.06. Litigation and Environmental Matters
	  	46
		
	 SECTION 3.07. Compliance with Laws and Agreements
	  	47
		
	 SECTION 3.08. Investment and Holding Company Status
	  	47
		
	 SECTION 3.09. Taxes
	  	47
		
	 SECTION 3.10. ERISA
	  	47
		
	 SECTION 3.11. Disclosure
	  	48
		
	 SECTION 3.12. Subsidiaries
	  	48
		
	 SECTION 3.13. Insurance
	  	48
		
	 SECTION 3.14. Labor Matters
	  	48
		
	 SECTION 3.15. Solvency
	  	49
		
	 SECTION 3.16. Pledge Agreement
	  	49
		
	 SECTION 3.17. Existing IMC Credit Agreement
	  	49

  

 2 

			
		
	ARTICLE IV	  	 
		
	Conditions	  	 
		
	 SECTION 4.01. Effective Date
	  	49
		
	SECTION 4.02. Each Credit Event	  	52
		
	ARTICLE V	  	 
		
	Affirmative Covenants	  	 
		
	 SECTION 5.01. Financial Statements and Other Information
	  	53
		
	 SECTION 5.02. Notices of Material Events
	  	54
		
	 SECTION 5.03. Existence; Conduct of Business
	  	55
		
	 SECTION 5.04. Payment of Obligations
	  	55
		
	 SECTION 5.05. Maintenance of Properties
	  	55
		
	 SECTION 5.06. Insurance
	  	55
		
	 SECTION 5.07. Books and Records; Inspection Rights
	  	55
		
	 SECTION 5.08. Compliance with Laws
	  	56
		
	 SECTION 5.09. Use of Proceeds and Letters of Credit
	  	56
		
	 SECTION 5.10. Additional Cargill Subsidiaries
	  	56
		
	 SECTION 5.11. Further Assurances
	  	56
		
	 SECTION 5.12. Compliance with Existing IMC Credit Agreement
	  	56
		
	 SECTION 5.13. Change of Control Offer
	  	57
		
	ARTICLE VI	  	 
		
	Negative Covenants	  	 
		
	 SECTION 6.01. Indebtedness; Certain Equity Securities
	  	57
		
	 SECTION 6.02. Liens
	  	59

  

 3 

			
	 SECTION 6.03. Fundamental Changes
	  	60
		
	 SECTION 6.04. Investments, Loans, Advances, Guarantees and Acquisitions
	  	60
		
	 SECTION 6.05. Asset Sales
	  	62
		
	 SECTION 6.06. Sale and Leaseback Transactions
	  	63
		
	 SECTION 6.07. Swap Agreements
	  	63
		
	 SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness; Synthetic Purchase Agreements
	  	64
		
	 SECTION 6.09. Transactions with Affiliates
	  	65
		
	 SECTION 6.10. Restrictive Agreements
	  	65
		
	 SECTION 6.11. Amendment of Material Documents
	  	66
		
	 SECTION 6.12. Capital Expenditures
	  	66
		
	 SECTION 6.13. Fiscal Periods
	  	66
		
	ARTICLE VII	  	 
		
	Events of Default	  	 
		
	ARTICLE VIII	  	 
		
	The Agents	  	 
		
	ARTICLE IX	  	 
		
	Miscellaneous	  	 
		
	 SECTION 9.01. Notices
	  	71
		
	 SECTION 9.02. Waivers; Amendments
	  	72
		
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	73
		
	 SECTION 9.04. Successors and Assigns
	  	75
		
	 SECTION 9.05. Survival
	  	78

  

 4 

			
	 SECTION 9.06. Counterparts; Integration; Effectiveness
	  	78
		
	 SECTION 9.07. Severability
	  	78
		
	 SECTION 9.08. Right of Setoff
	  	79
		
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	79
		
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	80
		
	 SECTION 9.11. Headings
	  	80
		
	 SECTION 9.12. Confidentiality
	  	80
		
	 SECTION 9.13. Interest Rate Limitation
	  	81
		
	 SECTION 9.14. USA Patriot Act
	  	81

  
 EXHIBITS: 
  
 Exhibit A - Form of Assignment and Assumption 
  
 Exhibit B - Forms of Opinions of Counsel 
  
 Exhibit C - Form of Guarantee Agreement 
  
 Exhibit D - Form of Indemnity, Subrogation and Contribution Agreement 
  
 Exhibit E - Form of Perfection Certificate 
  

	Exhibit	F - Form of Pledge Agreement 

  
 SCHEDULES: 
  
 Schedule 2.01 — Commitments

 Schedule 3.03 — Government Approvals; No Conflicts 
 Schedule 3.06 — Disclosed Matters 
 Schedule 3.12 — Subsidiaries 
 Schedule 3.13 — Insurance 
 Schedule 6.01 — Existing Indebtedness 
 Schedule 6.02 — Existing Liens 
 Schedule 6.04 — Permitted
Investments 
 Schedule 6.05 — Asset Swaps 
 Schedule 6.10
— Restrictive Agreements 
  

 5 

 CREDIT AGREEMENT dated as of October 22, 2004 
 among THE MOSAIC COMPANY, the LENDERS party hereto, 
 and JPMORGAN CHASE BANK, as
Administrative Agent. 
  
 The parties hereto agree as follows:

  
 ARTICLE I  
  
 Definitions 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, unless the
context otherwise requires, the following terms have the meanings specified below: 
  
 “ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Alternate
Base Rate. 
  
 “Acquisition” means an acquisition
by the Borrower or any of its Subsidiaries of a Person, a division, a facility or a line of business or of all or substantially all of the assets of any of the foregoing. 
  
 “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period, an interest
rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 
  
 “Administrative Agent” means JPMorgan Chase Bank, in its capacity as administrative agent for the Lenders
hereunder. 
  
 “Administrative Questionnaire”
means an Administrative Questionnaire in a form supplied by the Administrative Agent. 
  
 “Affiliate” means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the
Person specified. 
  
 “Agents” means the
Administrative Agent and the Collateral Agent. 
  
 “Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on such day plus 1% and (c) the Federal Funds Effective Rate in
effect on such day plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Base CD Rate or the Federal Funds Effective Rate shall be effective from and including the effective date of such change in the Prime
Rate, the Base CD Rate or the Federal Funds Effective Rate, respectively. 

 “Applicable Percentage” means, with respect to any Lender, the percentage of the total
Revolving Commitments represented by such Lender’s Revolving Commitment. If the Revolving Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Revolving Commitments most recently in effect,
giving effect to any assignments. 
  
 “Applicable
Rate” means, for any day (a) with respect to any ABR Loan, 0.25% per annum or (b) with respect to any Eurodollar Loan, 1.25% per annum. 
  
 “Argentina and India Subsidiaries” means Mosaic de Argentina SA and Mosaic India Private Limited. 
  
 “Assessment Rate” means, for any day, the annual assessment
rate in effect on such day that is payable by a member of the Bank Insurance Fund classified as “well-capitalized” and within supervisory subgroup “B” (or a comparable successor risk classification) within the meaning of 12
C.F.R. Part 327 (or any successor provision) to the Federal Deposit Insurance Corporation for insurance by such Corporation of time deposits made in Dollars at the offices of such member in the United States of America; provided that if, as a
result of any change in any law, rule or regulation, it is no longer possible to determine the Assessment Rate as aforesaid, then the Assessment Rate shall be such annual rate as shall be determined by the Administrative Agent to be representative
of the cost of such insurance to the Lenders. 
  
 “Assignment and Assumption” means an Assignment and Assumption entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 9.04), and accepted by the Administrative Agent, in
the form of Exhibit A or any other form approved by the Administrative Agent. 
  
 “Base CD Rate” means the sum of (a) the Three-Month Secondary CD Rate multiplied by the Statutory Reserve Rate plus (b) the Assessment Rate. 
  
 “Board” means the Board of Governors of the Federal Reserve
System of the United States of America. 
  
 “Borrower” means The Mosaic Company, a Delaware corporation. 
  
 “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect or (b)
Swingline Loans. 
  
 “Borrowing Request” means a
request by the Borrower for a Revolving Borrowing in accordance with Section 2.03. 
  
 “Business Combination” means the consummation of the Merger, the Cargill Contribution and the other transactions contemplated by the Merger Agreement. 
  
 “Business Day” means any day that is not a Saturday, Sunday
or other day on which commercial banks in New York City are authorized or required by law to 
  

 2 

 remain closed; provided that, (a) when used in connection with a Eurodollar Loan, the term “Business
Day” shall also exclude any day on which banks are not open for dealings in dollar deposits in the London interbank market and (b) when used in connection with Local Letter of Credit, the term “Business Day” shall also exclude any
day on which commercial banks in the principal financial center of such Local Currency (as determined by the Administrative Agent) are authorized or required by law to remain closed. 
  
 “Calculation Date” means the last Business Day of each calendar month. 
  
 “Capital Expenditures” means, for any period, (a) the
additions to property, plant and equipment and other capital expenditures of the Borrower and the Cargill Subsidiaries that are (or would be) set forth in a consolidated statement of cash flows of the Borrower and the Cargill Subsidiaries for such
period prepared in accordance with GAAP (except for the exclusion of the IMC Subsidiaries) and (b) Capital Lease Obligations incurred by the Borrower and the Cargill Subsidiaries during such period. Notwithstanding the foregoing, the term
“Capital Expenditures” shall not include capital expenditures in respect of the reinvestment of sales proceeds, insurance proceeds and condemnation proceeds received by the Borrower or any Cargill Subsidiary in connection with the sale,
transfer or other disposition of the Borrower’s or such Cargill Subsidiary’s business units, assets or properties. 
  
 “Capital Lease Obligations” of any Person means the obligations of such Person to pay rent or other amounts under any lease of (or other
arrangement conveying the right to use) real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP. 
  
 “Cargill” means Cargill, Incorporated, a Delaware corporation. 
  
 “Cargill Contribution” means the contribution by Cargill and certain of its subsidiaries of the Cargill Fertilizer Businesses to the
Borrower pursuant to the Merger Agreement. 
  
 “Cargill
Fertilizer Businesses” means, collectively, the mining, processing, production, storage, transportation, distribution, marketing and sale of phosphate, phosphate-related products, nitrogen and nitrogen-related products, and the storage,
transportation, distribution, marketing and sale of potash and potash-related products, anywhere in the world by Cargill, whether through its subsidiaries or through a Cargill Fertilizer Joint Venture on the date of the closings under the Merger
Agreement, as further described in greater detail in the Merger Agreement, but excluding the Cargill Retail Fertilizer Businesses and all other business units not related to the fertilizer business owned and operated by Cargill or its subsidiaries.

  
 “Cargill Fertilizer Joint Venture” means each
enterprise jointly owned and operated by Cargill or its subsidiaries with one or more Third Parties (as defined in the Merger Agreement) that is part of the Cargill Fertilizer Businesses. 
  

 3 

 “Cargill Subsidiary” means any Subsidiary that is not an IMC Subsidiary. 
  
 “Change in Control” means (a) the acquisition of ownership,
directly or indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the Securities and Exchange Commission thereunder as in effect on the date hereof), other than
Cargill or any subsidiary of Cargill, of Equity Interests representing more than 35% of the aggregate ordinary voting power represented by the issued and outstanding Equity Interests in the Borrower; (b) occupation of a majority of the seats (other
than vacant seats) on the board of directors of the Borrower by Persons who were neither (i) nominated by the board of directors of the Borrower nor (ii) appointed by directors so nominated; or (c) the acquisition of direct or indirect Control of
the Borrower by any Person or group, other than Cargill or any subsidiary of Cargill. 
  
 “Change of Control Offer” means the offer required to be made by IMC Global pursuant to the terms of the High Yield IMC Senior Notes Indentures, as a result of the transactions contemplated by the
Merger Agreement, to purchase debt securities outstanding thereunder. 
  
 “Change in Law” means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental
Authority after the date of this Agreement or (c) compliance by any Lender or any Issuing Bank (or, for purposes of Section 2.13(b), by any lending office of such Lender or by such Lender’s or such Issuing Bank’s holding company, if any)
with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. 
  

“Chinese Foreign Subsidiaries” means Jiangsu Cargill Agricultural Means of Production Co. Ltd., Cargill Fertilizers (Yantai) Co. Ltd.,
Tianjin Cargill Fertilizers Co. Ltd., and Cargill Fertilizers (Quinhuangdao) Co. Ltd. 
  
 “Code” means the Internal Revenue Code of 1986, as amended from time to time. 
  
 “Collateral” means any and all “Collateral”, as defined in any applicable Security Document. 
  
 “Collateral Agent” means JPMorgan Chase Bank, in its
capacity as collateral agent under the Loan Documents. 
  
 “Collateral and Guarantee Requirement” means the requirement that: 
  
 (a) the Collateral Agent shall have received from each Loan Party either (i) a counterpart of the Guarantee Agreement, the Indemnity,
Subrogation and Contribution Agreement and the Pledge Agreement, in each case duly executed and delivered on behalf of the applicable Loan Party or (ii) in the case of any Person that becomes a Loan Party after the Effective Date, a supplement to
each 
  

 4 

 of the Guarantee Agreement, the Indemnity, Subrogation and Contribution Agreement and the Pledge
Agreement, in each case in the form specified therein, duly executed and delivered on behalf of such Loan Party; 
  
 (b) all outstanding Equity Interests of each Cargill Subsidiary (other than an Excluded Cargill Subsidiary) owned directly by any Loan
Party (or owned by a nominee on behalf of a Loan Party) shall have been pledged pursuant to the Pledge Agreement (except that the Loan Parties shall not be required to pledge (i) more than 65% of the outstanding voting Equity Interests of any
Foreign Subsidiary or (ii) the Equity Interests of the Chinese Foreign Subsidiaries) and the Collateral Agent shall have received certificates or other instruments representing all such Equity Interests, together with stock powers or other
instruments of transfer with respect thereto endorsed in blank, provided, it is understood that the Equity Interests of Mosaic India Private Limited will not be transferred to the Borrower on the Effective Date and will remain owned by
Cargill pending certain regulatory approvals (as described in footnote two in Schedule 6.01), and accordingly such Equity Interest shall not be pledged unless and until so transferred; 
  
 (c) all Indebtedness of the Borrower and each Subsidiary that is owing to any Loan Party shall have been
pledged pursuant to the Pledge Agreement (except that the Loan Parties shall not be required to pledge any Indebtedness representing loans or advances to IMC Global and its subsidiaries) and, to the extent any such Indebtedness shall be evidenced by
a promissory note, the Collateral Agent shall have received all such promissory notes, together with instruments of transfer with respect thereto endorsed in blank; 
  
 (d) all documents and instruments, including Uniform Commercial Code financing statements, required by law
or reasonably requested by the Collateral Agent to be filed, registered or recorded to create the Liens intended to be created by the Pledge Agreement, and perfect such Liens to the extent required by, and with the priority required by, the Pledge
Agreement, shall have been filed, registered or recorded or delivered to the Collateral Agent for filing, registration or recording; and 
  
 (e) each Loan Party shall have obtained all consents and approvals required to be obtained by it in connection with the execution and
delivery of all Security Documents to which it is a party, the performance of its obligations thereunder and the granting by it of the Liens thereunder. 
  
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
  

 5 

 “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default. 
  
 “Defaulting Lender” means, at any time, a Lender that has defaulted on its obligation to make a Revolving Loan that such Lender is required to make hereunder and as to which the conditions to
borrowing are satisfied, provided that such default is continuing at such time. 
  
 “Disclosed Matters” means the actions, suits and proceedings and the environmental matters disclosed in Schedule 3.06. 
  
 “Disqualified Equity Interests” means any class or series of Equity Interests of any Person that by its
terms or otherwise: 
  
 (a) is required to be
redeemed or repurchased or is redeemable or subject to repurchase at the option of any holder or holders of such class or series of Equity Interests (whether pursuant to any sinking fund obligation, or upon the occurrence of specified events, or
otherwise) at any time on or prior to August 1, 2012; or 
  
 (b) is convertible into or exchangeable at the option of the holder or holders thereof (whether upon the occurrence of specified events or otherwise) for Equity Interests referred to in clause (a) above or any
Indebtedness; or 
  
 (c) entitles any holder or
holders thereof to any other rights or remedies that could subject the Borrower or any Subsidiary to any mandatory payment obligation; provided that the foregoing shall not be construed to prohibit rights to receive dividends and
distributions in preference to those paid on any other Equity Interests of the relevant issuer. 
  
 Notwithstanding the preceding sentence, any Equity Interests that would constitute Disqualified Equity Interests solely because the holders of the Equity Interests have the right to require the issuer thereof to
repurchase such Equity Interests upon the occurrence of a Change of Control will not constitute Disqualified Equity Interests if the terms of such Equity Interests provide that the issuer may not repurchase or redeem any such Equity Interests
pursuant to such provisions prior to termination of the Revolving Commitments and payment of all Loans and other amounts accrued or owing under the Loan Documents. 
  
 “Dollars” or “$” refers to lawful money of the United States of America. 
  
 “Dollar Amount” means, with respect to any Local Letter of
Credit or LC Disbursement in respect thereof, the amount determined pursuant to Section 2.04(k). 
  
 “Dollar Equivalent” means, on any date of determination, (a) with respect to any amount in Dollars, such amount, and (b) with respect to
any amount in any Local Currency, the equivalent in Dollars of such amount, determined by the Administrative Agent pursuant to Section 2.18(a) using the relevant Dollar Amount. 
  

 6 

 “Domestic Subsidiary” means any Subsidiary that is not a Foreign Subsidiary. 

 
 “Effective Date” means the date on which the conditions
specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02). 
  
 “Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments, injunctions or legally binding agreements issued, promulgated or entered into by any
Governmental Authority, relating in any way to the environment, preservation or reclamation of natural resources, the use, management, release or threatened release of, or exposure to, any Hazardous Material or to occupational health and safety
matters. 
  
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of the Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
  
 “Equity Interests” means shares of capital stock, partnership interests, membership interests in a limited
liability company, beneficial interests in a trust or other equity ownership interests in a Person. 
  
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
  
 “ERISA Affiliate” means any trade or business (whether or
not incorporated) that, together with the Borrower, is treated as a single employer under Section 414(b) or (c) of the Code or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section
414 of the Code. 
  
 “ERISA Event” means (a) any
“reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of an
“accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application for a waiver of the
minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any notice relating to an intention to 
  

 7 

 terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of
its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from
the Borrower or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA.

  
 “Eurodollar”, when used in reference to any
Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 
  
 “Event of Default” has the meaning assigned to such term in Article VII. 
  
