Document:

Exhibit 4.7

 

August 23, 2022

 

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 2022-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 September 2022, 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 September 2022, 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:	/s/
    Daniel Willems Van Dijk
	 	 	Name:	Daniel Willems Van Dijk
	 	 	Title:	Assistant Treasurer

 

 

 

	Accepted:	 
	 	 
	WILMINGTON TRUST COMPANY, as Trustee	 
	 	 
	 	 
	By:	/s/
    Rachel L. Simpson	 	 
	Name: 	Rachel L. Simpson	 
	Title:	Vice President	 

 

 

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 2022-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 2022-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:

 

	Loan No.	Activity During Period
	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

AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT
This AMENDMENT NO. 4 TO MASTER REPURCHASE AGREEMENT (this “Amendment”), is made and entered into as of August 19, 2022, by and among:
Coöperatieve Rabobank, U.A., New York Branch, a Dutch coöperatieve acting through its New York Branch (“Rabobank”) and Sumitomo Mitsui Banking Corporation, New York Branch, a  Japanese corporation (“SMBC”), as purchasers (each, a “Buyer” and, collectively, the “Buyers”);
The Scotts Company LLC, an Ohio limited liability company, as seller (“Seller”); and

solely for purposes of Section 5.3 hereof, the Scotts Miracle-Gro Company, an Ohio corporation, as guarantor (“Guarantor”), 

and amends that certain 1996 SIFMA Master Repurchase Agreement, dated as of April 7, 2017, between Seller and Buyers, as supplemented by Annex I (as amended by that certain Amendment No. 1 to Master Repurchase Agreement, dated as of August 24, 2018, that certain Amendment No. 2 to Master Repurchase Agreement, dated as of August 21, 2020, and that certain Amendment No. 3 to Master Repurchase Agreement, dated as of August 20, 2021, the “Master Repurchase Agreement” and as amended hereby, the “Amended Master Repurchase Agreement”).  Each of the Buyers and Seller may also be referred to herein individually as a “Party”, and collectively as the “Parties”.
RECITALS
WHEREAS, the Parties entered into the Master Repurchase Agreement for the purpose of Seller transferring to the Buyers certain securities or other assets against the transfer of funds by the Buyers, with a simultaneous agreement by the Buyers to transfer to Seller such securities or other assets at a date certain or on demand, against the transfer of funds by Seller; 
WHEREAS, the Parties and Rabobank, as Buyers’ agent (in such capacity, “Agent”), entered into that certain Master Framework Agreement, dated as of April 7, 2017, (as amended, supplemented or otherwise modified from time to time, the “Framework Agreement”);
WHEREAS, Guarantor entered into the Guaranty in favor of Agent and the Buyers pursuant to which Guarantor guaranteed the payment and performance of all obligations, liabilities and indebtedness owed by Seller under the Transaction Agreements; and
WHEREAS, the Parties now wish to amend certain provisions of the Master Repurchase Agreement as hereinafter stated.
AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants, agreements and conditions set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties and, solely for purposes of Section 5.3 hereof, Guarantor agree as follows:
1.    Interpretation.
1.1    Definitions.  All capitalized terms used but not defined in this Amendment shall have the meanings set forth in the Master Repurchase Agreement or the Framework Agreement (including Schedule 1 thereto), as applicable.
        

2.    Amendment.

The Master Repurchase Agreement is hereby amended, effective from and after the Effective Date, as follows:

2.1    Exhibit A to Annex I to the Master Repurchase Agreement is amended and restated in the form of Annex A attached hereto.

2.2    Exhibit B to Annex I to the Master Repurchase Agreement is amended and restated in the form of Annex B attached hereto.

