Document:

Exhibit 4.8

 

July 27, 2021

 

Wilmington Trust Company

Rodney Square North

1100 North Market Street

Wilmington, Delaware 19890-0001

Attention: Corporate Trust Administration

 

Re:                             Reporting of Repurchase Demands Activity

 

Ladies and Gentlemen:

 

Reference is hereby made to the transaction (the “Transaction”) as to which Wilmington Trust Company (“Wilmington”), as trustee (in such capacity, the “Trustee”) is a party, and to the CNH Equipment Trust 2021-B trust created thereunder (the “Issuer”). The Issuer and the Depositor and/or their affiliates are required to file reports with the Securities and Exchange Commission in connection with the Transaction pursuant to reporting requirements promulgated under Rule 15Ga-1 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and Items 1104(e) and 1121(c) of Subpart 229.1100- Asset Backed Securities (Regulation AB), 17 C.F.R. §§229.1100-229.1123, as such may be amended from time to time and subject to such clarification and interpretation as have been provided by the United States Securities and Exchange Commission (the “Commission”) in the adopting release (Asset-Backed Securities, Securities Act Release No. 33 8518.70 Fed. Reg. 1,506,1,531 (January 7, 2005)) or by the staff of the Commission, or as may be provided by the Commission or its staff from time to time (“Regulation AB”). Pursuant to Section 20 of the Administration Agreement among the Issuer, New Holland Credit Company, LLC (“NHCC”), as administrator (the “Administrator”), Citibank, N.A., as indenture trustee, and the Trustee, NHCC hereby requests that the Trustee provide a certification in substantially the form of Exhibit A hereto so that the information can be included in reports to be filed by the Issuer and/or the Depositor and/or their affiliates with the Commission under the Exchange Act and for other purposes. Capitalized terms used but not otherwise defined herein will have the meanings assigned to them in the Transaction Documents for the Transaction.

 

By acknowledging and agreeing to the terms of this letter agreement, the Trustee hereby agrees with respect to the Transaction that commencing on the date of this letter agreement and continuing until earlier of the date on which (i) the Issuer is terminated, (ii) the Trustee ceases to be the Trustee of the Issuer or (iii) Rule 15Ga-1 and Items 1104(e) and 1121(c) no longer require information regarding repurchase demands, it will: (i) provide prompt written notice upon receipt of any repurchase request for any Receivable received by a Responsible Officer of the Trustee in connection with the Transaction, (ii) not later than the fifth (5th) Business Day of each month, commencing with August 2021, provide the Administrator with a notice in substantially the form of Exhibit A with respect to any requests (in writing or orally) for the repurchase of any Receivable pursuant to the transaction documents for the Transaction received by a Responsible Officer of the Trustee during the immediately preceding month, (iii) not later than the fifth

 

 

Business Day of each calendar quarter, commencing with August 2021, provide the Administrator with a notice in substantially the form of Exhibit A with respect to any requests (in writing or orally) for the repurchase of any Receivable pursuant to the transaction documents for the Transaction received by a Responsible Officer of the Trustee during the immediately preceding calendar quarter, and (iv) promptly upon reasonable written request by the Administrator, provide to the Administrator any other information reasonably requested in good faith that is in actual possession of the Trustee and necessary to facilitate compliance by them with Rule 15Ga-1 under the Exchange Act, or Items 1104(e) or 1121(c) of Regulation AB.