 “Excluded Cargill Subsidiary” means (a) Big Bend Transfer
Co., LLC, but only so long as the Borrower’s percentage ownership interest therein does not exceed 70%, (b) South Ft. Meade Land Management Inc. and (c) any other Cargill Subsidiary that is a Domestic Subsidiary that exists as of the Effective
Date and is identified as an Excluded Cargill Subsidiary on Schedule 3.12 but only so long as such Subsidiary has only nominal assets and no operations. No Subsidiary shall be an Excluded Cargill Subsidiary if it has any Subsidiary that is not, or
holds any investment in any other Subsidiary that is not, an Excluded Cargill Subsidiary. Any Excluded Cargill Subsidiary that ceases to qualify as an Excluded Cargill Subsidiary may not thereafter become an Excluded Cargill Subsidiary. 

 
 “Excluded Taxes” means, with respect to any Agent, any
Lender, any Issuing Bank or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by
the jurisdiction under the laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United
States of America or any similar tax imposed by any other jurisdiction described in clause (a) above and (c) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.17(b)), any withholding tax
imposed by the United States of America that (i) is in effect and would apply to amounts payable to such Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a new lending office), except to the extent that
such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from the Borrower with respect to any withholding tax pursuant to Section 2.15(a), or (ii)
is attributable to such Foreign Lender’s failure to comply with Section 2.15(e). 
  
 “Existing IMC Credit Agreement” means the Credit Agreement dated as of May 17, 2001, as amended and restated as of February 21, 2003 (and as subsequently amended), among IMC Global, certain of its
subsidiaries, the lenders party thereto, JPMorgan Chase Bank, as Administrative Agent, and Goldman Sachs Credit Partners L.P., as Syndication Agent. 
  

 8 

 “Extended Letter of Credit” has the meaning assigned to such term in Section 2.04(m).

  
 “Federal Funds Effective Rate” means, for any
day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding
Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions
received by the Administrative Agent from three Federal funds brokers of recognized standing selected by it. 
  
 “Financial Officer” of any Person means the chief financial officer, principal accounting officer, treasurer or controller of such
Person. 
  
 “Foreign Lender” means any Lender
that is organized under the laws of a jurisdiction other than the United States of America, any State thereof or the District of Columbia. 
  
 “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction other than the United States of America or
any State thereof or the District of Columbia. 
  
 “GAAP” means generally accepted accounting principles in the United States of America. 
  
 “Governmental Authority” means the government of the United States of America, any other nation or any political subdivision thereof,
whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government. 
  
 “Guarantee” of or by any Person
(the “guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation of any other Person (the “primary
obligor”) in any manner, whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other
obligation or to purchase (or to advance or supply funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of assuring the owner of such Indebtedness or other
obligation of the payment thereof (including pursuant to any “synthetic lease” arrangement), (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor so as to enable the
primary obligor to pay such Indebtedness or other obligation or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or 
  

 9 

 obligation; provided, that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. The amount of any Guarantee made by any guarantor 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 is made and (b)
the maximum amount for which such guarantor may be liable pursuant to the terms of the instrument embodying such Guarantee, unless (in the case of a primary obligation that is not Indebtedness) such primary obligation and the maximum amount for
which such guarantor may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such guarantor’s maximum reasonably anticipated liability in respect thereof as determined by the Borrower in good faith.

  
 “Guarantee Agreement” means the Guarantee
Agreement, substantially in the form of Exhibit C, among the Borrower, the Subsidiary Loan Parties and the Collateral Agent. 
  
 “Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other
pollutants, including petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any
Environmental Law. 
  
 “High Yield IMC Senior Notes
Indentures” means the 2001 and 2003 IMC Indentures under which senior unsecured notes of IMC Global are issued and all other instruments, agreements and other documents evidencing or governing such notes or providing for any Guarantee or
other right in respect thereof. 
  
 “IMC Debt
Amendments” means those amendments of existing public debt securities of IMC Global and certain of its subsidiaries as described in the IMC Debt Consent Solicitation. 
  
 “IMC Debt Consent Solicitation” means the consent solicitation described in the draft Form S-4 of the
Borrower and the Cargill Fertilizer, LLC filed with the Securities and Exchange Commission on September 24, 2004. 
  
 “IMC Global” means Mosaic Global Holdings Inc., a Delaware corporation (formerly IMC Global Inc.). 
  
 “IMC Subsidiaries” means IMC Global and its subsidiaries.

  
 “Indebtedness” of any Person means, without
duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind (other than deposits or advances made by customers of such Person in the ordinary course of business), (b) all obligations of such
Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (d) all obligations of such Person in
respect of the deferred purchase price of property or services (excluding accrued salaries, vacation and other employee benefits and current accounts payable, in each case incurred in the ordinary course of business), 
  

 10 

 (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent
or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease Obligations
of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty and (i) all obligations, contingent or otherwise, of such Person in respect of bankers’
acceptances; provided that the term “Indebtedness” shall not be construed to include (i) deferred taxes, (ii) contingent obligations under customary indemnification provisions contained in contracts or agreements or (iii)
obligations in respect of customary purchase price adjustment provisions contained in contracts or agreements relating to the purchase or sale of assets. The amount of any Indebtedness of a Person that constitutes Indebtedness of such Person solely
by reason of clause(e) above and has not been assumed by such Person shall be deemed to be the lesser of (i) the fair market value of the property owned or acquired by such Person that is or may be the subject of a Lien securing such Indebtedness
and (ii) the amount of Indebtedness that is or may be secured by such property. The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. 
  
 “Indemnified Taxes” means Taxes other than Excluded Taxes.

  
 “Indemnity, Subrogation and Contribution
Agreement” means the Indemnity, Subrogation and Contribution Agreement, substantially in the form of Exhibit D, among the Loan Parties and the Collateral Agent. 
  
 “Interest Election Request” means a request by the Borrower to convert or continue a Revolving Borrowing in
accordance with Section 2.06. 
  
 “Interest Payment
Date” means (a) with respect to any ABR Loan (other than a Swingline Loan), the last day of each March, June, September and December, (b) with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the Revolving
Borrowing of which such Loan is a part and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
  
 “Interest Period” means, with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the
numerically corresponding day in the calendar month that is one, two or three months thereafter, as the Borrower may elect; provided, that (a) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be
extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day and (b) any Interest Period that commences
on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar 
  

 11 

 month of such Interest Period. For purposes hereof, the date of a Borrowing initially shall be the date on which such
Borrowing is made and thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 
  
 “Issuing Bank” means JPMorgan Chase Bank and each other Lender that agrees in writing with the Borrower to issue Letters of Credit
(provided that notice of such agreement is given to the Administrative Agent), in each case in its capacity as the issuer of Letters of Credit hereunder, and its successors in such capacity as provided in Section 2.04(i). An Issuing Bank may, in its
discretion, arrange for one or more Letters of Credit to be issued by Affiliates of such Issuing Bank, in which case the term “Issuing Bank” shall include any such Affiliate with respect to Letters of Credit issued by such Affiliate.

  
 “LC Disbursement” means a payment made by an
Issuing Bank pursuant to a Letter of Credit. 
  
 “LC
Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the
Borrower at such time. In the case of any Local Letters of Credit or any LC Disbursement in respect thereof, the LC Exposure attributable thereto shall be the Dollar Amount thereof. The LC Exposure of any Lender at any time shall be its Applicable
Percentage of the total LC Exposure at such time. 
  
 “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person that ceases to be a party hereto pursuant
to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 
  
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
  
 “LIBO Rate” means, with respect to any Eurodollar Revolving
Borrowing for any Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those
currently provided on such page of such Service, as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00
a.m., London time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason,
then the “LIBO Rate” with respect to such Eurodollar Revolving Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the
principal London office of the Administrative Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  

 12 

 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having substantially
the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 
  
 “Loan” means any loan made by a Lender to a Borrower
pursuant to this Agreement. 
  
 “Loan Documents”
means this Agreement, the promissory notes, if any, executed and delivered pursuant to Section 2.08(e), the Guarantee Agreement, the Indemnity, Subrogation and Contribution Agreement and the Security Documents. 
  
 “Loan Parties” means the Borrower and the Subsidiary Loan
Parties. 
  
 “Local Currency” means any currency
other than Dollars as to which a Spot Exchange Rate may be calculated. 
  
 “Local Currency Equivalent” means, on any date of determination with respect to any amount in Dollars in relation to any specified Local Currency, the amount of such specified Local Currency that may be purchased with such
amount of Dollars at the Spot Exchange Rate on such date. 
  
 “Local Letter of Credit” means any Letter of Credit which provides for the payment of drawings in a Local Currency. 
  
 “Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations or financial condition of the Borrower
and the Subsidiaries taken as a whole, (b) the ability of the Loan Parties to perform their obligations under the Loan Documents or (c) the rights of or benefits available to the Lenders under the Loan Documents. 
  
 “Material Indebtedness” means Indebtedness (other than the
Loans and Letters of Credit), or obligations in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries in an aggregate principal amount exceeding $20,000,000. For purposes of determining Material
Indebtedness, the “principal amount” of the obligations of the Borrower or any Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting agreements) that the Borrower or
such Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
  

 13 

 “Merger” means the merger pursuant to the Merger Agreement of IMC Global with and into a
direct wholly-owned subsidiary of the Borrower with IMC Global being the surviving corporation and a direct wholly-owned subsidiary of the Borrower. 
  
 “Merger Agreement” means the Agreement and Plan of Merger and Contribution dated as of January 26, 2004, as amended by Amendment No. 1
thereto dated as of June 15, 2004 and Amendment No. 2 thereto dated as of October 18, 2004, among IMC Global, the Borrower, GNS Acquisition Corp., Cargill and Cargill Fertilizer, Inc. 
  
 “Moody’s” means Moody’s Investors Service, Inc. 
  
 “Multiemployer Plan” means a multiemployer plan as defined
in Section 4001(a)(3) of ERISA. 
  
 “Obligations”
has the meaning assigned to such term in the Pledge Agreement. 
  
 “Other Taxes” means any and all present or future recording, stamp, documentary, excise, transfer, sales, property or similar taxes, charges or levies arising from any payment made under any Loan Document or from the
execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 
  
 “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions. 
  
 “Pending Consents” has the meaning set forth in Section
3.03. 
  
 “Perfection Certificate” means a
certificate in the form of Exhibit E or any other form approved by the Collateral Agent. 
  
 “Permitted Encumbrances” means: 
  
 (a) Liens imposed by law for Taxes or other governmental charges that are not yet due or are being contested in compliance with Section 5.04; 
  
 (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s,
landlord’s and other like Liens imposed by law, and landlord’s Liens imposed by contracts, in each case arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested in
compliance with Section 5.04; 
  
 (c) pledges and
deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; 
  

 14 

 (d) pledges and deposits to secure the performance of bids, trade contracts, leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; 
  
 (e) judgment liens in respect of judgments that do not constitute an Event of Default under clause (k) of Article VII; 
  
 (f) easements, zoning restrictions, rights-of-way,
covenants, conditions, restrictions and similar encumbrances (in each case, that are reflected in, or would be reflected in, title reports) on real property imposed by law or arising in the ordinary course of business that do not secure any monetary
obligations and do not materially detract from the value of the affected property or interfere with the continued use of the affected property in the ordinary conduct of business of the Borrower or any Subsidiary; 
  
 (g) Liens in favor of banks on items in collection (and the
documents related thereto) arising in the ordinary course of business of the Borrower and the Subsidiaries under Article IV of the Uniform Commercial Code; 
  
 (h) Liens arising from Permitted Investments under clause(d) of the definition of the term “Permitted Investments”; and

  
 (i) other Liens securing monetary obligations
in an aggregate amount not exceeding $25,000,000 at any time; 
  
 provided
that the term “Permitted Encumbrances” shall not include any Lien securing Indebtedness. 
  
 “Permitted Investments” means: 
  
 (a) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America (or by any agency thereof to the extent such obligations are backed by the full faith and credit of the United States of America), in each case maturing within one year from the date of acquisition thereof; 
  
 (b) investments in commercial paper maturing within 270 days
from the date of acquisition thereof and having, at such date of acquisition, the highest credit rating obtainable from S&P or from Moody’s; 
  
 (c) investments in certificates of deposit, banker’s acceptances and time deposits maturing within 180 days from the date of
acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof which has a
combined capital and surplus and undivided profits of not less than $500,000,000; 
  

 15 

 (d) fully collateralized repurchase agreements with a term of not more than 30 days for
securities described in clause (a) above and entered into with a financial institution satisfying the criteria described in clause (c) above; and 
  
 (e) in the case of any Foreign Subsidiary, (i) marketable direct obligations issued by, or unconditionally guaranteed by, the sovereign
nation in which such Foreign Subsidiary is organized and is conducting business or issued by any agency of such sovereign nation and backed by the full faith and credit of such sovereign nation, in each case maturing within one year from the date of
acquisition, so long as the indebtedness of such sovereign nation is rated at least A by S&P or A2 by Moody’s or carries an equivalent rating from a comparable foreign rating agency or (ii) investments of the type and maturity described in
clauses (b) through (d) above of foreign obligors, which investments or obligors have ratings described in such clauses or equivalent ratings from comparable foreign rating agencies. 
  
 “Person” means any natural person, corporation, limited liability company, trust, joint venture,
association, company, partnership, Governmental Authority or other entity. 
  
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of
which the Borrower or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 
  
 “Pledge Agreement” means the Pledge Agreement, substantially
in the form of Exhibit F, among the Loan Parties and the Collateral Agent. 
  
 “Prime Rate” means the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank as its prime rate in effect at its principal office in New York City; each change in the
Prime Rate shall be effective on the date such change is publicly announced as being effective. 
  
 “Register” has the meaning set forth in Section 9.04. 
  
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents, advisors and trustees of such Person and such Person’s Affiliates. 
  
 “Required Lenders” means, at any time, Lenders having Revolving Exposures and unused Revolving Commitments representing more than 50% of
the sum of the total Revolving Exposures and unused Revolving Commitments at such time. 
  
 “Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property) with respect to any Equity Interests of the Borrower or any Subsidiary, or any payment
(whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase, redemption, 
  

 16 

 retirement, acquisition, cancelation or termination of any Equity Interests of the Borrower or any Subsidiary or any
option, warrant or other right to acquire any such Equity Interests of the Borrower or any Subsidiary. 
  
 “Revolving Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Revolving
Maturity Date and the date of termination of the Revolving Commitments. 
  
 “Revolving Borrowing” means a Borrowing comprised of Revolving Loans. 
  
 “Revolving Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant
to Section 2.07 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 9.04. The initial amount of each Lender’s Revolving Commitment is set forth on Schedule 2.01, or in the Assignment
and Assumption pursuant to which such Lender shall have assumed its Revolving Commitment, as applicable. The initial aggregate amount of the Lenders’ Revolving Commitments is $160,000,000. 
  
 “Revolving Exposure” means, with respect to any Lender at
any time, the sum of the outstanding principal amount of such Lender’s Revolving Loans and its LC Exposure and Swingline Exposure at such time. 
  
 “Revolving Loan” means a Loan made pursuant to Section 2.01 or Section 2.04 (with respect to an ABR Loan made to discharge and replace an
LC Disbursement). 
  
 “Revolving Maturity Date”
means the earlier of (a) January 20, 2005, or (b) the date that all loans outstanding under the Existing IMC Credit Agreement are fully repaid and all commitments thereunder are terminated. For purposes of any provision of this Agreement that
requires a determination of the Revolving Maturity Date, the Revolving Maturity Date shall be deemed to be the date specified in clause (a) above unless and until clause (b) above becomes applicable. 
  
 “S&P” means Standard & Poor’s. 
  
 “Security Documents” means the Pledge Agreement, and each
other security agreement or other instrument or document executed and delivered pursuant to Section 5.10 or 5.11 to secure any of the Obligations. 
  
 “Spot Exchange Rate” means, on any day, with respect to any Local Currency in which a Local Letter of Credit (or LC Disbursement
thereunder) is denominated, the spot rate at which Dollars are offered on such day by the applicable Issuing Bank (or the Administrative Agent, in the case of determinations made by it) in London for such Local Currency at approximately 11:00 a.m.
(London time). 
  

 17 

 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to
which the Administrative Agent is subject (a) with respect to the Base CD Rate, for new negotiable nonpersonal time deposits in Dollars of over $100,000 with maturities approximately equal to three months and (b) with respect to the Adjusted LIBO
Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to
constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under such Regulation D or any comparable
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company,
partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date,
as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in
the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the
parent and one or more subsidiaries of the parent. 
  
 “Subsidiary” means any subsidiary of the Borrower. For purposes of the representations and warranties made herein and in the other Loan Documents as of the Effective Date and the conditions set forth in Article IV, the term
“Subsidiary” includes each Person that becomes (or is required to become) a Subsidiary as a result of the Business Combination. 
  
 “Subsidiary Loan Party” means any Cargill Subsidiary that is a Domestic Subsidiary, other than an Excluded Cargill Subsidiary.

  
 “Swap Agreement” means any agreement with
respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or
pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; provided that no phantom stock, employee benefit or similar plan providing for payments only on
account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement. 
  

 18 

 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline
Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 
  
 “Swingline Lender” means JPMorgan Chase Bank, in its capacity as lender of Swingline Loans hereunder.

  
 “Swingline Loan” means a Loan made pursuant
to Section 2.19. 
  
 “Synthetic Purchase
Agreement” means any agreement pursuant to which the Borrower or a Subsidiary is or may become obligated to make (a) any payment in connection with the purchase by any third party from a Person other than the Borrower or a Subsidiary of any
Equity Interest in or Indebtedness of the Borrower or any Subsidiary or (b) any payment (other than on account of a permitted purchase by it of any Equity Interest in or Indebtedness of the Borrower or any Subsidiary) the amount of which is
determined by reference to the price or value at any time of any Equity Interest in or Indebtedness of the Borrower or any Subsidiary; provided that no phantom stock or similar plan providing for payments only to current or former directors,
officers or employees of the Borrower or the Subsidiaries (or to their heirs or estates) shall be deemed to be a Synthetic Purchase Agreement. 
  
 “Taxes” means any and all present or future taxes, levies, imposts, duties, deductions, charges or withholdings imposed by any
Governmental Authority. 
  
 “Three-Month Secondary CD
Rate” means, for any day, the secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day is not a Business Day, the next preceding Business Day) by the Board through the public
information telephone line of the Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day) or, if such rate is not
so reported on such day or such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City
time, on such day (or, if such day is not a Business Day, on the next preceding Business Day) by the Administrative Agent from three negotiable certificate of deposit dealers of recognized standing selected by it. 
  
 “Transactions” means (a) the execution, delivery and
performance by each Loan Party of the Loan Documents to which it is to be a party, the borrowing of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder, (b) the Business Combination, and (c) the payment of fees and
expenses in connection with the foregoing. 
  

 19 

 “Transition Services Agreement” has the meaning assigned to such term in Section 6.09.

  
 “2001 IMC Indentures” means the Indentures
dated as of May 17, 2001 between IMC Global, the guarantors named therein and The Bank of New York, as Trustee. 
  
 “2003 IMC Indenture” means the Indenture dated as of August 1, 2003 between IMC Global, the guarantors named therein and BNY Midwest
Trust Company, as Trustee. 
  