2.3    Exhibit C to Annex I to the Master Repurchase Agreement is amended and restated in the form of Annex C attached hereto.
3.    Conditions to Effectiveness.
This Amendment shall be effective as of the date first above written (the “Effective Date”) upon the Agent’s receipt of counterparts to this Amendment executed by each of the other parties hereto.
4.    Representations, Warranties and Undertakings.
4.1    Seller. In entering into this Amendment, Seller hereby makes or repeats (as applicable) to Agent and each Buyer as of the Effective Date (or, to the extent expressly  relating to a specific prior date, as of such prior date) the representations and warranties set forth in the Master Repurchase Agreement and each other Transaction Agreement to which Seller is a party, and such representations and warranties shall be deemed to include this Amendment.  Seller further represents that it has complied in all material respects with all covenants and agreements applicable to it under the Master Repurchase Agreement and each of the other Transaction Agreements to which it is a party.
5.    Miscellaneous.
5.1    Counterparts.  This Amendment may be executed by the Parties on any number of separate counterparts, by facsimile or email, and all of those counterparts taken together will be deemed to constitute one and the same instrument; signature pages may be detached from multiple separate counterparts and attached to a single counterpart so that all signatures are physically attached to the same document.  A facsimile or portable document format (“.pdf”) signature page will constitute an original for the purposes of this Section 5.1.
5.2    Ratification.  Except as amended hereby each of the other Transaction Agreements remains in full force and effect.  The Parties hereby acknowledge and agree that, effective from and after the Effective Date, all references to the Master Repurchase Agreement, including Annex I thereto, in any other Transaction Agreement shall be deemed to be references to the Amended Master Repurchase Agreement, and any amendment in this Amendment of a defined term in the Master Repurchase Agreement, including Annex I thereto, shall apply to terms in any other Transaction Agreement which are defined by reference to the Master Repurchase Agreement or Annex I thereto.
5.3    Guarantor Acknowledgment and Consent.  Guarantor hereby acknowledges the Parties’ entry into this Amendment and consents to the terms and conditions hereof, it being understood that such terms and conditions may affect the extent of the Obligations (as defined in the Guaranty) for which Guarantor may be liable under the Guaranty.  Guarantor further confirms and agrees that the Guaranty remains in full force and effect after giving effect to this Amendment and, for the avoidance of doubt, acknowledges that any amendment herein to a defined term in the Master Repurchase Agreement, including Annex I thereto, shall apply to terms in the Guaranty which are defined by reference to the Master Repurchase Agreement or Annex I thereto.

5.4    GOVERNING LAW.  THIS AMENDMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT 
    2

GIVING EFFECT TO THE CONFLICTS OF LAW PROVISIONS THEREOF OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW.
5.5    Expenses.  All reasonable legal fees and expenses of Agent and each Buyer incurred in connection with the preparation, negotiation, execution and delivery of this Amendment and each related document entered into in connection herewith shall be paid by the Seller promptly on demand.
5.6    Transaction Agreement.  This Amendment shall be a Transaction Agreement, as set forth in Section 2.1 of the Framework Agreement, for all purposes.

[SIGNATURE PAGES FOLLOW]
    3

IN WITNESS WHEREOF, the Parties have executed this Amendment as of the date first written above.
Buyer and Agent:

						
	Coöperatieve Rabobank, U.A., New York Branch

	

By:
	

/s/ JINYANG WANG

	Name:	Jinyang Wang
	Title:	Executive Director
	

By:
	

/s/ EDUARD TROMMELEN

	Name:	Eduard Trommelen
	Title:	Vice President

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 4 to Master Repurchase Agreement]

Buyer:

						
	Sumitomo Mitsui Banking Corporation, 
New York Branch

	

By:
	

/s/ YOSHITERU SHIBATA

	Name:	Yoshiteru Shibata
	Title:	Executive Director, Global Trade Finance Dept.

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 4 to Master Repurchase Agreement]

Seller:

						
	The Scotts Company LLC

	

By:
	

/s/ JEFFREY R. LEUENBERGER

	Name:	Jeffrey R. Leuenberger
	Title:	Vice President and Treasurer

[SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]

[Signature Page to Amendment No. 4 to Master Repurchase Agreement]

Solely for purposes of Section 5.3 hereof:

Guarantor:

						
	The Scotts Miracle-Gro Company

	

By:
	

/s/ JEFFREY R. LEUENBERGER

	Name:	Jeffrey R. Leuenberger
	Title:	Vice President and Corporate Treasurer

[Signature Page to Amendment No. 4 to Master Repurchase Agreement]

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