Document:

License Agreement, dated Sept 7, 2004

 Exhibit 10.35 
  
 DWANGO / BELIEFNET 
  
 LICENSING AGREEMENT 
  
 This Licensing Agreement (“Agreement”), is effective as of the 7th day of September, 2004 (“Effective Date”) and is
entered into by and between Dwango North America Corp. (“DNA”), a Nevada corporation with a principal place of business at 200 West Mercer Street, Suite 501, Seattle, WA 98119 and Beliefnet, Inc. (“BN”), a
Delaware corporation with a principal place of business at 115 E. 23rd Street, 4th Floor, New York, NY 10010. DNA and BN may be referred to in this Agreement individually as a “Party” and together as the
“Parties”. 
  
 WITNESSETH: 
  
 WHEREAS, DNA has developed and/or licensed the rights to the Mobile
Entertainment Service (as defined in Section 1 of this Agreement); 
  
 WHEREAS, BN owns or has licensed the right to use the BN Properties (as defined in Section 1 of this Agreement); 
  
 WHEREAS, DNA wants to license certain BN Properties from BN, and wants to incorporate those BN Properties into the Mobile Entertainment Service to
create the BN Mobile Entertainment Service (as defined in Section 1 of this Agreement), provide the delivery, support, community and infrastructure services for the commercial exploitation of the BN Mobile Entertainment Service and share the revenue
generated from such commercial exploitation with BN; 
  
 WHEREAS, BN wants DNA to develop the BN Mobile Entertainment Service and promote it within the mobile device community, and BN further wants to receive a royalty from the commercial exploitation of the BN Mobile Entertainment
Service; and 
  
 WHEREAS, the Parties wish to enter into an
agreement whereby BN will license the BN Properties to DNA, DNA will develop the BN Mobile Entertainment Service, and the Parties will share the revenue generated by the BN Mobile Entertainment Service; 
  
 NOW, THEREFORE, in consideration of the premises and of the mutual
covenants contained herein, the Parties hereby agree as follows: 
  

	1.	Definitions. As used in this Agreement, the Parties hereto agree the words set forth below shall have the meanings thereby specified: 

  

	 	1.1.	“Additional Games Advance” shall mean a non-refundable sum of Seventy Five Thousand Dollars ($75,000) for each BN Game in excess of two developed and
publicly available by DNA. 

  

	 	1.2.	“Advertising Fee” shall mean a non-refundable sum of at least One Hundred Fifty Thousand Dollars ($150,000) payable in cash, check or other immediately
available funds according to the schedule set forth in Section 5.4. 

  

	 	1.3.	“BN Games” shall mean the Games after incorporating the BN Properties. 

  

	 	1.4.	“BN Images” shall mean screensaver or wallpaper applications provided to DNA by BN that can be downloaded onto a mobile device.

  

	 	1.5.	“BN Mobile Entertainment Service” shall mean the Mobile Entertainment Service after incorporating the BN Properties. 

  

	 	1.6.	“BN Properties” shall mean the BN name, the BN logo, and any other Intellectual Property Rights owned by BN and associated with the BN brand, including the BN
Images. The BN Properties shall include any modifications, additions, enhancements and upgrades to the BN Properties, but shall not include the Mobile Entertainment Service. As between BN and DNA, title to and all ownership rights of, in and to the
BN Properties, and the copyrights, trademarks, patents and other intellectual property rights related thereto, are and will remain the property of BN, which, as between BN and DNA, shall have the exclusive right to protect the same by copyright,
trademark, patent or otherwise. 

  

	 	1.7.	“BN Service Launch Date” shall mean the date that the BN Mobile Entertainment Service is first available to customers of a Wireless Carrier Partner.

  

	 	1.8.	“Carrier Royalty” means the amount of the Mobile Entertainment Service Revenue payable to the Wireless Carrier Partner, as agreed on between such Wireless Carrier
Partner and DNA. 

  

	 	1.9.	“Confidential Material” shall mean any oral, written, graphic or machine readable information including, but not limited to, that which relates to patents, patent
applications, research, product plans, products, developments, inventions, processes, designs, drawings, engineering, formulae, markets, software (including source and object code), hardware configuration, computer programs, algorithms, business
plans, agreements with third parties, services, customers, marketing or finances, as known and disclosed by one Party to another Party. Confidential Material specifically includes all orally disclosed confidential information, if such information is
not public and should reasonably be deemed in the circumstances to be the private information of the other party, is identified as proprietary, confidential, or private upon disclosure or is confirmed in writing to have been confidential within
thirty (30) days of the oral disclosure. Confidential Material also includes the terms of this Agreement. 

  

	 	1.10.	“Digital Music Store Advance” shall mean a non-refundable sum of One Hundred Twenty-Five Thousand Dollars ($125,000) for the creation and development by DNA of the
BN online “Digital Music Store”. 

  

	 	1.11.	“DNA Trademarks” shall mean DWANGO®, and all other product names, logos, trade names and trademarks owned or used by DNA (for purposes of this definition only, the term DNA shall include
Dwango North America, Inc., Dwango North America, Corp., and any subsidiary, division or other entity owned and/or controlled by Dwango North America, Inc., and/or Dwango North America, Corp.), but shall not include any BN Properties. Title to and
all ownership rights of, in and to the DNA Trademarks are and will remain the property of DNA, which shall have the exclusive right to protect the same. 

  

	 	1.12.	“Foreign BN Images Royalty” means royalties equal to [*] of all Mobile Entertainment Service Revenue that is separately identified as generated from BN Images by a
Wireless 

  

	[*]	Certain information on this page has been omitted and filed separately with the Security and Exchange Commission. Confidential treatment has been requested to the omitted portions.

  

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 Carrier Partner that has headquarters in either Canada or Mexico, including those carriers identified on
Schedule A as having headquarters in either Canada or Mexico. 
  

	 	1.13.	“Foreign Mobile Service Royalty” means royalties equal to [*] of all Mobile Entertainment Service Revenue received from a Wireless Carrier Partner that has
headquarters in either Canada or Mexico, including those carriers identified on Schedule A as having headquarters either in Canada or Mexico. 

  

	 	1.14.	“Games and Other Services” shall mean a minimum of two wireless games developed by DNA and approved by BN in writing in advance and distributed by DNA solely
pursuant to this Agreement, specifically excluding any BN Properties. DNA shall have the right to distribute more than two (2) wireless games pursuant to this Agreement so long as such games are approved by BN in writing and BN pays DNA the
Additional Games Advance for each additional BN Game developed and made publicly available by DNA. The Games shall include any modifications, additions, enhancements and upgrades to the Games, but shall in no event include any BN Properties. For the
avoidance of doubt, Games are limited to wireless games on mobile phones and other wireless mobile devices with mobile phone functionality, and shall specifically exclude all other types of digital games including Internet games distributed over the
Internet for use primarily on a PC or Mac. As between BN and DNA, title to and all ownership rights of, in and to the Games, and the copyrights, trademarks, patents and other intellectual property rights therein, are and will remain the property of
DNA, which shall have the exclusive right to protect the same by copyright, trademark, patent or otherwise. The Other Services shall include alert tones, video clips, streaming video, Caller Ringback Tones, Master Recording Tones, Short Tones, Promo
Tones, Subscription Services, Bundled Services, Dwango Music Store, and Text to Voice but shall in no event include any BN Properties. For the avoidance of doubt, Other Services are limited to wireless services on mobile phones and other wireless
mobile devices with mobile phone functionality, and shall specifically exclude all other types of digital media. 

  

	 	1.15.	“Intellectual Property Rights” shall mean all copyrights (including, without limitation, the exclusive right to reproduce, distribute copies of, display and
thereupon perform the copyrighted work and to prepare derivative works), copyright registrations and applications, trademark rights (including, without limitation, registrations and applications), patent rights, including registration and
application, trade names, mask work rights, trade secrets, moral rights, author’s rights, algorithms, rights in packaging, goodwill and other intellectual property rights, and all divisions, continuations, reissues, renewals and extensions
thereof, regardless of whether any such rights arise under the laws of the United States or any other state, country or jurisdiction, and all derivative works of any copyrighted work. 