 “Type”, when used
in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 
  
 “Withdrawal Liability” means liability to a Multiemployer
Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 
  
 SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Type (e.g.,
a “Eurodollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Eurodollar Borrowing”). 
  
 SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever
the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without
limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein),
(b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer
to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement and (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and
contract rights. 
  
 SECTION 1.04. Accounting Terms; GAAP.
Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if the Borrower notifies the Administrative Agent that
the Borrower requests an amendment to 
  

 20 

 any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after
such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. 
  
 ARTICLE II 

 The Credits 
  
 SECTION 2.01. Revolving Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Revolving Loans to the
Borrower from time to time during the Revolving Availability Period in an aggregate principal amount that will not result in (i) such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment or (ii) the sum of the total
Revolving Exposures exceeding the total Revolving Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans. 
  
 SECTION 2.02. Loans and Borrowings. (a) Each Loan (other than a
Swingline Loan) shall be made in Dollars as part of a Borrowing consisting of Loans of the same Type made by the Lenders ratably in accordance with their respective Revolving Commitments. The failure of any Lender to make any Loan required to be
made by it shall not relieve any other Lender of its obligations hereunder; provided that the Revolving Commitments of the Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Loans as required.

  
 (b) Subject to Section 2.12, each Revolving Borrowing shall
be comprised entirely of ABR Loans or Eurodollar Loans as the Borrower may request in accordance herewith; provided that all Borrowings made on the Effective Date must be made as ABR Borrowings. Each Swingline Loan shall be an ABR Loan. Each
Lender at its option may make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower to repay such
Loan in accordance with the terms of this Agreement. 
  
 (c) At
the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000. At the time that each ABR Revolving Borrowing is
made, such Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $5,000,000; provided that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of
the total Revolving Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(e) or any amount 
  

 21 

 required to be funded pursuant to Section 2.04(m)(ii). Each Swingline Loan shall be in an amount that is an integral
multiple of $100,000 and not less than $500,000. Borrowings of more than one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of 10 Eurodollar Revolving Borrowings outstanding.

  
 (d) Notwithstanding any other provision of this Agreement,
the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Revolving Maturity Date. 
  
 SECTION 2.03. Requests for Revolving Borrowings. To request a
Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing, not later than 12:00 noon, New York City time, three Business Days before the date of the proposed
Revolving Borrowing or (b) in the case of an ABR Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed Borrowing; provided that any such notice of an ABR Revolving Borrowing to finance the reimbursement of an
LC Disbursement as contemplated by Section 2.04(e) may be given not later than 12:00 noon, New York City time, on the date of the proposed Borrowing. Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower. Each such telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
  
 (i) the
aggregate amount of such Borrowing; 
  
 (ii) the
date of such Borrowing, which shall be a Business Day; 
  
 (iii) whether such Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; 
  
 (iv) in the case of a Eurodollar Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by
the definition of the term “Interest Period”; and 
  
 (v) the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
  
 If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR
Borrowing. If no Interest Period is specified with respect to any requested Eurodollar Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly following receipt of a Borrowing
Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
  

 22 

 SECTION 2.04. Letters of Credit. (a) General. Subject to the terms and conditions set forth
herein, the Borrower may request the issuance of Letters of Credit for its own account, in a form reasonably acceptable to the Administrative Agent and the relevant Issuing Bank, at any time and from time to time during the Revolving Availability
Period and prior to the date that is five Business Days prior to the Revolving Maturity Date. In the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of credit
application or other agreement submitted by a Borrower to, or entered into by the Borrower with, an Issuing Bank relating to any Letter of Credit, the terms and conditions of this Agreement shall control. All Letters of Credit shall provide for
drawings thereunder to be denominated in Dollars except as provided for Local Letters of Credit pursuant to Section 2.04(k). 
  
 (b) Notice of Issuance, Amendment, Renewal, Extension; Certain Conditions. To request the issuance of a Letter of Credit (or the amendment,
renewal or extension of an outstanding Letter of Credit), the Borrower shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by the relevant Issuing Bank) to the relevant Issuing
Bank and the Administrative Agent (reasonably in advance of the requested date of issuance, amendment, renewal or extension) a notice requesting the issuance of a Letter of Credit, or identifying the Letter of Credit to be amended, renewed or
extended, and specifying the date of issuance, amendment, renewal or extension (which shall be a Business Day), the date on which such Letter of Credit is to expire (which shall comply with paragraph (c) of this Section), the amount of such Letter
of Credit, the name and address of the beneficiary thereof and such other information as shall be necessary to prepare, amend, renew or extend such Letter of Credit. If requested by such Issuing Bank, the Borrower also shall submit a letter of
credit application on such Issuing Bank’s standard form in connection with any request for a Letter of Credit. A Letter of Credit shall be issued, amended, renewed or extended only if (and upon issuance, amendment, renewal or extension of each
Letter of Credit the Borrower shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the LC Exposure shall not exceed $75,000,000 and (ii) the sum of the total Revolving Exposures
shall not exceed the total Revolving Commitments. 
  
 (c)
Expiration Date. Except as provided in paragraph (m) of this Section in respect of Extended Letters of Credit, each Letter of Credit shall expire at or prior to the close of business on the date that is five Business Days prior to the
Revolving Maturity Date. 
  
 (d) Participations. By the
issuance of a Letter of Credit (or an amendment to a Letter of Credit increasing the amount thereof) and without any further action on the part of the relevant Issuing Bank or the Lenders, the Issuing Bank in respect of such Letter of Credit hereby
grants to each Lender, and each Lender hereby acquires from such Issuing Bank, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate amount available to be drawn under such Letter of Credit. In
consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for the account 
  

 23 

 of such Issuing Bank, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Bank and not
reimbursed by the Borrower on the date due as provided in paragraph (e) of this Section, or of any reimbursement payment required to be refunded to the Borrower for any reason (subject to Section 2.04(k), in the case of Local Letters of Credit).
Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be affected by any circumstance whatsoever, including any
amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Revolving Commitments, and that each such payment shall be made without any offset, abatement, withholding or
reduction whatsoever. 
  
 (e) Reimbursement. If an Issuing
Bank shall make any LC Disbursement in respect of a Letter of Credit, the Borrower shall reimburse such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 1:00 p.m., New York City time, on
the date that such LC Disbursement is made, if the Borrower shall have received notice of such LC Disbursement prior to 10:00 a.m., New York City time, on such date, or, if such notice has not been received by the Borrower prior to such time on such
date, then not later than 1:00 p.m., New York City time, on (i) the Business Day that the Borrower receives such notice, if such notice is received prior to 10:00 a.m., New York City time, on the day of receipt, or (ii) the Business Day immediately
following the day that the Borrower receives such notice, if such notice is not received prior to such time on the day of receipt; provided that in the case of a LC Disbursement in respect of a Local Letter of Credit, the times of day
referred to above in this clause (e) shall be deemed to be the local time at the place of payment; provided further that, if such LC Disbursement is denominated in Dollars and is not less than $500,000, the Borrower may, subject to the
conditions to borrowing set forth herein, request in accordance with Section 2.03 that such payment be financed with an ABR Borrowing or Swingline Loan in an equivalent amount and, to the extent so financed, the Borrower’s obligation to make
such payment shall be discharged and replaced by the resulting ABR Borrowing or Swingline Loan. If the Borrower fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the payment
then due from the Borrower in respect thereof and such Lender’s Applicable Percentage thereof. Promptly following receipt of such notice (but subject to Section 2.04(k), in the case of Local Letters of Credit), each Lender shall pay to the
Administrative Agent its Applicable Percentage of the payment then due from the Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Loans made by such Lender (and Section 2.05 shall apply, mutatis
mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any
payment from the Borrower pursuant to this paragraph, the Administrative Agent shall distribute such payment to such Issuing Bank or, to the extent that Lenders have made payments pursuant to this paragraph to reimburse such Issuing Bank, then to
such Lenders and such Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse such Issuing Bank for any LC Disbursement (other than the funding of ABR Revolving Loans or a Swingline Loan as
contemplated above) shall not constitute a Loan and shall not relieve the Borrower of its obligation to reimburse such LC Disbursement. 
  

 24 

 (f) Obligations Absolute. The Borrower’s obligation to reimburse LC Disbursements as
provided in paragraph (e) of this Section shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement under any and all circumstances whatsoever and irrespective of (i) any lack of
validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein, (ii) any draft or other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect, (iii) payment by an Issuing Bank under a Letter of Credit against presentation of a draft or other document that does not comply with the terms of such Letter of Credit, or (iv) any other event or
circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations
hereunder. Neither the Administrative Agent, the Lenders nor any Issuing Bank, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any
payment or failure to make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other
communication under or relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the relevant Issuing
Bank; provided that the foregoing shall not be construed to excuse the relevant Issuing Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived
by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are caused by (i) such Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof or (ii) such Issuing Bank’s failure to pay under any Letter of Credit issued by it after presentation to it of a request strictly complying with the terms and conditions of such Letter of Credit. The parties hereto
expressly agree that, in the absence of gross negligence or willful misconduct on the part of the relevant Issuing Bank, such Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and without
limiting the generality thereof, the parties agree that, with respect to documents presented which appear on their face to be in substantial compliance with the terms of a Letter of Credit, the relevant Issuing Bank may, in its sole discretion,
either accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in
strict compliance with the terms of such Letter of Credit. 
  
 (g) Disbursement Procedures. The relevant Issuing Bank shall, promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. Such Issuing Bank shall promptly
notify the Administrative Agent and the Borrower by telephone (confirmed by telecopy) of such 
  

 25 

 demand for payment and whether such Issuing Bank has made or will make an LC Disbursement thereunder; provided
that any failure to give or delay in giving such notice shall not relieve the Borrower of its obligation to reimburse such Issuing Bank and the Lenders with respect to any such LC Disbursement. 
  
 (h) Interim Interest. If an Issuing Bank shall make any LC
Disbursement, then, unless the Borrower shall reimburse such LC Disbursement in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to
but excluding the date that the Borrower reimburses such LC Disbursement, at the rate per annum then applicable to ABR Revolving Loans; provided that, if the Borrower fails to reimburse such LC Disbursement when due pursuant to paragraph (e)
of this Section, then Section 2.11(c) shall apply. Interest accrued pursuant to this paragraph shall be for the account of the relevant Issuing Bank, except that interest accrued on and after the date of payment by any Lender pursuant to paragraph
(e) of this Section to reimburse such Issuing Bank shall be for the account of such Lender to the extent of such payment. 
  
 (i) Replacement of an Issuing Bank. An Issuing Bank may be replaced at any time by written agreement among the Borrower, the Administrative Agent,
the replaced Issuing Bank and the successor Issuing Bank (if any, it being understood that a successor Issuing Bank shall not be required if there is more than one Issuing Bank obligated to issue additional Letters of Credit at the time). The
Administrative Agent shall notify the Lenders of any such replacement of an Issuing Bank. At the time any such replacement shall become effective, the Borrower shall pay all unpaid fees accrued for the account of the replaced Issuing Bank pursuant
to Section 2.10(b). From and after the effective date of any such replacement, (i) if there is a successor Issuing Bank, the successor Issuing Bank shall have all the rights and obligations of an Issuing Bank under this Agreement with respect to
Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Bank” shall be deemed to refer to such successor or to any previous Issuing Bank, or to such successor and all previous Issuing Banks, as the context
shall require. After the replacement of an Issuing Bank hereunder, the replaced Issuing Bank shall remain a party hereto and shall continue to have all the rights and obligations of an Issuing Bank under this Agreement with respect to Letters of
Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 
  
 (j) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower receives notice from the
Administrative Agent or the Required Lenders demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with the Administrative Agent, in the name of the Administrative Agent and for the benefit of
the Lenders, an amount in cash equal to the LC Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall
become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Article VII. Such deposits of cash collateral shall be made in
the respective amounts and currencies that correspond to the amounts and currencies of the LC Exposure in respect of each Letter of 
  

 26 

 Credit. Each such deposit pursuant to this paragraph or Section 2.09(b) shall be held by the Administrative Agent as
collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any
interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the Administrative Agent and at the Borrower’s risk and expense (unless reasonably objected to by the Borrower in a timely
manner), such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the Administrative Agent to reimburse the Issuing Banks for LC
Disbursements for which they have not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the LC Exposure at such time or, if the maturity of the Loans has been
accelerated, be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent
not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. If the Borrower is required to provide an amount of cash collateral hereunder pursuant to Section 2.09(b),
such amount (to the extent not applied as aforesaid) shall be returned to the Borrower as and to the extent that, after giving effect to such return, the Borrower would remain in compliance with Section 2.09(b) and no Default shall have occurred and
be continuing. 
  
 (k) Local Letters of Credit. Subject to
the terms and conditions set forth herein, the other conditions applicable to the issuance of Letters of Credit hereunder and the approval of the applicable Issuing Bank, the Borrower may request the issuance of Local Letters of Credit. Upon the
issuance of any Local Letter of Credit, and so long as any Local Letter of Credit remains outstanding, the following provisions shall apply: 
  
 (i) For purposes of determining the total LC Exposure at any time and for purposes of calculating fees payable under Section 2.10(b), the
amount of any Local Letter of Credit and of any LC Disbursements in respect thereof shall be deemed to be, as of any date of determination, the Dollar Amount thereof at such date. The initial Dollar Amount of any Local Letter of Credit shall be
determined by the applicable Issuing Bank on the date of issuance thereof and adjusted from time to time thereafter, in each case, as provided below. The Dollar Amount of each Local Letter of Credit outstanding shall be adjusted by the applicable
Issuing Bank on each Calculation Date as provided in Section 2.18(a). If an LC Disbursement is made by the Issuing Bank under any Local Letter of Credit, the Dollar Amount of such LC Disbursement shall be determined by such Issuing Bank on the date
that such LC Disbursement is made. The applicable Issuing Bank shall make each such determination to be made by it by calculating the amount in Dollars that would be required in order for such Issuing Bank to purchase an amount of the applicable
Local Currency equal to the amount of the relevant Local Letter of Credit or unpaid LC Disbursement, as the case may be, on the date of determination at the Spot Exchange Rate with respect to such Local Currency on such date of determination. Each
applicable Issuing Bank shall 
  

 27 

 notify the Administrative Agent and the Borrower promptly of each such Dollar Amount determined by it, on
the date that such determination is required to be made. 
  
 (ii) Subject to paragraph (iv) below, the obligation of the Borrower to reimburse the applicable Issuing Bank for any LC Disbursement under any Local Letter of Credit, and to pay interest thereon, shall be payable
only in the Local Currency in which such LC Disbursement is made, and shall not be discharged by paying an amount in Dollars or any other currency; provided that the applicable Issuing Bank may agree, in its sole discretion, to accept
reimbursement in another currency, but any such agreement shall not affect the obligations of the Revolving Lenders or the Borrower under paragraphs (iii) and (iv) below if such reimbursement is not actually made to the applicable Issuing Bank when
due. 
  
 (iii) The obligation of each Revolving
Lender under paragraphs (d) and (e) of this Section to pay its Applicable Percentage of any unpaid LC Disbursement under any Local Letter of Credit shall be payable only in Dollars and shall be in an amount equal to such Applicable Percentage of
Dollar Amount of such unpaid drawing determined as provided in paragraph (i) above. Under no circumstances shall the provisions hereof permitting the issuance of Letters of Credit in a Local Currency be construed, by implication or otherwise, as
imposing any obligation upon any Revolving Lender to make any Loan or other payment under the Loan Documents, or to accept any payment from the Borrower in respect of any unreimbursed LC Disbursement, in any currency other than Dollars, it being
understood that the parties intend all payments of Indebtedness created under the Loan Documents to be denominated and payable only in Dollars except as expressly provided in paragraph (ii) above. 
  
 (iv) If and to the extent that any Revolving Lender pays its
Applicable Percentage of any unreimbursed LC Disbursement under any Local Letter of Credit, then, notwithstanding clause (ii) above, the obligation of the Borrower to reimburse the portion of such unreimbursed LC Disbursement funded by such
Revolving Lender shall be converted to, and shall be payable only in, Dollars (in an amount equal to the Dollar amount funded by such Revolving Lender as provided above) and shall not be discharged by paying an amount in any other currency. Interest
accrued on such unreimbursed LC Disbursement to and excluding the date of such payment by such Revolving Lender shall be for the account of the applicable Issuing Bank and be payable in the applicable Local Currency, but interest thereafter shall
accrue on the Dollar amount owed to such Revolving Lender and shall be payable in Dollars. 
  
 (l) Certain Notices by Issuing Banks. Each Issuing Bank that is not the same Person as the Person serving as the Administrative Agent shall notify the Administrative Agent of (i) the currency, amount (including
the Dollar Amount thereof in the case of Local Letters of Credit) and expiration date of each Letter of Credit issued by such Issuing Bank at or prior to the time of issuance thereof, (ii) any amendment or modification to any such Letter of Credit
at or prior to the time of such amendment or modification and (iii) any termination, surrender, cancelation or expiry of any such Letter of Credit at or prior to the time of such termination, surrender, cancelation or expiration. 
  

 28 

 (m) Extended Letters of Credit. The Borrower may request that an Issuing Bank allow one or more
Letters of Credit issued by it to expire later than permitted by Section 2.04(c). An Issuing Bank may agree to issue such Letters of Credit, provided that no such Letter of Credit shall expire later than the date that is one year after the date of
issuance. Any such Letter of Credit is referred to herein as an “Extended Letter of Credit”. The following provisions shall apply to any Extended Letter of Credit, notwithstanding any contrary provision set forth in this Agreement.

  
 (i) The participations of each Lender in each
Extended Letter of Credit shall terminate at the close of business on the date that is five Business Days prior to the Maturity Date, with the effect that the Lenders shall not have any obligations to acquire participations in any LC Disbursement
made thereafter (other than in respect of demands for drawings submitted prior to such termination). 
  
