EX-10.1 2 smg201704138kexhibit101.htm EXHIBIT 10.1 smg201704138kexhibit101
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[Signature Page to 1996 SIFMA Master Repurchase Agreement] COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH By: /s/ THOMAS MCNAMARA Name: Thomas McNamara Title: Vice President Date: April 7, 2017 By: /s/ THOMAS GIUNTINI Name: Thomas Giuntini Title: Executive Director Date: April 7, 2017 [SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]


 
[Signature Page to 1996 SIFMA Master Repurchase Agreement] SUMITOMO MITSUI BANKING CORPORATION, NEW YORK BRANCH By: /s/ YUJI KAWASAKI Name: Yuji Kawasaki Title: Director, Global Trade Finance Dept Date: April 7, 2017 [SIGNATURE PAGES CONTINUE ON FOLLOWING PAGE]


 
[Signature Page to 1996 SIFMA Master Repurchase Agreement] THE SCOTTS COMPANY LLC By: /s/ JAMES A. SCHROEDER Name: James A. Schroeder Title: Vice President and Treasurer Date: April 7, 2017


 
Execution Copy Annex I Supplemental Terms and Conditions This Annex I forms a part of the 1996 SIFMA Master Repurchase Agreement dated as of April 7, 2017 (the “SIFMA Master,” and as amended by this Annex I, this or the “Agreement”) among The Scotts Company LLC, Coöperatieve Rabobank, U.A., New York Branch (“Rabobank”) and each of the other Buyers from time to time Party thereto. Subject to the provisions of Paragraph 1 of this Annex I, (a) capitalized terms used but not defined in this Annex I shall have the meanings ascribed to them in the SIFMA Master, and (b) aside from this Annex I, including all exhibits and schedules attached hereto and thereto, no other Annexes or Schedules thereto shall form a part of the SIFMA Master or be applicable thereunder. 1. Applicability; Parties; Framework. (a) Framework Agreement. This Agreement is being entered into in accordance with that certain Master Framework Agreement, dated as of April 7, 2017 (the “Framework Agreement”), among Seller, each of the “Buyers” thereunder and Rabobank, as agent for the Buyers (the “Agent”). Capitalized terms used but not defined in this Agreement or in any Confirmations shall have the meanings set forth in the Framework Agreement (including Schedule 1 thereto). In the event of any inconsistency between the provisions of this Agreement and that of the Framework Agreement, the Framework Agreement shall govern. (b) Seller. The Scotts Company LLC will act as Seller with respect to all Transactions entered into hereunder. (c) Buyers. All references to “Buyer” in this Agreement shall refer collectively to the “Buyers” party to the Framework Agreement, each as represented for purposes of this Agreement by Rabobank, as Agent. Each such Buyer shall be deemed a party to this Agreement, and upon entry into any Transaction, each such Buyer shall acquire an undivided fractional interest in the Purchased Securities for such Transaction (pro-rata in accordance with its Individual Funded Percentage) in accordance with Section 4.1(d) of the Framework Agreement until such Purchased Securities are repurchased by Seller pursuant to this Agreement (at which point such undivided fractional interests shall be collectively reconveyed to Seller) or otherwise disposed of hereunder. Subject to the terms and conditions of the Framework Agreement, all powers of Buyers hereunder, including the execution and delivery of Confirmations hereunder or any other matters involving consent or discretion, shall be exercised solely by Agent on behalf of such Buyers. The parties agree that any remedies to be exercised against Seller, Guarantor or the Collateral shall be exercised solely through Agent and not by any Buyer individually. (d) Securities. All Securities under this Agreement shall consist of Eligible Obligor Receivables. Only Eligible Obligor Receivables shall be recognized as Securities for purposes of any Transactions hereunder.