  

	 	1.16.	“Mobile Entertainment Service” shall mean DNA’s service that permits users of wireless services to browse, sample, download, play, use and purchase the Ring
Tone Service, the Games and Other Services, features and images related to the Ring Tone Service and the Games, including SMS Daily subscription newsletter, except to the extent they incorporate BN Properties. The Mobile Entertainment Service shall
include any modifications, additions, enhancements and upgrades to the Mobile Entertainment Service, but shall in no event include any BN Properties. As between BN and DNA, title to and all ownership rights of, in and to the Mobile Entertainment
Service, and the copyrights, trademarks, patents and other intellectual property rights related thereto, are 

  

	[*]	Certain information on this page has been omitted and filed separately with the Security and Exchange Commission. Confidential treatment has been requested to the omitted portions.

  

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 and will remain the property of DNA, which shall have the exclusive right to protect the same by
copyright, trademark, patent or otherwise. 
  

	 	1.17.	“Mobile Entertainment Service Revenue” shall mean all revenue, fees, proceeds and/or income that a Wireless Carrier Partner may collect or receive from or as a
direct result of the Mobile Entertainment Service less the Carrier Royalty. In determining Mobile Entertainment Revenue, DNA shall be entitled to rely on documents delivered to it by a Wireless Carrier Partner that set forth the payments received by
the Wireless Service Provider from its customers for the Mobile Entertainment Service. 

  

	 	1.18.	“Ring Tone Service” shall mean DNA’s service that permits users of wireless services to browse, sample, download, play, use and purchase ring tones and
services and features related to the ring tones, except to the extent they incorporate BN Properties. The Ring Tone Service shall include any modifications, additions, enhancements and upgrades to the Ring Tone Service, but shall in no event include
any BN Properties. As between BN and DNA, title to and all ownership rights of, in and to the Ring Tone Service, and the copyrights, trademarks, patents and other intellectual property rights related thereto, are and will remain the property of DNA,
which, as between DNA and BN, DNA shall have the exclusive right to protect the same by copyright, trademark, patent or otherwise. 

  

	 	1.19.	“Royalty Report” shall mean the report described in Section 5.6. 

  

	 	1.20.	“Term” shall have the meaning set forth in Section 6.1. 

  

	 	1.21.	“US BN Images Royalty” means royalties equal to [*] of all Mobile Entertainment Service Revenue that is separately identified as generated from BN Images by a
Wireless Carrier Partner that has headquarters in the United States, including those carriers identified on Schedule A as having headquarters in the United States. 

  

	 	1.22.	“US Mobile Service Royalty” means royalties equal to [*] of all Mobile Entertainment Service Revenue received from a Wireless Carrier Partner that has headquarters
in the United States, including those carriers identified on Schedule A as having headquarters in the United States. 

  

	 	1.23.	“Website Advertising Commitments” shall mean BN’s advertisement commitments set forth in Section 4.2.1. 

  

	 	1.24.	“Wireless Carrier Partner” means a wireless service provider or other third party that has agreed to offer the BN Mobile Entertainment Service to its customers at
prices agreed to by the Wireless Carrier Partner or other third party and DNA. DNA shall make reasonable commercial efforts to make each wireless service provider identified on Schedule A a Wireless Carrier Partner. 

 

	2.	License Grant. 

  

	 	2.1.	License to DNA Trademarks. Subject to the other provisions of this Agreement, DNA hereby grants to BN, solely during the Term, a non-assignable, non-exclusive, royalty-free
right and license, to use, reproduce, publish, perform and display the DNA Trademarks in promotional and marketing materials, content directories and indices, and electronic and printed advertising, publicity, press releases, newsletters and
mailings about DNA, DNA’s 

  

	[*]	Certain information on this page has been omitted and filed separately with the Security and Exchange Commission. Confidential treatment has been requested to the omitted portions.

  

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 relationship with BN as established by this Agreement, and the BN Mobile Entertainment Service. Prior to
each new use of any of the DNA Trademarks in the manner permitted herein, BN shall submit a sample of such proposed use to DNA for its prior written approval, which may not be unreasonably withheld, conditioned or delayed. Once DNA has approved a
particular use of a DNA Trademark, the approval will remain in effect for such use until the earlier of (i) the time such approval is withdrawn with reasonable prior written notice or (ii) the expiration of this Agreement. 
  

	 	2.2.	License to BN Properties. Subject to the other provisions of this Agreement, BN hereby grants to DNA, solely during the Term, a non-assignable (except as necessary for
the licensing and distribution of the BN Mobile Entertainment Service pursuant to the terms of this Agreement) right and license, solely within the United States, Mexico and Canada, to use, reproduce, publish, perform and display the BN Properties
in the BN Mobile Entertainment Service, and promotional, instructional and marketing materials for the BN Mobile Entertainment Service, including content directories and indices, and electronic and printed advertising, publicity, press releases,
newsletters and mailings about the BN Mobile Entertainment Service. The Parties agree that BN shall not otherwise license its BN Properties during the Term for use in connection with any mobile entertainment service that is similar to and
competitive with the Mobile Entertainment Service. Prior to each new use of any of the BN Properties in the manner permitted herein, DNA shall submit a sample of such proposed use to BN for its prior written approval, which may not be unreasonably
withheld, conditioned or delayed. Once BN has approved a particular use of a BN Property, the approval will remain in effect for such use until the earlier of (i) the time such approval is withdrawn with reasonable prior written notice, and (ii) the
expiration of this Agreement. 

  

	3.	Ownership and Restrictions Relating to Trademarks. 

  

	 	3.1.	Ownership of the Mobile Entertainment Service and the DNA Trademarks. BN hereby acknowledges that as between BN and DNA, DNA owns all right, title and interest in and to all
content, products, services, specifications, documentation, software and other materials supplied by DNA, including, without limitation the Mobile Entertainment Service, the DNA Trademarks and any improvements and modifications thereto, including
all Intellectual Property Rights therein, but specifically excluding all BN Properties. 

  
 Except as specifically and clearly set forth in this Agreement, nothing herein, nor the exercise of any rights granted BN hereunder, conveys to BN, and BN
shall not acquire by virtue of this Agreement, any Intellectual Property Rights or any other right or title to, or interest in, the Mobile Entertainment Service or the DNA Trademarks or any part or aspect thereof (or any derivative work). BN agrees
that it shall not at any time assert or claim any interest in, or do anything that may adversely affect the validity or enforceability of, any Intellectual Property Rights in the Mobile Entertainment Service and/or the DNA Trademarks owned by or
licensed to DNA. 
  

	 	3.2.	Ownership of BN Properties. DNA hereby acknowledges that as between BN and DNA, BN owns all right, title and interest in and to all content, products, services,
specifications, documentation, software and other materials supplied by BN, including, without limitation, the BN Properties and any improvements and modifications thereto, including all Intellectual Property Rights therein.

  

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 Except as specifically and clearly set forth in this Agreement, nothing herein, nor the exercise of any
rights granted DNA hereunder, conveys to DNA, and DNA shall not acquire by virtue of this Agreement, any Intellectual Property Rights, or any other right or title to, or interest in, the BN Properties or any part or aspect thereof (or any derivative
work). DNA agrees that it shall not at any time assert or claim any interest in, or do anything that may adversely affect the validity or enforceability of, any Intellectual Property Rights in the BN Properties owned by or licensed to DNA.

  

	 	3.3	Notwithstanding any provision to the contrary herein, each Party agrees that: (i) it shall not use any trademark or service mark licensed to it by the other Party hereunder (each
such trademark or service mark, a “Mark”) in a manner likely to diminish such Mark’s commercial value; (ii) it shall not knowingly permit any third party to use any Mark unless such third party has acquired a license to use such Mark
directly from the other Party or from a third party with valid rights to sublicense such Mark; (iii) it shall not knowingly use or permit the use of any mark, name or image likely to cause confusion with any Mark; and (iv) all goodwill associated
with the use of any Mark shall inure to the Party that owns such Mark. 

  

	4.	Services to be Performed by and Obligations of Each Party. 

  

	 	4.1.	Services to be performed by and Obligations of DNA. 

  

	 	4.1.1.	Develop, distribute and maintain the BN Mobile Entertainment Service on both BREWTM and Java-enabled handsets, and ensure that the BN Mobile Entertainment Service maintain a quality level at least as high as commercially
reasonable standards in the industry in all respects. 