 

The Administrator, Depositor and the Issuer acknowledge and agree that in no event will Wilmington (including in its capacity as Trustee) have any responsibility or liability in connection with (i) the compliance by any Securitizer (as defined in Rule 15Ga-1) of the Transaction or any other person with the Exchange Act or Regulation AB or (ii) any filing required to be made by a Securitizer under the Exchange Act or Regulation AB in connection with the information provided hereunder. Notwithstanding anything herein to the contrary, Wilmington Trust Company, in its individual capacity and in its capacity as Trustee of the Issuer, will not have any duty to conduct, and has not conducted, any affirmative investigation as to the occurrence of any conditions requiring the repurchase of any Receivable under the Transaction.  In addition, the Administrator, the Depositor and the Issuer understand and agree that the Trustee will provide information related to activity only to the extent that a Responsible Officer of the Trustee has such information or can obtain such information without unreasonable effort or expense; provided that, each of the Administrator, the Depositor and the Issuer agree that efforts to obtain such information is limited to a review of the Trustee’s internal written records of repurchase demand activity for the Transaction and that neither the Trustee nor Wilmington Trust Company are required to request information from any unaffiliated parties.  This letter agreement is not intended to, and does not, amend or alter, in any manner, the rights or obligations of the parties pursuant to the operative agreements for the Transaction or pursuant to any other letter agreement, and does not bind any of the parties’ successors or assigns under any agreements for the Transaction.

 

In performing its obligations hereunder with respect to the Transaction, Wilmington Trust Company, individually and as Trustee, shall have all the privileges, immunities, rights, indemnities and protections provided to Wilmington Trust Company, individually and as Trustee, under the Transaction Documents of the Transaction, as if this letter were a Transaction Document under such Transaction.

 

[Remainder of Page Intentionally Left Blank]

 

 

	
 
    	
Very truly yours,
    
	
 
    	
 
    
	
 
    	
NEW HOLLAND CREDIT COMPANY, LLC, as Administrator
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Douglas MacLeod
    
	
 
    	
 
    	
Title:
    	
Assistant Treasurer
    

 

	
Accepted:
    	
 
    
	
 
    	
 
    
	
WILMINGTON TRUST COMPANY,
    	
 
    
	
as Trustee
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
By:
    	
 
    	
 
    
	
 
    	
Name:
    	
 
    
	
 
    	
Title:
    	
 
    

 

Letter Agreement (DF 943)

 

 

Exhibit A

 

Form of Notice of Repurchase Request

 

[Month][Day], [Year]

 

New Holland Credit Company, LLC,
 as Administrator

6900 Veterans Boulevard

Burr Ridge, IL 60527

 

Re:                             Reporting of Repurchase Demands Activity

 

Reference is hereby made to the CNH Equipment Trust 2021-B transaction (the “Transaction”), as to which Wilmington Trust Company (“Wilmington”), as trustee (in such capacity, the “Trustee”) is a party, and to the CNH Equipment Trust 2021-B trust created thereunder (the “Issuer”). Capitalized terms used but not defined herein shall have the meanings given to them in the Transaction Documents for the Transaction.

 

During the period from and including [Month][Day], [Year] to but excluding [Month][Day], [Year], the Trustee received [no requests requesting that Receivables be repurchased.][ the repurchase demand requests as set forth below:

 

	
 
    	
 
    	
Activity During Period
    
	
Loan No.
    	
 
    	
Date of Reputed
   Demand
    	
 
    	
Party Making
   Reputed Demand
    	
 
    	
Date of Withdrawal
   of Reputed Demand
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    

 

	
 
    	
]
    
	
 
    	
 
    
	
 
    	
WILMINGTON TRUST COMPANY,
    
	
 
    	
not in its individual capacity but solely as
    
	
 
    	
Trustee of the Issuer
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    
	
 
    	
 
    	
Title:Document

Exhibit 10.1

BIOGEN INC.
PERFORMANCE-BASED MANAGEMENT INCENTIVE PLAN

1. Purpose

This Performance-Based Management Incentive Plan (this “Plan”) is established by Biogen Inc. (the “Company”) to attract and retain persons of outstanding abilities and to stimulate efforts to bring about strong operating performance and reward the individuals who contribute to this performance. This Plan supersedes and replaces any performance-based management incentive plan previously adopted by the Company or its predecessors and applies to awards granted on or after January 1, 2019.