 
-2- (e) Entire Agreement. The first sentence of Paragraph 14 of the SIFMA Master is subject to, and superseded by, Section 9.3 of the Framework Agreement. 2. Definitions. (a) Added Definitions. For purposes of this Agreement, the following additional terms shall have the following meanings: (i) “Framework Agreement”, the meaning set forth in Paragraph 1(a) of this Annex I; (ii) “London Banking Day”, means any day on which commercial banks are open for general business (including dealings in foreign exchange and foreign currency deposits) in the city of London; (iii) “LIBOR”, with respect to any Transaction Period, the rate for deposits in U.S. Dollars for a period equal to such Transaction Period which appears on the Bloomberg Screen LIBOR Rates Page (or any successor source) as of 11:00 a.m., London time, on the day that is two (2) London Banking Days preceding the first day of the Transaction Period; provided, that if the Transaction Period is not equal to a period specified on such page, the rate shall be calculated using Linear Interpolation; provided, further, that in the event that such rate is not available at such time for any reason, then the LIBOR Rate for such Transaction Period shall be the rate at which U.S. Dollar deposits in an amount comparable to the Purchase Price and for a maturity comparable to such Transaction Period are offered by the principal London office of Coöperatieve Rabobank, U.A. to leading banks in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, on the day that is two (2) London Banking Days preceding the first day of the Transaction Period; (iv) “Linear Interpolation” means straight-line interpolation by reference to two rates, one of which shall be determined as if the applicable Transaction Period were the period of time for which rates are available next shorter than the length of such Transaction Period and the other of which shall be determined as if such Transaction Period were the period of time for which rates are available next longer than the length of such Transaction Period; such determinations to be made by Agent; (v) “Pricing Schedule”, with respect to any Transaction, a schedule attached to the applicable Confirmation setting forth certain terms of the Transaction as referenced in such Confirmation and which shall (i) in the case of Transactions having a Purchase Date that coincides with the Repurchase Date for an expiring Transaction, be substantially in the form attached hereto as Exhibit B to Annex I and (ii) in the case of Transactions having a Purchase Date that does not coincide with the Repurchase Date for an expiring Transaction, be substantially in the form attached as Exhibit C to Annex I. (vi) “Portfolio Schedule”, with respect to any Transaction, a schedule accompanying the applicable Confirmation consisting of an Excel format spreadsheet substantially in the form of that certain Excel format spreadsheet template transmitted via email by


 
-3- alan.heap@scotts.com to Thomas.Giuntini@rabobank.com at 9:47 a.m. Eastern Time on April 5, 2017 and setting forth, among other things, the Receivables comprising the Purchased Securities for such Transaction; (vii) “Roll-Over Securities”, with respect to any expiring Transaction, any Purchased Securities under such Transaction which, in lieu of being transferred back to Seller, become Purchased Securities under a new Transaction (as identified in the relevant Portfolio Schedule for such new Transaction as being included in the Transaction Portfolio) with a Purchase Date coinciding with the Repurchase Date of such expiring Transaction. (viii) “Transaction Period”, with respect to any Transaction, the period commencing on (and including) the Purchase Date for such Transaction and expiring on (but excluding) the Repurchase Date for such Transaction. (b) Revised Definitions. For purposes of this Agreement, and notwithstanding anything in Paragraph 2 of the SIFMA Master to the contrary, the following terms shall have the following amended and restated meanings: (i) “Market Value”, the meaning set forth in Schedule 1 to the Framework Agreement; (ii) “Price Differential”, with respect to any Transaction as of any date, the sum of the aggregate amount obtained by daily application of the Pricing Rate for such Transaction to the Purchase Price for such Transaction on a 360 day per year basis for the actual number of days during the period commencing on (and including) the Purchase Date for such Transaction and ending on (but excluding) the date of determination; (iii) “Pricing Rate”, the per annum percentage rate for determination of the Price Differential, determined for each Transaction (unless otherwise specified in the Confirmation) as being equal to the sum of (A) the greater of (x) LIBOR as of the applicable Purchase Date and (y) zero plus (B) 0.90%; (iv) “Purchase Price”, the price at which Purchased Securities are transferred by Seller to Buyer. (v) “Purchased Securities”, the Securities transferred by Seller to Buyer in a Transaction hereunder, consisting of those Receivables identified in the relevant Portfolio Schedule for such Transaction as “Purchased Receivables” included in the Transaction Portfolio for such Transaction. (vi) “Repurchase Date”, the date on which Seller is to repurchase the Purchased Securities from Buyer, which shall be the earliest of (i) the next Weekly Date immediately succeeding the applicable Purchase Date and (ii) the Facility Expiration Date; and (vii) “Repurchase Price”, the price at which Purchased Securities are to be transferred from Buyer to Seller upon termination of a Transaction, which will be determined in each case as the sum of (i) the Purchase Price for such Transaction plus (ii) the accrued and unpaid Price