 (ii) On or before the fifth Business Day before the Revolving Maturity Date, the Borrower shall deposit with each Issuing Bank that shall
have issued any Extended Letter of Credit then outstanding an amount in cash equal to 105% of the LC Exposure as of such date attributable to the outstanding Extended Letters of Credit issued by such Issuing Bank. Such deposits of cash collateral
shall be made in the respective amounts and currencies that correspond to the amounts and currencies of the LC Exposure in respect of each Extended Letter of Credit. Each such deposit shall be held by the applicable Issuing Bank as collateral for
the obligations of the Borrower in respect of such Extended Letters of Credit. If an Issuing Bank notifies the Administrative Agent that the Borrower has failed to make such deposit of cash collateral with such Issuing Bank when due, the
Administrative Agent shall notify each Lender of the amount equal to 105% of the LC Exposure attributable to such Issuing Bank’s Extended Letters of Credit, the deposit of cash collateral then due from the Borrower in respect thereof and such
Lender’s Applicable Percentage thereof. Promptly following receipt of such notice, each Lender shall pay to the Administrative Agent an amount in Dollars equal to its Applicable Percentage of the deposit of cash collateral then due from the
Borrower, in the same manner as provided in Section 2.05 with respect to Revolving Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent
shall promptly pay to the relevant Issuing Bank the amounts so received by it from the Lenders, to be held as cash collateral as provided herein; provided that (A) no Lender shall be required to make any such payment to the extent that such
payment would result in such Lender’s Revolving Exposure exceeding such Lender’s Revolving Commitment and (B) a Lender shall be relieved of its participation in any Extended Letters of Credit to the extent of any payments made by it under
this paragraph to fund deposits of cash collateral securing such Extended Letters of Credit and accordingly its LC Exposure shall be reduced to the extent of such payment and such reduction shall 
  

 29 

 be taken into account in determining the limitation on a Lender’s obligation to fund as described in
clause (A) of this proviso. Any amounts so received by an Issuing Bank in Dollars that secure any Local Letters of Credit may, in the discretion of such Issuing Bank, be converted by it to the Local Currency in which such Local Letter of Credit is
denominated. Any payment made by a Lender pursuant to this paragraph to fund deposits of cash collateral shall constitute an ABR Loan for all purposes of this Agreement. The Borrower hereby consents to the foregoing and agrees that the amounts paid
by a Lender pursuant to this paragraph to fund deposits of cash collateral shall constitute ABR Loans due on the Revolving Maturity Date. 
  
 (iii) The applicable Issuing Bank shall have exclusive dominion and control, including the exclusive right of withdrawal, over the
collateral account in which it holds amounts deposited with it pursuant to sub-paragraph (ii) above. Other than any interest earned on the investment of such deposits, which investments shall be made at the option and sole discretion of the
applicable Issuing Bank and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such account. Moneys in such account shall be applied by the applicable
Issuing Bank to reimburse LC Disbursements in respect of such Extended Letters of Credit for which such Issuing Bank has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the obligations of the Borrower
owed to such Issuing Bank hereunder. If any Extended Letter of Credit expires or is terminated, then within three Business Days thereafter the relevant Issuing Bank shall return to the Borrower cash collateral then held attributable to such Extended
Letter of Credit (after deducting therefrom any amounts owed to such Issuing Bank by the Borrower that are then due). 
  
 (iv) After the close of business on the date that is five Business Days prior to the Maturity Date, the fees that would have accrued
pursuant to clause (i) of Section 2.10(b) (if the participations of the Lenders in the Extended Letters of Credit had not terminated) shall continue to accrue on the LC Exposure in respect of each Extended Letter of Credit and shall be payable to
the applicable Issuing Bank for its own account. 
  
 SECTION
2.05. Funding of Revolving Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m., New York City time, to the account of the
Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in Section 2.19. The Administrative Agent will make such Loans available to the Borrower by
promptly crediting the amounts so received, in like funds, to an account of the Borrower maintained with the Administrative Agent in New York City and designated by the Borrower in the applicable Borrowing Request; provided that ABR Revolving
Loans made to finance the reimbursement of an LC Disbursement as provided in Section 2.04(e) shall be remitted by the Administrative Agent to the applicable Issuing Bank. 
  

 30 

 (b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date
of any Borrowing that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with
paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative
Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the
Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules
on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such
Borrowing. 
  
 SECTION 2.06. Interest Elections. (a) Each
Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may
elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options
with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Revolving Loans comprising such Borrowing, and the Revolving Loans comprising each such portion
shall be considered a separate Borrowing. This Section shall not apply to Swingline Borrowings, which may not be converted or continued. 
  
 (b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time that a
Borrowing Request would be required under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such telephonic Interest Election Request
shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the Borrower. 
  
 (c) Each telephonic and written Interest Election Request shall specify the
following information in compliance with Section 2.02: 
  
 (i) the Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the
information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing); 
  

 31 

 (ii) the effective date of the election made pursuant to such Interest Election Request,
which shall be a Business Day; 
  
 (iii) whether
the resulting Borrowing is to be an ABR Borrowing or a Eurodollar Borrowing; and 
  
 (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period”. 
  
 If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration.

  
 (d) Promptly following receipt of an Interest Election
Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing. 
  
 (e) If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurodollar Revolving Borrowing prior to the end of the Interest
Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be converted to an ABR Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has
occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted to or continued as
a Eurodollar Revolving Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto. 
  
 SECTION 2.07. Termination and Reduction of Revolving Commitments. (a) Unless previously terminated, the Revolving
Commitments shall terminate on the Revolving Maturity Date. 
  
 (b) The Borrower may at any time terminate, or from time to time reduce, the Revolving Commitments; provided that (i) each reduction of the Revolving Commitments shall be in an amount that is an integral multiple of $1,000,000 and
not less than $5,000,000 and (ii) the Borrower shall not terminate or reduce the Revolving Commitments if, after giving effect to any concurrent prepayment of the Revolving Loans in accordance with Section 2.09, the sum of the total Revolving
Exposures would exceed the total Revolving Commitments. 
  
 (c)
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Revolving Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction,
specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall
be irrevocable; provided that a notice of termination of the Revolving Commitments delivered by the 
  

 32 

 Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such
notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Revolving Commitments shall be permanent. Each
reduction of the Revolving Commitments shall be made ratably among the Lenders in accordance with their respective Revolving Commitments. 
  
 SECTION 2.08. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the
account of each Lender the then unpaid principal amount of each Revolving Loan owed by the Borrower to such Lender on the Revolving Maturity Date and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier
of the Revolving Maturity Date and the first date after such Swingline Loan is made that is the 15th or last day of a calendar month and is at least two Business Days after such Swingline Loan is made; provided that on each date that a
Revolving Borrowing is made, the Borrower shall repay all Swingline Loans that were outstanding on the date such Borrowing was requested. 
  
 (b) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 
  
 (c) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and the
Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder
for the account of the Lenders and each Lender’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure
of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 
  
 (e) Any Lender may request that Loans made by it be evidenced by a
promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved
by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in such form payable to
the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 
  

 33 

 SECTION 2.09. Prepayment of Loans. (a) The Borrower shall have the right at any time and from time
to time to prepay any Borrowing in whole or in part, subject to the requirements of this Section. 
  
 (b) In the event and on each occasion that the sum of the Revolving Exposures exceeds the total Revolving Commitments, the Borrower shall prepay
Revolving Borrowings or Swingline Borrowings (or, if no such Borrowings are outstanding, deposit cash collateral in an account with the Administrative Agent pursuant to Section 2.04(j)) in an aggregate amount equal to such excess. 
  
 (c) Prior to any optional prepayment of Borrowings hereunder, the relevant
Borrower shall select the Borrowing or Borrowings to be prepaid and shall specify such selection in the notice of such prepayment pursuant to paragraph (d) of this Section. 
  
 (d) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Revolving Borrowing, not later than 1:00 p.m., New York City time, three Business Days before the date of prepayment, (ii) in the
case of prepayment of an ABR Revolving Borrowing, not later than 1:00 p.m., New York City time, on the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 1:00 p.m., New York City time, on the date of
prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of optional prepayment is given in connection with
a conditional notice of termination of the Revolving Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.07. Promptly following receipt of
any such notice (other than a notice relating solely to Swingline Loans), the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in
the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall be applied ratably to the Revolving Loans included in the prepaid Revolving Borrowing. Prepayments shall be
accompanied by accrued interest to the extent required by Section 2.11. 
  
 SECTION 2.10. Fees. (a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee, which shall accrue at the rate of 0.375% per annum on the average daily unused amount of the Revolving
Commitment of such Lender during the period from and including the Effective Date to but excluding the date on which such Revolving Commitment terminates; provided that a Defaulting Lender will not be entitled to receive such fee for any
period that it is a Defaulting Lender. Accrued commitment fees shall be payable in arrears on the date on which the Revolving Commitments terminate. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for
the actual number of days elapsed (including the first day but excluding the last day). For purposes of computing commitment fees, a Revolving Commitment of a Lender shall be 
  

 34 

 deemed to be used to the extent of the outstanding Revolving Loans and LC Exposure of such Lender (and the Swingline
Exposure of such Lender shall be disregarded for such purpose). 
  
 (b) The Borrower agrees to pay (i) to the Administrative Agent for the account of each Lender a participation fee with respect to its participations in Letters of Credit, which shall accrue at the rate of 1.25% per annum on the average
daily amount of such Lender’s LC Exposure (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s
Revolving Commitment terminates and the date on which such Lender ceases to have any LC Exposure; provided that a Defaulting Lender shall not be entitled to receive such fee for any period that it is a Defaulting Lender, and (ii) to each
Issuing Bank a fronting fee, which shall accrue at the rate or rates per annum separately agreed upon between the Borrower and such Issuing Bank on the average daily amount of the LC Exposure attributable to Letters of Credit issued by such Issuing
Bank (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date of termination of the Revolving Commitments and the date on which there
ceases to be any LC Exposure attributable to Letters of Credit issued by such Issuing Bank, as well as such Issuing Bank’s standard fees with respect to the issuance, amendment, renewal or extension of any Letter of Credit issued by it or
processing of drawings thereunder. Participation fees and fronting fees shall be payable on the date on which the Revolving Commitments terminate and any such fees accruing after the date on which the Revolving Commitments terminate shall be payable
on demand. Any other fees payable to an Issuing Bank pursuant to this paragraph shall be payable within 10 days after demand. All participation fees and fronting fees shall be computed on the basis of a year of 360 days and shall be payable for the
actual number of days elapsed (including the first day but excluding the last day). All such fees shall be payable in Dollars. 
  
 (c) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon
between the Borrower and the Administrative Agent. 
  
 (d) All
fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent (or to the applicable Issuing Bank, in the case of fees payable to it) for distribution, in the case of commitment fees and
participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any circumstances. 
  
 SECTION 2.11. Interest. (a) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at the Alternate Base Rate
plus the Applicable Rate. 
  
 (b) The Revolving Loans comprising
each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such Borrowing plus the Applicable Rate. 
  

 35 

 (c) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other
amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of
overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in the case of any other amount, 2% plus the rate applicable to ABR Revolving Loans as provided in
paragraph (a) of this Section. 
  
 (d) Accrued interest on each
Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the Revolving Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in
the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Revolving Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of
such repayment or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion.

  
 (e) All interest hereunder shall be computed on the basis of
a year of 360 days, except that interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each
case shall be payable for the actual number of days elapsed (including the first day but excluding the last day). The applicable Alternate Base Rate or Adjusted LIBO Rate shall be determined by the Administrative Agent, and such determination shall
be conclusive absent manifest error. 
  
 SECTION 2.12.
Alternate Rate of Interest. If prior to the commencement of any Interest Period for a Eurodollar Borrowing: 
  
 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and reasonable means
do not exist for ascertaining the Adjusted LIBO Rate for such Interest Period; or 
  
 (b) the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate for such Interest Period will not adequately
and fairly reflect the cost to such Lenders of making or maintaining their Revolving Loans included in such Borrowing for such Interest Period; 
  
 then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the
Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any
Revolving Borrowing as, a Eurodollar Borrowing shall be ineffective and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
  

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 Each Lender shall give notice to the Administrative Agent by telephone or telecopy as promptly as
practicable after determining that the circumstances referred to in paragraph (b) above applicable to such Lender no longer exist, and the Administrative Agent shall give notice to the Borrower and the Lenders by telephone or telecopy as promptly as
practicable after the Administrative Agent determines (which determination shall be conclusive absent manifest error) that the circumstances giving rise to any notice given by the Administrative Agent pursuant to the preceding sentence no longer
exist. 
  
 SECTION 2.13. Increased Costs. (a) If any Change
in Law shall: 
  
 (i) impose, modify or deem
applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate) or any Issuing Bank;
or 
  
 (ii) impose on any Lender or any Issuing
Bank or the London interbank market any other condition affecting this Agreement or Eurodollar Loans made by such Lender or any Letter of Credit or participation therein; 
  
 and the result of any of the foregoing shall be to increase the cost to such Lender of making or maintaining any Eurodollar Loan (or of
maintaining its obligation to make any such Loan) or to increase the cost to such Lender or such Issuing Bank of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Lender
or such Issuing Bank hereunder (whether of principal, interest or otherwise), then the Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank
(without duplication of any amounts paid to such Lender pursuant to Section 2.15), as the case may be, for such additional costs incurred or reduction suffered. 
  

(b) If any Lender or any Issuing Bank determines that any Change in Law regarding capital requirements has or would have the effect of reducing the
rate of return on such Lender’s or such Issuing Bank’s capital or on the capital of such Lender’s or such Issuing Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by, or participations in
Letters of Credit held by, such Lender, or the Letters of Credit issued by such Issuing Bank, to a level below that which such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company could have achieved but for
such Change in Law (taking into consideration such Lender’s or such Issuing Bank’s policies and the policies of such Lender’s or such Issuing Bank’s holding company with respect to capital adequacy), then from time to time the
Borrower will pay to such Lender or such Issuing Bank, as the case may be, such additional amount or amounts as will compensate such Lender or such Issuing Bank or such Lender’s or such Issuing Bank’s holding company for any such reduction
suffered. 
  

 37 

 (c) A certificate of a Lender or an Issuing Bank setting forth in reasonable detail the amount or
amounts necessary to compensate such Lender or such Issuing Bank or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The
Borrower shall pay such Lender or such Issuing Bank, as the case may be, the amount shown as due on any such certificate within 10 days after receipt thereof. 
  

(d) Failure or delay on the part of any Lender or any Issuing Bank to demand compensation pursuant to this Section shall not constitute a waiver of
such Lender’s or such Issuing Bank’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender or an Issuing Bank pursuant to this Section for any increased costs or reductions
incurred more than 180 days prior to the date that such Lender or such Issuing Bank, as the case may be, notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s or such Issuing
Bank’s intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 180-day period referred to above shall be extended to include
the period of retroactive effect thereof. 
  
 SECTION 2.14.
Break Funding Payments. In the event of (a) the payment (including any prepayment) of any principal of any Eurodollar Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default), (b)
the conversion of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Revolving Loan on the date specified in any notice delivered pursuant hereto
(regardless of whether such notice may be revoked under Section 2.09(d) and is revoked in accordance therewith), or (d) the assignment of any Eurodollar Loan other than on the last day of the Interest Period applicable thereto as a result of a
request by the Borrower pursuant to Section 2.17, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. In the case of a Eurodollar Loan, such loss, cost or expense to any
Lender shall be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that
would have been applicable to such Loan, for the period from the date of such event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest which would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the commencement of such period, for dollar deposits of
a comparable amount and period from other banks in the eurodollar market. A certificate of any Lender setting forth in reasonable detail any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the
Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof. 
  

 38 

 Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not
constitute a waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate a Lender pursuant to this Section for any loss, cost or expense incurred more than 180 days prior to
the date that such Lender notifies the Borrower of the loss, cost or expense and of such Lender’s intention to claim compensation therefor. 
  
 SECTION 2.15. Taxes. (a) Any and all payments by or on account of any obligation of the Borrower hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any Indemnified Taxes or Other Taxes; provided that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be
increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the Agent, Lender or Issuing Bank (as the case may be) receives an amount equal to the sum it would
have received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant
Governmental Authority in accordance with applicable law. 
  
 (c)
The Borrower shall indemnify each Agent, each Lender and each Issuing Bank, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by such Agent or such Lender or such Issuing Bank, as the case
may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder or under any other Loan Document (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this
Section but excluding Indemnified Taxes or Other Taxes to the extent resulted from the gross negligence, bad faith or wilful misconduct of the Agents, such Lender or the Issuing Banks, as applicable) and any penalties, interest and reasonable
expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate in reasonable detail as to the amount of
such payment or liability delivered to the Borrower by a Lender, or an Issuing Bank, or by the Administrative Agent on its own behalf or on behalf of a Lender or an Issuing Bank, shall be conclusive absent manifest error. 
  
 (d) As soon as practicable after any payment of Indemnified Taxes or Other
Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting
such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
  
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the law of the jurisdiction in which the Borrower is

  

 39 

 located, or any treaty to which such jurisdiction is a party, with respect to payments under this Agreement shall deliver
to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the Borrower as will permit such
payments to be made without withholding or at a reduced rate, provided that such Foreign Lender has received written notice from the Borrower advising it of the availability of such exemption or reduction and supplying all applicable documentation.

  
 (f) If the Administrative Agent or any Lender, as the case
may be, determines, in its sole discretion, that it has received a refund of any Indemnified Taxes or Other Taxes (a “Tax Refund”), which in the reasonable good faith judgment of the Administrative Agent or such Lender, as the case
may be, is allocable to Taxes paid by the Borrower, it shall promptly pay such Tax Refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.15 with respect to the
Indemnified Taxes or Other Taxes giving rise to such refund) plus any interest payable thereon by the relevant Governmental Authority with respect to such refund, net of all out-of-pocket expenses of the Administrative Agent or such Lender incurred
in obtaining such Tax Refund; provided, however, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges
imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender if the Administrative Agent or such Lender is required to repay such refund to such Governmental Authority. Nothing contained in this Section 2.15(f) shall
require the Administrative Agent or any Lender to make available its tax returns (or any other information) to the Borrower or any other Person. 
  
 SECTION 2.16. Payments Generally; Pro Rata Treatment; Sharing of Setoffs. (a) The Borrower shall make each payment required to be made by it
hereunder or under any other Loan Document (whether of principal, interest, fees or reimbursement of LC Disbursements, or of amounts payable under Section 2.13, 2.14 or 2.15, or otherwise) prior to the time expressly required hereunder or under such
other Loan Document for such payment (or, if no such time is expressly required, prior to 1:00 p.m., New York City time or, in the case of an amount payable in a Local Currency, 1:00 p.m. local time at the place of payment), on the date when due, in
immediately available funds, without setoff or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent at its offices at 270 Park Avenue, New York, New York (or, in the case of payments in a Local Currency, such other location as provided below), except payments
to be made directly to an Issuing Bank or Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03 shall be made directly to the Persons entitled thereto and payments pursuant to other
Loan Documents shall be made to the Persons specified therein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any
payment under any Loan Document shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business 
  

 40 

 Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such
extension. All payments under each Loan Document shall be made in Dollars, except as expressly provided herein with respect to Local Letters of Credit. All payments to be made by the Borrower in a Local Currency pursuant to Section 2.04(k) shall be
made in such Local Currency in such funds as may then be customary for the settlement of international transactions in such Local Currency for the account of the Administrative Agent at such time and at such place as shall have been notified by the
Administrative Agent to the Borrower by not less than four Business Days’ notice. 
  