2. Basic Concepts

Award programs under this Plan shall be developed under the following basic concepts:

A. There shall be an identification of performance periods, which may be a minimum of six (6) and a maximum of sixty (60) consecutive months in length. Because multiple awards may be granted to a Participant under this Plan, performance periods need not be sequential and may overlap or occur simultaneously.

B. With respect to each performance period, there shall be a determination of (i) eligible Participants, (ii) the amount of each participant’s target incentive awards, (iii)  the applicable performance goals, based on the Performance Criteria listed in Section 4.B below and/or such other Company and/or individual performance goals as may be approved by the Compensation and Management Development Committee of the Board of Directors of the Company (the “Committee”), and (iv) the extent to which performance relative to each such performance goal shall determine the amount of the award payable to a Participant.

3. Eligibility

A. Participation in this Plan shall be limited to executive officers of the Company and its subsidiaries and affiliates. Each employee participating in this Plan is referred to as a “Participant.”

B. Unless otherwise authorized by the Committee, Participants shall be excluded from participation in any other cash bonus or incentive program of the Company or any of its subsidiaries and affiliates; provided, however, that Participants shall not be excluded from participation in any equity incentive plan adopted by the Company (whether or not such awards are settled in stock or in cash).

4. Determination of Awards

A. Except as provided otherwise in this Section 4, awards under this Plan shall be paid on account of the attainment of one or more performance goals which: (i) are established by the Committee; (ii) are based on one or more of the criteria listed below in Section 4.B and/or such other Company and/or individual performance goals as may be approved by the Committee, and (iii) state the method for computing the amount of 

compensation payable to a Participant if the performance goal or goals are attained. Unless otherwise determined by the Committee, Performance Criteria or other performance goals shall be adopted with respect to each performance period by the Committee (A) for performance periods of one year or more, no later than ninety (90) days after the commencement of the performance period; and (B) for periods of less than one year, before twenty-five percent (25%) of the performance period has elapsed. The Committee may waive the achievement of one or more of the applicable performance goals in the case of the death or disability of the Participant or under such other circumstances as the Committee determines are appropriate. The Committee may provide that if certain specified goals are not met, no awards will be made for the performance period to which such goals relate.

B. Performance goals shall be based on specified Company or individual criteria, which may include objectively determinable measures of performance relating to any of, or to any combination of, the following (measured either absolutely or comparatively (including, without limitation, by reference to an index or indices or the performance of one or more companies) and determined either on a consolidated basis or, as the context permits, on a divisional, functional, subsidiary, line of business, project or geographical basis or in combinations thereof and subject to such adjustments, if any, as the Committee specifies (“Performance Criteria”)): sales; revenues; assets; expenses; earnings before or after deduction for all or any portion of interest, taxes, depreciation, or amortization or other items, whether or not on a continuing operations or an aggregate or per share basis; return on equity, investment, capital or assets; one or more operating ratios; borrowing levels, leverage ratios or credit rating; market share; capital expenditures; cash flow; stock price; stockholder return; sales of particular products or services; customer acquisition, expansion or retention; acquisitions and divestitures (in whole or in part); joint ventures and strategic alliances; spin-offs, split-ups and the like; reorganizations; recapitalizations, restructurings, financings (issuance of debt or equity) or refinancings; or achievement of clinical trial or research objectives. A Performance Criterion and any targets with respect thereto determined by the Committee need not be based upon an increase, a positive or improved result or avoidance of loss and may be based on GAAP, non-GAAP or other metrics as contemplated hereby. The Committee may provide that one or more of the Performance Criteria applicable to an award will be adjusted to reflect events (for example, but without limitation, acquisitions or dispositions) occurring during the performance period that affect the applicable Performance Criterion or Criteria. Performance goals may also consist of such other individual performance criteria and/or subjective Company performance criteria as determined by the Committee.