 
-4- Differential as of the date of such determination (it being understood that all such accrued and unpaid Price Differential shall be payable when and as set forth in Paragraph 12 of this Annex I); provided, that if a Specified Event of Default has occurred and is continuing as of the applicable Repurchase Date for a Transaction, then the Repurchase Price for such Transaction shall include, in addition to the amounts specified in the foregoing clauses (i) and (ii), all other Secured Obligations due and owing from Seller under the Transaction Agreements through the time such Repurchase Price is paid in full (other than contingent indemnification obligations in respect of which no claim therefor has been made). 3. Initiation; Confirmation; Termination. Notwithstanding anything to the contrary in Paragraph 3 of the SIFMA Master, the following shall apply: (a) No Oral Agreements. All agreements to enter into Transactions hereunder shall be in writing in accordance with Article 4 of the Framework Agreement. (b) Confirmations; Priority. All Confirmations with respect to Transactions hereunder shall be substantially in the form attached as Exhibit A to this Annex I, and shall be accompanied by (i) a Pricing Schedule setting forth certain terms referenced in such Confirmation and (ii) a Portfolio Schedule setting forth, among other things, the Receivables comprising the Purchased Securities for such Transaction. Subject to the proviso the definition of “Repurchase Price” set forth in Paragraph 2(b)(vii) of this Annex I, in the event of any conflict between the terms of a Confirmation and this Agreement, the Confirmation shall prevail. (c) Termination. Paragraph 3(c) of the SIFMA Master shall not be applicable to Transactions under this Agreement, and all terms and provisions thereof and references thereto shall be disregarded for purposes of this Agreement. (d) Outstanding Transactions; Continuity. Notwithstanding anything in this Agreement to the contrary, the Parties agree that no more than one Transaction hereunder shall be outstanding at any given time. It is the intention of the Parties that during the Facility Term, and subject to fulfillment of the applicable conditions set forth in the Framework Agreement with respect to Buyers’ entry into Transactions, the expiration of each Transaction hereunder on the applicable Repurchase Date shall coincide with the entry into a subsequent Transaction with a concurrent Purchase Date in accordance with the procedures set forth in the Framework Agreement. The Parties further intend that, pursuant to Paragraph 12 of the SIFMA Master and to the extent permitted under Paragraph 12 of this Annex I, the Repurchase Price payable by Seller with respect to each such expiring Transaction shall be netted to the extent applicable against the Purchase Price payable by Buyers with respect to such subsequent Transaction. 4. Margin Maintenance. The provisions of Paragraph 4 of the SIFMA Master shall not apply to Transactions under this Agreement, and all terms and provisions thereof and references thereto shall be disregarded for purposes of this Agreement. 5. Income Payments. Notwithstanding anything to the contrary in Paragraph 5 of the SIFMA Master, (i) unless a Specified Event of Default has occurred and is continuing and Agent, on


 
-5- behalf of Buyers, has exercised remedies pursuant to Paragraph 11(d) to foreclose on or otherwise take possession or control of the Purchased Securities, Seller shall service the Purchased Securities, (ii) unless a Specified Event of Default has occurred and is continuing and any Repurchase Price in respect of an outstanding Transaction then remains due and owing by Seller, Seller shall be entitled to receive and retain all Income paid or distributed on or in respect of such Purchased Securities, and to dispose of such Income in accordance with (and to the extent permitted by) Section 5.4(b) of the Framework Agreement. 6. Security Interest. Paragraph 6 of the SIFMA Master is hereby amended and restated in its entirety to read as follows: “(a) Seller hereby grants to Agent, for the benefit of the Buyers, a first priority security interest in all of Seller’s right, title, benefit and interest in and to all Purchased Securities included in the Transaction Portfolio applicable to each Transaction entered into under this Agreement, all Related Rights with respect to such Purchased Securities and all Related Contract Rights with respect to such Purchased Securities, whether now existing or hereafter arising, and all proceeds thereof (collectively, the “Collateral”), to secure the Seller’s obligations under the Transaction Agreements (the “Secured Obligations”). This Agreement shall create a continuing security interest in the Collateral (including all Roll-Over Securities notwithstanding any repurchase by Seller of any such Roll-Over Security under an expiring Transaction and simultaneous purchase by Buyers of such Roll-Over Security under a subsequent Transaction) and shall remain in full force and effect until such security interest is released pursuant to (and to the extent provided in) Paragraph 6(c) below or until all unpaid Repurchase Price with respect to outstanding Transactions under this Agreement have been indefeasibly paid in full (without application of any set off or netting). Agent (for the benefit of the Buyers) shall have, with respect to all the Collateral, in addition to all other rights and remedies available to Agent (for the benefit of the Buyers) under the Transaction Agreements, all the rights and remedies of a secured party under the Uniform Commercial Code as in effect in any applicable jurisdiction. (b) Seller hereby authorizes Agent to file such financing statements (and continuation statements with respect to such financing statements when applicable) as may be necessary to perfect the security interest granted pursuant to the foregoing Paragraph 6(a) under the Uniform Commercial Code of the relevant jurisdiction (which financing statements may describe the collateral as “All of Debtor's right, title, benefit and interest in and to all Receivables identified in any relevant schedule (each a ‘Portfolio Schedule’) as ‘Purchased Receivables’ included in the Transaction Portfolio applicable to each transaction entered into under the 1996 SIFMA Master Repurchase Agreement dated as of April 7, 2017 (the ‘Repurchase Agreement’), between Debtor, Coöperatieve Rabobank, U.A., New York Branch and the other Buyers from time to time party thereto, including Annex I thereto (and as amended thereby), together with all Related Rights and