 (b) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such funds
shall be applied (i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal and unreimbursed LC Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
  
 (c) If any Lender shall, by exercising any right of setoff or counterclaim
or otherwise, obtain payment in respect of any principal of or interest on any of its Revolving Loans and participations in LC Disbursements or Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Revolving Loans or participations in LC Disbursements and Swingline Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such greater proportion shall purchase (for cash at face
value) participations in the Revolving Loans and participations in LC Disbursements and Swingline Loans of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the
aggregate amount of principal of and accrued interest on their respective Revolving Loans and participations in LC Disbursements and Swingline Loans; provided that (i) if any such participations are purchased and all or any portion of the
payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any
payment made by the Borrower pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC
Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The Borrower consents to the foregoing and agrees, to the extent it may
effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower rights of setoff and counterclaim with respect to such participation as fully as if such
Lender were a direct creditor of the Borrower in the amount of such participation. 
  

 41 

 (d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on
which any payment is due to the Administrative Agent for the account of the Lenders or an Issuing Bank hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date
in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or such Issuing Bank, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or such
Issuing Bank, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or Issuing Bank with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank
compensation. 
  
 (e) If any Lender shall fail to make any
payment required to be made by it pursuant to Section 2.04(d) or (e), 2.05(b), 2.16(d) or 9.03(c), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Administrative Agent for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
  
 SECTION 2.17. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under Section
2.13, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to file any certificate or document
reasonably requested by the Borrower or to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of
such Lender, such filing, designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and
would not otherwise be disadvantageous to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such filing, designation or assignment. 
  
 (b) If any Lender requests compensation under Section 2.13, or if the
Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15, or if any Lender defaults in its obligations to fund Loans hereunder, then the Borrower may, at its
sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 9.04), all its interests, rights
and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written consent
of the Administrative Agent, (and, if a Revolving Commitment is being assigned, the Issuing Banks and Swingline Lender), which consent shall not unreasonably be withheld, (ii) such Lender shall have received payment of an 
  

 42 

 amount equal to the outstanding principal of its Revolving Loans and participations in LC Disbursements and Swingline
Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (iii)
in the case of any such assignment resulting from a claim for compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result in a material reduction in such compensation or payments. A Lender
shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 

 
 SECTION 2.18. Currency Fluctuations. (a) Not later than 1:00 p.m.,
New York City time, on each Calculation Date (i) each Issuing Bank that has outstanding any Local Letter of Credit or LC Disbursement thereunder shall determine the Dollar Amount as of such Calculation Date of each outstanding Local Letter of Credit
issued by it or LC Disbursement thereunder, and such Issuing Bank shall notify the Administrative Agent and the Borrower of each Dollar Amount so determined and the relevant Spot Exchange Rate used by it to make such determination, and (ii) the
Administrative Agent shall give notice to the Revolving Lenders and the Borrower of the Spot Exchange Rates so determined. The Spot Exchange Rates so determined shall become effective on the first Business Day immediately following the relevant
Calculation Date (a “Reset Date”) and (subject to Section 2.04(k)) shall remain effective until the next succeeding Reset Date. 
  
 (b) Not later than 5:00 p.m., New York City time, on each Reset Date and the date of each Borrowing, if there are any Local Letters of Credit then
outstanding, the Administrative Agent shall (i) determine the Dollar Equivalent of Local Letters of Credit then outstanding and (ii) notify the Revolving Lenders and the Borrower of the results of such determination and of the resulting total
Revolving Exposures. 
  
 SECTION 2.19. Swingline Loans. (a)
Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in Dollars to the Borrower from time to time during the Revolving Availability Period, in an aggregate principal amount at any time outstanding
that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $10,000,000, or (ii) the total Revolving Exposure exceeding the total Revolving Commitments; provided that the Swingline Lender shall not be
required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline Loans. 
  
 (b) To request a Swingline Loan, the Borrower shall notify the
Administrative Agent of such request by telephone (confirmed by telecopy), not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which
shall be a Business Day) and amount of the requested Swingline Loan. The Administrative Agent will promptly advise the Swingline Lender of any such notice received from the Borrower. 
  

 43 

 The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit
account of the Borrower with the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an LC Disbursement as provided in Section 2.04(e), by remittance to the relevant Issuing Bank) by 3:00 p.m., New York City
time, on the requested date of such Swingline Loan. 
  
 (c) The
Swingline Lender may by written notice given to the Administrative Agent not later than 12:00 noon, New York City time, on any Business Day require the Revolving Lenders to acquire participations on such Business Day in all or a portion of the
Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Revolving Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Revolving
Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative
Agent, for the account of the Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Revolving Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this
paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without
any offset, abatement, withholding or reduction whatsoever. Each Revolving Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.05 with respect to
Revolving Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Revolving Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received
by it from the Revolving Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loans acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loans shall be made to the
Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a
sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Revolving Lenders that shall have made their
payments pursuant to this paragraph and to the Swingline Lender, as their interest may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

  
 ARTICLE III 
  
 Representations and Warranties 
  
 The Borrower represents and warrants to the Lenders that: 
  
 SECTION 3.01. Organization; Powers. Each of the Borrower and the
Cargill Subsidiaries (other than any Excluded Cargill Subsidiaries and the Argentina and 
  

 44 

 India Subsidiaries) is duly organized, validly existing and in good standing (to the extent such concept applies to such
entity) under the laws of the jurisdiction of its organization, has all requisite power and authority to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in, every jurisdiction where such qualification is required. 
  
 SECTION 3.02. Authorization; Enforceability. The Transactions to be entered into by each Loan Party are within such
Loan Party’s corporate powers and have been duly authorized by all necessary corporate and, if required, stockholder action. This Agreement has been duly executed and delivered by the Borrower and constitutes, and each other Loan Document to
which any Loan Party is to be a party, when executed and delivered by such Loan Party, will constitute, a legal, valid and binding obligation of the Borrower or such Loan Party (as the case may be), enforceable in accordance with its terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws affecting creditors’ rights generally and subject to general principles of equity, regardless of whether considered in a proceeding in equity or at law. 

 
 SECTION 3.03. Governmental Approvals; No Conflicts. Except as set
forth in Schedule 3.03, the Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority, except (i) such as have been obtained or made and are in full force and effect,
(ii) filings necessary to perfect Liens created under the Loan Documents, (iii) other consents, approvals, registrations and filings the failure to obtain which would not reasonably be expected (individually or in the aggregate) to have a Material
Adverse Effect and (iv) consents, approvals, registrations, filings or any other actions required in connection with the Business Combination which are not yet required to have been obtained but which the Borrower reasonably believes will be
obtained by the date such consent, approval, registration, filing or other action is required (“Pending Consents”), (b) will not violate in any material respect any applicable law or regulation or the charter, by-laws or other
organizational documents of the Borrower or any of its Subsidiaries or any order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, agreement or other instrument binding upon the Borrower or any
of its Subsidiaries or their assets, or give rise to a right thereunder to require any payment to be made by the Borrower or any of the Subsidiaries, except for the Change of Control Offers, and (d) will not result in the creation or imposition of
(or any requirement to create or impose) any Lien on any asset of the Borrower or any of the Subsidiaries, except Liens created under the Loan Documents. 
  
 SECTION 3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders consolidated balance sheet
and statements of income, stockholders equity and cash flows (i) for IMC Global, (A) as of and for the fiscal year ended December 31, 2003, reported on by Ernst & Young LLP, independent public accountants, and (B) as of and for the fiscal
quarter and the portion of the fiscal year ended June 30, 2004, certified on behalf of IMC Global by a Financial Officer and (ii) for the Cargill Fertilizer Businesses, (A) as of and for the fiscal year ended May 31, 2004, reported on by KPMG LLP,
independent public accountants, and 
  

 45 

 (B) if available, as of and for the fiscal quarter and the portion of the fiscal year ended August 31, 2004, certified on
behalf of the Borrower by a Financial Officer. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of IMC Global and the Cargill Fertilizer Businesses, respectively, and
their consolidated Subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clauses (i)(B) and (ii) (B) above.

  
 (b) Except as disclosed in the financial statements referred
to above or the notes thereto and except for the Disclosed Matters, none of the Borrower or its Subsidiaries has, as of the Effective Date, any material contingent liabilities or material unrealized losses. 
  
 (c) There has been no material adverse change in or affecting the business,
assets, operations or financial condition of the Borrower, IMC Global, the Cargill Fertilizer Businesses and their respective subsidiaries, taken as a whole, as compared to their combined business, assets, operations and financial condition
determined based upon (i) in the case of IMC Global and its subsidiaries, their business, assets, operations and financial condition as of December 31, 2003, and (ii) in the case of the Cargill Fertilizer Businesses (including subsidiaries forming a
part thereof), their business, assets, operations and financial condition as of May 31, 2004. 
  
 SECTION 3.05. Properties. (a) Each of the Borrower and its Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property material to its business, except for minor defects
in title that do not interfere with its ability to conduct its business as currently conducted or to utilize such properties for their intended purposes. 
  
 (b) Each of the Borrower and its Subsidiaries owns, or is licensed to use, all trademarks, tradenames, copyrights, patents and other intellectual
property material to its business, and the use thereof by the Borrower and its Subsidiaries does not infringe upon the rights of any other Person, except for any such infringements that, individually or in the aggregate, would not reasonably be
expected to result in a Material Adverse Effect. 
  
 SECTION 3.06.
Litigation and Environmental Matters. (a) There are no actions, suits or proceedings by or before any arbitrator or Governmental Authority pending against or, to the knowledge of the Borrower, threatened against or affecting the Borrower or
any of its Subsidiaries (i) as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect (other
than the Disclosed Matters), (ii) which seek to prevent, enjoin or delay consummation of the Business Combination, or impose burdensome conditions to the Business Combination (other than the shareholder litigation described in the proxy statement
dated September 17, 2004, filed with the Securities and Exchange Commission in connection with the Business Combination), or (iii) that involve any of the Loan Documents. 
  

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 (b) Except for the Disclosed Matters and except with respect to any other matters that, individually or
in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (i) neither the Borrower nor any of its Subsidiaries has failed to comply with any Environmental Law or to obtain, maintain or comply with any permit, license
or other approval required under any Environmental Law, (ii) there are no pending, or to the knowledge of the Borrower, threatened claims, actions, suits, proceedings or investigations arising under Environmental Laws (“Environmental
Claims”) against or affecting the Borrower or any Subsidiary, and (iii) to the knowledge of the Borrower, there are no facts, circumstances or conditions which would reasonably be expected to form the basis for an Environmental Claim
against the Borrower or any Subsidiary. 
  
 SECTION 3.07.
Compliance with Laws and Agreements. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations and orders of any Governmental Authority applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect or where the necessity of compliance therewith is being
contested in good faith by appropriate proceedings and the failure to comply therewith pending such contest would not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 
  
 SECTION 3.08. Investment and Holding Company Status. Neither the
Borrower nor any of its Subsidiaries is (a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the
Public Utility Holding Company Act of 1935. 
  
 SECTION 3.09.
Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all Tax returns and reports required to have been filed and has paid or caused to be paid all Taxes required to have been paid by it, except (a) any Taxes
that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves or (b) to the extent that the failure to do so would not reasonably be
expected to result in a Material Adverse Effect. 
  
 SECTION 3.10.
ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other such ERISA Events for which liability is reasonably expected to occur, would reasonably be expected to result in a Material Adverse
Effect. The present value of all accumulated benefit obligations under each Plan (based on the assumptions used for purposes of calculating the Borrower’s financial statements) did not, as of the date of the most recent financial statements
reflecting such amounts, exceed by more than $80,000,000 the fair market value of the assets of such Plan, and the present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions used for purposes of
calculating the Borrower’s financial statements) did not, as of the date of the most recent financial statements reflecting such amounts, exceed by more than $125,000,000 the fair market 
  

 47 

 value of the assets of all such underfunded Plans. The Borrower has no contingent liability with respect to
post-retirement benefits provided by the Borrower or any of its Subsidiaries, other than (i) a liability for the continuation of coverage described in Part 6 of Subtitle B of Title I of ERISA and (ii) liabilities which will not, individually or in
the aggregate, exceed $350,000,000. Neither the Borrower nor any of its Subsidiaries would reasonably be expected to incur a Withdrawal Liability in excess of $20,000,000. 
  
 SECTION 3.11. Disclosure. Neither the IMC Debt Consent Solicitation nor any of the other reports, financial
statements, certificates and other written information furnished by or on behalf of any Loan Party to any Agent or to the initial Lenders in connection with the negotiation of this Agreement or any other Loan Document or delivered hereunder or
thereunder (as modified or supplemented by other information so furnished) on or prior to the Effective Date, when taken as a whole as of the Effective Date, nor any of the reports, financial statements, certificates and other information required
to be furnished pursuant to Article V hereof after the Effective Date, as of the date furnished, contains any material misstatement of fact or omits to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided that, with respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to be
reasonable at the time (it being understood that the projected financial information is subject to significant uncertainties and contingencies, many of which are beyond the Borrower’s control, that the Borrower gives no assurance such
projections will be realized and that actual results may differ from those in the projected financial information and such differences may be material). 
  
 SECTION 3.12. Subsidiaries. Schedule 3.12 sets forth, in each case as of the Effective Date, the name of each Cargill Subsidiary (and, in the case
of each such Subsidiary that is a Subsidiary Loan Party, the jurisdiction of organization of, and the ownership interest of the Borrower in, each such Subsidiary) and sets forth with respect to each such Cargill Subsidiary whether or not it is (a) a
Subsidiary Loan Party, (b) a Foreign Subsidiary or (c) an Excluded Cargill Subsidiary. 
  
 SECTION 3.13. Insurance. Schedule 3.13 sets forth a description of all insurance maintained by or on behalf of the Borrower and the Cargill Subsidiaries as of the Effective Date. As of the Effective Date, all
premiums due and payable in respect of such insurance have been paid. The Borrower believes that the insurance maintained by or on behalf of itself and its Subsidiaries is adequate. 
  
 SECTION 3.14. Labor Matters. As of the Effective Date, there are no strikes, lockouts or slowdowns against the
Borrower or any Subsidiary pending or, to the knowledge of the Borrower, threatened, except as would not reasonably be expected to have a Material Adverse Effect. The hours worked by and payments made to employees of the Borrower and the
Subsidiaries have not been in violation of the Fair Labor Standards Act or any other applicable Federal, state, local or foreign law dealing with such matters, except as would not reasonably be expected to have a Material Adverse Effect. All
payments due from the Borrower or any Subsidiary, or for which any claim may be made against the Borrower or any Subsidiary, on account of wages and employee 
  

 48 

 health and welfare insurance and other benefits, have been paid or accrued as a liability on the books of the Borrower or
such Subsidiary, except as would not reasonably be expected to have a Material Adverse Effect. The consummation of the Transactions will not give rise to any right of termination or right of renegotiation on the part of any union under any
collective bargaining agreement to which the Borrower or any Subsidiary is bound. 
  
 SECTION 3.15. Solvency. Immediately following the making of each Loan made on the Effective Date and after giving effect to the application of the proceeds of such Loans (taking into account each Loan
Party’s rights and obligations under the Indemnity, Subrogation and Contribution Agreement), (a) the fair value of the assets of each Loan Party, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise;
(b) the present fair saleable value of the property of each Loan Party will be greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and
other liabilities become absolute and matured; (c) each Loan Party will be able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) each Loan Party will not have
unreasonably small capital with which to conduct the business in which it is engaged as such business is now conducted and is proposed to be conducted following the Effective Date. 
  
 SECTION 3.16. Pledge Agreement. The Pledge Agreement is effective to create in favor of the Collateral Agent a legal,
valid and enforceable security interest in the Collateral (as defined in the Pledge Agreement) and, such security interest is perfected to the extent required by (and has the priority required by) the Pledge Agreement. 
  
 SECTION 3.17. Existing IMC Credit Agreement. The representations
contained in the Existing IMC Credit Agreement are true and correct in all material respects (except any such representation or warranty that expressly relates to or is made expressly as of a specific earlier date, in which case such representation
or warranty was true and correct in all material respects with respect to or as of such specific earlier date). 
  
 ARTICLE IV 
  
 Conditions 
  
 SECTION 4.01. Effective
Date. The obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with
Section 9.02): 
  
 (a) The Administrative Agent
(or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence reasonably satisfactory to the Administrative Agent (which may include telecopy
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 
  

 49 

 (b) The Administrative Agent shall have received a favorable written opinion (addressed
to the Agents and the Lenders and dated the Effective Date) of each of (i) Sidley Austin Brown & Wood LLP, U.S. counsel for the Borrower, substantially in the form of Exhibit B-1, and (ii) Richard Mack, Esq., counsel for the Loan Parties,
substantially in the form of Exhibit B-2 and, in the case of each such opinion required by this paragraph, covering such other matters relating to the Loan Parties, the Loan Documents or the Transactions as the Administrative Agent or the Required
Lenders shall reasonably request. The Borrower hereby requests such counsel to deliver such opinions. 
  
 (c) The Administrative Agent shall have received such documents and certificates as the Administrative Agent or its counsel may reasonably
request relating to the organization, existence and good standing of each Loan Party, the authorization of the Transactions and any other legal matters relating to the Loan Parties, the Loan Documents or the Transactions, all in form and substance
reasonably satisfactory to the Administrative Agent and its counsel. 
  
 (d) The Administrative Agent shall have received a certificate, dated the Effective Date and signed on behalf of the Borrower by the President, a Vice President or a Financial Officer of the Borrower, confirming
compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 
  
 (e) The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel) required to be reimbursed or paid by any Loan Party hereunder or under any other Loan Document.

  
 (f) The Collateral and Guarantee Requirement
shall have been satisfied and the Agents shall have received a completed Perfection Certificate dated the Effective Date and signed on behalf of the Borrower by an executive officer or Financial Officer of the Borrower, together with all attachments
contemplated thereby, including the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the jurisdictions contemplated by the Perfection Certificate and copies of the financing
statements (or similar documents) disclosed by such search and evidence reasonably satisfactory to the Agents that the Liens indicated by such financing statements (or similar documents) are permitted by Section 6.02 or have been released.

  
 (g) The Administrative Agent shall have
received evidence that the insurance required by Section 5.06 is in effect. 
  
 (h) All consents and approvals required to be obtained from any Governmental Authority or other Person in connection with the Transactions shall have been obtained, other than those consents or approvals required in
order to effect the IMC Debt Amendments and, to the extent applicable, the Pending Consents. 
  

 50 

 (i) The terms and conditions of all material agreements and transactions to be entered
into in connection with the Business Combination (to the extent not expressly provided for in the Merger Agreement) shall be reasonably satisfactory in all material respects to the Administrative Agent. The proposed terms and conditions of the IMC
Debt Amendments and all material agreements proposed to be entered into in connection therewith shall be reasonably satisfactory in all material respects to the Administrative Agent. Except for the IMC Debt Amendments, the Transactions shall have
been consummated or shall be consummated on the Effective Date in accordance with applicable law and in accordance in all material respects with the Merger Agreement and other agreements relating thereto (without giving effect to any amendments or
waivers to or of the Merger Agreement or such other agreements, except any such amendments or waivers with respect to which notice has been provided to the Administrative Agent at least one Business Day prior to the date of execution and delivery of
this Agreement). 
  
