# EDGAR Filing Document

**Accession Number:** 0001749056
**File Stem:** 0001104659-23-022699
**Filing Date:** 2023-2
**Character Count:** 17395
**Document Hash:** c1c7514c522da762d414ee3ae4a86c95
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-022699.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001104659-23-022699

**CONFORMED SUBMISSION TYPE**: ABS-15G

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230216

**ITEM INFORMATION**: Findings and Conclusions of the Third Party Due Diligence Provider Obtained by the Issuer

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**ABS RULE**: RULE-15GA2

**REGISTERED ENTITY**: N

**ABS ASSET CLASS**: Other

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGRIFUND, LLC
- **CENTRAL INDEX KEY:** 0001749056
- **IRS NUMBER:** 474742827
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04048
- **FILM NUMBER:** 23637740

**BUSINESS ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 682-302-3431

**MAIL ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
**DEPOSITOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGRIFUND, LLC
- **CENTRAL INDEX KEY:** 0001749056
- **IRS NUMBER:** 474742827
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act

**BUSINESS ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 682-302-3431

**MAIL ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
**SECURITIZER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AGRIFUND, LLC
- **CENTRAL INDEX KEY:** 0001749056
- **IRS NUMBER:** 474742827
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** ABS-15G
- **SEC ACT:** Dodd Frank Act
- **SEC FILE NUMBER:** 025-04048

**BUSINESS ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102
- **BUSINESS PHONE:** 682-302-3431

**MAIL ADDRESS:**
- **STREET 1:** 505 MAIN STREET, SUITE 350
- **CITY:** FORT WORTH
- **STATE:** TX
- **ZIP:** 76102

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM ABS-15G**

**ASSET-BACKED SECURITIZER**

**REPORT PURSUANT TO SECTION 15G OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Check the appropriate box to indicate the filing obligation to which this form is intended to satisfy:

____ Rule 15Ga-1 under the Exchange Act (17 CFR 240.15Ga-1) for the reporting period

____________________ to ___________________

Date of Report (Date of earliest event reported)

Commission File Number of securitizer:_______________________________

Central Index Key Number of securitizer: _____________________________

Name and telephone number, including area code, of the person to

contact in connection with this filing.

Indicate by check mark whether the securitizer has no activity to report for the initial period pursuant to Rule 15Ga-1(c)(1) [ ]

Indicate by check mark whether the securitizer has no activity to report for the quarterly period pursuant to Rule 15Ga-1(c)(2)(i) [ ]

Indicate by check mark whether the securitizer has no activity to report for the annual period pursuant to Rule 15Ga-1(c)(2)(ii) [ ]

[X] Rule 15Ga-2 under the Exchange Act (17 CFR 240.15Ga-2)

Central Index Key Number of sponsor: 0001749056

**ARM Master Trust, LLC**

(Exact name of issuing entity as specified in its charter)

Central Index Key Number of issuing entity (if applicable): Not applicable

Central Index Key Number of underwriter (if applicable): Not applicable

Carmen Haworth

(682) 291-0888

Name and telephone number, including area code, of the person to

contact in connection with this filing

**PART II: FINDINGS AND CONCLUSIONS OF THIRD-PARTY DUE DILIGENCE REPORTS**

**Item 2.01 Findings and Conclusions of a Third Party Due Diligence Report Obtained by the Issuer**

The disclosures required by Rule 15Ga-2 (17 CFR 240.15Ga-2) are attached as Exhibit 99.1 to this Form ABS-15G. Please see the Exhibit Index for the related information.

**EXHIBIT INDEX**

[99.1](tm237122d1_ex99-1.htm) [Independent Accountants Report on Applying Agreed-Upon Procedures, issued by Deloitte & Touche LLP, dated February 14, 2023](tm237122d1_ex99-1.htm)

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the reporting entity has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date: February 16, 2023

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| |
|:---|
| **AGRIFUND, LLC** |
| (Sponsor) |

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| | |
|:---|:---|
| By: | /s/ Carmen Haworth |
|  | Name: Carmen Haworth |
|  | Title: Secretary |

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## Exhibit 99.1

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| | |
|:---|:---|
| ![](image_001.jpg) | **Deloitte & Touche LLP**<br> Suite 400<br> Harborside Plaza 10<br> Jersey City, NJ 07311<br> USA<br>Tel: +1 212 937 8200<br> Fax: +1 212 937 8298<br> www.deloitte.com |

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Agrifund, LLC

420 Throckmorton Street, Suite 1100

Fort Worth, Texas 76102

**Independent Accountants' Report**

**<u>on Applying Agreed-Upon Procedures</u>**

We have performed the procedures described below, related to certain information with respect to a portfolio of crop loans in connection with the proposed offering of ARM Master Trust, LLC, Series T22023-T2 Agricultural Loan Backed Notes. Agrifund, LLC (the "Company") is responsible for the information provided to us, including the information set forth in the Statistical Data File (as defined herein).