 
-6- Related Contract Rights with respect to such Purchased Receivables, whether now existing or hereafter arising, and all proceeds thereof.”). (c) The security interest granted pursuant to the foregoing Paragraph 6(a) in connection with any Transaction is released by Agent and the Buyers upon payment of the Repurchase Price for such Transaction (including by application of set off or netting in accordance with Paragraph 12 of this Agreement (but subject to Paragraph 12 of Annex I hereto)), without further action by any Person, but solely with respect to the Purchased Securities in respect of such Transaction that are not Roll-Over Securities with respect to such Transaction. Agent hereby agrees, at Seller’s expense, to (x) file appropriate financing statement amendments to reflect such release and (y) execute and deliver such other documents as Seller may reasonably request to further evidence such release.” 7. Payment and Transfer. Notwithstanding anything in Paragraph 7 of the SIFMA Master to the contrary, all transfers of Securities by one party to the other party shall be evidenced by the Portfolio Schedule attached to each Confirmation; it being understood that upon Seller’s payment in full of the Repurchase Price with respect to a Transaction on any Repurchase Date (including as a result of set of or netting pursuant to Paragraph 12 of the SIFMA Master (to the extent permitted under Paragraph 12 of this Annex I)), all Purchased Securities (other than Roll- Over Securities) shall be automatically deemed to be transferred and assigned from Buyer to Seller without further evidence thereof. 8. Rehypothecation of Purchased Securities. Paragraph 8 of the SIFMA Master is hereby amended and restated in its entirety to read as follows: “Notwithstanding anything herein to the contrary, unless an Event of Default shall have occurred and be continuing, Buyer shall be prohibited from engaging in repurchase transactions with the Purchased Securities or otherwise selling, transferring, pledging or granting any liens or encumbrances on, or hypothecating the Purchased Securities.” 9. Substitution. The provisions of Paragraph 9 of the SIFMA Master shall not apply to Transactions under this Agreement, and all terms and provisions thereof and references thereto shall be disregarded for purposes of this Agreement. 10. Representations. The representations and warranties set forth in Paragraph 10 of the SIFMA Master are hereby deleted in the case of Buyer and, in the case of Seller, are hereby replaced with the representations and warranties set forth in Section 5.1 of the Framework Agreement. It is acknowledged that Seller is also making the representations and warranties set forth in Section 5.2 of the Framework Agreement with respect to the Purchased Securities.