 (j) The Administrative Agent
shall have received (i) audited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows for each of IMC Global and the Cargill Fertilizer Businesses for the three most recently completed fiscal years
and (ii) unaudited consolidated balance sheets and related statements of income, stockholders’ equity and cash flows of IMC Global for the fiscal quarter ended June 30, 2004, and, if available, of the Cargill Fertilizer Businesses for the
fiscal quarter ended August 31, 2004 (and comparable periods for the prior fiscal year), which financial statements described in clauses (i) and (ii) shall not be materially inconsistent with the financial statements provided to the Administrative
Agent prior to the execution and delivery of this Agreement. 
  
 (k) The Administrative Agent shall have received a pro forma combined consolidated and consolidating balance sheet of the Borrower as of May 31, 2004, after giving effect to the Transactions and the other transactions
contemplated hereby as if they had occurred on such date, which balance sheet shall not be materially inconsistent with the forecasts provided to the Administrative Agent prior to the execution and delivery of this Agreement. 
  
 (l) The Administrative Agent shall be reasonably satisfied
as to the amount and nature of any material contingent liabilities (including but not limited to Environmental Liabilities and employee health and safety exposures) to which the Borrower and its Subsidiaries may be subject after giving effect to the
Transactions, and with the plans of the Borrower and its Subsidiaries with respect thereto. 
  
 (m) All requisite material Governmental Authorities and third parties shall have approved or consented to the Transactions (other than
those approvals or consents required in order to effect the IMC Debt Amendments and, to the extent applicable, the Pending Consents) and the other transactions contemplated hereby to the extent required, all applicable waiting or appeal periods
(including any 
  

 51 

 extensions thereof) shall have expired and there shall be no governmental or judicial action, actual or
threatened, that could reasonably be expected to restrain, prevent or impose material burdensome conditions on the Transactions or the other transactions contemplated hereby. 
  
 (n) After giving effect to the Transactions, the Borrower and its Subsidiaries shall not have any
Indebtedness except (i) Indebtedness incurred under this Agreement, (ii) Indebtedness under the Existing IMC Credit Agreement, (iii) Indebtedness of the IMC Subsidiaries outstanding immediately prior to the Effective Date that is permitted by the
Existing IMC Credit Agreement and (iv) the Indebtedness identified in Schedule 6.01. 
  
 (o) The Administrative Agent shall have received all documentation and other information requested by it to satisfy the requirements of
bank regulatory authorities under applicable “know your customer” and anti money laundering rules and regulations, including the USA Patriot Act. 
  
 (p) The Existing IMC Credit Agreement shall have been amended to permit the Business Combination and any related transactions, and the
terms and conditions of such amendments and all agreements entered into in connection therewith shall be reasonably satisfactory in all material respects to the Administrative Agent. 
  
 (q) The Lenders shall be reasonably satisfied with the Borrower’s liquidity as of the Effective Date,
taking into account current assets and current liabilities, in light of any likely working capital adjustment which may be required to be paid by the Borrower to Cargill as contemplated by the Merger Agreement. 
  
 The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding. Notwithstanding the foregoing, the obligations of the Lenders to make Loans and of the Issuing Banks to issue Letters of Credit hereunder shall not become effective unless each of the
foregoing conditions is satisfied (or waived pursuant to Section 9.02) at or prior to 6:00 p.m., New York City time, on October 22, 2004, and, in the event such conditions are not so satisfied or waived, the Revolving Commitments shall terminate at
such time. 
  
 SECTION 4.02. Each Credit Event. The
obligation of each Lender to make a Loan on the occasion of any Borrowing, and of any Issuing Bank to issue, amend, renew or extend any Letter of Credit, is subject to receipt of the request therefor in accordance herewith and to the satisfaction of
the following conditions: 
  
 (a) The
representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of
Credit, as applicable (except any such representation or warranty that expressly relates to or is made expressly as of a specific earlier date, in which case such representation or warranty shall be true and correct in all material respects with
respect to or as of such specific earlier date). 
  

 52 

 (b) At the time of and immediately after giving effect to such Borrowing or the issuance,
amendment, renewal or extension of such Letter of Credit, as applicable, no Default shall have occurred and be continuing. 
  
 Each Borrowing and each issuance, amendment, renewal or extension of a Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the
date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 
  
 ARTICLE V 
  
 Affirmative
Covenants 
  
 Until the Revolving Commitments have expired or
been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower
covenants and agrees with the Lenders that: 
  
 SECTION 5.01.
Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent (and promptly following receipt thereof, the Administrative Agent will furnish to each Lender): 
  
 (a) promptly when available and in any event within 95 days
after the end of each fiscal year of the Borrower, its audited consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting forth in each case in comparative
form the figures for the previous fiscal year, all reported on by one or more independent public accountants of recognized national standing (without a “going concern” or like qualification or exception and without any qualification or
exception as to the scope of such audit, except that, if different components of such consolidated financial statements are separately audited by different independent public accountants, then the audit report of any such accountants may contain a
qualification or exception as to the scope of such audit insofar as it is limited to the specified component of such consolidated financial statements, provided that all components of such consolidated financial statements are audited and
reported on) to the effect that such consolidated financial statements present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance
with GAAP; 
  
 (b) promptly when available and in
any event within 50 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, its consolidated balance sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and
for such fiscal quarter and the then 
  

 53 

 elapsed portion of the fiscal year, setting forth in each case in comparative form the figures for the
corresponding period or periods of (or, in the case of the balance sheet, as of the end of) the previous fiscal year, all certified on behalf of the Borrower by one of its Financial Officers as presenting fairly in all material respects the
financial condition and results of operations of the Borrower and its consolidated Subsidiaries on a consolidated basis in accordance with GAAP, subject to normal year-end audit adjustments and the absence of footnotes; 
  
 (c) concurrently with any delivery of financial statements
under clause(a) or (b) above, a certificate on behalf of the Borrower of a Financial Officer of the Borrower certifying as to whether a Default has occurred and, if a Default has occurred, specifying the details thereof and any action taken or
proposed to be taken with respect thereto; 
  
 (d) promptly after the same become publicly available, copies of all periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any Governmental
Authority succeeding to any or all of the functions of said Commission, or with any national securities exchange, or distributed by the Borrower to its shareholders generally, as the case may be; and 
  
 (e) promptly following any request therefor, such other
information regarding the operations, business affairs and financial condition of the Borrower or any Subsidiary, or compliance with the terms of any Loan Document, as the Administrative Agent or any Lender may reasonably request. 
  
 Any report, proxy statements or other material required to be delivered pursuant to clause
(d) of this Section shall be deemed to have been furnished to each of the Administrative Agent and the Lenders on the date that such report, proxy statement or other material is posted on the Securities and Exchange Commission’s website at
www.sec.gov; provided that the Borrower will furnish paper copies of such reports, proxy statements and materials to any Lender that requests, by notice to the Borrower, that the Borrower do so, until the Borrower receives notice from such
Lender to cease delivering such paper copies. 
  
 SECTION 5.02.
Notices of Material Events. The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the following: 
  
 (a) the occurrence of any Default (or any “Default” under, and as defined in, the Existing IMC Credit Agreement); 
  
 (b) the filing or commencement of any action, suit or
proceeding by or before any arbitrator or Governmental Authority against or affecting the Borrower or any Affiliate thereof as to which there is a reasonable possibility of an adverse determination and that, if adversely determined, could reasonably
be expected to result in a Material Adverse Effect; 
  

 54 

 (c) the occurrence of any ERISA Event that, alone or together with any other ERISA Events
that have occurred, could reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $15,000,000; and 
  

(d) any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect. 
  
 Each notice delivered under this Section shall be accompanied by a statement on behalf of the
Borrower of a Financial Officer or other executive officer of the Borrower setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
  
 SECTION 5.03. Existence; Conduct of Business. The Borrower will, and
will cause each of the Cargill Subsidiaries to, do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights, licenses, permits, privileges, franchises, patents, copyrights,
trademarks and trade names material to the conduct of its business; provided that the foregoing shall not prohibit any conversion, merger, consolidation, liquidation or dissolution permitted under Section 6.03 or any sale, transfer, lease or
other disposition permitted under Section 6.05. 
  
 SECTION 5.04.
Payment of Obligations. The Borrower will, and will cause each of the Cargill Subsidiaries to, pay its material Indebtedness and other material obligations, including Tax liabilities, before the same shall become delinquent or in default,
except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) the Borrower or such Subsidiary has set aside on its books adequate reserves with respect thereto in accordance with GAAP, (c) such
contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation and (d) the failure to make payment pending such contest could not reasonably be expected to result in a Material Adverse
Effect. 
  
 SECTION 5.05. Maintenance of Properties. The
Borrower will, and will cause each of the Cargill Subsidiaries to, keep and maintain all its property in good working order and condition, except to the extent that the failure to do so, individually or in the aggregate, could not reasonably be
expected to have a Material Adverse Effect. 
  
 SECTION 5.06.
Insurance. The Borrower will, and will cause each of the Cargill Subsidiaries to, maintain, with financially sound and reputable insurance companies insurance in such amounts, subject to such deductibles and self-insurance retentions (with no
greater risk retention) and against such risks as are customarily maintained by companies of established repute engaged in the same or similar businesses operating in the same or similar locations. The Borrower will furnish to the Lenders, upon
request of the Administrative Agent, information in reasonable detail as to the insurance so maintained. 
  
 SECTION 5.07. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Subsidiaries to, keep proper books of record and
account 
  

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 in which full, true and correct entries in all material respects are made of all dealings and transactions in relation to
its business and activities. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to
examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times during regular business hours and as often as reasonably requested;
provided that representatives of the Borrower will have the opportunity to be present at any meeting with its independent accountants. 
  
 SECTION 5.08. Compliance with Laws. The Borrower will, and will cause each of the Cargill Subsidiaries to, comply with all laws, rules, regulations
and orders of any Governmental Authority applicable to it or its property, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 
  
 SECTION 5.09. Use of Proceeds and Letters of Credit. The proceeds of
the Revolving Loans and Swingline Loans will be used for general corporate purposes, including working capital and transaction costs related to the Transactions. No part of the proceeds of any Loan will be used, whether directly or indirectly, for
any purpose that entails a violation of any of the Regulations of the Board, including Regulations U and X. Letters of Credit will be issued for general corporate purposes. 
  
 SECTION 5.10. Additional Cargill Subsidiaries. If any additional Cargill Subsidiary is formed or acquired after the
Effective Date (or if any Cargill Subsidiary that was an Excluded Cargill Subsidiary ceases to be an Excluded Cargill Subsidiary), the Borrower will, within three Business Days after such Subsidiary is formed or acquired (or after such Subsidiary
ceases to be an Excluded Cargill Subsidiary), notify the Administrative Agent and the Lenders thereof and cause the Collateral and Guarantee Requirement to be satisfied with respect to such Subsidiary (if it is a Subsidiary Loan Party) and with
respect to any Equity Interest in or Indebtedness of such Subsidiary owned by or on behalf of any Loan Party. 
  
 SECTION 5.11. Further Assurances. The Borrower will, and will cause each Subsidiary Loan Party to, execute any and all further documents, financing
statements, agreements and instruments, and take all such further actions (including the filing and recording of financing statements, and other documents), which may be required under any applicable law, or which the Administrative Agent or the
Required Lenders may reasonably request, to cause the Collateral and Guarantee Requirement to be and remain satisfied, all at the expense of the Loan Parties. The Borrower also agrees to provide to the Agents, from time to time upon request of any
Agent, evidence reasonably satisfactory to the Agents as to the perfection and priority of the Liens created or intended to be created by the Security Documents. 
  
 SECTION 5.12. Compliance with Existing IMC Credit Agreement. The Borrower will cause the IMC Subsidiaries to comply
with their obligations under the Existing IMC Credit Agreement and “Loan Documents” (as defined therein), without giving effect to any amendments or waivers that have not been approved by the Required Lenders. 
  

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 SECTION 5.13. Change of Control Offer. The Borrower will cause IMC Global to conduct the Change of
Control Offer so that any payment that may be required in respect thereof is required to be made no earlier than 10 days before the latest date permitted by the High Yield IMC Senior Notes Indentures or such earlier date permitted by the
Administrative Agent. 
  
 ARTICLE VI 
  
 Negative Covenants 
  
 Until the Revolving Commitments have expired or terminated and the principal
of and interest on each Loan and all fees payable hereunder have been paid in full, and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  
 SECTION 6.01. Indebtedness; Certain Equity Securities.
(a) The Borrower will not, and will not permit any Cargill Subsidiary to, create, incur, assume or permit to exist any Indebtedness, except: 
  
 (i) Indebtedness created under the Loan Documents; 
  
 (ii) Indebtedness existing on the date hereof (including Indebtedness to reduce any working capital
adjustment as contemplated by Section 9.22 of the Merger Agreement) and set forth in Schedule 6.01 and extensions, renewals, replacements and refinancings of any such Indebtedness that do not increase the outstanding principal amount thereof (except
by the amount of any premium or fee payable in connection with such extension, renewal or replacement) or result in an earlier maturity date or decreased weighted average life thereof; 
  
 (iii) Indebtedness of the Borrower to any Cargill Subsidiary and of any Cargill Subsidiary to the Borrower
or any other Cargill Subsidiary; provided that Indebtedness of any Cargill Subsidiary that is not a Loan Party owing to any Loan Party shall be subject to Section 6.04; 
  
 (iv) Guarantees by the Borrower of Indebtedness of any Cargill Subsidiary and by any Cargill Subsidiary of
Indebtedness of the Borrower or any other Cargill Subsidiary; provided that Guarantees by any Loan Party of Indebtedness of any Cargill Subsidiary that is not a Loan Party shall be subject to Section 6.04; 
  
 (v) Indebtedness of the Borrower or any Cargill Subsidiary
incurred to finance the acquisition, construction or improvement of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition of any such assets or secured by a Lien on any such
assets prior to the acquisition thereof, and extensions, renewals and 
  

 57 

 replacements of any such Indebtedness that do not increase the outstanding principal amount thereof or
result in an earlier maturity date or decreased weighted average life thereof; provided that (A) such Indebtedness is incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement and (B) the
aggregate principal amount of Indebtedness permitted by this clause (v) shall not exceed $7,000,000 at any time outstanding; 
  
 (vi) Indebtedness of the Borrower or any of the Cargill Subsidiaries arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided that such Indebtedness is repaid within two Business Days after being
incurred; 
  
 (vii) unsecured Indebtedness of the
Borrower or any of the Cargill Subsidiaries as an account party in respect of letters of credit issued for the account of the Borrower or such Cargill Subsidiary, as the case may be, that either constitute trade letters of credit or are obtained in
order to provide security for workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements in the ordinary course of business; provided that (A) such Indebtedness is not Guaranteed by any of
the Borrower or the Cargill Subsidiaries and (B) any Indebtedness resulting from a drawing under any such letter of credit is repaid within two Business Days after such drawing; 
  
 (viii) obligations of the Borrower or any of the Cargill Subsidiaries in respect of performance bonds and
completion, guarantee, surety and similar bonds, in each case obtained in the ordinary course of business to support statutory and contractual obligations (other than Indebtedness) arising in the ordinary course of business; 
  
 (ix) Indebtedness of Cargill Subsidiaries that are Foreign
Subsidiaries in an aggregate principal amount not exceeding $75,000,000 at any time outstanding; and 
  
 (x) other Indebtedness in an aggregate principal amount not exceeding $15,000,000 at any time outstanding. 
  
 (b) The Borrower will not, nor will it permit any Cargill Subsidiary to,
issue any preferred stock or other preferred Equity Interests, except that the Borrower may issue preferred stock that does not constitute a Disqualified Equity Interest. Notwithstanding the foregoing, any Cargill Subsidiary shall be permitted to
issue any preferred stock or other preferred Equity Interest directly to the Borrower or any Subsidiary Loan Party, provided that any such preferred stock or other preferred Equity Interest may not be sold, transferred or otherwise disposed
of by the Borrower or such Subsidiary Loan Party to any Person (other than the Borrower or a Subsidiary Loan Party) unless (i) after such sale, transfer or other disposition, such Subsidiary shall no longer be a Subsidiary or (ii) the Borrower has
received the consent of the Required Lenders prior to any such transfer. 
  

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 SECTION 6.02. Liens. The Borrower will not, and will not permit any Cargill Subsidiary to, create,
incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts receivable) or rights in respect of any thereof, except: 
  
 (i) Liens created under the Loan Documents; 
  
 (ii) Permitted Encumbrances; 
  
 (iii) any Lien on any property or asset of the Borrower or
any Cargill Subsidiary existing on the date hereof and (in the case of any such Lien on any property or asset of (x) a Foreign Subsidiary securing Indebtedness or (y) a Loan Party) set forth in Schedule 6.02; provided that (A) such Lien shall
not apply to any other property or asset of the Borrower or any Cargill Subsidiary and (B) such Lien shall secure only those obligations which it secures on the date hereof and extensions, renewals and replacements thereof that do not increase the
outstanding principal amount thereof; 
  
 (iv)
any Lien existing on any property or asset acquired after the Effective Date and existing prior to the acquisition thereof by the Borrower or any Cargill Subsidiary; provided that (A) such Lien is not created in contemplation of or in
connection with such acquisition, (B) such Lien shall not apply to any other property or assets of the Borrower or any Cargill Subsidiary and (C) such Lien shall secure only those obligations which it secures on the date of such acquisition, and
extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof; 
  
 (v) Liens on fixed or capital assets acquired, constructed or improved by the Borrower or any Cargill Subsidiary; provided that (A)
such Liens secure Indebtedness permitted by clause(v) of Section 6.01(a), (B) such Liens and the Indebtedness secured thereby are incurred prior to or within 90 days after such acquisition or the completion of such construction or improvement, (C)
the Indebtedness secured thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (D) such security interests shall not apply to any other property or assets of the Borrower or any Subsidiary;

  
 (vi) operating leases or subleases (other
than with respect to Collateral) entered into in the ordinary course of business by the Borrower or any Cargill Subsidiary, as lessor thereunder, that do not interfere in any material respect with the business of the Borrower and the Cargill
Subsidiaries; 
  
 (vii) customary restrictions on
transfers of assets contained in agreements related to the sale by the Borrower or the Cargill Subsidiaries of such assets pending their sale, provided that such restrictions apply only to the assets to be sold and such sale is permitted
hereunder; 
  

 59 

 (viii) Liens (other than with respect to Collateral) in favor of Governmental Authorities
to secure progress or advance payments; 
  
 (ix)
Liens on property of Foreign Subsidiaries securing Indebtedness of Foreign Subsidiaries permitted by clause (ix) of Section 6.01(a); and 
  
 (x) Liens on property (other than Collateral) securing Indebtedness permitted by clause (x) of Section 6.01(a). 
  