The Company has agreed to the procedures and acknowledged that the procedures performed are appropriate to meet the intended purpose of evaluating the accuracy of certain information set forth in the Statistical Data File. Additionally, Cantor Fitzgerald & Co. ("Cantor" and, together with the Company, the "Specified Parties") has agreed to the procedures and acknowledged that the procedures performed are appropriate for their purposes. This report may not be suitable for any other purpose. The procedures performed may not address all of the items of interest to a user of the report and may not meet the needs of all users of the report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes. Consequently, we make no representations regarding the appropriateness of the procedures described below either for the purpose for which this report has been requested or for any other purpose.

**Agreed-Upon Procedures** 

On January 26, 2023, representatives of Cantor, on behalf of the Company, provided us with a computer generated loan data file and related record layout containing data, as represented to us by the Company, as of the close of business December 31, 2022, with respect to 898 crop loans (the "Statistical Data File"). At your instruction, we randomly selected 25 crop loans from the Statistical Data File (the "Sample Loans") and performed certain comparisons and recomputations for each of the Sample Loans relating to the crop loan characteristics (the "Characteristics") set forth on the Statistical Data File and indicated below.

**Characteristics**

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| | |
|:---|:---|
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Loan ID (for informational purposes only)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. ARM store (office)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Expected crop value<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Years farming<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Primary crop<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. State<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Rate (exclusive of fees) | &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. Total credit limit<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. Current principal balance<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Approved insurance provider (AIP)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. AIP rating<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. Origination and service fees (%)<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. Original term<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. Origination vintage |

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We compared Characteristics 2. through 6. to the corresponding information set forth on or derived from the "Loan Summary;" Characteristic 7. to the "Demand Promissory Note;" Characteristic 8. to the Demand Promissory Note, "Acknowledgement of Credit Limit" or "Modification Agreement"; Characteristic 9. to the "Loan History Report"; Characteristic 10. to the Schedule of Insurance, Assignment of Indemnity or Multiple Peril Crop Insurance (collectively, the "Schedule of Insurance"); and Characteristic 11. to the "AIP Ratings Spreadsheet."

**Member of**<br> **Deloitte Touche Tohmatsu**<br>

With respect to Characteristic 12., we recomputed the origination and service fees (%) as the quotient of (i) the sum of (a) the origination fee and servicing fee (each as set forth on the Acknowledgement of Credit Limit, Demand Promissory Note or Loan History Report) and (b) the amendment fee (if applicable) (as set forth on the Modification Agreement) and (ii) the total credit limit (as set forth on the Demand Promissory Note, Acknowledgement of Credit Limit or Modification Agreement). We compared the results of such calculations to the origination and service fees (%) set forth on the Statistical Data File. Further, differences of 0.01% or less are deemed to be "in agreement."

With respect to Characteristic 13., we recomputed the original term as the number of months between the (i) "open date" (as set forth on the Demand Promissory Note) and (ii) "maturity date" (as set forth on the Demand Promissory Note or Loan Summary). We compared the results of such calculations to the original term set forth on the Statistical Data File.

With respect to our comparison of Characteristic 14., for Sample Loans with an open date (as set forth on the Demand Promissory Note) on or between (i) January 1, 2021 and March 31, 2021, we observed an origination vintage of "Q1 2021" set forth on the Statistical Data File, (ii) April 1, 2021 and June 30, 2021, we observed an origination vintage of "Q2 2021" set forth on the Statistical Data File, (iii) July 1, 2021 and September 30, 2021, we observed an origination vintage of "Q3 2021" set forth on the Statistical Data File, (iv) October 1, 2021 and December 31, 2021, we observed an origination vintage of "Q4 2021" set forth on the Statistical Data File; (v) January 1, 2022 and March 31, 2022, we observed an origination vintage of "Q1 2022" set forth on the Statistical Data File; (vi) April 1, 2022 and June 30, 2022, we observed an origination vintage of "Q2 2022" set forth on the Statistical Data File; (vii) July 1, 2022 and September 30, 2022, we observed an origination vintage of "Q3 2022" set forth on the Statistical Data File and (viii) October 1, 2022 and December 31, 2022, we observed an origination vintage of "Q4 2022" set forth on the Statistical Data File.