 
-7- 11. Events of Default. (a) Replacement of Events of Default. The Events of Default set forth in Paragraph 11 of the SIFMA Master (i) to the extent applicable to Seller, are hereby replaced with the Events of Default set forth in the definition thereof in the Framework Agreement and (ii) to the extent applicable to Buyer, are hereby deleted. All provisions in Paragraph 11 and elsewhere in the SIFMA Master, to the extent relating to the occurrence of any such Event of Default with respect to Buyer or any rights or remedies afforded to Seller in connection therewith, shall be disregarded for purposes of this Agreement. The first paragraph of Paragraph 11 of the SIFMA Master is hereby amended and restated in its entirety to read as follows: “If an Event of Default has occurred and is continuing:” (b) Remedies. Paragraph 11(d) of the SIFMA Master is hereby amended and restated in its entirety to read as follows: “If Buyer and exercises or is deemed to have exercised the option referred to in subparagraph (a) of this Paragraph, Agent on behalf of the Buyers, may, at its discretion and with such notice to Seller as may be required by applicable law, immediately (i) take possession of any or all Purchased Securities subject to any outstanding Transactions, at its discretion, (ii) deliver a Shifting Control Notice under any Control Agreement, (iii) subject to the requirements of applicable law, sell any or all such Purchased Securities, at such price or prices as Agent may reasonably deem satisfactory, and apply the proceeds thereof to amounts owing by Seller hereunder or under any of the other Transaction Agreements (it being understood, for the avoidance of doubt, that Seller shall remain liable to the Buyer for the excess of such amounts owing by Seller over any sale proceeds so applied); and (iv) generally exercise any and all rights afforded to a secured party under the Uniform Commercial Code or other applicable law.” (c) Certain Provisions Inapplicable. The provisions of Paragraphs 11(c), 11(e), and 11(f) of the SIFMA Master shall not apply to Transactions under this Agreement, and all terms and provisions thereof and references thereto (including any references to “Replacement Securities”) shall be disregarded for purposes of this Agreement. (d) Expenses. The provisions of Paragraph 11(g) of the SIFMA Master are hereby deleted, and shall be deemed to have been replaced with the provisions of Section 9.2 of the Framework Agreement, which are hereby incorporated by reference. 12. Single Agreement. With respect to any Transaction under this Agreement, and notwithstanding anything in this Agreement to the contrary, the portions of the Repurchase Price for such Transaction consisting of the Price Differential shall, in all circumstances, be paid by Seller by wire transfer of immediately available funds to the account of Agent set forth in Schedule 2 to the Framework Agreement on the Repurchase Date for such Transaction, and such payment of the Price Differential shall not be subject to any setoff, netting or other application by Seller against other amounts, whether pursuant to Paragraph 12 of the SIFMA Master or otherwise.


 
-8- 13. Miscellaneous. (a) Termination of Agreement. The last sentence of Paragraph 15(a) of the SIFMA Master is hereby amended and restated to read as follows: “This Agreement shall terminate on the Facility Expiration Date, except that this Agreement shall, notwithstanding such termination, remain applicable to any Transactions then outstanding.” (b) Notices. The provisions of Paragraph 13 of the SIFMA Master are hereby deleted, and shall be deemed to have been replaced with the provisions of Section 9.8 of the Framework Agreement, which are hereby incorporated by reference. (c) Other Inapplicable Provisions. Paragraphs 18, 19 and 20 of the SIFMA Master shall not be applicable to Transactions under this Agreement, and all terms and provisions thereof and references thereto shall be disregarded for purposes of this Agreement. _____________________________________


 
EXHIBIT A FORM OF CONFIRMATION Dated: [Date] To: The Scotts Company LLC ("Counterparty") [_____] [_____] [_____] Attention: Documentation Email: [ ] From: Coöperatieve Rabobank, U.A., New York Branch (“Rabobank”), as Agent for itself and for Sumitomo Mitsui Banking Corporation, New York Branch (“SMBC”) Tel: Fax: Re: Confirmation of a Repurchase Transaction ____________________________________________________________________________________________ Dear The Scotts Company LLC: The purpose of this letter agreement (this "Confirmation") is to confirm the terms and conditions of the above referenced transaction entered into between Counterparty and Rabobank (on behalf of itself and the Buyers specified below) on the Purchase Date specified below (the "Transaction"). This Confirmation constitutes a "Confirmation" as referred to in the Master Repurchase Agreement specified below. The definitions and provisions contained in such Master Repurchase Agreement are incorporated into this Confirmation. Subject to the proviso to the definition of Repurchase Price set forth in the Master Repurchase Agreement, in the event of any inconsistency between such Master Repurchase Agreement and this Confirmation, this Confirmation will govern. 1. This Confirmation supplements, forms part of, and is subject to, the 1996 SIFMA Master Repurchase Agreement, dated as of April 7, 2017, including Annex I thereto and as amended thereby (as further amended and supplemented from time to time, the “Master Repurchase Agreement”), among Counterparty, Rabobank and SMBC. All provisions contained in the Master Repurchase Agreement govern this Confirmation except as expressly modified below. Except for the information on the attached Pricing Schedule expressly incorporated below, all other information on such Pricing Schedule shall be disregarded. The terms of the particular Transaction to which this Confirmation relates are as follows: 2. General Terms: Purchase Date: [Date] Purchase Price: $[ ]