  

	 	4.1.2.	Deliver the BN Mobile Entertainment Service to end user customers of the Wireless Carrier Partners. 

  

	 	4.1.3.	Provide infrastructure and customer support for the proper functioning of the BN Mobile Entertainment Service that is at least as good as the commercially reasonable industry
standard in all respects. 

  

	 	4.1.4.	Provide and maintain the mobile community and mobile entertainment services for the BN Mobile Entertainment Service. 

  

	 	4.1.5.	Create a method for delivering advertisements into the BN Mobile Entertainment Service. 

  

	 	4.1.6.	Use diligent efforts to maintain and develop distribution relationships with current or potential Wireless Carrier Partners for the BN Mobile Entertainment Service.

  

	 	4.2.	Services to be performed by and Obligations of BN. 

  

	 	4.2.1.	 Beliefnet.com Website Advertising Commitments. Subject to the terms of BN’s applicable privacy policy as may be in effect from time to time, and other
applicable federal or state regulations, during the Term, BN shall perform the following marketing activities: (a) BN is obligated to provide DNA advertising placements consisting of Five Million (5,000,000) impressions on beliefnet.com during the
Term (as defined in Section 6.1), and; (b) BN shall send an email 

  

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promoting DNA and the BN Mobile Entertainment Service to BN’s entire customer list, which shall consist of not less than Four Million (4,000,000) email
addresses of actives users of BN’s websites. DNA shall be responsible for developing and producing the content of each of these emails, which shall be subject to review and reasonable approval of BN. DNA shall determine in its sole discretion
the timing of each of these emails, subject to availability. These placements are valued at an aggregate total of One Hundred Fifty Thousand Dollars ($150,000). DNA may determine when it wishes to have BN place advertising on beliefnet.com in
fulfillment of this $150,000 website advertising obligation, provided that by each of the dates set forth below, of the value of DNA advertising placed on beliefnet.com is worth no less than the following amounts on a cumulative basis:

  

				
	 Anniversary of BN Service Launch Date

	  	 
	 By 1-month:
	  	$	25,000
	 By 2-month:
	  	$	50,000
	 By 3-month:
	  	$	75,000
	 By 4-month:
	  	$	84,000
	 By 5-month:
	  	$	93,000
	 By 6-month:
	  	$	102,000
	 By 7-month:
	  	$	110,000
	 By 8-month:
	  	$	118,000
	 By 9-month:
	  	$	126,000
	 By 10-month:
	  	$	134,000
	 By 11-month:
	  	$	142,000
	 By 12-month:
	  	$	150,000

  

	 	The Parties shall work together in good faith to determine the exact media placements, and to optimize the advertising campaign over the course of the Term. DNA will feature the BN
Mobile Entertainment Service, the BN Games and Other Services and/or the BN Images within the advertisements, shall be wholly responsible for providing all creative elements used in connection with such advertisements, and shall have final editorial
control, subject to BN’s approval which shall not be unreasonably withheld, over the look and feel of the advertisements. 

  

	 	4.2.2.	This section is left intentionally blank. 

  

	 	4.2.3.	BN Marketing Commitments. Subject to the terms of BN’s applicable privacy policy as may be in effect from time to time, and other applicable federal or state
regulations, during the Term, in addition to the marketing activities identified in Section 4.2.1 and 4.2.2, BN shall perform the following marketing activities: (a) send two (2) emails promoting the BN Entertainment Service to the entire BN
customer list, which shall consist of not less than Four Million (4,000,000) email addresses of actives users of BN’s websites and (b) place at least Seven Million Five Hundred Thousand (7,500,000) ad impressions across the network of BN
websites. The first email identified in (a) above shall be sent within ninety (90) days following the BN Service Launch Date. The second email identified in section (a) above shall be sent at any time within six (6) months from the first email. The
ad impressions identified in (b) above shall be placed on a continuous basis and at approximately even intervals during the Term. 

  

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	 	4.2.4.	Consider Territory. BN shall, upon request by DNA, consider in good faith the possibility of expanding the scope of the license of the BN Properties to include mutually
agreeable international markets beyond the territories covered herein, subject to mutually agreeable business terms such as additional advances. 

  

	 	4.2.5.	Use commercially reasonable efforts to provide marketing support of the BN Mobile Entertainment Service, including by satisfying its obligations set forth in Section 4.2.2.

  

	 	4.2.6.	Cooperate with DNA to provide and maintain the mobile community for the BN Mobile Entertainment Service. 

  

	 	4.2.7.	Provide relevant information to DNA concerning the BN brand and related BN events subject to the terms of BN’s applicable privacy policy as may be in effect from time to time,
and other applicable federal or state regulations. 

  

	5.	Royalties; Payments; Reports; Audits. 

  

	 	5.1.	Royalty. In consideration for the license of the BN Properties and the performance of the services by BN, DNA shall pay BN the US Mobile Service Royalty, the Foreign Mobile
Service Royalty, the US BN Images Royalty, and the Foreign BN Images Royalty, as appropriate.  

  

	 	5.2.	BN Royalty Payments. DNA shall pay each of the US Mobile Service Royalty, the Foreign Mobile Service Royalty, the US BN Images Royalty and the Foreign BN Images Royalty no
later than Thirty (30) days subsequent to the end of each calendar quarter during the Term in which such royalties are earned (it being understood that, notwithstanding the provisions of this Section 5.2, any such guaranteed minimum royalties
payable to BN pursuant to this Agreement shall be paid monthly). For the avoidance of doubt, all payments of actual royalties in a given month offset against guaranteed royalty payments listed in section 5.3.  

  

	 	5.3.	Guaranteed Minimum Royalty. Subject to the limitations set forth in this Agreement, DNA shall make guaranteed minimum royalty payments to BN on a monthly basis in the amounts
and on the schedule set forth in the table set forth immediately below. 

  

				
	 Guaranteed Royalty Payment Period

	  	Guaranteed Royalty
Payment Amount

	 Effective Date Through BN Service Launch Date
	  	$	0
	 First Full Calendar Month After BN Service Launch Date
	  	$	5,000
	 Second Full Calendar Month After BN Service Launch Date
	  	$	10,000
	 Third Full Calendar Month After BN Service Launch Date
	  	$	12,500
	 Fourth Full Calendar Month Through Twelfth Full Calendar Month After BN Service Launch Date
	  	$	15,000 per month

  

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 Guaranteed royalty payment obligations shall accrue and become due and payable thirty (30) days after the end of each
month, beginning on the one-month anniversary of the BN Service Launch Date and continuing on the one-month anniversary of the previous guaranteed royalty payment. If a guaranteed royalty payment date is a weekend or a holiday, payment shall be made
on the next business day. DNA has the one-time right to void its obligation to pay a guaranteed minimum royalty for one month during the Term (it being understood that, if DNA exercises such right, DNA must still make royalty payments to BN pursuant
to Section 5.1 for such month). If the right set forth in the immediately preceding sentence is exercised by DNA, then both Parties agree to mutually re-evaluate on a one-time basis the marketing strategy for the BN Mobile Entertainment Service and
take commercially reasonable action to improve the overall marketing strategy for the BN Mobile Entertainment Service. 
  

	 	5.4.	Advertising Fee. During the Term, DNA shall pay BN the aggregate Advertising Fee as compensation for, and only after delivery by BN of, the Website Advertising
Commitments. The initial Advertising Fee payment shall be made on the one-month anniversary of the BN Service Launch Date, and all subsequent Advertising Fee payments shall be made on the one-month anniversary of the prior Advertising Fee payment
date, until a total of twelve (12) Advertising Fee payments are made. If an Advertising Fee payment date is a weekend or a holiday, payment shall be made on the next business day. The amount of each Advertising Fee payment shall be based on the
value of the website advertisements provided during such one (1) month period pursuant to the Website Advertising Commitments set forth in Section 4.2.1. Notwithstanding the immediately preceding sentence, for purposes of clarification, the amount
of the Advertising Fee DNA shall be required to have paid by each one-month anniversary of the BN Service Launch Date shall equal not less than the following amounts: 

  

				
	 Anniversary of BN Service Launch Date:

	  	 
	 By 1-month:
	  	$	25,000
	 By 2-month:
	  	$	50,000
	 By 3-month:
	  	$	75,000
	 By 4-month:
	  	$	84,000
	 By 5-month:
	  	$	93,000
	 By 6-month:
	  	$	102,000
	 By 7-month:
	  	$	110,000
	 By 8-month:
	  	$	118,000
	 By 9-month:
	  	$	126,000
	 By 10-month:
	  	$	134,000
	 By 11-month:
	  	$	142,000
	 By 12-month:
	  	$	150,000

  

	 	5.5.	Additional Games Advance. BN shall pay DNA an Additional Games Advance for each BN Game in excess of two developed and distributed by DNA under this Agreement. BN shall pay
each Additional Games Advance to BN at least ten (10) days prior to the date that such BN game development is commenced.  