 SECTION 6.03. Fundamental Changes. (a) The Borrower will not, nor will
it permit any Cargill Subsidiary to, convert or merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or liquidate or dissolve, except that, if at the time thereof and immediately after
giving effect thereto no Default shall have occurred and be continuing (i) any Person may merge into the Borrower in a transaction in which the Borrower is the surviving corporation, (ii) any Person may convert or merge into any Cargill Subsidiary
in a transaction in which the surviving entity is a Cargill Subsidiary and (if any party to such conversion or merger is a Subsidiary Loan Party) is a Subsidiary Loan Party, (iii) any Cargill Subsidiary may liquidate or dissolve if the Borrower
determines in good faith that such liquidation or dissolution is in the best interests of the Borrower and is not materially disadvantageous to the Lenders and (iv) any Cargill Subsidiary may convert, consolidate or merge with or into any other
Person or Persons if (A) after the consummation of such transaction, such Cargill Subsidiary is no longer a Subsidiary and (B) such transaction is permitted by Section 6.05 (it being understood that any such transaction shall be deemed to be a sale
of such Subsidiary for the purposes of Section 6.05); provided that any such merger involving a Person that is not a wholly owned Subsidiary immediately prior to such merger shall not be permitted unless also permitted by Section 6.04.

  
 (b) The Borrower will not, and will not permit any Cargill
Subsidiary to, engage to any material extent in any business other than businesses of the type conducted by the Borrower and the Cargill Subsidiaries on the Effective Date (after giving effect to the Business Combination) and businesses reasonably
similar, ancillary or related thereto. 
  
 SECTION 6.04.
Investments, Loans, Advances, Guarantees and Acquisitions. The Borrower will not, and will not permit any of the Cargill Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person that was not a wholly owned
Cargill Subsidiary prior to such merger) any Equity Interests in or evidences of indebtedness or other securities (including any option, warrant or other right to acquire any of the foregoing) of, make or permit to exist any loans or advances to,
Guarantee any obligations of, or make or permit to exist any investment or any other interest in, any other Person, or make any Acquisition, except: 
  
 (a) Permitted Investments; 
  
 (b) investments existing on the date hereof and set forth on Schedule 6.04; 
  

 60 

 (c) investments by the Borrower and Cargill Subsidiaries in Equity Interests in any
Cargill Subsidiary; provided that (i) any such Equity Interests held by a Loan Party (other than any such Equity Interests of an Excluded Cargill Subsidiary) shall be pledged pursuant to the Pledge Agreement (subject to the limitations
applicable to voting Equity Interests of a Foreign Subsidiary referred to in clause (b) of the definition of “Collateral and Guarantee Requirement”) and (ii) the aggregate amount of investments by Loan Parties in, and loans and advances by
Loan Parties to, Cargill Subsidiaries that are not Loan Parties (excluding (A) all such investments, loans and advances existing on the Effective Date, and extensions, refinancings, restatements or modifications thereof that do not increase the
aggregate amount thereof, (B) loans and advances made in cash that are evidenced by promissory notes pledged pursuant to the Pledge Agreement, provided that the proceeds of such loans and advances are not used to finance an acquisition or other
investment not permitted by this Section, and (C) cash investments in Equity Interests in Cargill Subsidiaries that are not Loan Parties made substantially simultaneously with or promptly following receipt of, and in an aggregate amount not
exceeding the amount of, a cash distribution received by a Loan Party in respect of any Equity Interests in a Cargill Subsidiary that is not a Loan Party) shall not exceed $15,000,000 at any time outstanding (it being understood that compliance with
the limitation set forth in this clause shall be determined based on the amount of cash or fair market value of other assets invested as of the date of investment, without giving effect to any fluctuations in the value of such investment not
attributable to dividends, distributions, repayments or redemptions); 
  
 (d) loans or advances made by the Borrower to any Cargill Subsidiary and made by any Cargill Subsidiary to the Borrower or any other Cargill Subsidiary; provided that (i) any such loans and advances made by a
Loan Party shall be evidenced by a promissory note pledged pursuant to the Pledge Agreement and (ii) the amount of such loans and advances made by Loan Parties to Cargill Subsidiaries that are not Loan Parties shall be subject to the limitation set
forth in clause(c) above; 
  
 (e) Guarantees
constituting Indebtedness permitted by Section 6.01; provided that (i) a Cargill Subsidiary that is not a Loan Party shall not Guarantee any Indebtedness or other obligations of any Loan Party, (ii) a Subsidiary Loan Party shall not Guarantee
any Indebtedness or other obligations of a Subsidiary that is not a Loan Party (but the Borrower may Guarantee any Indebtedness of any Cargill Subsidiary); 
  
 (f) investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and suppliers; 
  
 (g) investments in
joint ventures not exceeding $25,000,000 in the aggregate for all such investments made on or after the Effective Date; provided that (i) the documentation governing any such joint venture does not contain a 
  

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 restriction on distributions to the Borrower or any Cargill Subsidiary and (ii) each such joint venture
is engaged only in a business in which the Borrower and the Cargill Subsidiaries would be permitted to engage as provided in Section 6.03(b); 
  
 (h) investments received as non-cash consideration in respect of sales, transfers or dispositions permitted by Section 6.05; 

 
 (i) accounts receivable arising in the ordinary course of
business of the Borrower and the Cargill Subsidiaries; 
  
 (j) Swap Agreements permitted under Section 6.07; 
  
 (k) loans and advances to officers and employees of the Borrower or the Cargill Subsidiaries consistent with the prior practices of the Cargill Subsidiaries; 
  
 (l) Guarantees by the Borrower of Swap Agreements and other
obligations incurred by any Cargill Subsidiary in the ordinary course of business; 
  
 (m) Guarantees by any Cargill Subsidiary that is a Foreign Subsidiary of any obligations of any of its Subsidiaries; and 
  
 (n) other investments made after the Effective Date in an
aggregate amount not to exceed $5,000,000. 
  
 SECTION 6.05.
Asset Sales. The Borrower will not, and will not permit any of the Cargill Subsidiaries to, sell, transfer, lease or otherwise dispose of any asset, including any Equity Interest owned by it, nor will the Borrower permit any of the Cargill
Subsidiaries to issue any additional Equity Interest in such Subsidiary, except: 
  
 (a) sales of inventory, raw materials, supplies and used or surplus equipment, in each case in the ordinary course of business;

  
 (b) sales, transfers and dispositions to the
Borrower or a Cargill Subsidiary; provided that any such sales, transfers or dispositions involving a Subsidiary that is not a Loan Party shall be made in compliance with Section 6.09; 
  
 (c) sales, transfers and other dispositions of assets (other
than any Equity Interests in a Subsidiary) that are not permitted by any other clause of this Section; provided that the aggregate fair market value of all assets sold, transferred or otherwise disposed of in reliance upon this clause(c)
shall not exceed $10,000,000 during the term of this Agreement; 
  
 (d) Permitted Investments for cash consideration; 
  
 (e) the leasing, subleasing or licensing of real or personal property (including intellectual property but excluding Collateral) in the
ordinary course of business; 
  

 62 

 (f) transfers and dispositions in the ordinary course of business of inventory or raw
materials (or a combination thereof) in exchange for consideration that constitutes inventory or raw materials (or a combination thereof); 
  
 (g) transfers and dispositions of interests in real property in exchange for consideration that constitutes interests in real property,
permits, easements, utilities, services and other accommodations from any Governmental Authority or other Person; provided that the aggregate fair market value of all interests in real property transferred or otherwise disposed of in reliance
upon this clause (g) shall not exceed $5,000,000 for any one transaction or series of related transactions; 
  
 (h) sales, transfers and dispositions by the Borrower or any direct or indirect wholly owned Cargill Subsidiary of the Borrower of Equity
Interests in any Cargill Subsidiary to (i) the Borrower, (ii) any Subsidiary Loan Party or (iii) the issuer of such Equity Interests, so long as, after the consummation of such sale, transfer or disposition, such issuer is a direct or indirect
wholly owned Cargill Subsidiary of the Borrower; 
  
 (i) asset swaps in the ordinary course of business that are described in Schedule 6.05; and 
  
 (j) sale and leaseback transactions permitted under Section 6.06; 
  
 provided that all sales, transfers, leases and other dispositions permitted hereby (other than those permitted by clause (b) above)
shall be made for fair value and (other than those permitted by clauses (b), (f), (g), (h) and (i) above) not less than 85% of the consideration therefor (excluding, for this purpose, any such consideration in the form of the assumption by the
purchaser of the outstanding principal amount of any Indebtedness of the Borrower or any Cargill Subsidiary related to the assets that are so sold, transferred or otherwise disposed of) shall consist of cash consideration to be received in
accordance with normal trade terms. 
  
 SECTION 6.06. Sale and
Leaseback Transactions. The Borrower will not, and will not permit any of the Cargill Subsidiaries to, enter into any arrangement, directly or indirectly, whereby it shall sell or transfer any property, real or personal, used or useful in its
business, whether now owned or hereinafter acquired, and thereafter rent or lease such property or other property that it intends to use for substantially the same purpose or purposes as the property sold or transferred, except for any such sale of
any fixed or capital assets that is made for cash consideration in an amount not less than the cost of such fixed or capital asset and is consummated within 90 days after the Borrower or such Subsidiary acquires or completes the construction of such
fixed or capital asset. 
  
 SECTION 6.07. Swap Agreements.
The Borrower will not, and will not permit any of the Cargill Subsidiaries to, enter into any Swap Agreement, except (a) Swap Agreements entered into to hedge or mitigate risks to which the Borrower or any Cargill Subsidiary has actual exposure
(other than those in respect of Equity Interests of 
  

 63 

 the Borrower or any of the Cargill Subsidiaries), and (b) Swap Agreements entered into in order to effectively cap,
collar or exchange interest rates (from fixed to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability or investment of the Borrower or any Cargill Subsidiary. 
  
 SECTION 6.08. Restricted Payments; Certain Payments of Indebtedness;
Synthetic Purchase Agreements. (a) The Borrower will not, nor will it permit any Cargill Subsidiary to, declare or make, or agree to pay or make, directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise)
to do so, except (i) the Borrower may declare and pay dividends with respect to its capital stock payable solely in additional shares of its common stock, (ii) Subsidiaries may declare and pay dividends ratably with respect to their capital stock,
(iii) the Borrower may make Restricted Payments, not exceeding $5,000,000 during any fiscal year, pursuant to and in accordance with stock option plans or other benefit plans for management or employees of the Borrower and its Subsidiaries, (iv)
repurchases of capital stock of the Borrower deemed to occur upon the exercise of stock options if such capital stock represents a portion of the exercise price thereof and repurchase of capital stock deemed to occur upon the withholding of a
portion of the capital stock issued, granted or awarded to an employee or director to pay for the taxes payable by such employee or director upon such issuance, grant or award, (v) if at the time declared no Event of Default has occurred and is
continuing, the Borrower may declare and pay dividends with respect to its preferred stock and other preferred Equity Interests issued in accordance with Section 6.01(b) in an amount that will not result in the cumulative amount of all such
dividends permitted by this clause (v) paid during the term of this Agreement exceeding $3,000,000, and (vi) any Cargill Subsidiary may purchase or redeem any portion of its Equity Interests, provided that, following any such purchase or
redemption, such Cargill Subsidiary is a direct or indirect wholly owned Subsidiary of the Borrower. 
  
 (b) The Borrower will not, nor will it permit any Cargill Subsidiary to, make or agree to pay or make, directly or indirectly, any voluntary or optional
payment or other distribution (whether in cash, securities or other property) of or in respect of principal of or interest on any Indebtedness, or any voluntary or optional payment or other distribution (whether in cash, securities or other
property), including any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancelation or termination of any Indebtedness, except: 
  
 (i) payment of Indebtedness created under this Agreement; 
  
 (ii) refinancings of Indebtedness to the extent permitted by
Section 6.01; 
  
 (iii) payment of secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness; and 
  
 (iv) payments of Indebtedness owing to a Loan Party. 
  

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 (c) The Borrower will not, nor will it permit any Cargill Subsidiary to, enter into or be party to, or
make any payment under, any Synthetic Purchase Agreement. 
  
 SECTION 6.09. Transactions with Affiliates. The Borrower will not, nor will it permit any Cargill Subsidiary to, sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or
assets from, or otherwise engage in any other transactions with, any of its Affiliates, except (a) transactions that are at prices and on terms and conditions not less favorable to the Borrower or such Cargill Subsidiary than could be obtained on an
arm’s-length basis from unrelated third parties, (b) transactions between or among the Borrower and the Subsidiary Loan Parties not involving any other Affiliate, (c) any Restricted Payment permitted by Section 6.08, (d) payment of customary
fees to members of the board of directors of the Borrower and the Cargill Subsidiaries, (e) transactions between or among any Cargill Subsidiary and (i) the Borrower or (ii) any other Cargill Subsidiary, in each case as permitted by paragraphs (b),
(c), and (d) of Section 6.04, and (g) any transactions permitted by clause (h) of Section 6.05, (h) transactions contemplated by and conducted in accordance with the Transition Services Agreement dated October 22, 2004 between Cargill and the
Borrower (the “Transition Services Agreement”), and (i) payment of any working capital adjustment required by Section 9.22 of the Merger Agreement. 
  
 SECTION 6.10. Restrictive Agreements. The Borrower will not, nor will it permit any Cargill Subsidiary to, directly or indirectly, enter into,
incur or permit to exist any agreement or other arrangement that prohibits, restricts or imposes any condition upon (a) the ability of the Borrower or any Cargill Subsidiary to create, incur or permit to exist any Lien upon any of its property or
assets, or (b) the ability of any Cargill Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the Borrower or any other Cargill Subsidiary or to Guarantee
Indebtedness of the Borrower or any other Cargill Subsidiary; provided that (i) the foregoing shall not apply to restrictions and conditions imposed by any laws, rules or regulations of any Governmental Authority or by any Loan Document, (ii)
the foregoing shall not apply to restrictions and conditions existing on the date hereof identified on Schedule 6.10 (but shall apply to any amendment or modification expanding the scope of any such restriction or condition in any material respect),
(iii) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Cargill Subsidiary pending such sale, provided such restrictions and conditions apply only to the Cargill Subsidiary that
is to be sold and such sale is permitted hereunder, (iv) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or
conditions apply only to the property or assets securing such Indebtedness, (v) clause (a) of the foregoing shall not apply to customary provisions in licenses, governmental permits, leases and other contracts restricting the assignment thereof,
(vi) clause (a) of the foregoing shall not apply to any restriction under an agreement governing Indebtedness of a Foreign Subsidiary incurred in compliance with Section 6.01 if such restriction applies only to assets of such Foreign Subsidiary, and
(vii) clause (a) of the foregoing shall not apply to customary provisions in joint venture agreements relating solely to the respective joint venture or the Equity Interests therein. 
  

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 SECTION 6.11. Amendment of Material Documents. The Borrower will not, nor will it permit any
Cargill Subsidiary to, amend, modify or waive any of its rights under (a) its certificate of incorporation, by-laws or other organizational documents in a manner that is materially adverse to the interests of the Lenders,(b) any indenture, agreement
or other instrument evidencing or governing any Indebtedness identified on Schedule 6.01 in a manner that (taking all such amendments, modifications and waivers as a whole) is adverse to the interests of the Lenders, (c) the Merger Agreement in a
manner that (taking all such amendments, modifications and waivers as a whole) is adverse to the interests of the Lenders, or (d) the Transition Services Agreement in a manner that (taking all such amendments, modifications and waivers as a whole)
is adverse to the interests of the Lenders. 
  
 SECTION 6.12.
Capital Expenditures. The Borrower will not permit the aggregate amount of Capital Expenditures made, paid or incurred by the Borrower and the Cargill Subsidiaries during the term of this Agreement to exceed $100,000,000. 
  
 SECTION 6.13. Fiscal Periods. The Borrower will cause its fiscal year
to end on May 31 of each year and its fiscal quarters to end on the last day of each calendar quarter. 
  
 ARTICLE VII 
  
 Events of Default 
  
 If any of the following
events (“Events of Default”) shall occur: 
  
 (a) the Borrower shall fail to pay any principal of any Loan of such Borrower or any reimbursement obligation of the Borrower in respect of any LC Disbursement when and as the same shall become due and payable,
whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
  
 (b) the Borrower shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a)
of this Article) payable under this Agreement or any other Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of three Business Days; 
  
 (c) any representation or warranty made or deemed made by or
on behalf of the Borrower or any Cargill Subsidiary in or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, or in any report, certificate, financial statement or other document furnished pursuant to
or in connection with any Loan Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect in any material respect when made or deemed made; 
  

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 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.02, 5.03 (with respect to the Borrower’s existence) or 5.09 or in Article VI; 
  
 (e) any Loan Party shall fail to observe or perform any covenant, condition or agreement contained in any Loan Document (other than those
specified in clause (a), (b) or (d) of this Article), and such failure shall continue unremedied for a period of 30 days after notice thereof from the Administrative Agent to the Borrower (which notice will be given at the request of any Lender);

  
 (f) the Borrower or any Cargill Subsidiary
shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Material Indebtedness, when and as the same shall become due and payable, subject to any applicable grace period; 
  
 (g) any event or condition occurs that (i) results in any
Material Indebtedness becoming due prior to its scheduled maturity or (ii) enables or permits (with or without the giving of notice, the lapse of time or both) the holder or holders of any Material Indebtedness or any trustee or agent on its or
their behalf to cause any Material Indebtedness to become due, or to require the prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g) shall not apply to (i) secured
Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets securing such Indebtedness or (ii) the Change of Control Offer; 
  
 (h) subject to the last paragraph of this Article, an involuntary proceeding shall be commenced or an
involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Cargill Subsidiary or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy,
insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Cargill Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed for 60 days or an order or decree approving or ordering any of the foregoing shall be entered; 
  
 (i) subject to the last paragraph of this Article, the Borrower or any Cargill Subsidiary shall (i)
voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, (ii) consent to the
institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or
similar official for the Borrower or any Cargill Subsidiary or for a substantial part of its assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the
benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 
  

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 (j) subject to the last paragraph of this Article, the Borrower or any Cargill Subsidiary
shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 
  
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $20,000,000 (excluding amounts covered by insurance
from a credit worthy insurance carrier that is not an Affiliate of the Borrower and has been advised of the claim and has not disclaimed coverage) shall be rendered against the Borrower, any Cargill Subsidiary or any combination thereof and the same
shall remain undischarged for a period of 30 consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any Cargill
Subsidiary to enforce any such judgment; 
  
 (l)
an ERISA Event shall have occurred that, in the opinion of the Required Lenders, when taken together with all other ERISA Events that have occurred, could reasonably be expected to result in a Material Adverse Effect; 
  
 (m) any Lien purported to be created under any Security
Document shall cease to be, or shall be asserted by any Loan Party not to be, a valid and perfected Lien on any material portion of the Collateral, with the priority required by the applicable Security Document, except (i) as a result of the sale or
other disposition of the applicable Collateral in a transaction permitted under the Loan Documents or (ii) as a result of the Collateral Agent’s failure to maintain possession of any stock certificates, promissory notes or other instruments
delivered to it under the Pledge Agreement; 
  
 (n) a Change in Control shall occur; or 
  
 (o) an “Event of Default” shall occur under (and as defined in) the Existing IMC Credit Agreement (determined without giving effect to any amendment thereto or waiver thereunder that has not been approved by the Required Lenders);

  
 then, and in every such event (other than an event with respect to the
Borrower described in clause (h) or (i) of this Article), and at any time thereafter during the continuance of such event, the Administrative Agent may, and at the request of the Required Lenders shall, by notice to the Borrower, take either or both
of the following actions, at the same or different times: (i) terminate the Revolving Commitments, and thereupon the Revolving Commitments shall terminate immediately, and (ii) declare the Loans then outstanding to be due and payable in whole (or in
part, in which case any principal not so declared to be due and payable may thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all
fees and other obligations of the Borrower accrued 
  

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 hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind,
all of which are hereby waived by the Borrower; and in case of any event with respect to the Borrower described in clause (h) or (i) of this Article, the Revolving Commitments shall automatically terminate and the principal of the Loans then
outstanding, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower. 
  
