Yes, that would be water, 3 drain plugs, tranny, hyd, and diff, this is a common reservoir filled through the large plug to the left of gear shifter, takes about 8gals of a good trans/hyd/diff oil to MF specs M1129A, i use MF Permatran 3. Lower the quadrant controls when draining to drain the lift cylinder The filter is accessed through the cover plate with the PTO lever, unscrew the large flanged retaining top and remove the whole assembly, if in good shape clean and replace. You can flush out the system by dumping in 3gals of diesel and gently driving around for a few minutes, drain well and refill slowly allowing the oil to migrate to the back end