  

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	 	5.6.	Royalty Reports. During the entire Term and for not less than two (2) years following the termination or expiration of this Agreement, DNA shall maintain copies of all
documents, including those delivered to it by the Wireless Carrier Partners, that are necessary to calculate the Mobile Entertainment Service Revenue. DNA shall be responsible for preparation and delivery of Royalty Reports, which shall be due
within thirty (30) days subsequent to the end of each calendar quarter during the Term. The Royalty Report shall clearly show what portion of the Mobile Service Revenue is generated by BN Applications. Without limiting the foregoing obligation, such
report shall also include all information reasonably necessary for computation and confirmation of the BN Royalties, if any, for such quarterly period. 

  

	 	5.7.	Audits. In connection with the obligations undertaken by DNA hereunder to prepare and deliver the Royalty Reports and to preserve the records related thereto, an accountant
experienced in audits designated by BN and consented to by DNA (which consent shall not be unreasonably withheld, conditioned or delayed) may inspect the records on which such reports are based no more than once per calendar year. Upon written
request by BN, DNA shall send the records upon which the Royalty Reports are based to the agreed upon accountant. BN may request an audit by providing no less than ten (10) days advanced notice. BN shall be obligated to pay the fees and expenses of
the accountant; provided that DNA shall be obligated to pay such fees and expenses if the accountant determines that DNA prepared such report incorrectly resulting in underpayment of the BN Royalties by more than ten percent (10%) for the period
being audited. DNA shall immediately pay any such underpayments to BN, plus interest at a rate equal to 5.0% per annum. 

  

	6.	Term and Termination. 

  

	 	6.1.	Term. The term of this Agreement and the licenses granted herein shall begin on the Effective Date of this Agreement and shall expire on the date one (1) calendar year from
the BN Service Launch Date (“Term”). Thereafter, this Agreement will be automatically renewed for additional periods of one (l) year each unless either party shall have given the other party written notice of termination of this
Agreement at least sixty (60) calendar days prior to the expiration date. 

  

	 	6.2.	Termination for Cause. Either party may immediately terminate this Agreement prior to the expiration of the Term in the event that the other party (i) files in any court or
agency a petition in bankruptcy or insolvency, (ii) is served with an involuntary petition against it that is filed in any insolvency proceeding, and such petition is not dismissed within sixty (60) days after the filing thereof, (iii) makes an
assignment for the benefit of creditors, (iv) breaches any material representation, obligation or covenant contained herein, including the obligation to pay any advance due under this Agreement, unless such breach is cured no later than thirty (30)
days from the date of receipt of notice of such breach, or if by the nature of the breach it is not able to be so cured, it is resolved to the non-breaching party’s satisfaction. 

  

	 	6.3.	 Termination by DNA. DNA may terminate this Agreement (a) within thirty days after the sixth (6th) calendar month after the BN Mobile Service Launch Date or any month thereafter if the combined royalties identified in Section 5.1 are less than $5000 for
any such month (but in no case before the sixth (6th) calendar month) or (b) within thirty days after the eighth
(8th) calendar month after the BN Mobile Service Launch Date or any 

  

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month thereafter if the combined royalty payments identified in Section 5.1 are less than $7500 for any such month (but in no case before the eighth
(8th) calendar month). In the event this Agreement is terminated in accordance with the foregoing, DNA shall still
be obligated to make royalty payments in accordance with Section 5.1 and guaranteed royalty payments in accordance with Section 5.3 that have accrued prior to such termination date. By way of illustration, if this Agreement is terminated after the
sixth full calendar month after the BN Service Launch Date and DNA has chosen not to exercise the right to void its obligation to pay a guaranteed minimum royalty for one month during the Term as specified in Section 5.3, DNA shall be obligated to
pay royalties in accordance with this agreement in an amount not less than $72,500 (equal to the total amount of guaranteed minimum royalty payments) plus any (i) additional royalties due to BN pursuant to Section 5.1 above such guaranteed amount
and (ii) advertising fees due to BN pursuant to Section 5.4. 

  

	 	6.4.	Return of BN Property. Upon expiration or termination of the Agreement, DNA shall cease all use, marketing and distribution of BN Property in any form, and shall return or
destroy all materials that contain BN Property. 

  

	7.	Confidentiality Agreement. 

  

	 	7.1.	Confidentiality Obligations. The Parties agree that no Party shall disclose the Confidential Material, or any part thereof, to any person or entity without the prior written
consent of the other Party; and each Party shall treat any Confidential Material as confidential and proprietary information of the other Party. Notwithstanding anything to the contrary herein, the obligations of the Parties contained within this
paragraph 7 shall survive any termination or expiration of this Agreement. For purposes of Section 7 of this Agreement, “Party” shall include the directors, officers, employees, consultants, agents, and successors of such Party. The
standard of care required to be used by a Party in protecting Confidential Material shall be at least as strict as the standard of care used by such Party in protecting its own Confidential Material. Each Party agrees to only disclose Confidential
Materials to those officers, directors, employees, consultants and advisors who need access to the Confidential Materials in order so that the Party may perform its obligations under this Agreement and to require such persons to comply with terms of
this Agreement. 

  

	 	7.2.	Exceptions to Confidentiality Obligations. The obligations of this paragraph 7 shall not apply to any Confidential Material which (a) is or becomes available to the public
through no breach of this Agreement; (b) is independently developed by a Party without the use of Confidential Material of the other Party; (c) is approved for release by written authorization of the disclosing Party, but only to the extent of and
subject to such conditions as may be imposed in such written authorization; (d) is rightfully received by a Party from a third party whom such Party has reasonable grounds to believe is authorized to make such disclosure without restriction; (e) is
required by law or regulation to be disclosed, but only to the extent and for the purposes of such required disclosure; or (f) is disclosed in response to a valid order of a court or other governmental body of the United States or any political
subdivisions thereof, but only to the extent of and for the purposes of such order; provided, however, that the Party receiving the Confidential Material shall first notify the disclosing Party hereto of the order and permit the disclosing Party to
seek an appropriate protective order. 

  

 11 

	8.	Proprietary Rights Warranty and Indemnification. 

  

	 	8.1.	Representations and Warranties. 

  

	 	8.1.1.	BN hereby represents and warrants that: 

  

	 	(a)	BN either owns or has licensed, and will own or have a license to throughout the Term, all Intellectual Property Rights required to grant the licenses that BN has granted under this
Agreement, and, as of the Effective Date, there is no claim, litigation or proceeding pending or threatened with respect to those rights or any component thereof. 

  

	 	(b)	BN either owns or has licensed, and will continue to own or have licensed throughout the Term, all Intellectual Property Rights and other rights required to reproduce, distribute,
and market the BN Properties (but specifically excluding the Mobile Entertainment Service), and including all modifications, versions and additions thereto made or provided by BN throughout the Term, and that as of the Effective Date there is no
claim, litigation or proceeding pending or threatened with respect to the BN Properties; and 

  

	 	(c)	Distribution, reproduction, promotion, and marketing of the BN Properties in accordance with the terms of this Agreement will not infringe on any third party’s rights,
including, without limitation, any rights of copyright, trademark, patent, unfair competition, defamation, publicity or privacy. 

