Document:

Exhibit 4.1

 

 

THE BANK OF NEW YORK MELLON

NEW YORK’S FIRST BANK-FOUNDED 1784 BY ALEXANDER HAMILTON

 

 

2 HANSON PLACE, 12TH FLOOR, BROOKLYN,
N.Y. 11217

 

 

 

October 26, 2017

 

Hennion & Walsh, Inc.

2001 Route 46, Waterview Plaza

Parsippany, New Jersey 07054

 

Smart Trust 348

 

Dear Sirs:

The Bank of New York
Mellon is acting as trustee for the series of Smart Trust set forth above (the “Trust”). We enclosed a list
of the Securities to be deposited in the Trust on the date hereof. The prices indicated therein reflect our evaluation of such
Securities as of close of business on October 25, 2017, in accordance with the valuation method set forth in the Standard Terms
and Conditions of Trust and Trust Agreement. We consent to the reference to The Bank of New York Mellon as the party performing
the evaluations of the Trust Securities in the Registration Statement (No. 333-219815) filed with the Securities and Exchange Commission
with respect to the registration of the sale of the Trust Units and to the filing of this consent as an exhibit thereto.

 

 

Very truly yours,

 

/s/ GERARDO CIPRIANO________________

Gerardo Cipriano

Vice PresidentExhibit 4.3

 

 

Consent of Independent Registered
Public Accounting Firm

We consent to the
reference made to our firm under the caption “Independent Registered Public Accounting Firm” in Part B of the Prospectus
and to the use of our report dated October 26, 2017, in this Registration Statement (Form S-6 No. 333-219815) of Smart Trust 348,
comprising Smart Trust, Smart Ten Trust, Series 10.

 

/s/ Grant
Thornton LLP

 

Chicago, Illinois

October 26, 2017exhibit4_24.htm - Generated by SEC Publisher for SEC Filing

  

 

Exhibit 4.24

 

Summary of Shareholders’ Agreement of Cresca S.A

 

Parties: Brasilagro – Companhia Brasileira de Propriedades Agrícolas and Carlos Casado S.A

Purpose:  On October 5, 2016, BrasilAgro  – Companhia Brasileira de Propriedades Agrícolas (“BrasilAgro”) and Carlos Casado S.A. (“Carlos Casado”),entered into a shareholders’ agreement pursuant to which they agreed to try to sell  all the land that Cresca S.A. (“Cresca”) owned for a 120-day period as of the execution date of the agreement (“Shareholders’ Agreement”). 

The parties also agreed that if either party  failed to dispose of the totality of the land owned by Cresca within the 120-day period, they would be required to proceed with the division of  the ownership of the land among themselves (BrasilAgro and Carlos Casado).

Among other provisions of the Shareholders’ Agreement, the parties also agreed upon  the following:

-          The parties agreed on the Termination of Advisory Agreement (Contrato de Asesoramiento) entered into on September 3, 2008 by and between Cresud S.A.C.I.F. and Cresca.  The parties established that Cresca would have to pay Brasilagro the amount of U$S 476,345.00 for the termination.

-          The parties agreed that Cresca would pay U$S 229,000.00 to Carlos Casado as professional fees for technical assistance, within the first business day following the  Ordinary Meeting indicated in Section 7 of the Shareholders’ Agreement.

-          The parties agreed that Cresca would cancel part of the loans made by the shareholders for an amount of approximately US$ 6 million, i.e., approximately US$ 3 million for each shareholder, within the first business day after the  Ordinary Meeting indicated in Section 7 of the Shareholders’ Agreement.

-          Finally, the parties also agreed to convene a General Meeting in order to approve management accounts and elect the officers.exhibit4_25.htm - Generated by SEC Publisher for SEC Filing

  

 

Exhibit 4.25

 

Summary of the Private Instrument of Real Properties and Rural Assets Purchase and Sale Commitment and Other Covenants, entered into on January 11, 2017, in connection with Fazenda  São José

Parties: Agro Pecuária e Industrial Serra Grande Ltda., as Seller; Imobiliária Ceibo Ltda., as Buyer, Brasilagro – Companhia Brasileira de Propriedade Agrícolas, as Guarantor and Jaborandi Agricola Ltda. as Intervening-consenting party.

Purpose:  The purchase, by Jaborandi Agrícola Ltda., of an area of 17,565,7592 hectares (with an arable land of approximately 10,000 hectares). which was part of the real property registered under the enrollment certificate No. 3,106 and is currently registered under the enrollment certificate No. 6,886 of the Real Estate Registry Office of São Raimundo das Mangabeiras, State of Maranhão. Brasilagro shall pay R$100.0 million, whereby payment shall be made pursuant the following terms: (i) R$11.6 million is payable upon signature of the contract (ii) R$4.0 million is payable to Banco Rodobens three days after the Debt Clearance Certificate (Certidão Negativa de Débitos) is issued; and (iii) the residual amount is payable two days after the contract is registered at Real Estate Registry Office.  

The final public deed of the sale and purchase arising from this Commitment Instrument was on February 2, 2017 by the Notary Office of São Raimundo das Mangabeiras at pages 111/131, Act No. 01708, Book No. 23.exhibit4_26.htm - Generated by SEC Publisher for SEC Filing

  

Exhibit 4.26

 

Summary of the Private Instrument of Real Properties and Rural Assets Purchase and Sale Commitment and Other Covenants,  entered into on March 23, 2017, in connection with Fazenda Araucária

Parties: Imobiliária Araucária Ltda., as Seller, Fabricio Fries, as Buyer, Celso Fries, as Guarantor; and Brasilagro – Companhia Brasileira de Propriedade Agrícolas, as Intervening-consenting party.