 Solely for purposes of
determining whether an Event of Default has occurred under clause (h), (i) or (j) of this Article, any reference in any such clause to any Cargill Subsidiary shall be deemed not to include any Cargill Subsidiary affected by any event or circumstance
referred to in any such clause that (i) is not a Subsidiary Loan Party, (ii) does not have consolidated assets (determined on a consolidated basis in accordance with GAAP) representing more than 2% of the consolidated assets of the Borrower and the
Cargill Subsidiaries (determined on a consolidated basis in accordance with GAAP, except for exclusion of the IMC Subsidiaries) and (iii) did not, for the most recent period of four consecutive fiscal quarters of the Borrower, have consolidated
revenues (determined on a consolidated basis in accordance with GAAP) representing more than 2% of the consolidated revenues of the Borrower and the Cargill Subsidiaries (determined on a consolidated basis in accordance with GAAP, except for the
exclusion of the IMC Subsidiaries); provided that if it is necessary to exclude more than one Cargill Subsidiary from clause (h), (i) or (j) of this Article in order to avoid an Event of Default thereunder, all Cargill Subsidiaries affected
by any event or circumstance referred to in any of such clauses shall be treated as a single consolidated Cargill Subsidiary for purposes of determining whether the conditions specified in clauses (ii) and (iii) of this paragraph are satisfied.

  
 ARTICLE VIII  
  
 The Agents 
  
 Each of the Lenders and the Issuing Banks hereby irrevocably appoints the
Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms of the Loan Documents, together with such actions and
powers as are reasonably incidental thereto. 
  
 The bank serving
as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept
deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder. 
  
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth in the Loan Documents. Without limiting the generality of the 
  

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 foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of
whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Loan
Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02), and (c) except as
expressly set forth in the Loan Documents, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to
or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or
such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or wilful misconduct. The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any
statement, warranty or representation made in or in connection with any Loan Document, (ii) the contents of any certificate, report or other document delivered thereunder or in connection therewith, (iii) the performance or observance of any of the
covenants, agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or genuineness of any Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any
condition set forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 
  
 The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice,
request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  
 The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more
sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the
preceding paragraphs shall apply to any such sub-agent and to the Related Parties of each Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities
provided for herein as well as activities as Administrative Agent. 
  

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 Subject to the appointment and acceptance of a successor Administrative Agent as provided in this
paragraph, the Administrative Agent may resign at any time by notifying the Lenders, the Issuing Banks and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor.
If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on
behalf of the Lenders and the Issuing Banks, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent
hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and
obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent’s
resignation hereunder, the provisions of this Article and Section 9.03 shall continue in effect for the benefit of such retiring Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to
be taken by any of them while it was acting as Administrative Agent. 
  
 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall from time to time deem
appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any other Loan Document or related agreement or any document furnished hereunder or thereunder. 
  
 The provisions of this Article applicable to the Administrative Agent also
shall apply to the Collateral Agent, mutatis mutandis. 
  
 ARTICLE IX  
  
 Miscellaneous 

 
 SECTION 9.01. Notices. Except in the case of notices and other
communications expressly permitted to be given by telephone, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by
telecopy, as follows: 
  
 (a) if to the Borrower,
to it in at 12800 Whitewater Drive, Suite 200, Minnetonka, Minnesota 55343, Attention of E. Paul Dunn (Telecopy No. 952-984-0032); 
  

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 (b) if to the Administrative Agent, to JPMorgan Chase Bank, Loan and Agency Services
Group, 1111 Fannin Street, 10th Floor, Houston, TX 77002, Attention of: Shaji Easo (Telecopy No. (713) 750-2932), with a copy to JPMorgan Chase Bank, 270 Park Avenue, 4th Floor, New York 10017, Attention of: Peter Predun (Telecopy No. (212)
270-5100); 
  
 (c) if to JPMorgan Chase Bank in
its capacity as an Issuing Bank, to JPMorgan Chase Bank, 10420 Highlnd Mn Dr-BL 2, Floor 4, Tampa, FL, 33610, Attention of: Ralph Davis (Telecopy No. (813) 432-5161); 
  
 (d) if to the Swingline Lender, to JPMorgan Chase Bank, Loan and Agency Services Group, 1111 Fannin Street,
10th Floor, Houston, TX 77002, Attention of: Shaji Easo (Telecopy No. (713) 750-2892); and 
  
 (e) if to any other Lender or Issuing Bank, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

  
 Any party hereto may change its address or telecopy number for notices and
other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt.

  
 SECTION 9.02. Waivers; Amendments. (a) No failure or
delay by the Agent, any Issuing Bank or any Lender in exercising any right or power hereunder or under any other Loan Document shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment
or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Agents, the Issuing Banks and the Lenders hereunder and under the
other Loan Documents are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of any Loan Document or consent to any departure by the Borrower or any other Loan Party therefrom shall
in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of
the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether any Agent, any Lender or any Issuing Bank may have had notice or knowledge of such Default at the time.

  
 (b) Neither this Agreement nor any other Loan Document nor
any provision hereof or thereof may be waived, amended or modified (unless otherwise specified herein, therein or in such provision) except, in the case of this Agreement, pursuant to an agreement or agreements in writing entered into by the
Borrower and the Required Lenders or, in the case of any other Loan Document, pursuant to an agreement or agreements in writing entered into by the applicable Agent that is a party thereto and the Loan Party or Loan Parties that are parties thereto,
in each case with the consent of the Required Lenders; provided that no such agreement shall (i) increase the Revolving 
  

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 Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or LC
Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby (other than with respect to default interest owed pursuant to Section 2.11(c), which shall require
the consent of the Required Lenders only), (iii) postpone the maturity of any Loan, or the required date of reimbursement of any LC Disbursement, or any date for the payment of any interest or fees payable hereunder, or reduce the amount of, waive
or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.16(b) or (c) in a manner that would alter the pro rata sharing of payments
required thereby or the last sentence of Section 2.07(c) which would alter the pro rata reduction of Revolving Commitments thereby, without the written consent of each Lender, (v) change any of the provisions of this Section or the percentage set
forth in the definition of “Required Lenders” or any other provision of any Loan Document specifying the number or percentage of Lenders required to waive, amend or modify any rights thereunder or make any determination or grant any
consent thereunder, without the written consent of each Lender, (vi) release the Borrower or any material Subsidiary Loan Party from its Guarantee under the Guarantee Agreement, or limit its liability in respect of such Guarantee, in each case
without the written consent of each Lender or (vii) release all or substantially all of the Collateral from the Liens of the Security Documents, without the written consent of each Lender; provided further that no such agreement shall amend,
modify or otherwise affect the rights or duties of the Administrative Agent or any Issuing Bank or the Swingline Lender without the prior written consent of the Administrative Agent, any Issuing Bank or the Swingline Lender, as the case may be.
Notwithstanding the foregoing, any provision of this Agreement may be amended by an agreement in writing entered into by the Borrower, the Required Lenders and the Administrative Agent (and, if their rights or obligations are affected thereby, the
Issuing Banks and the Swingline Lender) if (i) by the terms of such agreement the Commitment of each Lender not consenting to the amendment provided for therein shall terminate upon the effectiveness of such amendment and (ii) at the time such
amendment becomes effective, each Lender not consenting thereto receives payment in full of the principal of and interest accrued on each Loan made by it and all other amounts owing to it or accrued for its account under this Agreement. 

 
 SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower
shall pay (i) all reasonable out-of-pocket expenses incurred by the Agents and their respective Affiliates, including the reasonable fees, charges and disbursements of one primary counsel (as well as local counsel in any jurisdiction other than New
York) for the Agents, in connection with their due diligence investigation of the Borrower and the Transactions, the evaluation of the Collateral, the syndication of the credit facility provided for herein, the preparation execution, delivery,
enforcement and administration of the Loan Documents or any amendments, modifications or waivers of the provisions thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all reasonable out-of-pocket
expenses incurred by any Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by any Agent, any Issuing Bank or any
Lender, including the fees, charges and disbursements of 
  

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 any counsel for any Agent, any Issuing Bank or any Lender, in connection with the enforcement or protection of its rights
in connection with the Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters of Credit issued hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or
negotiations in respect of such Loans or Letters of Credit. 
  
 (b) The Borrower shall indemnify each Agent, each Issuing Bank and each Lender, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses (collectively, “Claims”), including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any
Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or any other agreement or instrument contemplated hereby, the performance by the parties to the Loan Documents of their respective
obligations thereunder or the consummation of the Transactions or any other transactions contemplated hereby or thereby; provided that with respect to Claims arising out of the Business Combination, an Indemnitee shall only be indemnified to
the extent such Claims are incurred by or asserted against such Indemnitee as a result of such Indemnitee’s connection to the Loan Documents and the financing contemplated thereby (and not an unrelated activity), (ii) any Loan or Letter of
Credit or the use of the proceeds therefrom (including any refusal by any Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such
Letter of Credit), (iii) any actual or alleged presence or release of Hazardous Materials on any property currently or formerly owned or operated by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the
Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a
party thereto; provided that such indemnity shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses resulted from (i) the gross negligence, bad faith or wilful misconduct
of such Indemnitee or (ii) litigation between or among the Lenders or Agents. 
  
 (c) To the extent that the Borrower fails to pay any amount required to be paid by it to any Agent, any Issuing Bank or the Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to
pay to such Agent, such Issuing Bank, or the Swingline Lender, as the case may be, such Lender’s pro rata share (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, (i) was incurred by or asserted against such Agent, such Issuing Bank or the Swingline Lender in its capacity as such
and (ii) in respect of Extended Letters of Credit issued under Section 2.06(m), was incurred at or prior to the close of business on the date that is five Business Days prior to the Maturity Date. For purposes hereof, a Lender’s “pro rata
share” shall be determined based upon its share of the sum of the total Revolving Exposures and unused Revolving Commitments at the time. 
  

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 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any
claim against any Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or
instrument contemplated hereby, the Transactions, any Loan or Letter of Credit or the use of the proceeds thereof. 
  
 (e) All amounts due under this Section shall be payable promptly after written demand therefor and, in the case of any expenses referred to in paragraph
(a), upon presentation of invoices or other reasonably detailed statements specifying expenses. 
  
 SECTION 9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns permitted hereby (including any Affiliate of any Issuing Bank that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby (including any Affiliate of any
Issuing Bank that issues any Letter of Credit Participants (to the extent provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agents, the Issuing Banks and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of
its Revolving Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld) of: 
  
 (A) the Borrower; provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an
Approved Fund or, if an Event of Default under clause (a), (b), (h), (i) or (j) of Article VII has occurred and is continuing, any other assignee; 
  
 (B) the Administrative Agent; and 
  
 (C) each Issuing Bank. 
  
 (ii) Assignments shall be subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the
entire remaining amount of the assigning Lender’s Revolving Commitment, the amount of the Revolving Commitment of the assigning Lender subject to each such assignment (determined as of the date the 
  

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 Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent) shall
not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent of the Borrower shall be required if an Event of Default described in clause (b) (i) (A) above has occurred and is
continuing; 
  
 (B) each partial assignment shall
be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement; 
  
 (C) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a
processing and recordation fee of $3,500 to be paid by the assignor or the assignee; and 
  
 (D) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire. 
  
 For purposes of this Section 9.04(b), the term “Approved Fund” has
the following meaning: 
  
 “Approved Fund” means
any Person (other than a natural person) that is engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by a Lender, an Affiliate
of a Lender or an entity or an Affiliate of an entity that administers or manages a Lender. 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(v) of this Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such
Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be
a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.14, 2.15 and 9.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be
treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (c) of this Section. 
  
 (iv) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in
The City of New York a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Revolving Commitment of, and principal amount of the Loans and LC Disbursements owing
to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Agents, the Issuing Banks and the Lenders may treat each Person 
  

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 whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower, any Issuing Bank and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 
  
 (v) Upon its receipt of a duly completed Assignment and Assumption executed
by an assigning Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any
written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (c) (i) Any Lender may, without the consent of the Borrower, any Agent, any Issuing Bank or the Swingline Lender, sell participations to one or more
banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under this Agreement (including all or a portion of its Revolving Commitment and the Loans owing to it); provided that
(A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Agents, the Issuing Banks
and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation
shall provide that such Lender shall retain the sole right to enforce the Loan Documents and to approve any amendment, modification or waiver of any provision of the Loan Documents; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 9.02(b) that affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted
by law, each Participant also shall be entitled to the benefits of Section 9.08 as though it were a Lender, provided such Participant agrees to be subject to Section 2.16(c) as though it were a Lender. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under
Section 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written
consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the
benefit of the Borrower, to comply with Section 2.15(e) as though it were a Lender. 
  

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 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights
under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any such pledge or assignment of a security interest; provided
that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
  
 SECTION 9.05. Survival. All covenants, agreements, representations and
warranties made by the Loan Parties in the Loan Documents and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of the Loan Documents and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that any Agent, any Issuing Bank or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal
of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Revolving Commitments have not expired or terminated. The
provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of
the Letters of Credit and the Revolving Commitments or the termination of this Agreement or any provision hereof. 
  
 SECTION 9.06. Counterparts; Integration; Effectiveness. This Agreement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents and any separate letter agreements with respect to fees payable to
any of the Agents or Issuing Banks constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof.
Except as provided in Section 4.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the
signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns. Delivery of an executed counterpart of a signature page of this
Agreement by telecopy shall be effective as delivery of a manually executed counterpart of this Agreement. 
  
 SECTION 9.07. Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a
particular jurisdiction shall not invalidate such provision in any other jurisdiction. 
  

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 SECTION 9.08. Right of Setoff. If an Event of Default shall have occurred and be continuing, each
Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held
and other obligations at any time owing by such Lender or Affiliate to or for the credit or the account of the Borrower against any of and all the obligations of such Borrower now or hereafter existing under this Agreement held by such Lender,
irrespective of whether or not such Lender shall have made any demand under this Agreement and although such obligations may be unmatured. The rights of each Lender under this Section are in addition to other rights and remedies (including other
rights of setoff) which such Lender may have. 
  
 SECTION 9.09.
Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 
  
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive
jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof, in any action or proceeding arising out of
or relating to any Loan Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined
in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the
judgment or in any other manner provided by law. Nothing in this Agreement or any other Loan Document shall affect any right that any Agent, any Issuing Bank or any Lender may otherwise have to bring any action or proceeding relating to this
Agreement or any other Loan Document against the Borrower or its properties in the courts of any jurisdiction. 
  
 (c) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may
now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any other Loan Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby
irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 
  
 (d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section
9.01. Nothing in this Agreement or any other Loan Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 
  

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 SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON
CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE
THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
  
 SECTION 9.11. Headings. Article and Section headings and the Table of
Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.12. Confidentiality. Each of the Agents, the Issuing Banks
and the Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ partners, directors, officers, employees and agents, including accountants,
legal counsel, other advisors and any direct or indirect contractual counterparty in swap agreements or such contractual counterparty’s professional advisor (it being understood that the Persons to whom such disclosure is made will be informed
of the confidential nature of such Information and agree to keep such Information confidential), (b) to the extent requested by any regulatory authority, (c) to the extent required by applicable laws or regulations or by any subpoena or similar
legal process, (d) to any other party to this Agreement or the Existing IMC Credit Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or any other Loan Document or
the enforcement of rights hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its
rights or obligations under this Agreement, (g) with the consent of any Loan Party or (h) to the extent such Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to any Agent, any
Issuing Bank or any Lender on a nonconfidential basis from a source other than a Loan Party. For the purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower, its Subsidiaries
or their respective businesses, other than any such information that is available to any Agent, any Issuing Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower. Any Person required to maintain the confidentiality of
Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own
confidential information. 
  

 80 

 SECTION 9.13. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any
time the interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon at the Federal Funds
Effective Rate to the date of repayment, shall have been received by such Lender. 
  
 SECTION 9.14. USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the
“Act”), it is 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 Lender to identify the Borrower
in accordance with the Act. 
  

 81 

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

					
	THE MOSAIC COMPANY,
		
	By:	 	       /s/ Lawrence W. Stranghoener

	 	 	Name:	 	Lawrence W. Stranghoener
	 	 	Title:	 	Executive Vice President and CFO
	
	 JPMORGAN CHASE BANK, individually
 and as
Administrative Agent,

		
	By:	 	       /s/ Peter S. Predun

	 	 	Name:	 	Peter S. Predun
	 	 	Title:	 	Vice President
	
	BNP PARIBAS,
		
	by	 	       /s/ Thomas H. Ambrose

	 	 	Name:	 	Thomas H. Ambrose
	 	 	Title:	 	Director
		
	by	 	       /s/ Christine L. Howatt

	 	 	Name:	 	Christine L. Howatt
	 	 	Title:	 	Director

					
	HARRIS TRUST & SAVINGS BANK,
		
	By	 	       /s/ Jennifer Wendrow

	 	 	Name:	 	Jennifer Wendrow
	 	 	Title:	 	Vice President

					
	HSBC BANK USA, NATIONAL BANK,
		
	By	 	       /s/ Melissa Moy

	 	 	Name:	 	Melissa Moy
	 	 	Title:	 	Senior Vice President

					
	 STANDARD CHARTERED BANK,

		
	By	 	       /s/ Carolyn Jacobs

	 	 	Name:	 	Carolyn Jacobs
	 	 	Title:	 	Senior Vice President

					
	 COOPERATIEVE CENTRALE
 RAIFFEISEN –
BOERENLEENBANK B.A.,
 “RABOBANK NEDERLAND”, NEW YORK BRANCH,

		
	By	 	       /s/ Brett Delfino

	 	 	Name:	 	Brett Delfino
	 	 	Title:	 	Executive Director
		
	By	 	       /s/ Thomas Hasenauer

	 	 	Name:	 	Thomas Hasenauer
	 	 	Title:	 	Vice President

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