  

	 	8.1.2.	DNA hereby represents and warrants that: 

  
 (a) DNA either owns or has licensed, and will own or have a license to throughout the Term, all Intellectual Property Rights required to grant the
licenses that it has granted under this Agreement, and, as of the Effective Date, there is no claim, litigation or proceeding pending or threatened with respect to those rights or any component thereof; 
  
 (b) DNA either owns or has licensed, and will continue to own or have
licensed throughout the Term, all Intellectual Property Rights and other rights required to develop, reproduce, distribute, and market the Mobile Entertainment Service, including all music, images, photos, text, logos, and other content (but
specifically excluding the BN Properties) and all technology incorporated therein and used in connection therewith, and including all modifications, versions and additions thereto throughout the Term, and that as of the Effective Date there is no
claim, litigation or proceeding pending or threatened with respect to the Mobile Entertainment Service or any component thereof; and 
  
 (c) Distribution, reproduction, development, promotion, marketing of and support for the Mobile Entertainment Service in accordance with the terms of
this Agreement will not infringe on any third party’s rights, including, without limitation, any rights of copyright, trademark, patent, unfair competition, defamation, publicity or privacy. 
  

	 	8.2.	 Indemnification. Each Party hereby agrees to, and shall, indemnify, defend and hold harmless the other Party and its directors, officers, agents and employee
for damages, 

  

 12 

	 	 
liabilities, costs and expenses resulting from any and all legal actions and threats of legal actions brought against the other Party by a third party (i)
charging or alleging that the Intellectual Property Rights of such indemnifying Party infringe the patent, copyright, trademark or other Intellectual Property Rights of such third party, and (ii) arising from a breach or alleged breach of any
representation or warranty made by the indemnifying party of Sections 8 or 9 of this Agreement. The forgoing rights and obligations of indemnity are conditioned on (i) prompt written notification from the Party seeking indemnification to the
indemnifying Party of the claim for which indemnity is sought; (ii) sole control by the indemnifying Party of the defense of any action and all negotiations for settlement and compromise; and (iii) cooperation and assistance from the Party seeking
indemnification, including reasonable disclosure of information and authority necessary to perform the above. The indemnified Party shall be responsible for the costs and fees of its own counsel if it desires to have separate legal representation in
any such action. Neither Party has any obligations to indemnify the other Party for any claims not covered by this Section 8.2. 

  

	9.	General Warranties. Each Party hereby warrants and represents that it has full legal rights and authority to enter into this Agreement and to perform all of its
obligations hereunder, and that by entering into this Agreement or performing its obligations hereunder, it is not in default or breach of any contract or agreement with any third party and it is not violating or infringing upon the rights of any
third party. Each Party represents and warrants that it is not prohibited nor in any manner otherwise restricted, by any law, regulation or administrative or judicial order of the United States from entering into this Agreement or carrying out its
provisions or the transactions contemplated thereby. 

  

	10.	DISCLAIMER. EXCEPT FOR THE EXPRESS WARRANTIES AND REPRESENTATIONS SET FORTH IN THIS AGREEMENT, NEITHER PARTY MAKES ANY OTHER WARRANTIES, EXPRESS OR IMPLIED OR ARISING
BY CUSTOM OR TRADE USAGE. EACH PARTY EXPRESSLY DISCLAIMS ALL OTHER WARRANTIES AND REPRESENTATIONS, WHETHER EXPRESS OR IMPLIED, INCLUDING WITHOUT LIMITATION THE IMPLIED WARRANTIES OF MERCHANTIBILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND
NON-INFRINGEMENT. 

  

	11.	 LIMITATION ON LIABILITY. EXCEPT AS OTHERWISE PROVIDED IN THIS AGREEMENT, NO PARTY SHALL BE LIABLE TO ANOTHER PARTY FOR ANY SPECIAL, INDIRECT,
INCIDENTAL, OR CONSEQUENTIAL DAMAGES, INCLUDING WITHOUT LIMITATION, LOSS OF REVENUES, LOSS OF PROFITS, OR COST OF PROCUREMENT OF SUBSTITUTE TECHNOLOGY, EVEN IF THAT PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. UNLESS OTHERWISE
PROHIBITED BY LAW, BN WILL NOT BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT LIABILITY OR OTHER THEORY FOR COST OR PROCUREMENT OF SUBSTITUTE GOODS, SERVICES, TECHNOLOGY OR RIGHTS OR FOR ANY
AMOUNTS AGGREGATING IN EXCESS OF NET AMOUNTS PAID BY DWANGO TO BN PURSUANT TO THIS AGREEMENT. UNLESS OTHERWISE PROHIBITED BY LAW, DNA WILL NOT BE LIABLE WITH RESPECT TO ANY SUBJECT MATTER OF THIS AGREEMENT UNDER ANY CONTRACT, NEGLIGENCE, STRICT
LIABILITY OR OTHER THEORY FOR COST OR PROCUREMENT OF SUBSTITUTE GOODS, SERVICES, TECHNOLOGY OR RIGHTS OR FOR ANY AMOUNTS AGGREGATING IN EXCESS OF AMOUNTS PAID TO DNA HEREUNDER BY THE WIRELESS CARRIER PARTNERS IN THE SIX MONTH PERIOD BEFORE THE CAUSE
OF ACTION AROSE. AMOUNTS COLLECTED BY DNA 

  

 13 

	 	 
FROM THE WIRELESS CARRIER PARTNERS THAT ARE OWED TO BN AND OTHERS ARE NOT CONSIDERED PAYMENTS TO DNA. THESE LIMITATIONS SHALL NOT APPLY IF SUCH DAMAGES ARE
THE RESULT OF THE OTHER PARTY’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT. 

  

	12.	Insurance. For the length of the Term, DNA agrees to maintain valid and collectible insurance coverage of the following types with reputable insurance companies
with limits not less than $1,000,000 per occurrence/$2,000,000 aggregate: (a) commercial general liability and (b) “multi-media” and/or product liability. In the event DNA’s coverage is written on a “claims made” basis, DNA
shall, following the termination or expiration of this Agreement, continue to maintain coverage for a period of not less than two (2) years following said termination or expiration. 

  

	13.	Choice of Law and Venue. This Agreement shall be governed, construed and enforced in accordance with the laws of the state of New York (without regard to its
principles of choice of law), and applicable federal law. The parties consent to the exclusive jurisdiction of the local, state and federal courts located in New York County, New York. 

  

	14.	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be effective and valid under applicable law, but if any
provision of this Agreement shall be prohibited by or invalid under applicable law, such provisions shall be ineffective only to the extent of such prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Agreement. 

  

	15.	Press Releases and Public Statements. Each Party shall be entitled to use the name of the other Party in connection with press releases publicizing this Agreement
(with the exception of its financial terms), the launch of the BN Mobile Entertainment Service, and periodically with the approval of the other Party, press releases concerning the BN Mobile Entertainment Service (which approval shall not be
unreasonably withheld or delayed). 

  

	16.	Delivery of Notices and Payments. Unless otherwise directed in writing by the parties, all notices given hereunder shall be sent via Federal Express or another
equivalent express delivery service, or by facsimile with confirmation of transmission, to the name and addresses set forth on the signature page of this Agreement. All notices, requests, consents and other communications under this Agreement shall
be in writing and shall be deemed to have been delivered on the day after the date sent via facsimile or two days after the date sent via Federal Express or other equivalent express delivery service via overnight delivery. 

 

	17.	Entire Agreement. This Agreement constitutes the entire understanding between the Parties regarding the subject matter hereof. No modification or change in this
Agreement shall be valid or binding upon the Parties unless in writing, executed by the parties to be bound thereby. 

  

	18.	Assignability. No rights or interest arising under this Agreement may be transferred or assigned by any Party without the prior written consent of the other Parties;
provided that any Party may assign this Agreement in whole or part without consent to any entity controlling, controlled by or under common control with such Party, or to any entity that acquires such Party by purchase of stock or by merger or
otherwise, or by obtaining substantially all of the assets of such Party’s applicable business unit. 

  

	19.	 Not a Partnership. This Agreement does not constitute and shall not be construed as constituting a partnership or joint venture among the Parties
hereto, or an employee-employer relationship. No Party shall have any right to obligate or bind any other Party in any manner whatsoever, and 

  

 14 

	 	 
nothing herein contained shall give, or is intended to give, any rights of any kind to any third persons. 