C. Except as provided in Section 8.B below, no incentive awards shall be paid to Participants under this Plan unless and until the Committee determines that the applicable Performance Criteria or other performance goals have been attained, and such determination will be final and conclusive.

D. A Participant may receive an incentive award under this Plan that is less than, equal to or greater than his or her target incentive award. The Committee may in its sole discretion adjust an incentive award otherwise payable to a Participant, including on the basis of Company and/or specific individual goals, which may be based on nonobjective factors related to the performance of the Company and/or the Participant, as the case may be.

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5. Basis of Participation in Award Programs

A. Awards may, but are not required to, be denominated in (i.e., valued by reference to) the Common Stock of the Company or units of Common Stock of the Company; provided, however, that any awards denominated in cash will be paid in cash as provided in Section 8.A below. Awards denominated in cash may be expressed as a percentage of the annual base pay of the Participant or as a specified dollar amount.

B. In addition to any other terms and conditions set forth in this Plan, all or part of the grant, vesting and/or payment of an award may be made subject to future service and such other restrictions and conditions as may be established by the Committee, and as may be set forth in any award agreement.

6. Administration

A. The overall administration of this Plan shall be under the direction of the Committee. The Committee has discretionary authority, subject only to the express provisions of this Plan, to interpret this Plan; determine eligibility for and grant awards; determine, modify or waive the terms and conditions of any award; prescribe forms, rules and procedures; and otherwise do all things necessary or desirable to carry out the purposes of this Plan. Determinations of the Committee made under this Plan will be conclusive and will bind all persons. The Committee may delegate: (i) to one or more of its members such of its duties, powers and responsibilities as it may determine and (ii) to such employees or other persons as it determines such ministerial tasks as it deems appropriate.

B. Responsibility for the ministerial administration of this Plan (for example, payment of awards approved by the Committee) shall be under the direction of the Company’s Head of Human Resources.

7. Determination of Incentive Awards; Limitations on Awards

A. The maximum amount payable under this Plan to any Participant during any calendar year may not exceed $6,000,000 for the Chief Executive Officer and $3,000,000 for any other Participant.

B. The final determination of the extent to which the Performance Criteria and/or other performance goals were achieved for an award will be made by the Committee promptly following the availability of all necessary performance results.

C. For the avoidance of doubt, in no event will any payment of an award exceed 225% of the Participant’s target incentive award.

8. Payments; Effect of Termination of Employment

A. All payments of awards hereunder shall be made in cash within the sooner of 90 days following the end of the applicable performance period or March 15 of the year following the calendar year in which the award was earned.

B. If a Participant’s employment terminates during a performance period due to death or disability, a determination of the amount payable to the Participant or his or her 
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estate will be made as soon as practicable thereafter. Unless otherwise determined by the Committee, the amount to be paid under these circumstances shall be determined by multiplying the Participant’s target incentive award by a fraction, the numerator of which is the number of days completed during the performance period before termination of employment, and the denominator of which is the original length of the performance period. Payment of awards under this Section 8.B will be made within the sooner of 90 days of the termination of employment or March 15 of the year following the calendar year in which employment terminated. If a Participant’s employment terminates during a performance period for any reason other than death or disability, unless the Committee determines otherwise, payment will not be made in respect of any award.

C. Participants are required to maintain employment with the Company through the payout date to receive payment, unless this practice is in conflict with local law. If a Participant terminates employment for any reason other than death or disability after the end of the performance period but before the payout date, they will not be entitled to any award payments.

9. General Conditions

A. While it is the intent of the Company to continue this Plan indefinitely, the Company reserves the right to amend, modify or terminate this Plan, any incentive program under this Plan or any Participant’s participation in this Plan at any time or on such conditions as the Committee shall deem appropriate; provided, however, that to the extent that stockholder approval is required pursuant to law or by reason of the rules of the applicable exchange on which shares of the Company’s common stock is publicly traded, no such amendment or modification shall be effective until such time as such stockholder approval is obtained. Except as provided in 8.B above, no Participant shall have any right to any incentive award under this Plan until such award and the amount thereof has been finally approved by the Committee and communicated to such Participant after the end of the performance period for which the award is being made and the Participant remains employed with the Company through such date.