The crop loan documents referred to above and any other documents used in support of the Characteristics were provided to us by representatives of the Company and are collectively referred to hereinafter as the "Loan Documents." We were not requested to perform and we did not perform any procedures with respect to the preparation or verification of any of the information set forth on the Loan Documents and we make no representations concerning the accuracy or completeness of any of the information contained therein. In certain instances, our procedures were performed using photocopies or data imaged facsimiles of the Loan Documents. In addition, we make no representations as to whether the Loan Documents are comprehensive or valid instruments or reflect the current prevailing terms with respect to the corresponding Sample Loans.

**Agreed-Upon Procedures' Findings**

The results of the foregoing procedures indicated that the Characteristics set forth on the Statistical Data File were found to be in agreement with the above-mentioned Loan Documents, except as described in Appendix A. Supplemental information is contained on Appendix B.

\*\*\*\*\*\*

We make no representations as to the (i) actual characteristics or existence of the underlying documents or data comprising the crop loans underlying the Statistical Data File or the conformity of their characteristics with those assumed for purposes of the procedures described herein, (ii) existence or ownership of the crop loans or (iii) reasonableness of any of the aforementioned assumptions, information or methodologies.

It should be understood that we make no representations as to questions of legal interpretation or as to the sufficiency for your purposes of the procedures enumerated in the preceding paragraphs. Also, such procedures would not necessarily reveal any material misstatement of the information referred to above. We have no responsibility to update this report for events and circumstances that occur subsequent to the date of this report.

We were engaged by the Company to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants ("AICPA"). An agreed-upon procedures engagement involves the practitioner performing specific procedures that the engaging party has agreed to and acknowledged to be appropriate for the purpose of the engagement and reporting on findings based on the procedures performed. We were not engaged to conduct, and did not conduct, an (i) audit conducted in accordance with generally accepted auditing standards or (ii) examination or a review engagement conducted in accordance with attestation standards established by the AICPA, the objective of which would be the expression of an opinion or conclusion, respectively, on the Statistical Data File. Accordingly, we do not express such an opinion or conclusion, or any other form of assurance, including reasonable assurance. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.

We are required to be independent of the Company and to meet our other ethical responsibilities, as applicable for agreed-upon procedures engagements set forth in the Preface: Applicable to All Members and Part 1 – Members in Public Practice of the Code of Professional Conduct established by the AICPA. Independence requirements for agreed-upon procedure engagements are less restrictive than independence requirements for audit and other attestation services.

None of the engagement, procedures or report was intended to address, nor did they address, the (i) conformity of the origination of the assets to stated underwriting or credit extension guidelines, standards, criteria or other requirements, (ii) value of collateral securing such assets or (iii) compliance of the originator of the assets with federal, state, and local laws and regulations.

None of the engagement, procedures or report were intended to satisfy, nor did they satisfy, any criteria for due diligence published by a nationally recognized statistical rating organization.

This report is intended solely for the information and use of the Specified Parties identified above and is not intended to be and should not be used by anyone other than these Specified Parties.

Yours truly,

/s/ Deloitte & Touche LLP

February 14, 2023

**Appendix A to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 14, 2023.**

In applying our agreed-upon procedures as outlined above, we observed the following:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Exception <br> Description <br> Number** | &nbsp;&nbsp; <br>**Exception Description** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;One difference in approved insurance provider. |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;One difference in AIP rating. |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.

**Appendix B to Independent Accountants' Report on Applying Agreed-Upon Procedures issued by Deloitte & Touche LLP dated February 14, 2023**

<u>Supplemental Information Related to the Findings Set Forth on Appendix A</u>

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; <br> **Exception <br> Description <br> Number** | &nbsp;&nbsp; <br> **Sample <br> Loan <br> number** | &nbsp;&nbsp; <br>**Characteristic** | &nbsp;&nbsp; <br> **Characteristic set forth on the <br> Statistical Data File** | &nbsp;&nbsp; <br> **Characteristic set forth on the <br> Loan Documents** |
| &nbsp;&nbsp;1 | &nbsp;&nbsp;11308 | &nbsp;&nbsp;Approved insurance provider | &nbsp;&nbsp;Stratford Ins. Co. | &nbsp;&nbsp;AgriSompo North America |
| &nbsp;&nbsp;2 | &nbsp;&nbsp;11308 | &nbsp;&nbsp;AIP rating | &nbsp;&nbsp;A | &nbsp;&nbsp;A+ |

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The information above reflects the procedures performed and is subject to the conditions set forth in the agreed-upon procedures report to which this appendix is attached.