  

	20.	Counterparts. This Agreement may be executed in several counterparts, each of which will be deemed to be an original, and each of which alone and all of which together, shall
constitute one and the same instrument, but in making proof of this Agreement it shall not be necessary to produce or account for each copy of any counterpart other than the counterpart signed by the Party against whom this Agreement is to be
enforced. This Agreement may be transmitted by facsimile, and it is the intent of the parties for the facsimile of any autograph printed by a receiving facsimile machine to be an original signature and for the facsimile and any complete photocopy of
the Agreement to be deemed an original counterpart. 

  

	21.	Attorney’s Fees. The prevailing Party in any legal proceedings to enforce this Agreement or to recover damages because of an alleged breach thereof shall be entitled to
recover its reasonable attorneys’ fees and costs. 

  

	22.	Captions. All captions in this Agreement are intended solely for the convenience of the Parties, and none shall affect the meaning or construction of any provision.

  

	23.	Survival of Agreement. Upon termination or expiration of this Agreement for any reason, the following provisions of this Agreement shall survive: Sections 1,3, 5, 6.3,7-11,
and 13-24. 

  
 [signature page follows] 

 

 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the date first set forth above.

  

			
	 DWANGO NORTH AMERICA CORP.

		
	By:	 	 /s/ Rick Hennessey

	 	 	 Rick Hennessey, Chief Executive Officer
 200 West Mercer St., Suite 501
 Seattle, WA 98117

  

			
	 BELIEFNET, INC.

		
	By:	 	 /s/ Sujay Jhaveri

	 	 	 Sujay Jhaveri, President
 115 E. 23rd Street, 4th Floor
 New York, NY 10010

  
 [SIGNATURE PAGE TO
DWANGO/REALNETWORKS CO-PUBLISHING AGREEMENT] 

 Schedule A 
  

			
	Carriers with United States Headquarters - WAP Deck Placement Target
	AWS	 	(WAP)
	Cingular	 	(WAP)
	Nextel	 	(WAP)
	T-Mobile	 	(WAP)
	Verizon	 	(BREW)
	USCellular	 	(BREW)
	Alltel	 	(BREW)
	Cricket	 	(BREW)

  

			
	Carriers with Canadian or Mexican Headquarters
	Rogers	 	(WAP)
	FIDO	 	(WAP)

  

	
	Carrier WEB Sales Target – Java ONLY
	AWS – (existing)
	T-Mobile (launching September 1, 2004)
	Nextel (In discussions as of date of signing)
	Boost Mobile (In discussions as of date of signing)
	Currently in discussions with a WAP Push provider.

  

			
	Handset Target List
	AWS	  	All high volume handsets, midp2, featured handsets
	Cingular	  	All high volume handsets, midp2, featured handsets
	Nextel	  	All handsets
	T-Mobile	  	All high volume handsets, midp2, featured handsets
	Boost Mobile	  	All Handsets
	Verizon	  	All high volume handsets, midp2, featured handsets
	USCellular	  	All high volume handsets, midp2, featured handsets
	Alltel	  	All high volume handsets, midp2, featured handsets
	Cricket	  	All high volume handsets, midp2, featured handsets

  

			
	 Carriers with Canadian or Mexican Headquarters

	Rogers	  	All high volume handsets, midp2, featured handsets
	FIDO	  	All high volume handsets, midp2, featured handsetsForm of Supplemental Indenture relating to 9.45% Senior Debentures due 2011

 Exhibit 4.25 
  
 FORM OF 
 SUPPLEMENTAL INDENTURE 
  
 This Supplemental
Indenture (this “Supplemental Indenture”), dated as of [                ], 2004, is by and among IMC Global Inc., a Delaware corporation (the
“Company”), The Mosaic Company, a Delaware corporation (“Mosaic”), Cargill Fertilizer, LLC, a Delaware limited liability company, and The Bank of New York, a New York banking corporation, as trustee under the Original Indenture
referred to below (the “Trustee”). 
  
 W I T N E S S E
T H: 
  
 WHEREAS, the Company has heretofore executed
and delivered to the Trustee an indenture dated as of December 1, 1991 (as amended and supplemented from time to time, the “Original Indenture”) providing for the issuance of senior debt securities of the Company in series; 
  
 WHEREAS, pursuant to the Original Indenture, the Company has issued
heretofore $100,000,000 aggregate principal amount of 9.45% Senior Debentures due 2011 (the “Existing Securities”), of which an aggregate principal amount of $18,490,000 are outstanding as of the date hereof; 
  
 WHEREAS, the Company has solicited consents from Holders of the
Existing Securities to certain amendments (the “Amendments”) to the Original Indenture and the Existing Securities, which are set forth in this Supplemental Indenture; 
  
 WHEREAS, the Company has received the written consent to the Amendments from Holders of a majority of the principal
amount outstanding of the Existing Securities; 
  
 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, Mosaic and Cargill Fertilizer, LLC will fully and unconditionally guarantee all
of the Company’s obligations under the Existing Securities and the Original Indenture on the terms and conditions set forth herein; and 
  
 WHEREAS, pursuant to Section 8.2 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, the parties hereto mutually covenant and agree for the equal and ratable benefit of the Holders of the Existing Securities as follows: 
  
 Article I 
  
 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 Existing Securities. 
  
 Section 1.1 of the Original Indenture shall be amended to insert alphabetically therein the following defined terms: 
  
 “Affiliate Guarantor” shall have the meaning given to such term in the High-Yield Indentures. 
  
 “Capital Stock” shall mean (i) 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 (ii)
with respect to any Person that is not a corporation, any and all partnership, membership or other equity interests of such Person. 
  
 “Cargill Transactions” shall mean the transactions contemplated by the Agreement and Plan of Merger and Contribution, dated as
of January 26, 2004, among the Company, Mosaic, GNS Acquisition Corp., a Delaware corporation, Cargill, Incorporated, a Delaware corporation, and Cargill Fertilizer, LLC, as may be amended from time to time (the “Merger and Contribution
Agreement”). 
  
 “Cargill Fertilizer,
LLC” shall mean Cargill Fertilizer, LLC, a limited liability company organized under the laws of Delaware, and any successor thereto. 
  
 “Guarantor” shall mean (i) each of Mosaic and Cargill Fertilizer, LLC and (ii) each other Person that issues a Note Guarantee
under Article XIII, in each case, so long as the Note Guarantee of such Person is in full force and effect. 
  
 “High-Yield Indentures” shall mean, collectively, (i) the Indenture, dated as of August 1, 2003, among the Company, the
Guarantors named therein and BNY Midwest Trust Company, as trustee, with respect to the Company’s 10.875% Senior Notes due 2013 (the “2013 Indenture”), (ii) the Indenture, dated as of May 17, 2001, among the Company, the Guarantors
named therein and The 

  

 2 

 
Bank of New York, as trustee, with respect to the Company’s 10.875% Senior Notes due 2008 (the “2008 Indenture”) and (iii) the Indenture,
dated as of May 17, 2001, among the Company, the Guarantors named therein and The Bank of New York, as trustee, with respect to the Company’s 11.250% Senior Notes due 2011 (the “2011 Indenture”), in each case as amended, restated or
supplemented from time to time. 
  
 “High-Yield Notes” shall mean, collectively, (i) the 11.250% Senior Notes due 2011 of the Company issued under the 2011 Indenture, (ii) the 10.875% Senior Notes due 2008 of the Company issued under the 2008 Indenture and (iii) the
10.875% Senior Notes due 2013 of the Company issued under the 2013 Indenture. 
  
 “Merger and Contribution Agreement” shall have the meaning set forth in the definition of “Cargill Transactions.” 
  
 “Mosaic” shall mean The Mosaic Company, a Delaware corporation, and any successor thereto.

  
 “Note Guarantee” shall mean a
guarantee of the Existing Securities issued by a Guarantor under Article XIII. 
  
 “Operative Date” shall mean the date the amendments set forth in the Supplemental Indenture dated as of
[                    ], 2004 to this Indenture become operative. 
  
 “Phosphates Business” shall mean 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. 
  
 “Phosphates Combination Transaction” shall mean any one or more transactions or series of related transactions involving (i) the
sale, lease, conveyance, contribution and/or other transfer (a “contribution”) of assets or Capital Stock comprising all or any portion of the 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 (ii) the merger or consolidation of a Subsidiary of the Company
comprising all or any portion of the Phosphates Business with or into any Phosphates Entity, provided that: 
  
 (a) the Company and its 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; and 
  

 3 

 (b) the Company and its 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 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.