 
-2- Buyers: [Rabobank and SMBC, collectively] Seller: Counterparty Agent: Rabobank Purchased Securities: Set forth on attached Portfolio Schedule Pricing Rate: The rate set forth on the attached Pricing Schedule under the heading “All- in Rate” that appears in the row immediately above the reference to “Global Projected Interest” or “Projected Global Interest”, as the case may be Repurchase Date: [Date]1 Repurchase Price: The sum of (x) the Purchase Price plus (y) the Price Differential Price Differential The amount set forth on the attached Pricing Schedule as the “Global Projected Interest” or “Projected Global Interest”, as the case may be, on the date that is the Repurchase Date 3. Governing law: Unless otherwise provided in the Master Repurchase Agreement (in which case the law so specified shall govern), this Confirmation shall be governed by and construed in accordance with the laws as specified in the Master Repurchase Agreement. [Remainder of page intentionally left blank] 1 To be the next Weekly Date to occur following the Purchase Date.


 
-3- Please confirm that the foregoing correctly sets forth the terms of our agreement by executing the copy of this Confirmation enclosed for that purpose and returning it to us by electronic mail or by facsimile transmission to telecopier No. [ ]. Very truly yours, COÖPERATIEVE RABOBANK, U.A., NEW YORK BRANCH By: _______________________ Name: Title: By: _______________________ Name: Title: SUMITOMO MITSUI BANKING CORPORATION, NEW YORK BRANCH By Rabobank, as Agent By: _______________________ Name: Title: By: _______________________ Name: Title: Confirmed as of the date first above written: THE SCOTTS COMPANY LLC By: _____________________________ Name: Title:


 
EXHIBIT B FORM OF PRICING SCHEDULE (EXPIRING TRANSACTION)


 
PLEASE DELIVER IMMEDIATELY Date: To: Attn: Phone: Fax#: cc: cc: Re: [ ] THE SCOTTS COMPANY LLC [ ] [ ] [ ] [ ] [ ] THE SCOTTS COMPANY LLC USD 250,000,000.00 Revolving Line of Credit Repricing Notice - Rate Setting THE SCOTTS COMPANY LLC has elected to rollover the following LIBOR loan maturing on [ ] Loan Currency: USD Pricing Option: LIBOR Year Basis: 360 ACTUAL All-In Rate: [ ] Effective Current Global Global Date Maturity Date Principal Interest [ ] [ ] [ ] [ ] This loan will be repriced as follows Effective New Global Date Maturity Date Principal [ ] [ ] [ ] New Rate Setting Info Rate Margin All-In Rate [ ] 0.900000 [ ] Global Projected Interest on [ ]: USD [ ] Please remit USD [ ] on [ ] to our wire instructions If you have any questions please contact [ ] Phone: [ ] Fax : [ ] Email: [ ] CONFIDENTIALITY NOTE: The information contained in this facsimile message is only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential or exempt from disclosure under applicable law. If the reader of this facsimile is not the intended recipient or the person responsible for delivering this facsimile to the intended recipient, you are hereby notified that any use, distribution or copying of this information is strictly prohibited. If you have received this facsimile in error, please immediately notify us by telephone and destroy this facsimile. Thank you.


 
EXHIBIT C FORM OF PRICING SCHEDULE (NO EXPIRING TRANSACTION)


 
PLEASE DELIVER IMMEDIATELY Date: [ ] To: THE SCOTTS COMPANY LLC Attn: [ ] Phone: [ ] Fax#: [ ] cc: [ ] cc: [ ] Re: THE SCOTTS COMPANY LLC USD 250,000,000.00 Revolving Line of Credit Borrowing Notice Rate Setting THE SCOTTS COMPANY LLC request the following : Loan Currency: USD Pricing Option: LIBOR Effective Date: [ ] Maturity Date: [ ] Year Basis: 360 ACTUAL Global Amount: USD [ ] Rate Setting Info: Base Rate Margin All-In Rate [ ] 0.900000 [ ] Projected Global Interest on [ ]: USD [ ] [Additional Information] If you have any questions please contact [ ] Phone: [ ] Fax : [ ] Email: [ ] CONFIDENTIALITY NOTE: The information contained in this facsimile message is only for the use of the individual or entity to which it is addressed and may contain information that is privileged, confidential or exempt from disclosure under applicable law. If the reader of this facsimile is not the intended recipient or the person responsible for delivering this facsimile to the intended recipient, you are hereby notified that any use, distribution or copying of this information is strictly prohibited. If you have received this facsimile in error, please immediately notify us by telephone and destroy this facsimile. Thank you.