B. This Plan is not a contract between the Company and any Participant. Neither the establishment of this Plan, nor any action taken hereunder, shall be construed as giving any Participant any right to be retained in the employ of the Company.

C. The Committee may cancel, rescind, withhold or otherwise limit or restrict any unpaid award (or require the repayment of an award) at any time if the Participant is not in compliance with all applicable provisions of this Plan and award agreement, if any, or if the Participant engages in any “Detrimental Activity” or as otherwise provided under any applicable clawback or recoupment policy of the Company, as in effect from time to time.

1) In particular, but not in limitation of the foregoing, in the event that a Participant engages or has engaged in Detrimental Activity, any amounts payable to the Participant in the year in which termination of employment occurs under this Plan may be forfeited and the entire amount of any payments made during such year of termination of employment shall be repaid to the Company. Each Participant, by accepting or being deemed to have accepted an award under this Plan, agrees to cooperate fully with the Committee to effectuate any forfeiture required under this Plan. The Participant (and 
4

neither the Committee nor the Company) will be solely responsible for any adverse tax or other consequences to a Participant that may arise in connection with this Section 9.C.

2) For purposes of this Plan, “Detrimental Activity” shall include any action or failure to act that, in the sole determination of the Committee: (i)(a) constitutes financial malfeasance that is materially injurious to the Company, (b) violates the Company’s Code of Conduct, (c) results in the Company’s restatement of its earnings, financial results or financial statements or (d) results in a violation or breach of law or contract that is materially injurious to the Company or (ii) violates any non-competition, non-disclosure or non-solicitation agreement with the Company, or in the event that the Participant has not entered into any such agreement with the Company, the Participant engages in any “Competitive Activity.”

3) For purposes of this Plan, “Competitive Activity” shall include: (i)  the rendering of services for any organization or engaging directly or indirectly in any business which is or becomes competitive with the Company, or which organization or business, or the rendering of services to such organization or business, is or becomes otherwise prejudicial to or in conflict with the interests of the Company; (ii) the disclosure to anyone outside the Company, or the use in other than the Company’s business, without prior written authorization from the Company, of any confidential information or material relating to the business of the Company, acquired by the Participant either during or after employment with the Company or (iii) any attempt directly or indirectly to induce any employee of the Company to be employed or perform services elsewhere or any attempt directly or indirectly to solicit the trade or business of any current or prospective customer, supplier or partner of the Company.

D. A Participant’s right and interest under this Plan may not be assigned or transferred, and any attempted assignment or transfer shall be null and void and shall extinguish, in the Company’s sole discretion, the Company’s obligation under this Plan to pay incentive awards with respect to the Participant.

E. This Plan shall be unfunded. The Company shall not be required to establish any special or separate fund, or to make any other segregation of assets, to assure payment of awards.

F. The Company shall have the right to deduct from incentive awards paid any taxes or other amounts required by law to be withheld.

G. Awards under this Plan are intended either to be exempt from the rules of Section 409A of the Code or to satisfy those rules, and shall be construed accordingly. Notwithstanding anything to the contrary in this Plan, neither the Company, nor any affiliate, nor the Committee, nor any person acting on behalf of the Company, any affiliate, or the Committee, shall be liable to any Participant or to the estate or beneficiary of any Participant or to any other holder of an award by reason of any acceleration of income, or any additional tax, asserted by reason of the failure of an award to satisfy the requirements of Section 409A of the Code or by reason of Section 4999 of the Code.

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H. The validity, construction, interpretation and effect of this Plan shall exclusively be governed by and determined in accordance with the laws of the State of Delaware, without giving effect to its conflict of laws provisions.

(Approved 02.12.2019, amended 06.02.21)

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