  
 “Phosphates Entities” shall have
the meaning set forth in the definition of “Phosphates Combination Transaction.” 
  
 “Phosphates Holding Company” shall have the meaning set forth in the definition of “Phosphates Combination
Transaction.” 
  
 “2008 Indenture”
shall have the meaning set forth in the definition of “High-Yield Indentures.” 
  
 “2011 Indenture” shall have the meaning set forth in the definition of “High-Yield Indentures.” 
  
 “2013 Indenture” shall have the meaning set forth
in the definition of “High-Yield Indentures.” 
  
 Article II 
  
 REPORTS 

 
 For purposes of the Existing Securities, Section 4.3 of the Original
Indenture shall be amended and restated in its entirety as follows: 
  
 “Section 4.3 Reports by the Company. 
  
 Subject to the last paragraph of this Section 4.3, the Company covenants: 
  
 (a) to file with the Trustee, within 15 days after Mosaic is required to file the same with the Commission, copies of the annual reports
and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which Mosaic may be required to file with the Commission pursuant to
Section 13 or Section 15(d) of the Securities Exchange Act of 1934, or if Mosaic is not required to file information, documents, or reports pursuant to either of such Sections, 

  

 4 

 
then to file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the
supplementary and periodic information, documents, and reports which may be required pursuant to Section 13 of the Securities Exchange Act of 1934, or in respect of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations; 
  
 (b) to file with the Trustee and the Commission, in accordance with the rules and regulations prescribed from time to time by the Commission, such additional information, documents, and reports with respect to
compliance by the Company with the conditions and covenants provided for in this Indenture as may be required from time to time by such rules and regulations; and 
  
 (c) to transmit by mail to the Holders of the Existing Securities in the manner and to the extent required
by Sections 6.6 and 11.4, within 30 days after the filing thereof with the Trustee, such summaries of any information, documents, and reports required to be filed relating to Mosaic or the Company pursuant to subsection (a) and (b) of this Section
as may be required to be transmitted to such Holders by rules and regulations prescribed from time to time by the Commission. 
  
 After such time as Mosaic is released from its Note Guarantee pursuant to Section 13.5 of this Indenture as a result of its being released
as an Affiliate Guarantor of the High-Yield Notes pursuant to Section 10.05(v) of the High-Yield Indentures in connection with a change of control of the Company, the information, documents and reports to be furnished and filed pursuant to this
Section 4.3 shall be information, documents and reports with respect to the Company and there shall be no requirement to furnish or file any such information, documents and reports with respect to Mosaic.” 
  
 Article III 
  
 CONSOLIDATION, MERGER, SALE OR CONVEYANCE 
  
 For purposes of the Existing Securities, Section 9.1 of the Original
Indenture shall be amended by adding the following paragraph to the end of such Section: 
  
 “Notwithstanding the foregoing, for purposes of this Section 9.1, any sale, lease, conveyance or other disposition of all or any
portion of the assets or Capital Stock comprising the Phosphates Business pursuant to a Phosphates Combination Transaction shall not be deemed to be a sale, lease, conveyance or other disposition of all or substantially all of the assets of the
Company.” 
  

 5 

 Article IV 
  
 GUARANTEE OF EXISTING SECURITIES 
  
 For purposes of the Existing Securities, the Original Indenture shall be amended to include the following Article XIII:

  
 “ARTICLE XIII 
  
 GUARANTEE OF EXISTING SECURITIES 
  
 Section 13.1 Note Guarantee. 
  
 Subject to the provisions of this Article XIII, the
Guarantors, by execution of this Indenture, jointly and severally, guarantee to each Holder of the Existing Securities (i) the due and punctual payment of the principal of and interest on each Existing Security, when and as the same shall become due
and payable, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal of and interest on the Existing Securities, to the extent lawful, and the due and punctual payment of all other
obligations and due and punctual performance of all obligations of the Company to the Holders of the Existing Securities or the Trustee all in accordance with the terms of such Existing Security and this Indenture, and (ii) in the case of any
extension of time of payment or renewal of any Existing Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, at stated maturity, by
acceleration or otherwise. Each Guarantor, by execution of this Indenture, agrees that its obligations hereunder shall be absolute and unconditional, irrespective of, and shall be unaffected by, any invalidity, irregularity or unenforceability of
any such Existing Security or this Indenture, any failure to enforce the provisions of any such Existing Security or this Indenture, any waiver, modification or indulgence granted to the Company with respect thereto by the Holder of such Existing
Security, or any other circumstances which may otherwise constitute a legal or equitable discharge of a surety or such Guarantor. 
  
 Each Guarantor hereby waives diligence, presentment, demand for payment, filing of claims with a court in the event of merger or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest or notice with respect to any such Existing Security or the Indebtedness evidenced thereby and all demands whatsoever, and covenants that this Note
Guarantee will not be discharged as to any such Existing Security except by payment in full of the principal thereof and interest thereon. Each Guarantor hereby agrees that, as between such Guarantor, on the one hand, and the Holders of the Existing
Securities and the Trustee, on the other hand, (i) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article V hereof for the purposes of this Note Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed 

  

 6 

 
hereby, and (ii) in the event of any declaration of acceleration of such obligations as provided in Article ``V hereof, such obligations (whether or not due
and payable) shall forthwith become due and payable by each Guarantor for the purpose of this Note Guarantee. 
  
 The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of any Holder of the Existing Securities under the Note Guarantees. 
  
 If an officer of a Guarantor whose signature is on this Indenture or any supplemental indenture entered into in accordance with Section
13.4 no longer holds that office at any time following the execution thereof, such Guarantor’s Note Guarantee shall be valid nevertheless. 
  
 Section 13.2 Execution and Delivery of Note Guarantee. 
  
 To further evidence the Note Guarantee set forth in Section 13.1, each Guarantor hereby agrees that a notation of such Note Guarantee,
substantially in the form included in Exhibit B hereto, shall be endorsed on each Existing Security authenticated and delivered by the Trustee and such Note Guarantee shall be executed by either manual or facsimile signature of an officer or
an officer of a general partner, as the case may be, of each Guarantor. The validity and enforceability of any Note Guarantee shall not be affected by the fact that it is not affixed to any particular Existing Security. 
  
 Each of the Guarantors hereby agrees that its Note Guarantee
set forth in Section 13.1 shall remain in full force and effect notwithstanding any failure to endorse on each Existing Security a notation of such Note Guarantee. 
  
 If an officer of a Guarantor whose signature is on a Note Guarantee no longer holds that office at the time
the Trustee authenticates the Existing Security on which such Note Guarantee is endorsed or at any time thereafter, such Guarantor’s Note Guarantee of such Existing Security shall be valid nevertheless. 
  
 The delivery of any Existing Security by the Trustee, after
the authentication thereof hereunder, shall constitute due delivery of any Note Guarantee set forth in this Indenture on behalf of the Guarantor. 
  
 Section 13.3 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 

  

 7 

 
such Guarantor under its Note Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 
  
 Section 13.4 Additional Guarantors. 
  
 The Company covenants and agrees that it shall cause any
Person who becomes an Affiliate Guarantor of any of the High-Yield Notes pursuant to the terms of the High-Yield Indentures to become a Guarantor of the Existing Securities by executing a supplemental indenture to this Indenture and delivering any
other documentation requested by the Trustee, in each case satisfactory in form and substance to the Trustee, pursuant to which such Person guarantees, jointly and severally with all other Guarantors, all of the Company’s obligations under the
Existing Securities and this Indenture in accordance with this Article XIII, with the same effect and to the same extent as if such Person had been named herein as a Guarantor. The Company shall deliver to the Trustee an Opinion of Counsel that such
supplemental indenture has been duly authorized, executed and delivered by such Person and, subject to customary exceptions, constitutes a valid and legally binding and enforceable obligation of such Person. 
  
 Section 13.5 Release of Guarantors. 
  