Purpose:  The commitment to sell a total area of 274.14 hectares, of which approximately 196 hectares are arable, to be dismantled from Fazenda Araucária, for the total price, in Brazilian national currency (Reais), equivalent 200,020 bags of soybeans, to be paid in five annual installments, as follows: (i) the first installment, in the amount, in Brazilian Reais, equivalent to 39,254 bags of soybeans, shall be paid upon signature of the Private Instrument of Commitment for the Sale and Purchase of Rural Property; (ii) the second installment, also in the amount, in Brazilian Reais, equivalent to 39,254 bags of soybeans, shall be paid on February 28, 2018; (iii) the third installment, in the amount, in Brazilian Reais, equivalent to 43,184 thousand of bags of soybeans, shall be paid on February 28, 2019; (iv) the fourth installment, in the amount, in Brazilian Reais, equivalent to 39,254 bags of soybeans, shall be paid on February 28, 2020; and, finally (v) the fifth installment, also in the amount, in Brazilian Reais, equivalent to 39,254 bags of soybeans, shall be paid on February 28, 2021.  

The price of each soybean bag shall only be determined on the maturity date of each installment of the purchaseprice.  Bearing that in mind, pursuant to section 3.1.7 of this private instrument, for purposes of calculating the actual amounts, in Brazilian Reais, of each of the installments of the total purchase price of the area, the quotation of the gross price of the soybean bag  that is freely and timely negotiated by the Seller on behalf of the Buyer with local commodities trading companies, will be used.exhibit4_27.htm - Generated by SEC Publisher for SEC Filing

  

Exhibit 4.27

 

Summary of the Private Instrument of Real Properties and Rural Assets Purchase and Sale Commitment and Other Covenants, entered into  on May 22, 2017, in connection with Fazenda Araucária

Parties: Imobiliária Araucária Ltda., as Seller, Procópio & Oliveira Ltda. – ME, as Buyer, Marcio Antonio de Oliveira, as Guarantor; and Brasilagro – Companhia Brasileira de Propriedade Agrícolas, as Intervening-consenting party.

Purpose:  The commitment to sell a total area of 1,360 hectares comprised of 918.25 hectares of arable land of Fazenda Araucaria, for the price, in Brazilian Reais, corresponding to 257,110 bags of soybeans, to be paid as follows: 35% of the total price in the first year and five subsequent yearly installments in the amount corresponding to 33,376 bags of soybeans each installment the first expiring on April 28, 2018 and the last on April 24, 2022. The physical possession over the area of 1,208.75 hectares was granted to the Buyer on September 30, 2017, after proper payment of 35% of the purchase price, and the physical possession of the remaining 151.25 hectares shall be delivered on September 30, 2018, it being understood that the actual transfer of the title to and ownership of the area shall only take place after full payment of the purchase price.exhibit4_28.htm - Generated by SEC Publisher for SEC Filing

  

Exhibit 4.28

 

Summary of the Private Instrument of Real Properties and Rural Assets Purchase and Sale Commitment and Other Covenants, entered into on June 30, 2017, in connection with Fazenda Jatobá

Parties: Imobiliária Jaborandi Ltda., as Seller, Mr. Hermes Augusto Ferreira and Emerson Denis Cecchin Ferreira, as Buyers, and Jaborandi Agrícola Ltda., as Intervening-consenting party.

Purpose:  The commitment to sell a total area of 625.21 hectares, being 500.01 of useful arable land and 125.20 hectares of legal reserve areas of Fazenda Jatobá, for the price, in Brazilian Reais, corresponding to 300 bags of soybeans per useful hectare, to be paid by the Buyer to the Seller, as follows: 20% of the total price in the first year and another four successive annual installments in the amount corresponding to 30,000 bags of soybean each installment, with the first expiring on May 30, 2018 and the last on May 30, 2021.exhibit4_29.htm - Generated by SEC Publisher for SEC Filing

  

Exhibit 4.29

 

Summary of the Private Instrument of Real Properties and Rural Assets Purchase and Sale Commitment and Other Covenants, entered into on September 15, 2017, in connection with Fazenda Jatobá

Parties: Jaborandi Agrícola Ltda., as the current company vested in the possession of the land, Valdeir Ribeiro da Silva, as the natural individual interested in entering into a rural partnership with Brasilagro economic group, and Imobiliária Jaborandi Ltda., as owner of the land

Purpose:  Granting of the possession, for a five-year-term, of a total area equivalent to 2,755 hectares which comprise the plots of land 14-A, 15-A and 15-B of the Fazenda Jatobá on behalf of Mr. Valdeir Ribeiro da Silva for purposes of the exploitation of the land under a rural partnership regime, by means of the sharing, by and among the parties, of the earnings received from the crops/harvests arising from the aforementioned partnership. Jaborandi Agricola Ltda. shall be entitled to 18% of the earnings therefrom (or six bags of soybeans per hectare, whichever is greater) and Mr. Valdeir Ribeiro da Silva shall be entitled to the remaining 82%.

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