 The Note Guarantee of any Guarantor will be automatically
and unconditionally released and discharged when such Guarantor’s guarantee of the High-Yield Notes is released and discharged in accordance with the terms of each of the High-Yield Indentures (except to the extent such guarantee of such
High-Yield Notes is released and discharged as a result of payment in full of such High-Yield Notes or pursuant to a “Legal Defeasance” under the High-Yield Indentures, in which case such Note Guarantee of such Guarantor shall not be
released and discharged). In each such case, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to such release 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 under this Article XIII.

  
 Section 13.6 Waiver of Subrogation. 
  
 Each Guarantor hereby irrevocably waives any claim or other
rights which it may now or hereafter acquire against the Company that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under its Note Guarantee and this Indenture, including, without limitation, any
right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Holder of Existing Securities against the Company, whether or not such claim, remedy or right arises in equity, or under
contract, statute or common law, including, without limitation, the right to 

  

 8 

 
take or receive from the Company, directly or indirectly, in cash or other property or by set-off or in any other manner, payment on account of such claim or
other rights. If any amount shall be paid to any Guarantor in violation of the preceding sentence and the Existing Securities shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit
of, and held in trust for the benefit of, the Holders of the Existing Securities, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Existing Securities, whether matured or unmatured, in
accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section 13.6 is knowingly
made in contemplation of such benefits. 
  
 Section 13.7 Notice
to Trustee. 
  
 The Company or any Guarantor
shall give prompt written notice to the Trustee of any fact known to the Company or any such Guarantor which would prohibit the making of any payment to or by the Trustee at the Corporate Trust Office of the Trustee in respect of the Note
Guarantees. Notwithstanding the provisions of this Article XIII or any other provision of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making of any payment to or by the
Trustee in respect of the Note Guarantees, unless and until the Trustee shall have received written notice thereof from the Company no later than one Business Day prior to such payment; and, prior to the receipt of any such written notice, the
Trustee, subject to the provisions of this Section 13.7, and subject to the provisions of Sections 6.1 and 6.2 hereof, shall be entitled in all respects to assume that no such facts exist; provided, however, that if the Trustee shall
not have received the notice referred to in this Section 13.7 at least one Business Day prior to the date upon which by the terms hereof any such payment may become payable for any purpose under this Indenture (including, without limitation, the
payment of the principal of, premium, if any, or interest on any Existing Security), then, anything herein contained to the contrary notwithstanding, the Trustee shall have full power and authority to receive such money and to apply the same to the
purpose for which such money was received and shall not be affected by any notice to the contrary which may be received by it less than one Business Day prior to such date.” 
  

 9 

 Article V 
  
 NOTATION ON EXISTING SECURITIES 
  
 Pursuant to Section 8.5 of the Original Indenture, the Trustee is authorized and instructed to make the following notation
on the 9.45% Existing Securities on the Operative Date: 
  
 “The Debentures will be entitled to the benefits of certain Note Guarantees made for the benefit of the Holders thereof. Reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and obligations thereunder of the Guarantors, the Trustee and the Holders of the Debentures.” 
  
 Article VI 
  
 MISCELLANEOUS 
  
 Section 6.1. Effect of Supplemental Indenture; Effectiveness and Operation. 
  
 (a) This Supplemental Indenture shall be effective upon execution hereof by the Issuer, Mosaic, Cargill Fertilizer, LLC and
the Trustee, but the Amendments to the Original Indenture as set forth in this Supplemental Indenture and the Note Guarantees of Mosaic and Cargill Fertilizer, LLC shall not become operative until the Officers’ Certificate set forth in
Exhibit A hereto has been executed and delivered to the Trustee. 
  
 (b) This Supplemental Indenture is a supplemental indenture within the meaning of Section 8.2 of the Original Indenture, and the Original Indenture shall be read together with this Supplemental Indenture and shall have the same effect over
the Existing Securities, in the same manner as if the provisions of the Original Indenture and this Supplemental Indenture were contained in the same instrument. 
  
 (c) In all other respects, the Original Indenture is confirmed by the parties hereto as supplemented by the terms of this
Supplemental Indenture. 
  
 (d) Subject to 6.2 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. 
  
 Section 6.2. 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. 
  
 Section 6.3. Application of
Amendments. 
  
 The amendments to the Original Indenture
set forth in this Supplemental Indenture shall apply only to the Existing Securities except to the extent specifically made applicable to any other series of Securities by a resolution of the Board of Directors and set forth 

  

 10 

 
in an Officers’ Certificate or in a supplemental indenture establishing such series of Securities as provided for in Section 2.3 of the Original
Indenture. 
  
 Section 6.4. Agreement to Guarantee.

  
 Each of Mosaic and Cargill Fertilizer, LLC hereby agree
as of the Operative Date to become subject to the terms of the Indenture as a Guarantor and shall be bound as of the Operative Date by the terms of the Indenture as they relate to their respective Note Guarantee. To further evidence such Note
Guarantees, each of Mosaic and Cargill Fertilizer, LLC shall execute and deliver to the Trustee in accordance with Section 13.2 of the Original Indenture (as supplemented by this Supplemental Indenture) a notation of such Note Guarantee,
substantially in the form included as Exhibit B to this Supplemental Indenture. 
  
 Section 6.5. No Recourse Against Others. 
  
 No past, present or future director, officer, employee, incorporator, stockholder or agent of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor, or their respective
successors, under the Existing Securities, any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Upon execution of this Supplemental
Indenture, each Holder of the Existing Securities waives and releases all such liability. The waiver and release are part of the consideration for the issuance of the Note Guarantees. 
  
 Section 6.6. GOVERNING LAW. 
  
 THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK,
WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 Section
6.7. Counterparts. 
  
 The parties may sign any number
of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  
 Section 6.8. Successors. 
  
 All agreements of the Company and the Guarantors in this Supplemental Indenture shall bind their respective successors. All agreements of the Trustee in
this Supplemental Indenture shall bind its successors. 
  
 Section 6.9. Severability. 
  
 In case any
provision in this Supplemental Indenture 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. 
  

 11 

 Section 6.10. Effect of Headings. 
  
 The 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 6.11. 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. 
  
 ***** 
  

 12 

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

			
	IMC GLOBAL INC.
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	THE MOSAIC COMPANY,
	as Guarantor
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	CARGILL FERTILIZER, LLC,
	as Guarantor
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

	
	THE BANK OF NEW YORK, as Trustee
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 EXHIBIT A 
  

OFFICERS’ CERTIFICATE 
  
 Reference is made to that certain Supplemental Indenture (the “Supplemental Indenture”) dated as of
[                    ], 2004 among IMC Global Inc. (the “Company”), The Mosaic Company, Cargill Fertilizer, LLC and The Bank of New York,
as Trustee, to the Indenture (such Indenture, as supplemented or amended from time to time, the “Indenture”) dated as of December 1, 1991 between the Company and The Bank of New York, 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 on this
[            ] day of [            ], 2004. 
  

			
		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 A-1 

 EXHIBIT B 
  

GUARANTEES 
  
 Each of the undersigned (each a “Guarantor” and collectively, if more than one, the “Guarantors”) hereby jointly and severally
unconditionally guarantees, to the extent set forth in the Indenture dated as of December 1, 1991, by and between IMC Global Inc., as Issuer, and The Bank of New York, as Trustee, (as amended, restated or supplemented from time to time, the
“Indenture”), and subject to the provisions of the Indenture, (a) the due and punctual payment of the principal of, and premium, if any, and interest on the Existing Securities, when and as the same shall become due and payable, whether at
maturity, by acceleration or otherwise, the due and punctual payment of interest on overdue principal of, and premium and, to the extent permitted by law, interest, and the due and punctual performance of all other obligations of the Issuer to the
Holders of Existing Securities or the Trustee, all in accordance with the terms set forth in Article XIII of the Indenture, and (b) in case of any extension of time of payment or renewal of any Existing Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 
  
 The obligations of each Guarantor to the Holders of Existing Securities and to the Trustee pursuant to this Guarantee and
the Indenture are expressly set forth in Article XIII of the Indenture, and reference is hereby made to the Indenture for the precise terms and limitations of this Guarantee. 
  
 [Signatures on Following Pages] 
  

 B-1 

 IN WITNESS WHEREOF, each of the Guarantors has caused this Guarantee to be signed by a duly authorized
officer. 
  

			
	 [Guarantor]

		
	By:	 	 
	 	 	 Name:

	 	 	 Title:

  

 B-2

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